Varney & Company : FBC : August 9, 2024 9:00am-10:00am EDT : Free Borrow & Streaming : Internet Archive (2024)

expire, because trump and vance have been on the campaign trail. they've been grappling with the request questions, heavy been grappling with the issues, but kamala harris bypassed that primary process which was extremely unfair. she never received a single primary vote, and now we don't even know if she's going to agree to the other two debates. there's typically three, we've only heard her say she'll commit to one. it's just an embarrassment, and it's a disservice to the american people, to this process. maria: yeah. and, by the way, the process was that she was selected. not elected, but selected. so we're watching that, of course, chris, caroline, great to be with you morning. we so appreciate your time. i will see you tonight to on maria bartiromo's "wall street." " "varney & company" picks it out now. stu, take it away. stuart: i want to see that, maria. maria: it's really funny. [laughter]

stuart: there will be a debate, maybe three. kamala harris and donald trump will attend the debate hosted by abc on september the 10th. trump wants two more. harris has, or finally, spoken to reporters for all of 70 seconds. she'd been taunted by trump who made a big devil her failure to hold a press conference for over two weeks. trump held one of his own from mar-a-lago. he said harris wasn't smart enough to hold a news conference. he was combative, and he seemed angry at harris' sudden move up in the polls. the media reaction has been predictably negative. the words rambling and meandering are two of the kindest words used. let's get to the markets. are we going to see a pullback after a thursday's very big rally? it's been a volatile week, and that is an understatement. the dow up 680 yesterday, down maybe 900 this morning. at the -- 90, at the opening bell, that is. the s&p was up 2.3%.

today it's down about, what, 20 the points, that's it. so far. nasdaq was up 3%. this morning down about 108 points, that's just a bit over a half percentage point. will we slide further as we head towards the weekend? don't know if, we'll find out. bitcoin rallying, it's over of 60 grand at the moment, 60,5000. interest rates are little changed, the 10-year just below 4%, 3.94, the 22-year, 4.00233. oil in the mid $7range, moving up a bit today, $76. no change for gas at $3.45, diesel is down went cent -- one cent, $3.77. a olympics are almost over. there have been notable controversies, but the brilliance of the athletes was

stunning. the 2028 olympics will be held in los angeles. it's august 9th, 204. "varney & company" is about to begin. ♪ must be you can if. ♪ ♪ ♪ hey, you've got to the hide your love away ♪ stuart: i just -- did i pick song, hey, you've got to hide your love away? no, i did not. i just prefer a little beatles action a -- lauren: we're opening with the beatles. stuart: it is a rotten day in new york -- [laughter] but we are here, and we're going to be good. we tart with politics this friday morning. both donald trump and kamala harris spoke to the press but in very different ways. good morning, lauren. what did trump and harris is have to say? lauren: he spoke for an hour, and she spoke for a minute, and the bottom line is they will

debate, but the number of debates is debatable. trump is game for three. >> i think it's very important to have debates, and we've agreed with fox on a date of september 4th. we've agreed with nbc, fairly full agreement subject to them, on september 10th. and we've agreed with abc on september 25th. so we have those three dates, and and those networks are very ang a husbandly awaiting that -- anxiously awaiting those dates. she can't do an interview. she's barely competent. lauren: harris says she is willing to do at least one debate. >> reporter: president trump had a press conference today. he talkedded about a lot of things, wonder if you had a reaction. >> well, i'm glad that he's finally agreed to a debate on september 10th. i'm looking forward to it and hope he shows up. >> reporter: are you open to more debates? >> i am happy to have that the

conversation about an additional debate after september 10th. >> he proto posed two more. promore debates. >> like i said, happy to have that conversation. lauren: so trump's last one took biden out of the race. i think that's a fair thing to to say. so his strategy is early and often. harris might want to delay to ride the sugar high a little bit longer. [laughter] but she might also do very well. zero stuart yeah, that's right. now this, trump say the honeymoon period for harris is going to end 1507b. soon. >> oh, it's going to end. the honeymoon period is going to the end. look, she's got a little period, or she's got a convention coming up. it's about policy. it's not about a her. i think she's incompetent because i've watched her. she destroyed california, she destroyed san francisco -- everything she's touched has turned to to bad things. she won't even do interviews with friendly people because she can't do better than biden. she doesn't want to do

interviews, and the reason is, number one, her policies are sod bad. stuart: we're talking honeymoon period here, and joe concha is here with us this morning. will that press conference help bring the honeymoon to anen end for harris? -- an end? >> i think it started something, stu, in terms of she actually took questions for the first time. the questions were horrible. it was, like, t-ball if you put a beach ball on a t as far as how soft they were, they basically were about donald trump. but if you look at that press conference yesterday, he took 42 questions, it went on for 63 minutes, 62 more minutes than kamala harris meeting with friendly reporters. now, you've got to look at the history as well. kamala harris has not held a single solo press conference on u.s. domestic soil in the five years plus since she first announced she was running for president. and, oh, by the way, as we've talked about, she hasn't earned

a single vote in two campaign cycles including this one as the nominee, and now she's running away from debating on fox news, on nbc. she only agree to one. so who's the coward now? and she said, oh, maybe i'll do a sit-down interview at the end of the month. so, what, she needs three weeks to prepare for a friendly interview? this is a candidate that is all sizzle and no steak, all foam and no beer, the chatgpt candidacy that we're witnessing here. and as we i saw joe biden in his debate, as lauren just mentioned, everything changed that night. and when kamala harris doesn't have a teleprompter if ask and a script to to save her, she's going to have a real problem in terms of all these policy decisions that she has taken in the past that are not popular with american voters, that's for sure. stuart: i've got a little more on this. she did finally speak to reporters yesterday. listen to what one guest on msnbc thinks about harris' team hiding her from the media.

roll it. >> i think the public is expecting or certainly the media is expecting for her to engage more with reporters now that she has replaced biden at the top of the ticket. we've seen some kind of damaging moments when her speaking to the press, particularly that first interview in 2021 with lester holt about her work on immigration. and so i think that that is something that's always on the minds of her office. stuart tooth okay. now, politico reports one longtime harris ally suggested harris could hold off on big interviews until if after labor day. there's really no need. joe, why not stay quiet? why not? i mean, it's working so far, isn't it? >> it is working. the plan, if you read that politico piece, is basically to let donald trump and and j.d. vance be out there, let them be the story, and then she can just continue to do rallies and just give the same speeches and and not have to defend, again, all those policy positions that we talked about a because they're

indefensible, quite frankly. yes, if she does cointerviews, it probably will be a net if negative instead of a net positive when she has to explain her opposition to the the fracking, fossil fuels, opposing i.c.e. and border walls, why she supports sex changes for minors without parental position, why she has to raise taxes. she'll have to defend all these things so, yeah, less is more with this candidate because when people did get to know her during the last election cycle when she ran for president, everything went downhill. stuart: all right. joe concha, thanks very much. on a friday morning, all good. thanks very much. let's get to the markets, please. show me futures, first of all. where are we going at the opening bell? if down but not by much. dow's off 700, nasdaq -- 70. kenny polcari joining me this morning. everybody wants to know, kenny, is the volatility settling down? i mean, what, in your opinion, are we doing here? >> no. i don't think it's settling down at all. i think there was so much damage

done on monday with the way the markets traded through level after level after level that now we have to spend some time repairing that. and the only way is by having these whip saw, these whiplash movements where we trade down, trade up, trade down, trade up until they finally settle down. but i don't think it's settle down for a while yet. remember, we're in a seasonal ally weak period of time anyway in the markets, august through october, so i expect the trend is going to be lore as we move into october. stuart: that's not the time when i'd be buying anything. how about you? >> when's not the time, now or in on the? -- in october? stuart: ins and down, whip saw movement, i'm not going to to get in and invest. >> right. so here's what you should looked at, if you get names that you like or names that, you know, you've got on your list, if they get oversold on one of the down moves for no other reason than they're just getting oversold but the thesis hasn't changed,

hen you should absolutely try to scoop some up, for sure. you have to look at the opportunities that are created by the day's movements. stuart: you know what i did earlier this week after all this volatility? i put some -- i got some fresh cash, i put it straight into a short-term trashy money fund concern treasury money fund which is paying me about 5% risk-free. what's wrong with that? >> i think that's perfect until we get through the weak period. at that point then you might want to change your mind. maybe not but, listen, putting money in a money market fund that's going to pay you 5% for a short period of time is absolutely not a problem at all. that is a financial decision, right? you chose to make it, so that's fine. but i think at some point when the volatility settles down, and maybe it goes right through election day because this is certainly going to be -- this presidential election is certainly going to cause more chaos as we move into it. maybe you just wait until after the election and see how it falls out. stuart: i'm happy with 5%, i can live it for the next couple of

months. >> yep. stuart: kenny polcari, see you next week. >> always a pleasure. stuart: coming up, i want you to listen to nancy pelosi. apparently, she didn't think the much of the biden campaign. >> i've never been that impressed with his political operation. my concern was this ain't happening, and we have to the make a decision for this happen. stuart: yeah, she pushed him out. pelosi says she doesn't know if biden is now angry with her. one analyst at cnn says j.d. vance was stalking kamala harris on the tarmac in wisconsin. >> literally the stalking, that's like stepping into her territory. it's this very, the physicality of it is supposed to send a message. stuart: she went on to say it was threatening to women. rachel campos duffy's fired up about that, and she joins us after this. ♪ living on love, buying on time

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can you help me take one thing off of my to do list?” ugh, moving's the worst. with xfinity, you can transfer your internet in just a few taps. just a few easy moves. did somebody say “easy moves”? ♪ ♪ oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪ ooh, ooh. -let's keep it professional. professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xfinity app. bring on the good stuff. stuart: all right, i sew some red on the screen this morning, but it does follow a huge amount of green yesterday. so this is a very minor pullback from yesterday's activity. now this. the wisconsin state fair, currently underway, about a million people expected to attend. madison alworth there. all right, madison, you're talking to the voters. what are they telling you about their financial state? >> reporter: well, stuart, this morning the fair's not open

yet, so i'm hanging out with my cow friends. they don't have any comments on their financial state the, but i did talk to fair-goers yesterday, and folks have been planning their trips to wisconsin's state fair for months in order to save up and afford the trip. families are experiencing high prices really across the board, but they're trying to find smart if ways to make sure their kids are still having fun. what is the biggest thing that you've seen an increase in that you're just mindful of? >> groceries, 100%. >> prices are up at the grocery store. >> insurance, groceries. >> gas. >> gas, i mean, you name it. >> i do a little side hustle for the fun money. >> hi, what can i get for you? >> reporter: are you excited about your cheese curds? >> my favorite. >> reporter: how do you think about the money you're going to spend when you come here? >> my sister-in-law has a map. the kids pick out where they want to eat, we figure out what times, where we're going. >> reporter: what are the biggest things you're thinking

about or concerned about right now? >> my mortgage and energy bill and groceries. >> reporter: tell me about the mortgage and energy. we know in wisconsin utilities have gone up, right? is that something grow see? >> yes. ours has probably doubled. >> probably our electric the bill. it's been skyrocketing this last past year. >> i usually open my curtains instead of, like, turn on the lights sometimes because i just like the natural sunlight sometimes, and i also know it helps her out. [inaudible conversations] >> reporter: what's your biggest expense right now? >> definitely rent and my car bill. >> reporter: all right. stuart, the three the things we heard most often were groceries, utilities and housing, the three big financial burdens for families. but as you can tell, people still making the most of the fair, an iconic event. i'm glad to be here with, obviously, very, very cute company. stuart? stuart: stay over. it's pouring with rain here in new york. we'll see you soon.

madisonal wouldn't. all right, listen to what one analyst at crushes nn said about j.d. vance when he tried to confront kamala harris on the airport tarmac. >> i think so many people will be turned off by this. >> stalker. >> literally the stalking, it's like donald trump walking behind hillary clinton during the debate, how dare you. again, for women, this is a huge election for women, women's rights, our sense of selves, our sense of not not having people control our bodies and not having people control us. stuart: well, look who's here, rachel campos duffy -- [laughter] who can't believe what she's just been listening to the. >> so crazy. [laughter] stuart: as a woman, do you feel threatened by j.d. vance? >> no. my first reaction was, what a snowflake. she's not threatened, she's using the language that you would use of a domestic abuser. he's on a tarmac by himself

pointing at a plane and saying, hey, press, aren't you worried about the fact that this woman was installed as a candidate with no questions, and it's been how many days and she hasn't given an interview? i think she just gave one for 700 seconds -- stuart: correct. >> it's incredible. it's not threatening. what i think, it's insulting and shows a lot of disrespect that kamala harris thinks -- and her campaign intends -- to run what i say, it's almost like an a.i. campaign. it's, the like, we're going to be on tiktok, we're going to use teleprompters, and maybe we'll do "the view," and they'll get all the way through the debate. stuart: let's have it out. >> okay. stuart: i don't think donald trump should have said kamala harris was dumb --? >> so you don't think he should tell the truth? stuart: that that's to your judgment. what woman likes being told that she's dumb by my my any man -- >> he said kamala's dumb. he didn't say all women many america -- stuart: no, he said she's dumb. >> yes. they're stuart he applied that comment to a woman. >> yes. do you think she's really smart?

has the question -- zero south it's bad politics, surely. >> we can talk politics, but bottom line is this woman wants to be the ceo of america, is and donald trump -- i know you saw that conference. he looked aggressive. i say he's human. imagine the frustration. he just got shot at a couple months -- less than a month ago, and now you're the only one that the press has an interview with, and she gets to get away with it? i mean, it's unbelievable. it's unbelievable. and their literally said that this is their strategy. in fact, james carville said if anyone if in her campaign gets approached by the media and they say, come on, kamala, just to do a half hour, they should say, shut up. that's what he said. stuart: did the performance yesterday win over any independents, moderates or democrats to the his cause in. >> you know what? i was just in allentown, pennsylvania, earlier this week, and it's a 54% hispanic district. people in that district voted --

in that town voted solidly for joe biden. i can't tell you how many people said they're voting for trump or they don't know yet, they're on the fence. why? because i stood outside of a grocery store. that's what people are thinking about. just as madison said, they're thinking about housing costs, and those things are in the going to change before november. i hope the american people are smart enough -- speaking of smart -- to actually demand someone who wants to be the ceo answer questions. stuart: out of time, but that was fun and thanks very much for your passion. >> you got it. stuart: rachel campos duffy. she'll be back, if she's not careful. [laughter] newly-uncovered video from 2020 shows staffers for the biden-harris campaign discussed how they hid biden's mental campaign from voters. lauren: this was four years ago. they started flagging the it as a disinformation. his digital team had social media companies flag stories that were related to to his

cognitive decline from back in 2020. they flagged that as disinformation so he could censor it. daily caller got the actual zoom call admitting that strategy. >> we saw a huge amount of volume and a lot of impact on narratives like joe biden was being manipulated by the radical left and and disinformation around his mental acuity. we targeted folks based on online behavioral cues building on what he were searching, the kinds of web sites they were searching so that we could target folks in realtime as they were exposed to that disinformation. the risk and hit concern around mental acuity in particular went down by 8 points over the course of our campaign -- [laughter] lauren: and it's estimated that that decline resulted in 200,000 votes. depending on where those votes are, that could determine a tight election. stuart: the truth was regarded as kiss information.

lauren: correct. and censor it. >> is and she should be asked about that. kamala harris. she knew. stuart: some red this morning but not as much as the green yesterday. we will be back. if

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stuart: just two the minutes until the opening of the market, we've got to pack a lot in so

bring in mark mahaney who has two stocks on his mind. first of all, uber. why did you lift your price target from 80 to 90 for uber in. >> well, stu, we a had earnings this week, and earnings came in better than expected. the results are holding up even given a broader signs of a softening consumer. it's not showing up at uber. also because it's just earlier on in terms of its secular adoptions, and a lot of it's much more utility, like you need it for commutes, etc. uber printed really good numbers, had good profits. this remains one of our top picks. stuart: you've got a very good track record. i'm hoping you're going to get to9 0 -- 90. the next one is airbnb. you cut your price target to 125 from 1400. why -- 140 to. >> well, this is a case of the numbers came down on the stock, so price target comes down. this is not a stock that a we're recommending. i think it's the a good asset long term, but i'm not a buyer

here. i want more attractive valuation. this is where the consumer got soft, on travel, in the month of july. and you heard that from airbnb, expedia and booking. and so you need to get through this, and we need to figure out whether we're dealing with a summer rainstorm or a hurricane. my guess is it's more the first than the latter, but in the meantime, this has always been a high multiple stock. growth rates have been slowing down, that's not a good setup to buy shares, so i'm going to sit on the sidelines. our numbers came down because the near-term outlook got softer. stuart: got it. thanks very much, mark mahaney, on a friday morning. we'll see you again real soon, i cohope. okay, the market is about open, and everybody's got the same question here. we had a huge rally yesterday. are we just going to go down again this morning just as we have for the past week, up and down and up and down? if is that going to happen again? we're off and running. they press the button, and we start with a loss for the dow

industrials down about 30 points. that's hardly a loss, that's flat to slightly lower, call it that. but there are more sellers than buyers for the cow 30. most of the -- dow 30. most of the stocks are in the red. that's the s&p 500, please, where's that going this morning? i know it's down but by how much? if a fraction lower, .11. the nasdaq composite, down how much? down .11. that is not much of a selloff after yesterday's 3% gain. we'll watch this throughout the day. have a look at big tech. a mixed picture as we start out this morning. amazon and microsoft are up, meta, apple, alphabet down. we better take a look at nvidia. i believe it's moving up again this morning. let's see, have a look at it, just a little bit. 105. any good story here? lauren: so the story, i think, for nvidia is taiwan semi. but just to spend some time with nvidia, hay shed $7500 billion in market value -- 750

billion -- wait, are they down on the week? yeah. nvidia is down on the week. i mean, they lost so much with that selloff earlier. the news on taiwan semi, if we can flip the board, this is one of their main suppliers for nvidia with. their july revenue up 45% from last year and up 25% from last quarter. this is a bellwether for a.i. demand considering the size and the popularity of tsmc's customers like nvidia. and, actually, taiwan semi's up not even a percent right now, but they did very well in taiwan. they are their biggest company -- stuart: and that's helping nvidia. most bounce there. lauren large yeah. stuart: i want to take a look at a expedia. they've got a big gain this morning. that's 9% up. wait a minute. i thought that travel was down. lauren: yeah. stuart: but, apparently, international travel is up. lauren: that's the story for expedia. international travel remains strong as a u.s. domestic travel softens. investors are cheering the

former, the international side of the story. and i'd say in this specific case they're ignoring the latter because experiod. >> came out and said, yes, we are seeing softer u.s. gland, and that's exactly what hurt airbnb and booking when they reported. interestingly, airbnb is up 1% now and booking is higher by a little bit too. stuart: i wonder if the paris olympics helped with international travel? lauren: i'd say so. the euro cup in germany, a couple big events that -- yeah. stuart: e.l.f. beauty, believe they are the makeup people. i mow they reported a big jump in sales. they're down 11%? if. lauren: sales in the last quarter jumped by 500%. the reason is -- 50%. bronzing drops are apparently all the rage -- stuart: what's a bronzing drop? lauren: it's like a little blusher that you put on your face? stuart: just distracting you. lauren: the reason the stock is -- actually, i really want to buy it now -- [laughter] they're spending a lot of money

on marketing. to market the bronzing drops to the teenagers who are their customers, gen-z, right in they go on tiktok for marketing, roblox for marketing. this is, like, foreign to me. maybe because i'm not 11 years old, but this is where they're selling, and it costs money to target their population. stuart: here's another one for you. jpmorgan, i mow they're rolling out an a.i. assistant for their employees. how will it work? lauren: it starts on the desktop, about 60,000 of their employees can use it to help them write reports, e-mails, basic stuff. eventually, it's going to do everything, and that's the ceo, jamie dimon, saying it. it will augment every job at the bank. in finance, period. he said it will be as a important as the internet, as ubiquitous internally as a zoom call. every employee hops on zoom no big deal anymore. i can give you a hundred use cases for a.i., right? where should we put a new a, m? which mustn't -- atm, community

needs it. detecting cybersecurity breaches at the bank, right? a. i. can help with all of this, but what about the data? what about the data that a.i. is getting from squawker p morgan chase -- jp mayor jpmorgan chase? -- jpmorgan chase. stuart: good question. lauren: poor everybody with a.i. stuart: sweet green, they are the salad people. why are hay up so much? lauren: they introduced steak as a topping in may, and and it's been a big hit. their prices are steady. they did hike prices in california because of the minimum wage laws there, but the customers accepted the price hikes. people in california like salads, i would say. i feel like everybody eats healthy. so they came out and increased their outlook for revenue and for same-store sales for the year after reporting sales rose more than 20% -- stuart: we live in new jersey. salad's not big in jersey -- lauren: i have a price limit on my salad.

sometimes you make it, and you go to pay and you're, like -- stuart: did you hear what the producers just said? lauren: move on. [laughter] stuart: come on. it's friday. video game people, take two interactive. i know they're up big. they're getting into mobile games -- lauren: yes, and they're spending a lot of money. think game of thrones, mobile games, they're marketing these games because of that spending, kind of like the beauty people at e.l.f., they did report a net loss, but it's the pipeline that is so encouraging for video game people. grand theft auto 6 coming out next fall, a blockbuster franchise, and they're potentially negotiating with the nfl to have a competitor to electronic arts imaden game which is another block bluster -- madden game. stuart: dropbox is up, well, only 2.5%. lauren: yeah, okay. stuart: what's the deal? lawyer heroin reported a double-digit increase in their

adjusted earn earnings in the quarter. stuart: got it. check the big board. where are we? down just over 100 points. remember, we were up 680 yesterday. dow winners, amazon, microsoft, american express, vista ask and and cater -- visa a and caterpillar are all up. s&p 500, expedia, paramount global, eli lilly back up again. see that? more gains. take two interactive, we got it. nasdaq winners, trade desk, take two, micron, lam research, crowdstrike all on the list. lauren: want to hear something crazy? all the a volatility this week, guess how much the broader market is down on the week? stuart: tell me. lauren: half a percent. that's it. stuart: who knows how we'll close this afternoon. lauren: we have no idea. summer friday though. stuart: new video from the trump shooting including the moment a police officer confronted a gunman on the roof. we'll show you the full tape next hour.

some doctors want their patients who are over 65 to take ozempic. i'll ask doc siegel about possible long-term side effects. kamala harris has promised to fight flakes for four years now. -- inflation for four years now. >> fighting inflation is one of our administration's top economic priorities. for many americans prices are still too high, and we still have work to do to address that. stuart: okay. serious question, can either candidate actually bring prices down? not slow inflation, but bring your grocery prices down? can either of them do it? we'll be back. ♪ ♪ why do you build me up, baby, just to let me down? ♪

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stuart: 12 minutes in, the markets are in thed red, especially the dow industrials. down 170 to. but remember, we were up 680 yesterday. question, is this the beginning of a slide. we'll see later in the day. the 10-year treasury yield right around the 4 percent level, we're at, actually, where are we? 3.93 at the moment, moving down from 4%. kamala harris facing backlash after saying she would make bringing down prices a day one priority. hillary vaughn at the white house. hasn't she been using this same message for years now, hillary? >> reporter: stuart, she has. in fact, tackling inflation has been on the top of vice president kamala harris' to-do list for the past three years. so if her pledge to bring down prices sounds familiar, that's because she said that in 2021, in 2022 and in 2023.

>> it's rough. groceries, the cost of groceries has gone up, the cost of gas has gone up. it's one of the highest prioritieses, actually, for the president and for me. fighting inflation is one of our administration's top economic priorities. for many americans prices are still too high. and is we still have work to do to address that. >> reporter: so-called bidenomics was a big vulnerability for biden, and it could be for harris. as a recently as one year ago, she was telling people she was proud of bidenomics and that it was working. republican nominee, former president trump, says americans are suffering because of it. >> and you have people dying financially because they can't buy bacon, theyen can't buyed food, they can't buy groceries, they can't do anything. and if they're living horribly in our country right now. people are voting with their stomach as meaning they're going to the grocery store. they're paying 50, 6 -- of 60, 70% more than they did just a couple of years ago.

>> reporter: and the honeymoon period with the harris campaign may be coming to an end, democrats are warning her to get her message on the economy right. a democratic donor telling the hill this: at the moment, harris is getting a frees pass when it comes to the economy. one major democratic donor said is, but they need to be ready to have a solid economic argument at their fingertips and, stuart, we're still waiting to hear from the harris campaign now -- how, if at all, her priorities or policies would differ from president biden. stuart? stuart: don't hold your breath, hillary. [laughter] see you soon. let's bring in economists, we need one, brian wesbury joins us now. let's get serious here. can either candidate actually bring prices down? i'm not talking about slowing the rate of inflation. i'm talking about actually bringing prices down, especially at the grocery store. can either of them do it? >> yeah, you know what, stuart? probably not. and i hate the say that, but once we've printed 40% more

money and put it into the system, everything costs 40% more in terms of dollars compared to what it used to. so what they really need to do is bring down the barriers to to prediction -- production. for example, they keep blaming greedy corporations for higher prices. that's not true. it's the greedy government. they're trying to force everybody to drive electric cars before those cars are ready for prime time. that's why they cost so much. fossil fuel cars, if you want to put it that way, cost a lot less. and so what they've done is they've forced the economy into a less efficient place, and that's what's driving prices up. add to that the fact that we printed 40% more money, and that's why we have inflation. so the only way a politician can

bring down prices is cut taxes, cut spending, quit trying to force the economy to look some way that they think it should look and stop printing so much money. stuart: on taxes, i want to know what you think of a couple of trump tax proposals. he's saying no tax on tips and no tax on social security benefits. what do you think of that? if. >> i love it. if wouldn't you like it if we increased the incentive for people to work? i mean, right now if you're retired, let's go to this tax on social security, and you get a job are, you end up having to pay tax on social security benefits that you already saved for in the previous part of your life. i mean, that's the craziest thing i've ever heard. and it keeps seniors who are probably perfectly healthy, i mean, 65 is the new 45, and yet they don't want to work because their taxes go up. the same thing is true in the

service industry. and i believe if we didn't tax tips of restaurants and other places where tips are normal, we'd be able to keep their prices lower and the workers would be able to benefit more. it would be -- we would bring more poem back into the labor force, and that's another way to keep inflation down. stuart: trump really does come up with some original and novel proposals, and these are two of them, i think. brian wesbury, good to have you on the show. >> great to be with you, stuart. stuart: credit card debt continues to surge. i want to know how much does the average consumer owe? the individual, the average, how much do they owe in. lauren: $6,329, it's up about 5% from a year ago according to transunion. so number of people, that's 170 million americans carrying credit card debt, and that's the average. and the higher balances are across all income and credit tiers particularly are among prime boar if roar -- subprime

borrowers. aprs are near 21%, record highs, so if you don't pay off your debt, i mean, your balance, that's a lot of money in the end. the consumer is stretched. yeah, the consumer is completely stretched. stuart: thanks, lauren. coming up, kamala harris is riding a wave of democrat enthusiasm. the media loves her. trump stepped up to the plate to take her on. in my opinion, he doesn't seem to have worked out tow -- how to approach his new opponent yet. that's my taking top of the hour. one retailer shaming people on social media for shoplifting. one woman returned $1,000 worth of stolen goods after the store found her instagram account and exposed her. the full story next. ♪ ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts

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♪ ♪ stuart: there's a california retail chain, kitson's, it has a new approach to fighting shoplifters, shaming them on social media with. max gorden is in los angeles, how does this work? >> reporter: good morning to you, stu.

good old-fashioned public shaming. essentially, what kitson's is doing is they are tagging suspected shoplifters, posting video and pictures of surveillance footage onto their instagram and even going as far as to tag the suspect's employer as well as post screen shots of their linkedin accounts onto social media. now, they say it's actually been working out pretty well for them. they've been able to cut down on hop lifting in stores, though the -- shoplifting, though the owner says they've taken tens of thousands in losses, and he's had to pay $25,000 to upgrade cameras and have hired security at the cost of $150,000 a year. he believes after the unrest during the summer of 2020 and the pandemic, people feel there are no consequences for stealing. >> there's no protection for small business. you're dealing with a problem that the everyone is stealing now. it's not your usual suspects and groups and smash and grab. everyone is stealing from every

demographic. >> reporter: the most recent data from the national retail federation shows that los angeles has been the top spot for organized retail crime four years in a row, but shoplifting is a statewide problem in california. in 2023 shop lifting was up in california 39% according to state figures. that's led some brick and mortar retailers to lock up products behind plastic barriers. amazon's ceo, andy jassy, said these barriers are driving customers to shop online. governor gavin newsom trying to respond with a a ballot measure cracking down on serial shoplifters, threatening offenders with up to three years of jail time if they're convicted of theft three times in a row, but the other than of kitson's says the process of reporting one of these shoplifting crimes is just so cumbersome. stu, back to you. stuart: max gorden, you're all right. thanks very much. we'll see you next week. red in the dow, down 130 to. but a minor loss for the s&p and

for the nasdaq. how about the 10-year treasury yield? earlier this morning, it's been going down, retreating from the 4% level. 3.93 right now. the price of gold still over $24000 an ounce, 2463. bitcoin at $60,000. oil moving up today, $76 a barrel. nat gas still around $2, 2.14. the average price for a gallon of regular is $3.45, the average price for a gallon of diesel is $3.77. still ahead, bill mcgurn on nancy pelosi's open criticism of president biden. billionaire investor ken fisher, he's calling this a correction and not a bear market. texas congressman pat fallon on mexican cartels using drones with explosives near our border, and ryan serhant, he's the guy behind "owning manhattan" where prices have gone straight up. why is that when big cities in america are in such a mess? the 10:00 hour is next. ♪ ♪ we'll be coming back for you

one day ♪ (husband) we just want to have enough money for retirement. (wife) and travel to visit our grandchildren. (fisher investments) i understand. that's why at fisher investments we start by getting to know each other. so i can learn about your family, lifestyle, goals and needs, allowing us to tailor your portfolio. .. pro. best interest. (husband) so how do your management fees work? (fisher investments) we have a transparent fee, structured so we do better when you do better. at fisher investments, we're clearly different. at the tunnel to towers we made a commitment that commitment is to make sure, that the word homeless and the word veteran

are never in the same sentence again. we're in bradenton right now because tunnel to towers has decided help homeless veterans who want to get out of homelessness, get into a better part of their life, it's a great partnership between the tunnel to towers and manatee county, to be able to provide housing for the veterans that need it most, not shelters, homes. it's not just a place to sleep it's actually wrap around services and that's what is so impressive. as someone who fought on the forward edge of freedom these are my people. these are my brothers, my sisters, the people we fought beside one of the hallmarks of military service is the only people behind it that sticks with me. i know that every veteran who raised their right hand and swore to support and defend our constitution against all enemies, foreign and domestic. we have things that we carry inside of us, what tunnel to towers is doing with this village is helping veterans that have mental health issues needs. we have veterans that suffer every day. and so to have this facility to service our veterans that are in so need it just the pride is just exploding.

we want to make sure that when our veterans are coming home, that they're coming home to something that actually feels personalized and homey for them. that's a home. that's a home with dignity and walls and air conditioning. it's beautiful. i was able to walk through one of the comfort homes today. that moved my heart. i'm just telling you it did when i walked in. and it'll help the heart of that veteran. that's what's important. the care and the give and the love that tunnel to towers has for our veterans is amazing. the people that donate to tunnel to towers, they are amazing. that eleven dollars is changing your life because your giving and it's changing somebody else's to do it. it just an honor to be involved with it. this is all that is good in america. and i am incredibly proud to stand with them. they matter. they save lives. you should support them.

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