They will demand concessions. How is that a win for republicans . If they dont support him and the speaker is toppled, there is no obvious successor. Chaos. How is that a win for republicans, he asks. To the markets. A minor selloff in progress. Its more related to Rising Interest Rates than republican chaos. The dows looking down about 170, nasdaq now down 130 points. Look at the 10year treasury yield, thats the story of the morning. The yield is all the way up to 4. 72 . It was 4. 74 just moments ago. The 2year is moving up as well, 5. 12 on the 2year. Oil, not hutch change there, still looking at 88 a barrel, but the price of gas is starting to come to down. Man, did i get that wrong. Overnight, the average moved to 3. 79, down 2 cents. Its still over 6 in california, 6. 02 for those lucky people. Diesel unchained unchanged at 4. 55. Bad news for the president. In a monmouth poll, 76 say biden is just too old. Democrats are getting worried. Its like 2016 when they backed a vulnerable Hillary Clinton. She lost to trump. Biden is vulnerable. He too could lose to trump. Hit the democrat panic button. On the hoe today, the l. A. Times suggest men pay when going on a date on the grounds that that would be reparations for repressing women with lower e incomes. And were going to get taylor swift in here somewhere, believe me. Dave portnoy doesnt like the way the nfl handled her ea appearance sunday. He better not diss the swifties on this show. Tuesday, october 3rd, 2023. Varney company is about to begin. Oh, yeah, all right, take it easy, baby stuart one of the great songs of all time the, i one of the great rock starses, the late and great tom petty. American girl. Dont you love that that . Lets get on with it. Weve got a new poll from monmouth university. It reveals 76 of voters believe biden is just too old to serve another term. Even among just democrats, 56 say the president is too old. Look whos here, will cain. Will, it reminds me of 2016. Democrats backed Hillary Clinton and she lost. Voters are not enthusiastic about biden. How do they get him out . I dont i dont know that they can, stuart. I know the mechanisms that they could possibly pursue which is hope that gavin newsom or someone else comes jumping into a primary really, really soon, were only a couple weeks away from getting your name on the balloter ballot for the first primaries. Or going to the unprecedented, historical move of replacing him at the convention where he says he endorses somebody else after winning the primary for president. But i just dont know that i mean, thats betting against history in either situation. So they may be stuck with this vulnerable, old man for president. Stuart well, that sounds grim. Do you think there is an analogy here with Hillary Clinton back in 2016 and her campaign . She was very vulnerable, but the democrats kept e yeah, they liked her. Nobody likes do yeah, to your point, nobody liked her, but they kept supporting Hillary Clinton. Nobody seems to like joe biden much at all, but theyre kind of wedded, suck to him. This whole thing about whether or not hes too old, i think, the wrong question. I think users responders to a poll, they replace the idea of old with competent. And i dont think they actually punish joe biden because of his age, but because they know he doesnt have much left in the gas tank. They can see hes well past his crime. Stuart and the feeling is if he attempts to be president for another five and a half years, that opens door to president harris, and that is a very significant downside view of the bidenharris ticket. Last word to you. Yeah, thats absolutely true. I mean, that is terrifying, opening the door for Vice PresidentKamala Harris. Enough to the perhaps swing a independent swing voter. Thats the whole calculus, what is more terrifying. We all know that President Trump has some limitations when it comes to bringing over swing or independent voters that may have changed in the past four years. But that is going to be measured against the prospects of dealing with a president who cant make his way up the stairs, trails off in mid sentence and then if if it declines, which is likely too, turns it over to Kamala Harris who is of her full mental acuity, and thats concerning. Stuart thanks for being with us this morning, will. Always appreciate it. Yeah, thank you. Stuart you got it, man. Jackie deangelis is with me, sitting here for the rest of this hour. Glad to be here. Stuart democrats worried . Do they have a plan b . They dont, and and thats why theyre worried. This is a tricky situation, stu. Youre the younger person and you have to take the car keys away from your parents. How do you do it and get them to relinquish those responsibilities . You know if they get behind the wheel, they might hurt themselves and other people. Thats how i see joe biden right now, and i think the problem is they have nobody who can really replace anymore a strong way. Maybe its gavin newsom. Some are saying its Michelle Obama stepping up to the plate. I dont really know, but youve got to get him to allow that person to come in to get the support, and really at the end of the day who you choose as your nominee or who you choose to put on the ticket is going to be so important. The republicans have a lot more choices. They also have choices to make, and they need to make the right choice. Because if you pick the Hillary Clinton, youre going to lose it all. Stuart good analogy. I dont want to make a mountain out of a molehill, but the fire alarm incident, if that rolls on, congressman bowman pulled the alarm, and many suspect he was trying to delay a vote so it would look like republicans had shut town the government. Watch this, please. Reporter would President Biden ever try to get out of a meeting by pulling a fire alarmsome. [laughter] are you talking about something specifically . Reporter a democratic member of congress pulled the fire alarm around a series of votes. No fire. Is that appropriate . What i can tell you is i have not talked, spoken to the president about this, and so just in the going to comment. Stuart i tell you, peter doocy, what a White House Correspondent that guy is hes amazing. He hates him. [laughter] stuart are we making a mountain out of a molehill . No, i dont think so at all. Listen, theres a very big difference between a fire alarm and a door handle, and if you are in congress, you should know the difference. Theres no saying i made a mistake here. Having said that, thats obstruction. Hes trying to delay a vote, trying to delay procedure. For think about who wants to go after President Trump for january 6th, you knead to go after Jamaal Bowman for interfering in the process as well. Not okay. Stuart we got some serious news overnight, democrat congressman Henry Cuellar was car jacked at gunpoint. Was this in downtown d. C. . It was. And it was in front of the congressional dormitories which, i guess, is a lot of these people who come in for when house is in session. Thank god he wasnt hurt, right . Thats great. But having said that, i mean, crime is raging out of control. We see it in all the big cities across the country, and nobodys immune to it, even if you work in congress. To a certain degree, weve got to own this this as a country, understand what happened here and band together to try to improve things because this is no way for anybody to live. I tell you all the time, i walk around here with my heart in my throat because you never know whats going to happen. And not only do i carry mace, stu, but now theyre telling me i need to carry narcan. Stuart welcome to new york. I hope youre happy here. Youve been here for a long time. Thats another conversation. Stuart it is, indeed. Americas top banker, jamie dimon, he says Artificial Intelligence will lead to shorter workweeks, allow people live to be 100 years old and and even cure cancer. David bahnsen with me. Jamie dimon, wildly positive about a. I. , how about you . Well, if it cures cancer and it extends human life, im all for it. Jamie doesnt know that will happen, and i certainly dont know that will happen. His comment that bothered me is this idea that it will bring us down to a threeandahalfday workweek, hes totally wrong about that, but he doesnt know why hes wrong, and i do. Stuart tell us. Yes, sir. Hes wrong because god created us to work. Not three and a half days, not halftime, not part time, full time. Six days shalt thou work is something i read in the bible once. And a. I. Can make us more efficient. Different Technological Innovations can help us do our work more productively, but the notion that mankind is supposed to be sitting around with half of their time in idleness and leisure and recreation is untrue, and it will never, ever happen. Stuart you are a judeo judeochristian philosopher, if i may say so. Now, let me move on. If you want to comment, you may. Youve got three dividend picks. First off, apollo are. What does it pay . Well, stuart, i wanted to do these three together because this is really important. Apollo, blackstone and blue owl are all part of one theme. Its not just three individual picks today, its three Asset Managers that were all up in september. They were all up in q3. And apollo and blackstone are up about 45 on the year 45 on the year, and theyre all part of this hemothat that banks are lending less and private credit as she set managers are lending more. Asset managers are rending more. Theyre picking up the share that banks are giving up. And i cant everyone emphasize enough how good the trends are and how early this story is. So you have a over 4 dividend yield from blue owl, over 3 from blackstone. Apollos getting ready to raise their dividend again. These are three picks that all fit together in one theme, stuart. Stuart youre a good man. Thanks so much for giving me blackstone many years ago. That did very well for me. David bahnsen, see you seven soon. Check futures, it is tuesday morning. I see some red, quite a lot of it. Down 140 on the dow, down 111 on the nasdaq. Dave portnoy, or hes going to be the on the show later, hes got a problem with taylor swift and the nfl. Congressman matt gaetz has moved to oust Kevin Mccarthy, speaker. Mccarthy says, bring it on. Where does conservative congressman mike waltz stand on that . Hes here next. Caught in a trap, i cant walk out. Because i love you too much, baby say goodbye to daily insulin injections with omnipod 5. A tubeless system that automatically adjusts insulin to help protect against highs and lows. Try it today. Go to omnipod. Com for risk information and instructions for use. Consult your doctor before starting on omnipod. That first time you take a step back. I made that. With your very own online store. I sold that. And you can manage it all in one place. I built this. And it was easy, with a partner that puts you first. Godaddy. Gold terra is drilling deep and rediscovering high grade gold. Their project in Northern Canada has already unveiled nearly 2 million ounces of high grade gold, with a Strategic Plan to uncovering millions more. Gold terra resources. Municipal bonds dont usually get the Media Coverage the stock market does. In fact, most people dont find them all that exciting. But, if youre looking for the potential for consistent income thats federally taxfree, now is an excellent time to consider Municipal Bonds from hennion walsh. If you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 18002173217. Well send you our exclusive bond guide, free. With details about how bonds can be an important part of your portfolio. Hennion walsh has specialized in fixed income and Growth Solutions for 30 years, and offers highquality Municipal Bonds from across the country. They provide the potential for regular income. Are federally taxfree. And have historically low risk. Call today to request your free bond guide. 18002173217. Thats 18002173217. Stuart running up to the opening bell, i see the dow off about a 150, nasdaq down about 120 points. Some selling this morning. Congressman matt gaetz has filed a motion to oust Kevin Mccarthy as house speaker. Chad pill grim on capitol hill. Chad pergram on capitol hill. Take us through it. Reporter House Republicans meet for the First Time Since matt gaetz announced his intention to oust mccarthy. Gaetz is confident he will eventually be able to force the house to choose a new speaker. I have enough republicans where at this point next week one of two things will happen, Kevin Mccarthy wont be the speaker of the house, or hell be working at the pleasure of the democracy. The democrats. The American People deserve the know who governs them. Reporter he doesnt like that mccarthy passed a bill with democratic votes. Mccarthys fate could hinge on potential democratic support. Some democrats would vote to remove mccarthy, others may sit the vote out and some are not sure. Were also kind of here because Kevin Mccarthy gave matt gaetz the infinity stones, and now here all surprised matt gaetz is going to try to snap the his fingers and and make kevin go away. This was inevitable. With that said Hakeem Jeffries has been doing a fantastic job as our leader the last 8 or 9 months, im waiting to hear from him before i headache any decisions. Reporter make any decisions. Reporter some gop members having second thoughts. What is your conscience telling you . To society him out. Why . To vote him out. Why . Weve got 33 trillion in debt, were not addressing it. We didnt feel like we havent kept our word on several things. Reporter a vote could come as early as today. A senior gop leadership source says they may want to get it over with. The house has not had a vote of no confidence in a speaker since 910. 1910. Mccarthy says, quote, bring it on. Back to you. Stuart lets bring in florida congressman mike waltz joining us this morning. Congressman, come on, where do you standsome do you want to remove Speaker Mccarthy . You know, stu, i understand the the frustration with status quo, the debt, the border, everything here in the swamp in washington, but i just dont know that this is the plan. In the military, we call this a circular firing squad, you know . In soccer they call it an own goal. And what i dont get is representative. Gaetz and those that agree with him will have to work with democrats to make this happen, and then Speaker Mccarthy will have to work with democrats in order to stop it. So you know the people smiling right now are nancy pelosi, Chuck Schumer and joe biden. Finish and every minute that we spp spend dealing with this, were not spending cutting spending, securing the border and achieving our conservative goals that we were elect to do. So im frustrated as hell. Stuart so i dont want to preempt your vote, but will you rote to keep Kevin Mccarthy as speaker . Well, look, i mean [laughter] lets see how this all lays out. We havent done this in a hundred years, and what peeker mccarthy is going to have Speaker Mccarthy is going to have to do is put a motion what they call to table it. And in order to overcome that, gaetz is going to have to work with democrats. I just dont see that as in our interest. I think we need to get back to work. And if that means keeping Speaker Mccarthy to us back to get us back to achieve what we were elected to do, otherwise i dont see a plan. People are talking about getting rid of him. Well, then who . And the biggest thing, stu, what were also not doing is going after joe bidens corrupt and can corrupt and uncovering what that crime family is up to. Because were all talking about this rather than that. Stuart im going to move on if thats okay with you, congressman. Next case, the penting gone is warning of dwindling u. S. Supply stockpiles. Youre on the Armed Services committee. What should we do about this . Send less to ukraine . What should we do . What weve been doing is sending our old stuff, our old am in addition and equipment, and then buying new stuff to replenish. But and ive been okay with that. The problem is what is the plan from joe biden. How long is this going to happen, how long, you know, how long is this effort going to take, what does victory look like . And, oh, by the way, stu, what are the europeans doing to defend themselves and share this burden . And, you know, in the middle of our border being out of control, i just dont see this support continuing forever because the American People are saying how long is this going to take . Joe biden has dithered us into a stalemate here. And youre just seeing that frustration grow and grow. Stuart what we really need is a lot more military spending. Isnt that the cases . And thats not what were going to get. Well, ill tell you by percent of gdp in the cold war the minimum amount was 4 . It went all the way up to 11 . Right now were at 2. 5. And with the threats were facing from china breathing down our neck, with iran racing toward a nuke, north korea having a nuke, an invasion on our southern border, yeah, or i would support more efficient military spending. And every dollar that we save through reforms in the pentagon we need to be investing in the ships, planes and tanks we need to defend against china. Stuart youve got a tough job ahead of you, but youre the man to do it. Congressman, thank you very much for being with us. See you again soon. Thanks, stu. Stuart futures, the condition is still deep red. Down 160 on the dow, down 120 on the nasdaq. The opening bell is next. You say goodbye and i say hello. Hello, hello. I dont know why you say goodbye, i say hello is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. From pep in their step to shine in their coats, when people switch their dogs food to the farmers dog, the effects can seem like magic. But theres no magic involved. dog bark its just smarter, healthier pet food. Its amazing what real food can do. Unlock golds potential with west red lake gold mines with 3 million ounces of resources, 350 million invested, and strong leadership. Their eyes are set on production within two years. West red lake gold mines. lighthearted music best thing ive ever done. Thats what freddie told me. A person like me needed to get a reverse mortgage to change my life. It was the best thing ive ever done. Really . Yes, without doubt [tom selleck] joanne said just about the same thing. It absolutely is the best thing i ever did. Jack put it a different way. To him, it was about having his grandkids over. You want to have the kids over, you want to have the grandkids over. Yeah. You want to have the family over. You want to say, this is my place. Great people, different people. Thats for sure. And all of them had Different Reasons for getting a reverse mortgage. But you know what . They all felt the same about two things. They all loved their home, and they all wanted to stay in that home. [announcer] if you are 62 or older and own your home, find out how you could access your homes equity to give you cash now. And when you need it in the future. A reverse mortgage could put more money in your pocket by eliminating your monthly mortgage payments. It could also pay off higher interest credit cards, medical costs, and give you some extra cash to help your retirement lifestyle. I dont have any anxiety about money anymore. It allowed me to live in my home and not have to make payments. A whole lot of families have gotten tax free cash from a reverse Mortgage Loan for a better retirement. I dont have to worry about a mortgage payment every month. Its a good thing. [announcer] call right now to receive your free, no obligation info kit. The kit will show you how you may get the cash you need using your homes equity as a reverse mortgage from aag. Call the number on your screen. Look, why dont you call aag and find out what a reverse mortgage can mean for you . [announcer] call aag, the countrys number one reverse mortgage lender. Call the number on your screen. Stuart four minutes to the opening of the market, and it looks rather grim. Dow down 140, nasdaq down well over 100 points. Mike lee with us. You have got a fairly negative if outlook on the market and the economy. Interest rate slowdown, etc. , etc. My question is, are you dell selling selling anything . Well, look, i think im going to lighten up all of my equity exposure in the next coming days and lighten up my fixed income exposure given whats going on. You know, from an investor standpoint, you want to keep politics out of this. But the fact of the heart is were looking at a 2. 5 trillion deficit this year, the Third Largest ever, the second largest in a time of expansion, and i think that has a lot to do with whats going on in the long end of the fixed million curve stuart o. K. You say youre lightening up on the equity side, stocks. Youre lightening up on fixed income. Bonds, i take the it. So what are you doing . Are you going to cash, treasuries, is that what youre up to . Yep. Short term so taking away from intermediate and longterm fixed income as well as equities and to shortterm treasuries, taking in 5. A 5 . 5. 5 . Stuart, i dont know how accurate a lot of the jobses data and con sunlight data were getting consumption data were getting because ever single jobs number we got this year on the first announcement was above expectations only later to be announced below expectations. Thats a 12 standard deviation probability can has so many zero ises, i cant even count that high. And many gdp last week, the personal consumption revision was a 9 standard deviation event. Without some sort of chi cannery, these numbers are not really explain bl. So with tax revenues being down 10 yearoveryear even though they were expected to be up as recent as may, im thinking this is getting a little bit ugly uglier, and i think Interest Rates will come down but not for the reasons people want. Stuart we just put the on the careen the yield for the 6montr the 6month treasury, 5. 85 right now. I put my money into a shortterm treasury money fund, so to speak, im looking at well over 5. 5. I just dont see whats wrong with that. Absolutely. And thats, you know, i thought we were going to get a turn on the long end, and i thought we were kind of, you know, just a couple months ago we were kind of out of the woods on equities, but what the equity market is priced on is a reacceleration of Earnings Growth into next year. And with all of these headwinds, i just dont see that as a remote possibility. So is, you know, look, i thought we were going to have a recession earlier year. I was wrong, okay . So instead of being 85, 90 in the markets, were going to take that down to 75, 80 . So adding a little bit of cash, and hen from the fixed income exposure and things further out on the yield curve, were going to reduce that by 510. Stuart the future of the market depends largely on the future of profits from american corporations, and youre saying that profits will not, will not be good next year. Thats your base case, right . Well, right now the market is priced on a reacceleration of Earnings Growth, and that will be up high Single Digits next year stuart and were not going to get it. If tax revenues are down over 10 and most likely down next year with Interest Rates staying higher, i just dont see how its possible. Stuart okay. We liked the old days of the super bowl with, and wed like to see them come back. Mike lee, thanks very much for joining us. Ten seconds to go to open the market on a tuesday morning. As i always say, were waiting for the gentleman to press the button, or lady, whoever does it. Do it. Okay, the markets open, and the dow is down over 100 points right from the start. Wait for them all to open up. Theres 30 stocks in the dow industrials. When theyve opened up, well show them to you, get a sense of where this market is. Stocks fall as bond yields reach a 16year high. No surprises there. The dow is down 134, the s p is down 18. Moving up towards a half percentage point down. The nasdaq composite, thats down this morning because the 10year treasury yield is up. Look at that, up. 59 . Show me big tech, please. Probably getting hit this morning. Yeah, correct. Microsoft is down. Alphabet, apple, meta, amazon, theyre all down. Its not a huge selloff, but theyre all down. And theres this, microsofts chief executive testified in the governments antitrust case against google. He was right there in court testifying. What did he say . He basically said that google has used, you know, bad tactics to put itselfs first in the search ingeneral game. Theyre the default on many peoples browsers, on many peoples phones and how they inserted themselves in there. So he is bolstering the governments antitrust case and also talking his own book a little bit too, right . Im an alternative but ooh im not number one, and we wish that we were. So how do we make the Playing Field a little bit more fair. Stuart its a clash of the titans. Google, microsoft. Googles a verb. Can you backtrack on this . I dont know. Stuart okay. Take a look at apple, please. Weve got a few separate headlines on them. Stock is down to 172 this morning. Whats the headlines . So i didnt know anything about this 2015 apple watch that was head of solid gold. It ran anywhere from 1017,000. All the celebrities were wearing it. I dont even have, like, a cheap apple watch. Having said that, heir basically saying theyre not going to support it anymore with software update, and theyre not going to do repairs to it. So if you bought this, you, you know, out of luck. But if youre beyonce and have this watch, you probably dont care. La. [laughter] theyre also launching a tv series on apple tv plus about the argentinean soccer star, lionel messi. Apparently, he is a big deal. This is going to do some behind the scenes of his life as hes leading his team to a leagues cup title. I didnt know who travis kelce was either, but i do know, taylor i do now, taylor swift. Thank you. [laughter] stuart meta, now, i believe that theyre going to charge facebook and instagram users to go adfree. Yeah. So theyre piloting this, its 4, and theyre piloting it 14. Piloting in europe because europe has interesting laws. To get around it, theyre going to say to people if you dont want to see the ads, pay us 14. Because remember are, theyre hoping you will buy thing, they get revenue from that. If you dont want to see them, youve got to give us something else, and its going to be 14. Im like you, i dont like to pay for things. Hoe me the ads. Stuart we got used to the internet being free. And i want to keep it that way. Stuart eli lilly, a Cancer Treatment comet, what is it . Absolutely, its 1250 per share, and whats significant is people are looking at biotech in a different way. It was all focused on the a pandemic, it was all focused on vaccines and shots and things that would get us through, but now were coming back to the diseases that are plaguing america. You know me, or im a cancer survivor is, so im happy to see the investment in this. We need to cure cancer. Stuart all right. Airbnb, they got a downgrade. It was from, where are my notes here, Key Bank Capital markets, and we were talking about this in the break, people are running out of money to spend, is theyre not going to be traveling as much, not saying in staying in airbnbs as much. Rules and things are changing. Stuart and theyre down 5 which is 3. 7 . Yeah. Stuart somebodys got to be bullish on war by peaker, the spectacle people ever core isi, they upgraded the stock. Listen, as we get get into the slowdown, youre going to need see staples do well. Youre going to find money for that in your budget, and youre going to see stocks like this do well. Warby parker has a fresh take on glasses, theyre really cool, and the company is working on streamlining the margins, making the Business Model better, so a big bump there, now 8 . Stuart all right, jackie. Check the big board, were six no, five minutes into the trading session, were down 138 points. The level there, 33,000. The dow winners, there are some. Boeing is a winner. Its up 1 . The other winners are not up that much, however. Intel, a gain of. 8. Nikes back on that list. S p 500 winners, hp at the top, progressive none of the big with names. Boeings on that list as well at 190. The nasdaq composite winners, old dominion, the freight line are. Intel. Again, no really big names. Intel, of course, but its at 35 a share. I want to check the 10year treasury because this seems to be moving the stock market this morning. Again, i should say. The yield at 4. 72 . It was 4. 74 earlier, that set off the selling on wall street. The price of gold hasnt done much except drop well below 1900 an hundreds, 1840 right now. Bitcoin holding at 27,500. Not Much Movement there. Oil, gotta watch this, its coming down. I tell a lie its going up. [laughter] 89 a barrel. Nat gas, i dont really follow this very much, i just, you know, not much 2. 91. The average ice for a gallon of gas, down price for a gallon of gas, down. California, its still over 6, 6. 02 in the golden state. Look at this one. Homes, its a statistic, listen to it. Homes in 99 of the counties in america are unaffordable to the average home buyer. Bottom line here, Middle America priced out. Scott shellady on that. An oped e in the l. A. Times questions whether men should pay on dates as reparations for the gender wage gap. Guaranteed weve got a lot to say about that one. Donald trump is back in court. Larry kudlow says a crazy judge and a socialist attorney general are trying to take trumps business. Strong stuff. Larrys here next. upbeat music [narrator] what if there was a hearing aid that could keep up with you . notification dings this is jabra enhance select. Its a smart hearing solution that makes hearing aids more convenient and less expensive. It connects with your phone so you can stream calls and music. With jabra enhance selects premium package, better hearing doesnt have to start in a doctors office. It starts with a free online hearing test you could take almost anywhere, so you can get your hearing aids custom programed for you and delivered in days. From there, you can fine tune your settings with your remote Audiology Team seven days a week, so your hearing aids work when it matters most. notification dings in fact, more than 95 of enhance select premium customers report hearing better with their friends, family, and colleagues. With jabra enhance select, you can get the same advanced Hearing Aid Technology and professional care you expect from a clinic at a fraction of the cost. Try at risk free for 100 days. Visit jabraenhance. Com. Stuart on the markets right now after 11 minutes, with weve got a downside is move for the dow to the tune of 140 points, that is damage only down 76. Today is day two of Donald Trumps civil trial in new york city. Trump blasted both the judge and the new York Attorney general, Letitia James, yesterday. Nate foy is with us. Is trump attending the trial again today . Reporter stuart, he actually just got to the courthouse after spending a second straight night at trump tower. All the key players arriving at the courthouse. New York Attorney general Letitia James as well. And as we are set to begin day two of this 250 million civil fraud trial, a key focus today will be are on the statute of limitations because at the end of yesterday s proceedings, the judge warned the Attorney Generals Office that a lot of the transactions presented as evidence happened in 2011 and that they will these to tie those transactions to more recent crimes that happened after 2014 in order to make them relevant. Thats something former President Trump talked about as he left the courthouse last night. Listen to this. The statute of limitations is a very real thing in this country. And that would be about 80 of this case would be over. We very much appreciate the judges decision today or his Statement Today on the statute of limitations which is a very big thing. Its a limit time period. Limited time period. And we did nothing wrong. Reporter so, stuart, attorney general james disagrees with former President Trump. She put out a video on x last night saying that she fundamentally disagrees with his interpretation of the statute of limitations in this case, and the state did promise to provide the relevance of those older transactions throughout todays proceedingsings. But james filed this lawsuit last year against not only former President Trump, but his family, his adult sons as well as the Trump Organization itself. And eric trump told hannity last night that he believes his family is being politically targeted. Listen to this. I want to take away all of his Business Licenses because we dont like the man. We try and embarrass him during a president ial year. Its election interference. Its disgusting. Reporter now take a look at this, stuart. And wow just saw it during that sound bite as well. Ing video from inside the courtroom shows President Trump looking very serious and the judge smiling and shrugging. This is a no jury trial, so the judge has sole discretion in deciding trumps punishment. Trumps team put out a statement overnight saying they never had an option. To choose a jury trial here. And back out here live, stuart, this trial, again, today is day two. Its expected to last through much of december. Former President Trump spoke four separate times during yesterdays proceedings. Well see what, if anything, he has to say during day two. I suspect he will end up saying something, stuart. Stuart nate foy, thanks a lot. To now, lets bring in larry kudlow. Is trump getting a fair shake in new york city . No, clearly not. I mean, youve got a socialist state attorney general who actually ran against trump. That was her whole campaign, which i guess in new york is enough to have a victory. And then youve got a judge i dont understand the judge. Hes either crazy or hes a leftwing judge, but heres the problem. Heres the biggest problem. You talk to any real estate person and they will tell you, with respect, to the value of marr rah lag go which is one of mar rah maralago which is one of the key point es to this whole shenanigans in court. The tax assessment by the county is far, far different than a Market Assessment of value. In other words, its county assess sors value versus the market value. And, by the way, the thy sun writing terrific the new york sun writing terrific articles about that, talking to real estate people down in south florida, actually talking to the county assessors office. They say the same hinge, that the thurm of 18 Million Value for maralago is not meant for financing value or Real Estate Market value, its simply the way they go about assessing tax value or tax liabilities. If so this judge has to know that. If he doesnt know that, he should know that. And if he should mow that, all he has to do is make phone calls and dismiss the entire case. Theres no there there. And, you know, violations of the 14th amendment where you take away life, liberty and property, those should be very hard to to come by in the u. S. System. Some local judge should not have the authority to blow up your business. Because here too, like in so many of these cases with trump or, stu, it could happen to you, it could happen to me, it could happen to anybody. And people should think about that. Stuart i need to change the subject and talk about matt gaetz trying to oust Speaker Mccarthy. What do you think of that . My original, my initial reaction is it wont succeed, but i dont know yet. Theres a lot of perm mutations and combinations here, stu. Theres a lot of insider stuff that we dont know about stuart theres no way for a win for republicans. Theres no win for republicans here. I just dont see it. Well, look, i agree with that. I mean, i totally agree with that. I think personally Kevin Mccarthy has done a fine job stuart yep. Hes only got a 4vote majority, its very difficult. I think hes doing the best he can to get the spending cuts that he forced the white house into with and to put regular budget order so youll have 12 appropriations bills. I dont agree with mr. Gaetz at all. Ing i dont think inside the republican conference theres much support for mr. Gaetz. There might be a couple of people. Most people saying this will not succeed. But, you know, this is very difficult because youre talking about deep inside the republican conference. So well have to see how it plays out. I think, again, i want to say mccarthy has done a very, very good job getting a conservative agenda including, stu, not just the budget stuff, but closing the border is very important. And also raising questions about ukraine funding. If theres any increase in ukraine funding, it should be tied to diplomatic initiatives to try to put an end to this war. Thus far the Biden White House apparently has done nothing on the diplomatic front. Theyre always a day late and a dollar short, this crowd, and it getses us into more and more trouble. Stuart larry kudlow, strong the opinions, and i agree with them all. Thanks so much for joining us. Were going to see you later at 4 00 eastern, fox business this afternoon. Larry kudlow. Coming up, the migrant crisis in new york, its getting worse, believe it or not. And now mayor add also is trying to stop adams is trying to stop migrants in mexico. Well tell you all about his 4day trip to latin america. Another big trial today, sam bankmanfrieds criminal fraud trial. Some of his closest friends will be testifying against him. Well be back. Mug. Cheer up, sleepy jean, oh, what can it mean in. To a day dream believer and a homecoming queen if your child has diabetes, youll want the most accurate cgm, dexcom g7. Its on. And, hes off. You can see his glucose numbers right on your phone, so you can always be there for him with dexcom g7. Im going to sell my Life Insurance cuz i dont need it anymore. My kids are grown, my wife is great, lets settle up the score. Its time to travel to paree, spend retirement happy. Call 877selleasy. 877selleasy. 877selleasy, and sell your policy. You can sell all or part, live your life and play it smart. 877selleasy, and sell your policy. If youve had a change in health, or youre over 65, and paying for 100,000 or more in a Life Insurance policy you dont need, get paid for it instead. Then take the money that you get, go to live it up, you bet. Call 877selleasy. 877selleasy. 877selleasy, and sell your policy. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Stuart sam bankmanfrieds trial begins today. Prosecutors argue he orchestrated one of the biggest corporate frauds in history. Kelly ogradys at the courthouse. What can we expect from the trial today . Reporter well, stuart, actually the lawyers were just walking in. If i turn around, looks like theyre just going through the doors right now, and todays going to be all about jury selection. And this is a really important part of the process because this isnt going to come down to whether he did or didnt commit fraud, its going to come down to whether those 12 jurors believe that he did and finding a jury that isnt biased will be tough given all the Media Coverage a on this case. We remember sbf was the face of the crypto industry just 11 months ago. He was the crypto king. There were super bowl commercials for ftx, now hes being accused of stealing billions in customer funds there are his for his personal use and to cover losses atal immediate georgia Alameda Research are. 7. 3 billion of that 8. 7 billion has been recovered. It is unclear though if we will ever see that remaining 1. 4. They are attempting to recoup it with asset sales and lawsuits. Todays trial though is not about the complicated crypto world. Its good, old fashion fraud. Sams charged with 7 counts of paid and conspiracy to commit. If hes convicted of everything, he could face up to 110 years in prison. Now, the prosecution is expected to hang their case on a handful of star witnesses including his exgirlfriend who also happened to be the ceo of alameda, caroline ellison. The defense is hinting at whats called an advice of counsel defense. That means sbf doesnt know his actions were illegal, and he was following the guidance from thishouse inhouse counsel. This is called one of the biggest financial frauds in history, so we are going to be bringing it to to you minute by minute. And if youre a crypto nerd like me, tune in to my podcast, the trial of bankmanfried. Stuart kelly, thank you very much, indeed. Jackie deangelis with me. Im surprised that the ftx collapse didnt kill crypto. At first glance when the news broke, i thought that it would, until we started to learn more about it. This was garden variety stealing. 9 out wasnt like he made risky investments it wasnt like he made risky investments or did something he necessarily shouldnt have in that vein. He took customer funds and spent them. He bought people off. He bought lavish properties, and his staff enjoyed the benefits of it as well. People still see value in crypto as an asset moving forward and just kind of realize this was a fiduciary responsibility here that was not upheld, and they picked a bad, you know, company to work with. Thats really what i think they see. Stuart crypto is not dead. Right. Stuart jackie, thank you for being with me. Thank you for having me. Stuart see you at 1 00 on the big money show. Weve still got the dow off, not as badly as it was, and the nasdaq down a mere 30 points. How about that . Still ahead, Jason Chaffetz will join us. I want to know how challenging Speaker Mccarthy will give republicans any kind of win. Dave portnoy blasting the nfl over taylor swift coverage. We always like to get taylor swift in the show. Brian kilmeade, can trump get a fair trial in new york city . And saleswomenmy failla on whether jimmy failla on whether men should pay on dates as reparations for the gender pay gap . [laughter] the 10 00 hour is next. Tech cracked windshield on your new car . Bring it to safelite. [gasp] customer my car tech vo she didnt take it to the dealer. She scheduled with safelite. We have the latest technology for the newest vehicles. And we do more replacements and recalibrations than anyone else. Customer thank you so much. Tech dont wait schedule now. Pop music singers safelite repair, safelite replace. You are simply the best better than all the rest stuart simply the best