Transcripts For FBC Varney 20240703

Minister are dead. Killed in a Helicopter Crash sunday and iran is in turmoil divided and vulnerable. Put that in the context of ongoing war in the mideast. Israel has denied any involvement. With this kind of development you might expect a significant market reaction. Thats not what were seeing at least so far. The price of oil barely budged below 80 a barrel the opposite of what you might have expected. Stocks showing modest gains very modest gains almost across the board after strong gains last week. The event iran have yet to effect the stock market. Look at this the dow up maybe 10 s p up 3 and nasdaq up maybe 14. Watch nvidia they report wednesday and how they affect the market 1. 3 . Interest rates at lower leals tenure treasury yields well below 4. 5 at 4. 45 and youre looking at 4. 84 as we speak. Gas dropping below 3. 60, 3. 59 got there and 3. 89 for gallon of diesel to speeches for the president neither uplifting from the president instead he presented a dark picture of race for America Today and terrible things trump would do in a second term and hes desperate and fox poll shows lost 6 ponts with black voters and trump gained nine. Trump will try to increase support among blacks in a rally in the south bronx on thursday. On the show today, the pope says conservative bishop who is oppose blessing same sex couples have a suicidal attitude and scottish finished eighth at the pga championship thats after he was arrested before the second round on friday. Alexander won the game decided on the very last hole. Monday, may 20th, 2024 Varney Company is about to begin. Were going start this morning with the latest out of the middle east, irans president Abraham Lacey along with foreign minister killed in a Helicopter Crash over the weekend now look this is a fast moving story. Lauren, whats the latest . Lauren bodies were recovered early this morning, confirming that death of president iran foreign minister and other officials. Search and rescue efforts throughout the night after the helicopter went missing earlier yesterday in a foggy and mountainous region of iran. That was the chopper that they were on. State media says that chopper slammed into a Mountain Peak no foul play is being reported and israel does deny involvement but the news at a time of heightened tensions in the mideast and he was 63. Potential successor to the Supreme Leader ayatollah is 85 years old and a president ial election thats expected in 50 days time per the constitution of iran. Lauren thank you very much now charlie hurt joins thus morning. Iran is in tour mole. It is divided. Is iran suddenly vulnerable . I think without a doubt. This kind of thing would make any regime vulnerable but especially at a place like iran with the government should extraordinary goes to set lengths to keep power. But the really alarming thing to me is, that you know, that this current American Administration has done such a poor job in particular with the way it is handled iran. That this is an opportunity, could be an opportunity if you had a strong Foreign Policy coming out of america. To make something good happen, and i would hate to say it but i dont have any faith whatsoever that the Biden Administration is going to be able to make anything positive come out of this. Stuart the rise detested by many many iran. Hes the man who led the crackdown on young women who dont cover their hair. So internally they face revolt externally weak in terms of military power that attack on israel was a failure 300 weapons launched newscast ground rest were shut down theyre very vulnerable. If i take your point. A strong leader in america would take advantage weve got lempleg take advantage of their vulnerability but i dont see it. Yeah. He was the he is the face. He was the face of the most extreme poor face of the iranian regime. As you point out leading death squads enforcing the most draconian rules on women and civilians in iran. And the fact that and you know, so you have a moment here where you have at least half of the population probably more than half of the population. Thrilled at an opportunity to replace this person with somebody that could be maybe, you know, liberalized iran a little bit. And you have the Biden Administration which has done nothing but empower these people in iran by, you know, opening the oil gates, you know, the spigot for iran dismissing sanctions giving them money. All of these things that have empowered the worst people in iran. And so not only do i think that hes that Biden Administration will fail to make something good happen here. Theyll probably somehow find a way to make things worse. Stuart now i want to move on to a different subject president delivered commencement address at Morehouse College yesterday. He faced some silent protesters. He also renewed cause for a ceasefire in the mideast. Roll tape. It is humanitarian crisis in gaza. Thats why ive called for immediate ceasefire. An immediate ceasefire to stop the fighting. Bring the hostages home. [applause] ive been working on a deal as we speak working around the clock to get more aid into gaza, rebuild gaza also working around clock for more than just once ceasefire, working to bring the regime together. Working to build a lasting endurable peace. What is the relevance of a ceasefire demand now that iran is lost two top leaders . Exactly. And then, of course, if you step back and look at his larger Foreign Policy, hes he has playing both sides of the coin here. Hes raised hes gotten, successfully got congress to spend billions of dollars more to to israel. And then demanding that israel ceasefire. And stop spending the money that using the weapons that he just ensured that they got. So its it makes no sense. Hes arguing against his own Foreign Policy at this point. And i think people see through it. People were turned their backs on him during the speech at one point he was clapping for another somebody else calling on the Biden Administration to demand a ceasefire from israel. It makes no sense. Hes desperate, hell say anything. Hell do anything he needs that if he thinks it will help with the election. An he honestly does not care that something that israel that that anyone succeeded in the middle east at bringing peace. Which is the only thing anyone should be concerned about. And hes hes more concerned about his own reelection than he is about that. Stuart charlie thanks for joining us this monday morning very important day we appreciate you being here. Biden also made a visit to the deep blue city of atlanta this weekend. What was the turnout leak . Lauren nonexistent. The streets were empty as the president ial motorcade passed through. I was looking at video on social media you could see a few people standing taking videos. But that was it. Joe biden was there for a fund raiser. He also went to michigan for a dinner with the Detroit Branch of the naacp thats where the antiisrael protesters showed up and one arrested and protesters said were here to make sure biden cannot campaign as usual because he does not have our vote. And the former President Trump hes headed to the south bronx that is new york. And it is happening on thursday. Hes going to be speaking in a park that can hold 3500 people. So this area is on the edge of a. O. C. s district but it is congressman Ritchie Torres says listen to this quote. The south bronx is the most democratic area in the nation. And will not buy the snake oil that trump is selling. New york the most democratic area in u. S. Of a is in play. Stuart what does truch do . Go right into the heart lauren belly of the beast. Stuart you said it. On monday morning not much Price Movement green but not that much. Jeff seeger is with me. Nvidia reports wednesday after closing bell, are these earnings make or break for the entire market . Are they that important . Nvidia 2 trillion Company Third Largest Company in the world the stock has captivated investors, and i believe stuart these earns are going to be explosive. But the question is, are they going to be explosive enough. You have amazon microsoft, you you have all of these Companies Spending alphabet spending significant amounts of money on very a. I. Chips up to double what they spent last year that gives me the justification to say theyre going to be a good number. But they have to be great. And janson wang ceo best ceo in america he has to come through with a very positive projection on data centers and the Cloud Companies that use their chips. Stuart in your opinion who is better for the market a trump win in november or a biden win in november . I find it ironic that biden would actually try to take credit for this market. I see the market the market performed despite him not because of him. And i know trump is asking for a drug test. So if hay do test them they should test them for what louis hallucs hes not responsible for this. That being said, trump tax cuts are good for the markets. Theyre good for the markets and i believe whats good for the economy because keep in mind, a lot of the gains people saw on the stock market do not count that inflation. So when you put the inflation and what it does to purchasing power, net worth of investors during trump was up around 16, 17 . It is flat under biden because of that inflation. I think truch will help the economy and he will help the majority. Stuart testing for drugs. Trying to be funny. Stuart see you later how did scott thy scheffler finish at the pga championships after friday arrest . Lauren what a story he shot 13 under par and finished 8th at the val halla on and off the course. I would say hes wiped out arrangement for Second Degree assault of a Police Officer reckless driving and in kentucky last week is scheduled for tomorrow. Reports say charges are expected to be dropped. Meanwhile, alexander won a pga championship with record performance for first major he finished 21 under par. Stuart quite a performance right down to the last hole. Lauren you watched . Stuart i did. I stayed up late. Check futures no Price Movement almost none at all so far this morning. Next case Michael Cohen expected to wrap up testimony and judge says defense and prosecution make closing arguments as soon as tomorrow. Iran president and foreign minister killed in a Helicopter Crash, what does this mean for ongoing war in gaza congressman brian stile on that next. So, you have diabetes, and your glucose is heading low. [ alert sound ] dexcom g7, the most accurate cgm, can alert you before you go too low. Now, thats more peace of mind with dexcom g7. Spring into savings this moving season with pods. Save up to 25 now on moving and storage. And see why pods has been trusted with over 6 million moves. But dont wait, save up to 25 now. Visit pods. Com today. Trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. Get an expanding library filled with new online videos, webcasts, articles, courses, and more all crafted just for traders. And with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. Trade brilliantly with schwab. 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Monday morning not much moment for stock prices thus far dow down a fraction nasdaq up 18 and this coming at a Us International criminal court arrested warrants for israel president Benjamin Netanyahu defense minister and hamas leaders for allegedly committing war crimes in gaza. Lets get back to this irans president raisi along with several other iranian officials killed in a Helicopter Crash sunday. Trey gings joins us. Ebrahim reese raisi is dead following a Helicopter Crash on sunday now early this morning rescue teams finally reached the crash site in the mountains of northern iran. We do know theyve been searching for more than 12 hours. Foggy and dark conditions made efforts more challenging as dozens of emergency crews comb the forest official images from crash site show char remains of a helicopter that was on its way back from azerbaijan and in response iranian leadership declared a five day period of mourning and russia and turkey express condolences following the crash. According to the iranian constitution, the Vice President muhammad will assume the role of president until elections are held within 50 days. While the event is certainly significant for the middle east it wont greatly affect iran foreign or domestic policy. At the top of the governments still sits irans Supreme Leader ali no longer involved over the weekend but again a significant moment for the middle east. Amid back drop of rising regional tension. Stuart. Stuart trey thank you very much. Wisconsin congressman bryan steil joining me now my point is that iran is vulnerable should President Biden take advantage of their vulnerability . Well weve seen is this administration continue to refuse to cut the head off of the snake of financing in middle east while we have a situation where iranian approximate proxies are causing from hamas but also hezbollah and lebanon what we should be doing ask taking this moment in time to refocus our efforts to address the financing of terrorism that iran continues perpetuate janet yellen will be in italy with g7 leaders of our counterparts across europe and this should be a moment in time where we cut the head off the snake and financing the terrorism which is iran and address the fact that theyre working to utilize their proxies to destabilize middle east to continue with their work try to develop a Nuclear Weapon this should be a moment for us to refocus and address the financing situation in particular as it relates to iran. Stuart do you think we will refocus as it relates to iran and their money . Do you think biden will . I think it is absolutely imperative i dont know if he will i have grave concerns about this administration refusing to sanctions that are already on the book when is janet yellen was before us in Financial Services where i asked her directly as it related to enforcing iranian oil sanctions, the chinese customers that were ultimately purchasing it. She equivocated refused to answer the question directly. Shell be with with her g7 counterparts in italy later this week and this is a if you think the for allies to come together to recognize that we are better served as a across the globe but in particular, for u. S. National security interests. If were addressing the fact that iran continues to sell its oil across the dploab, and utilizing those funds to subsidize and pay for both hamas as well as hezbollah as they continue to threaten israel. All of this is iran trying to have a distraction to avoid us addressing the fact that theyre continuing to work to develop a Nuclear Weapon. Iran with the Nuclear Weapon in particular in this environment where we have broader geodepoliticallization and make sure they do not get to that step. Stuart quick change of step republicans are trying to block a democrat that allows noncitizens to vote in washington, d. C. Congressman i guess this means democrats want noncitizens to vote. Have i got that right . Why would they want that . Not only do democrats want noncitizens to vote in blue cities like our nations capitol they passed a law to allow it. I held a hearing in my committee on House Administration, on this exact topic last week, we have information that over approximately 500 noncitizens are registered to vote in our nation eetion capitol and el jebl to vote in municipal elections such as mayor and to get the picture set that means someone working at the Russian Embassy Holding Russian passport residing in our nations capitol for simply 30 days, is el jebl to vote for mayor. This is why im push my efforts to ban noncitizens from voting across United States as a whole but in particular in our nations capitol what the democrats want to do is use washington, d. C. As their petry dish to roll out noncitizen voting across the United States my work in the committee and House Administration which i chair leading effort to block noncitizen voting. Stuart can i pick up on something you just said am i right in saying youre in d. C. Maybe youre a tourist and there for more than 30 days, you could vote . Any individual who resideses in washington, d. C. For 30 days is el jebl to vote being very few other requirements. So when we look at the number of noncitizens and millions of individuals that have come across the border into the United States, if they move to washington, d. C. , or 18 years old or thereby by october 5th able to vote in the upcoming november election is a huge challenge that ive been trying to raise awareness of. It is why we need to ban this in washington, d. C. But stuart more broadly, theyre using washington, d. C. Simply as a petry dish to roll this program out nationally as why we need to end it in our nations capitol prengt it and ban it in all 50 states. Stuart brian styles thanks for joining us appreciate it. Lets check futures were going to go to wall street for the opening bell not that much Price Movement in the very, very premarket early going. Well be back. At the wall, but get closer. Daughter gasps what the . daughter alright. Dad side to side. When you work with someone who knows a lot and cares even more. You can do this. Youre unstoppable. Wow. Are you kidding me . You can do this. At truist, we believe the same is true for banking. With gold and copper prices pushing towards all time highs, us gold corp. Offers investors leverage to both gold and copper at its project, and mining friendly wyoming. U. S. Gold corp has a reserve of almost 1. 5 million ounces of gold equivalents. Permits to mine zero debt with only 10. 73 million shares outstanding and a portfolio of world class american Strategic Metals assets. U. S. Gold corp, join the golden age. Stuart again, its monday morning, three minutes to go until the opening bell. No movement on wall street thus far. Keith fitzgerald joining us this weekend. Whats your important, the fed or nvidia earnings wednesday . No question, nvidia earnings the fed is a side show, stuart. Stuart you think nvidia could be make or break for this market . Very definitely and heres why. Its not even about the numbers. Its about the psychology, because a. I. Has captured the publics imagination. If they come in with the numbers that are half way what i think they are going to be then boy its gates open, horses run. Stuart youre expecting fantastic numbers, are you . I am. Im expecting very very strong numbers, revenue in the maybe 200250 what it was last year. Im expecting earnings to be up four, maybe 450 , and, you know, if that trajectory continues this is going to be unstoppable. Stuart it wont be just the numbers. Is there going to be a call . There usually is a call, a guidance call, right after the numbers come out. Is that where the real importance lies . Well, it does lie there for the next 30, 60, 90 days because big technical traders want to know what happens in the next 2448 hours but the investors is where you really want to focus because as the ceo lays out guidance for the next year, two, three, four, five years, thats the part you want to focus on as an investor and i think its very very strong. Stuart i know impact from the iran situation so far. Oil is down a little today. Why is that . Thats an interesting one. I still dont have all my phone calls back yet. Ive been talking to traders around the world trying to get a beat on that but Global Markets are uncertain where the power actually resides in iran from a trading perspective. So its not clear how thats going to impact oil contract, yet. Stuart is it possible that iran , being the bad guys in the middle east, look like theyre divided and vulnerable and that america and israel may prevail here and thats good news for the market . Is that a possibility . I think thats ons a possibility. I think its one thing that iran does not want to see happen because if the rest of the middle east unites and if the perception is that america and israel prevail then it has the incentive to stir things up even worse than it already has. If on the other hand they can preserve the status quo, they can somehow alter or manipulate the news feed, then, i think its game as usual. Stuart are you buying anything today, or have you bought anything today already . Not yet, but the moment i get off the air im going to be taking a look at my purchasing list including nvidia. Stuart okay lets see how it works out. Keith thanks for joining us. They are clapping, cheering, opening this market literally a couple of seconds youll see as we always say, they will reach down and press the button. 321. [opening bell ringing] stuart a tiny move down for the dow is what were expect ing the premarket action suggested that and thats what weve got. Were down 29 points for the dow industrials a lot of red ink on the dow 30. I see what, six, nine, 10 winner s and about 20 losers thus far. Its a fractional loss for the dow off 22 points. S p 500 same story again, a fractional gain up a point. Thats. 01 on the upside. I call that deadflat. Same with the nasdaq. Pretty much flat. Its up a fraction. 07 . All right, big tech this is what we do every morning when the markets open. Alphabet, amazon, microsoft on the upside but apple and meme are down, again not much Price Movement for any of them. But microsoft, now they are going to unveil more of their plan for a. I. At tomorrows build developer conference. What do we know . Lauren speed is the name of the game. Microsoft is trying to win on speed according to reports their new aip c will have a different processing unit and itll be much faster. Their copilot, the assistant, will be able to do more and spitted out answers faster, and a. I. Will be embedded reportedly in windows. Microsoft is using the qualcomm snap dragon x chip but look they have a wow investors after open a. I. And google last week showed what they are working on with a. I. Stuart they are making the heading in a. I. Now they have to show it. Lauren yup. Stuart ill be interested in that. Target, lowering prices. Lowering prices on some favorite items thats a big deal. Lauren 5,000 items frequently purchased items, think the basic s milk, meat, fruit, goldfish. I even saw prime, the ice pop flavor, on that, the hydration drink thats super popular with the kids used to be like five or 6 for one. They are selling it for about 2 now in target. Thats good. In other words, the bottom line is target is making it easier and cheaper to stock the pantry heading into summer, memorial day barbecues and they have their Earnings Report on wednesday. Stuart prices down is the headline. Next case is tesla. I believe they are handing out discounts in europe, i presume they want to raise demand and sales there. Lauren well their customers in europe are mad. They have something called fleet purchases when Big Companies buy cars and then lease them out but then hope to rebuy them after the fact. Its about half of auto sales there, so this is a huge deal. Unfortunately, elon musk has cut prices so many times the teslas are worthless and the fleet owners are mad so tesla is in damage control right now. Elon is assuring them he will compensate them with perks like discounts and repairs. The stock is down at 176. Its 40 from its 52week high and the first drop in three days stuart got it. Apple. Oh, this is interesting. They are slashing iphone prices in china. Lauren aggressively. Aggressively as much as 318 on certain iphones thats double the previous price cut, which was in february. That cut worked. It helped juice sales in march by doubledigits. The problem is theyve got homegrown competitors, local competitors like huawei. Huawei has a new phone called the pure 70. Its cool. It is really cool. It actually has if you look at the back of the phone three huge lenses, the camera, and one of them actually retracts. It zooms in and out physically and moves and then it comes back in. I havent seen anything like that before on a phone. Stuart id like to see it myself. This is a good story and youll tell us all about it. Jeff bezos space flight operation had a historic flight yesterday. On board was a 90yearold man the oldest person ever to go into space. Tell me more. Lauren well, William Shatner was 90 but this astronaut, ed dwight is several months older so hes the oldest person to go into space, actually the first black astronaut candidate for nasa during the kennedy administration. This was a historic flight. Blue argens first after a two year grounding the 7th trip to just above the carmen line for jeff bezos company. Look at him. Stuart good story. Lauren look at mr. Dwight. Stuart i hope springs eternal for all of us getting on age. Lauren he figured he had nothing to lose. Stuart here is this one. Chinese ev maker lee auto, they didnt get the orders they were expecting in march. It must have been pretty bad. Lauren look at the stock down 10 . Demand is down but one of the issues for lee auto is their pricing. The average revenue per car sold in the first three months of the year was 42,000. A year ago it was 50,000. Stuart no wonder its down 10 . Quick one on costco. Maybe some price hikes for some popular items but not the 1. 50 lauren hot dog combo. Stuart and a 20ounce drink. Lauren i believe itll be 1. 50 if the founders have their way so thats not moved in price but some prices have gone up so gasoline at costco could cost you more, cheaper than local competitors but costco increasing the price. Also for olive oil, their kirk land brand olive oil. Will membership go up is the next question . They have 132 million card holders. Its about time, historically when you look at when they increase the membership fees will they do it soon . Stuart costco is still a bargain any way you slice it. A buck 50 for a hot dog and a drink, cant beat it. Check the big board please in business for five and a half minutes down 40 points. 39, 959. Dow winners headed by at this moment, amazon, microsoft is second, american express, intel and salesforce on that list. Here are the s p 500 winners topped by norwegian cruise lines , for heavens sake, carnival corporation, johnson controls, super microcomputer and nasdaq winners topped there by micron tech advanced micro devices, trade desk, lam research, amazon. Com. 186 on amazon right now. The 10year treasury yield is well below 4. 5 , the price of gold is right about 24. 15 per ounce, bitcoin 66, 900 this morning, oil down despite the events in the middle east, 79. 50, nat gas 2. 70 and the average price for a gallon of regular down to 3. 519 for diesel its down to 3. 89. Coming up, the town of lost creek, texas voted to remove itself from austins city limits they are tired of the citys woke leadership and high crime. Now other neighborhoods are following. Weve got the story. Donald trump says he wants biden to take a drug test before the debates. Roll it. Im going to demand a drug test too by the way. [applause] i really am. [applause] i dont want him coming in like the state of the union he was high as a kite. Stuart well high as a kite . There he said it, would biden actually agree to test . Well get into it. Household net worth when you adjust for inflation has risen just 0. 7 since biden took office. Compared to a full 16 jump through trumps first three years. Steve moore on that, next. Ah, these bills are crazy. She has no idea shes sitting on a goldmine. Well she doesnt know that if she owns a Life Insurance policy of 100,000 or more she can sell all or part of it to coventry for cash. Even a term policy. Even a term policy . Even a term policy find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. Stuart on the markets after 11 minutes worth of business very little Price Movement except the nasdaq is up 60 the dow is down nearly 80. The white house making new plans or new strategies to try and win back key voting blocks. Edward lawrence at the white house. Which voting blocks is he trying to win back . Reporter yeah, hes looking for two, Younger Voters and looking for the black voter in this and it could be seen from over the weekend. The president making direct overtures to those certain voting blocks. Now, on saturday, the president was in georgia at Moorehouse College giving the address and the naacp dinner in niche michigan saturday night and President Biden saying he will pass all of the naacp priorities in a second term pleading for votes. Listen. Thats a fact. Youre the reason Kamala Harris is the historic Vice President. Youre the reason donald trump is the defeated former president and youre the reason Donald Trumps going to be a loser again. Reporter so earlier saturday some graduates turned their backs on President Bidens speech at Moorehouse College and fox news polling is showing hes losing support among black and Younger Voters, nationwide its a dead heat for the under 30 vote. 4949. You see President Biden adding a little support from the average of the last three polls but nowhere near the support he enjoyed in 2020. Former President Trump also lost support recently but is up a lot from 2020 levels. We do have a lot of work to get done and the American People demand it especially when were spending and borrowing an extra trillion dollars every hundred days. They want that to end, because they cant afford groceries, daycare, electricity bills, you name it. Its all caused by this incredible amount of spending and they want that to be stopped. Reporter add into this the comparison between former President Trump and President Biden to this point in their terms. To this point right now, under President Biden, americans are their net worth has gone up. 7 as you said under former President Trump to this time frame, their net worth went up 16 . People feeling a little more wealthy under the former president. Back to you. Stuart we certainly dont feel that prosperous do we . Edward thank you very much indeed. Joining us now is stephen moore. Stephen . Come on in. You just heard edwards report on household net worth. Will it just be more of the same if biden is reelected . Reporter well it is true, stuart, that peoples net worth is up especially after the market rally that we seen in the last six months, which by the way i love to see. I love a bullish market and i know you do too, stuart, but it is also true that, by the way, if you go back to 1982, the dow was at 1,000. Now its at 40,000. This has been an incredible bull market for 40 years. Bidens the only president during that period with maybe one other exception where almost all of the gains in the stock market have been due to inflation, so under trump, about 80 of the gains were real gains under biden only about 20 of the gains have been when you adjust for inflation real so no question about it in terms of your purchasing power when you sell your stock, how much money youre going to have. You did a lot better under trump i want to make another quick point that i know people watching this show are aware of but some may not be. Did you know this , stuart . That the Capital Gains tax that you pay on the gain in your stock when you bought it versus when you sell it, did you know they do not adjust that for inflation . Did you know that . Stuart no i did not know that. Yeah, so lets say you bought a stock at 100 and you sold it at 200, but all of the gain over that period was due to inflation. Youd still pay a huge tax. So my point is, when you take into account the fact that youre going to pay came gains tax on these gains that mostly due to the inflation, people arent any better off financially under biden. Not whatsoever. Stuart well supposing hes reelected for another term, do things improve or get worse . Well, is he going to do what hes promised to do . Id take him at his word. Hes talking about doubling the Capital Gains tax, for the first time in american history, hes talking about taxing unrealized Capital Gains so youd actually have to pay the tax, you know, even before you sold the stock or sold the farm or sold the business, which i think is completely unconstitutional and anti american and hes going to raise the tax on american corporations. Look, your good friend and my good friend art laffer would say if you tax something youll get less of it. If you put a massive tax on investment youll get a lot less and pay about a 70 tax on 1 million gain under the biden plan. Do you think thats good for the smart . I dont, stuart. Stuart well i agree. I want you to deal with this one pen whartons budget model shows the mass deportation plan could cost more than a trillion dollars. Thats not going to happen, thats not feasible, is it . You know, i am so frustrated as all americans are with what biden has done. Im very proimmigration, stuart i think immigrants are great for our country but my god, they got to come in legally through lawful means and what has happened at the border has just contaminated support formation generally. Its going to take us 10 years in my opinion to dig out of this border crisis and by the way, he wants these people stuart are we prepared to spend 1 trillion on deporting illegal s . Are we . Well, i dont know what the solution is. I mean, we cant the estimates of six to 10 million Illegal Immigrants into the country right now. Are we going to let them stay here . I dont know what the solution is, stuart, but what im telling you here is we did not have this problem with donald trump as president. Stuart like it or not i think the solution is they stay, they work, and thats it. Youve got to close the border so we dont have another 10 million in the next 10 years. Exactly. Thank you. Stuart job one is close the border. I guarantee you that donald trump is going to seal that border. We did it the first time in building the wall. Its not that complicated. Stuart job one, he will do it. Stephen moore, thanks for joining us. Coming up the president made two speeches to black audiences over the weekend. He had the chance to be uplift ing, inspiring, he went the other way. He was divisive, thats my take, top of the hour. Record number of americans travel this memorial day weekend but when you add up the price of flights, hotels and more, renting an rv might be better for your budget. Jeff flock gets behind the wheel , next. 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We rent class c motorhomes, coachmens and 200250 a day depending on which one. Reporter im paying 200 at least for a hotel so now i have the hotel myself and you get free miles with some of this yeah, you get 100 free miles a day, and then its 50 cents a mile after that, so if youre going close, you go to michigan and lets say youre going for a week you get 700 free miles so it costs you a couple hundred dollars a day. Stuart and take a look at gas prices thanks to President Biden s Energy Policies gas prices, im just kidding. Gas prices coming down, though they are coming down. So that helps you as well but also, go ahead, show stuart, yeah, hes showing you, youve got a shower in this thing, everything you would have in a hotel room, right . Yeah, a queen bed, shower. King size bed. Sofa, dinette, microwave, so its just like being at home. Reporter so this could be a cheaper and Stuary Varney is a guy that likes to go the cheap route if he can. This be cheaper than, you know, theoretically, flying somewhere and the hotel. Oh, yeah, and some people dont, they arent too king on flying, so this is a great alternative. Reporter gotcha. Well okay, ill leave you with that stuart. Look at the beautiful vista out the window here, going through frankfort, illinois. This is like being in the bahamas only, well, maybe not. Sort of. Stuart jeff, id like to remind you, jeff, i am not cheap. I am thrifty. Its a virtue. Dont forget. Jeff flock, youre out of here. Reporter and youre a virtuous man. Stuart check out the markets to start with, were down about seven on the dow and up 111 on the nasdaq. Thats a movement. Still ahead, Mary Katherine on the possibility seeing charges dropped after his arrest during the pga championship, christian whiteon what does that mean for bidens iran policy, joe bor elli, on trumps rally coming up thursday in the bronx and bill mcgurn on trump taking drug tests before the debates the 10 00 hour is next. I wanna hold you forever hey little bear bear. Im gonna love you forever cmon, bear. You dont. You dont have to worry. Be by your side. Ill be there. With my arms wrapped around. Stuart not sure of the song, what a man but youre looking out from new york city on a very nice day here, its going to be mid 70s, nice sunshine. Look, its monday. Hardly anybody is on the street how about that . Good morning, everyone. 10 00 eastern. Lets get to the money pretty much straightaway. The nasdaq by the way has just hit another alltime high, its up 116 points, 16, 800 right there. The 10year treasury yield, where is that . Its 4. 43 this morning, the