Government and well talk about this till christmas or new year use the two sides arent close. Looking at all at stops that joe biden pulled out in order to protect his family and in order to protect his son, hes a guy that has to win is joe biden. Youve seen cameras with trump on the campaign trail. The only argument is trump hasnt attended the two debates. Desantis has any chance, its policy, policy, policy. This isnt a victimless petty crime. This is violent organized crime. These stores close and it destroys the communities. Stuart i believe this is a very appropriate beetles song to be playing on this day and itll be a is upny day and tomorrow as well. Pretty good id say. 11 00 eastern time, monday, october 26789 check the markets, please. October 2, check the markets please. Dow down 120 and nasdaq up 60 points. Show me big tech and a moment ago they were all up. Every single one of them is up and alphabet up 2 . Not bad at all. Meta is 305. Check the 10year treasury yield going straight up. Strong gain on the upside and im surprised that the nasdaq is doing well and Interest Rates go up like that, youre at 467 on the 10 year. And now this, after the passing of diane feinstein, the democrats are rushing to name her replacement. Identity politics is front and center here. California Governor Newsom makes the choice and his pick ticks all the right boxes. Shes female, black and gay. Newsoms office proudly announced shed be the first black lesbian to serve in congress and first openly lgbtq senator from california. It seems that among democrats ticking boxes counts for everything these days. But thats the problem with this administration. Biden pays more attention to identity than competence. Identity may serve political goals, but it doesnt necessarily produce efficient administration. It is his identity pick for Vice PresidentKamala Harris at the heart of so many worries about joe biden himself. Identity may have helped her get the vip job but for the top job, youve got to have more than just race and gender. Lbutler will be sworn in tomorrw or wednesday and shell serve briefly filling out feinsteins term but my guess is the democrats will want her to stay. Female, black, please bean, among democrats hard to beat. Third hour of varney starts right now. Stuart Mike Huckabee is here with me, the former governor of a. C. Do you agree with me, this is about identity . Stu, i always agree with you. In this case, its really legitimate and the Biden Administration is like buying a crayon set with 64 different crayons and more interested of whats in the box but cant sign name with a ballpoint pen. What wed love for people to be is just competent. Be able to dot job. You know, i would never be picked in a Biden Administration. Im white, im straight, im old, im male. I mean, i uncheck all the boxes, but thats the problem with identity politics, you care more about how something looks than whether or not it functions. Stuart thats it. You missed one out, youre a christian too, i believe. Yeah, that really messes it up, doesnt it . That just finishes me off. Stuart youve lost that box, im telling you. Lets get serious. Governor bill maher says its time for President Biden to step aside. Watch this. Someone has to convince President Biden that if he runs again, hes going to turn the country back over to trump and go and go down in history as ruth bader biden. The person who doesnt know when to quit and so does great damage to their party and their country. You can be a National Treasure and still be too old for the job. If im on a plane and the pilot says this is your captain, buzz aldrin, im getting off. Stuart that was funny but raises a serious point. I want to ask you, do you think biden will be the democrats candidate in 2024 . I think so unless they can find some way to get rid of him. It could be the corruption uncovered in congress but, you know, he seems to be absolutely determined to be the nominee and to get a second term. I think jill is pushing for it as well. Kamala harris is certainly pushing for it because shed like to stay in her job. But democrats are not happy with their choice. Now, frankly, stu, i hope he does become the nominee and stays in the race because bill maher may have it right, its probably the best way for trump to get back into office, and id love to go back to pol policiesd border security, Energy Independence and see gasoline cheaper, and id like to see just average working class americans be able to buy a house and a car, neither of which they can do right now thanks to the incredible failure of bidenomics. Stuart yes, i was getting to that. You know, some deputies, quite a few actually are openly criticizing bidenomics and the branding of the team as bidenomics. Its backfiring, i think, because people are not buying it contraindication for cerumen it; right . No, theyre not not buying it; right . No, because they can look at their own lifestyle and see its been affected. They cant buy the house they could have bought just two years ago. They cant buy the car that they would have bought two years ago. They just cant. When people talk about bidenomics and how well its working and liberals are going on television trying to tell us, hey, what are you gone to do, beef me your or lie believe me or your lying eyes . It just doesnt work and atsome point selling bidenomics is like trying to sell tickets to the titanic and telling them, its going to hit the ice burg, its going to sink, but by golly its a heck of a ride until that moment. Stuart you know, weve agreed on all three subjects we brought to our attention and that means we agree in full and youre on the show again next week. Governor, it was a pleasure and hope to see you again real soon. Thank you, sir. Thanks, stu. Stuart Governor Desantis going after Trumps Campaign strategy. What is desantis saying, ashley . Ashley hes attacking trump for not showing up to the gop debate suggesting the former president was adopted joe bidens basement strategy. Take a listen. With all due respect to donald trump, were not going to beat the democrats by adopting joe bidens basement strategy. You cant just be missing in action. Youve got to show up, youve got to earn peoples votes, and if youre not willing to do that, voters will take notice. Ashley desantis made references to trumps age saying the we need somebody that can serve two terms. Stu. Stuart that is a reference to age right now, thanks, ash. Back to the markets and we have jason catastrophe with jason katz with us this morning. No government shut down and where no bounce for stocks . Markets expect this a symmetrical response and the alternative would have been far worse; right . Relying on private data instead of the governments data coming to cpa and jobs. Stuart thats right, if they shut the government down, thered be no inflation numbers. Thats precisely correct and not to mention thered be less confidence in the u. S. Debt thats already been severely damaged and now were faced with the fact theres not this shutdown or the can has been kicked but the fact of the matter is were still staring at the same person in the mirror. Were faced with subborn inflation and the feds reaction function to that and uncertainty with respect of whether theres going to be a recession. Nothing has really changed relative to friday. Stuart we are just kind of bumbling aloaning. No huge gain or along. No huge gain or drop and nice even steven along she goes . Thats the new normal. Thats what i think were going to expect and fairly muted returns. The multiple on the markets seems elevated at 18 times earnings. But if you back out the magnificent seven, youre looking at more like 15 times earnings and this Earnings Period will be the first positive Earnings Period in three quarters and three negative quarters and a meager 2 year over year growth and next year upwards of 12 Earnings Growth and multiple the market is reasonable so i wouldnt retreat, i wouldnt do that. I would rather repurpose within the market. Stuart okay. One other factor, as of now, Student Loans have to be repaid. Right. Stuart i dont know how much money thats going to take out of the economy. Any impact on the market . 1. 7 trillion in total loans and there are 40 million americans being affected by this. In fact, the average monthly bill is going to be 350 and for 10 of the country, its going to be more like 700. This is yet another test on that consumer thats been incredibly resilient and i think the consumer take as hit. At the margin, believe it or not, this helps the inflation fight because it mutes growth but on the other side of the coin, 2 is the consumer and drives the earning and on the other side of the coin, earnings come down a bit and feeds into what i said earlier, a market where youre going to have very meager type of results for the foreseeable future. Stuart are you an economist on the one hand and on the other hand . Play it down the middle. Stuart just joking. Jason, thank you very much, sir. You bet. Stuart now this, white house banning senior officials from traveling to any senior conference that promotes fossil fuels. Officials must get approval before attending International Energy engagement. The moment a store clerk in california is set on fire after he tried to stop somebody from stealing. Just appalling. President biden signed the short term funding bill over the weekend. What happens from here . Peter doocy will try to explain it. Biden wants a separate bill to address more military aid to ukraine. Watch this. I hope my friends on the other side keep their word about support for ukraine. We cannot under any circumstances allow american support for ukraine to be intented. Stuart support to ukraine appears to be dwindling in america, kt mcfarland on that right after this. To duckduckgo on all your devie duckduckgo comes with a builtn engine like google, but its pi and doesnt spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. And theres no catch. Its fre. We make money from ads, but they dont follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. Municipal bonds dont usually get the Media Coverage the stock market does. In fact, most people dont find them all that exciting. 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We cannot under any circumstances allow american support for ukraine to be interrupted. Stuart kt mcfarland with us and appears support for ukraine is dwindling in the United States. Does that threaten the country and their war effort . Yeah, and its dwindling because President Biden has failed to make the case. Whats the money going for . How does this war end . How much longer are we going to keep supporting ukraine . Or is it another forever war . Were kind of in this weird position where theres two options given. One, you either continue with this biden says and continue to support the war basically a forever war or do you pull the money out and then watch potentially ukraine collapse and then russia move in. Those are two really unacceptable options, but thats whats driving the division in the Republican Party and all republican candidates agree on the economy, they agree on woke culture, they agree on the border but not on ukraine and increasingly the population of the United States is questioning ag ukraine. Stuart looks like stalemate. Is that where were going from here . Yeah, its a stalemate. As long as russia has the income that it gets from high oil and natural kasam prices, it gas prices and has the money to continue to pay for the war. As long as administration gives money to e ukraine, they have te money to continue the war. No one thinks theres an end in sight and both sides are digging in. Its like the first world war, trench war fair and fighting over a couple of feet of territory and nobodys getting anywhere. So i think somebodys got to figure out what is our goal, how much is it going to cost, and how long is it going to take, and what do we expect the American People to do. Right now the American People have paid 1,000 per household for the war in ukraine. Again, no end in sight. Stuart extraordinary. Cia official says china is growing every which way on Artificial Intelligence. Is there a way to tell if theyre actually ahead of us on ai . You dont know because nobody can count on what chinas numbers are, but theyve made a goal and their goal is called ai2030. They plan by 2030 to be the words leader in artificial intense. Theyre put ago lot of money into research and development, not only artificial intense but quantum intelligence but quantum computing and its the underpenny of Artificial Intelligence. I dont know if theyre ahead but theyre not behind and thats the worry that the United States is not putting reservice connected and have Development Money into Artificial Intelligence research or quantum computing like we could be doing and should be doing. Stuart is biden pushing back on china sufficiently, you think . Theyre making aggressive moves in every which way direction. Are we pushing back in a way that makes you comfortable . No. I think were talking about it, but i dont think theyre actually doing it. I mean, if you were doing it, youd increase defense spend, double our research and development budget, get tough with china on a lot of trade issues and theyre not doing any of that. Stuart not a good picture were presenting this monday. Stalemate in ukraine and falling backwards a little against china, not putting in the effort. Can you give us any bright spot this is morning, kt . I know this is a spur of the moment question. Youve got to make miasmal, can you do it . You bet its because theres an election in 2024, and these issues are being debated by the American People, and the American People are a lot smarter and have a lot more common sense than the people in washington. Im ready for a change. Stuart that was good. That was very good. You didnt know that question was coming, spur of the moment stuff. Excellent, brilliant stuff, you should get back in government. Kt mcfarland, you, madame, are all right. See you soon. Ashley is with us, whats this about meta using peoples instagram posts . I have an instagram post. I dont post much. Many is training for ai . I dont get it. Ashley surprised you have that, stuart varney, i dont know why. Meta admitted it is used masses of publicly available instagram and facebook posts to train the ai models. The company said its tried to exclude data set withs a very heavy amount of personal information but if you dont like the idea, of your info being used to train ai programs, consider this meta says you own all the content and information you post. Okay. If you make a post public as many do by default, it becomes available for all sorts of purposes that you cannot control. Meta believes its use of posts to train ai is covered by the legal doctrine of fair use. Guess what, you can be sure all of this can head to the court, make the lawyers rich. Stu. Stuart weve seen this movie before. Countless times. Its always the same one. Thanks, ash. Check those parks, please. Why not. The dow is down 70, nasdaqs up 114 points. I like that. 0. 87 up on the nasdaq and s p up a tiny fraction. Thats it. Coming up, h and m using new technology to stop shrinkage or known as shoplifting and what theyre doing to their clothes. Congressman pulled a firearm during the vote and critics saying he was trying to delay and that would be wrong. Congresswoman aoc trying to defend the move as a moment of panic. Republican congressman jason smith says he better be held accountable. Congress minnesota hit congressman smith is next. You cant buy great conversations or moments that matter, but you can invest in them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. 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. I wouldnt have my business if it wasnt for my website. Once i decided to go with godaddy, the process was seamless. I was able to create my website on my own. To have it be exactly what i want it to be. Be able to integrate my appointment app. Godaddy was able to provide everything that i needed. The whole image of who i am and what empire is is presented through my godaddy website. Stuart on the markets this morning, a very nice gain for the dow industrial sorry, for the nasdaq composite. That is up over 1 and big tech is up pretty much all across the board. The gain for the nasdaq even though the 10year treasury yield is going up. Thats not the relatio