Transcripts For FBC Varney Company 20240712 : vimarsana.com

FBC Varney Company July 12, 2024

The europeans today. Their central bank will pump trillions into the euro zone economy. Thats called stimulus. Investors like it. So the dow is going to be down maybe 100. S p, 17. The nasdaq, about 26. Thats not a big pullback after yesterdays big gain and this weeks very big gains. Opening up the economy, thats a big deal for investors. This week, many theme parks and vegas casinos will open up again, albeit with limited capacity rules in place. And gms Ceo Mary Barra says auto plants will be back to previrus levels by the end of this month. Opening up, very important. Heres what you are waking up to this morning. Lot of boarding up of storefronts in the big cities. That appears to have cut down on the looting. Heavier charges against the Police Officer involved in the killing of george floyd. Its now Second Degree murder. In addition, the other three officers involved have been arrested and Face Criminal Charges for the first time. Following that, the protests were just as big but they were largely peaceful overnight. However, violence in new york city. Two Police Officers shot, one stabbed in the neck. We will cover it all. Stay there, please. You are about to see piles of bricks stockpiled for later use by rioters. That is an outrage. Varney company is about to begin. Stuart i want to get right to the bricks story. Look at this. Piles of them appearing at protest sites around the country. Those rioters stocking up for violence. Kristina partsinevelos with us in new york. Show me the bricks and tell me what the feds are doing about it. Reporter well, much of the destruction appears to be coming from people who are committing crimes and taking advantage, believing that the police, theres a low risk of being caught. Before highlighting the bricks thing, im in union square right now. There are no garbage cans anywhere. Yesterday i saw city people picking up a lot of the garbage cans in the city and now the latest is the nypd commissioner has said they are investigating. They tweeted out this is what our cops are up against, organized looters strategically planning caches of bricks and rocks at locations throughout new york city. And there are similar investigations going on across the country, even Kansas City Police put out a tweet, they said we have learned of and discovered stashes of bricks and rocks in and around the plaza to be used during a riot. If you see anything like this, text 911 and they go on to say they are looking into it. I did call and email about a dozen different places, construction sites, brick suppliers throughout new york city, brooklyn, a few in new jersey to corroborate the story. I havent been able to actually find anyone that said they have had bricks stolen but of course, this is a situation that you have Police Departments across the country looking into. Like you mentioned at the top of the show, you had a little bit mofr more of a peaceful demonstration yesterday evening but protesters went to gracie mansion, the mayors home, yesterday. We have footage of that to show you. Seems like the curfew may be helping but didnt help the situation in brooklyn. Thats where you had one nypd officer who was stabbed in the neck, two others were also hurt. These are two other officers in an unprovoked attack at this moment and they are investigating that situation. Right now, the commonality is investigations, looking into how this looting damage is happening and whos causing it. Back to you. Stuart got it. Thank you very much indeed. Lets bring in andy puzder. Andy, look, you are a former ceo. Got it. Why dont other ceos of big corporations take a stand against the rioters and the looters . Because they dont at the moment. A lot of it is fear. The left is very good at distorting whatever the opposition has to say, particularly if the opposition is a businessman or businesswoman, so there is fear that their companies will be attacked, their companies will be singled out and they will be labeled as racist, their company will be labeled as racist, so they are very concerned about going out and taking that risk. Now, given that free markets only work if you have a civil society, if you have laws that people respect and abide by, people should be out speaking but i think its just that fear that keeps them from doing so. Stuart i understand it. I can see it. But i dont necessarily like it. All right. Lets get me either. Stuart im sure you dont. 1. 8 million, thats the number of firsttime filers for unemployment claims in the latest week. Got it. Andy, that seems like were levelling off ever so gradually. Theres a down trend here. You encouraged . Im really encouraged. Its a really impressive number and the reason its really impressive is you have to keep in mind that in march, the state governments and the federal government decided they didnt want people showing up to work because thats how you spread the disease. So we shut the economy down. It still hasnt reopened. And the federal government enacted these very generous Unemployment Benefits, an extra 600 a month. Right now youve got 68 according to a university of chicago study, came out this week, 68 of people receiving Unemployment Benefits are making more on unemployment than they made at their jobs and 20 or one out of five are making double what they made. So you are encouraged to stay on unemployment. The fact its coming down is a testament to American Workers and their desire to get back to the job. Luckily that all inspires, assuming congress doesnt muck it up and reenact it or enact something similar, people will be getting back to work in bigger numbers. Stuart 20 make double what they made at work. Thats extraordinary stuff. All right. Andy, thank you very much. Good information. Appreciate it. Let me take you to amazon. Oh, boy. Here it comes. They are facing a liability lawsuit. Tell me more, susan. Susan lawsuit filed in Brooklyn Court by six people, three that worked at amazon, three family members and one that tested positive. This lawsuit interestingly enough is not asking for money. They want more coronavirus protection and this is the second such lawsuit filed after one was filed in an oregon court, also at the state level in los angeles. Now, amazon to us here at fox news saying that look, we have actually done a lot. In fact, we have offered employees unlimited time away from work, we are spending over 4 billion from april to june on covidrelated initiatives, they say. But what these workers are contending is that they dont have time to wash their hands between wrapping and packaging goods and also, they are not given the right amount of ppe. Stuart interesting twist on going from money, isnt it . Very interesting twist. Rather different, i would say. Susan, thank you very much. Let me bring in lauren as we show you fed ex. They are raising their delivery fees, i believe. To me, that says business is great. Lauren business is like its christmas time now, the past three months during coronavirus, and its overwhelming fed exs system. It used to be they would ship from a warehouse to a business. Lots of items at once. Now its warehouse to customers homes. Thats impacting their ability to make big profits so they are increasing fees. For large residential deliveries for the most part, there is going to be a surcharge starting on tuesday for each package sent to a customers home, if the retailer is a big retailer who sends out thousands and thousands of packages a week. Also, a 30 fee for oversized deliveries and 40 cents if you use the smart post, where the fed ex deposits packages with the usps for delivery. The surcharge is so they can protect their margins and guarantee we get our items. Stuart i see it as an economic indicator. Business is great. Lauren its a good one. Stuart just great for them. Check futures one more time, please. Still in the red but not that much, down maybe 70 on the dow industrials. Market watcher ed yardetti joins us again. Ed, we are down a bit today. But we are up huge in the past week. I get that feeling that the market just wants to go up. How about you . Yeah, i think thats absolutely correct. Look, a lot of investors when they look at the various asset classes, bonds arent interesting anymore with yields so close to zero. Ever since the fed came in on march 23rd with qe forever or to change the analogy, think about b52 bombers, carpetbombing the economy with cash. Ever since then, we have seen tremendous rebalancing out of bonds and into stocks. Thats still going on. Stuart how much of this rally is fed money, stimulus money, printing money, and or the economys on the road to recovery . All of the above. Its all of the above. If investors actually thought all this money wasnt going to work and we were going to have a depression, the stock market wouldnt be rallying like this. But i think the markets looking at this more as a Natural Disaster than a looming depression. I think the market perceives that the reopening is going to succeed, that we are not going to have the kind of second wave that would shut it all down again, and that the futures actually bright. I know that flies in the face of the headlines and all the grim news still about the virus, about the economy and social unrest, but the markets looking through all this and saying you know what, we will solve these problems one way or the other and hopefully it will be in a way thats obviously, the market views as very positive. Stuart you and i are the same vintage, roughly. I dont think either of us has ever seen a year like 2020 on the market or in the economy, in our culture, in our positivelit ever. Right . Its been absolutely extraordinary. We started out with still kind of a reach for yield at the beginning of the year, credit spreads were very narrow. Then within a few weeks we were seeing a mad dash for cash in the markets. That led to huge stockpile of cash, cash stash, if you will, and now thats helping to create this rebalancing or mad dash for equities. Its insane. Stuart im just glad both of us are still around to cover it. Come back soon. See you again soon. Thank you. Show me costco, please. Got their Sales Numbers from last month, that would be may, up big from may of last year. 7. 5 higher. Aint that something . Their online sales doubled. The stock is responding, up four bucks, 1. 3 . Gm, show me that stock, please. Ceo mary barra says production here in north america should be back to previrus levels by the end of june. No impact on the stock. Still well below 30 bucks a share. Heres whats coming. The market opening at 9 30. Right now, we are looking at a minor league loss across the board. Minor leagues. Still to come, labor secretary Eugene Scalia. The job situation, terrible. Can we have a rapid recovery with 42 million of us out of work . We will ask him. Congressman Steve Scalise, hes working to bring back live sports. Good for him. He spoke with top commissioners about their return. But wheres baseball . Is that sport going to commit suicide . He joins me next. But first, new Orleans Saints quarterback drew brees facing some intense backlash for saying this. Roll tape. I will never agree with anybody disrespecting the flag of the United States of america or our country. Stuart well, hes roundly condemned for it. Even his own teammates speaking out against it. We have the story coming up for you. Up and down. Depression to exuberance. And you could name many, many cycles like that over the years. My generation, having come through so many wars and so many things. Persistence. Its the heartbeat of this country. Stick with it. The first and only full prescription strength nonsteroidal antiinflammatory gel available overthecounter. New voltaren is powerful arthritis pain relief in a gel. Voltaren. The joy of movement. And let me tell you something, rodeo. New voltaren is powerful arthritis pain relief in a gel. 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Making monthly mortgage payments. Doing the right thing. And its become your familys heart and soul. Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be a part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. So you can. Retire better. That Liberty Mutual customizes your insurance, i just love hitting the open road and telling people so you only pay for what you need [squawks] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart as you heard a moment ago, drew brees, quarterback for the saints, took heat for what he had to say about kneeling for the anthem. Come in, ash. Hes apologized . Ashley he has. Lets get to what stirred up this hornets nest. He was doing an interview with Yahoo Finance and he said he basically would never agree to the fact that players take a knee during the National Anthem. He says he continues to oppose it and would never support the gesture. Take a listen. I will never agree with anybody disrespecting the flag of the United States of america or our country. I envision my two grand fathers who fought for this country during world war ii, one in the army and one in the marine corps. Both risking their lives to protect our country and to try to make our country and this world a better place. So every time i stand with my hand over my heart looking at that flag and singing the National Anthem, thats what i think about. Ashley well, that resulted in a big backlash from not only his teammates but other athletes around the country. His teammate, wide receiver michael thomas, saying we dont care if you dont agree and whoever else. How about that. Even nba star lebron james saying basically you just dont get it. So since then, today we have an apology from drew brees, putting out a long instagram message, basically apologizing to his friends and teammates, new orleans, the black community, the nfl community, and anyone else he hurt. Just part of that apology reads i made comments that were insensitive and completely missed the mark on the issues we are facing right now as a country. They lacked awareness and any type of compassion or empathy. First you had the comments yesterday on people taking a knee. Today you have the big apology from drew brees. Stu . Stuart got it. By the way, everyone, in the 11 00 hour this morning, terrell davis, nfl guy, hall of famer, im going to ask him what he thinks about drew brees comments on the flag. We will get to that later. Now, staying on sports, teams all over the world, as you can see on your screens, they are playing in huge stadiums, no fans. Deathly quiet in the stands. Empty seats all round. Thats the rest of the world. Lets bring you up to speed on whats going on here in america. Our next guest held a call with the commissioners and president s of all the major leagues, all the major sports except baseball. They are on your screen right now. Congressman Steve Scalise conducted that call, republican, louisiana. Sir, i absolutely guarantee that the one thing those commissioners wanted more than anything else perhaps was Liability Protection. Am i right . Well, stuart, that surely came up as well as so many other things, and you know, look, they are most concerned about the health and safety of their players, the athletes as well as the fans they are starting to look at not just opening up to empty stadiums but ultimately to get to a place where you can have fans in the stands safely. All of that was discussed. This is part of a series where i have been having conversations with heads of so many Different Industries as we work to bring our economy back safely and clearly thats a big protocol. Stuart honestly, sir, i dont think you can bring back the economy to full speed and sports to full speed unless you offer some protection against a plethora of liability lawsuits. We tried to get this law in the cares act and you know, you see the opposition to it in some circles up in washington. But were going to continue working to try to get Liability Protection. In the meantime, having good safety protocols from everyone down from cdc, even these leagues have their own Health Experts they are consulting with Major Medical centers and other Health Experts to make sure they are putting good safety protocols in place. It would be great to have Liability Protection but in the meantime, there are good standards being put out there to at least give yourself some level of protection as you start to reopen our businesses. Stuart where was baseball . I didnt see their commissioner in that list of commissioners that were on the call yesterday. Are they going to commit sporting suicide this year . Well, you know, baseball and the nba are in the middle of finalizing their plans. I think the nba is going to come out with theirs today for kind of a finalized season as you have a play into playoffs kin

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