We spent too much. Im disgusted by it but it is what is and democrats dont think it is the problem and the fed will bring money, this isnt anything new. Weve never known a situation like this where the political calendar and a litigation calendar mary up like this. No one knows. China is provoking dangerous intercepts. One of them could lead to combat. What can we trust about this government . This should never happen in this country. This is dangerous. It has transcended something that means that something is not right. Stuart shania, it is a nice upbeat song. Here we go. It is friday august 4th. On the market, nice again for the dow, up 200. It is up 91, green for their. They are all up except for apple which is sharply lower, disappointing Earnings Report yesterday, down 3 . Amazon powering ahead 11 . Microsoft is up one. 6 for alphabet and smaller gain from meta but they are up, apple down. Show me the yield on the 10 year treasury, it is going down. 418, first thing this morning, now it is 410. That will probably help the nasdaq. Now this. Big democrat cities are in crisis. Chicago, new york, San Francisco, los angeles, philadelphia, washington dc. I think they passed the Tipping Point. They wont make a comeback anytime soon. That has profound consequences for everyone. Look at this. Teens run wild in chicago. Mayor Brandon Johnson says dont call it a mob, call it a large gathering. Hard to see chicago turning around. Look at the sidewalks of new york, migrants sleeping under the stars using the street as a toilet. More arrive every day. Locals dont like it, they are staying home, cities at the breaking point. You see the mask exodus of people from San Francisco ran out of town by homelessness, fentanyl, same in los angeles and dc, many of those federal buildings are 25 full, government workers prefer remote work, they dont want to come into the nations capital. Think this through. We are beginning to understand the financial impact. They are drowning. Sales tax down. Corporate tax down. Crime costs up, welfare costs up. The cost of taking care of migrants astronomical. Who pays the debt . There will be a demand for bailout from the feds. These cities are run by democrats, a democrat in the white house and an election coming. A bailout would not be popular in the country as a whole and if there is no bail out, cities cut services or borrow astronomical Interest Rates. We are at a Tipping Point. These cities, it is a selfinflicted wound. Third hour of varney starts right now. To followup, im bringing in jonathan honecker who has lived in chicago his entire life. You heard what i had to say. Do you think we are now at a Tipping Point in chicago or any other big city . Im living it. Its called the urban doom loop and chicago is becoming unlivable. I went to school here. I own 6 properties in chicago. Iona business. I wouldnt invest another dime here. Crime up 40 . 3 . Brandon johnsons first month in office, his recent action is emblematic of what is going on here. A huge group of kids terrorizing a business, the people who higher folks, the mayor refuses to call it out by its name. Schools ask about that question. You see more employers leaving. Im considering leaving. Even a company like ttx rail are picking up and leaving like so many others. Office vacancy at an alltime high. Unless politics change, more to come. Stuart who will pay for this . Will they ask for a bailout from the feds . They are asking those of us who actually work for a living, those of us who achieve something and save something, mayor johnsons recent proposal is a tax on real estate, rich real estate, real estate over one million dollars, all that does is drive away the innovators, job creators, tax creators, as an investor, businessperson, how can you invest in an environment where you see crime in broad daylight, not so much in bad neighbors but also throughout the entire city not to mention tent cities popping up, issues of migrants and the rest. There needs to be a change in Political Leadership in these big democrat run cities or we will see an exodus of everyday americans. Stuart lets turn to the markets. This morning as of right now, the dow, the s p, the nasdaq. I want to discuss the credit downgrade. How do we get our massive spending under control . If we dont, that downgrade points toward the credit crunch in the not too distant future. Weve been warning about this forever. That credit crunch is getting closer. What say you . Interest on the debt for america has doubled by 50 in the last year, 500 billion to a trillion dollars a 1 trillion a year in interest so we are setting up for decades of slow economic growth. It is not necessarily a catastrophe, a 1day collapse, much like japan suffered through for 20 or 30 years after it spending binge. There is no appetite in washington to cut the spending even though that spending is vexing every american with inflation under control and given the activities from so many commodity stocks, related commodities, orange juice at an alltime high, cocoa at an alltime high, prices go up. Stuart i know a lot of viewers who tune in friday morning to get an exotic investment idea from jonathan honing, dont let them down. Give me an exotic investment. It is always about balanced portfolio. If you are worried about real estate i mention office vacancies, 20 in chicago, this one goes up, real estate prices go down. Consult with a Financial Advisor with a balanced portfolio but all these Interest Rate sensitive investments like real estate will have trouble as rates rise. Stuart get out of town and have a great weekend. Lauren looking at the movers. Amgen is moving. Nice game. Lauren number one on the Dow Jones Industrial average, drugmaker, strong sales of cholesterol and osteoporosis treatments. There volumes went up by 11 . . Stuart warner bros. Discovery. Lauren profitability is on track despite the hollywood strike which is moving into 100 days as negotiators from both sides see if they are closer to a deal. Writers are 100 days. They have hbo max, the streaming service, newshound live sports to the streaming service, is a big deal. For cable to get there live sports so they are putting news and sports on. Stuart go pro used to be reporting all the time. Lauren people keep updating, the loss of the quarter, 4 a share. Stuart the United Auto Workers union demanding a 40 raise, pushing for 32 hour work week. That is an ambitious proposal, students get College Credit for helping migrants fill out paperwork. Have a drone school signed up for the Program Including the ivy league. Ice doubling the number of special agents on the border, keeping up with a surge of migrants. Tom homan is former acting ice director, he explains the significance of special ice agents. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . I did have hearing aids from another company. I was just frustrated. I almost gave up. With miracle ear its all about service. Theyre personable. Theyre friendly. Im very happy with them. We provide you with a free lifetime of aftercare. Meaning free checkups, cleanings, and adjustments. I see someone new. Someone happy. Its really made a difference. 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It directly involved, saying i have access to the Vice President any time and have these clients, the Vice President willingly participates weather by speakerphone or dinner, whether he took a dime, it is a bettinger his sons scheme. If you are an official and your son did that once, you might talk and when you get home, say never do that again. You put me in a terrible position but devon archer said it was like 20 times. Stuart in a terrible position. I get the impression that the impact of hunter biden investigations is fading. Very difficult for people to understand who said what to who and when and what are the implications. We get lost in detail. Very difficult to report. Yes and no. We have a congressional inquiry, more than the fbi, if you compare what they are saying today, the excuses, to what President Biden said in 2020, it comes up on the debate stage where the last time when we brought up your sons fortune, you deny that. They are quibbling with words and in a few days or two weeks we will have more on the Financial Transactions from the oversight committee. Stuart i dont think President Biden will be the candidate. I think the democrats will push to get him out. What do you think . I have always agreed with that although it hasnt happened. I have always thought neither trump nor President Biden will be the nominee but the process works it out. This news gives an extra reason to give him a shot. Stuart that reason will be used as well. Wall street journal, weve got to turn to the border crisis, the white house doubling the number of ice special agents on the border. I these agents going to help secure the border or just process migrants faster . We dont know yet. The hopes they do best in the criminal investigation. The process, you get the process, hsi has a specific role. They investigate criminal cartels. If i was sending them down i would send them down to investigate and take them apart so they cant keep smuggling across that border. 350,000 children have crossed the border since biden became president. That was 100,000 of them. Hsi ought to be looking at that. Why is a single male 35 years old, six teenage girls . These children are found in labor situations, in pornographic movies, something with pedophiles. To save lives. Stuart where are those journalists who screamed at donald trump because of children in cages . We have lost biden has lost 85,000, lost track of 85,000 kids. Where are those journalists now . Where is the media . Exactly. We are the ones talking about it. The Biden Administration is more humane than trump, are you kidding me . Record number of migrants that died crossing the border, one hundred thousand americans have died from fentanyl, almost 100, close to 100,000 children missing. They are humane . They are killing americans at record numbers, migrants in record numbers, policies causing more people, criminal cartels, with criminal cartels. Nothing humane about this at all. Stuart you should come and see new york city if you havent already. The shelters are full, migrants sleeping in streets for days on end using the streets as a toilet. New york is close to the breaking point. Why isnt this city and others like it laying the blame directly on bidens open border . They need to be. President biden, immoral to reinstate the remaining Mexico Program to the highest court. People can still claim asylum. Just wait in mexico. If they we dont have to seek them out and move them. It made perfect sense. It was a game changer on the trump administration. Based on immigration court, 9 10 claimed asylum on the border. They dont show up in court. 9 10, get removal from a judge, 6 lead. They are not where they came and in this case, the secretary of homeland security, alejandra mayorkas, for being here illegally, all this, why not come to the united states. Stuart it is ironic that new york city 2000 miles at least away from the border should be broken by events at the border 2000 miles away. Last word to you. Fentanyl in this country, humanitarian crisis, it is National Security crisis, 247, 1. 8 million gallons, single one of those people, this is a National Security failure i havent seen since 9 11. Someday it will be a bad day for america. Stuart we will have to live in that moment. Always a pleasure, thanks for being with us. Speak the truth. Thank you. Mayor adams is recruiting College Students to help asylumseekers. Lauren go to any of the community colleges, and why you. Help the asylumseekers fill out their application for asylum, it helps them get the work authorization, takes 150 days. The city says overwhelmingly the migrants are coming here to work so lets help them do that and not have to pay college kids or anybody to fill out applications to make that happen. Give college kids credit, not sure how much credit they will give at each of the universities. Stuart back to the market. And nasdaq is close to one hundred, s p up 23, modest rally across the board. The Auto Workers Union negotiating a contract. They are asking get for a lot of money. Larry 40 pay increase. 20 , and mostly factory workers at gm, ford, the average ceo salary has gone up 40 so pay us too. Different types of work. What is profound here, with other strikes, fear of technology, impacting your future. If you are a factory worker and build traditional cars, now you are building evs, better produced, youre worried about the future. The cost of living is expensive, they are asking 40 over four years, they dont get 40. Our cars cost more than they do now. You put wages up so much, inflation takes off again. That is a possibility. Stuart 4. 4 . Stuart workers have every right to beat inflation with wage increase. The fear of technology taking your job. Your livelihood away from you. Rowdy teens, the new progressive mayor take no action to stop them. In my opinion that city is at the breaking point. Taylor swifts economic boom roles on. And the show until the fall of next year. We deal with it next. With a majority of my patience with sensitivity, i see irritated gums and weak enamel. Sensodyne sensitivity gum enamel relieves sensitivity, helps restore gum health, and rehardens enamel. Im a big advocate of recommending things that i know work. Dad, whats with your toenail . Oh, that. . Im not sure. Its a nail fungus infection. Thats gross its nothing, really. Its contagious. You can even spread it to other people. Mom, come here dont worry about it. Itll go away on its own no, it wont go away on its own. Its an infection. 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The quarter, strong growth overall, revenues topping one hundred 34 million in 3 months time and spending less money. Stuart i would like to see winners today. Expedia. Lauren they were a loser, they reported earnings and show to slow down. Whats happening today . Airbnb and booking. Com reported a travel boom the topping expedia and analysts are looking at what expedia is doing and they have a Loyalty Program and they love it. They are calling that fuel. Stuart chevron is high because oil keeps going up. Lauren it is on track to be up 6 weeks in a row on the extended production cuts for saudi arabia. Stuart heres the story about money and stardom and taylor swift. Taylor swift is adding more dates to her eras or, on paste have the first billiondollar concert series. Kelly ogrady is with us. How much is taylor swift making every night . 13 million. 13 million. And 2 million in merchandise alone every night which is wild. At 6 30 los angeles the fans were standing in line to buy the murch for her concert tonight so that tells you how crazy this is. Its about to get bigger, she announced those tour dates in