♪.
RACHEL: WELCOME BACK TO
"FOX & FRIENDS."
AMERICANS ARE STRUGGLING WITH
SURGING INFLATION AND WE’RE NOT
ALONE.
PROTESTERS ACROSS EUROPE TAKING
TO THE STREETS OVER THE
CRIPPLING COSTS OF BASIC THINGS
LIKE BREAD WHICH ARE UP AS MUCH
AS 15%.
TODD: THAT’S NOT GOOD.
JOINING US HOST OF
"VARNEY & COMPANY" AN AMERICAN
BUILT ON FOX BUSINESS, AND MY
BUDDY STUART VARNEY.
IS THIS A MATTER OF TIME BEFORE
WE SEE THAT HERE?
WHILE WE HAVE BAD INFLATION THEY
HAVE REALLY, REALLY INFLATION.
>> EUROPE HAS LOUSY GREEN POLICY
PLUS A WARNE WITH A RAMPANT
INFLATION.
RACHEL: SAME THING HERE.
>> THE WINTER OF DISCONTENT IS
COMING HERE TODAY.
WE HAVE LOUSY FINANCIAL POLICY,
BEGINNINGS OF INFLATION AT 8%
AND WE HAVE A SLOWING ECONOMY.
IF WE DON’T TURN THINGS AROUND,
IF POLICY DOESN’T CHANGE, THINGS
GET WORSE.
NOW IN NOVEMBER WE’VE GOT THESE
ELECTIONS.
THERE IS A POSSIBILITY HERE,
THAT IF THE REPUBLICANS SWEEP,
TAKE THE HOUSE AND THE SENATE,
THAT WOULD MEAN WE DON’T HAVE TO
HAVE ALL THE TAX INCREASES ON
BUSINESS WHICH BIDEN PROPOSES.
THOSE COULD BE STYMIED IF THE
REPUBLICANS TAKE CONTROL OF
CONGRESS.
CERTAINLY SLOWED DOWN.
IF THAT WERE TO HAPPEN YOU HAVE
A RAY OF HOPE.
IF THE DEMOCRATS KEEP CONTROL,
THEN YOU GOT MORE SPENDING,
HIGHER INTEREST RATES, MORE
INFLATION, AND I KNOW WILL IS
GOING TO GET TO ME ON THIS ONE,
YOU WILL HAVE A NASTY RECESSION
IN THE MIDDLE OF JANUARY NEXT
YEAR OR FIRST QUARTER OF NEXT
YEAR.
THERE IS A HIGH PROBABILITY OF
THAT, NOT A CERTAINTY.
RACHEL: ARE YOU SAYING WE CAN
AVOID RECESSION IF REPUBLICANS
ARE PUT --
>> NO.
RACHEL: YOU’RE NOT SAYING THAT?
>> NO.
THE CAVALRY IS COMING IN THE
LONG TERM.
NOT THE SHORT TERM.
RACHEL: ALL THEY CAN DO IS PUT
BRAKES ON IT.
WILL: POTENTIALLY SOFTEN IT,
POTENTIALLY SOFTEN?
>> YES.
WILL: HE IS JOKING.
WE WERE GOING AT IT DURING THE
COMMERCIAL BREAK.
YOU ARE SAYING YOU COULD HAVE A
SOFTER RECESSION?
>> I’M VERY UNWILLING TO SAY
THIS IS GOING TO HAPPEN THAT
WILL HAPPEN.
WILL: ABSOLUTELY, YES.
>> YOU DON’T WANT TO DO THAT
BECAUSE THERE ARE SOME UNKNOWNS.
I DON’T KNOW WHAT THE FEDERAL
RESERVE IS GOING TO DO.
THE INFLATION AT 8%.
PROBABLY STAYS A THE THAT LEVEL.
IS THE FED GOING TO BE CONTENT
WITH THAT OR RAISE RATES SOME
MORE.
THEY WILL RAISE RATES MORE, HOW
MUCH I DON’T KNOW.
WHETHER WE HAVE SERIOUS
RECESSION OR NOT I DON’T KNOW.
THE ECONOMY IS SLOWING.
I DON’T LIKE THE LOOK OF POLICY.
I WISH IT WOULD CHANGE.
WILL: BUT I WANT YOU TO TELL ME
EXACTLY WHAT TO DO, STUART.
>> GOOD LUCK WITH THAT.
WILL: WHAT DO WE DO WITH OUR
JOBS, LIVELIHOODS, MONEY,
401(k)S?
THAT IS WHAT EVERYBODY IS
WORRIED ABOUT.
RACHEL: HE GAVE ME GOOD ADVICE.
LAST YEAR, BUY A DURABLE GOOD,
WASHING MACHINE, DO IT.
I DID.
I CHANGED MY WASHING MACHINE.
I AM GLAD I DID THAT.
THAT PRICE HAS GONE WAY UP.
>> THE GREAT INFLATION OF THE
LATE 1970S, I HATE TO BRING THIS
UP, MARGARET THATCHER BEFORE SHE
BECAME PRIME MINISTER.
SHE SAW WHAT WAS HAPPENING.
PUT ASIDE A WHOLE ROOM IN HER
HOUSE, FILLED IT FULL OF DURABLE
GOODS BECAUSE SHE KNEW THE PRICE
WAS GOING STRAIGHT UP.
SO SHE BOUGHT AT A CERTAIN
POINT.
SHE WAS COVERED FOR DURABLE
GOODS.
PAPER TOWELS, THAT KIND OF
STUFF, PLASTIC BAGS, WASHING
MACHINE, DISHWASHERS,
MICROWAVES.
YOU BUY THEM THEN BECAUSE
THEY’RE GOING UP LATER.
TODD: QUESTION, MARGARET
THATCHER LONGER THAN 40 OR SO
DAYS?
>> ALMOST 11 YEARS.
>> THE CURRENT, NOW FORMER LADY
LIZ TRUSS, PRIME MINISTER, SHE
IS ELIGIBLE FOR 129,000-DOLLAR
IN TAXPAYER MONEY FOR EVERY YEAR
FOR LIFE.
>> FOREVER.
>> AFTER HER 44 DAYS?
>> 44 DAYS.
TODD: SHOULD SHE GET THAT?
>> SHOULD SHE GET IT?
THAT IS UP TO THE BRITS.
>> HE IS AMERICAN NOW.
>> 129,000 FOR LIFE.
THAT IS PUBLIC DUTY COST
ALLOWANCE.
THAT IS NOT A PENSION.
TO HELP HER WITH ALL THE THINGS
SHE HAD TO DO BECAUSE FORMERLY A
PRIME MINISTER.
WILL: IS THAT SCALED, IF SHE
SERVED LONGER --
>> NO, I DON’T THINK IT IS.
WILL: ANY FORMER PRIME MINISTER
GETS THAT?
>> SHE IS BEING BLAMED FOR THE
FINANCIAL CATASTROPHE WHICH IS
OVERTAKING BRITAIN.
SHE TRIED TO RAISE, WHAT SHE
TRIED TO DO, LOWER TAXES AND AT
THE SAME TIME SHUCK MONEY OUT
THERE IN THE FORM OF ENERGY
SUBSIDIES.
ENORMOUS AMOUNT OF MONEY PUT
INTO THE ECONOMY WITH 10%
INTEREST RATE.
THE INTEREST RATES WENT STRAIGHT
UP.
PENSION FUNDS HAT A LEHMAN
MOMENT.
SHE WAS OUT OF OFFICE.
IT WAS CHAOS.
TODD: DOES BORIS JOHNSON GET A
SECOND BITE AT THE 129-K APPLE.
>> DOES THIS UPSET YOU?
TODD: I LIKE YOU TO UPSET YOU.
RACHEL: HE IS NOT A BRITNEY
MORE.
HE IS AMERICAN.
>> I DO CARE.
TODD: WATCH STUART ON
"VARNEY & COMPANY" WEEKDAYS AT
9:00 A.M., AND "AMERICAN BUILT"
9:00 P.M. ON FOX BUSINESS
MONDAYS.
I JOIN YOU.
SEE TWO GUYS YELL AT EACH OTHER
OVER RANDOM STUFF, WHATEVER POP
SONG YOU PLAY IN THE BREAK.
TUNE IN TO VARNEY AND COMPANY
9:00 A.M. EVERY FRIED.
>> I TAKE IT THE SEGMENT IS
OVER.
TODD: CONTINUE WITH YOUR
WEEKEND, STUART.