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tv   Varney Company  FOX Business  April 22, 2022 9:00am-12:00pm EDT

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probably more than one -- >> reporter: the big one. dagen: yeah. and i am, i'm not a fan because it's just so dangerous. but you have a blast. the folks down there, it's the best infield in all of nascar. madison alworth, you have fun. thank you. nancy tengler, thank you for being here. james freeman already took a off, jerk. [laughter] no, i'm just kidding. nancy, thank you so much. and i love james. and i love david asman in for stuart -- david: you don't call guests jerks, you just don't do that. [laughter] dagen: it's funny. dagen: by the way, how many syllables are in talladega? dagen: like, four. no, it's more like eight if you say it in the south, david. david: what fun. have a great weekend. good morning, everyone, i'm david asman, in for stuart varney today. the masks are coming back off in philadelphia just days after issuing a new mandate for masks. officials in philly are set to
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announce a reversal amid scathing criticism and a lot of confusion. and to our worsening border crisis, 21 states are trying to block the administration from ending title 42, arkansas' governor is one of them. he joins us with an update. elon mucks is vowing to take on the spam bots if he a takes other twitter. we've got the very latest. and florida moving to scrap disney world's special regulatory the status. the move could cost disney millions. is this really good for shareholders? let's take a look at the markets. the dow and s&p and nasdaq are all down in premarket activity. nasdaq was plus just a moment ago, but it has gone negative. the 10-year yield is up 1.2 basis points, very close to that 3% level. and oil is holding above $100, it's $102.70 for a barrel. of we've got a big show. dr. marty makary, mercedes
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schlapp, steve hilton and at laugher. it is pretty, april 22, 2022. this is earth day. "varney & company" is about to begin. ♪ ♪ >> hi. we're susan and greg from florida -- >> and you're watching "varney & company," the number one show in america for financial news and political insight. and, stuart, you're all right. [laughter] david: i love that. i hope stuart heard that. we appreciate that comment, and we're going to hear other comments from those fans out there who are watching on this friday. that comes at the end of the show, so you've got to stay with us for the full three hours as we take a shot of beautiful clearwater beach, florida. boy, oh, boy, don't you wish you were there on that beach right now?
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let's head to homewood, alabama, which is where lawrence jones is hanging out at a diner there. lawrence, you've been talking to people all morning. first of all, happy friday to you. what are the folks thinking about these max mandates, whether they should -- mask mandates, whether they should go on or off? >> reporter: good morning, brother. i can tell you what they think about it, because they don't have them on. [laughter] i don't see many people here that are going with the rejection of what the court initially said the ban is unconstitutional. this is the heart beat of america. a lot of folks eating a lot of food, such a great time to actually be back out in america talking with people. and let me tell you, they are very -- [inaudible] business people that are seeing their bread and butter, i had one business person tell me that two years ago they were really seeing the end, and now it's getting -- when it comes to all the equipment they're using from
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the construction companies. also education is a big issue for the people of alabama. a lot of conversations the -- want to have themselves, and they feel like the government is stepping in and not allowing them to have those honest and open conversations with their young people. also the border has become a big issue especially with all the drugs that are pouring in. you have a lot of fentanyl deaths right here in alabama, and that is coming across the border. kids thinking they're getting one thing, but they're getting a lot of drugs that are laced with fentanyl. there's multiple issues. also crime. as you know, this is all across the country. the defund the police movement for these progressive das. you'll notice in a lot of states although they may be conservatives, a lot of the counties are run by progressives, so it becomes a big issue. david: see how that turns over in november. with those four issues -- inflation, education, border and crime -- i don't see how the progressives win in the midterms, i just don't see it, because they're behind on all of
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those subjects. lawrence, great to see you, my friend. sweet home alabama. good to see you. thank you very much for being here. well, now let's turn to twitter. elon musk is giving some insight on what he's going to do if twitter bid with succeeds. susan is here with us. what did he say? >> reporter: he says twitter hasn't responded yet to his build, you have to remember yesterday he came out with a very specific outline on financing which technically is $21 billion of his own e equity, throw many in another $25 billion in loans from morgan stanley,back of america and other asian, european bankings. half of that being backed by his own tesla shares. and if then you had "the new york post" last night reporting that toma bravo is still in talks to possibly join musk in his bid or they might launch their own twitter takeover offer. my favorite yesterday, and i think most to have internet is in agreeance, we will defeat the
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spam bots or die trying. i call them scam or spam, because they're pretty much the same thing. you know this, if you're on twitter these days, you get spam, and many users complain they haven't been able to get their -- david: it's not just about the first amendment. there are a lot of of issues. and this guy is a fantastic entrepreneur. he's got four billion dollar companies, one trillion dollar company, i can't imagine stockholders being so upset. susan: i agree with you. if if you look at the brock trade on -- block trade on twitter, it was sub the build that elon musk has gone -- put in. elon musk might say i don't need to give you $54. david: exactly. susan, thank you very much. you're with us for the whole
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hour. excellent. former president obama's calling out big tech and blaming them for spreading disinformation. roll it. >> people are dying because of misinformation. we see that our new information ecosystem is turbocharging some of humanity's worst impulses. i'm pretty close to a first amendment absolutist. regulation has to be part of the answer. beyond that, tech companies need to be more transparent about how they operate. so much of the conversation around disinformation is focused on what people post. the bigger issue is what content these platforms promote. david: okay. well, come in, jason chaffetz. jason, in the same breath he says he's a first amendment salutist and then he goes on to -- absolutist. then he says government should
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mandate what's on the web. isn't that a contradiction? >> yes. look, this is a conflict with where elon musk is and president obama is, because elon musk is saying, look, we need to authenticate who is actually saying it. there there may be some common ground there. but if president obama thinks there's going to be some government regulator who's going to make a decision, how many times are they gotten this thing wrong? think of hunter biden's laptop, think of fast and furious where the president says, oh, there was no gun-running, and yet the government knowingly and willingly gave the drug cartels nearly a thousand ak-47s? if i mean, the list is long and never ending. it scares me to think that there's going to be some government regulator making this determination. david: markets can decide. we were talking about twitter and elon musk trying to take it over. markets seem to be coming to a conclusion about that story. of then we have cnn+, i mean,
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there are a lot of stories out there about communication companies. you realize that markets and citizens should be the ones to decide, not government. >> yeah, absolutely. and, you know, maybe there's some common ground where president obama, but i think his idea with, hey, we're going to be an absolutist, but it all has to be accurate information according to me. [laughter] david: you're not an absolutist if you follow the word absolutist with the word "but." all right. florida, very quickly on the whole situation there, lawmakers have voted to strip do disney of its special status over the company's opposition to the parental rights law. who loses more from this, jason, disney shareholders or florida taxpayers? >> i think if you're a shareholder, you've got to be scratching your head saying why is this in the best interests? you're not driving shareholder value, you're not doing things
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to drive customers. you're in the entertainment business. provide a good product and and have people come to your park, but stay out of politics. dave:ed absolutely. >> company after company makes this woke decision and it's wrong, it does not drive share holder value. david: disney magic does not include politics. that was the secret sauce. the one place you could go to where there wasn't politics. jason, great to see you, thank you very much. now let's check the futures which are trending down right now. let's bring in kenny polcari. kenny, you were hot on the fed's decision and how high interest rates will go. tell me why. >> listen, i think he's hinting at something more than 50 basis points. we've been talking about 50 basis points for two months. the market has adjusted to that. the market is expecting 50 basis points. so the comments yesterday when he came out and said 50 basis points is on the table, okay, great. that's not new news. why did the markets do a complete reversal on that
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comment? i think underneath the surface is that really 75 or even 100 basis points on table, but they don't want to go there yet because they're going to see what the ppi, cpi's going to do next month. that's going to continue to surge -- david: kenny, i've got to stop you right there. based on what he has done and how timid he and the rest of the fed board have been over the past several years, you really think it's possible to go more than half a percent? >> in may, no. i think it'll be 50. but i think in june or july there's absolutely a possibility because i think the ppi and the cpi are going to continue to trend higher. i don't think it's peaked at all, and i think they're going to be forced to have to make a move. look, inflation is already -- people already don't believe inflation is 8.5, it's much higher than that, and he's going to have to be forced to do something -- david: we really have to run, but a recession, is it coming? >> i think it's coming sometime
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late year or early next year, but it's not a reason to light your hair on fire. understand it's coming, prepare your portfolio for that event. david: kenny, great to see you. have a wonderful weekend, appreciate it. >> you too. david: futures are all down now. not by a huge amount, it doesn't look like a terrible day the way yesterday's was with the reaction to the fed, but it is all negative, all of the major indices. the white house is on clean-up duty after president biden confused title 42 the, that's the covid border program, with the mask ruling for planes and trains. roll it. >> are you considering delaying title 42? >> no. first of all, there's going to be an appeal by the justice the president if, in fact, it is strongly concluded by the scientists that we need title 42, that we be able to do that. day david yeah. no cdc ruling on title 2, that's on -- 42, that's on the mask
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mandate. mercedes schlapp used to head up the white house communication department. she is here with a little advice. and covid shots could be coming for youngsters under 5 as soon as june. is there evidence that they're needed? i'm going to be asking an expert, dr. marty makary. he's here next. ♪ ♪
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it's going to be 70 degrees and sunny in philly. just days after reinstating their mask mandate, the city is reversing their decision. the city's department of health says, quote: decreasing hospitalizations and a level aring of case counts prompts the reversal. the city officials will strongly recommend wearing masks indoors, but it's no longer a mandate. and dr. fauci is weighing in on the federal judgement's decision to -- judge's decision to get rid of the mandate for travelers. watch this. >> we are concerned about that, about courts getting involved in things that are the unequivocally public health decisions. this is a cdc issue. that's very bad precedent when you have courts making a decision and looking at the basis of the decision was it was not sound. david: there's one thing missing, isn't it an individual decision? come in, dr. marty a makary. first of all, who has more credible, the cdc which has been
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all over the place, or the judge who made the decision? >> well, look, the cdc's credibility is so low at this point, they've got to remember their role is to recommend things. the cdc recommends you do not eat meat medium rare. i don't think we want to see them ban all medium rare meat. [laughter] david: great point. >> the judge in her decision was really impressive in that a 59-page decision. she said the process was has been hazard -- haphazard and invalid. it was really shooting from the hip, it was not a legitimate scientific process. they should have have that authority, but they've abused it, and that's why the public has no tolerance for it, and that's why people side with the judge. david: with the pandemic they and so many agencies have changed their role from if providing to options, doing the stus, providing options for consumers and into giving mandates for individuals like we're living in a totalitarian state, and we're not. we should have the options to do
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what we want. it's great to have the cdc out there, but to give us options not mandates. doctor, can you still hear he? if -- hear me in i think the doctor lost our feed. you still there, doctor? no, i think we've lost him. all right. we'll try to get the doctor back. meanwhile, hong kong disneyland is reopening as pandemic restrictions begin to ease, but over in shanghai, susan, things are still locked down. supersouthern i think this is going to be a big drag with the ongoing tough restrictions. we're looking at a fourth week of lockdowns in shanghai, ongoing testing, restrictions on movement, contact tracing, and shanghai is one of china's biggest manufacturing and export hubs, as you know. 17,500 new covid cases there, that's an eighth daily drop, so things are getting better. does that make sense? but it's half the record we saw
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in march. now, over in hong kong they're reopening to international flights on may 1st. hong kong disneyland is reopen of after being shut for three months, but i have to tell you hong kong's future as an international finance hub is in high doubt with tough covid restrictions and beijing's tightening control. i think this is going to have a global impact because, as you know, the world is so connected. david: we should always say it's a deadly lockdown because people are dying as a result. it's just horrible. susan, thank you very much. the doctor is back with us. dr. marty makary is back. let me move to another subject. the fda could authorize covid shots for kids under 5 years old as early as june. do children that young really need the vaccine, doctor? >> look, not if they have natural immunity and if they're entirely healthy. we've never gotten the numbers from cdc on how many healthy kids have die from covid n. germany, the number was close to
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zero. that information should be used for parents and field traditions to make a decision -- pediatricians. look, most kids have had covid, and natural immunity has been shown to be effective. david: the cdc doesn't do much on natural immunity. they're supposed to provide us with options, but they conveniently left natural immunity studies off the table for the most part, right? >> look, that's why a lot of people are saying how can we trust you? you've not even been honest about the most basic data. david: always a pleasure to see you, doctor. thank you very much. let's let a check of the futures. the opening bell is next as futures point many a down direction but not terribly so. don't worry, it won't be that bad at least are at the beginning of the day. ♪ ♪
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>> i don't think you should buy stocks right now. in fact, the s&p made a new high yesterday compared to last week when we were right at that low. it looks pretty ugly. you know, i would love to see some short-term pain and open the door for long-term gain, maybe get down to 4,000. david: you know, warren buffett lived through everything or in his long life, and he lived through the year of inflation. a lot of people thought, well, there's ways to make money in an inflationary environment. he thought, no, and i'm going to quote from 1977, warren buffett said if you feel you can dance in and out of securities in a way that defeats the inflation tax, i'd like to be your broker but not your partner. did he have it right back then? >> listen, i think there's been opportunity throughout this year. and he's broadly close to being right. i mean, if you look at some of the sectors this year, energy and materials have done really well. but take a look at yesterday.
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the chinese yuan has tanked existence the dollar this week. materials have really -- against the dollar this week. materials have really taken a hit. it opens the door for added selling really broad in every sector. inflation has been a tailwind to some, but in the end if it's going to be reined in by the fed, you're going to be see those sectors that have capitalized also come in -- david: you used the world capitalized. from his history, it's a better idea even though you're losing money by holding cash, to hold it until at least you find a coming down of inflation. we don't see that coming anytime soon, do we? >> i don't disagree with him in keeping cash. it's very nice to have cash. we use a combination of cash as well as protective put items on the wealth management side. as for inflation coming in, listen, i really think the fed should shock the system. david: they might. >> it may be a 50 basis point that's already priced in. in fact, the cme, the fed fund
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rates are telling us a potential 75 basis point hike is already priced in for the may meeting. hay need to shock the system. i think they should just hike today and get it over with, do a 50 basis point hike here today, rein in inflation. you're already seeing, i think, potentially peaking here through the march numbers 6.6% cpi. remember, that's comparative to a base number in 2021 quarter one of 1.4%. if you look at 2021 june-august average, you have a core cpi of 4.3%. if they come in hot and heavy right now, say 50 basis points today or at least by may and another 50-75 by june, they could start to rein in inflation. it would be some short-term pain for long-term gain. i think that would open door to seeing a potential path to record highs by august, september. dave:ed wow. very quickly, i'm going to try to squeeze this.
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china, you say, is playing a deadly game with these lockdowns. very quickly, go ahead. >> yeah. they're locking down -- the deadly game is, obviously, people are suffering within that country from being locked down. hey not get -- they're not getting food, but also on a global stage, they're bringing in crisis here. heir bringing crude oil lower, metals lower, ag products lower. that's their goal. they're locking down because they're going to buy. look back at their 5-year plan. david: we've got the opening ball. we've got to cut you off there, but, bill baruch, have a wonderful weekend. as we open, you see only about phi or six stocks -- phi or six stocks in the -- five or six stocks in the green. the market trading below our expectations, trading down about 175 points right after the opening bell. you see some green on the screen but not a lot. let's take a look at the s&p which is down about a third of a percentage point, down about 15.7. nasdaq actually is close are, it
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was green for a while in premarket activity, then it went red -- there it just popped in the green. [laughter] as i was speaking. yeah. we're also showing you big tech, as you can see all the companies are in the green, microsoft, apple, alphabet, amazon -- well, apple just went red but barely flat. meta's doing, having a pretty good day after having a very, very sketchy couple of days. and let's take a look at tesla. they opened their factory in shanghai a few days ago. susan, do we know how many vehicles they've been able to produce? susan: yeah. after being closed for three weeks, operation starting this week, tesla says they produced 600 cars in their first day back. elon musk needs shanghai in order to lift car production by 50- 60% this year as he predicted in the earnings call on wednesday, and china has been crucial. the shanghai plant usually churns out 2100 cars a day, so
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600 is roughly a third of what it usually produces especially with ongoing covid policies. estimates say tesla lost about 40,000 cars during that three-week shanghai closure which is roughly, what, 5% of their total production last year? elon musk also making news, there's a report in bloomberg that says he wants to house tesla and spacex under one roof in order to consolidate his ownership which kind of makes sense since he's using his tesla la stock and options to back that twitter -- david: and use twitter as a homeless shelter. [laughter] susan: he had a block trade, 45,000 shares exchangeing hands, 47.08, and that means, ask that tells me there are buyers at a lower price. so why should elon musk be offering 54.20 at that people glum also one more -- premium?
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also one more headline, house gop leaders want all documents related to the musk/twitter takeover bid so they can be stored -- david: that's all we need, more government interference. susan: also about free speech and conservatives being silence- david: right, right. they just want to interfere. they want to feel as though they're the masters of the universe. some big names reported before the bell. american express, they did pretty well. susan: well, they were up. they had a pretty strong quarter, actually. he were talking about -- david: surprised they're down about a percent. susan yeah, maybe it's the expenses note that the ceo mentioned that dragged the stock down, but i thought it was a strong quarter to start off the year. better sales, better profit, and it's increase spending by the younger generation, millennials, consumers using their plastic as well as small and medium-sized businesses. david: and verizon? susan: down, because they lost -- okay, they lost fewer
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than expected monthly phone sub scribes, only 36,000 instead of the 50,000 wall street had expected them to lose, and it's also maybe a sign that the billions they've been spending on 5g bill is helping keep customers. guidance was on the low end of the range. david: a lot of people wondering about steel and those industrial productions. susan: yeah. especially with car production and car prices as high as they've been over the last 12 months. cleveland cliff don'ting to rally -- continuing to rally after better sales and earnings. they raised their average selling forecast for the full year and that means inflation is going to be around for a while if they're one of the biggest steel suppliers for carmakers. they have to pay more for their steel, you're going to have to pay more. david: and you're up, they're down, you need dramamine for this stock. susan: they actually fell 4, 5, 6% yesterday after the initial
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earnings, then they rally in the after-hours. they're losing money instead of making money which is never a good way to surprise wall street. conservative guidance for sales growth as well for this spring, and here is the positive part, they actually grew daily active users by almost 18% on the year. 332 million use snap every day, more than the number of people who use twitter, believe it or not. david: interesting. susan: and they made less money off of each user, but i counted at least nine analyst target cuts between morgan, goldman, credit suisse, it's really all across the range. $70 down to $40. also you had evan spiegel, the ceo, saying advertising spend has been impacted by russia-ukraine. david:er up almost 3% -- they are up almost 3%. susan: if you can stomach the volatility. david: show me gap, the clothing retailer. this is a favorite of the boomer generation. i don't know about millennials.
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[laughter] banana republic, old navy as well. tumbling today. susan: they're not getting the younger or e people to spend. it was a tough quarter for the khakis maker. they cut sale ises growth because of more competition, more discounting especially trouble at the old navy division. old navy's president and ceo nancy green is leaving as a result of these dismal numbers. being hurt by the supply chain crisis, not enough inventory in those old navy khakis to sell. david: my daughter got me out of those, by the way, into $100 jeans. i'm. susan: they look great. that's worth the money. david: american and united both got upgrades. what does j, p morgan -- susan: your wife is biased, because she thinks you look great in everything? [laughter] jpmorgan upgrading american and united, they're saying american
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to them is a hold now worth $76. no, $26, paroled me. that was a little -- pardon me. united to them is an overweight. if you don't have it, add it to your portfolio. it's worth $76 in their view. you heard about both airlines talking about resurgence in air travel. i think american doubled their sale mt. first quarter of the year -- david: yeah. jet fuel, be damned. they can still raise the price? susan: yeah. and also the fact that both of these airlines say that they will make money this year. but on the counter trade, you have deutsche bank downgrading jetblueed today. to them, it's worth $16 and probably has something to do with that spending on trying to buy and steal spirit away. david: all right. let's take a look at the dow winners if we can, put them up on the screen. all in the green, of course. boeing -- susan: dow's been upgraded -- david: absolutely. dow is doing pretty well.
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again, not spectacular gains. the s&p winners include american airlines, cruise lines, norwegian -- susan: travel. david: yep. travel is surging. nasdaq winners -- susan: meta-- david: which has really taken it on the chin for the past couple of days -- susan: i think it has something to do with snap and the fact that they grew with users. david: very interesting. well, the mayor of new york city is failing at his most basic job requirement just keeping citizens safe. at least that's what black lives matter says. roll it. >> don't listen to what eric adams says. he gives great press statements. but what we elected him for, the city of new york, was to keep the city safe. this city is a war zone, and he he can't stop it. david: we'll get into that. and pulling the plug. cnn's streaming service going bust less than a month after its big launch. we're going to be talking to sandra smith about that.
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and it is friday which means friday feedback. there is till time to send in any -- still time to send in any questions you have for anybody whether stuart, susan, me or whoever. e-mail them in in and we could just answer them on air. ♪ ♪
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♪ take it easy, yeah ♪♪ david: el paso, texas. i love it. a lot of people think it's too violent now with the border problem, i just love it. there's something about buying a pair of boots in el paso. it's going to be 93 degrees
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there today. it looks beautiful. take a look at this, goldman sachs says there is a 35% chance of recession in the next two years. we need an economist. why not get the best? i mean, the best economist in the whole damn world. i'm sure a lot of japanese economists would agree to that, i'm sure european economists would agree with that, and art laffer is a historical figure, ladies and gentlemen. what do you think about goldman sachs predicting 35% -- i think they're playing it so damn safe, don't you in. >>y, i do. i think -- yes, i do. i think they believe the probability is much higher than 35%, but they just want to be on record that they mentions there is going to be a recession. all of those are very anti-production, anti-growth, anti-output, you know? inflation is a very big killer of prosperity, and, in fact, it can bring ab economy to its -- an economy to its knees in no time unless something really happens, and i don't see it happening yet. now, it may be happening, but i
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don't see anything that brings the economy back and stops inflation -- david: you know, you bring up a great point, by the way, which is the worst thing in the world that was invented in the world of economics was something called the phillips curve which suggests that growth is a bad thing, that growth is what's responsible for inflation. not so. you can have tremendous growth as we did during the first years of the reagan administration after the, after the tax cuts kicked in and have a lowering of inflation, right? if. >> true. yes. and it's so intuitive. i mean, ask yourself the question this way, david: if you have a bumper crop in apples, the if the trees produce a lot more, what's going to happen to the price of apples? you know, it's going to fall. they're going to fall. if you have a bumper crop in the production of goods and services, what's going to happen? inflation's going to come down, not go up. it's the exact opposite of the phillips curve. they're long logically,
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numerically, from policy structure the, but they don't change their minds -- david too much money chasing too few goods is the definition of inflation. if you deal with the second part of that, if you have more goods, you'll have inflation come down. by the way, i have in my hand a replica of the original laugher curve that was drawn on a napkin. [laugher] this was used as a cocktail napkin at your 2019 medal of freedom award in washington which i was very happy to be at. keep it on the screen, what it says -- and it's so relevant today. this was, again, 1974, you said we've been taxing work output is and subsidizing non-work, leisure and unemployment. the consequences are obvious. that's exactly relevant to what's happening today, right? >> thank you. well, it's always right, you know? it's always there. people respond to incentives. i've got this book coming out,
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david, shortly, "taxes have consequences." i have co-authors, but it goes through the entire history of the u.s. income tax in detail at every single year, david. every single year. i mean, it never misses. david: that's the bottom line of the laffer curve, incentives matter. the simplest phrase in the universe, incentives matter, and yet it goes totally blank in terms of a lot of people's minds. both democrats and republicans have difficulty getting that. i don't understand why, do you? >> not really except some of these people are accountants, and they think if you raise tax rates, you're going to collect more revenue per dollar of tax base, which is true, but you're going to also get the tax base is going to shrink, and more often than not the shrinking is the one that dominates on the revenue side, especially when tax rates are very, very high as they are now. david: yeah. well, if they understood that, we would not see a down dow
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market of 337 points which is what it is right now. go ahead, final point. >> well, just -- i love liberals, david, because they provide me with a job. without them, i wouldn't have a job. [laughter] david: art laffer, what a pleasure to have you -- >> thank you, krugman, thank yo. love you dearly. david: thank you so much. coming up, 0-time -- 20-time grand slam champ novak djokovic slamming wimbledon over its decision to ban russian players from competing. but first, netflix reportedly spending $30 million per episode on a new season of stranger things. wall street reporter joe flynn here this. ♪ lights out for the rich and the famous ♪♪
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david: well, after a horrible couple of weeks for netflix, they are actually up 2.33% on a day when the dow is down 269 points. but again, they've really been hit hard on both chins for the past several months.
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take a look at this headline from the "wall street journal." netflix facing reality check, vows to curb its profligate ways. joe flynn wrote that, and he joins me now. the perfect example of that, by the way, is this series called strange things -- susan: stranger. david: stranger things? okay, susan corrected me. obviously, i haven't seen it. $30 million per end ed code, is that right if. >> -- episode? >> that is what my reporting revealed, and netflix did not challenge that figure. david: wow, that's extraordinary. you know, with that kind of price for production, you have to be increasing subscribers, not decreasing them, right? >> exactly. and in fairness to stranger things, it's one of their biggest hits, and it has a lot of special effects, so that explains the cost, although 30 million is, wow.
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but, yeah. to your point, if you're going to spend that much money, you need to be growing subscribers and bringing in -- new ones in, and netflix is challenged with that right now. david: so what's happening? and, again, we don't want to pick on netflix because it's happening all over. of course, we saw the demise of cmn +after just a couple of weeks of production. that was, i don't know -- cnn+. by the way, how much did cnn+, how much did they spend? i've heard everything there $300-500 million. >> we've reported that they spent about $300 million for the launch, that's the technology, hiring talent, marketing, and they had earmarked another $750 million to spend over the next few years to get it off the ground. david: whoa. so it's a streaming fiasco that we're going through. this is the period -- may not, hopefully for them it won't last long, but it is a fiasco of streamers, right? >> there's a lot going on in the
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marketplace. i think netflix and cnn are two different situations. but with netflix the combination of things, they have had the field to themselves for many years, and the last two years they've had significant competition for the first time, disney+, hbomax, amazon, and there's a real battle going on for subscribers. they grew so fast that now the is slowing down. david: wonderful reporting, joe. and again -- by the way, i'm still a subscriber, so at least they have up one. [laughter] joe flynn, great to see you. wonderful story, terrific reporting. thank you so much. i want to get susan in here to talk about this streaming fiasco. is it going to get any better? susan: yeah, i think joe encapsulated it because i think these streamers paying $13-18 billion each for content each and every year, they pay it, they spend it, eyeballs and viewers will come. i think there's a cap and a limit that we learned this week from netflix. by the way, just for context,
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and christine, our producer, came out with this fantastic statistic. game of thrones back five years ago, they were spending $15 million an episode for hbo, hbomax. at the time, that was one of the most expensive -- david: and netflix has doubled it. susan: yes! the three leads, the young kids, they all make $300,000 each per episode. one of my favorite series, i have to say is though, on netflix. there's a cap and a limit to streaming. david: susan, thank you very much, good stuff. still ahead, asa hutchinson, mercedes schlapp and former mcdonald's usa ceo ed rensi. the 10 is a.m. hour of "varney & company" is next. ♪ ♪ how you like me now? ♪♪ advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies
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visit to book your free consultation. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns. dave: good morning, it is 10:00 eastern time. i'm david asman in for stuart varney. the markets close to a selloff. we are started in negative territory. they are hard-nosed about
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raising rates to kill off inflation. the yield is down a bit on the 10 year treasury down 10.9, holding steady, $102.46 a barrel. it is down $885, a decline of 2%. president biden has to clear up comments he made, conflating mask mandate with title 42. >> president biden: it is contingent to hear there's going to be an appeal by the justice department because as a matter of principle, you want to be in a position where it is strongly concluded by the scientists vote we need title
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42 and we be able to do that. there has been no decision on title 42. dave: he was conflating mask mandate with title 42. the president tried to clarify, i want to clarify in comments at the conclusion of my remarks, the cdc's mask mandate. here with me now is mercedes schlapp. republicans touch the president's growing confusion in the midterms or do they focus on policy? >> reporter: they have so much material talking about policy. the fact is president biden has shifted radically to the left. i've got to tell you the conversation happening around the kitchen table in the communities across the country, major concerned this president is not mentally fit to be
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commander in chief, as we grow into the midterm elections. >> and there are certain decisions made, we have americans die in afghanistan and part of the problems, this president was not taking the advice of the generals. there are areas, that is people's lives being lost. >> we started with the afghanistan fiasco but we moved away from energy independence, because of the policies, we've seen gas prices hike prior to the russia invasion of ukraine. the tax hikes he has
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implemented has led to a weakening of the american economy and you are seeing the results of it. there is major concern, one of the things you did as you pressed the president, saying these are the likely questions, this is how you need to handle this. with the prepping president biden must've received, he is unable to execute this job. she looks lost, he looked dazed and confused and it creates a lot of uncertainty for those looking for leadership in the white house. dave: that includes democrats. he announced, didn't announce but told president obama he wants another term. i can imagine what president obama was thinking. how do democrats replace him as
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a candidate in 2,024? >> i talked to several democrats, i have some democrat friends and they say they are very worried, they feel there's not a lot of people to pick from. they are not impressed with kamala harris's performance. dave: what about buttigieg, he has a failure as local politics and transportation chief. >> the secret is president obama will be the kingmaker. he will decide who will be the nominee for the democrats. that's the reality we live in. we know he is very popular among democrats and his plan of pushing toward kamala harris has failed miserably and pushing forward biden as well. dave: i am going to take you out of your comfort zone. who's going to be the gop person running in 2024? >> donald trump. dave: what if desantis wants it?
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>> donald trump is making the decisions when it comes to republican endorsements. he talks about health as an issue, take that into account. we saw him two weeks ago in great spirits, ready to put on the fight as he holds these rallies across the country. the great thing about the republican party is a deep bench including ron desantis, and ted cruz, the list goes on and on in terms of options we have but donald trump would be the front runner. dave: say hi to matt for me, thanks for being here, florida lawmakers pulling disney's central status. how did democrats react? >> reporter: not very well. take a look at this. >> we will call the previous question. all in favor say aye. all opposed no. show the motion passes, we proceed to call the previous
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question. ashley: a lot of screaming, democrats did burst into screams as lawmakers voted to ditch disney's special tax districts. it pastor 78-38 vote at which point democrats as you can see loudly screaming while republicans responded with a round of applause, disney has been outspoken in their opposition to florida's parental rights in education bill leading to back lash from governor ron desantis. tensions were heightened when leaked videos showed disney employees and corporate leaders discussing plans to inject gay and transgender content into children's programs. the new disney bill is scheduled to take effect june 1st next year. like one of those videos of parliament overseas that descends into chaos. dave: from kazakhstan or something. staying on disney the wall
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street journal editorial board is sending a warning to companies in the wake of the state of florida versus disney battle, what did they say? ashley: the journal laptop ed accuses disney's ceo of showing his woke staff like a lemming, how lyrical that is. it goes on to say a warning to other companies, they are mainly based, conduct business everywhere. if they tried to impose cultural values they risk losing republican allies on policy issues that matter most to their bottom lines like regulation, trade, taxation, antitrust and labor law. polls show rising gop hostility to big business and that is likely to be reflected when republicans take power. the article says disney's listen to ceos is stay out of divisive cultural fights. a lesson for political persons in the workplace is there bosses run the office but they
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do not run the country. dave: let's check back in on the markets which have improved a little bit from where they were your, nasdaq in the green and that brings in mark rents. let's talk fed. investors are nervous about half a percentage point in interest rates. james bullard and others are talking 3 quarters of 1%. is that a possibility? >> it is a possibility. the way i calculate inflation data is take the average producer price index and consumer price index. 9.85% at the moment so through appreciation plays or new income plays, you've got to be at 8.95% to be at the end of the game and the market the way it is, down 15% since the
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beginning of the year it is tough as an investor to end up on the positive side. dave: kevin says we are in double digits. look at the wholesale prices going up double digits and that is passed to the retailer. is it possible we are in double digits right now? >> it is possible, the producer price index is in double digits and the issue with the fed is is it going to be half a point raise or 3 quarters of a point raise? and then the question is what you do about it and my clients and income strategy, traded notes. i can beat the inflation rates. most of them pay monthly, but it is getting tough to accomplish that. dave: we are having hits on
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your feed, we are having technical issues. a lot of gremlins in the control room. have a wonderful weekend. thank you for being with us. amazon is extending its popular prime membership offerings to merchants off of its platform. the new service by with prime will allow merchants to show the prime logo and offer speedy delivery options on their own websites. it will be rolled out by invitation only through 2,000 twentieth 2 for those who sell 2022 for those who sell on amazon and use the company's fulfillment services. cnn plus just launched three weeks ago, the newest streaming service already shutting down. this has to be a record. dave: pretty shocking, the streaming news service was shut down on april 30th, the end of next week. cnn, worldwide chairman and ceo chris white says the decision to cease operations of cnn plus was made to focus on cnn's core
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newsgathering operations and building up cnn digital. cnn plus garnered fewer than 10,000 daily active viewers in the first few weeks after its launch pulling the plug marks a stunning reversal for the media giant who build the news service as one of the most important launches since cnn debuted 40 years ago. warner media, cnn's former parent was acquired by discovery on april 8th and the new owner had a different vision for its streaming networks. it also means 500 employees looking for a new gig. dave: very sorry for all of them. elon musk has secured $46 billion to fund his bid for twitter. the very latest on musk's moves. meanwhile president biden announcing a new $800 million aid package for ukraine but brigitta general mark kimmitt says that's just a drop in the
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bucket. russia's president putin declaring victory in mariupol even as ukrainian troops and civilians are holding out. griff jenkins is on the ground in ukraine with the latest report next. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. ♪ ♪ we believe there's an innovator in all of us. ♪
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and more sanctions are needed to press president zelenskyy's chief of staff. griff jenkins has the latest. >> reporter: the situation in mariupol is desperate. i've been communicating the last few days directly with a marine ukrainian commander holed up in the steel plant in mariupol and not been able to reach him the last few hours. look at the new satellite images that appear to show the site avenue mass grave located 20 kilometers west of mariupol that russians have been dumping thousands of bodies in. there are four sections of graves measuring 85 m each. that is equivalent of four football fields and it is at least 10 times the size of the mass grave we visited in person in nearby bucha. 20,000 civilians have been killed. as russian forces focus the next phase of the war on
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eastern donbas the pentagon is sending $800 million weapons package including 72 howitzers, one hundred 74,000 artillery rounds, 72 tactical vehicles and 121 ghost drones. will that be enough to stop this war? we sat down with president zelenskyy's chief of staff who is grateful for the weapons and support of the us but he says the sanctions don't go far enough. >> the ukrainians continue to kill by russians, killed our children come our women, our men, our soldiers, our civilians, and destroying our city. it is absolutely understandable the sanctions which exist is not enough. >> reporter: once specifically a full ban on russian energy to european countries and the
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russian federation to be designated a state sponsor of terror. you can watch the interview on fox news live. we will have the entire interview at noon eastern. dave: here with me is brigadier general mark kimmitt. i just wonder, we heard the president talk about ukraine, failed to mention the possibility of a ukrainian win. is a ukrainian been possible? what do ukrainians need for that to happen? >> we need to define what a ukrainian win would be. if that means all the russian forces out of ukraine, and ukraine being able to take the donbas separatist region, i don't think that's possible at this point. is that possible to fight
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russia to a draw on the battlefield that is problematic but the ukrainians have performed beyond expectations and if they can fight them to a draw, maintain the status quo anti-the areas they had before this russian invasion that is the best we can expect in terms of a win. dave: we had the president talk about another package of weapons going over there. is that enough? >> certainly not. those artillery rounds, artillery howitzers, that is good, 72 on top of 18 that have already been sent, i commanded on artillery unit of that size as a young colonel but that is about 130 of the alternatively that the ukrainians already have and it could be 90 howitzers is 1/3 of what has been destroyed on the
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battlefield so far. those are not a silver bullet, 134,000 rounds is a good assistant but this is not going to change the tide of the war and artillery is not good at stopping russian offensive is. i don't know a lot about these drones, shrouded in secrecy, hopefully better than the drones that perform so far. maybe they are the silver bullet. i don't think they are going to be. dave: are you talking the turkish drones? there were a couple strikes using turkish drones that were quite successful. >> the turkish drone has performed very well. the switchblade is okay, the one we sent before this but that is the hand grenade with wings. we don't know a lot about these ghost drones. they are suicide drones as well but if we sent 90 or 900 of them i don't know what the number is but they are a single tank or single armored vehicle killer and i would suspect the armored vehicle that the
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russians are going to put into this will see that. dave: let me talk about the diplomatic situation. clearly putin is finished as an international leader. there is no way he can come back in a rolling any respected form, the whole world coming in the future, because he is a war criminal. i am just wondering if we've gone far enough. there was a journal piece suggesting the un has not gone far enough suggesting getting them out of the security council, i know all the problems that entailed but something like that is absolutely necessary to wake up the russians to what the world thinks of them right now. >> i think the world understands this, but the diplomatic side of this needs to step up to the fight. the military assistance all of nato has given has been helpful to give the military the
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backbone they demonstrated, the economic sanctions up to this point are starting to cripple the russian economy. in terms of diplomacy that seems to be number 3 in terms of what is effective to change russian behavior and unless diplomacy changes russian behavior it is not succeeding at all. dave: you have an at the table with the uranian talk nevermind the uranian deal has a lot of problems in itself but the russians are there. it is crazy they haven't been excluded from all these international forums. i don't understand why not but we have to leave that for another day. thanks for being here, appreciate it. democrats are targeting big oil companies with a new bill on price gouging. they blame them for storing gas prices rather than themselves. treasury secretary janet yellen issuing a warning over the eu banning russian oil, it could
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raise gas prices even higher so how high could gas prices go? daniel jurgen knows all about oil and gas, is here with his take on that coming up. ♪♪ ♪♪ at jp morgan, the only definition of wealth that matters is yours. it can be a smaller house, but a bigger nest egg. a goal to work toward, or the freedom to walk away. with 200 years of experience, personalized advice, and commission free trades on an award-winning app, we are working for you.
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dave: checking the markets we took a tumble on the dow. nasdaq is down significantly more than it was earlier. at one point it was in the green, down 8.6%, 107 points off on the nasdaq but the dow is taking on the chin down 420 points. an increasing amount of oil from russian forces being shipped with its destination, quote, unknown. i these shipments going to europe? ashley: yes they are. russia ramped up its oil chammas to key customers in recent weeks. historically europe was the biggest buyer of russian crude. the latest data, 1.6 million barrels a day exported to hide the shipments as you say.
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they are designated as destination unknown. one reason is to obscure the origin of russian oil and countries desperately need the crude to keep their economies going and prevent fuel prices from going higher. the us, the uk, canada, australia band imports of russian oil but the your buddy deb is more dependent on russian energy importing 27% of its oil from that country but as we all concede it is helping to fund russia's war machine and what about sanctions? dave: oil sanctions never work. they are not foolproof. remember oil for food with-year-old several decades ago. staying on russian oil the ceo of lukoil, russia's second largest oil company has quit. the decision from one of russia's richest men comes days after he was sanctioned and 7 weeks after luke oil broke ranks with putin and called for
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end to the ukrainian war. janet yellen is questioning the efficacy of our european ban on russian oil. >> when you think about a complete european ban on oil imports, but raise oil prices, a damaging impact on europe. a negative impact on russia. dave: it is true these oil sanctions never seemed to work effectively. always a way for oil to get through. sounds like janet yellen is essentially admitting that. >> there is going to be a ban
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on crude oil imports, the emotional moral outrage about what is coming out of ukraine if it doesn't happen now, when putin uses tactical nuclear weapons. dave: i hope it is still if. >> i hope it is still if as well but i think it is going to start with crude oil. sanctions are not foolproof but it will be significant, forced russians to sell their oil to india or china at a discount costing them money, but what is missing right now, you had it in your introduction, instead of domestic politics type things and the soundbites, what we need is an oil supply strategy, government working with companies, not denouncing them. what is causing prices at the pump is not domestic us oil
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companies but vladimir putin and the war in ukraine. dave: putting the blame on the company, if they could have one hundred dollar oil by snapping their fingers through collusion they would've done it four years ago. >> global market the 100 million barrels a day. dave: washington understand that, they are playing a game pointing fingers. dave: the november election. dave: i want to switch to natural gas. some say we are in a natural gas christ. it is 86% higher, 18% to 20% gap or lowering of where it should be with regard, are we in a natural gas crisis? >> i don't think we are, they are paying for 5 times as much, they've gone up a lot.
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europe is sucking coal in the united states, the leveler of gas prices but as oil production goes up this year there will be more gas produced and bring the market down. what would help is to build some pipelines, we have lots of gas in the united states, get it to the market. dave: you heard the administration say the gas line isn't a problem, they could produce more if they wanted to. once you produce whether it is oil or gas, you have to have a place to put it, can't just leave it sitting on the ground. >> a pipeline. dave: so many phony arguments, nothing phony about you. as dan said once again, ashley, what are they doing specifically? dave: they have introduced
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legislation that aims to require the federal trade commission to investigate gas price gouging. antitrust act, it calls for the investigation into whether oil companies are raising prices illegally at a time the country is seeing decades high inflation rates. the ftc may find the impact of mergers and acquisitions in the oil and gas industry including those involving producers, refiners, transporters and gas stations. democrats blame big oil companies in part for the high gas prices, republicans blame democrat backed policies. dave: one i hear the word price gouging, price control is next and that would be the worst thing they can do. the house is looking to address rising cyber threats against our energy sector. what are they doing? dave: a new bipartisan bill
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would establish a ground program based at the department of energy aimed at financially helping graduate students, postdoctoral researchers studying cybersecurity and energy infrastructure. the energy sector have never been greater. those recent cyber attacks including the colonial pipeline, ransom where hack last year forced the company to shut down operations for nearly a week. us intelligence suggests russia is planning cyber attacks against critical infrastructure particularly in the energy and finance sectors. dave: thank you. the former ceo of mcdonald's fighting back against woke corporate agendas. ed renzi will tell us about his boardroom initiative in our next our. black lives matter cofounder slamming new york city's mayor for for not doing enough to crackdown on crime. roll tape. >> don't listen to what eric
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adams says. is a master of the press conference but what we elected him for, the city of new york, was to keep the city safe. this city is a war zone and he can't stop it. dave: black lives matter called for defunding the police, didn't they? we have that story after this. ♪♪ ♪♪
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dave: look at the markets, the dow continues without 400 point loss, 450 points downside for the dow, the other indexes hit with a little less. s&p is down 11/4% and nasdaq down 8%. not a pleasant day for the markets on friday.
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new york black lives matter cofounder slamming mayor eric adams, what did he say? ashley: what didn't he say? haq newsom said eric adams has been ineffective at protecting black new yorkers. listen to what he had to say on fox news. >> don't listen to what eric adams says. he gives great press statements. he's a master of the press conference. some kid dies he hugs their mother, holding up sneakers, he is crying but what we elected him for, the city of new york, was to keep the city safe. this city is a war zone and he can't stop it. ashley: newsom added during the interview that mayor adams is a, quote, white man in black face, very conservative minded white man at that. the blm leader says his group is going to take control of our
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cities because the government has failed us for decades. as you pointed out earlier black lives matter wanted to defund the police and look what happens when you do that. dave: and a terrible racial slur to describe mayor adams, you can disagree with somebody but you don't do that sort of thing. northern california tourists kidnapped at gunpoint. ashley: welcome to la, it happened at airbnb, three armed men allegedly followed four people from a restaurant in beverly grove neighborhood to the coldwater canyon area, the tourists rob the $70,000 worth of designer apparel and jewelry, the suspect armed with a rifle and shotgun order the victims to lay down while they continue to ransack it. police say the victims, this is interesting, were reportedly
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aware they were being trailed by these guys on their way home and thought they lost them. dave: the wild west. republican da is rejecting woke policies taking a hard land -- hard-line stance on crime. she's seeing results. dave: coincidence? melissa nelson, in jacksonville, florida, to prove that her get tough on crime policy works, credited for a 30% drop in murder rates, nelson's tactics include seeking out felons who filmed themselves flaunting weapons illegally on social media videos, heading them with charges. and called for stiffer sentences for those convicted of gun crimes and crackdown hard on gang members and made it easier for prosecutors to obtain warrants hoping to get dangerous repeat offenders off the streets. compare that to woke cities
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like la, chicago, portland or in some cases murders spiked 53% in the last two years. dave: it is not rocket science, it takes backbone but is not rocket science but politicians don't have much backbone. thank you very much. msnbc's joy read slamming governor ron desantis after florida lawmakers vote to strip disney of its special tax status. roll tape. >> florida governor ron desantis is determined to make the happiest place on earth a living hell, going after a private company who dared contradict him, really do live in fantasy land. dave: homeland security says we could see 18,000 migrants a day of title 42 is dropped. the governor of arkansas is part of a border strikeforce with 25 other governors fighting to keep that policy in place.
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1-800-217-3217. that's 1-800-217-3217 dave: let's head to the border, what did you see?
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dave: a lot of talk. >> reporter: a lot of talk about what will happen with title 42. a perspective from the migrants in mexico. look at this video. the mexican city directly across from us in eagle pass, texas, where law enforcement sources tell us there are thousands of migrants waiting for title 42, they know they will no longer be expelled and didn't take long to find the migrants, some of them told us they themselves were expelled via title 42. several from northern triangle countries, guatemala, honduras, el salvador, we talked to one honduras man who said we do cross illegally, from his perspective president biden getting rid of title 42 is an effort to help the migrants. >> translator: on may 23rd there's another proposal from north america to help other
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countries, honduras, el salvador, and guatemala. the president has that measure to help us and support us in this moment. >> reporter: look at this video courtesy of texas gps, one of their troopers stopping the truck with a gooseneck trailer attached, a bunch of bales of pay stacked up in the back of that trailer, they end up looking through the hay, they find a piece of plywood hiding a hidden compartment. troopers find a dozen illegal immigrant being smuggled underneath all of that. the human smuggler who was arrested is a confirmed gang member. all of those migrants later referred to border patrol. border patrol agents announcing they arrested a convicted murderer, a honduran man named victor cruz garcia convicted murderer in charlotte, north carolina in 2012, the del rio sector chief tweeting it is not just economic migration, you
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need us on patrol. this is why. another murderer caught. border patrol reporting just since october 1st they have arrested 944, no migrants. back to you. dave: out of control. you simple he can't control the situation in these often things happen, murderous pastor, gang members pass through, thank you for your reporting, great stuff. here with me is republican asa hutchinson. you are part of the border strikeforce, 25 other governors joined you on that, dhs is saying, i don't need to tell you but for viewers who missed this, 18,000 migrants today capacitive title 42 is dropped. that's up -- that adds up to 65 million migrants a year. how to be control that? >> you don't control it by moving order patrol agents from the northern border to the
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southern border. you need to keep title 42 in place. that means everybody who comes to the united states who want to claim asylum have a right to do that but we process of them under title 42 on the mexican side of the border and that has given us greater assurances that if you don't qualify for legitimate claim of asylum you will be sent back and not released in the united states so it is a good system that has been working, we have to keep that in place and the governors joined together as a single a message saying let's keep this in place. if you have a better remedy we will look at it but this has been effective through the last administration, it is critical now. the courts put in place, you can't let it go because that, as you said and the migrants said on your previous interview they are just waiting to come whenever that has lifted.
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dave: and they see it as a gift migrants and i'm not sure they are wrong on that. this administration is thinking of putting everybody back in masks on planes and buses while at the same time saying the pandemic is over at the border. you can't have it both ways, can you. >> exactly right. if you believe the public health emergency continues to exist, you're going to impose the mask requirements on airlines, if it still exists we have to keep title 42 in place, that is an inconsistency and we need that. it has been effective. from an arkansas standpoint, the migrants, some are coming in for legitimate asylum claims, but you have thousands of others coming for economic relief, for job or to bring
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fentanyl or work for the smugglers, that is why we will share intelligence and hopefully be a good voice to get to protect our border. dave: the pandemic is for all intents and purposes over, we are in an endemic stage, not a pandemic stage. wouldn't it be better to focus specifically, don't get rid of 42 immediately because that would create this flood on the border but eventually get the real border control, something like the stay in mexico policy, stuff that works. >> absolutely right, we pointed out the inconsistency of the biden administration, if we are saying the pandemic is over and we don't need these restrictions, that would apply to title 42. as a practical matter we can't lift that until there is a good alternative and a measure that is put into place that is effective in keeping those
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migrants on the mexican side. so absolutely, as the governor's standpoint we want this to end in terms of the restrictions they have in our state and, we can't lift title 42 until we have a good alternative. dave: only 10 seconds but there are a lot of democrats against lifting 42. will they prevail? >> there voice is very very important and i applaud them, those are congressman along the border, they have the greatest experience, the president needs to listen to them, they need to listen to border state governors, absolutely. dave: thank you for being here, appreciate it. former mcdonald's ceo ed -- ed rensi next.
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>> president biden has shifted radically to the left. there is major concern that this president not only is he not mentally fit to be commander-in-chief, to be the president of the united states. >> if you're a shareholder you got to be scratching your head saying why is this in the best interest? you're in the entertainment business, provide a good product , and have people come to your park, but stay out of politics. >> i really think the fed should shock the system and they should just hike today and get it over with. they could start to reign in inflation it be short-term pain for long term gain.
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>> inflation is a very big killer of prosperity and in fact , it can bring an economy to its knees in no time, unless something really happens, and i don't see it happening yet. >> recession isn't a reason to light your hair on fire, just understand it's coming, so prepare your portfolio for that event. ♪ i feel good ♪ david: not even inflation could bring me down on this friday, i do feel good, it is 11 a.m. on the east coast on this friday, april 22, i'm david asman in for stuart varney. well maybe 523 points of the downside on the dow can bring me down a little bit. that's not a good day for the markets, dow is down almost 1.5%, s&p is down 1.25%, nasdaq a little bit better, down .68%, but it is a nasty day on the market again, big concerns about what the fed might do in order to get rid of
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inflation raising rates even above that half a percentage point mark. check the 10 year treasury did we check that already yeah it was down a little bit, i believe yup, down 1.7 basis points, still very close to 3% but under 2.9, it's 2.89 right now. well today president biden hits the road in seattle to deliver earth day remarks. yes it is earth day and to the his climate agenda. edward lawrence is at the white house. now edward critics say biden's latest regulatory green push is contributing to the economic crisis. how much is it going to cost us all? reporter: well there's already a report out the sec put out a report saying it's going to cost companies $10.2 billion to comply with the administration's climate risk and emission standards rules and that as you know gets passed on to all of us president biden in seattle this morning, he's going to make a big push for a bold climate agenda that he calls will satisfy the climate crisis in the name of him so the president is going to sign an executive
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order this morning to safeguard forests on federal land. the order will direct federal agencies to strengthen reforest asian partnerships, the administration planning on spending $162 million on forestry programs. the executive order directs the state department to prepare reports on a whole of government approach to stopping deforestati on, also will employ nature-based solutions to combat climate crisis, 2.3 billion will be spent under the bipartisan infrastructure bill for u.s. forest service and interior department advance echosystem resilience with no specifics as to what that is. now republicans are worried these policies are going to push the u.s. off a national security cliff. >> europe has followed their version of the green new deal. they passed a restrictive energy law without any plan to provide for their energy consumption and the needs of their country, and so they made themselves vulnerable to this. reporter: the u.s. is also concerned or he's concerned the u.s. is going down that same
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road as europe and empowering countries like china, iran, russia, venezuela, when it comes to energy independence. back to you. david: edward thank you very much. let's bring in steve hilton. he joins me now. steve, these new environmental standards, in addition to creating tremendous economic havoc, they could kill the president's own infrastructure plan, which he so proud of. they are shooting themselves in the foot with these crazy climate change regulations. do they care? >> well, they don't really care , david, because the central thing that we have to understand about today's democrats is that the most important thing for them, in fact the only thing that really matters to them is the virtue signaling. it's not about the substance, it's not about the reality. the real working consequences of their policies, it's about the message, the message that they send and that's why they use all this heated rhetoric, climate crisis, we're going to solve it. it's all rubbish.
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none of the specific measureds outlined, some of it sound good, we love forest that's all fine. it's not going to make any difference. meanwhile the actual policies they are putting in place exactly as you say will make it worse. why? because what they are doing is reversing a really important move that the trump adminitration made which is finally to reform the environmental regulations that for decades now have slowed down the construction of modern infrastructure, including the kind of infrastructure that actually helps reduce carbon emissions because it makes traffic move faster so there's less emission in the air. the trump administration made it easier to get stuff built quickly. the biden regime now reversed that making it harder. it means you'll have less infrastructure and it will be built more slowly, and it's yet another example of all of the madness in this administration is the energy policy is the most in coherent of all. david: steve you bring up a great point which is that their end goal is sometimes completely
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contradicted by the policies that they put in place. for example, the attacks on natural gas have led to a decrease in natural gas production, which is so clean, it's the cleanest of all fossil fuels and we are actually using more coal in our energy production now, because of the attacks on natural gas so the air is actually dirtier because of their green energy program. >> exactly, and let's look at the facts. during the trump administration, because the boost to american energy production particularly fracking in natural gas, what happened to our emissions? they went down. in other countries they are constantly lecture us about the climate crisis like germany, for example, they went up because they shutdown for example, the nuclear power stations and that's another example. democrats across the country in new york, here in california, where i am, they are closing down not just the fossil fuels of which natural gas can actually help fight the climate change, help with the climate change agenda but nuclear power.
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they are closing down here in california the last remaining nuclear power station. that is carbon-free, reliable electricity generation and the democrats are against it, which means what we're going to have more imports of dirty fuel, they are importing oil from saudi arabia. david: i know, and venezuela. they want to increase the dirtiest of all. final point, and i have to disagree with you on one point. they care about virtue signaling , but they also care about getting re-elected, and they're not going to get re-elected because the crisis that we see that americans see for themselves, the crisis of inflation, the crisis of what's happening in the border, the crisis of all these policies mean much more to american voters right now than the virtue signaling that's going on in the white house. they are going to lose, will that change their policies and their policy descriptions? >> no, because these democrats, again, they are so ideologically driven, completely captured by
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the activist in their base, they cannot stand up to them, biden is so weak they won't stand up to him, he's a machine politician, doesn't believe in anything, same as kamala harris, same as gavin newsom here in california. they just completely do whatever the activists want, regardless of the practical consequences, so i'm afraid this madness is just going to continue. david: well, it will continue until november, and i suspect that there are a lot of people who do care about getting re-elected in the democratic party and they will see the results of that election and change course dramatically, but we will see. steve, thank you very much, by the way, we're going to be watching your show, it's called "the next revolution" on sunday at 9:00 p.m. eastern, one of the best brains in america. i'm glad he's an american by the way, from great britain, like stuart as well. thank you steve, appreciate it. let's get back to the markets, and again, it's not a pretty day , the dow jones industrial was off 500 it's now off 478 let's bring in jonathan hoenig. now, jonathan, you say inflation
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is destroying wealth. give me some examples. >> david, inflation is the number one story and almost like a car wreck. you can't turn away. it is restoring the economy from the inside and eating its seed stock and reagan called inflation as violent as a mugger , and as deadly as a hit man. you're seeing it not just in stocks today but david something as benign as people's savings, if you own a run of the mill government bond fund, you lost 10% this year. that's not coming back. so this really is story number one, being caused by government and destroying the economy from the inside out. david: i'm going to, i already quoted him once, but warren buffett, i disagree with him on a lot of policy issues but not when it comes to market realities, and he says, said in 1977 the arithmetic making it plain that inflation is a far more devastating tax than anything enacted by our legislators, the inflation tax is a fantastic ability to simply
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consume capital. i don't see anything to disagree with that. >> david, and if you think it's just oh, well my coffee is a little more expensive or gas is a little more expensive, that's actually not it at all. we always talk about economics is about what is unseen, not what is seen. what is unseen, what you don't see is all the production, all the hiring, all the new development that takes place, if not for that inflation, and it just makes it impossible to plan long term. that's one of the reasons some of the big growth stocks, you know, have been hit so hard, just even netflix these last couple of days. inflation is making it more difficult to invest in growth and basically rewards hording, and rewards debt. that's not how it is. david: well the fed claims it wants to get serious, james bullard saying we have to have a three-quarter percent rise in interest rates, rather than just a half a percent. is there anyway to really kill inflation other than putting interest rates above the rate of inflation, which means we would have to have 10% interest rates
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which means a recession is inevitable. >> well ironically, david, you could do kind of what carter and reagan did. carter deregulated this administration going just the opposite direction. david: he did to an extent. >> he did. reagan, at least for a moment, cut taxes, maybe not long term so if biden wanted to do something he could, unfortunately they are going in the opposite direction, more and more spending, more and more inflation and david whether or not people say oh, this isn't affecting me yet, we're paying for it, $3,500 per person, per year, now just in inflation so this really is a shocking story, and i was going to the economy unfortunately until this president turns it around. david: by the way i heard that $5,000 figure as well. whatever it is, it's costing americans a lot. >> serious money. david: and they know it. all these talks, presidential talk about wage increases is nothing when you compare it to inflation. thank you very much, jonathan we got to leave it at that i appreciate it.
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now this , msnbc joy reed is slamming the governor of florida for pushing to revoke disney's self-governing salt us. >> florida governor ron desantis is determined to make the happiest place on earth a living hell. david: ed rensi is here to respond to that and elon musk is ready with another bid to buy twitter but one celebrity is sounding the alarm saying musk controlling twitter be like one person controlling all nuclear weapons. really? that's next. ♪ feel like money ♪
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♪ i say hey, i'll be gone today, i'll be back around the way ♪ david: that's a fun song, i like that, michael franti there, taking a look at austin, texas, and if you forgot that's the home of tesla, relatively new home, 70 degrees and cloudy and on a day when the market is down 470 points, 467 right now, tesla is up about 2% and again, another gain based on their extraordinary numbers, elon musk the extra extraordinary entrepreneur keeps kicking it and jimmy kimmel was freaking out about the implications of elon musk, the great entrepreneur, taking control of twitter, which has seen its stock go down, a lot of shareholders are happy but jimmy kimmel, apparently, is not, right, ash? ashley: yeah, what's he saying? he's saying the world will come to an end, so get under the table and start sucking your thumb, well not quite but the idea of musk having complete
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control of twitter was akin to one person being in charge of all nuclear weapons. listen. >> do i think it's better that donald trump is not on twitter? 100%, i do. should everyone be allowed on twitter? i don't know, maybe. i know that probably wouldn't be thrilled if joe biden was banned from twitter. of course joe biden hasn't been a major misinformation machine. i think that it's so dangerous to have one person in charge of that and the same way it's so dangerous to have one person in charge of nuclear weapons. ashley: what do you think of that? those comments came during an appearance on a new york times podcast. you know what? it's just the very latest in a round of liberal meltdowns who have been very upset and critical of musk taking over at twitter because they say he's such a strong advocate of free speech. if he obtained control over the twitter platform isn't that what it's supposed to be? david: yeah, joe biden is not a
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major misinformation kind of guy i would beg to differ. ash thank you very much, appreciate it. karol markowicz is here. you know, i love these explosion s of insanity coming from people who really don't have a thing, a clue about the way a business is run, talking about a business. >> yeah, jimmy kimmel, i mean, who doesn't listen to him for opinions on free speech or nuclear war? david: right, or business, by the way. i mean, you put the stockholders a guy created $4 billion, very successful billion dollar companies, one trillion dollar company and he's going to be taking over a company that's been terribly miss man anded, the stock is down in the dumps who be better for the stockholders jimmy kimmel or elon musk. >> i'll take elon musk thanks, i think he might be the way to go here. david: i think so, all right we got another one for you, karol. the american federation of
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teacher's president randy wine garden is warning florida's parental right in education law may have dire consequences saying in a statement, "this is propaganda, this is misinformation, this is the way in which wars start, this is the way in which hatred starts." karol, we're talking about a bill that 52% of democrats in florida support. we're talking about a bill that goes so far to say that maybe second graders aren't ready for sex education. is that the kind of stuff that wars are made of? >> so it's funny, because randy weingarten started this war on parents, on children , she kept schools closed, she influenced cdc policy even though she's not a doctor, not a scientist, forced schools to close, hurt the most vulnerable and poor kids in our country and now she doesn't want
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a war? the war is on. she's losing, and i think that the idea that this woman has so much sway over public policy is awful. the biden administration listen ing to this woman is absolutely atrocious and it needs to stop immediately. the war is happening, randy is losing and that's not good for kids or families. david: she, i understand she was a teacher, i get that but the point is she's become a political operative, completely bought by left. she's encouraged studies like the 1619 project which is historically challenged to put it mildly. i mean, she's meanwhile, by the way, the basic 3 r's, tests, what schools are supposed to do, have been a business mall over the past few years she's been in charge of the aft. >> that's absolutely right. i love the teachers that my kids have had. they are not politicized like randy weingarten wants them to be. they are trying their very best and doing the very best they can for the kids this is not an anti
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-teacher conversation. it's an anti-teacher's union conversation, because every minute that they push critical race theory, gender ideology, it's a minute not spent of reading, writing, math and the rest and again it be one thing if we didn't have years of schools being closed because randy weingarten said so but now we have to ignore her and focus on the kids and get them the help they need and disregard all of this leftism. david: by the way it's one main reason why you move from new york city to florida. >> that's right. david: is that main reason, has that been satisfied, is the education you're getting for your kids much better now? >> absolutely. all three of my kids are in public school and they absolutely are getting a phenomenonal education in florida. the governor ron desantis' law here where it's gender ideology is not on third graders and below is extremely popular. i've met so many liberals who
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are like yeah, i don't want my kids learning about transgender issues in kindergarten, i'm sorry, no. i want my children learning how to read, especially after what we just went through. this is not a politicized issue here. it's all parents agreesing with this. david: by the way, i say we, because i live in manhattan unfortunately, but we spent $30,000 per pupil educating kids in new york. i would imagine they spent a lot less than that for a better education in florida don't they? >> they do. they absolutely do. the cost of education here is far lower and for a long time, we were led to believe that schools in florida were just not good, which i have found to be completely untrue. again, i'm a public school parent, i didn't come here and send my kids to private. they all go to public school and they are having this amazing education where the teachers meet them where they are. david: karol markowicz great to see you i'm so happy things are turning out well for you. >> thank you. david: let's check the markets
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now other than tesla, which is doing okay, but all of the market indices are down. dow jones if you can believe it is a little better than it was down over 500 points now down only 489 points, it's a bad friday for the markets. jetblue is down 2.5% and its been all over the place. deutsche back just downgraded that stock to hold. they think that jetblue is going to be lagging behind the other airlines since they are less exposed to areas of the country that are recovering the fastest. now check union pacific. the railroad ubs says the railroad does not have enough crew members to keep up with the strong demand and the stock is down over 2.5%. american express, they came out with their numbers today, despite the fact their numbers were good, the stock is trading down about 1.5%. ashley? ashley: yeah, but you know what? they had some good news about people and the consumers. they say people are spending
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again, american express is spending on travel and entertainment was up 121% from a year ago. that's bullish. levels, they say, they haven't seen since before the pandemic. the average cardholder spends nearly $6,000 last quarter, which was up 27% from a year ago , all very positive and overall, amex card spending was at an all-time high in march, and the company thinks they are going to see revenue grow as much as 20% this year. investors, they don't see it as that way. down nearly half a percent on a tough day on the market. david: well that forecast is based on what happened after the pandemic was lifted. not based on the possibility of a recession. i think that's the big thing stopping investors right now, where el paso is down 1.5 ashley thank you very much and parts of shanghai are tightening restriction if you can believe it, you've seen some of these videos hard to imagine what could be worse. well they are going worse. five weeks into the city's
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lockdowns now, it's killing businesses as well as people. it's an awful story but we've got a report you can't afford to miss coming up and nascar rolling into alabama this weekend, 100,000 people are going to be packing the stands at talladega super speedway for the geiko 500 we'll go live to the racetrack next. ♪ life in the fast lane ♪
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♪ anyway you want it that's the way you need it anyway you want it ♪ >> journey? david: yup, very good, susan. susan got it looking at capitol hill that is the state capitols have the same dome, but nothing like the real thing it's 45 degrees inside the beltway today and check of the markets it is a down day on the markets all of the indices are down it started out the morning pre- market activity with nasdaq up, the dow just about flat, it is nowhere near flat right now down 483 points. susan, you got market movers. >> yeah, so let's start with snap, because this out performance here from the social media company, so they lost money instead of making money to start the year, off very conservative guidance for sales
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growth for this springtime, but here is good news and the silver lining and i think it's helping maybe put a floor for other social media companies like meta for instance. the good news is that snap and the number of users grew more than expected to 332 million, and i counted nine analyst price target cuts including goldman sachs, morgan, credit suisse, despite that though out performance from snap which is still pretty strong in this environment. david: all right, well twitter is rallying right? yeah, i think that's a snap effect thrown in there also, of course the elon musk takeover drama, so twitter still below that musk offer price of 54.20 almost 1 million shares were sold this morning at $47 of that block trade and then house gop members say they want all documents related to elon musk's takeover bid to be preserved just in case, and musk apparently according to these reports he's looking for a take over partner, still maybe private equity group, that's
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been floated toma brava could join elon musk or go it alone with their own twitter takeover offer so does that mean a higher bid maybe closer to $60 elon's financing details a lot of people in the market say now his detail is going to pay for it really forces twitter's board to be more engaged in these conversations. david: yeah, well, and again the guy is an entrepreneur, successful, i mean look at what's happening with tesla. what could he do with twitter a lot more than the current management is doing. >> tesla is up because they reproduce and restarted the shanghai factory. david: gap back to my jeans. >> trading for two year lows, lowest since july 2020 after gap cut the sales guidance for the springtime because of weakness and the old navy division and that's the reason why old navy ceo nancy green is also leaving the company this week but did you know old navy makes up a large chunk of gap's overall sales? david: i did not. >> it's more of a discounted younger brand. david: now this , hong kong disneyland has reopened after
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closing for three months. the city of hong kong is now relaxing some of their pandemic restrictions this after nearly 1.2 million people in hong kong were infected in less than four months, nearly 9,000 have died, zero covid just doesn't work, that policy does not work and in shanghai, well some factories are opening backup, many of the workers can't go back because of the lockdown, right, ash? ashley: that's exactly right. businesses say that less than half of their employees can actually return to work, as china battles its worst covid outbreak since the pandemic began. shanghai, china's financial capitol, entering its fifth week of draconian lockdowns and authorities say they will tighten enforcement even more. that includes placing electronic door alarms to prevent those infected from leaving, as well as evacuating people to disinfect their homes. even if workers get permission to leave their apartments, covid -related restrictions on travel still makes returning to work basically impossible, and
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all of this means supply chain issues, not going away anytime soon. shanghai, by the way, accounts for about 3.8% of china's gdp and is home to the world's busiest port. they just can't get the workers back. david: unbelievable. ash thank you very much. ashley: yeah. david: meanwhile back home fans are flocking to talladega ahead of the geiko 500 this weekend, madison alworth is there and fans have been setting up as early as in month, right, madison? reporter: oh, david yeah. they have been here all week long, those fans are so excited for the big race weekend at the track. they have been getting ready painting on the side, getting ready for both races tomorrow and sunday but like you said, those fans, they don't wait for race weekend. they want to get in on the action early especially after two years of having to watch many of these races from home, and these fans, they travel from all over, just to get a piece of the action. 70% of the fans here come from outside of the state of alabama, all 50 states are represented,
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and you're going to have fans from over 20 countries as well. i got a chance to talk to some of these fans and they are ready for this weekend of racing. >> the loud music, the people, the entertainment, did i say drinking? okay. >> [laughter] >> day drinking. [laughter] started now. >> this is great. >> overwhelming. overwhelming. >> we're trying to see if we can improve and get closer to the track. reporter: yeah, everyone here is just so excited we're going to see roughly 100,000 people, fans , 100,000 fans here this weekend and when you look at the two talladega race weekends it adds $434 million to the local economy. that means so much to an area like this that depends heavily on race and race tourism. all the people that come here, they experience this fast and steep track. i got a taste of it myself yesterday and i got a ride in the pace car. we hit 140 miles per hour. it was really fun, but when we
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were going about that speed and we're just about an inch away from the wall, i was really terrified. it's crazy to think that the pro s go 200 miles per hour and they actually put a mechanism on the car to slow it down so that it doesn't go faster than 200 miles per hour. i was good at 140. i'll leave the racing up to the pros, david and if you want to catch that action it's here on fox all weekend long. david: you did, i have to admit , madison, you're game to go for that but your hand was on your heart at 140 miles an hour. good stuff. thank you very much. reporter: it was terrifying. david: enjoy the race. well now a new study showing that shareholders gained 50 times as much as workers during the pandemic. the numbers are shocking, we have that report for you. meanwhile, disney world is just one signature away from losing its special status in florida. their woke agenda could end up costing the company big time, ed rensi is also fighting against
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corporations going woke. he's going to tell us his plan, coming next. ♪ don't wake me up ♪
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david: well the former ceo of mcdonald's has formed a new group, very important group, to fight back against woke corporate agendas. yes, they are real, and yes, they affect the boardroom. the boardroom initiative saying on their website, "free market capitalism is responsible for lifting billions of people out of poverty and improving the worldwide standard of living is under attack and i would say that's an understatement. ed rensi is the former mcdonald's usa president and ceo and the man behind the initiative, ed such a pleasure to see you. this is, i think, a very
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important thing. how did all this happen? how did the woke folks who hate capitalism get on corporate boards? >> well it's hard to really understand, because this isn't the typical behavior of a major corporation, particularly disney disney is fantasy land but they aren't ignorant of the realities of life. they had about 1% of their employees walk off the job, because of this parent's rights act here in florida. nowhere in that building does it say gay by the way so don't say gay is ridiculous. anyway, but i think they were trying to do the right thing, but they had it all wrong. the chief legal counsel of that company and the ceo should have sat down and studied the issue carefully, really understood what that bill was and then to go publicly and say they are going to fight to overturn that bill, that is not the responsibility of a board of directors or the executives of the company. their job is to develop profit and get a good return for the
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investors in the company their job, they report to the shareholders of the company and you can see what the result is. this is one of disney's worst days ever but it maybe the best day for american business, because it's going to causal these public companies to wake up to the reality of what's going on. david: i agree. that's the bottom line. the reason i asked how it all started is because there was a plan. i don't want to be too much on conspiracy but we all heard of critical race theory. critical race theory was based on the critical theory that was started by a bunch of marxist in europe in the 1930s all the way up into the 1960s and their idea was not for a revolution but to put their people on the inside, to change the capital system into a social and communist system internally and start with the arts, they start with education, that's where you get critical race theory and they said the final stage was to go into capitalism itself and
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change boards. do you think, am i being over overly conspiratorial here? >> well i don't know if its been a conspiracy or not but certainly the migration of the activity, and our goal with our new network and the coalition of different groups is to go to the boards of directors directly through the shareholders and say to the shareholders, is this what you want your executives to be doing , so we want to put it to a shareholder vote. we want a very careful analysis done of civil rights within the organization to make sure nobody's rights are trampled on, we think it's a fair thing to do , and then executives have got the responsibility to listen to their shareholders and not the 1 % of their employees making the most noise. david: by the way i'm just curious. focusing on disney for a second. do you think bob iger would have allowed this to happen? >> based on everything i know about him, probably not. i don't know the new ceo but the
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fact of the matter is this kind of thing should have been vetted by the chief legal officer of the company. they should have had a conversation with the board of directors and said look, this is what's going on, what do you think we should do. that's why you have boards of directors. they're there to represent the shareholders in that collective wisdom of the board is what should be telling the senior management what their position could be, should be and ought to be going forward. david: ed just to put it in a nutshel the bottom line is you're saying, you're trying to encourage corporations to focus more on shareholder rights, to get them to vote on these critical decisions because this decision with regard to disney, if they are probably going to lose their tax status, that's going to cost shareholder s millions of dollars money that could have gone back in dividends. >> yeah, i think this is a confluence of terrible events that are going to lead to a great result and the boards of directors and the ceo's of companies and all the executives
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need to focus on value creation and their duty is to the shareholder and nothing else and once they accomplish that goal, now by doing that properly it's going to elevate all their employees and the supply chain as well because you can't operate with a disfunctional group. david: i think there is a great awakening happening in terms of what's happened or a whole society from the boardroom to what's happening in education, part of it was brought up by the horrible pandemic, but because of that we saw what was happening in our schools and now we're seeing what's happening in the boardrooms. it's a great awakening. i think it could end up being good for the country, ed rensi thank you for what you're doing very important stuff. really appreciate it. good to see you again. well, a new study revealing that shareholders in some of the biggest companies raked in wealth gains that outpaced pay hikes for employees during the pandemic. ashley, come on in and break it all down for us. ashley: it's interesting, according to the brookings institution, david, shareholders reached wealth gains that
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outpaced worker pay hikes by 50: 1 during the pandemic. the report focused on 22 industry leaders including amazon and mcdonald's and found that stockholders added $1.5 trillion in wealth between january 2020 and october 2021. the company spent about $27 billion on additional pay and bonuses and five times that amount on dividends and stock buybacks. in 2019, a business roundtable made a pledge that was signed by 181 chief executives to shift the focus from shareholders to a more inclusive model that puts more weight, that is, on other stakeholders, including employee s but the report says nearly all companies fell short of that promise with wealthy shareholders gaining the most while front line workers experienced the greatest losses. david? david: ashley thank you very much. speaking of losses, let me show you the dow 30 stocks, get a sense of it. only dow, inc. is getting a
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green board today, all the other dow stocks are in the red and look at the overall 565 points down on the dow jones industrial average, and nasdaq has increased its losses as well for those thinking they don't have to pay attention to what's happening to the federal reserve, and their attempts to raise rates, they need to look no further than today's dow. don't go anywhere, friday feedback, yes it's me, not stuart today, but we've got all the information of your feedback on stuart's show, coming right up. ♪ honey, sugar sugar ♪ we got the house! you did! pods handles the driving. pack at your pace. store your things until you're ready. then we deliver to your new home -
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and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 ♪ david: i know new york has lost a lot of appeal but if you come to new york you have to go to the intrepid museum, it's just a great place to go, could be a good way to start your trip to new york, start it there it's 6o it's a nice friday, except for the markets. we're down 600 points on the dow right now. it's bad but it's time for friday feedback, so ashley, and susan, let's focus on the positive here. the positive being, of course the people who are watching you guys day after day. this comes from john.
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when is someone going to report on the viability of taking a long trip with an electric vehicle as compare to a gasoline powered car, some have reporters drive from new york city to miami or new york city to san francisco. i think it's a great question, susan. you're big on the ev. what do you think? >> yes, so right now i think the charge on the longest car out there is 450 miles per charge, so what i'm concerned about if i'll do a cross-country road trip is the middle part of the country where they may not have those charging stations, and it's the infrastructure i'm concerned about. david: have you ever done a trip like that? >> no, on a gas power combustion engine? david: electric did you ever do an electric trip like that, ash? ashley: no not at all. you know, to susan's point if you get 300 miles or thereabout s, what are you going to do just carry a really long extension cord with you wherever you go? the infrastructure is not there. david: not yet. well this comes next one comes from steve so people lined up to
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buy pot at 3:00 a.m. but we have how many million job openings? it's too bad those lines were not for a job fair, or new jobs ash what do you think about that ashley: well that's making, it's a good point. you know? i think legalizing pot is the expected thing. i think it's happening, it's going to happen and once banking reform comes in it moves on but people are motivated by different things, david, and that's an example of being motivated by weed. david: let's move on next one is from ralph. are the thousands of people who have illegally crossed the border and been allowed to stay given any legitimate permission to work here, can they be employed by american companies? susan i'm afraid to say, i don't know the actual answer to this. >> yeah, i'm not sure on that because don't forget, didn't for a while, you could just vote without any actual government id david: it depends where you were which state and city. >> new york in particular, so i don't know the answer to this , but it would seem that you would
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need legal authority to work in this country, don't you think? david: i think so and ashley, you know the bottom line is sometimes, it's illegal to ask somebody where they're from in some cities. ashley: which is insane, right that's crazy but they have to have valid papers and every employer is supposed to check those valid papers but they are often fraudulent anyway. david: and restaurant business that's a different story, last one from larry is going to be quick. it's great that you have guests in-person like susan, which makes "varney" & company great again. i really love the passion, tammy bruce has, which is possible when persons are there in-person , so susan, aren't you glad to be in the studio? >> quick answer, we love tammy bruce and seeing her in person. davi ash when are you going to be in person? ashley: well soon, i'm hoping to make an appearance maybe next month, we'll have to wait and see. david: all right, good we'll see you soon. ashley: that's just a tease. david: thank you to everyone for sending in feedback it's
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time for the trivia question, how many hours per day does the average person spend using apps on their phone? this is an embarrassing one. the answer is right after this. ..
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with the global economic engine accelerating and a rising focus on reducing emissions in the steel industry, the price of champion iron's high-grade product reached new records. with operational stability champion iron is set to complete its phase ii quebec project expected to double production by mid-2022. benefiting from available infrastructure, champion recently acquired the kami project near its operations. a feasibility study is expected near-term. champion iron. dave: earlier we asked how many hours a day does the average person spend using apps on their phone. what do you say? susan: as long as possible,
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four hours. dave: ashley? ashley: as i look at an apps on my phone, 3. 4 hours. dave: and the answer is, susan, you got that. we know where you spend your spare time, thank you, appreciate it. wish i could send my buddy neil cavuto a better market but the dow is down 600 points and nasdaq going down too. you've got to turn this thing around. neil: i was just on this apps here. great show. let's look at what is going on, we are session lows, all 30 dow stocks in the red. the feeling seems to be that interest rates are going to go higher. i did notice if you look at the futures contract 94% are seeing in june we are going to get a


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