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

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realize there is trouble even though inflation is supposedly peeking in the markets haven't taken cognizance of trouble in japan and europe with the yen and the euro. maria: it is true. i know you're on the other side of the trade. great to have you both with this. ryan payne and steve forbes. thank you have a great tuesday we will see you soon. dow industrial down 187. we will see you tomorrow. "varney & company" begins right now. stuart: good morning, everyone. the start of trading yesterday, everything is down the stocks, bitcoin, oil, interest-rate trade investors seem worried about inflation and the numbers that come out tomorrow will start with the doubt off 180 pointed the opening bell. s&p is going to be gone but the nasdaq showing a very small gain at this stage. bitcoin dropped below $20000 and still below 20 grand 1980 is
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your price. oil has dropped below $100 a barrel. there are new covid restrictions in china that lessons demand for oil so down goes the price $99 per barrel. gas down 2 cents for yesterday, $4.65 is average. diesel down to sense to $5.62. gold is close to a nine month low, 1731 announced. most importantly yield on the two yield treasury as above the yield on the two-year treasury that is considered a recession indicator. that is the market. tonight president biden leaves for the mid east trip he's asking for more oil production from saudi arabia not likely to get much because the saudi is having trouble raising production for themselves another reason for the trip is show up support for the u.s. is really saudi agreement to stand firm against iranian aggression.
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by the way putin visits i ran very soon and iran will supply drones to russia. pierpont, fox is the production for the midterms the republicans take the house with a seven seat majority probably more and they take the senate if they can hang onto 49 safe seats and went two of five contested seats. the falls are not being kind to the president. the democrats are reeling from his basement level 33% approval and casting for someone to take his place at 2024 we will show you the list my opinion there is no bench strikes, there is no bench. police beating protesters in china during the pandemic some banks were closed or not reopened deposit has lost their money. when they showed up en masse they were beaten. this is a rare example of pushback against the communist. tuesday july the 2022. "varney & company" is about to
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begin. ♪ ♪ ♪. stuart: it is tuesday morning, that is why men enter midtown manhattan looks busy p people stay home on mondays and fridays and they go to work on tuesday. that's the way it works. let's get to the upcoming midterms i love politics. power rankings republicans will take control of the house with at least seven seats to spare. charles her joining me. the first thing on tuesday morning is there anything between now and november that would allow the democrats to really turn this around, for example a big new spending plan? >> i don't think there's anything that they could do. i'm hesitant to say there's nothing that can happen.
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woody look and see what happened at the politics over the past five or ten years i don't say never to anything but there is nothing that they could do. i think their unpopularity is set in stone. joe biden has been around for 50 years there is not much you can do after 50 years to reset people's view of you. i think that's among the problem. stuart: the tax-and-spend builder got to the congress. would it help the democrats? >> i don't think it would, they will try because her desperate. and they're only going to get more desperate. a lot of people are starting to realize how bad all the spending has been there see the real inflation. that is the problem somebody of these problems are personally affecting people very profound personal ways whether it's gas prices are inflation or what they see at the border. smart the gas prices and
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inflation than what they see at the border. these are very tight personal issues that are result of the administration policies. stuart: i've been checking the media with the president's approval rating down to 33% the casting around who's going to replace him in 2024 the list is this vice president harris, secretary boody judge, secretary klobuchar, governor newsom, roy cooper, governor of north carolina, sherry brown, gretchen whitmer, maybe even michelle obama and hillary clinton. is there anyone there that could be a bible. >> only two of them have ever won a democratic delegate in the democratic primary. the same forces that led to joe biden getting the nomination in 2020 are still at play and you are right. it's not that they don't have a deep bench, they have no bench it's that bad all.
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stuart: we agreed on that. thank you for b he h se h rl tn mheni mhe apectete it. thsi pntfntntntntnt t h tcshintatflniolanio prt idbienn.bienn. nk hnkelpelseln ve i gve i gve ive i that. >> no one has inflation as high as the u.s. >> there sending us more workers, if you have more workers increase supply and without prices go down in that's argument may be the low hanging fruit because it'll have the best relationship if you improve temporary work visas that would ease the mass migration at the border increasing the labor supply raising productions and bringing down supply. remember the summit of the americans last month. he did not go he was annoyed that he was not invited. it's frosty right now. stuart: let's get to corporate
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news. what is twitter saying about elon musk terminating his take on. >> they say that termination is invalid wrongful according to the attorney's letter that they sent to elon musk's attorneys. it is in effect and will take all measures required to close it they have not sued musk at least not yet. it's up to the court to decide what happened to kenya for someone to buy something they don't want can elon musk get away with paying the fee and that's it and if he gets twitter for 20 something dollars a share what about the employees of the morale. stuart: i don't care about the employees morale they have been century people like me for very long time i don't like it and i don't care what they think. >> one more piece of elon musk news. we did the story yesterday a bs artist he said it's time to hang up your hat president trump and sail into the sunset and then he sends a message to democrats.
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lay off the former president not make it to his only way to survive to read again in 2024 he cities more inclined to vote for ron desantis should he run and one other thing were talking about age elon musk brings up a good point he says the legal maximum age to start a presidential term should be 69. he can't do it. stuart: i want to stay on twitter i want to bring and greg smith. i know that you own twitter stock, don't you. >> i do. forgive me for asking did you buy it in the 40s? >> i'm watching games dissipate by the day and it's getting worse and worse. stuart: we witnessed elon musk do what are the business my jobs of all time. he walked away from the deal and i joined three months almost to the day saying he was getting to an irish exit and walk away from
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this deal but he's another turn of the card and it's going to be interesting were getting go to delaware. this is going to be wall street's version of johnny depp and amber meet oj or organ to see what happens. ultimately maybe he wants to buy it but is trying to negotiate a lower deal and if he doesn't get a lower deal he's going to walk away we are going to see this fall with online with the other social media stocks look at facebook is down from 380 - 160 and twitter's been artificially moved by this bid by everyone raising confident in this deal occurring. stuart: i'm going to talk my 2 cents worth in. i think elon musk gets twitter for $20 a share or less. what do you think. >> you might be right i'm sure the board will be sued but what other option do they have. stuart: the lawyers are going to be picking over this thing. at some point summit is going to do something with twitter. >> he overpaid it a very different market environment.
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we don't know if he generally wants to buy this asset everything shows he does want to buy it but he wants to get a lower price and talk to stan. stuart: are weakening tired of elon musk in these antics. i think is an interesting kind of guy and i love when he takes over twitter investors him up i would love to see that buddies always making these headlines in strange things. >> is a character with a big following. hard to battle that. stuart: he's not even in his 50s are we in for another 20 years of that. >> we have a ways to go. stuart: do you want to get into this at all? >> he kind of remind you of somebody else who has disruptive things to say and part of every conversation. stuart: i'm not a finance guy but i love watching elon musk. >> elon musk is going to compel
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people to really get excited about the presidential election because everybody's going to want to know what he has to say. think about it now that he is more vocal politically think about what's going happen in the presidential. stuart: greg, charles, very interesting discussion about various politicians and people. london's airport will implement a new policy to handle the summer travel rush. are they going to captain number of passengers allowed. >> we always complete it so bad at the airport, it's worse in the uk and it's the biggest airport there. 100,000 passengers a day is the cat from now through mid-september, fewer than what they're handling now. the airport is telling the airline stop selling tickets we cannot handle the search. stuart: incoming and outgoing. >> i think so. stuart: thank you very much
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indeed. 19 minutes to go before we open the market, the dow is good to be down 140 and the nasdaq's going to be up 40 points. a new york city bodega worker still facing murder charges for defending himself against a career criminal who attacked him the attackers girlfriend stabbing the bodega worker is still walking free and faces no charges. we have more on that. remember when president biden promised to make saudi arabia a pariah state. >> we were going to make them pay the price and make them the pariah that they are there is no social redeeming value in the present government is saudi arabia. >> no social redeeming value. he is not relying on saudi arabia the new block in the middle east to confront iran. secretary of state mike pompeo has a thing to say about that. the secretary is here and he's next
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stuart: on the market everything is down except for the nasdaq which is probably going to go up 40 pointed nobody bell the dow was up 150. the u.s. intelligence suggest iran will provide drones and training to russia for use in ukraine. roll tape. iranian government is preparing to provide russia with up to several hundred uad's including
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weapons capable of an expedited timeline our information further indicates that iran is preparing to train russian forces to train these uad's. it's one example of how russia is looking to countries like iran for capabilities that are being used to attack saudi arabia. stuart: look is with us former secretary of state mike pompeo. mr. secretary welcome back to the program here's my question is iran's response, is this iran's response to president biden's trip to the mideast today? >> it's great to be with you thank you for having me on. probably in part the response but more than that it is a result of failed policies. we left the foot off the iranian regime and the iranian ricotta me will grow more this year than the american economy and now they have the money to train alongside the russian buddies.
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we have to sanction the heck out of them just as we did for four years we put real pressure on them now they're going to help the russians kill ukrainians. this policy is so messed up on so many levels the president headed to the middle east to beg for energy that we could do right here at home that is connected to the fact that the russians and iranians are free to move about the cabin both economies are doing fine is abided to administrations efforts to push back again what we know vladimir putin's aggressive activity that are connected and we didn't mention china it is connected to the drones that the iranians are likely to sentiment. sullivan is right it approved tremendously helpful for the russians and tremendously lethal to the ukrainians. stuart: the other part of the trip my question is is the president trying to create a new block in the middle east, saudi arabia, gulf states, israel against iran. is that something we could be working towards. >> we had a going.
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the answer is yes he should be working towards that when you campaign on the fact that somebody socially irredeemable and you going to make them a pariah state and you denied them the weapons that we agree to help them so we can deny their sovereignty. they are not trite about our relationships for the saudis, kuwaitis, the long list of gulf arab states. the israelis to when you befriended his radiance, that a israelis know what that means for them. if what he's trying to do, he has to get all the actions that would make it incredibly difficult for him to build on the abraham accords and we isolated iran in a way that they have never been isolated before and i hope they're trying to rebuild but they have busted up for the first 18 months. stuart: will the president get any extra oil out of saudi arabia? >> i don't know. i don't know if he will.
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i don't know what extra means. will he get opec to agree to raising the capital? i suppose it's possible. the simplest way to get more energy for the world is to allow permitted and federal land and drilling right here in the united states and building up the infrastructure pipeline, natural gas pipeline that america is going to need and the world is going to need. stuart: 's or any foreign policy.the president has one? is there any foreign policy success in the biden presidency. >> is pretty limited, they messed up afghanistan they got 13 americans killed in a bunch behind. they talk trite about china will see if the execute deliver on the greatest threat which is the chinese communist party. i saw the the other day he had it right from the risk from the united states and china help the execute and deliver on that. if they do get on them. stuart: you leave it to after november to decide on the presidential run? i believe that is the case. >> that is absolutely right.
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stuart: i knew what you would say. mr. secretary thank you for joining us always a pleasure. >> have a good weekend. >> the justice department launched an investigation into the pga the professional golf association. this is about the liberal golf tour. >> the time may be interesting as president biden is in route to saudi arabia because the department of justice launched this anti-probe into the pga they suspended players lib golf events. by their sovereign wealth fund pretty paste tens of million dollars of the players this raises questions about the athletes moral obligation but the argument only goes so far because look at the mba and china. if you're concerned about moral obligations about saudi arabia and human rights look what goes on in the mba. >> the brits sound just like bernie sanders the going to tax
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oil companies because of their so-called excessive profits and vigor be distributed the money the voters how is that going to work. >> it's not a done deal to 25% additional tax. the oil giant in the north sea will be taxed at 65% and some people say that's too low in more ways it's 80% this will bring in 5 - $6 billion a year through 2025 but in a sense the lawmakers are talking out of both sides of their mouth because of giving relief tax incentives for more drilling interim areas. the point how does this give consumers relief at the gas pump. stuart: it doesn't it's a gimmick. check the futures i see red ink for the dow but green for the nasdaq. the opening bell is next. ♪
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stuart: the market suggest the dow will be down 100, the dow will be up 50 points at the opening bell. mike murphy joins us now.
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i want you to tell you what is the next big thing that would move the market either up or down. what is it. >> aside from a geopolitical risk i think it's going to come from the fed the market is pricing extremely aggressive fed but i would argue they are going to step back a little bit and i don't think they're going to raise as much as the market is expecting and that will be a good thing and bring rates a little bit lower and that will be a good kickoff for a rally. stuart: you think the fed will pivot despite the pressure. >> i hope they will when they're trying to control the inflation look at prices of auto, prices at the pump is already coming under controlled, not because they raised interest rates but the simple laws of economics are coming into effect. i don't think they need to be as aggressive as they are mapping out and hopefully they stay data
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dependent and they don't overreact now would be a positive for the market. stuart: will beget the big tech and earnings reports rolling in next week about a people are expecting downward revisions especially on the call after they made their announcement with the prophet, downward revision. are you expecting? >> potentially. if you look this morning were heard from pepsi this morning and pepsi raise revenue guidance and they talked about ways. when you get your snacks from pepsi there could give you a smaller portion that's how they're dealing with the inflation the higher cost to make the product. they could give you less when you talk about companies like apple and microsoft they have been doing this for a very long time they're going to figure out how to continue to innovate and how to be profitable. i'm not concerned about the earnings i think after the pullbacks that we've seen in these companies decent to strong earnings are going to push stock prices higher. stuart: if we get one bad disappointed from a tech company does that upset the whole apple card. >> look at what amazon is had a big selloff recently. if amazon comes in line i would
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argue the market is pricing more negative news that could be a catalyst to push it higher. if someone blows up and misses earnings or says something that is outlandish it's going to hit the stock but the individual stocks are going to trade higher on their earnings and i expect a strong earnings season. >> they start next week and the following week after that. >> will be here talking with you. thank you very much indeed. it is exactly 930 eastern time it is tuesday morning and the trading has become we opened on the downside for the dow. up about 80 points very early going that is a quarter of 1% a large majority of the dow 30 and the bread. the s&p 500 also opening ever so slightly. i call that flat to lower and the nasdaq composite up one half percent. show me the big tech, do i see green, yes, i do, apple, amazon, microsoft, all on the upside.
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take a look at the retailers i asked to see those because it's amazon prime day susan is with us. >> instead of sales i would call the inventory sales week. inventory is the story don't you think according to sales. they contribute around a billion plastic amazon sales estimates range from 7 - 12000000000 for the two-day event and then you turn to target, macy's and tj maxx and every other retailer is getting on the discounting that walmart already said that they have excessive and inventory which they wish they could get rid of 20% or so and retailers are having horrific year were stay in worse quarter since 1987 for the walmart target et cetera. instead of sales are trying to get rid of the inventory as much as they can and they will call it sales but really it's a washout. stuart: consumers when on that one.
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discounting because i have a huge inventory. >> that's true with a high inflationary environment. stuart: i'm taking of the man or the woman on the street as opposed to the market we can capital. >> the average joe in the average american household. stuart: we don't often talk about the dollar but i think we should today because the value of one euro is almost the same as 1 dollar. that is an extraordinary collapse of the euro. does it make any difference to earnings? i think it's going to be a big deal and i think mike murphy will agree to that. you'll hear it over and over again from the earnings call microsoft early warning they will be short a billion or so because of the strong dollar effect. apple has talked about on the earnings call a strong dollar get especially with the large multinational global conglomerate. you reverse and bring back the overseas sales back to the u.s. currencies and you look at 20 year low for the euro in 2 - 3 decades low for the yen it will
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have a big impact. stuart: i miss those days. >> you saw the pound which by the ways upon 18 and also closed almost a decade plus lot. stuart: i should take a trip it's cheaper over there. >> anytime you want to go. stuart: okay. pepsi reported before the bell they are still snatching. they talk about currencies and inflation as well in their earnings better sales, better guidance as well. they raised the sales forecast for the year as consumers are willing to pay more for the doritos and gatorade bottles. they also said they haven't been able to pass on all of the inflationary pressure and the price increases to the consumer that means profit margins will be squeezing it'll be important for the earnings season as you mentioned. stuart: mike was talking about it, is that what they are actually doing when you get a bag of doritos and.
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>> i think everyone knows this is happening. you get that on the call were given a few ounces less of gatorade and chip bags are being sold for the same price and you're getting less of it. i think the second quarter and the road that they've hike their sales forecast. to me pepsico is going to continue this trend with company set up and able to pass on the inflationary cost of the consumers that you get rewarded in this market. stuart: the man on the streets getting less chips in the capitalist and the stocks going up. >> if i may we get government trying to get involved in telling a company like pepsico or apple that they get to tell them what to do better. pepsi is going to figure this out regardless of what inflation is doing or whatever the input cost are and apple is going to figure it out this is another case of a very well-run company putting up a solid quarter and how they're going to deal with the pressures and they don't need the body to administration. stuart: thank you mike.
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next up is gap, the ceo is not the stock is down 70% wells fargo says don't buy that stock. >> speaking of inventory, gas has a new interim ceo effective today the second high-level gas executive departure in the last three months, all navy seals left in april and are guiding a badly needed turnaround for sales to drop in the high single digits they lost more than $150 million in springtime in the blaming supply chain issues for messing up sizes and they have the wrong inventory to sell. stuart: can you show me american airlines, $13 a share. >> they just announced that we are backup about preparing to make levels. they said the spring sales will be up 12% from 2019. i find that incredible were looking at the highest oil prices since 2008 and about 70% of their outlay.
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despite much more prices and airport chaos american airlines is booking more now than they did in 2018. >> we need to bring up canoe it is a 70% in the premarket is electric van maker walmart ordered 4500 options to buy 10070% in the free market. i think he talked to the executive who was on the show. >> no memory but they are. thank you susan the white house is warning that tomorrow's inflation data is out of date rotate. >> there are a few important points to keep in mind when we get the backward looking data. june cpi data is out of date because energy prices have come down substantially. stuart: she has a point energy prices have come down substantially. larry kudlow will join you shortly. he has a cpi preview for us. are we preparing for a nuclear attack, watch this.
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stuart: doesn't that look great that is cocoa beach florida, that is part of florida space coast at 15 minute drive. nasa gave us a look deep into space this is the first picture from 13 billion years ago. >> the most detailed view of the universe from the webb space telescope. you could see thousands of galaxies in a tiny sliver this is a tiny sliver of the universe and the clusters act as many fine for the objects behind them. i did not want to do this but a good make this political. the new york times wrote this is a change for biden to engage directly with the event that inspires wonder and pride in american moment and is talking about this now what nasa is seeing a low approval rating read that is not me that is the new york times. >> it looks like the universe is intimate, not finite at all it
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just goes on and on. >> they got political, i'm sorry. stuart: that's okay politics is out for everybody. the white house is sued awarding consumer price index numbers, roll the tape. >> we expect the headline numbers which includes gas and food to be highly elevated mainly because gas prices were so elevated in june gas and food prices continue to be heavily impacted by the war in ukraine and there are a few important points, keep in mind when we get this backwards looking data first june cpi data is already out of date because of energy prices have come down substantially this month and are expected to fall further. stuart: i think agt has a point there because energy and commodity prices are indeed coming down. larry kudlow joins me do you think she has a point is that valid? >> she says a lot of things, as
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do the bidens. do i think it's a valid point i'm not at all sure. here's what i know. commodity prices had dipped about ten or 12%. if you look at the crv index which has about 20 commodities in it or you look at goldman sachs index, i went back, the crv futures is down 12%. but year on year it is up 36% and if you go back to the bottom in 2020 at the most threefold. the goldman sachs index, down at about a half percent and the last four or five weeks up 44% for the past year. i won't say this but since these commodities are falling there
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strengthening against the commodities and the dollar has strengthened a lot against weak foreign currencies, easy number for foreign currencies. i think that might hold down inflation some. i know on the dashboard into growth which some people think is important, i know i do it's not all important but growth is way down from the peak. the peak was 27% two years ago it's running about 6% year on year. it takes a year or two for that ticket can. all of this stuff monetary logs are long and variable that's what milton freedman told us. i am kind of underwhelmed right now i think inflation is still on red alert you may be off the top slightly. remember the feds target is 2%. if you could take one more dashboard the federal reserve consumer, new york fed survey of
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consumer finances, the one-year inflation expectation is 6.8% that is the one year. the three year is 3.6% and the five-year is 2.8. the reason i do the out years is because every single one of those readings is above the feds 2% target. that is the name of the game. i think we have a long tough hall on inflation. stuart: i see that coming. larry kudlow we will be watching you at 4:00 o'clock eastern this afternoon on fox business along with the rest of america i might add. we will see you again later. thank you a lot. you want to know how miami beach went from a swamp to america's winter playground? watch this. >> it was a nasty little island from a mosquito infested swamp
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to america's winter playground. he creates the mediterranean revere of the united states. >> the risk. >> they basically went belly up. >> the ruin. >> is catastrophic. >> the rescue she would chain herself to buildings. how they built and saved. miami beach. stuart: it's a great story tonight at american built on 8:30 p.m. eastern on fox business prime. coming up today on this program the decline of the american worth and her work ethic they wrote that now famous op-ed, is he calling americans lazy? i will ask him. why is the justice department doing something about the intimidation of supreme court justices. ted cruz is with us he will answer the question after this. ♪
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plan for america. what is going on here senator? >> unfortunately the biden white house is in chaos and crisis in one of the consequences that we are seeing the leader of mexico moving further and further left and moving more and anti-american posture and sadly driven there by joe biden. it says something when donald trump was president and obrador was willing to work with united states to secure southern border now that joe biden is president it is open borders and that chaos has inflicted on my home state of texas and the entire country it's continuing unabated because that's what the biden white house wants. stuart: texas is returning illegal migrants to the port of entry for the white house is not like that texas is using his own people to staff the board and administration listed with them. the administration will do anything to keep that border open, right.
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>> sadly that is the case we have never seen our nations history of president like joe biden who utterly refuses to enforce the law. i was not a fan of barack obama and barack obama stretch the bounds of the law. but he actually deported millions of illegal aliens. joe biden kamala harris had decided they will not follow the law. were seeing the highest rate of illegal immigration in decades and i've got to tell you this week and i'm taking several senators down to the border once again to see firsthand what is happening and see the chaos the last time i text editors i took 19 centers down there the last time we saw a dead body loading in the rio grande river we sell children packed into the joe biden cages. we saw the consequences of the crime and drugs and that no and disease. we saw the human misery of children who were physically and sexually assaulted by human traffickers and the response from joe biden kamala harris is more of the same.
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biden any year end half as president hasn't even been bothered to get down to the border to see firsthand the misery he is causing. >> i don't understand why the administration refuses to do anything. why do they keep the border open. i presume because they think they're getting at the hispanic vote and maybe their own left-wing but that's only reason i can think of is a political disaster for the democrats. >> i think it's a very political decision that they look at every illegal immigrant and they see a potential future democrat voter and i think many of them hope of potentially illegal voter who votes and helps them win election. one place it is backfiring horribly is in south texas. i'll make a prediction that i made before. i think in november south texas is going to turn red and that is historic. we do some lyra floor is elected from a district that runs south of san antonio all the way down to brownsville the southern tip
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of texas a district that has been represented by republican since 1871 in miro floor is a republican, hispanic woman is now the sitting member of congress. there are two other seats i think were going to come out of november with at least two and maybe three members of congress from south texas all republicans all hispanic women. i am supporting all three of them. it is because nobody who sees the chaos, the suffering that is being caused by joe biden and kamala harris. you cannot defend it and they refused to change. >> that would be historic i have 30 seconds can you tell us how your trying to get the administration to klemp down on the supreme court justices. >> i'm calling on merrick garland to follow the law it is against federal law to protest at the home of a judge why case is pending and yet the left, joe biden from the white house has
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been encouraging actively encouraging these protesters who are intimidating and threatening justices and someone with attempted murder attorney general merrick garland refuses to enforce the law in refuses to prosecute the violent drugs that mom violence furthers their political end. it is an absolute front to rule of law it is dangerous and it needs to stop. stuart: always a pleasure, thank you for being with us. still ahead today newt gingrich, brian kilmeade, charles payne, sean duffy. the 10:00 o'clock hour of varney is next. ♪
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stuart: it is 10:00 eastern. we have an interesting picture to show you. the dow is up 13, just turned south, all in the red, the dow, s&p, nasdaq and the red. look at the 2 year treasury yield, 3.04%, look at the 10
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year yield, 2. 90 one%, when the yield on the 2-year is above the yield on the 10 year, that is a recession indicator and look at oil all the way down, $97 a gallon, off $6, 6. 4%. bitcoin well below 20 grand, 19,700 to be precise. that is the market, now this. where is alexandria ocasio cortez. new york city is in an uproar over the murder charge laid on the bodega worker who stabbed and killed an attacker. not a word from aoc who represents part of new york city but loves bodegas. a couple years ago she tweeted there's nothing like walking into the bodega, and with everyone behind the counter. has chino feeling for the injustice done to mr.
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alba, the bodega worker? she is a big supporter of alvin bragg, the radical district attorney who stuck him with a murder charge in the first place. where is aoc when supreme court justices are being hunted down because of the abortion decision? she's locking them. after brett kavanaugh was run out of a restaurant she tweeted poor man, he left before the soufflé. the least they could do is let him eat cake. how funny. different from her instagram post about january 6th, she said i did not know if i was going to make it to the end of that day alive. perhaps she should show some empathy for brett kavanaugh but that is out of the question, radicals don't give a hoot for political morality, they are in for the power, they don't care who gets hurt.
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all right. i will calm down because where is aoc? >> the fact that aoc, not saying anything about the bodega worker, she promoted from justice reform. that is only for hardened terminals, people who are the aggressor. we have a bodega worker who uses self defense, they throw the book at him. why doesn't criminal justice reform apply to him like they wanted to apply to everyone else. if you are a good citizen, your criminal, you get off light. i don't want to be protested, don't want to go to the capital, that is fine, don't come to my home or do it in
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front of my kids, aoc didn't like it when january 6th protesters were protesting at the capital, her life felt threatened, she didn't like it but fine with justice kavanaugh having his life threatened? can't go out to eat and they will be protested, she seems fine with that. the double standard -- the left is doing this right now, aggressively protesting and using threats of violence. republicans use the same tactic. all these norms start to erode and you devolve into chaos and you can't have a system that devolves into chaos. you have to respect rules and laws and norms and you don't do that you don't see what is around the corner. of the one this is what the media is putting out, the cohosts of the view marked the incident where brett kavanaugh was forced out of a restaurant. here's the view. >> let me take out my little
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violin. not only were they peacefully protesting, they were protesting outside the restaurant and he never sophomore heard from them. that is so ridiculous to make this a big deal out of it. stuart: are we making too big a deal of this? >> all of us support the ability to protest. that is a great american right, i want everyone to do it but don't think you should be able to threaten justices or members of congress or the president and i don't think you should try to intimidate a justice. it is against the law to try to intimidate a justice of the court and the fact that the view doesn't point that out, lawyers on that panel. low information viewers on that network look to them for the truth and if you don't talk about the truth this is illegal under different standard for members of congress, president and different for supreme court justice because we don't want
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to influence them and the decisions they make they should land at out and this is why it is wrong and we don't want to this to happen to alana kagan or brett kavanaugh. stuart: that is a danger to our democracy of supreme court justices are intimidated that is threatening democracy. calm me down a little bit. >> you are looking handsome this morning. stuart: flattery will get you everywhere, you will see tomorrow. the administration facing fresh criticism for its handling of inflation and this time the criticism is coming from democrats. >> reporter: democrats in tight races running from the senate like lieutenant governor of pennsylvania john have urman -- federman who has been compared to bernie sanders, he says inflation is a problem and the president is not handling it out, gas prices are ready comes but also complains oil companies are too profitable
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was just the other democrat, mark kelly in arizona says you've got to produce more in the us. stuart: that contradicts the administration big time. a new report shows 87% of people are anxious about inflation. scott shellady, we have some bad cpi numbers coming out tomorrow but i have to repeat energy prices are down. commodity prices are down. the trend overall i think is down and i think that is a pretty good thing. what say you? >> we are at the cold phase of it, you see every day with crude oil prices, we corn beans, ultimately not very far in the future we will get a hot read tomorrow but you will see these things to overall little bit. problem is i don't think we will go much lower than we are now and you will see like we
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had a small business survey saying we will see inflation in the sixes this year. it will be sticky. 6% is really high. that is the problem. everyone has anxiety because what do we do? the fed raising interest rates, all these small businesses going through the roof and that's not a good thing so you've got to be worried about inflation to get on top of it you have to slow the economy and lots of things happen. stuart: if you keep going up 5%, 6% inflation at the consumer level there is no way the federal reserve can pivot and like knupp a little? no pivot? >> they will get more emboldened tomorrow, beating their chest because they feel they last credibility. they will overshoot because they lost credibility by overshooting again. that is the problem. we have a slow down and on top
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of that we have crazy things happening around the world giving people anxiety. i hear about it every day but in sri lanka he had the green new agenda they put out the bankrupt the country, the prime minister and president will resign, they are on about someplace and in holland with the dutch farmers and one third of the farms will go out of business between now and 2030, it was an edict, a mandate, that is something folks have to worry about because it is coming here. the slowdown in the economy, that -- stuart: did you know today is cow appreciation day. do you wear this on a plane? >> i have 20 shirts, i have
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them, never out every day, every month. stuart: what recognition do you get? >> it is good. if you don't have the cow thing on they look at you weird and think that they know you but as soon as you have the black and white on they come up and it is a lot of fun. i enjoy it. how can you not? who knows when it stops but i love every second of it. i asked their names. stuart: you are a good man, don't care what they say. see you again soon. some stocks are moving big time on the markets including service now. lauren: a digital workflow company. biggest decline or, the ceo
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said with a strong dollar and interest rates, and they will guide down better this month. that's the dollar -- stuart: it is being talked about on this program. it is so strong in the euro is so weak it is affecting it. lauren: a rise in the dollar 16% will translate to an 8% head went for second-quarter earnings. stuart: show me southwest airlines up 3.5%. lauren: susquehanna upgraded them to positive price target, 23% from here, pushing to corporate travel that will help their margins. we won stuart: jpmorgan? 's lauren: citigroup upgraded them to buy, investments looking for high-quality franchises and strong management teams and sound balance sheet in this environment which makes me wonder because jamie dimon
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spoke about this and said a hurricane is coming. stuart: jamie dimon said an economic hurricane is coming. lauren: one or cat5? stuart: power rankings project republik and will take control of the house in november, that could lead democrats cramming for power. former house speaker newt gingrich gives us his projection next hour. covid school closures turned some parenting to swing voters. they say democrats to ignore their pleas to reopen cannot longer count on their vote, the teachers union president randi weingarten claim schools are too politicized. former school board member erica donald takes it on next. ♪♪
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stuart: the cdc slam for how it tracks the spread of covert on planes. what is all about? lauren: there systems are too slow. took them too long to process passenger information. if you are exposed to someone who has covid on an airplane they couldn't let you know anything close to real time to prevent you potentially being infected and spreading it to others. stuart: have the school closures from covid made some parents change their politics? lauren: yes because the way your children are treated and schools being opened and what they are taught are issues for them. a lot of people are saying the school closures are a thing of the past, we can deal with this but that's not the case for parents who lived through these closures. >> didn't care about the science.
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it was more about teachers union and the respective use of the rest, to remain closed and that was driving it and kids were thrown under the bus. education should be prioritized for political donations. lauren: parents want accountability for decisions the prioritize the unions, you see it over and over, political power of the parent almost as a party. stuart: they stayed closed too long in my opinion. more of the teachers union facing backlash for complaining about schools becoming too politicized, randi weingarten, 9 of 10 respondents say schools are too politicized following a year of attacks, stoking culture wars and banning books for political gain. erica donald's is a former school board member and we think of her as an education
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expert, just to politicize the schools in the first place? >> we all know who that is, the teachers unions to give 90% of their political donations to democrats up and down the ballot whether it is on local school boards, county commissions, statehouses, and the governor's mansions all the way up to president biden, teachers unions have been the most political and politically active organization in the country and we saw that and the political influence they had, resulting in tremendous learning losses we are seeing out of studies now. blue one tremendous learning losses. i want to know who is to blame. i think it is the teachers union, randi weingarten in particular. what say you? >> she's the one who worked with the cdc on school
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closures, her own teachers union on twitter said opening schools would be racist and sexist, they were demonizing parents who wanted schools open after data showed and many states were showing it was safe to open schools and they continue to push school closures, put students out of in person learning and we see the result, parents know who is to blame, parents like us especially school choice advocates we were pushing for school openings, to continue their learning. >> youngsters, minority learners, that they are sometimes three or four years behind in their learning, that is extreme. is accurate? >> absolutely accurate.
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we see huge learning gaps between high poverty schools in urban communities and low poverty schools and the study that just came out of harvard showed during the pandemic the schools that were closed for the longest widened those gaps tremendously, those students lost almost half a year of learning because their schools were closed and they like to blame remote learning but remote learning is not the way to state this because kids were not learning remotely, they were not getting a full day's worth of activities to help them to continue to learn, they were not remote learning, they were not learning at all and have lost a tremendous amount of ground, the teachers unions are not willing to use additional funding district have to help students with additional time in the classroom. stuart: that is outrageous. i think we should do unionized public schools, don't expect
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that to happen. it would be an improvement. that's my point of view. we always rely on you to be the education expert. >> thank you for having me. stuart: first lady jill biden will headline the teachers union convention. >> american federation, first one in person since 2018. friday in boston, and randi weingarten and the first lady, a teacher is headlining it. just last week randi weingarten said the arrival of sub variant ba 5 should be a reminder that covid isn't over. i am so curious to see what the unions want in terms of keeping schools open should we have more variants, potentially more dangerous. of the one can you show some
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commitment to the kids? i'm going to move on before my head explodes. kanye west has got partnerships with gap and adidas, looking to expand his clothing empire with retail stores of his own. we will tell you what he plans, amazon prime day underway so how will amazon pharaohs shoppers you would record high inflation, joel storch, retail expert is next. ♪♪ ♪♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪
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stuart: let's run you through the markets. most are down, we have a 45 point gain, the nasdaq is down 50. look at the price of oil. it hit $96 earlier, it is $97 now, still down 6% or $6 a barrel, quite a come down. lauren is looking at the movers starting with apple which is a nice gain. lauren: lower trading prices indicate healthy demand. people are upgrading, looking at some numbers and said 1/4 of
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customers have older phones and willing to pay more in upgrades. stuart: i see microsoft as a mover and it is sharply lower. lauren: the biggest catalyst, morgan stanley lowering the price target. stuart: still looking for 354. lauren: when you look at their competitors they are likely to fare better than their peers in an economic downturn. earlier i told you about comments about the strong dollar, microsoft warned about the strong dollar so this might be a decline in sympathy. stuart: quite a selloff down 3%, big bucks, killing it. starbucks, what is the story there? amazon? lauren: starbucks pickup with amazon go technology. you order ahead on your phone, go in and walk out which is
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interesting because that is what i do in starbucks, amazon technology, my local starbucks, but having a second one with amazon. stuart: still on amazon, prime day is underway, lydia is at the amazon fulfillment center, giant operations, our sales expected to be higher than last year? >> reporter: yes they are. projections show 17% higher, they are expected to come in $7 billion this year. last year we saw $6.5 billion in sales. some of those sales happening in progress right here as packages come down, this conveyor belt in new jersey, this facility alone will ship 800,000 packages today, that's
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30% more than their volume. sales on prime day grow every year but this year we have rampant inflation to contend with. it's not clear whether that higher sales figures driven by consumer or goods just cost more with inflation but amazon's strategy is to offer more discounts on everyday products rather than big-ticket items. from devices to diapers we have deals, diapers and wipes are 30% off so we are encouraging people to make sure they are looking at those everyday items, toilet paper, toothpaste, not just about these big-ticket items. stuart: >> reporter: although predictions show inflation will impact consumer spending a survey shows consumers spend
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$600 on prime day, this year showing they will pull back spending, $388, amazon is not just competing or competing with inflation, there are other retailers trying to get a slice of the pie, target, bed, bath, and beyond offering sales, walmart offering discounts on thousands of products, it's not a question of where can consumers spend their money, this is a test of when they spend money right now. stuart: thanks very much. darrell staunch is with me, retail expert who has not been on this program for so long, i will let you off the hook. i think of prime day as a kind of consumer indicator. will be see consumers spending less this prime day than last year? >> it may not grow as higher
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rate as past years. i think consumers are plain exhausted with all the discounting given the amount of inventory in the system. the second reason is inflation and consumer confidence, we are in a challenge environment, the king and queen of e-commerce to find. stuart: why are inventories building up? some supply chain problems have been fixed, getting more stuff out of china? why are inventory levels so high? >> that they would not get it into the country for the holidays so they order too much of everything, consumers didn't want it, changed priorities towards going out, home goods and stuff like that, nobody
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wants it, second reason is there's a consumer slow down on the way, it is an terrible yet, not like we are in a consumer recession, i am afraid we will be given the overall micro condition, consumer slow down, too much of things they don't want, they will get ready for the following we have a good fall for strong retailers but we will see retailers suffer, no longer in an environment which almost rises. stuart: the consumer was not showing weakness at costco. same-store sales went up 20%, what is costco doing that is really cool and good? >> retail is retail but what a spectacular is they spend very little consumer dollar on cost of earning a retailer so most of what you get is what you pay for so the money or spending goes to the product, least
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offensive place to buy anything, a longer supply, it will be least expensive place so the ultimate value retailer at a time when value is king, before the pandemic during the pandemic and after the pandemic, a lot of food given inflation and the low-price, and they sell gasoline so if you are concerned what is going on with inflation they are spectacularly set up in this environment. stuart: cosco spectacular, amazon king and queen of retailing, clearly you like amazon and costco, so do i. back soon, don't be a stranger please. now this. kanye west fired a trademark application for physical retail stores. what is he going to sell?
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>> according to the filing, plans to offer t-shirts, dress shirts, sweatshirts, dresses, jeans, beachwear, footwear and physical stores and online. partnerships with gap, back in june of last year, first offering a gap which was a blue puffer jacket, applied for a wide variety of goods, everything under the sun, the user was valued $3.2 billion-$7 billion, west himself a mere $2 billion. stuart: i call that successful. a former business owner turned congressional candidate sounds the alarm over new york city's homeless problem saying if we don't fix it soon more new
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yorkers will abandon the city. is a democrat. brian robinson joins me next hour. it will cost you a lot more, restaurant owners say they can no longer reach, the rising cost of their products, connell mcshane has the story after this. ♪♪ >> tech: when you have auto glass damage, trust safelite. in one easy appointment... ♪ pop rock music ♪ >> tech: ...we can replace your windshield and recalibrate your advanced safety system. >> dad: looks great. thanks. >> tech: stay safe with safelite. schedule now. >> singers: ♪ safelite repair, safelite replace. ♪
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like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq stuart: the folks who supply restaurants say they can no longer afford the rising cost of their product which will be cast to consumers. connell mcshane is in mississippi. any sign these concerns are close to peeking? >> we are not seeing peak
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inflation argument on the small business level in the businesses we've been speaking to. the point about vendors, that is a reason that is a relatively new one and i will come back to the bakery where i am standing and talk about it, a place called sunrise, son sunrise fresh distributes produce to retail locations like this and to schools and businesses. the regional manager is telling us he held out on raising prices as long as possible but couldn't avoid it because of how cycles work in his business. >> you have to replace that stock at a higher price point, it gets to where you have to make move to pass that on to the consumer. >> reporter: is consumers here where we are today, one of
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three jackson area restaurants, jeff good passed along three price increases of his own in the last we ate months. >> we have a thing called food costs, percentage of how much it costs to put food on the plate versus what you are accustomed 4. the standard is 35% you are in trouble so when we hit 37% we go make sure we are not doing anything wrong. if it is becomes an invoice we need to increase prices. >> reporter: he's doing it at his pizza place, same formula at all three locations. prices go up, his prices go up and when you put it together it makes sense we heard in a new survey, small business sentiment survey found fewer small business owners than ever before are looking 6 months
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from now and thinking their business conditions will improve, top concern is inflation. stuart: that is quite a statistic. look at this. it is an op-ed. the decline of the american work ethic will exacerbate the oncoming recession. andy pdzner joined me now, are you saying america is getting lazy? >> the work ethic has changed since the pandemic began. talk to anyone who runs a business, any of the restaurant owners, go to their local restaurant or grocery store, anyplace that employs people and it's difficult to get younger workers, to get them to work difficult shifts, weekends, and we had a real switch towards a dependence on
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government programs and less on individual initiative. that has to turn around and that has to come from the top, the biden administration or whoever is next. stuart: is this a generational issue, youngsters and millennial to have less enthusiasm? >> if you talk to people in the business community that is what you hear and at various levels of employment, people in different age groups more dependent on government largesse. there was a big switch during the pandemic when people were dependent, people will get used to that. we have a great economy but we are seeing a change in the work ethic and a change in the work ethic could have a devastating impact on every small business in the country. stuart: quick question on the 4-day workweek, some companies
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are moving to four days a week and others stick with five days. do you think if you work 5 days a week you should earn more than the person working four days at the same job? >> absolutely. it can't continue, businesses can't continue where they are competing with people who are paid more to work 4 days a week, the same amount as people working 5 days a week. someone talking about commodity costs, what people don't understand about small businesses, normally commodity cost problems or utilities will go up, right now everything is going up and labor is a huge part of that and if you pay people the same to work 4 days a week as 5, prices go through the roof. stuart: you made quite an
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impact, everybody read that. there's a new scam targeting restaurant owners. does this have to do with restaurant ratings? ashley: it does, restaurant owners from new york to san francisco received a blitz of one times ratings on google with no descriptions from people who had never eaten at their restaurants, then here comes the scam. many owners receive e-mails from a person claiming response ability and requesting $75 google play gift card to remove the ratings. if payment is not received the message says more bad ratings will follow. the email says the sender lives in india and the resale value of the gift card could provide several weeks of income for the sender's family. restaurant owners should contact local police department and the fbi. google says the platform is
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investigating and began removing reviews that violate its policies. i would call that a major violation. stuart: tiger woods just weighed in on the pga controversy. we will tell you what he is saying next. ♪♪ ♪♪ felt overwhelming at times. but i never just found my way, i made it. so when i finished active therapy, i kept moving forward and did everything i could to protect myself from recurrence. verzenio is the first treatment in over 15 years to reduce the risk of recurrence for adults with hr-positive, her2-negative, node-positive, early breast cancer with a high chance of returning, as determined by your doctor when added to hormone therapy. hormone therapy works outside the cell while verzenio
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stuart: mixed picture on the markets, dow is up 40, nasdaq down 58, not much movement in stock prices today. it is 10:51. brian kilmeade is here. tiger woods spoke out on the live golf controversy. >> players who have chosen to go to live and the play, to play there, i disagree with it. i think what they have done, they turned their back to get
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to this position. stuart: there is a huge division in the world of golf, not looking good. >> from the players perspective, free agency, nfl was challenged by the wf l, the open market, this live tournament they feel, the pgas had too much power in terms of qualifications and things like that. what happens is the second time greg norman headed up an effort, give an alternative, the pga responded by uping prize money and changing things that bother the players, the free market has worked but tiger woods points out they give big appearance fees. where is the incentive to win? if you don't make the cut you
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make less money, huge appearance fees and play one less day, one less round, dustin johnson, sergio garcia. they want to play in those tournaments and play in the majors. can you play the u.s. open, the pga and the masters and play with the world league? that will go be that will be key. they are looking at the pga to investigate the monopoly, if other leagues, the stuart varney golf league could start tomorrow. is the pga allowing that to happen? stuart: i take your point entirely, the justice department could go after the pga and loosen up negotiations to get both these leagues going properly.
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i want to turn to alexandria ocasio cortez. she's used a number of bodegas as photo ops but is silent on the bodega owner who killed his attacker now being charged with murder. where is aoc? >> you have mayor adams, african-american mayor of new york city, democrat, saying i'm with the owner. that gave her cover if she wanted to say there have been 350 robberies this year, substantially from last year of bodegas. don't know why they keep hitting them up but people steal stuff, go to jail and come back out because no one stays in jail in new york anymore and this one could have been deadly, the worker, deadly for the gangster. he ends up dead, perfect time for her to say stop picking on the minority community and
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protecting them and she never does, no courage there. of the one i stole your idea. i said what would have happened to this bodega owner and the criminal if there was no videotape? i picked up what you said last week because you are quite right. if there was no tape that bodega guy would be in prison the rest of his life and the guy who did the muscling would be a hero. you are right on this. >> the tape revealed you see the guy get knifed even though the woman who started this because her ebt card was empty, some of the cards, and you're going to be in trouble, used to different term, he comes back a career criminal and starts threatening and you see more of the tape. normally was he threatened, he gets behind the counter, that is insignificant. then you see him say i don't
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want any trouble, that is significant. then you see him try to get by the guy and get out of the way. could have grabbed the register and he would not let him by, strike one, strike 2, strike 3, me or you and you are going to die. stuart: alvin bragg has got to go. still ahead, former house speaker newt gingrich, retired brigadier general mark kimmitt, congressional candidate brian robinson and charles payne. press secretary karine jean-pierre says the president doesn't follow the polls, with biden's numbers in the tank and falling, democrat desperation in the air, that is "my take" and it is next. ♪♪ ♪♪
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higher. >> i'm underwhelmed, inflation is on red alert. >> now the joe biden is president it is open borders and the chaos inflicted on my home state of texas and the entire country is continuing unabated because that is what the biden white house wants. ♪♪ stuart: good morning james brown, 11:00 eastern, mostly down, but the gain is 87 points. show me the 10 year treasury, yields down 2.92%. the significance is over 3%, the 2 year yield above the 10
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year yield indicates recession. big tech mostly higher but amazon and microsoft on the dow side, huge loss down $7, 2.7%. the price of oil is down $7 a barrel, $96.49. now this. press secretary karine jean-pierre says the president doesn't follow the polls but democrats surely do. with biden's numbers in the taken falling, democrat desperation in the air. the new york times, michelle goldberg dismisses president biden is too old, i hope he doesn't run again, she says. who do you have? who will carry a democrat flag in 24? there is no support for kamala harris, democrat dismiss her for poor performance. pete buttigieg, can't see it, airport chaos and supply
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problems. amy klobuchar is on the list but didn't do well in the 2020 primaries and got bad publicity for rough treatment of her age. california governor gavin newsom, no way. a liberal who's state has the highest taxes and highest property rate, crime, $6 gas, not going to get much support from the rest of the country now, is it? a democrat billionaire governor in illinois, they are pushing him because he made a strong response to the july 4th mass shooting, his status hemorrhaging people and is kept afloat by handouts from washington. roy cooper, governor of north carolina would be an uphill struggle, no name recognition. senator sherrod brown, democrat from ohio, maybe if you ignore his far left positions which no longer reflect the nation's mood. hillary clinton, i'm sure she would jump at the chance but i
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can't see democrats given her that chance, she will be 77 in 2024. bernie sanders, not a prayer. in 2,000 what he democrats move fast to get him off the presidential ticket because they knew a socialist couldn't win. he couldn't win in 2024 either. at it up and there is one inescapable conclusion, democrats have no bench. that gives opportunity to up and comers jumping into the vacuum but at this moment are nowhere in sight. it is a republicans race to lose, third hour of varney continues. ♪♪ stuart: i need help. newt gingrich is here to help me. who is the democrat front runner in your opinion now for 2024? >> i'm not sure they have a front runner.
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if we had this conversation at this point in 2,014 and i said do you donald trump will be the nominee you would have thought i was crazy. you can't look this far out, you could have a celebrity star decide to run. if you look at the remarkable achievement of top trish: rick, he might be the democratic candidate. this is a wide open world, and i think gavin newsom is automatically dangerous, he has the fundraising capability, governor of california, and he's not that bad, you and i think he is nuts but he must be normal. inside their party he might do
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very well and then be crushed in the general. stuart: i can handle fat. fox news power rankings project republicans will take control of the house in november by at least we 7 seats, probably more. what is your prediction for the number of seats gained by republicans this november? >> 25-7. you can't have the highest gas prices in history, rising murder rate, rising food crisis, open border, look through the different things that are going wrong, try to figure out how democrats come back to that and they want to campaign on, they completely misread, what happened in the democratic party is it has become essentially a religious cult which they get in a room and talk to themselves. let me give you an example.
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substantial majority of americans favor some limitation on abortion. hardline democrats believe abortion on the last bay ted by the taxpayers perfectly reasonable. they want to wage the fight on abortion at least they say they do they will be in a 35% minority. and you get this again and again. the elitist environmental groups want high gasoline prices, they want to tell people we are going to sacrifice your life, your income your family future on some theoretical model while the average american thinks that's nuts. so there is a pretty good chance i saw kevin mccarthy posted a record fundraising for the second quarter, i think republicans will go into the general election in the house and senate in pretty good shape. i think you are never guaranteed in politics but they are virtually guaranteed and
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more than reasonable likelihood in the senate. stuart: you have a new book out called defeated big government socialism, saving america's future. is it out today? >> it came out this morning and doing very well. i wrote it because this was a remarkable moment to make the case all these things that had gone wrong because the left is wrong, not because biden is too older kamala harris is weird, not because pelosi and schumer are beyond it but what they believe is wrong. ronald reagan used to say it wasn't what liberals didn't understand, what they knew wasn't true and what you have is a chance not just to defeat the candidates but to defeat the basic ideas which from lyndon johnson to jimmy carter to barack obama to joe biden have consistently come back to
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democrat party and the ideas we have to defeat, to ensure for the next few generations, having the same fight again. stuart: i've not received my free copy but i'm sure it is in the mail and i will read it and review it and it will be positive. thanks for being with us. i appreciate it. back to the markets, the dow is up 80 and the nasdaq is down 13 points. we have charles payne to explain what will happen with cpi numbers. we are looking at 8.8% year on year. is that the peak? charles: we are peaking. at the end of the day, for people who feel more speculative types, you may want to buy some technology names into the closing bell for that number and the nasdaq, you mentioned microsoft being down, nasdaq was poised to have the
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rest session and the service, some negative comments, they were cautionary but the stock got hammered and it took the nasdaq with it, that underscores how nervous we are as investors but those are the opportunities so obviously it is a nervous market, very anxious but we are building the worst case scenario, anything less will be applauded. stuart: what sectors of the market? give me some sectors that have to rally to lift this markets to move up? charles: mega caps have to take leadership. the notion on wall street, there will be new leadership in 10 years but for right now they compromise too large a portion of the market and they are the growers, monster competes, execution is are markable, apple makes $280 million a day.
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when i hear folks say their day is over, who will replace them, those names have to do well, there's a stealth rally, the most beaten up stuff, biotech made a run, they are making major speculation but -- stuart: if i have a one year time horizon and what i be okay in a years time? stuart: charles: you would be fantastic. i have been doing a lot of work, giving a speech on thursday, the modern monetary theory, janet yellen is an architect of that, big government socialism the newt gingrich is talking about not only has the idea fail but we tried it in real life, free money, stimulus, we are suffering in real life.
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people have an opportunity. stuart: if you are not careful i will show up at that speech. you have a town hall, inflation in america, live audience, viewers send their questions to the driver, got to show you some videotape. the driver on the left switched nozzles at a gas pumping on you making the other driver pay for his gas. we will show you more of that. what a cheat, clever butter cheat. former limbic volleyball player, by homeless man. a year ago brian robinson chased a homeless man who followed his wife and family in
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manhattan, today running for congress to fix the homeless problem. brian is next. ♪♪ , a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank.
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stuart: more video released from the bodega stabbing, the uproar is giving fresh details on what exactly happened in that bodega. the latest please. >> he was assaulted by the
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attacker, aston simon, and his girlfriend. the video shows alba fatally stabbing simon as he stabbed him behind the counter but his girlfriend stabbing the store clerk in the arm. the story is the girlfriend reportedly been in the store earlier but her benefit payment card was declined when she tried to pay for a bag of chips. the clerk took the chips from the girlfriend's door which led to a heated argument and not long after that, to confront alvarez who is facing the second ° murder charge, the bodega worker broke his silence, he has apologized to the victim's family saying he is very sad over the whole ordeal. stuart: my next guest owned a small business in new york city but after witnessing rampant crime and homelessness decided to sell the business and run for congress.
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that man is brian robinson who joins me now. you are going after the homeless problem in particular. what is your solution? >> we have $3 billion being spent on the homeless industrial complex and ever since the mayorship was taken 6 years ago that number has doubled, the population homelessness has doubled and i want to know why violent crime is so rampant. we are in the middle of a crescendo of violence right now. just when i hope it will end it doesn't end. we need federal oversight homeless shelters that have no way of distant wishing who was involved in the criminal justice system and who is a homeless person who is harmless and wouldn't hurt a fly and this is how we solve one component of the crisis.
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stuart: why are you running as a democrat? i don't think public safety is a partisan issue. i think everybody wants to wake up, go to work, be on the subway and not worry about getting stabbed. i'm a jewish guy and hate crimes are through the roof, violence up 400% year to date, in chinatown it is really bad. lgbt community, people are getting attacked, mentally ill crisis we are not responding to but only enabling. stuart: do you think here in new york city we reached a tipping point? referring to the bodega attacks, the man is attacked in a bodega, stabs his attacker, charged with murder, goes to rikers island, stab wounds are infected, awful situation, there's uproar in the city, could that be a tipping point? >> i hope so. if there's a better
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encapsulation of the air rationality in this city when it comes to responding to public safety it is this. this man was assaulted. he was fearing for his life, tried to get away and he did as a last resort because he wanted to preserve his life, did what he had to do. doubt that -- how does he end up in rikers? stuart: shirley you can use this in your campaign. >> i don't need to use it. out and brag needs to be removed. stuart: far be it from me to give political advice to a democrat but there you go. the first to appear in a long time. great to see you. come back soon. former olympic volleyball player kim glass reveal she was attacked by homeless man in los angeles. take me through this story.
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ashley: a horrible story. glass was attacked as she was saying goodbye to a friend after having lunch in downtown la. >> homeless man ran up with something in his hand. before i knew it, a big metal bolt hit me. ashley: the damage was done. police took him into custody. he's held without bail hitting assault with a deadly weapon, the homeless crisis is creating a political firestorm and the city's top prosecutor is facing a recall effort accused of being soft on crime. violent crime in los angeles is increased 8% while total arrests have decreased by 12%.
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stuart: san francisco has a new district attorney, brooke jenkins, she quit last year to work on his recall, held her first staff meeting. how did it go? ashley: reportedly not well. jenkins held a staff meeting with 25 senior staffers where she ordered them to review places where pleas to reconsider and warn of a possible reshuffling of the office, workers described the meeting is horrible, icy, uncomfortable and at times quite insane. jenkins had quit bodine's office because he refused to prosecute serious crimes which propped her to lead his recall effort. he was booted on june 7th, jenkins said he was too rigid, a limited cash bail for defendant and declared minors could not be tried as adults no matter how serious the crime.
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what a mess. stuart: new york city launched a new public service announcement about surviving are nuclear attack. tell me more about this. ashley: it is unclear what prompted the timing of the campaign. a one. 5 minute psa outlining steps new yorkers can take despite the low likelihood of such a catastrophic event, advising people to take several actions in the event of a nuclear incident including getting inside, staying away from the windows, closing all doors and moving to a basement if possible. the spot ends on a more chipper note stating you've got this. how bizarre, new york's emergency management office says it is important new yorkers no preparations are in place for any imminent threat and providing resources needed to stay safe and informed. stuart: i am leaving it right there.
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ashley: please do. stuart: george washington high school spend half $1 million to remove a mural of the first president, those funds were marked for school improvement. we will be all over that. deroy murdoch's with us saying his sister is using crc to holdback black students. he is here to explain next. ♪♪ ♪♪ nothings going to stop us now ♪♪ like many families, the auburns value time spent together. to share wisdom... i got some of my gold before i came to this country.
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stuart: the market shows some green, the dow is up 120, nasdaq up, not bad. why don't you look at the travel stocks? >> the s&p is making higher sales, they made higher sales this spring before covid 2019, 12% more according to american airlines despite the highest
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oil prices we have seen since 2,008 and jet fuel accounts for 70% of airline costs, that airlines were able to cover the costs, more people are traveling, positive for the sector and boeing is up 6% today. that is pretty incredible. stuart: extraordinary. you are our expert on the electric vehicle market. what do you have today? lauren: the electric vanmake a canoe is up 70% on walmart and an order of 4500 with an option to buy 10,000 more. canoe trades overseas but you've interviewed the ceo before. once the world's largest retailer is buying some of your vehicles that is comparable to the rivien order from amazon.
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stuart: they look different. i kind of like it. susan: a car buyer in the future. lawrence jones has a new ceo after filling their ohio plant, they assemble iphones and ipads and have gotten into a joint merger together, 1/4 of $1 billion for the ohio plant. warren buffett, did you hear this? warren buffett might be cashing out of his investment which we reported had 600,000 in the first half of this year including plug-ins and hybrids where tesla has a pure electric play. of the one why is warren buffett pulling out? susan: you see a peak in the company itself. blue and taking his money and running. susan: people are trying to
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figure out where they are coming from. stuart: see you again soon. i have a headline for you worth reading, what critical race theory has rot in la schools. deroy murdoch, give me a report on the effects of crt in los angeles schools, holding black kids back, is that the story? >> that is the story. i grew up in los angeles, la city schools through 12th grade. i was told do your homework, perform in class, study, focus and you could succeed. that's a different story. training for teachers on -- teachers and staff coming in and being instructed to tell students things like hard work and focus on success and individualism are aspects of
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whiteness, white supremacy, what this says is you are not going to make it, prepare yourself, you will be held down by the man essentially and if you make it through hard work and your own personal effort teachers are supposed to push back, people like oprah winfrey, enormously successful entrepreneur were $3.2 million, neil degrasse tyson of the hayden planetarium, barack obama did pretty well and they are all black folks who work hard and succeeded as a consequence. the idea of crt holding black kids down. stuart: you don't have to go to the obamas of the world, you go around the corner to the guy who may be black and managing the burger king or clothing store and he or she got there because they go to work on
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time, stone cold sober, put in hard work and effort and climb the food chain. isn't that the american way, to teach the opposite is awful. >> it is terrible. i give you examples of famous superwealthy people, you could have someone who runs a supermarket or dentist or person who is a truck driver for ups making $125,000 a year, not famous but these people are doing well, serving as an example of communities and rather than applaud and encourage that you have creek race theory people saying if you think that way you are advancing white supremacy. this is sick and twisted and critical race theory people are doing is doing work for the ku klux klan, holding people down so the kkk doesn't have to. stuart: permanent victimhood is not a good platform. that's very meaningful report you delivered and we appreciate it, see you soon. then there is this.
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san francisco spend s half $1 million to change a mural depicting george washington. why did they do that and where is the money coming from to do this? ashley: for legal fees, legal battle over the decision to cover up a mural of george washington at a city high school, the school board claims the washington painting is offensive and demeaning to native americans and african-americans, the decision was immediately opposed by a school alumni association who filed a lawsuit that was eventually settled on the district agreed to pay $345,000 plus $180,000 to its own lawyers. a citizens oversight committee says the money to settle the suit earmarked for sure facility improvements, san francisco school board has been under fire with parents and
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organizers holding a recall election that managed to oust three democrat members of the board over claims they were prioritizing woke politics over priority learning. stuart: more for you. one state included non-binary options for preschool students looking to transfer schools, tell me where this is happening. ashley: the oklahoma where two agencies are blaming bureaucratic oversight for inclusion of a non-binary option for preschoolers looking to transfer schools. the state department of education in the office and the office of enterprise management services pointing the finger at each other for this, the non-binary option went live for 24 hours on the school website before it was quickly removed but has drawn a sharp rebuke from republican governor kevin steak who says we band the non-binary label for state birth certificates,
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the non-binary option has been replaced by an unknown option. stuart: thank you. you say this is exactly right. it has been almost a year since truly botched afghan exit. seems like president biden's trip to the middle east is in the shadow of that botched et cetera. is the us regarded as a reliable ally? we will take on, the president blamed pruden and big oil for high gas prices, then gas station owners, now those owners are firing back but we have that report next. ♪♪
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stuart: president biden blamed pruden and big oil for soaring gas prices, then turned blame on the gas station owners. hillary vaughan on capitol hill. i gas station owners firing back in any way at this charge? >> they are but president biden asked in november to look into price gouging at the pump saying there is mounting evidence that that is happening in this is potentially illegal behavior but it has been 6-month in the sec has not really seventh the price gouging is happening at the pump but still the president and democrats on capitol hill insist businesses are to blame for high prices but oil producers and gas station operators say they are not to blame. the executive vice president of one of the largest independent oil companies show us their prices are going up in a big
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way, we are facing inflationary challenges, it may seem there are record profits and record prices from steel to labor costs. senator warren says it can be part of the problem driving high prices. it called for, quote, badgering gas stations to get prices down. i asked warren if she wants to see what badgering would look like. >> protested gas stations -- >> we need markets that were, to hear back from consumers. people don't have to yield, they can say this is a serious problem and they want to understand why it is the price is coming down for wholesale oil and staying high at the gas pump. the right question to ask. >> 80% of gas sold in the us is sold by convenience stores, mom
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and pop shops, gas stations make on average $0.15 a gallon, they are telling me it can be even less saying over the course of the past 5 years factoring in ups and downs, the retail market has averaged less than $0.30 a gallon and with credit card fees stations make $0.10 a gallon selling gas and even gas stations selling gas at a loss which is why when the price of oil drops down prices don't go down because they are trying to make up for losses they had when the price of oil shot up. stuart: i'm not sure senator warren understands that logic but it was an interesting interview. on a related gas story, a driver of a mercedes is caught swapping nozzles at a gas station.
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the driver parked on the opposite side, paid for his fuel, the guy on the other side paid for the other guy's fuel, how does it work? ashley: it happened at a gas station in roseville near sacramento, the video shows the driver of a black mercedes switching nozzles walking in between the pumps with no other cars around, goes back to his vehicle and wait for the next person to pull up to the pump, to take the bait and not noticing the scam, the driver fills up his car with the wrong nozzle, the suspect hangs out to check everything is okay and pretends to be filling his own car. jesus. the exact amount he ended up paying is unclear, the suspect is not being caught but police are advising people to check where hoses that the pumps are connected to before filling up their tanks. it is sneaky.
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stuart: that is a sneaky thing to do. us intelligence, iran will provide drones to russia for use in ukraine. is this iran's response to president biden's trip to the middle east? we will get into that next. finding my way forward with node-positive breast cancer
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stuart: president biden arrives in israel, what is the president looking to accomplish on this trip? >> the president is going to reconnect, this is a reconnection tour, countries that drifted away from the united states according to the white house and national security advisor. the first stop in jerusalem where the president will meet the israeli prime minister when internal politics is tenuous. then the president will go to the west bank and meet the leader of the palestinians in the west bank, at the end of the week he goes to saudi
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arabia, that leg overshadowing what happened here, the white house trying to connect the two trips. >> my hope and expectation as we look at the future we can facilitate israel deeper across the board. with intensive work that could be done in the course of this trip. >> reporter: no mention of the elephant in the room, the visit to saudi arabia comes when we need oil prices to come down, he faces near record high gas prices in the us and falling poll numbers, the former secretary of state, says this is not a good look. >> to beg the saudis for energy we could produce at home, simplest way to get more energy for the world is permitting and drilling in the united states and building the infrastructure pipelines that america is going
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to need in the world is going to need. >> reporter: john kirby said they will talk about energy security with the saudi king, and we know that is what the white house would like to see. stuart: us intelligence reveals iran will provide drones to russia for them to use in ukraine. >> the uranian government is preparing to provide russia with several hundred uabs and iran is preparing to train russian forces to use these uabs. this is one example of how russia is looking to countries like iran for capabilities that are being used to attack saudi arabia. stuart: mark kennett joins me now. is this iran's response to the
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president's visit? i know that vladimir putin is visiting iran very soon. >> i think it is. is an outrage to russia before president putin shows up to demonstrate he's willing to support what is happening in ukraine at all. and i think the release of this information is meant to encourage our soon to be allies to work with both themselves and his real to put together this middle east missile collective demonstrating that iran remains a threat. stuart: next month marks the one year since that botched afghan exit, seems like president biden's trip to the middle east is in the shadow of that botched exit. are we considered a reliable ally? >> i don't think we are at the political level. president biden is going to
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demonstrate the we can be an ally but it is important to note the reliability is not based on what is happening in washington dc, but probably the best ambassador we have to the middle east is the central command commander who spends most of his time in that region. military of those regions see him as reliable. as long as we have a good central command commander, we have reliable allies. stuart: on that note we understand american troops, leading isis leader in syria, that news coming across the wires. i call that a military success in the middle east, maybe diplomacy is not going so well. would you agree with that? >> the military has this
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unblinking eye of the region constantly trying to continue this fight against al qaeda, isis and other threats so as i said as long as the military is on the job doing their job i feel comfortable that they cannot only address the military threats but also the reliability concerns. stuart: good to hear that. thanks for joining us, always appreciate it. 11:55, the tuesday trivia question, really good one. what is the median age in the united states? that means half are older, half are younger? what's the median age? 35, 48, 41, 44, cf ash knows the answer after this.
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♪. stuart: you know, i really thought this was a very good question. i don't know where the producers come up with these things but this is good. what is the median age in the united states? is it 35, 38, 41, 44? you want to guess, ashley? >> you know i thought it was between 38 and 41. i will go with 41, number three. stuart: that is what i thought. you're looking at median. half are older, the half are younger. the answer is 38. 38. how about that? 35 was the median age in 2000. utah is the youngest state with
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median age of 31. where do i think the old e is, ash, where do you think is the oldest? >> i saw it on the prompter. maine. stuart: at least you're honest. the median is 44 there and 31 in utah. i find that absolutely fascinating. demographics, remarkable stuff. ash, thanks for all the help. 12 noon, here is neil. it is yours, sir. neil: stuart, thank you very much. we have a bit of a buy going on corner of wall and broad at least for the dow. the slip-sliding energy prices powwow president of the united states with his mexican counterpart where president obrador seemingly ribbing the president to bring down gas prices here because a lot of americanses are going south of the border to go get their gas. we're all over of with former new mexico governor susana martinez, the tense relationship


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