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tv   Varney Company  FOX Business  December 19, 2023 10:00am-11:00am EST

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>> dan and shay, good morning, everyone. it is 10:00 eastern time. ivan david asman interest to what varney, things are improving, we are in the green as we open, now the dow is doing very well, not extremely, not excessively but all the indices are up 1/4 of one%. the s&p is up 11 in the nasdaq is up 38. oil, let's see what's happening with oil, it is trading down, that's the 10 year treasury yield, 10 year treasury yield is down 3.5 basis points now at 3. 89.
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where do we go next, there is oil up more than a percentage point, $0.81 to $73.28 a barrel. we have bitcoin, 313. it was up earlier, following yesterday's lead downward at 42,288, historically on a higher note. former obama campaign manager jim messina doesn't think a third-party candidate has a chance of winning in 2024. watch this. >> any pretensions that any third party has a chance is completely bs. who do they take votes away from, we can't have a third-party candidate taking away votes. it's a silly idea run by people who want to make money off of politics. my message to voters is wake up and realize you don't want to throw your vote away.
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david: jason chafe its joins me now. does this hurt biden? >> it hurts biden more than anybody else. one of the smartest minds of politics, i don't think there's a third-party candidate that has the dynamism to go out and win but will they be a spoiler? they could. in this case the only one upfront out there is mister kennedy. kennedy would pool votes clearly from the biden side, he's more liberal, has been a democrat his whole life, don't doesn't find room in the democratic party. david: i will push back a little bit because i do know some libertarians who have voted conservative who find rfk appealing particularly because of what he said during the pandemic on individual freedom. >> she does appeal to some libertarians but if you go past the first layer you find out there's a reason he's a
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massachusetts democrat. that will be less appealing as they look at his record and belief system. david: he loves the green new deal and would probably do more than president biden is doing. governor ron desantis brushing off concerns about his campaign after the main strategist at the never back down super pac resigned over the weekend. the super pac is a major supporter of desantis's but is this another nail in the campaign? >> i don't think so. i don't think anyone is voting for or against a candidate based on the super pac chairman. candidates cannot interact with a super pac, they are more than arms length, can't have a discussion with that person at that time. ron desantis has put everything into i/o. he's been in 99 counties. we will see if that pays off. if the right relationships there.
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he will do pretty well in iowa. that's the first take on it. the super pac chairman, i don't know. it is a political story but i don't think there's a single person in iowa who will switch their vote. david: i wonder if the enthusiasm in the desantis campaign is diminishing and that might give us a foretaste of what is to come. >> hard to tell. if you are going to be the super pac chairman, you will be putting a lot of money. internal strife about where they spend their money or advertise. don't know the dynamics behind it. david: haley in new hampshire, people were surprised to see how well she was doing against biden in a 1-to-1. does she have a chance of taking new hampshire? >> i don't know that she has a chance of taking it. will she do well? yes. chris christie slide away.
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there was flirtation with voters with chris christie but i think that is subsiding and those votes, christie votes go to nikki haley. they have nowhere else to go but donald trump is still laughing at people in these states. david: it is extraordinary how much of a lead he has. thank you so much. appreciate you coming in. the crypto industry is getting in on the election. lauren: major heavyweights in crypto putting their cash into three super pacs that raised $70 million to date and looking to get crypto supported candidates seated in the house of representatives next year. the packs are backed by the winkle vast twins, jason horowitz, to name a few and they are lobbying for crypto friendly legislation. david: thank you. let's get to the markets. mark madsen is the ceo and
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founder of madsen money. you are not a fan of crypto, are you? >> no. it is terrible for investors. when you buy a stock you own a company. you have a company that is guaranteeing the payment of the bond. when you buy crypto you have absolutely nothing. there is no company, no bonds, no stocks that operate off of the bigger theory, the right price for crypto of any type is actual 0 so investors, whatever you do, run, do not walk away from crypto. it has no case in a prudent portfolio. david: some investors are worried about what is happening in the world and worried about investing, not sure inflation has hit but you look at the money made in this market the last month or so and you see how much those people have lost and they are kicking themselves. you just say look for good purchases and go for it, right?
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>> it is a paradox for most people, you have two wars going right now, terrible more in ukraine, terrorism with, starting another war in israel in the gaza strip, it would be easy to assert, markets go down, even in world war ii, which the united states got in the war between 41, and 45, the s&p made 20% per year so avoid panic at all costs. you have a globally diversified portfolio, don't panic because of war, you have to stay long-term. david: we learned that lesson very well. this doesn't mean you don't want to work at rebalancing your portfolio. how do you go about that? >> on a simple example, say you have 50% stocks, 50% fixed income. at the beginning of this year, tech stocks were down 20% to
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30% at the beginning of the year, s&p was down 40%. stocks would have been vastly under allocated, and by the stocks when they are low, you are looking at the exact opposite, equities have grown exponentially, s&p up 25, now you are overweighted. you want to sell the equities, but get back to fixed income, hardest thing to do, selling the things that is bonded -- david: goes against human nature it in terms of what kind of bonds, long-term bonds or shorter-term, you are talking about a two year treasury or 5-year treasury or what? >> investors make 2 mistake with her bonds. they cheat on the yield curve which gives them higher volatility and they tend to purchase junk bonds or risky bonds. you want to stay away from both of those things. you want high quality first fixed income.
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of equity markets to crash, you have fixed income to rebalance and if you get caught cheated on the yield curve and junk-bond you could lose as much money in your bonds as you can stocks, short-term, high quality. david: thank you, appreciate it. you are looking at some movers. let's start with a firm. lauren: 13. 4%. %. they expanded our partnership with walmart to put their purchase now pay later technology at the self checkout at 40 one hundred in the us, just to point out it is tripled this year. that is inflation. david: at a slow day it is up 13%. caterpillar dow stock, stifle raises target price to 293. lauren: caterpillar and nike are the top-performing stocks on the dow jones industrial average which is winding higher. as actually.
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lauren: coverage with a purchase, $27 price target. they say the ad business is attracting, automation, they are cutting costs, near-term drivers of that pushed to 27. david: one company is offering uber style private flights. how much do they cost? lauren: as little as one hundred $2. . the company is called connect air, call us the uber of flying. what they do is use of fuel-efficient jet to keep the jet fuel price down and then something called empty leg flights are say you booked a jet to vegas one way, i need to get from vegas to sacramento, i can take the return flight and book that and that keeps the price down. you want to keep them busy the way over does.
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and it is probably the same as a first-class flight when you have none of the hassles of the airport. david: we used to take it. david: thank you very much. take a look at this. lava has been spewing for hours in iceland after that volcano that was set to erupt, it did a rough. 4000 residents have been evacuated. we will show the unbelievable video from that volcanic island. the governor of texas signing a bill allowing police to arrest illegal migrants crossing the southern border. will this help stop the constant flow of migrants? we will speak to the texas general land office commissioner, she was all about it next. trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills
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ask your dermatologist about cosentyx. david: checking the markets, forging ahead and upward, the dow jones industrial is now up one hundred 50 points, s&p is up 17 points, the nasdaq is up 64. take a look at this video. border agent called it the worst day they've ever seen at the border, thousands of migrants pouring through eagle pass, the same day the governor of texas, greg abbott signed a bill that allows law enforcement to arrest illegal border crossers, the president of mexico, obrador, says an effort is underway to challenge that not to mention with the biden administration my to do, don buckingham is the texas general land office
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commissioner. i guess you guys will stop the flow of migrants. >> the bottom line is the new texas state law, the biden law is debit gives the state and local law enforcement the ability to arrest and turnaround, illegal immigrants coming in. hopefully it will help. this is just on the heels of a record-setting day of a $14,000 immigrant in a single day. you can see the eagle pass completely overrun. when you look at comparable numbers, it would be like new york city, 3 million illegal migrants a week and that number, these numbers are staggering. on top of that, right at christmas, biden closes two bridges and you will pass, people could use to legally
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immigrate into the country. they've shut down commerce further hurting -- david: union pacific has written about it saying it will do tremendous damage to the supply terrain. putting aside the legal challenges for the moment, it will challenge these texas law. what will you do with migrants when they are arrested? >> they are arrested and returned to mexico and if they come back it is a felony. 20 years in prison. david: without the cooperation of the mexican government how do you return them to mexico? >> we are not getting the cooperation of the texas government. we will ship them back. david: shipped them back by bus? i am curious how it's going to work, you must've planned this out.
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>> it will depend regionally on local law enforcement and what the magistrate determined that each court. david: are you prepared for legal -- >> we are prepared for legal challenge. anytime you pass a border measure you have that challenge. to enforce the federal laws we have but in their absence, they will step up and do everything they can. texas has allocated $5 billion for border security, additional 1.5, the government is failing us. david: do you talk at all with the biden administration or is that communication flat? >> we don't get a lot of answers back when we start a conversation but we keep trying. david: but not in their direction. >> they are open border
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policies drying people here, slavery owned by the cartels. it is inexcusable. and i hope the voters notice at the next residential election. david: on the rail service union pacific says they can't shut it down because it will shut off too much commerce. what are you going to do? >> if biden has closed the bridges, there's not a lot the state can do. we will look at options, but this is literally the impact of this is agricultural products, consumer products, people trying to get their christmas presents in. it is amazing how busy these courts are for commerce, for all of central south america and north america so it is inexcusable to be shutting down these legal passageways at this time of year when people need it most. david: are you helping union pacific trying to change this position to shut down the rails?
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>> we are doing what we can and we will continue to do so. david: we get a lot of stuff from mexico. this could really affect supply chains all over the country. >> it is a tremendous impact. people have no idea how busy these ports are. they are land ports instead of seaports. it is unacceptable to be shutting down legal means of commerce and transportation. david: you got a heckuva job ahead of you and you won't get much time with the family this holiday season but we wish you the best of luck, thank you for being here. >> thank you, have a blessed day. david: a volcano in iceland erupted on monday. we have been expecting weeks and weeks of earthquakes, we have been feeling in the region. what is the latest on this? lauren: it is already dark in iceland because it is winter. unbelievable to watch.
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this volcano erupted on a peninsula in iceland following an earthquake. the lava shooting in the air and slowing along the coast. it is the fourth and largest eruption since 2,020 one. more than 3,000 residents were evacuated a month ago. they thought this would happen. this is right near the blue lagoon, the iconic spa, tourist destination. it hasn't closed in anticipation of this. finally reopened on sunday but was forced to close again hours later. there is good news in all this. flights to and from iceland have not been disrupted. everybody is okay. avoid that area because the eruption is releasing considerable toxic gas. david: i still have a sweater i bought in reykjavík. lauren: probably cost an arm and a leg. david: it was $19. a fine wool. lauren: everything is imported. david: they don't import their sweaters.
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thank you very much. now this. alec baldwin gets in a shouting match with anti-israeli protesters as they stormed new york city. watch this. >> every question you've got. i'm in hollywood. >> stupid questions. >> the media calls. david: who better than jimmy failer to take that on in the next hour. attorney general of tennessee going after black rock, he says the company misled consumers about how esg affects their investments. attorney general jonathan s strumeni joining the next. (sfx: stone wheel crafting)
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they are cutting 10% of their global workforce and seeking production and two factories. up goes the stock on cost of savings. they are sharply higher. paper sanders says time to purchase them, they are doubling their price target from 15 to 30 one. they say renewable projects rely on finance and this company's solar coverage in that area is highly sensitive to changes in rates and rates are starting to ease if not come down in the new year. david: we talked about a yesterday. >> it is part of the s&p 500, it is up one. one%. also take a look at their rival lift, down 3% of their cofounder sold 3. $5 million worth of stock. stuart: two driving services. the federal government has been laying out all kinds of incentives to get more people to purchase electric vehicles. william, how much is the ev push costing folks? >> the biden administration is
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not out there saying suck it up. here's the price of cleaner air. here's a new study that says he the credits are $22 billion, all of us mean even if you don't own and ev pay for one. >> most drivers don't own and ev but a new study shows americans subsidize every one that's built almost $50,000 over a decade. >> those costs are borne by ratepayers and taxpayers and people at purchase internal combustion engines are heavily subsidizing the cost of electric vehicle. state and federal custody's cost $9,000 a vehicle, charging stations, power plants, to handle the added capacity 15,000. adding epa credits and incentives to pursue emission vehicles. unlike those who -- ev owners
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received subsidies and benefits of $48,000 over a decade. >> you buy gasoline and diesel engine, part of the cost includes these credits to lower cost of electric vehicle. >> this allows us to reduce all the damage we do on a daily basis. >> reporter: could call the study misleading because it doesn't measure the benefits of grid upgrades nor the drawbacks of pollution on human health and the environment. >> are purchases of gasoline do not reflect the costs we are generating for society. >> reporter: the bottom line, evs are the future, people want to know how much are these mandates going to cost me in extra taxes and electric bill, how much is going up. david: an idea, we won't get specifics for a while but i
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imagine, worldwide, the attorney general launched a lawsuit, the company misled consumers about how much it's woke esg policies affect their investments. jonathan skermetti joins me now. how did black rock blackrock mislead investors? >> great to be back on the show, thanks for having me. black rock said two different things that kept focusing on its fiduciary responsibilities and tried to maximize returns. at the same time, talking about environmental commitments and how it is going to use its control of the assets advantage to further greenhouse gas reduction. david: how much do you think that cost and who is the victim here? is this the taxpayers of tennessee, talking about pension government pension programs from tennessee etc. ?
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>> the victim's anybody who is trying to make informed decisions about investing. this is a consumer protection case about the representation the company is making. david: are there other attorney general that are doing the same thing? >> you see a lot of 80s looking at these issues. we have a particularly needy consumer protection law. you will see different states respond differently depending on what legal tools are available. david: i talked to a couple attorney general who were trying to get other financial companies to disassociate any government agency or government pension with those financial institutions. are you looking to do that or a monetary reward? >> what we are looking for is transparency and clarity, black rock needs to make clear to investors whether it is pursuing these environmental goals or if it is just trying
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to maximize returns so the ultimate goal here is to make sure consumers know what they are getting when they purchase these products? david: i don't think they know. i don't think these companies figured it out. they are getting so much pushback that they are pulling back a little bit. final word, do you agree? >> this is a complicated issue but the lawsuit is simple, we need to tell the truth. david: thank you for being here, appreciate it. new data showing gen x has the largest wealth gap of any generation. help me, how big is the gap? lauren: 40 to 50-year-olds say they need $1.1 million to retire comfortably. the goal of 1.1 million, but they say they expect to have only 660,000 by age 67 when they retire. and have a long way to go. the average gen xer has $40,000 saved a.
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it is about a million dollars, you say you need one. one, never expect to come close to that, only have 40,000 now. what is going on? gen x most likely to have a pension, not as many as you think would have a 401(k) actually do, they lived through several economic crises. the great recession et cetera. some are taking care of older parents. david: a lot of them thought they were going to get a pension and companies pooled out. they are not as popular with corporations as they used to be. lauren: do you feel bad for my generation? david: yeah, i do. obviously. at the same time, everybody can still work, not everybody can do that. you are not going to be able to retire at 55. lauren: probably not 67 either. david: donald trump is campaigning like an incumbent speaking at a rally tonight that his republican rivals ramp up their attacks against the gop front runner. mark merritt has that report
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coming up and liz cheney urging republican voters not to vote for donald trump. trump will torch the constitution. bret baer interview, it was a riveting interview, he joins us next. ♪ ♪
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david: checking the markets, still looking good, dow jones industrials up 170 points, s&p up 17 and the nasdaq, 62. donald trump will be campaigning in waterloo, iowa as his republican rivals ramp up attacks on trump and each other. mark meredith is in des moines, iowa. what are they saying today?
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>> reporter: they are saying a lot of things about each other. good morning to you. donald trump will be here in iowa. his third rally in recent days and trying to show up support, polls show him leading nationally. looking at 2016. in iowa, trump last this contest. his campaign making sure that won't happen this time. reuters overnight quoting a senior campaign official from the trump team, said they are not worried at all, to clinch the republican presidential nomination, march 19th given his lead in the polls in the early voting states. we heard from iowa's republican governor kim reynolds, supporter of ron desantis but what is fascinating is trump's team has ads running in iowa that show reynolds complementing him when he was president, governor says this is an attempt to mislead
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islands about the praise she once had for trump. >> now he is using the to mislead islands as if i am endorsing him. i want to be clear. i supported donald trump in 2016. i voted for him. i supported him in 2,020, i agreed with his policies, but it is a different day. it is a different time. we need a leader that doesn't have, that's not distracted. >> we had a similar pitch from nikki haley, she talks about trump's policies but says chaos that followed him. haley is in iowa today, she will be speaking at a distillery 45 minutes south of des moines. we will head to that event in a little bit. there is one candidate who has been out there today at 7 events, that's a lot for one day, that is vivek ramaswamy. if you are looking to see if that matters come early next year. david: when you bury the lead you are going to a distillery. not bad.
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>> reporter: we have to do our research. david: thank you very much. former congresswoman liz cheney is urging republicans to ditch donald trump in 2024. >> the race today presents a number of candidates, republican candidates who will abide by the constitution. you can have the policies that we all want, the policies some of which donald trump put in place, some of which he didn't, you can have conservative policies without having to torch the constitution. what i would urge people watching today are going to be voting in those primaries, vote for somebody else, don't vote for the person who tried to seize power. david: bret baer conducted that interview and joins me now. thank you for being here. is she a loner on that side of the donald trump equation? >> reporter: there are people
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who share her concerns but as far as poll numbers there's nothing that backs up anything she is pushing, the former president is going up in the polls, not down. one of the reasons i wanted to talk about the things she's talking about, she has been on every channel and doesn't have any pushback, not only did i bring out the poll numbers and where the former president is going up but wall street journal op-ed which said for all the folks including liz cheney who said we are slow walking into a dictatorship, there is a lot of people who don't believe that is the case number one, number 2, they point out how president biden has gone around court rulings, has censured social media, all kinds of things these same people haven't stood up for. david: it was interesting to watch the dynamic between you because clearly she has grown accustomed to being treated without any pushback on some of the other stations, she did get
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it from you and it was interesting, despite the fact that she doesn't represent any more than a tiny fraction of a republican votes some of the things trump is saying are difficult even for his supporters. he said one the other night, i think we have the soundbite from that, roll it if you've got it. >> they are poisoning the blood of our country. that is what they've done. poisoned mental institutions and prisons all over the world, not just in south america, not just three or four countries but all over the world they are coming into the country from africa, from asia, all over the world, pouring into our country, nobody is even looking at them, they just come in, crime is going to be tremendous, the terrorism is going to be, terrorism is going to be, we built a tremendous piece of the wall and we are going to build more. david: nobody argues it is not a disaster at the border, it is
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and it is being reflected in cities but to use that phrase poisoning the blood, that really got under the skin of a lot of people, even his supporters. is any sign that anybody in his campaign is going to try to answer that? >> not really. i think it is the word he chose. it raised a lot of eyebrows not only on the democratic side but on the republican circles, harkens back to some writings that has been written about in numerous articles. but it is important to point out the former president is married to an immigrant, just did a naturalization ceremony at the national archives to welcome immigrants into the country so there's a disconnect, if that's the dog whistle he is sending. some say it is but other people are saying it's the words he chose. republicans are uncomfortable with that phrase. david: he does like to tweak
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people too, you wonder if there was something of that in the whole thing. biden's poll numbers are awful, these foxholes, record low for president biden, 34%, only 32% are satisfied with the way things are going. this is terrible for the president. is he going to make it to the nomination of the party back when they meet for the convention? >> that is the speculation. some grand plan. i don't see the other shoe how it drops but we will see. i think these poll numbers are a red alert in democratic circles especially in washington. you have 14% saying bidenomics has been good for them, 14% and this is the approval at 34. when you say the economy is being helped by his policies, that is deadly. that is why democrats are in the whisper campaign.
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david: economic conditions, 78% have a negative view of economic conditions, 78%. how can you win with a number like >> i will ask austan goolsbee about that. he will be on the show, special report at 6:00 p.m. and we will talk about these numbers. from the fed perspective. david: i love debating with austan goolsbee. that will be fun to watch. good to see you. we will be watching at 6 p.m. eastern time, special report only on the fox news channel, don't want to miss it. thousands of migrants crossing the southern border overwhelmed border patrol agents yesterday. one agent told fox it was the worst day ever so how are sanctuary cities preparing for this? minority leader joe borelli on that next.
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they're waiting for you. hey, do you have a second? they're all expecting more. more efficiency. more benefits. more growth. when you realize you can give your people everything, and more. thank you very much.
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5 years and counting. did you know people with psoriasis on the scalp have a 4 times higher risk of developing psoriatic arthritis, which if left untreated can lead to permanent joint damage? cosentyx works on all of this and helps stop further joint damage. talk to your doctor. find something that works for you. serious allergic reactions. severe skin reactions that look like eczema and an increased risk of infections, some fatal, have occurred. tell your doctor if you have an infection or symptoms, had a vaccine or plan to, or if ibd symptoms develop or worsen. cosentyx. still workin' for me. ♪see me♪ find relief that can last. ask your dermatologist about cosentyx. david: let's get back to the thousands of migrants pouring over the southern border
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yesterday alone. one border agent called the first day ever, joe borelli joins me now. cities are going broke, not just your city, new york, it is chicago, it is la, trying to feed, clothe and house these people, see what is happening now, 10,300 people coming across the border, and you triple that, how do you deal with it because you know some of them are coming here? >> we are offering the pot of gold over the rainfall, we are giving people free housing, free clothing, free food murphree every thing, if you're a migrant ask what would you be doing? i would say get me a 1-way ticket to new york because that is where the getting's good? david: the mayor is getting a
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lot of feedback because some people are homeless but citizens, migrants come in. some of the homeless former members of the service, is that happening in new york where some citizens are being displaced? >> take a time machine to 2,020 one and you would have heard every democrat elected official in the city and major cities saying housing is the number one crisis we face and we didn't spend $6 billion to address new yorkers housing shortage, we took $6 billion in spent on migrants, people who came here overnight. if you're a new yorker who is upset about that you have a right to be because basically proved we could solve the problem if we wanted to but we didn't really want to. we chose to spend on migrants. david: in the midst of this which is costing $12 billion for migrants, could be more than that eventually.
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we have the governor saying she is in favor or at least moving ahead with the idea of reparations for slavery preceding the civil war. is she serious? there is no money to be paid out. >> this will be the most controversial time kathy hochul ever write her name. this is the most divisive bill new yorkers would pass. it is ahistoric. the overwhelming majority of new yorkers from 1776 did not own a slave or want to slaves or seek slavery. we were one of the first states to free all the slaves. we should be proud of that legacy. david: the same in california, yet there going -- >> putting collective guilt on people who are not responsible. i have as much connection with stonewall jackson as i do napoleon bonaparte and i'm not responsible for paying the bad things were either of those which i have news for
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democrats, there's an entity that still exists today that spend hundreds of millions of dollars every year that if you go back to the 1860 convention, the 1850s and 1840s there's an institution that supports slavery, the democratic party. they are still in power today. of democrats want to make reparations an issue they should look at their own party platform going back one hundred 74 years. of that is ridiculous to them think how articulate the topic is in general. david: you two went to high school. >> go viking does. david: wonderful stuff. is there any chance you would run for mayor? >> someday, different world. david: still had, jimmy faila on alec baldwin being berated by anti-israel protesters. how can you make baldwin look good? james cara soba fanoh warning aid for ukraine will run out by the end of the month and an economist predicting 2,024 will
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