tv Varney Company FOX Business January 3, 2024 11:00am-12:00pm EST
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>> why would a vote for a person that's put my life in such a tail spin when i can go back to policies when all i have to do is put up with a few tweets i don't like. i think i can handle that. >> we don't need more money or infrastructure or technology, we need policy. if this administration would give us proper policy, we can secure the border tomorrow. >> here we are completely upside down world and they're trying to ban natural gas piping and the
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ninth circuit court of appeals and most liberal in the land ruled in a logical fashion. >> i think it's going to be a happy new year because america is waking up to the id seizure disorders of the -- idiocy of the progressive left agenda in the biden white house and across the entire federal government. stuart: it's tom petty. tom petty, i did not recognize the song. it's good to be king. say that again. all right, it's 11:00, eastern time, wednesday, january 3. let's get on with it. mashes are down all across the board and dow down 240 and nasdaq down 105 and s&p down 27. down yesterday, down again today. big tech, i'll be surprised if there's any winners there. yeah, i'm surprised.
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we've got three winners. amazon is up, alphabet and meta. apple down to 183 this morning. the 10-year treasury yield is up and hurting stocks, especially the nasdaq getting close to 4% now on the 10-year treasury yield. bad news for stock investors. state of play in the presidential election, trump looks like a shoe in for the republican nominee and biden looks tired out. donald trump leads the gop race by a wide margin. he gets 62% support, more than all the other candidates combined and he's extending his lead. it seems his base is rallying to him, especially after democrats tried to keep him off the ballot in colorado and maine. trump stayed away from gop
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debates and doing the same thing next week and cnn hosts the next debate in des moines, iowa, trump will be across the street in a town hall on fox news. who will republicans watch? president biden looks exhausted and arrived back at white house from the caribbean and two days from now goes back to the beach house. what a contrast with the dynamic donald trump taking any and all questions. worse, biden's losing key constituents, blacks, hispanics and young people. influential charlamagne tha god said biden disappeared. he's no longer supporting him. biden doesn't have the energy or cognitive ability to be the president for another five years. and donald trump is cruising to the nomination. third hour of varney starts now.
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stuart: joined this wednesday morning. >> happy new year. stuart: biden under water. >> listening to intro and charlamagne tha god reminded me of interviewing joe biden and kamala harris and made headlines in both cases and biden said, you know, if you don't support me, you ain't black. that was biden's moment mr.. stuart: he did say that. >> look at hispanic and black voters right now. i think we're in a very -- one of the most interesting political moments that i have ever covered because you're seeing shifts, you've got a 28 points in the paint move. you guys covered this yesterday but 28 point move in hispanic voters from biden towards trump.
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that's very significant and look at chicago and cities around the country where people are saying the resources of this city that taxpayers pay for, we need nose and we're not feeling the benefit of them. we feel like everything is going to people that just arrived yesterday and historic immigration theme you've seen in the country for a very long time but you have records being broken every single day and there's a big shift and in regard to tram and biden is there's no person that can support him or be second place and he wanted to be a brinell to the next generation and hoping there was a natural successor and it's not there and far and ahead in the town hall next week and we're looking forward to it, but there's a strong b team in the other candidates out there and a they want to be number one
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and win the nomination and no votes cast yet and we'll talk to nikki haley one night and ron desantis another night in town halls and no votes are cast yet and here we go. stuart: you've got the town halls coming and you happen you're the host of one in des moines. >> i am. just back from vacation today but spent about eight hours on the plane and starting my files of reparation for each and i can't wait if be in iowa and on the ground and women voters, minority voters and all across the board, people are very engaged and they want change of some sort. and whether that means they want bide ton be different or want
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trump back again or they want one of these other candidates to turn the page as nikki haley is encourages voters to do, it's exciting and significant moment in the country. stuart: it is. those that love politics are intensity influenced by it. >> those that love the country should be interested because we have a lot of serious issues for those that need an extremely strong leader needs to handle. stuart: harvard president claw dean gay and her resignation from harvard. >> harvard has to decide and a 17% decrease in applicants. that's significant but one of the things that -- harper lanes hard has an enormous endowment and these moves by donors don't affect them much. will they open their eyes and see they're not really educating
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and they're not really exposing their students to different points of view and that's what the founder hads in mind when they founded harvard as theological institution i might add. stuart: i want american universities and elite universities to be academic meritocracies again. they're not at the moment. >> they're not and they're not serving students well. so is this a turning point? we'll see. i hope so. stuart: i think we're in firm agreement, mar that . glad to say that. watching you today at 3:00 eastern, fox news, the story with you. thank you, martha. >> thank you. stuart: now there's bets on whether biden drops out of the 2024 race, lauren, how much money is on the line? lauren: just over $40,000. this is based on a betting market called poly market and it's paying more money if biden drops out and odds are based obstructing cerumen percentage of people voting yes versus no.
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three-fourths say no, biden will not drop out of the race. placing a $10 bet saying he drops out, you get $38 and he stays and stays in, you get $13. there's a market for everything including that. stuart: yes, and that market will be expanded vigorously. lauren: agree. stuart: thanks, lauren. back to the markets, mark temer here for the hour. are you starting out 2024 as a buyer? >> i would say yeah. we're going to continue doing what we had been doing the last two to three months of the year and trimming winners and repositioning our money into some of the laggards and getting defensive and things like that . i'm going to give you an example of something we've recently done. we trimmed nvidia, we now own more amd than we own nvidia. it's weird to call amd a laggard because it was up 100% and nvidia up over 200% but that's one prime example of how we're trimming some of the winners and moving into laggards. now, we're also being aggressively patient.
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that sounds like an oxymoron, but we're aggressively searching for opportunities, but we're being patient with regards to how much we're willing to pay for the new positions we're moving into. stuart: there's a big rally coming later in the year? >> yes, towards the back end of the year so on average, whenever there's a bear market, it takes the stock market 2.7 years to recover and get back to the prior peek. we're exactly at 2.0 years and it, you know, i wouldn't be surprised if over the course of the next 3 to 6 monarchies see sideways trading and a draw down and you'll see a rally into year end i think. stuart: i'm not getting out of big tech is to bees. >> don't, you're fine. stuart: confirmation from tepper, i'll take it. thank you very much indeed. coming up, 60 republican lawmakers visiting the border in texas today. chip roy, he's a congressman from texas, he's not going. he says he's tired of meaningless press conferences and we'll bring you the full story a. restaurant owner in georgia says costs have gotten
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so high he needs to charge $16 for the sandwiches just to break even. he call this is a reflection on the economy. we'll tell you all about the $16 sandwich. two blasts in the iranian city left 73 people dead and 170 injured. iran says this was a terrorist attack. we'll ask former state department official what he makes of this, very interesting material here. we'll be back. trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights. trade brilliantly with schwab.
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this is very interesting story and development here. what do you have on it? reporter: hey, stuart, good morning. we're following the breaking news out of southeast iran where a pair of explosions rocked a ceremony killing 103 people and injuring dozens more. this was a memorial to mark the anniversary, the 4-year anniversary of qasem soleimani, the iranian general killed outside of the baghdad airport by a air strike. iranian officials are calling this a terrorist attack, but they stopped short of blaming anyone or any specific country. the development out of iran comes as israel is bracing for the possibility of a separate retaliation attack after a drone strike yesterday in beirut killed the hamas chairman and video shows damage to a building and car and lebanese media reporting that six other hamas
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members were killed as well including two commanders and today the lieder of hamas made his first statement since the killing took place calling his deputy a martyr and adding he joins those killed in gaza and during the october 7 massacre what hamas calls the flood battle and new rocket fire from lebanon overnight and nolan scale response and israel remains on alert. [speaking non-english language] >> idf at high level of readiness in arenas and high state of readiness for any scenario. reporter: the developments along israel's northern border come as operations continue in gaza and ziti ragaini ellie forces say they took out a militant that tried to plant an explosive device on a tank and destroyed new hamas cells in gaza city taking them out with drone strikes and the focus on the ground in gaza for israeli forces come as officials here in tel aviv keep a close eye on the northern border and very
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shortly, the leader of hezbollah is set to make new remarks on the anniversary of the death of kansas cqasem soleimani. stuart: thank you, trey. christine martin is with me now. the hamas leader is killed in beirut and a bombing in iran. does it look like the israelis are now taking the offense and do we expect an iranian response? >> certainly taking the offense or send ago strong message in lebanon and beirut and reliable sources on capitol hill this morning that follow the middle east and one had no idea and another thought maybe israel. when israel acts in iran and acted repeatedly against the iranian nuclear program doesn't go for high callty and high
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damage and warned them to gas up in advance and things have changes since october 7 and possiblize real is behind the attack in -- possible israel could be behind the attack and they're taking this expanser war and setting the middle east on attack. stuart: it's extreme violence and is iran capable of pound ago serious attack on the american navy? if if they're as divided as this back home? >> well, so far, you know, there's a lot of internal dissension and the handy thing it's very stable till its not. the u.s. navy has done that somewhat significantly and successfully in the arabian gulf
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and red sea and you can still use standoff weapons and air strikes to degrade or eliminate the houthi ability to strike at ships moving through the red sea and iran is sort of having a pretty good month, they're going to lose in gaza and expanded not the area of domination but one where there's freedom of action outside of the gulf into the red sea. stuart: christian, change the subject. the war in ukraine looks like a stalemate and russia and ukraine could descend large scale missile strikes on the u.s. cicities and no progress on the ground. time for a ceasefire? >> i think it may be the united states in particular has leaned on ukraine not to do that. it's not just president zelensky
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hesitant to negotiate with russia without big preconceived conditions and you're stuck in a war of attrition with russia and many reports from many different news outlets on how the ukrainian army is made up of older men and con psychiatrics and the age goes up to 50 and it's not something that looks like they're going to be able to breakthrough and recapture what has been lost so that before appetite in washington and brussels erodes further to fund the ukraine war they should start negotiating. stuart: wouldn't surprise me at all. thank you for being with us this morning on important breaking news. talk to you again later. >> thanks. stuart: russia dropped a bomb on one of it is own villages. how did that happen? lauren: mistake. one of the war planes made a emergency release of payload and essentially bombed its own village and some 9 o miles of
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ukraine and they're targeting the bise.g. sighs in ukraine, kyiv and kharkiv and it's getting a little -- as we're talking about this stalemate, a little extreme treatment as we're approaching in two year mark with bombing their own village by mistake and add mitting to do -- admitting to doing that. stuart: dreadful story. lawn, thank you. u.s. debt record $34 trillion and it'll get worse from here. we'll bring you a full break down of how bad it could be. california has become the first state to offer health insurance to undocumented migrants. those costs are surely being passed onto taxpayers and mayor of el cajon, california, is next. are the people in that city having to pay for this? we'll be back.
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ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. stuart: plenty of red ink on the
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screen. mark tepper is with us and has stock picks and he'll start with hims and hers health. >> all three of these are antiaging and longevity companies. i think it's going to be a big theme. everyone wants to find the fountain of youth. hims and hers is a telehealth company with a unique niche and focused on stigmatized disorders like hair loss, sexual health, mental health, dermatology and they've got a j their claws into their customers and very, very interesting and expanding margins substantially over the course of the next year and scale back on the marketing spend. stuart: sounds like the stock i out to be buying into actually. it's down 3.5 today. >> good buying opportunity. perfect time. stuart: nicely done. he can turn on a dime. abvi sp.
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>> they own amgen and botox so fountain of youth. keep your face young forever, you do the botox and filler. stuart: i need to invest. dexcom. >> it's the underappreciated thing about them is the total addressable monitors for those is the people with diabetes and that's no longer the case. there's a lot of fitness and health enthusiasts like myself who are wearing those trying to figure out which kinds of foods, exercises, stressful activities spike their insulin because all of the signs points towards the number one reason for aging, inflammation, health problems in the future being too much insulin that leads to insulin
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resistance. stuart: if i wore one of them little patches here. >> tell you what you can eat, can't eat and when you're stressed out. stuart: really? >> yeah. stuart: how would it tell me that? >> your insulin's going to spike. enter all the foods you eat in an app and it'll track exactly what happens. what the glycemic effect is on everything you eat. stuart: does it break the skin and get into my blood system? >> it does but doesn't hurt that bad. you can handle it. stuart: you brought us three stocks and all that might be helpful to me. >> exactly, stu. thinking about your new year's resolution; right? stuart: my resolution is to stay alive for at least another year. >> that's a good one. stuart: i'm very interested in 2024 politically. the republican border trip. 60 lawmakers and speaker johnson headed to eagle pass, texas, today. but, lauren, texas congressman chip roy is not going, why? stuart: nope, nope, nope and spoke with fox's aishah hasnie and said this.
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watch here. >> why aren't you in texas with speaker johnson right now? >> been to the border dozens of types. if i go down, i'm meeting one-on-one with people to get an insight of what they're doing. i don't need a dog and pony show for the border patrol and go out to the cameras. lauren: he'd fed up and in a letter co-congress, he's ready to shut down the government by withholding funding if it is not tied to meaningful reform at the border. he also said the border crisis is more than economic. he said we're increasing our population based on the promise of a socialist safety net. you're no longer seeing immigrants trying to come here to work to make it. they're coming here illegally to get as much as they can from the system, and he's not okay with that. so many americans, so many vovoters are not okay with what we're seeing at the border. stuart: he might consider -- voters might think it's okay to shut down the government in order to get something serious done on the border.
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lauren: some will. stuart: the man may have a point here. lauren, thank as lot. we'll be back to you in a minute. we told you about california becoming the first state to offer health insurance to all undocumented migrants. the mayor of el cajon in california is joining me. his name is bill wells. your honor, are people in your city having to pay for this? >> the people in the county are having to pay for this. obviously we're seeing 70,000 people come across the border in the last thee months and 750,000 people added to the health rules through medical in california alone. i want to talk about basic fairness -- go ahead. stuart: no, i'm interested in fairness. >> california is expensive but in the county where i live, social it'sthe most expensive pe
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and energy rates and gas rates are the most expensive then add on the cost of paying for healthcare when people that are working and citizens of america and citizens of california are having a great difficulty finding money to pay for health insurance and even home insurance and california is a very difficult place to live and it's going to make it worse. stuart: 302,000 migrants crossed the border in the month of december. 02,000. i believe that's about triple the population of your city. is there any sign that the flow is slowing down? >> no, in fact, when this, about three months ago when it started, we saw about 300 people dropped off a day and now about a thousand people dropped off a day. if you extrapolate the numbers that are coming in, by the end of the biden administration, we'll have more people that came in from mexico than over 48 states population in the u.s..
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this is out of control and out of hand and people like my congresswoman is saying nothing and doing nothing and pretending like everything is fine at the boarder and oh, by the way, the border is not open. stuart: do you see them walking around your city? >> we see them everywhere. i was at the border with congressman issa the other day and doing a video and a group of people came up behind us, crossed through the fence and walked right past us. we see, we're not quite as bad as eagle pass in texas, but california is becoming that way. they certainly seem to be wanting to increase the number of people coming over this border.
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if he's impeached, would anything change at the border? >> president biden and the democrats in congress seem to be committed to open border policy and i can guess what they are but they haven't told us. till we take control of the house and senate, hopefully the presidency, we're not gonna see a significant change. this is going -- this will be the major issue and i'm running for congress in 2024. i believe the border will be the major issue for most americans. stuart: more important than the economy? >> you know, it's going to be close but, yeah, i think it's more important than the economy because the ramifications and it hurts the economy and makes the economy worse, but the public safety aspect of this is significant and people are really concerned. stuart: bill wells, mayor of el cajon, california. thank you so much.
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last week a man was arrested at the u.s. capitol carry ago machete and knife. turns out this guy was an ill lisle, is that accurate, lauren? lauren: yeah, he's 23 and from venezuela and crossed in august and he was arrested but released the very next day because there was no room for him at the detention center. so four months later on decembed for carry ago machete, a butcher's knife and brick at the u.s. capitol. how menacing is that? stuart: me n menacing indeed. lauren, thank you. comes are still committed to dei programs this year despite the intense backlash. we'll tell you why they're doubling down. why would they do that? jeff flock on the road and he's drive ago tesla from chicago to new york and he's been driving for a full day now. where is he? we'll find out after this. ♪
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stuart: it's a sea of red ink on the left hand side of the screen and dow down 250 and nasdaq down 127 and like yesterday, selling yesterday, selling today. the dow is at 37,000 level. our own jeff flock started a road trip from chicago to new york in an electric vehicle. he got a tesla. he's been on the road now for 24 hours and we'll get an update. all right, jeff, how many times did you have to recharge and how did the recharging go? reporter: glad you didn't ask how many stops because you'd have to subtract out the stops for a 65-year-old man's bladder,
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but if you just count the charging stops, that would be four so far and all of them at tesla -- by the way, there's another chaser. can you see me waving? we're driving safely, i assure you and stops at four tesla super chargers and routes you to super chargers, which is good because it's a quicker charge and the problem is it sometimes takes you on a more surveillance cube robin loutous route and don't follow the guide to the charger you're going to, we went out for dinner and the dinner place was closed and went a little further and we almost ran out of charge take a look at the situation this morning. last night when we marked the car, we had 38 miles remaining and this morning, didn't do anything overnight and 15 miles remaining. it says go to the super charger,
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we'll have 2% of our charge left when we get to the super charger. yikes. 3%. oh, gosh, we could have gone another 15 feet. we reached the holy land, not the promise land, it's a mess right now. i have a little bias and i like electric cars, it's been a fun drive but the white knuckle situation with the not knowing if you were going to run out of charge or not, people would have said i did it on purpose. no, i didn't but you've got to be care and feel plan. i'm not a good planner, i'm a good person dealing with disaster when it up pends but not a good factor. stuart: glad to hear you're on the road and still doing okay and we wish you well in that
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vehicle. hope you get in on time tomorrow. tepper, would you buy a electric car and go on a long road trip? >> definitely no. there's not enough chargers out there and charging infra-struggling which you is not where it needs to be and if they were fast enough, how do you get power to the charging stations and not coming from wind and solar. that's too expensive and un-re-pliable requires too much land and probably has to come from nuclear and there's a bunch of green people that don't want nuclear either. stuart: would you consider buying a tesla for running around town and errands and that thing. >> if it was a commuter car. but what percent of the population can have multiple cars like a commuter and one for longer road trips and you eliminate a large percent of the u.s. population. stuart: you're tepid, tepper, on the electric cars?
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>> yeah, i'll let the market indicate when the charging infrastructure is ready for me. i'm no no rush. stuart: thanks, mark. u.s. national debt hit a new record. that's $34 trillion; right, lauren? lauren: correct. pretty depressing; right? that's a depressing milestone and we're essentially growing our debt faster than the economy. the government spends per day $2 billion on interest payments on that $34 trillion and in ten year's time. it is estimated we'll spend more on interest than on research and development and infrastructure and education combined. what you hear on the campaign trial is i think the white house blaming the 2017 trump tax cuts for the red ink. did you hear that? really some of the provisions expire next year in 2025. i sympathy that's going to be a lot of the blame game you're going to be hearing as we have an electionment well, it's the trump-appointed tax cuts that
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helped create the $34 trillion in debt. really? not the $6 trillion in government stimulus and laws you signed and everything else? stuart: i'm not buying that argument. lauren: i think you're going to hear it. stuart: debt going up, $34 trillion and going to go up from here. what's the ramifications of that? what happens? >> first things first, you can't be run ago deficit with unemployment rate below 4%. you need to run a surplus to chip away at the debt. roughly half of the $34 trillion, $17 trillion, needs to get refinanced over the course of the next 36 months at higher rates. for anyone watching that read ray dalio's book the principles of a changing order that's hi empires lose reserve currency status and how they begin their fall. stuart: nobody will say it's
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next week, next.or next year? >> correct. >> stuart: it's always the debt bomb lurking in the future and that's the problem. the cries sis is in the future till it's not. >> right. stuart: thank you, mark. i've got a sense of the market, about one thinker up and two-thirds down and dow up two-thirds of 1% to 30,475. a restaurant owner made a tiktok video after being asked why some of his sandwiches k $16. he says it's out of necessity. watch this. >> i have to sell 93,800 sandwich as year or 257 a day just to break even and make no money. stuart: that's fascinating and we'll ask him to break down the $16 sandwich after this. ♪
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here now. i believe we're talking about a blt. break double down the cost of $. >> hey, stuart. yeah, a friend of mine sent me a text asking me why my sandwich cost sos much. i said let me give you perspective. this building the rent is $20,000 a month. my utilities are $6,000 a month. my labor in december was $60,000. i have $86,000 of base cost the day i open the doors on january 16789 figure in 32% food cost and 11% gross profit in that seasoned watch and all my cost divided by 11% gross cost and have to sell 93,000 witches to get to sense of aloha rendition of anthony before i can make money. stuart: what would the sandwich cost if the economy were different than the way it is now? >> if the what was different? stuart: if the economy was different from the way it is now. going back to 2019 before the
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pandemic for example, what would the sandwich cost. >> i ran the costs this morning, and we were charging $12-point # 9 for the same sandwich we're charging $15.99 for thee years later. stuart: i'm talking blt, like a ham and cheese. >> bacon, lettuce and tomato. stuart: $16 for ham and cheese? >> it's wholesale of $5 and covering all the operational expenses and driving the cost up. stuart: how much is rent per month for each operation you've got? >> that one is $20,000 in that location and in a new mixed use development and cost as lot to be there. stuart: it's gone up a lot recently? >> the rent is a fixed increase each year. we signed our lease pre-covid with fixed increases every year and i have a personal guarantee and my rent isn't going down but up every year forever and dealing with a different economy than i was then. my revenue preoption dropped
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about $350,000 per store and my rent has gone up. labor up 30%, insurance is up 40%, rent's up 10%. it's incredible my cost haves gone up over the last three years. stuart: are you considering closing any of your outlet s? >> no, no, no. this is a misconception. when i say 1.5 million is my break even. that restaurant does 2.5 million and my profit margin above break even is good. most restaurants fail because they never reach their minimum break even point and can't get to that profitability range. stuart: one last question, what's the price of your most expensive sandwich? >> probably $19.99 for a jerk salmon sandwich. stuart: i'll ren remember that. brian will, thanks for joining us. we sympathize for your situation and glad i'm not in the sandwich business. come back and see us soon. >> yes, sir. stuart: human resource folks are commit toddy versety, equiit and
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include -- committed to diversity, equity and inclusion this year. why would they double down like that? lauren: my opinion protects investment jobs. might have been dei hires themselves. i think we can all see that companies are still investing in dei but less in it. what happened over the summer? the supreme court struck down affirmative action in admissions to universities. that sent a message to boardrooms too and get back to business and not all this other stuff. this brings me back to harvard because harvard lost in that supreme court decision and two dayings after that decision, claudine gay, the former president of harvard took her job and at the time the thinking was she would revamp the admissions process and keep more diversity in in and look what happens. six months later. stuart: good connection there. tepper is still with me. is it in the interest of big
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corporations to stick with dei? >> not at all. shareholders should begin suing the executives and the board of directors and law 101, the execexecutives and board have a fiduciary duty to the shareholders and need to drive shareholder value. they have no fiduciary duty to stake holders. the only way to drive shareholder value is hire the best people. regardless of how many boxes they check, you need to hire based on merit. stuart: god it. thanks, mark. that's good stuff. the time, it's coming up on 11:55 meaning it's time for if the trivia. which president issued the most executive orders? fdr, calvin coolage, woodroe wilson? the answer might surprise you
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woodrow wilson? lauren: just thinking of the progressive movements leading us into the first war. is my history correct? stuart: that's good. mark tepper? >> going with fdr based on social security and things like that. stuart: i go with fdr, he introduced so many new things. look at this. we got it right. fdr. he signed over 3700 executive orders during his 12 years in office, averaging 300 orders per year. modern presidents, trump or biden, don't issue anything like that number. >> pretty heavy in the first 90 days of president biden. stuart: we are almost out of time. coast-to-coast starts now.
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