tv Cavuto Coast to Coast FBC March 7, 2024 12:00pm-1:00pm EST
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who was the tallest person? lyndon johnson, thomas jefferson, abraham like or donald trump? vincent is staying with us. you go first? >> lincoln. >> ashley? ashley: he is not clear. >> abraham lincoln. >> sweep across the board. 6 foot 4, lyndon johnson was a close second of 6 with 31/2. james madison was 5 foot 4. thanks for sticking around. for the full hour, don't forget, send your friday feedback, we will keep the messages short if you want a better chance. varneyviewers@fox.com. coast-to-coast starts now.
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neil: jerome powell is not saying anything to rattle investors, the selloff that we had, and particularly platforms on a record high. nvidia has another record high. and terry weisberg. one minute in the market. a big reversal from yesterday. >> the message coming from powell and his testimony, is market friendly. with the fed it is always fed speak, you have to read between the lines. a little good news and a little bit of cautious news. clearly the message is it is positive. some rate cuts are on the table.
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he's talking about rate cuts towards the summer. that is what the market wants to hear, not hearing anything terribly negative from him. a little bit of a melt going on today. there are a lot of folks, myself included, we are very comfortable buying short-term treasuries. a lot of cash on the sidelines. nothing more bearish. we are wishing we can put that money to work. neil: you call today melt up. that can have different meanings to a lot of people that you don't want to miss that. others are saying be careful. is there danger and catch a ride? nvidia comes to mind? 3. 9%. 9%. $97 a share.
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after the bell it was trading $680 a share. that's roughly 33% climb in just the last two weeks. you know the wider drill on this company and what's been going on is propelled by strong revenue. incredible demand for chips and products and artificial intelligence but is that a melt up? the negative sense of a melt up? >> i understand. it hard to define. we talk about in down markets don't want to catch a phony night and in up markets you don't want to catch an upward trajectory. nvidia has been spectacular stock and continues to defy description as far as i am concerned. the company has everything
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going for it. you can make the same case to meta-if you look at meta's performance. a year and 1/2 ago it was $88. there are reasons for this, big companies with big earnings and the markets are forward-looking indicators, not trailing so what the prices are telling us is the future for these companies and others is simply bright and people want to own it personally. i would be nervous about that. taking money off the table, not putting money on the table, i am in my 80s so i see the world differently. neil: a lot of people say it's like the internet boom all over
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again and it will go bust. i don't see that. i say that because i covered that boom. they never had earnings in the first place. in the case you mentioned of platforms to amazon, certainly what's going on with nvidia and other big players they make money hand over fist, multiples have come down as a result of that. you are looking at earnings, nvidia around 60%. my only point mentioning that is theirs froth and crazy froth. what do you think? >> hard to define froth. hopefully viewers would agree there's nothing rational about stock market and stock prices,
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stocks get overbought and oversold. so much psychology in the markets. it is hard to separate the psychology from the fundamentals but when you go to 1999 and 2000 a lot of companies that were basically in favor then had questionable fundamentals, if you will. these, a lot of those companies, we learned a lot of lessons from what happened in 99, and 2000. it is possible the pricing is frothy but it's also true that fundamentally, these companies are financially in better shape today than they were if you draw a comparison to 1999. meta reported earnings, that's
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not something you would have seen in 1999. on the one hand these companies are in better shape financially. and number 2, there is some froth here, setting up for some reversal. just like apple, sort of struggling. this is one of the 7 wonderful stocks for so many years but all of a sudden it is only temporary but the moment it started falling out of favor, not everything is floating in a frothy state. diane: everyone is in that parade. no comments needed for you. you are off the charts. always appreciate it. the president of the united states, two different worlds.
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>> look what he has to look forward to. neil: you might have heard the state of the union, what we discovered a sweeping array, edward lawrence is detailing what we might be in for. >> the president will propose ideas, looking to propose a tax increase going to 28% for the corporate tax rate and minimum corporate tax rate to 21% from 15. you also work to deny tax breaks on executive compensation. the president will call for billionaires to pay 25% tax on their income regardless of loopholes, administration officials say tonight we will see an energized president.
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>> when working with the president, the president will talk about where we were in 2,020 one, how far we have come and the unfinished business. >> reporter: president biden will likely not mention inflation but say prices remain too high and he's doing what he can to lower cost. the president says he will make moves on insulin. he's made it $35 and removing junk fees, people fitting in specific categories. senator ted cruz says americans are not buying what the president is selling. >> he will try to argue that things are better than they are. everyone struggling to pay the bills, struggling to pay the rent that is seen mortgage rates skyrocket are just wrong, your life is better than you think it is and things are hunky-dory. >> reporter: the president will call on congress to act on the border. white house official telling us
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we will not expect to see executive action leading up to what's announced in the address to take on the border because the president wants to put pressure on congress to act on that. neil: you laid that out very nicely. the president when he will make his pitch for higher taxes, it's finally time to pay their fair share. i don't look so old but i've been hearing this language for decades. this has been a continued lament that the rich are not paying their fair share in a matter what the rate is and i raised this with a number of party luminaries dating back to bernie sanders in 2008. >> on the dwight d eisenhower you had a marginal tax rate for the wealthiest people of 90%. obama is talking about going back to what bill clinton did. neil: that is not what he's
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talking about. if he gets his way and some of his campaign programs go through, one was not only to raise the top tax rate what it was under bill clinton, 39.6% but to raise the income threshold tax for medicare and social security, another 8 percentage points which conceivably could bring the top rate over 50%. 90% of what it was or 70% when jimmy carter was president but it's getting close to that again. is that where we are going? >> 50% is not 90%. neil: what is an adequate top-level prefer bernie sanders? >> i'm not going to develop tax policy nephi minute segment on your show. neil: why not? and we never did. this is laid out time and again. i've talked to prominent progressives about -- what you think of him, account for half of the tax revenue raised in this country. they make a ton of money.
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even the ton of money is dwarfed by the amount of money in percentage terms they are doling out. we can argue this till the cows come home. bob you sack and the former clinton advisor. this argument you have heard from prominent democrats is the way you fix the spending problem is addressed the revenue problem and have the rich pay more, do you agree? i think we have to fix your microphone. >> i expect, can you hear me now? >> the answer to that is no. i spent time working with democrats to take class warfare out of the democratic party, to say republicans want to cut
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medicare and social security, not to give tax cuts to the wealthy but they didn't like it. i am surprised going into an election year to come forward with a whole raft of tax increases. it's not a bellringer for americans. they are usually concerned about waste, fraud, and people who are getting things they don't really deserve. i'm surprised in particular to hit the corporate tax rate as the economy seems to be turning the corner to take investment out of the economy is a surprise to me. neil: might be part of a wider story not that i'm cynical about this to say it's because of them. what we talk about, the president bemoaning companies trying to gouge you, fewer chocolate chip cookies in a bag than you used to, but paying more, bottom line. it continues a theme where this is an arm full, someone else's
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fall, some company's fault, some rich guy's fault, some billionaire's fault, bottom line, anyone but my fault. what do you make of it? >> biden ran on this in 2,020 and didn't get the votes for tax reform even though democrats at the time had control of the house and senate. biden won't be leaning into this as much as he did 31/2 years ago. i think his message on junk fees at all these fees that are adding to your bill, that could be a winner and is part of the white house strategy but it is easy to say raise taxes on the wealthy and corporations. it is harder to do and democrats haven't done it in years. . 20 bill clinton did have a knack for explaining things. he had a unique knack for
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putting things in perspective. it's the economy, stupid. this president doesn't seem a debt at that. when it comes to bragging about an economy firing on all cylinders, being the most consequential president right now, more than two term presidents, you got to find a more compelling way to prove it because americans aren't buying it. >> primarily focused on inflation. in the past americans were focused mostly on the jobs report and unemployment rate and the real thing that has people ticked off is it costs more when you go to the grocery store, or do whatever you want to do in life or try to get a house and a mortgage. that's what he needs to address. saying he's going to raise taxes on a bunch of people when
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as bob points out is not really happening with this existing congress and expecting people to get fired up about that, people want to see an anti-inflation program, not mentioning the issue going at it isn't going to be helpful. neil: apologize for the truncated time. we are following this closely, this rally on wall street and whether it's a preview of coming attractions. a lot of this could be relief that we are not looking at a bank contagion that community bank got a sort of outlet from no less than treasury secretary mnuchin and the firm he represents, that seemed to dodged a bullet. after this. ♪ ♪ (vo) what does it mean to be rich?
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i think he's having a midlife crisis i'm not. you got us t-mobile home internet lite. after a week of streaming they knocked us down... ...to dial up speeds. like from the 90s. great times. all i can do say is that my life is pre-- i like watching the puddles gather rain. -hey, your mom and i procreated to that song. oh, ew! i think you've said enough. why don't we just switch to xfinity like everyone else? then you would know what year it was. i know what year it is. neil: nothing rattles the market like signs even if they are isolated. fears that is going to lead to a contagion and other players
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dragging down good and bad names and seeing it again with new york community bancorp and truckle with the perception that it was that it is significantly today thanks to a rescue of sorts. kelly o'grady has more. lauren: there's good news and bad news, that equity investment which helps them out but also they revealed they have lost 7% of their deposits. you are seeing some people get spooked. they will give a vote of confidence that will probably investors, a number of big firms were in on this deal, steve mnuchin comes with more board seat and the ceo spot with stock up 7.5%. it pared back the gains. if you zoom out, it is under pressure it is down 64% and the biggest question, exposure to
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commercial real estate industry, close to those loans coming due this year, you have to refinance in a high rate environment based on what powell was saying, and some regionals with greater exposure than others. valley bank has 55% of their loan portfolio, some have less than 20%. the other side of this -- >> deposits are very sticky, they don't run. it has perfect records but uninsured deposits can be unstable. uninsured depositors won't be sure if you had another failure. you will see this flight of deposits again. it's really distressing. >> the good news is 87% of their deposits are insured. that means 15 billion of those
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could see some flight. we see how quickly the psychological element can impact other things. one note that came out today, they have lower percentage of uninsured deposits versus their peers so you hear that, they are spooked. neil: this one clears the hurdle and all of a sudden you were mentioning in the break republic bank comes up but it is one at a time. everyone is crossing fingers now. >> everyone is crossing figures. there are too many banks, people are wondering where to put their money, regionals, can't to do it, i will go to bank of america and a couple of them come out of the whole thing. neil: kelly o'grady on all of that. madison ventures partner and
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chief strategy officer. that's what happened last year. it didn't feed on itself very long, cooler heads prevailed. in 2008-2009. what do you make of the way things are going less far? >> it was on your program when everything melted down. this is not the last you will hear of bank failures, keeping myself honest the year later, what happened is a little different from what happened in silicon valley bank and first republic which was a mismatch of the timing of their liabilities and deposits or investments that they had like loans on the balance sheet. that is part of the new york
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community bank story but more the bank itself and its management did not have control, and risk management policies. a week ago when the news broke the auditors said there was material weakness. a management shakeup which led to a stock decline. there are core issues on the balance sheet, it is a different story than the run on the bank, caused its collapse. neil: the bank stock stabilized today. the magnificent seven, lost the other day, $233 million market value collectively. not so much tesla, no longer one of the largest or 10
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largest companies and the least magnificent of those seven. what do you make of that? >> i own it because regulators want us to say that. let's talk about tesla's market, still more than ten times that of gm and ford. it's a technology company in the eyes of some and part of that magnificent 7. it's reverting back to being a car company, still ten times more valuable than the legacy car companies. the market has to figure out how it is looking at the industry. that growth expectation is different as relates to a company that is a car company at the end of the day. neil: thank you for taking your time.
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the world is coming to donald trump even those who might have had their differences with him and then some like mitch mcconnell says he is going to be our nominee, i back him and you see more rank and file of ri and os doing the same. signs out of the bush family that it's happening among them as well. andy card, chief of staff for george w. bush on that and more after this. ♪
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do you by that? >> i do. the primary for all intents and purposes are over. it is time for conservatives, republicans, to start organizing our forward-looking agenda, aspirational agenda that brought together so many successful coalitions over the years. let's get to work. neil: george p bush is the son of florida governor jeb bush, first to make overtures from the bush family or dynasty, jeb bush in editorial last week criticized in the wall street journal how new york seems to be gunning for hundreds of millions of dollars in a blatantly unfair even criminal act to go after money where no one was harmed. more and more of this establishment republicans, not necessarily saying we support donald trump do not support illegal action taken against him. mitch mcconnell the latest to
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show that with personal animosity between them. as the republican nominee. the former chief of staff for george w. bush, very close with the entire bush family, the ceo of the bush foundation, big event, what would have been george hw's 100th birthday. >> pleasure to be with you. an important time for the republican party to recognize they got to come together, stop the hyperbolic conversation and dealing with things seriously. i am thrilled to be with you and we are celebrating the legacy of george hw bush who gave us a remarkable one term presidency that produced discipline within the budgeting system that lasted a decade after he left office. we are celebrating george hw bush. he would be 100 years old and
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we are going to make sure we have a recognition of the remarkable legacy he left. he left a legacy in the library, you can see what he did but the real legacy is students graduating from the bush school of government, texas a and m university. neil: he was an outstanding human being. he also dodged the fiercest criticism donald trump would heap on the likes of george bush or george w. bush and that says something about him but there seems to be a reproach meant among some in the bush family toward donald trump, recognizing he will be the nominee, got to be loyal republicans and support the nominee. how do you see it? >> i pray the republican party recognizes the leadership, he will be the nominee. i'm hoping donald trump will
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pay attention to the reality that the rug in american politics today has more fringe than rugged, recognize the invitation that needs to be out there to bring people from the fringe to that rug and want to have good sound leadership to polish democracy, don't want to tarnish it. it's tarnished with hyperbolic language that is used. i am hoping donald trump will demonstrate he has the capacity to have a steady hand when it comes to guiding the ship of america through the challenges of the next 4 years. neil: do you have doubts? >> do i have any doubts? i have doubts, but i have confidence that we are a great nation. we the people are making the decisions who leads us. i hope we the people are exercising that response ability and understanding the nation is not where it should be. economy is not what it should be.
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i will say shrink inflation is going on, inflation is down but shrink inflation is high and consumers aren't getting the benefit of the money on food for example. there's a lot of challenges in the world. we need a strong and steady hand at the helm of the ship of america. hyperbolic action to the primary. neil: you were close with the bush family dating back to george h w bush when he was elected in 1992 saying those final weeks and months of the campaign against bill clinton, the turnaround is on. it was but not soon enough to feel any loss. this administration, the turnaround is here. inflation numbers improved over what they were. we might see that tomorrow. trend is our friend.
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they have time to make that case more than george h w bush did in 1992. what do you think of that? >> president biden has difficult challenge demonstrating i am going to say appreciation for where the american people are today. he can talk about the good things he has done and inflation is down and job numbers, okay. the american people feel the country is not where it should be regarding the economy and challenges in israel and the middle east, europe, challenges with china. we have to polish the relationships we have with our allies around the world and i think president biden has responsibility to that and have empathy for the american people dealing with our college shrink inflation. a new box of cereal today is smaller than it was yesterday, but still costs as much as it
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did yesterday. inflation may be down but shrink inflation means getting less for your dollar when you go to the grocery store. julie: the president might talk about that tonight. thank you very much. >> good to be with you and remember, 41 of 100 is an important celebration. neil: a very good thing. done a lot to help this country. in the meantime, we talk about the state of the union address, they touch on all presidents a lot of key issues. among the things the president is expected, things like crime, that might be news to some in new york who woke up this morning to see national guardsmen. nothing unusual. after this. ♪
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neil: you can expect president biden to talk about economic numbers but something he insists is going down is crime across the country. as he gets ready for the state of the union address, how is he going to do that when people see images that might hint otherwise. >> reporter: the president talked about the nation's capital is a particular treacly place to do so. other cities can argue crime last year dropped from historic highs, dc cannot. homicide was 35% compared to the year before. robberies 67%, carjackings
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doubled. demands from a scared residents parked a change of heart, priding itself on voting in favor of restricting the power of the police force. they passed a sweeping bill to combat rising crime. >> we have a responsibility to provide for the safety and well-being of businesses in the city and today we lift up to that responsibility. >> reporter: the legislation expands penalties for carjacking, retail theft and drug crime and loosens restrictions on law enforcement and the council chair tried before this vote to distance the chamber from past actions. >> are job among other things is to fund the police. we've done that. contrary to some criticism that some folks continue to make, we cannot cut the police budget in years.
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>> reporter: seems to be making the point of 3.5 years when council voted by $15 million, the city's democratic mayor supported the legislation stating pass and implement insecurity is a critical step in the work to rebalance our public safety and adjust the ecosystem in favor of safety and accountability. the bottom line is whether you' re in dc, philadelphia, or new york, you are feeling unsafe and in many places where the murder rate dropped relative to major spikes in 2020-21. neil: this is news to a lot of new yorkers, to see national guardsmen in train stations and the like. they are there to boost the safety image and to make sure people are comfortable. don't know if it is working.
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great to have you but this argument about having national guardsmen was born of the governor's concern that things were getting out of hand and things were out of control and a lot of these train stations. what do you think? >> the governor was accurate in her assessment of the crime was out-of-control but looking at the process bone of crime in a place like new york, there's been a meteoric rise and a lot of violent crime and a lot of lower-level crimes such as shoplifting and stealing items from various businesses. it has come to ahead where something need to be done. the governor believe the rollout of national guard troops would be the antidote. i question that. national guard troop is unable to enforce laws. it's not in their wheelhouse. it would be police officers but the attrition rate in police
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departments has reached bottom levels and something needed to be done. this is the alternative the governor took upon herself. neil: what is weird about it, these are soldiers and they are assigned to watching people make sure they don't hop over a subway turnstile. i don't know. that seems weird. >> weird is an understatement. national guardsmen is not trained to enforce laws or understand the complement of public safety. begs the question of what is the answer in new york. and into the district attorneys enforcing rule of law and receiving bail reform laws in a place like new york and send formidable deterrence but the legislation in the state of new york hasn't gotten the memo.
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neil: great seeing you. i've mentioned the state of the union address, those ago to this address if you're in congress, sometimes they are very revealing but what do you hear? greg steube of florida after this. (vo) a law partner rediscovers her grandmother's artistry and establishes a charitable trust to keep the craft alive for generations to come. from preserving a cultural tradition to leaving a legacy, a raymond james financial advisor gets to know you, your passions, and the way you enrich your community. that's life well planned. businesses go further with 5g solutions. that's why they choose t-mobile for business. pga of america and t-mobile are partnering on 5g-powered analytics to help improve player performance.
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adam: being a united states congressman or woman, you get to go to a lot of big events in the national spotlight and the state of the union address you can bring a guest or two. congressman greg steube from florida has a very special guest with him tonight. good to see you again. who is your guest? >> jillian k whose stepson is one of the 6 remaining american hostages being held by hamas in gaza and you haven't heard about we have american citizens held hostage by terrorist organization. group of members of congress, is his guest tonight to bring attention to the fact that we
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still have american citizens being held hostage by hamas. neil: you are sending it directly to the president to remind him. what response? >> we haven't gotten any response. a press conference, a group of us at a press conference yesterday and i called on the biden administration to get our citizens back. when i served in the military we knew if we got trapped or held hostage or in a situation, we knew the government and our allies and folks would stay with us and that's not the case anymore. it has been one hundred 53 days. we have american citizens being held by hamas and you can't tell me our intelligence folks don't have a good idea where they are located and we should be going in strategically rescuing our citizens. that's not what is happening but i hope by having these guests here today we bring the attention to the white house.
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neil: you know about war. the president is getting briefed within his own party how he is conducting it. far more angry that he's taking the side of benjamin netanyahu and pulverizing palestinians. you know the drill. he's backing away, questioning and challenging benjamin netanyahu, their relationship is virtually nonexistent. what do you make of that? >> which is why we have six hostages there. this white house is afraid of the far left of their party that has a different perspective on that conflicts. it's a sad day in america when we are not standing with israel to vanquish terrorism. benjamin netanyahu has done everything to minimize collateral damage and casualties in gaza. they sent information, they had weeks of time to get civilians
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out. terrorists like to use civilians, kids, and women as targets and bolster political jargon for them and the left and president biden caved to that. i 100% stand with netanyahu and what he's doing to eradicate terrorism. neil: the senate will take up these spending bills, and stave off another shut down for the time being. what do you make of this? do you support measures that stand and signed into law? >> i stand against and voted against omnibus or whatever you want to call it good passed the house yesterday. when i got elected five years ago we had a $20 trillion debt, today it's $34 trillion in debt, running at $2 trillion deficit. this added $60 billion to discretionary spending. that is not the path forward. we have to cut spending in
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washington. the house is the place to do it. stuart: the will you hold donald trump to the same let's get on top of this spending? >> absolutely, we passed a bill, jody arrington and the budget committee that would put us on a balanced budget in ten years, that's the direction we need to be going but we have to take the first step and cut discretionary spending. i would be barking at donald trump saying that's the fiscal policy and stand behind that. neil: look forward to seeing you and thank you for your service. let you know mortgage rates are back under 7%. that the latest average. that tends to be when they get under 7, more buying interest in homes when it gets over that risk. ♪
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