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tv   Varney Company  FOX Business  March 25, 2024 9:00am-10:00am EDT

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>> good morning, everyone, donald trump has until 11:59 p.m. eastern time to post bond that is $454 million. if he fails letitia james will go after his property and bank accounts. in the courtroom she smirks as if she's winning but the legal system in new york is losing its legitimacy the courts are interfering in the presidential election, letitia james has launched a political prose prosecution, it will unfold today and you will see it. to the markets were coming to a great week with stocks, the dow will be down 60th opening bell. the s&p closed at a record high on friday down 15 points, 5278, way up there in the nasdaq is going to be down 100 points a little bit of a red ink.
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look at boeing which is heavily sold after all the problems it faced, the news that dave calhoun will resign at the end of this year, that is good for a six-point bounce, boeing shy of $200 a share. you look it up for 23, the two years so well about four and half% you're looking at for 61 as of now. oil continues to be $80 a barrel and more, 81, gas that is moved above the 350 level, regular average 353, diesel 4.04, bitcoin not the action modest recovery $67000 per coin as we speak. house republicans and chaos after resignations. the majority is down to one. marjorie taylor greene challenging speaker johnson. biden signed the 1.2 trillion dollars spending bill in the dead of night. on the show today and outpouring of support for the royals at the
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princess katherine's medical video there are questions in the house of commons of chinese misinformation that fueled the wild conspiracy theories. medical experts believe that princess likely has colon cancer. isis terrorizes moscow, the claimed responsibility for the attack and they put out a video of the attack took place. now we have a tear group that donald trump defeated, regrouping and threatening america through biden's open southern border. how about that to start the week. monday march 25, 2024, "varney & company" is about to begin. ♪ ♪ ♪. stuart: a bad day all week, that's a way to start a monday,
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producers what are you thinking we have an audience to capture, a bad day all week let's hope not a big legally for former president trump that is for sure two big cases on his plate, take us through both of them. >> case one new york civil fraud guilty of inflating his net worth required to pay $454 million by midnight or post a bond while he appeals, legal experts say the attorney general letitia james might wait until the appellate court rules they typically meet on tuesdays and thursdays, this is what you could do freezes assets, his accounts, have his tenants pay her office rent and initiate proceedings to seize his new york properties. here's the thing the proceedings take time and taxpayer dollars and you have to untangle the web of llcs, very difficult. that's what she could do, here's
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what he could do appealing to the supreme court, sell property, file bankruptcy or conveniently sell the truth social shares the go public today that he would have to get a waiver to go early next month. that's one case, case number two lb in new york criminal court today, judges had to hear arguments on the bid to postpone the trial link to the hush money payments to the star stormy daniels. stuart: i call that ms. >> a bad day all week. let's bring in mollie hemingway. his trump gaining ground politically because of all this? >> is clear that the american people do not view these various issues of welfare as legitimate and who can blame them, the first case you were talking about the supposed crime that donald trump repaid and made banks happy any overinflated's assets, they're going to seize those and sell them for the price he claimed that they were
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worth, this type of offer is not something that we associate with the united states of america is much more third world republic. you can tell already by the fact that donald trump is leading in the polls and americans don't find this legitimate. as letitia james another democrat activist who are engaging in law fair ramp up things, a politically backslider even more. stuart: fulton county attorney general fani willis says her case is not slow down following the controversy over her relationship with special prosecutor nathan wade, roll tape. >> i don't feel like my reputation needs to be reclaimed, let's say for the record i'm not embarrassed by anything that i've done. my greatest crime is i had a relationship with a man but that's something that i find embarrassing way and i know i've not done anything that is
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illegal all while that is going on we were responding and joining the case in the way that it needed to be done. i don't feel like we've been slow down at all raw and i don't think a reference to slow down the trump the train is coming. >> is this another political win for trump? all. >> this is funny with this problem not that she had a relationship with a man she did behave ethically and lie about it that's why she embarked. it's also true the whole point taking the easy convictions that is true in new york, that is true in georgia and jack smith in washington, d.c. and it has to be done before the election for the whole point to work these are not legitimate cases that the georgia case has many flaws but their attempts to control the outcome of the 2024 election, she is right she is to keep the train running her pursue is not rule of law to
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interfere in the 2024 election. it does not work if the case is stalled to pass the election. stuart: trump's numbers keep on going up, thank you for joining us, always good to see you. congresswoman alexandria ocasio-cortez made comments on the seizure of trump assets. what did she say. >> she said truly untrue treating trump equally under the law means his assets may be seized, this one sounded like a word solid. >> it is my belief that all people should be treated equally under the law in the fat seizure of assets is pursued to any other american the donald trump should be treated the same as far as the political applications go. i think whether there is risk and not seizing these assets in the open window that exist in him trying to secure these funds through other means, we have
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seen a lot of interesting transactions happening with truth social another means and there's a very real risk of political corruption. >> she is denying him due process. jake tapper pushed back and said what you said all the independents out there who view this and say it looks like you're getting it up against him in the courts and she said not at all she's a criminal he's corrupt that's perfectly fine. stuart: it would be fun if it wasn't so damn tragic. but get to the markets monday morning, little red ink down 100 points on the nasdaq. jeff sica is here. i want to talk about apple how serious the damage could be from the department of justice antitrust suit. >> apple had some problems this year already with the iphone slowing down with china's restrictions, this lawsuit if you really look at the layers of
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the lawsuit from the department of justice it is a ridiculous lawsuit, it is claiming that apple has a monopoly and now on the iphone and is claiming other things as well. if you look at this apple only has a 50% market share in the u.s. for iphones and 25% worldwide, that is not a monopoly. the department of justice obviously they declared war against technology this is just another battle for them and if they're getting use those president you have companies like amazon walmart, coca-cola with upwards of 25 - 50% of the market share that are going to go over. it's going to be difficult for apple to beat them. i think they will underpaid a massive fine and it will go away
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and there's another thorn in the side of apple. stuart: they don't like success apple is a brilliant company with an enormous taken iphones, 50% of the market that's all they got they just don't like success it reminds me of microsoft, the late 1990s. they don't like success, the government does not want competition they want to be the almighty and the big tech companies are becoming competitive because they're very powerful and very influential. stuart: let me deal with right it it went public last week. a huge spike at the ipo, is it a bubble? >> reddit as a company i understand why people go there but they have not made money since 2005 in almost 20 years they've lost over a billion dollars. i studied the reddit model and i cannot see how reddit is going
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to make money at any point in all give them credit for their brilliance and timing they timed this perfectly if you look with a filed with the sec what they filed they put the word artificial intelligence dozens of times in their filings so this is another a.i. hype and i think it's showing how frothy the a.i. market is and how far has to fall. stuart: jeff sica on a monday morning. senator marco rubio a different political and legal system here. senator rubio defended trump's claim of immunity. roll tape. >> i think is a legitimate issue we need to talk about at large after the last three years do we want to live in a country were basically the opponents of the president can extort them, can
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have leverage over them during the entire presidency and said don't worry want your out of office were to prosecute you, come after you, charge you for this crime. stuart: that sounds like an unpleasant taste of things to come, do you remember this video we showed it to you last week migrants storming the border, guess what migrants have been processed and released into the united states, where are they now, do we know. we have the latest from the border after this. and ♪ ♪rs, investments) we're a fiduciary, obligated to act in our client'' best interest. (fisher investments) so we don't sell any commission-based products. (other money manager) then how do you make money? (fisher investments) we have a simple management fee, structured so we do better when our clients do better. (other money manager) your clients really come first then, huh? (fisher investments) yes. we make them a top priority, by getting to know their finances, family, health, lifestyle and more. (other money manager) wow, maybe we are different. (fisher investments) at fisher investments, we're clearly different.
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so far nate foy joins us from eagle pass texas, much stricter penalties. is that right. >> the u.s. border patrol jason owens calls the situation other southern border and national security threat and you referenced the 140,000 known got away so far this fiscal year which is something lieutenant with texas dps is reacting to this morning. can. when you hear from the border patrol chief itself talking about the natural security threat is really evident that the federal government continues to ignore the situation on the border. >> take a look at the newest video from el paso 40 - 50 migrants got picked up sunday by the border patrol to be processed and remember we've seen a lot of problems in the past few days. take a look at the next video migrants pulling out a razor wire fence on the border wall their goal is to get past texas
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law enforcement so they can be processed by border patrol under title eight that's exactly what happened with the migrants involved in thursday's stampede 300 single adult men many from venezuela trampled the texas national guard soldiers on thursday one is charged with assault and more arrest may be coming. >> the people that are coming over are not the people that used to come over a decade ago for two decades ago. their aggressive and and they do not care about laws. >> lieutenant olivarez says that is a great example how senate bill four could've been used in helpful in the migrants involved in the stampede could've been arrested and deported and democrat congresswoman veronica escobar does not see it that way. , there is no way the state of texas is qualified were prepared to be a brand-new immigration
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force. >> another startling statistic. in the first 17 days of this month border patrol agents only in the san diego sector sees over 200 pounds affected all and 11000 pounds of methamphetamine. we will send it back to you. >> mexico's president appeared on 60 minutes last night and he says if america does not do what he wants the flow of migrants will continue, roll tape. >> if they don't do the things that said need to be done then what. >> the flow of migrants will continue. >> your critics have said what you are doing and what you are asking for to help secure the border is diplomatic blackmail, what do you say. >> i am speaking frankly we have to see things as they are and they say what i feel i always say what i think. >> chad wolf with me.
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quick question would obrador be talking this way of trumper president? >> absolutely not what we saw during the trump administration that president trump had the upper hand and used his leverage appropriately to ensure that the government of mexico did things that we wanted them to do and not only good weather information aborted security but also good for theirs and you see the relationship flipped under the vita administration. >> will biden came to his demand all mexicans limited america to be naturalized, do you think biden will cave to that. >> they will go as far as they can some of them will take congressional approval to do i think the budget administration is willing to do everything that they can so they can get some type of cooperation from the mexican government to do more longer southern border.
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it's a remarkable stance that we have to beg other nations to do the job that we should be doing on our own border in the biden administration should enforce more of our laws. >> border patrol chief jason owens wants illegals to face consequences, roll tape. >> everything for consequence of an action that you don't want a person to commit. >> when you say consequences you mean jail time. >> i'm talking about jail time and being removed from the country and being banned from able to come back because you chose to come in the illegal way and the pathways that we sent from you. stuart: isn't he an employee of the federal government and the president joe biden contradicting biden's policy, is that what we have here. >> i think there's a little bit of that i give chief a wind a lot of credit he's going to national television talk about to turn to consequences and talking about the national security threat that is going on along the border.
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none of which secretary mayorkas or others are talking about over the last three years. i give chief owens a lot of credit the border patrol law enforcement know what reality is you know what is needed to fix the border. that is consequences and deterrence back into the system. he is speaking the truth, the problem is the political leadership above him is not giving them the latitude and the ability to do what he desires to do. stuart: basically no change at the border no matter what, nothing changes. >> i don't think so we haven't seen much of a change in over three years. were going into the fourth year of the administration and the numbers continue to rise the situation along the border continues to deteriorate and we don't see any changes, we don't see any remaining mexico come back, we don't see anything that's going to change dynamics when you have folks rushing the border rushing national guardsmen and released into american communities that is more of the same that we saw you. stuart: tanks as always for being here, we appreciate it.
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we have a new political ad indigos after president biden for the border crisis. >> he calls a crisis in evasion puts the blame squarely on joe biden. watch here. >> nobody is going to be deported. >> there will not be a wall instructed in my administration. >> you contrast that with biden's campaign add it targets latino voters and says my opponent donald trump is calling you criminals, rapists and drug dealers, that is the contrast. >> check futures as we head toward the market open we see a little bit of writing the dow down 50, nasdaq and 100. opening bell is next ♪ ♪
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civil fraud trial, that is also due today. a big day in court for the former president. check the markets they could open up a couple of minutes, red ink but not much, keith fitz-gerald with me now. you say by the best, ignore the rest. >> the best are going to be defined by a number of unique characteristics and must-have products and services and visionary executives and fortresslike balance sheet and they can change the world think apple versus peloton that is a nice at. >> give me more names than apple. >> you can do the sector by sector is usually going to be the top one or two in any specific sector for example medical oncology it's going to be lockheed martin, i own all three of those for disclosure. >> do you care about the fed win or if it cuts interest rates
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later this year, do you care. >> i do care but is not an input like you think and the only thing is admit it's wrong and/or get out of the way. to the extent that does happen in there so for - $6 trillion looking to find a home in the big header on the wrong side of the playbook right now and they got get on board and all the individual investors are to come running when the fed raised the alarm bell and say hey were done. i look at it doesn't bother me. stuart: inflated for a lot of people. it was short but sweet. here we go. five seconds away from 930 on a monday morning. 50 points lower. we have an even split between winners and the words until
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losers the dow is open with a 60-point loss. the s&p 500 also on the downside to the tune of a third of 1%. that's coming off of a series of record highs they closed at a record on friday afternoon. 5219, down 16-point the nasdaq is that more than half% 1,633,590 points lower big tech all down, meta, 506, alphabet 149, microsoft 425, amazon 177. apple right there at $170 a share big news this morning the ceo of boeing dave calhoun says he is stepping down. when does he leave? >> the end of the year it is remarkable he came in as ceo four years ago after the two deadly crashes he replaced. i have two ceos out in a few years both because of quality issues that the playmaker, the stock is up almost 3% even
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though it's been battered one of the worst performing stocks in the s&p 500 and investors are cheering a potential invested. stuart: is not going to the end of the year which gives boeing to figure out who's right for the job. who is transitioning. >> what is this about tech companies, nvidia a.i. >> is going to be hard to do but they're going to try, reuters is reporting a coalition of tech companies, qualcomm, google and intel will come together to try to loosen the dominance that nvidia has on the a.i. market, over 4 million developers used nvidia to build out their a.i. systems. the separate suite of software that can power a.i. and can they compete with nvidia at 941. >> not much of a pullback. 942. >> day of the early lead amgen wants to cash in on weight loss drugs.
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>> is a huge market, goldman sachs says 70 million americans can potentially use these weight loss drugs and four years time, amgen's drugs are still on what's on the market, it's an injection and you might take it once a month, you could probably go a little bit longer and they say the goal is to maintain weight loss after you stop using it. it's called maritime and will pay attention to studies as they come out. up 8 cents not that much. what is this about china not using the u.s. chips the financial times of london. >> fta is reporting look at the reaction by amd and intel down 4%. the ft is reporting that china will block intel and amd chips from government computers, china was the biggest market for until last year, 20% of the revenue came from china, 15% from amd and they're saying that china wants to sideline microsoft windows the operating system in
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favor of global options, my option watch what they do not what they say. yet 100 ceos for multinational firms in china over the weekend over there development forum china is courting u.s. companies. yes they might do something like this, no chips and our government computers but they absolutely want u.s. business. i pulled one stat foreign direct investment in china fell by affecting the first two months of this year versus down 8% all of last year it is tumbling and traveling fast. stuart: the european union, that you is investigating several big-name tech companies american tech companies, who are they and what is investigation. >> apple, meta and google their opening the probe to make sure they're abiding by the new digital competition law. it took affect a couple of weeks ago. the bottom line because this gets wonky in pacific but they want to make sure the companies are on their choice on the
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platform. if they are found in violation that you could find them up to 10% of the revenue and every single jurisdiction where they do business, for apple look apple on the bottom, down 70 down one point to percent, it's a one-two punch the u.s. department of justice sued them for operating a monopoly. if you are tim cook and you're in china as he is saying we are putting a.i. on the iphones trying to get business wherever you can without someone slapping your hand. >> the crown jewels of american business are under attack from europe in their murky government itself. >> who is mimicking europe at this point. >> i looked earlier in all the electric digital acquisition. >> this is the shell company that will take try truth social public this week at a no trade on the nasdaq dj t it got hit hard on friday down 30 to 40%, more than doubled in the past year that donald trump is a
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presumptive republican nominee so it's coming back a little b bit. stuart: the faa stepping up over united airlines piling onto t them. >> there been so many incidents at united every single one involving a boeing plane we have a panel missing, the tire fell off it landed to the park and not now the faa is investigating united processes and its facilities to ensure compliance with safety regulatory regulations. the ramifications will be news if it happens. they could force united not to expand. think new york that's a big hug. and they would let them accept delivery of the planes and they don't feel that united policies are safe and they can delay future products.
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and those of the revocation that could happen if the faa does not like what they see of united. stuart: that is why the stock is down 4%, could happen. who is bullish on disney. >> the stock should be up 3%, they upgraded them to the equivalent of bike, they take the price target to 135, they say earnings bottomed they like the free cash flow in the guidance but there is drama and it comes from the activist investor nelson peltz versus ceo bob iger, he says, he literally said this over the weekend disney has gone woke and makes too many movies that dominated by female black actors and they are to focus on delivering a message over quality storytelling that is a strong position. bob iger disagrees, star wars creator george lucas and jamie dimon of j.p. morgan shareholders vote if nelson peltz gets a seat stock is up.
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nelson peltz says they're making too many movies with women of black actors, he said that. >> that was a quote. >> you don't hear that very often. >> he said that to the financial times. stuart: we are down 69 or 70-point you are at 39400. the dow winners on the board headed by walt disney, strong game, nike, boeing, merck, chevron s&p 500 who are the winners micron, decks, and disney is on the list. nasdaq where the winners who are they micron, tesla's and their, clear way energy, walgreen alliance, coming up. vice president kamala harris, clapping to a puerto rican protest song during her visit, she did not know that they were mocking her. roll tape. ♪
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>> three haiti and she stopped when she realized what they were actually singing. interesting story there is chaos among house republicans, mike gallagher says he's leaving and can boxes dysfunction and the vote margin will be down to one how can republicans get anything done. florida congressman mike waltz answers that question. the senate passed the 1.2 trillion dollars spending bill in the middle of the night. will either side ever cut spending? don't bank on it. stephen moore takes it on next. ♪
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stuart: monday morning the markets open 13 minutes into business down 60 on the dow down 100 on the nasdaq not a serious selloff after record highs last
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week. house speaker johnson facing new pressure and to avoid a government shutdown. our republicans will be looking to oust another speaker. >> marjorie taylor greene said speaker john cedric gunter betrayed republicans and you could hear sound from chip roy, i think he agrees but he doesn't say he will endorse to oust johnson, watch here. >> i think speaker johnson made a mistake when he walked away from the bipartisan in a cr that could put pressure on the democratic colleagues to come to the table. that was a mistake i don't think that was reflective of what the american people want i can promise you if you put a ukraine bill on the floor and you haven't secured the border there's going to be a problem within the ranks on capitol hill. >> weary have a problem on the rinks republicans have a one-vote majority when mike gallagher retires next month, that is it that is the balance of power in their could be more,
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control of the house has never flipped in the middle of a congress and that could be what happens in. >> this is what donald trump is running on, this is what republicans are ready not to donald trump this is the house of representatives. they are not getting anything done. >> what are they going to do in november of this year when they're all up for reelection, the house could easily go democrat after this debacle. >> that is a risk. >> stephen moore joins us, i want to talk about the spending bill, neither democrats or republicans will either simply cut spending you can do that in american politics can you. >> people are so angry right now and all they hear over the weekend and for my conservative friends whether the hell are the republicans doing, i do not think speaker johnson is a problem i think he's trying to hurry these cat and he had a hard time doing it and a strong fiscal conservative and i talked
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to him and he would take a chainsaw and the problem is how would you get to 218 votes for anything it's over 1000 pages, nobody read it it's filled with earmarks we were supposed to get rid of earmarks five or six years ago, there are hundreds in the ugly budget and you have chuck schumer running the senate and democrat joe biden wants to spend money on everything in the house and it's hard to get any budget passed, the other thing i've been doing this for 40 years it had been studying and analyzing federal budget and it gets worse and worse every year, we have to blow up the whole budget process and start over and rewrite the budget rules so you can get spending down because were powering $2 trillion a year end nobody in washington is doing anything
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about it. >> can you get reelected if you make that radical change clot. i think him. can people want that this is what are two or three issue for the issue at the train wreck of our financial situation and what's happening in washington. again i want to make sure that the people understand that mike johnson is doing everything he can to bring spending down but he doesn't have a twitter linkedin so to do anything, the only alternative to passing the trashy budget was to check on the government, i know a lot of people watching the show i don't know how you feel about as some people say shut it down but i lived there 15 shutdowns of the government and every time that they do it the media blames the republicans so i think the only solution we gotta get rid of this president and get somebody in the white house like donald trump he will take charge of the process you think donald trump would seriously cut spending when you have a big majority of republicans in the house i do
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think donald trump is spending. >> look at his budget when he presented budget to congress those are very fiscally conservative budgets those were ronald reagan budget. the congress dismissed those budgets and trample due to things he will grow the economy which means more revenue which brings a deficit down and you could get tough on spending one of the things larry kudlow and i have been talking about with donald trump we have to restore the power for every president george washington through franklin roosevelt had the power to not spend money if they did not need to. essentially blind item in the budget we need that back to the president can be in charge of the process.
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stuart: at the moment we have a spending bill passed tax increases coming what we have classic tax-and-spend that is what we got and i will be the case for the rest of this year. last 30 seconds to you. >> you are right and you think the budget is going to make editing better the one he has for 2025, my god he wants another $2 trillion of tax increase, the big deal, we have to make the trump tax cuts permanent, keep tax rates low and have a every year cut two, three, four, 5% of spending rather raising why don't we cut spending and recently year until we get a balanced budget. >> if you could get that passed in the house and voters to vote i'm with you i'm just a little skeptical. thank you for joining us that's the way it is. we will see you later living and working in new york city has been exasperating to see it go from the greatest city in the world to a dangerous joke, that's what it is now this is not easy it's not the people who have done it the city's leadership, that is my taken it comes at the top of the
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11:00 o'clock hour true social set to go public trump is in line for three billion-dollar windfall, what does that mean for his money trouble, we have a report after this. ♪ everyone say, “space pod.” cheese. [door creaks open] [ominous music] (♪) [ding] meanwhile, at a vrbo...
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that's 1-800-217-3217. stuart: the parent company of trump's truth social could trade on the nasdaq as soon as this week and donald trump could be in line for three billion-dollar windfall. kelly o'grady followed the story, trump cannot cash out his shares just yet but he could borrow against them to raise the money that he needs is accurate. >> i've been digging into this it appears unlikely traditionally you can use stock as collateral and borrow against it the legal experts that i'm talking to that are interpreting the language in the specific lockup agreement to prevent any pledging or encumbering of the shares, once the merger goes through the lockup agreement it is a common practice for leading shareholders from selling because that would cause huge volatility in the stock and the
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shareholders. it could grant a waiver or amend the lockup agreement before the deal goes through to allow trump to leverage those shares but in lessons happens using the funds now is it an option even if you did get the waiver, would not come before today's deadline in the civil fraud case, the new company could trade on the nasdaq as soon as this week it will replace what you see on the screen under dj t which are his initials based on the shareprice recovery will be valued at 5 billion in trouble have 50% once it goes through that steak would be worth 3 billion. when you look at who's investing this could provide major capital for his campaign down the line. take a listen. >> this is the power of capitalism in the american system you can use the market now to buy assets which is inflating the stock prices and allowing these companies to raise capital and allowing trump to raise capital to fund his campaign. >> dj t becomes the mean stock in his supporters have been
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using the stock but the smaller retail investor comes with a lot of volatility. if it swings the other with the $3 billion becomes a lot less. >> it certainly does, great stuff, still ahead marco rubio says trump's immunity claims raise a legitimate issue, do presidents have immunity and if so what is the limit. i will ask byron york and new report finds a covid pandemic is loud to thousands of miss prostate cancer cases, doctor marc siegel, near grocery store is putting codes on ice cream, they hired security guards at their stores they're just trying to stop the epidemic of shoplifting john catsimatidis if you're on that one. in other worldwide support pouring in for kate middleton. the 10:00 o'clock hour is next. ♪
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