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tv   Varney Company  FOX Business  April 2, 2024 9:00am-10:00am EDT

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maria: all right. a big thank you to newt gingrich and and doug collins. have a great day, everybody. see you storm. "varney & company" begins now. stuart: good morning, everyone. it is the second day of the
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second quarter, and it's the second day of selling. here's the problem, interest rah rates are rising, and rate cuts from the fed are retreating. strong economic news, that is pushing rates up. look at this. the yield on the 10-year treasury way, way above 4.25%, you're now looking at 4.39. don't look for any decline in mortgage rates anytime soon is. the 2-year treasury, that's way, way above 4.5%. that's now at 4.if 73. -- 4.73. stocks down all across the board. the dow's looking at a loss of, what, 300 point, and the nasdaq's down about160 at this point. that's premarket. don't know how they're a going to close. bitcoin struggling, $73,000 the two weekes ago or, you're looking at $65,000 the right now. but on that strong economic news, oil has reached $85 a barrel. no response if gasoline yet. still $3.a 35553 finish -- 3.53 for diesel -- unleaded.
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gold, $2,277 per ounce, it's up $20 an ounce as of now. politics. democrat primaries in key states today. follow wisconsin closely. there's a big uncommitted write-in campaign end activists want enough write-ins to show biden cannot win the state because of his support for israel. the president has nothing on his calendar today to the, but trump does. he'll hold rallies in michigan and wisconsin tonight. the latest polls show biden now leads trump in those two states. on the e hoe today, florida changes the law on squatters. they can now be legally victimmed very quickly. -- evicted. we have a local sheriff who has prison cells waiting for them. california, poster child for failure on so many levels. homeless, jobless, poverty, taxes, outmigration with, and the governor, gavin newsom, wants to be the president. we'll have a report on that. the election, 217 days away. it is tuesday, april 2nd, 2024. "varney & company" is about to begin.
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♪ ♪ and and i'm free, free falling ♪ stuart: okay. we're plague free pall ifing. the producers were perhaps trying to link that that to the stock market. i will not say the market is free falling by any means. that's not the case. we are down but definitely not completely out. but we love tom petty. we start with the market. is a selloff. dow's off 30, nasdaq down -- 300, nasdaq down 1 is 68. david bahnsen with me this morning. i'm saying the selloff is the direct result of a sharp rise in interest rates this morning. am i wrong? >> no. the bond yields are slightly higher the past two days, but i do disagree with something you said about the fed treating on cuts and that causing the market. that went on for the whole quarter with, and the market was
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up 10%, and we went from expecting 6 cuts to 3 cuts starting in march to starting in june, and the market couldn't have caredless. i think the -- cared less. stocks and bonds are still very heavily correlated. stuart: we've had two days now, if the selling continues today, is this the start of something bigger or. >> it's impossible to say, but i know you want me to say, and i'll just guess and say 50- 50. [laughter] stuart the, here's what it is, the market's very expensive. bond yields going higher makes the stock market more vulnerable to selling off a because of the high valuation. stuart: got it. david, stay there, please. you're with me for the hour. there's an uncommitted campaign in the wisconsin democrat primary. this is politics, it's important. they're looking to -- it's activists. they're looking to get 20, 682. very specific number. that's the margin that bidenen beat trump in wisconsin back in 2020. david avella are joins me now. david, are these uncommitted campaigns, they show a split in the democrat party.
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that would be my opinion. can they get over the split if before the election? >> the bigger challenge for biden is not these disaffected democrats, it's this robert does get on the ballot in wisconsin. you think about who is the core of robert kennedy's support, of robert kennedy's support, you're looking at younge welcome to ameriprise.
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screen this morning. dow is down. 320 nasdaq is down 207. check out unitedhealth stuart: that's on track to shave, take off 135 points off
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here along the rio grande river.
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the texas military department is installing this eight foot tall, very sharp, anti-climb barrier fence. but before a migrant even gets to that fence, they have to essentially make their way through all this concertina wire that the military department is also installing. and this morning, texas has now identified at least 222 migrants from that stampede. on march 21st. that was the viral video. it's a rare move for many of the migrants were charged with rioting, criminal mischeer -- mischief, and i'm told a handful were charged with felonies as well. this is frequently the busiest sector here in the united states with more than 1,000 migrant apprehensions a day. el paso, along with tucson and san diego, they're all going back and forth competing for the busiest along the southern border in the united states. stuart: all right, matt, thanks very much, indeed. now the white house is once again trying to pass blame for the border crisis off onto the
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republicans. watch this. >> border patrol was able to act quickly and get the situation under control and apprehend the my grant, and we were grateful that the border patrol was able to do their job. our immigration system has been broken for decades before, even before this president became president obviously more than three years ago. and was they didn't move through with the proposal, because of the last president and and and because they put politics ahead of the american people, we are seeing chaos. president trump got in the way, and because president trump got in the way, republicans are now getting in the way. stuart: oh, dear. [laughter] i'm sorry, i just have to react to that. the gentleman on the right-hand side of the screen is the national border patrol council vice president, his name is art del cueto. art, welcome back to the show. what do you make of that? trump's responsible, republicans responsible. do you want to have a go at that, please in. [laughter] >> you know, it's quite a mess. if for over three years they kept quiet. for over three years they were
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telling the american public there's no problem whatsoever. and now, you know, it's a campaign year, so they try that hail mary pass and what other way to do it is just to blame. now, she says the system's been brokennen -- broken for ten years, but the last administration was controlling it, and the numbers were considerably down. when this administration took over, they -- day one is when we started seeing the chaos at the board. and it hasn't stopped. of they've ignored it for three years. they've said there's no problem, rain now they're saying, wait a minute, there is a problem, but it's not our fault. enough with the finger-pointing. i think, you know, we've had enough of that that. they need to, one, admit it's their problem, admit they caused it and say our ideas don't work. we need to go back to the ideas of the last administration. stuart: take a look at this headline from the associated press. i'll read it. why trump's alarmist message on immigration may be resonating beyond his base. okay. it's resonating beyond his base
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with. do people want to go back to building a full scale wall along the border like trump the promised? is that what they want? >> look, it's not even just the wall, to be honest, it's the policies. because you're seeing what's happening in texas. you know, unfortunately, texas is not getting any help. they're having to take everything in their own hands to try to fix some of the pop they're facing each and every day, and the federal government has ignored it. what is happening is the cartel, who i've said many times who control the flow, control where the groups are going, they're shifting a lot of those groups to areas of california, they're definitely shifting over to tucson sector which continues to be at the top when it comes to gotaways, and that is because they know those are the areas that are completely wide open, so they're just going to flow traffic over there. all the while distracting law enforcement and lining their pockets with the drugs they continue to bring in the united states. and what ooh -- what's this administration doing? nothing. stuart: if the razor wire wall is effective, and it has been in
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parol -- parts of texas and is being expanded, do you think it'll be expanded to the california border or arizona or new mexico? >> i think it would be if we had the political will to go ahead and add policies to that. right now, obviously, it detains them in texas, but it doesn't detain them in other areas of the border because the policies are the ones they know they can find the loopholes to come across are anyway. stuart: art, thank you of -- for coming on the show. >> thank you. stuart: david bahnsen, do you think trump's messaging will get through to democrats? >> on the border i think there's a good portion of democrats who will, especially the independents who might be more likely to vote democrat and on this issue could swing the other way. my concern with with trump's messaging, he needs to hold those republicans that are skeptical of a lot of his messaging, the way he says certain things, if i worry about with young people that he has the right policy on the border but dun always present it the way they want to hear. stuart: he can always present biden as just too old and
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ineffective to do the job, and he looks good. >> biden will always be too old and ineffective to do the job, so trump can continue presenting that, but he can help himself by what he did in 2016. he pointed out autothings wrong with the country, and i still think he's doing too much pointing out the things unfair to him. it needs to be less about him and more about the country. stuart: fair enough, david, thank you. check futures, please. it is tuesday morning, down 330 on the dow, down 213 on the nasdaq. the opening bell is next. ♪ ♪ come and get your love ♪ come and get your love ♪ everybody wants super straight, super white teeth. they want that hollywood white smile. new sensodyne clinical white
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stuart: three and a half minutes to go to open the market, and we're to going to open down. nasdaq down over 200 points. kenny polcari with me. what do you think of this selloff? i'm saying it's the result of much higher and suddenly high interest rates. what say you? >> i think that's part of the story. i think it's the fact that the market had a great can first quarter, we're now in the second quarter. i think there's some pullback because the market's been a little bit ahead of itself based on the fed cut narrative. i also think that the first week of april tends to be a little
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bit antsy ahead of tax day and ahead of the gunning of earnings season. -- beginning of earnings season. so i think this is great. we were down .6% yesterday on the dow, we're down, what, .8, that that's great, 1.5%, but i'm looking for a bigger pullback. i'd love to see 7-8% would be really great. stuart: so do you think this is the start of something big like a 5, 7% selloff? is it? >> well, i -- listen, here's what i think, and i don't think enough people are paying attention to it. yesterday they pushed out former vice chair roger ferguson who's a very methodical, well-thought, respected graph-type guy -- grandfather-type guy that says of the markets, look, the possibility of zero rate cuts while it's low is very much a possibility. i think they did that to kind of prepare the markets for potentially no rate cut, which i'm in that camp of no rate cut. so i do think this could be the start of a broader pullback. stuart: but i still don't know anybody from my own personal
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associations who's throwing in the towel and saying, that's it, i made my money, i'm walking away. i take my profit, i'll pay a capital gains tax next year. i don't know anybody if like that. >> no, no. i don't think, i don't think that's the case. i think, though, that people last are year that, you know, did some trading that weren't prepared or didn't properly manage now have tax day to do, right? so, listen, it happens ever year. @not necessarily -- it doesn't mean people have thrown in the towel ask and say get me out, but there are people who have to make financial decisions whether it's tax day, planning, and they'll use that as as an opportunity. this is typical of the first couple of days of april, that you to do see some weakness in the market. i think this is a little bit more than that just because we've got the realization that maybe the narrative that the market's been thinking about is not going to be the narrative that i plays out. stuart: we've got the yield on the 10-year treasury around 4.40. that means you're not going to see any serious decline in mortgage rates anytime soon. and that's -- >> right.
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that's right. stuart: -- an interesting indicator for people. >> that's right. and, listen, as we get -- we saw what happened in october when the 10-year kissed 5%, the market sold off. the nasdaq sold off 9%, and i think 5%'s going to be that key level. 4.75, 5 on the 101-year is going to be -- 10-year is going to be a key level of resistance, and it's going to, i think, also add. yes, it's not going to help mortgages, and so i think there has to be an adjustment just the way there's the an adjustment in stock prices, there has has to be an adjustment in housing prices. stuart: got it. kenny, appreciate it. david bahnsen's still with me. lucky guy. [cheers and applause] do you -- would you like to see a 5% selloff so that you can jump in at lower prices? >> well, i always want things to be cheaper. i do believe in buying lower. i don't consider 5% a selloff. it's child's play. it's routine. every year the market goes down about an average of11%. by the way, the 10-year is where it was two weeks ago. stuart: okay. thank you very much for point pointing that out.
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let's see how we go. the market is open. we're off, we are running. there's plenty of selling this morning. look at it go down, off 328 as we speak for the dow industrials. but as a kenny was pointing out, and you, david, that's only .855%. that's not a huge selloff a by any means. hoe me the s&p 500, please. that also opening lower today. you're down .90%, and the nasdaq composite, that is down over 1.2%. way down. got it. show me big tech. i presume they're all down. yes, they are. microsoft, apple, amazon, meta, alphabet down. or we have to start individual stocks with united health. dragging on the dow bigtime this morning. it's shaving, i believe, about a 13 if 0 points off the dow industrials -- 130 points what's wrong with unitedhealth? lauren: well, it's all the insurers, as you can see here. humana is down 10. medicare rates, they were finalized for 2025, and they were not unebb creased from the -- increased from the
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proposed amount. usually you come out with one number and then months later you increase it? didn't happen this time. the payments from the federal government will increase 3.7% or $16 billion from 2024 to 2025. the bottom line is the margins for all of these insurers are going to get squeezed bugtime, and these names -- can -- stuart: down 380 now, 390. almost down 1%. getting worse by the moment got to get back to tesla. there's a sharp drop on that stock after the delivery number. lauren: it's the first decline for tesla in deliveries since covid, since the second quarter of 2020. deliveries down 20% from the prior quarter, down 8.5% from the same period last year. the number just under 387,000 vehicles delivered in the first quarter. every model was a model 3 that was produced in the quarter. that's their a cheaper car. if just for the competition,
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rivian produced just under 14,000 the in the first quarter, delivered almost all of them, and they reaffirmed their guidance for the year of 57,000 so no increase, reaffirming but not cutting. byd -- stuart: yeah, that's the point. lauren: warren buffett-backed, major chinese ev maker. if you look at a evs and plug-ins, the number for them topped 626,000 in the first quarter. tesla's still number one in pure evs. stuart: okay, but tesla, to some degree, is trailing byd. lauren: oh, yeah. stuart: to some degree. lauren: they've got a bigger market share and is a cheaper car. stuart: i want to go to pvh, they are the owner of calvin klein, tommy hill hilfiger and more. lauren: wow. they're going to fall as much as a 7% this year. two big problems. wunsch europe. two, wholesale business in the u.s. shoppers have cut back with, wholesalers are not placing orders as bill big as years past. stuart: canoo reported
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yesterday, down 30 this morning. okay, what went wrong there? lauren: so this is commercial if vehicles like an e-van that walmart has ordered. i mean, they really don't have sales. the numbers are just horrifying. revenue in the quarter was $367,000. that's it. three months, $367,000 in revenue. and they've been warning for eight straight quarters captain is dwindling. -- capital is dwindling. here we are. stuart: back in the day when the combustion engine was getting going in the early part of the 1900s, there were hundreds of car makers. eventually they all shook out as the industry consolidated. that's what's happening with ev iss, isn't it? >> yeah, but the difference back then is you had a one of of companies that made money and consolidated for better efficiency. told you have a lot of -- today you have a lot of companies who don't make money. if i was looking at canoo and i was an ev maker, i wouldn't be
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worried about it. stuart: do disney, there's a huge fight between ceo bob eyeing or and activist investor nelson peltz. who's winning? lauren: bob iger. "the wall street journal" is reporting more than half the votes have been castedded and activist, nelson peltz, if may not get the two the board seats that they're looking for. the annual shareholder meeting is tomorrow, so, look, this could all change because with you can change your vote day of, and it's entirely possible that we don't have an answer a tomorrow and and it's like a hanging chad moment and they have to recount the votes. but "the wall street journal" is reporting so far iger has been able to stave off melson pelts' proxy fight. he's got institutional support, blackrock, what is that,s second biggest shareholder? also 26789 roe price. stuart: if bob iger wins and peltz loses, does walt disney's stock go up? >> no, absolutely not p. i've been watching nelson peltz since the '80s. don't bet against him. he may not win this vote
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tomorrow, but he's playing the long game. disney' stock has gotten crushed through a good market over the last two days. pellson pelts knows what he's doing -- nelson peltz knows what he's doing. stuart: trump's social media stock was down big with yesterday after they reported big losses. they were down early this morning, now they've rebounded to 50. lauren: can i call it a meme stock? if. stuart: oh, you should. lauren: it's been called the mother of all meme stocks. look, we've been saying, and i do agree, this is a vehicle for trump supporters to prop him up. but it's also a way for never trumpers to make a buck. they knew this company would go public, we all did, and they knew it would be popular, so they cashed out, sticking the little buy, if you -- little guy, if you will. but the news yesterday underscored the real fundamentals. $58 million in losses. a regulatory filing where the company themself said we have stamm do you want, that's a quote -- substantial doubt, about our a ability to remain in
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business. stuart: bahnsen's laughing. lauren large he always laughs. laugh a laugh. >> i would think these are misprints. a $6.6 billion value, and they did 4 million many revenue. i honestly think that the mcdonald's on sixth avenue did that yesterday, okay? [laughter] and it's trading at $6.6 billion valuation? stuart: it's a meme stock, it's a gambling chip. >> this is not going to end well. lauren: but it's up today. stuart: you do? >> i do. it doesn't have a path to profitability. twitter that they now call x is one of the largest e, most successful social media companies ever, it doesn't make any money. and this is -- a social media company exists entirely out of one man's platform, this is just total speculation. toure soother okay. so let's move on to to your dividend stocks which are not total speculation. good fundamentals. >> that's right. good fundamental, good cash flows. it's sort of the opposite of a meme stock. american lek electric power is about as boring of a company, but it's the only utility we
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own. a 4.3% dividend yield, utilities were out of favor, the sector came back in the first quarter a little. american electric power is the only you -- can you utility that we want to own. stuart: he mar if advertising, lamr. >> yeah. you know, when we bought it, it was paying 6.5%. it's now paying 4.5%, and the dividend's gone up? if how is that the possible? the stock is up big with. they are doing a billion dollars of profit off of $2 billion in revenue. very high margin, and they really are the monopoly of these billboards. they've converted a lot to digital, but they convert almost half of their revenue into profits. stuart: that's impressive. coming up, whoopi goldberg says asking voters whether they are better off than they were four years ago is a stupidded question. roll tape. >> why is it that some people having short memory issues? there are plenty of other
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reasons to feel good about where we actually are. stuart: okay. memory issues, question mark. can't wait to see what jimmy failla has to say about9 that. jimmy will be on the show. all eyes on trump's fundraiser at mar-a-lago. speculation is he's looking for a new treasury secretary. would he pick a woman or a minority? is he going down the diversity route? we will have the story. ♪ ♪ a little party never killed nobody. ♪ we gonna dance until we drop ♪ ♪
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♪ me and my friends ♪ ♪ life is better with the credit gods are on your side. rewards once available to the few are now accessible to the many. credit one bank. get cash back rewards, and live large. stuart: check that mark, please, we're open for 12 minutes, and we are down. dow's off 400, nasdaq's off 244. rising are interest rates, a principal problem for investors this morning. donald trump's going to hold a fundraiser in florida this week with. the event will be hosted by two of his possible candidates for
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treasury secretary, hell fund manager john paulson and investor scott bess set. monica crowley is here with me. she used to work at the treasury. show knows a lot about this -- she knows a lot about this. do you think trump would pick a diverse candidate, a woman or minority? >> well, i think president trump wants what's breast for the -- best for the country and for the position. so if that happens to be a woman or a person of color, he will certainly make that determination, but he wants the best person for the job. stuart: it's meritocracy, not identity. >> absolutely. stuart: all the way with trump. >> all the way throughout the entire cabinet and his administration. i will tell you one criteria, no more never trumpers, no more deep state operatives and no more obama holdovers. no more saboteurs the way we had in the first term. stuart: okay, who do you think he might pick for vice president? would he go down the diversity route there? >> again -- stuart: would he ever touch that? >> again, his criteria ya is, number one, somebody who could do the top job, if necessary.
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number two, someone who is loyal not simply to him, but to the america first agenda, who will support it and not undermine it. and number three, i think, somebody who can actually help him win whether that means delivering a state or a certain constituent city like suburban women. stuart: sarahing huckabee sanderser? >> could very well be. i think there are a lot of very qualified people who are under consideration, stuart. stuart: i understand. you're a diplomat, aren't you? you should go to the state department. [laughter] biden campaign, biden believes that florida is winnable for the democrats in november. they say the abortion ban is enough to drive voters to biden. what do you say? >> i think that's a bit of a pipe dream. i think what we saw in the last two election cycles is that florida is a very strong red state. so ron desantis won for governor by about a 20 points, and then donald trump back in 2020 also totally dominated the state of florida. and remember, a lot of conservatives, republicans,
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disaffected democrats, disaffected independents is have left places like new york -- [laughter] like the northeast because with they're so fed up with what's going on in these blue states. they have made to florida and made that red state e even redder. stuart: is there i any if state which trump could lose because of the aa borg issue? -- abortion issue in. >> you know, when you look at the polls now, stuart, and i saw a new gallup poll yesterday, abortion is way down the list of issue priorities for the american people. there are so many immediate and urgent issues that are pressing i down on them and crushing their lives and their ability to even feed their families like illegal immigration, the wide open border that's creating a tremendous drain on our resources, inflation, jobs, gas prices. all of those issues are dominating for the more than people and an issue like abortion is way down the list. stuart: quick question to david bahnsen. do you think abortion's big enough for trump to lose florida on this? >> not even close. there's no way he can lose
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florida. biden will win florida as soon as trump wins california. both things are not going to happen. there are other issues in these battleground states that are very, very tight. wisconsin, michigan, pennsylvania, those are the states that are going to determine this election. stuart: we seem to have agreement on this set today. that's pretty good, i'd say. monica, thanks for being here. >> always a/. -- a pleasure. stuart: thanks, david. coming up, the democrats are being cautious about a telling young people to register to vote. apparently, they don't want to sign up likely republicans. we have the story. one florida sheriff says squatters' rights make no sense. he called it i'd until -- idiotology. roll tape. >> it's an idiotology that makes absolutely no sense. we know that stealing someone else's property or taking it against their will is not good. stuart: sheriff grady judd warns squatters he'll be their worst enemy. he's here and he's next. ♪ ♪ let me come home, home is
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stuart: last week florida's e governor, ron desantis, signed
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a law ending squatters' rights. joining me now is florida's polk county sheriff grady judd. sheriff, do you now have the power to arrest and evict squatters quickly? if. >> you know, we always a had the power to arrest and evict squatters quickly. there is the a civillinging process -- civil process that was in mace in florida and across the united states, and some jurisdictions just wouldn't use that. we always did here, and we never had any problem with squatters because when they would go into someone's house and change the locks and turn on the electricity and says it's my house, we would verify that it was not a contractual issue, and and we with would arrest them. we always have arrested them. what our great legislature and our great governor did here was to take away any idea that you had to go through a civil process, and it'd take months and months and months or maybe
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years to work through and you'd get your property back. stuart: that's the whole point, isn't it? if months and months and months and maybe years. the white house was pressed on squatters' rights. watch this, please, sheriff. roll it. >> >> reporter: how worried do americans need to be about squatters? homeowners are showing up at a places where they own where the hocks have been changed, some squatter has moved in, and the homeowner has no rights. does president biden think that is right? >> so my understanding is that this is, obviously, a local issue. we are certainly tracking that issue. the rights of property owners and renters must be protected, and we believe that, you know, ultimately what needs to happen is the local government needs the make sure that they address this and they take action. stuart: kjp is saying it's a local issue. i believe you're saying it's a local issue. would you want the feds to get involved at all? >> no, absolutely not. the feds need to take care of the federal issues. they're not doing too good with what they need to be dealing
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with. so you stay in washington and you deal with international issues that are really important to us as a nation and if let us take care of the local stuff. that's interesting to me. it is inconceivable to me that any community would allow a squatter to take over someone's homes and tell them they had to go through a civil process. well, when they go onto your property without permission, that's trespassing, burglary, theft, and all you have to do is man up or woman up as a police administrator and say go arrest them and put them in jail finish. stuart: right. >> -- once you value tate the fact that there's not contractual lease agreements or legal agreement to sell. stuart: yep -- >> we've done that all along, stuart. stuart: it's kind of obvious. >> our crime's at a 50-year low. stuart: sheriff judd, thanks for joining us this morning. we appreciate it. >> have a good day. thank you. stuart: lauren are, tell me how
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i think it's two squat with ors used shake shack to try to prove they owned a home. how did they do it? lauren: they had an uber eats receipt that they screen shot. it was a $25 bill, and it had the address of the home in queens. they presented that. plus a rental lease. i said, well, how -- did they really have a lease in and the owners have said, no, that's totally fake and fraudulent. and then they had mail being sent to the house that they now claim is theirs because of squatters' rights. the squatters are suing the owners because of the insane houseing laws here in new york. if you've been in a home for 30 days and can prove it, you can't be forced out that easy. you have to go to court first if. a legal headache rain expensive for the real owners. stuart: i've lived here for 40 years, in and around new york. i can't believe some of the stuff that still goes on to this day. lauren: so the message is for every single homeowner, you need surveillance cameras, you need to be friends with someone to
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make sure no one comes in -- stuart: because if they're there for 30 days, they're in big trouble. i think people are going to act on this in knight. what do you think about getting squat's out in. >> i think the bible says thou shalt not steal. squatting is stealing. it is a local issue. i love what he said on the prior segment. federal government has nothing to do with this. locally enforce the law. this is absurd, and it's a by-product of an absurd society that would allow it to happen. a shake shack receipt? i have the fox address on my pass this morning to get in, maybe i own this build building now. stuart: carriful. [laughter] but thanks for joining us. still ahead, christian democrats are in very difficult alliance with muslim, palestinian democrats. it's fraying, and the split poses a serious threat to biden's re-election. charles hurt deals with that. the uncommitted efforts in democrat primaries are biden's achilles heel at this moment. we deal with the split in the democrat party. brian kilmeade on the murder of nypd officer jonathan dill.
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