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tv   Varney Company  FOX Business  April 15, 2024 10:00am-11:00am EDT

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stuart: i think we play this every 15th april 15. what is the line if you take a seat, whatever. so true 50 years ago, good morning it is deserted six avenue manhattan, good morning 10:00 o'clock eastern on this moay morning april 15, straight to the money i see a nice chunk of green on your screen the dow is uphree to 16-point and the nasdaq over 100 points you're coming off a war over the weekend big rally on wall street, the ten year treasury rates are going higher 4.63% on the ten year up 11 basis points that is still the market rallies, the price of oil
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you might think it's going up, it's down 1% $84 a barrel, bitcoin may be that could've been a hedge against the war situation. it is down $65000 per coin, same with gold you expected to go up is going down $9 lower at 2365. the latest read on homebuilder sentiment. spell it out. >> frustrated homebuyers are back on the fence that's a moral to the story four months of gains now it comes in dead flat in april the number is 51 still expanding but not by much builders are giving out fewer incentives and fewer price cuts. stuart: wait until mortgage rates go back 7% as they look like doing. now this. visitors to new york city these days have to wade through dirty streets one lunatic high on heaven knows what, migrant
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children hustling candy and subways and random act of violence this is not a city doing well and the problem are self-inflicted, today another spectacle that makes the city look even worse. donald trump goes on trial a show trial cobbled together by trump haters and they really hate him eager to put them in prison in the middle of the presidential election and they want to tie him down in court so he cannot campaign. in 2016 before the presidential election trump had his fixer michael cohen pay a star $130,000 to keep quiet, hush money for legal services. says da alvin bragg that is falsifying business record, his thoughts trump with 34 criminal charges he had to bend and twist the law from misdemeanor to criminal he had to ignore the statute of limitations and he wanted to get donald trump and interfere with the election.
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this does not enhance the city's reputation. it is foreign dictatorship that put former president on trial and forgive the expression trumped up charges. i blame the democrats they run the city in the state and run into the ground to the next two or three weeks will select a juror fair-minded people. second hour of "varney" just getting started. >> charlie hurt joining me in new york city on this monday morning i called a show trial. is it. >> i think it is without a doubt and what you're seeing i think you're exactly right what you see is a party completely out of ideas and you have all kinds of problems around them that they are incapable of dealing with so what do they do they go to politics in the show trial like this.
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stuart: can trump get a fair trial in new york city. how do you find them if they don't have an opinion about donald trump won way or another. it is kind of interesting i would see the defense needs to find, i hate to put it like this but it's true you can't find one republican or one trump supporter and put them on the jury, that sounds really disgusting because for any of us who value our judicial system and love our judicial system and realize everything that we enjoy in this country comes from the judicial system, this is an attack on trump. he will survive but this is an attack on the judicial system twisting the judicial system and using it as a political cultural is a most disgusting untrue disgusting thing ever seen. stuart: into banana republic, for your sins trump left office, voters are looking back in a bit more positive looking back on the presidency. we have a new poll it shows that half of voters say trump left the country better off than when he took office.
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that's a good sign for trump. >> is a very good sign and he goes back to your take, people are capable of raiding their concerns and when they rate their concerns there concerned about an open border in a war in the middle east but there also concerned about gas prices and grocery prices, those are actually important things that they really do care about. they don't care about the soap opera the alvin bragg is putting down at the courthouse here. >> they will park pro trade trump is being assorted deal with this young lady. >> honestly i think that's what this is all about this is about putting a spotlight on all of that stuff. at this point all baked in everybody knows donald trump and knows all these characters and i don't assume any of it is true but even if you did assume that people already know that, what is new they are using the judicial system and taxpayers are paying for all of this and
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all these people frustrated riding the subway and having to deal with this they are paying for the show trial. stuart: be careful what do you say on television this is a family show. i caught you just in time. you're alright, thank you for being with us. enjoy your time in new york. donald trump but after biden any campaign stop in pennsylvania over the weekend what exactly did trump say. >> in the swing state of pennsylvania he told the crowd that he knows how to get inflation under control. >> everything he touches turns to [bleep] under biden gasoline prices are up over 50% and electricity prices are up over 39% rising 13 times faster than under the previous, think it 13 times faster than under the previous seven years. when i'm back in the white house we will end joe biden's inflation train back and we will tell pennsylvania, drill baby
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drill, get back to drilling. >> he knows how to work a room and he knows his audience, drill baby drill is his way of getting abided inflation under control, biden won pennsylvania by 1.7 percentage points four years ago. >> we are drilling at this moment 13 million barrels are being produced in the united states and that's a lot more. the democrats don't like to say look how were drilling for oil because they have a green block. >> you know who else is producing oil iran 3.2 5 millioe and a half year high despite the sanctions that are being enforced, why are they being enforced. >> biden is appeasing iran and will continue to do so. >> is gas prices will go up. check the markets, still plenty of green on the screen 37 minutes into the trading
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session, the nasdaq is up 80, the dow up to 50, david wagoner is with us what would be a rally killer right now. >> i think the market that were seen today is the exact opposite of what you would expect after the weekend activities what i would deem george cassandra because he did something in an episode and ended up with a new apartment, a girlfriend in a job with the yankees so i don't see the events of this weekend being a rally killer, the market was definitely looking through saturday nights aspects because of a few things the first thing, 99% of the drone strikes and missiles were brought down by u.s. and israeli forces. iran came out and said this event is now finished. finally the u.s. bases stated that were knocking to benefit a retaliatory affect, that is what the market is taken as a positive. i don't see the past we connectivity be in the rally killer what i'm focusing on is a rally killer after five months expansion of the s&p 50026%
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higher would actually be growth and look at the data that we saw coming just this morning u.s. retail sales came in at 710th of 8% higher month over month now only that they revise february's report from six tenths of 8% to 9107%, he remains very strong, the consumer does remain very strong. if you see a degradation in earnings power this earnings season that's what could create volatility in the market. the yield on the treasury is close to 5% in exactly the same time the market rallies maybe the stock market has become unhooked a little bit what say you. >> i think recency bias is going back to 2022 when rates went higher evaluations came down investors in the market not doing if inflation on a five-year breakeven basis was going to remain anchored that's
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what the market is focusing on higher rates have not heard evaluation because one growth remains very strong, if you look at the feds forecast atlanta feds forecast and three hot cpi reports inflation on a longer-term basis remains anchored, that gives you the way to look towards risk assets as a place to house your capital right now. >> you have 30 seconds to tell me why you like progressive insurance company and why you think the stock is going it is now 205. >> i don't just like progressive, i love progressive in a world right now were all investors are becoming more defensive they're not heating to the meggitt cap stock after their substantial rally they're not looking at staples or utility because there's no growth and they haven't caught a bid. progressive you can get more defensive aspects. we see the consumer staple not a financial if you want to be driving your car you're most
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likely going to be needing some type of insurance, the cpi auto insurers are increasing by 30% year-over-year and for looking for a company that is trading at a palatable evaluation a temper sent discount to the s and s&p 500 in a characteristic with one of the best underwriters out there progressives and a easy bellwether for me to own this environment. real fast, 205 where is progressive going. >> i think the valuation and the earnings growth to definitely continue, it is a low volatile stock but i could see it continuing to increase the price over the next 12 months. thank you for joining us this morning, will remember progressive and check it out. thank you very much indeed him and t bank is moving. >> up five and half% leading s&p 500, stronger revenue say that shrinking the commercial real estate exposure and you can see
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lift across the entire financial sector after strong results at goldman sachs and even charles schwab. stuart: here's an old favorite. nvidia and 90 day upside catalyst watch on nvidia in the pullback after the big chip event where they announced blackwell they pulled back and they think it's going back up. they have supply-chain checks and visibility going out and demand is strong for the first half of 2025. >> let's move on to read it, it's being covered widely the wall street brokerages have started the coverage since the public debut and that is all this a i hope and buzz about reddit as you can train large language on the information that has if you don't have the user growth, where's your profitability coming from, they debuted last month at $47 a
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share, the highest price target that i'm singing this morning the lowest is 45 and morgan stanley somebody else came in at 47. nobody is saying 50. it is 4090. like it or not it is tax day. i have some good news, the average refund is over $3000, grady trimble is going to break down all the numbers shortly. this week could be the best time of year to sell your home according to the guys at realtor.com, we're going to explain why iran's attack on israel reigniting criticism for biden's iran deal we put billions of dollars into iran's pocket. kt mcfarland all over that, she is next. (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment...
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stuart: on the market were holding much of the gain, the dow had been up over 300, now it's up 200 the nasdaq had been up over hundred now it's 54 were preserving a little bit of green, check the ten year treasury up 13 basis points, 465 on the ten year the price of oil down today, surprisingly, $84 a barrel, gold down today, $2349 per ounce and it's down $24 per ounce, president biden slammed again for waiting sanctions that some critics say put billions of dollars into iran's hands, hilary vaughn on capitol hill what is the white house saying about this. >> there defending their decision to waive sanctions leading up to the attack they did not go soft on iran but republicans say waving sanctions only embolden iran and actions
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may speak louder than words, when president biden told iran don't win this a pending attack broke, they did not listen. >> another way of looking at this they did not they meant to cause casualties into cause extensive damage inside of israel and they did not. the reason they did not, the united states and partners came to help defend israel. >> the white house insist waving sanctions did not give them the resources to feel the attack over the weekend after the administration signed the $10 billion sanctions waiver allows iraq to bind enter by outlining an electricity to buy food and medicine for their people. republicans are not buying it. >> when you waive sanctions you allowed 10 billion to flow in from iraq, 6 billion for hostages, john kirby goes on a sunday show and says president biden as pass 500 new sanctions
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but you don't enforce them, our military is once again exhausting itself in the middle east those ships and missiles should be in the pacific, not the middle east. president biden is putting presser under pressure on congress for the national security supplemental for $14 billion in bumps it together with funding for ukraine with some republicans have issues with that. we will have to see what congress is able to get done. stuart: kt mcfarland joins me now. let's go for the big picture. would you like to speculate what happens next. >> this is going to be everybody has to look israel what are they going to do are they going to have a military attack cyber attack in response and are they going to sit tight. the biggest take away from what is happened in the last couple of days is when iran launched
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the multi-attack were all the proxies in iran attacked israel, that was significant. iran has never attacked israel directly itself but even more significant that to my surprise the united states joined with israel and the united kingdom, france, jordan even saudi arabia so forth that attack, that's a big deal the united states did stand with israel and shot down iranian missiles and iranian drones, that is so important for israel going forward and now the president biden has not said don't do anything more were knocking to be there with you next time. it's worth listening to, not because it's the right thing for biden to do but it's the right thing for israel to do, israel can't fight this war alone they can't fight without american military equipment, resupplying israel with american intelligence and without american cooperation. i think israel should have plans on the drawing board right on
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the shelf if iran does one more nasty little thing then israel goes. but right now i think that the united states and israel have a new love in. stuart: nice quote all use that later. china says they are deeply concerned about the tension in the middle east, what role does china have a what are they playing here. >> china plays one role and one role only, that is china first what's in his best interest, that is the world peace, they don't care about that they just care about china what if there interest in the middle east they want iran oil and shipping to go through the red sea and also the street of the persian gulf in hormuz not only does oil go from there on its way to china but let's go back and forth. china really wants peace in the middle east, not because of the middle east but the maritime trade protected. >> what happens if the israelis say were going after iran and we
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target and we go after it there. then what happens to the u.s. israel relationship. >> that's a big question. let's say israel makes a move against the facilities other assassinating scientists, sabotaging the nuclear efforts and maybe they attack some of iran's sites in the other countries and say hezbollah whether it's hezbollah, hamas, more on the west bank were with the who these in yemen, does the united states condemn israel into the united states stay quiet or doesn't support israel, israel's biggest deal is to maintain american support, sadly under joe biden that is a bouncing ball he is a political interest in keeping the palestinians happy and his muslim american population in michigan happy and all of those guys in the street chanting death to america that the israel those are biden's foreign po
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policy. he has to appease them. i think israel stay alive until donald trump comes in then it's a whole new game. >> kt mcfarland we will see you soon. back to the markets. let's check bitcoin. i had quite a selloff over the weekend dow under 65. >> i saw 60001-point and then you had commentary whose micro strategy owns more bitcoin than anybody else. he said that bitcoin is a safe haven for geopolitical risk. is it? it's not acting like that it didn't over the weekend, what is exactly bitcoin if it's not your safe haven when you want to invest in in the most. >> i called a gambling chip i'm not going to back away. >> in a couple of days we get the having event, we shall see. oil down big time. i think the middle east conflict is contained so far, john evans said this was so well
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telegraphed and they might as well had the drones and missiles and banners that said shoot me down. iran failed. senator john kennedy who has a way with words he has advice for the president about a conflict in israel. mr. president, don't, stop it, support israel with respect go to amazon and buy a spying online. he is not missing his words, we will see what nigel farage has to say about that. los angeles is the gre latest rt on measles patients cases arising across the country in the u.s. is at risk of losing the measles a elimination status. marty makary takes it on next. ♪
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not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire stuart: scottish airflow one and the second time in three years. i understand that gary player was there and has a patriotic message, what do you say.
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>> the 88 euros south african icon left no doubt what he thinks about the united states collated the greatest country the guard ever made. he went on to say i never forget to mention this by coming to the great country the united states of america, if you are here you are so blessed you should kiss the ground every day and appreciate what this country has done for the world, not only for yourself but it's about time americans started doing more for their own. interesting, the major winners said he came to the masters in 1957 and met his hero president eisenhower and man he said believes in freedom and did great things for this great country. that is a patriotic message. stuart: nice to hear that coming out of the sporting world i really like that. , back to the market we still see the green but not much as
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there had been, dow is up 150, nasdaq of 36 we will have much better gains earlier in the day were still up, the ten year treasury that keeps going up 13 basis points, 4.65%, 465, the price of oil down 83 or $84 a barrel the price of gold is down 2300 and change, 2353 down point to 8%. lauren is looking at the movers nike up or down to. >> the aim to win back market share from adidas et cetera during the paris summer olympics there touting a lot of products in the alpha marathon over $200 might be something that people start to buy after they see it in the olympics. stuart: pvh. tommy hill figure, calvin klein stock is up 3%, wedbush outperform, they say the stock is going to 128, the selloff since the earnings, a buying opportunity and they think that
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they can improve the margins by bringing costs down. molina. >> molina is down 4% and so tina is up almost 4%, 17 was a handful of insurers to win a lucrative contract in the state of florida that takes effect in october and at last for six years. stuart: thank you very much indeed, today is april 15, grady trimble in washington, are people seeing higher refunds. >> $123 more than last year on average the average return or refund is about $3000 according to the treasury department and irs and as of early this month they had a grand total of $200 billion in refunds in the reason that they are higher this year because the irs adjusted the standard deduction and tax rates higher to offset inflation. this tax day more americans and never say the latest fox news
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poll, 64% that the taxes that they pay are too high. taxes are a major political issue this election cycle as well. former president trump touting his tax cuts and pushing for more and president biden says no go after the wealthy corporations. republicans are vowing to block tax hikes by biden. >> i've never gotten a single call from a constituent asking to add a single person to the ranks of the irs, let alone to double the size of the irs, that was joe biden's agenda. it house republicans with the one-vote majority are the only thing standing in the way of the higher taxes of higher inflation the joe biden wants to oppose upon the families.
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>> in a special tax day statement the white house take on the expansion of the irs, they said since taking office president biden has made the tax system fair cutting taxes for families and workers enacting a minimum tax on milley under billion-dollar corporations and investing in the irs so we can better serve taxpayers and crackdown on wealthy tax cheats. the president is taking his tax messaging on the road you'll be speaking in front of a hometown crowd about taxes in santon, pennsylvania tomorrow. stuart: look at this headline. i'm going to read it. hospitals that make profits should pay taxes. doctor marty mccabe wrote that. is there no x on hospitals at the moment or do they pay reduced taxes in some way they pay 0 federal taxes because are generally considered nonprofit in doing a community benefit and if you look at the business processes there taking care of emergency services which is required by law and after they shake someone down for as much money that they can get out of
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them they write off the difference between a high sticker price and what they got and say that was charity care, it's not really charity care as following the law and if you look at the number of people who were refused appointments because they don't financially qualify with the right insurance, begs the question, what is nonprofit and charitable about some of these hospitals that engage in price gouging in predatory billing one study found that for-profit hospitals do more charity care than nonprofit hospitals. stuart: you would not allow this, you would make them pay some tax. >> every other businesses paying tax, hard-working americans are paying tax out of their textbook, why are wealthy hospitals that are claiming their business and they can't forgive bills and be merciful why are they getting the tax-exempt with no accountability if a hospital is merciful and compassionate with free elective care like cancer care and abiding by the price
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transparency executive order which was a bipartisan trump executive order requires hospitals to show prices. only a third of hospitals are complying with the rule, whether noncomplying are we giving them all the tax benefits. >> i get a change the subject, we are 121 cases of the measles that have been reported in the u.s. the most recent was a confirmed and los angeles, the cdc is warning these cases are threatening the country elimination status what is the elimination status, we got rid of it completely and now it's coming back. >> the goal is to have 95% vaccination rates among children that is generally considered to be a barrier against community transmission, most of those cases that you mention 100 plus cases in the united states this year are among kids that are vaccinated the mnr vaccine which contains the measles vaccine. it is a concern, measles is a terrible disease and mortality
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under mortality rate is under 10% you should put things in context it's avoidable but a vaccine preventable disease. stuart: doctor marty makary, thank you very much indeed. jan doctors were talking with millennial's and gen z, these youngsters are starting a new trend in hospitals, what are they doing. >> unionizing, can you imagine and is a way to ensure that we have enough money to pay down the hundreds of thousands of dollars in student debt, this is happening in california where the cost of living is high, kaiser permanente has seen 400 of its residents in northern california filed to unionize but we seen unionization at the george washington university the university of pennsylvania and you would not imagine the individuals that you would think getting into the lucrative careers are struggling to get by and want to unionize. >> i'm not surprised, you can charter, i've seen this story,
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you can now charter a luxury flight specifically for your dog, bark air everything from call me noises, treats and doggy champagne will believe the price tag that some people are foolish enough to pay. the headline to the wall street journal, boomers bought up the big homes, another not budgeting, now they're not budgeting, why aren't empty-nesters downsizing anymore, will try to follow it after this. ♪
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>> mortgage rates are on the rise, some say this could be the
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best time for homeowners to sell read about that. that is interesting. tell us why is this week and good time to sell. >> sellers are getting more realistic, they look at the interest rates and say this might be the new reality i might have to embrace this, let me tell you about this, sellers have been on the sidelines for two years as according to realtor.com many waiting for the mortgage rates to fall but more homeowners are feeling the pressure of retirement of the need to downsize or other personal factors, 50% said they plan to wait out rates 29% said they need to sell soon for personal reasons. to be sure sellers are getting more realistic, 15% say the expected bidding works of 31% 2023 and considering listing prices for the number of buyers per listing and seasonal factors like school and vacation schedules realtor.com says the best of 2024 to sell the home.
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listen. and all the sellers to so quickly at a good price and be happy with outcome. the analysis doesn't consider mortgage rates and 7% is 6.8%. that is something buyers have been waiting for. back to the housing market, builder confidence remained unchanged at a reading of 51 on april. newly built single-family homes, jim tobin joined me now, what
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does this say about the state of the housing market, is not in great shape as it. >> us as were still in flux and interest rates continue to weigh heavily on the market whether it's buyer or sellers, were waiting for the existing inventory to come back on the marketplace, were not surprised with the reading it is flat month-to-month but we're still in positive territory but it shows a lot of upside and a lot of optimism out there but it hasn't been unlocked. the wall street journal says many baby boomers are staying put in the larger homes instead of moving to a smaller home once they become empty-nesters. for many people it doesn't make sense to downsize anymore with mortgage rates being where they are. >> agreed there's a lot of factors that go into what people decide to move. when your baby boomer more decide to stay in the home even if they're bigger and they would like to move to 55 plus community or a smaller home. we hear the majority are trying to stay in their existing homes
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which puts further pressure on the existing housing supply and if that is not unlocked, what we've been saying and forget about more product on the market and get options for buying and driving don't housing costs would have to be new construction and that's where our members come in. >> new construction of smaller homes the wall street journal article is all about boomers who bought their home 30 or 40 years ago, the kids are gone, i guess you guys are building homes that are smaller these days. >> yes we seen for the first time in three or four years home sizes have come down, post covid you had the zoom room phenomenon people putting in gems or home offices because of spending more time in their homes, that trend is reversed, as home prices are so high naturally you make a smaller product, home prices are down so more people can afford
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the smaller homes. stuart: jim tobin, thank you for joining us, see you again real soon. people are buying rooftop solar panels. isn't that supposed to save people money, what happened. >> yes but it turns out there is a dark cloud hanging over rooftops in the industry shrinking it's been hit by high interest rates, tight credit and cuts to solar incentives. the amount solar power u.s. homeowners installed this year could shrink by 13% to more than 100 solar contractor severity gone out of business during the past year as demand is basically dried up, california no big surprise leads the country in solar power generated but it has backfired, is led to solar power that often goes to waste, california also cutting the amount of compensation that most rooftop solar owners get for the electricity that they send to the grid by 75% or more that's a
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big deal because of the cost of upgrading the grid is absolutely soaring. experts say california's experience could foreshadow what the rest of the country is going to face as it deals with the rising cost of grid and transmission upgrade. it started off like gangbusters but sometimes they did not think it through. stuart: we see these problems come in with a mile of electricity. thank you. some people making over $400,000 a year no longer consider themselves wealthy, there being unfairly targeted by finance tax policies how does america look on the world stage nigel will be here to answer that, he is next.
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her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. stuart: before going any further i want to say god bless the people of israel, they are under attack. that is because we show great weakness. the weakness that we've shown it is unbelievable and it would not have happened if we were in
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office. you know that, we know that everybody knows that. all of america knows the real blame lies with one person cricket joe biden. stuart: donald trump slamming president biden while he addressed iran's attacks on israel. president biden only released a statement on the attacks he's back half of the weekend at the beach in delaware before he cut his trip short and return to the white house. nigel farage with us. how do you guys overseas, what is your image of america what do you think about america on the world stage at the moment. >> where is america on the world stage. it is disappeared it could not be further away from the inauguration speech that biden gave, do you remember he said america is back as if somehow we were getting it western world leadership coming from president biden he's always disappeared. he was at the beach for most of the weekend probably photographed having ice cream which most of the mainstream
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television seem to think it's wonderful somehow, let's remember how we got where we got with iran. it was obama as president backed up by biden as vice president along with their friends in the european union in brussels who put in place the jcpoa the agreement with iran on nuclear nonproliferation. in doing so they remove sanctions, they freed up tens of billions of dollars in diary and use that money to fund the trance choose to fund hezbollah and hamas than 350 missiles and drones being aimed at mainland israel. it seems that we have magnesium of how iran got its trough on self strong enough of where it is. >> do you think israel should retaliate directly and attack
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iran? >> i think israel should retaliate cleverly. i don't think just sending back hundreds of weather shells or bombing raids whatever it is, no, they should be selective in doing what trump was going to do when he was american president by trying to take out some of the senior leading figures, there is no doubt within iran itself the regime is not very popular and it stays there through brute force through use of the army, israel should retaliate and it should be clever, the other extraordinary thing biden has said what happened last night in israel was a win. in sporting terms it was a withdraw, not having 350 missiles kill thousands of people is hardly a win. >> interested you have an interesting perspective and we appreciate it. come and see us again soon.
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still ahead on the program, steve forbes on high earners no longer feeling wealthy, joe concha on the media salivating over the start of trump's hush money trial, retired general jack keane will take on the iran attack on israel, the chief executive of barc box on their new charter flights for dogs. 11:00 o'clock hour is next. ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there.
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