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tv   Varney Company  FOX Business  May 23, 2024 10:00am-11:00am EDT

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♪ looking good, guys! thanks! vacations are better with the credit gods are on your side. i'm coming up! rewards once available to the few are now accessible to the many. earn points for travel with credit one bank, and live large. ♪ stuart: hold on, i'm coming, theme song for his event in the bronx tonight. what you are looking at on sixth avenue is a thunderstorm
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pouring with rain. you can probably hear the thunder just outside the studio. it is 10:00 eastern, straight to the money, the markets very interesting, nasdaq has lost its 200 point lead, now it is up only 85 points, the dow industrials down 200 points, only four down stocks for the dow 30, 6 of them, the dow 30 in the green, the rest are in the red. 10 year treasury yield going up 4.46%, price of oil below $80 a barrel, bitcoin at 67-9. just received the latest read the the number on new homes. lauren: 634,000 new homes are sold in april on a seasonally adjusted annual basis. march's figure was a 6-month
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high, that was revised lower to a rate of 665,000. if you take that revision this is near 5% drop as the price went up. immediate home price, $300,400 and the big reason for the decline in sales is mortgage rates at 7%. stuart: 600-4000 new homes being sold on an annual basis, that is where we are. average or median? >> median is 433,500. stuart: now this. in politics there is something called momentum. candidates with wind in their sails with polls improving and crowds getting bigger and more enthusiastic have momentum, the future looks bright, trump has momentum, biden does not. latest bloomberg poll shows trump widening his lead in the 7 so-called battleground states. win when these and you in the
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white house, trump is up 48 to 44 across arizona, georgia, michigan, nevada, north carolina, pennsylvania, and wisconsin. the important point is trump is extending his lead. he's on an up trend, he has momentum. why? could it it be biden's attempts to put trump in jail has backfired? that was the plan, bottle them up in court so he can't campaign can't find him guilty of something, it's not working. the trouble is voters don't like to see america turned into a banana republic. with the economy voters don't like being told everything is fine when they know it is not. prices are still going up. your first house is not affordable and but use your electric bill your eyes water, 51% say the economy was more robust under trump, 36% said they are better off with biden. that's why trump has momentum. don't discount the age factor, biden can't get around this one
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and it is getting worse. he shuffles, he's not robust, he's making a gaffe a day, hard to convince voters to support and 80 one-year-old, does anyone believe he can be president for another four years. one more item on momentum. in new york state biden leads trump 47 to 38, nine points. in 2,020 biden lead trump by 23 points. trump is narrowing the gap. the belly of the beast tonight in the south bronx because he thinks he could win. he has momentum. biden does not. second hour of varney just getting started. sean duffy on the right-hand side of the screen, looks like trump is running away with it at this point and getting close to the election. what do you say? >> you're "my take" was
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excellent. momentum for trump means voter enthusiasm on election day. the power of the voting base wanting to vote for their candidate and spending money on getting people to the polls because they do it themselves because they want to vote for their candidate, much easier for campaigns where if you don't have enthusiasm for sunlight joe biden the amount of resources and man-hours getting voters to the polls is much more challenging so my wife rachel for fox and friends went to the bronx yesterday and expected to see a 50-50 split between trump and biden, she saw 90% of the people there were supportive of trump in a deep blue part of new york which goes to your point donald trump is only down by 9 points in new york, that is amazing and it shows how bad joe biden is but donald trump is talking to the average american who has been forgotten for so long and someone is listening to them and they love it, even
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democrats are talking to him, thinking about him and wanting him to work with him. >> nikki haley says she's voting for trump in november. roll tape. >> as a voter i put my priorities on a president who's going to have the backs of our allies and hold our enemies to account. who would secure the border, no more excuses. a president who would support capitalism and freedom. a president who understands we need less debt, not more debt. trump has not been perfect on these policies, biden has been a catastrophe. so i will be voting for trump. stuart: not quite an endorsement but will it be enough for haley voters to vote for trump? crossover?
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>> this doesn't move the needle at all. she' s not going to drive more voters to donald trump. i think the flip side, had she endorsed joe biden, that would have made hafer democrats to drive voters to joe biden. the narrative would have been big for democrats. i don't think this is moved the needle. what happened is she's trying to preserve her reputation in republican party politics, to make up for the suffering she ran against donald trump, the mean things she said because she wants to come back in four years and get the republican nomination and this is one all of branches extending to the trump voters she would need to win a try mary. stuart: total change of subject, you got yourself a new hobby, beekeeping. how is it possible for a man with 9 children and a hard-working spouse to get involved in beekeeping and why did you do it? >> the be soon i was wearing
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was a little tight. i love this. i've been looking at videos forever. i wanted to have them for a long time and i finally said i'm going to do it. i've got a spot in my backyard, got three packages of bees, three hives, they are the most amazing little creatures. not sure i will get honey this year. could get a little bit by next year, next fourth of july. i will come with some honey for the varney family. this is my year i'm learning how to do stuff. i' ve got a little garden going, making my own bread, my own butter, my own ice cream, that phase of life where my concern about the economy, one or the other. stuart: maybe that is something i could take up if i ever retire. sean duffy, you are all right, you are all right, you really are. you've got a deal. we will be watching him on the bottom line tonight at 6 p.m. eastern on fox business.
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check those markets please, business for 38 minutes, the dow is down 235 points, significant losses in boeing that, travelers, mcdonald's, few of the dow 30 are in the green. next case, gary is with us right now. i want to talk nvidia, strong numbers yesterday, you own it, you sold it. are you going to go back and it? >> we will get back in. not sure about today. a special company, forget the stock for a second. every decade, one or 2 companies show up the dominate their space and prove it time and time again. what i'm hoping for is the rest of the market is in a little trouble. of of the market pullback 5% or 10%, hopefully it pulls nvidia back down a little bit and will jump on it again. i believe it is higher. stuart: we are seeing signs the economy is slowing. i would 've thought that might be good news for the market.
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is it? >> reporter: not an expensive market, trading at 24 times earnings and i'm 90% sure we are now trend down in the economy, not recession but off the highs. if we go into recession we will know it because the dow will be down 3 or 4,000 points from here and we haven't seen that yet but a big warning shot for your viewers, the transports, rails, truckers, acting terribly, economically sensitive areas really starting to talk about like building construction and cement and areas that are acting strong, the staples, that is the type of companies that do best when we do go into recession like food and drugs and beverages on doll that fun stuff. the economy is on watch for me at this juncture. stuart: do you have a special ai player, favorite stock in ai that you will hold forever? is there such a thing?
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>> there is nothing to hold forever. if i can promise you that, the world is always changing, what's great yesterday will not be great tomorrow but it is nvidia, just gargantuan earnings growth, gargantuan sales growth, that will slow because as you get back a, bigger, the numbers are stronger. there's some other names out there. dell is up benefiting the from debt but if you can own one it will be that. stuart: got it, see you again soon. let's start with moderna. lauren: it is up 48% this month, the second human case of bird flew found in a dairy worker in michigan and reports that because of this issue the government is in active conversations with pfizer for a potential vaccine for humans.
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a surprise loss, lower sales, sales down 26% in the quarter, timbers of the land down 14% versus a year ago, stock down 7%. %. under armour getting it from worries of a downgrade by oppenheimer, positive change will take time and investors should be patient, stock down 2.5%. we one news corporation, open ai signing multi-your partnerships. how will this deal work? >> they will license content from barron's, the wall street journal, new york post much like it licenses content from redit and ask years. the open ai ceo. >> we talked about it casually for a while, don't know who said okay but as people using chat gpt more for daily information we want to be able to bring high-volume data information to our users, newscorp has great content and
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strong journalism is important, let's figure out something that makes sense here. >> he said the wall street journal it is go to paper and he wants to, quote, uphold the standards of world-class journalism. stuart: good. i am on board with of that. coming up, the chinese military conducted new military drills around taiwan. china said was to punish the self-governing island for electing a new president, details coming up. one of the two jordanian nationals involved an attempted breach crossed our border last month, the other one was here on a student visa expired. texas congress been pat fallon will deal with that next. (ella) fashion moves fast. (jen) so we partner with verizon to take our operations to the next level. (marquis) with a custom private 5g network. (ella) we get more control of production, efficiencies, and greater agility. (jen) that's enterprise intelligence. (vo) it's your vision, it's your verizon.
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stuart: take a look at this, large group of migrants crossing the border in california yesterday, most of them from asia. bill melugin is at the border. you spoke with one of the migrants from turkey. what did he tell you? >> reporter: that he paid $10,000 to a cartel and is worried about the kind of people coming into the us. we will get to him in a moment but first we will show you the group yesterday. this was late yesterday afternoon. mass illegal crossing of predominantly chinese and turkish nationals. some were carrying luggage, somewhere on their front him we saw one guy spread himself down with:. we try to talk to some of them as they were walking and illegally, some of them talked to us. others had 0 interest in being on camera. take a listen. where you from? >> china. >> what country? china? what country are you from? >> india. >> reporter: where you going? you in america, what city?
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>> i don't know. >> reporter: why did you come? where are you from? china? you from china? china? what country? china? no? china? so this ended up being a group of about one hundred illegal immigrants mainly made of chinese and young turkish men, border patrol had van giving instructions to the chinese which we talk to that turkish man you just mentioned and he said he sold everything he had to pay smugglers to get here. he also said he was shocked at just how easy it was to walk across the us border without any kind of resistance and he says americans should be worried about who is coming into the country. did you have to pay a cartel? >> yes. >> reporter: how much? >> 10,000.
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in fact the american people, who is coming to this country, they don't know. killer or psychopath or else, no security check. no background check. >> reporter: you're worried who's crossing the border. >> yes, yes. of course. >> i asked that turkish man how he got to the united states. he said it took him 24 days. some of the places he traveled through included qatar, dubai, egypt, south africa and brazil and that was before he even got to central america or mexico. back to you. stuart: what a story, good stuff. thank you very much. we have confirmed one of the jordanian nationals who attempted to breach the quantico marine corps base crossed the border illegally,
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the other migrant overstated student visa. pat fallon joins me. this was always what we were worried about, some illegals poster terror threat. is this on biden? >> completely. under donald trump, folks that were apprehended crossing the border illegally on a terrorist watch list were on single digit. under president biden, more than 350 individuals on the terror watch list. these two jordanian, one crosses the border illegally in the biden administration gives that person a notice to appear, appears in a box truck trying to penetrate quantico and him and the other fellow who overstayed a visa saying we work for amazon. they didn't work for amazon. what were they doing? that should be chilling to every american? >> we don't know who is here, where they are, don't know what their background is and incidents like this, this may
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or may not be a terror incident but these guys trying to penetrate quantico you've got something on your hands, this could happen countless times before the election. >> it is not just anecdotal, this is not a handful of folks, we are talking nearing 10 million folks when you talk about folks who cross the border illegally other legal encounters plus known got aways and the unknown got aways we don't know. that's a colossal number, not a crisis anymore, that's a cataclysm. this is on president biden. we've had 38 months in a row of over 150,000 illegal border encounters and to give it context in 2,017 under donald trump, 300,000 illegal can encounters all year. it is out of control and historically bad numbers. >> next one, congressman, china launched massive military drills near taiwan and called, quote, punishment for taiwan electing a new president.
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you are in the armed services committee, do you think an attack on taiwan is imminent? >> clearly the communist chinese are bullying taiwan. that's a modus operandi, they feel that they are entitled to taiwan but it's awfully ironic the chinese communists have never ruled on that island. if we project strength i think that will give china pause but we are not doing that under the biden administration. i think china is licking their lips and it's more likely than not that sometime between now and 2,027 they are going to attack taiwan. i hope donald trump is -- comes back into office, is elected in november because i do think taiwan will be safe under his stewardship. stuart: will president biden defend taiwan if attacked? >> we don't know. this is called deterrence, the president of the united states
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should make it clear china will be in a hot war with the united states if they attempt to cross. that may prevent it from happening in the first place. he has been ambiguous. we are saying we support the status quo but if you cross the strait and take taiwan by military means you are in hot war with the united states. blue in the white house was pressed on biden's in action on the border. >> sending republicans to do something to solve the problem as a political issue. the president has the authority to do this unilaterally. >> why should he do it unilaterally. why not in a legislative way and let's not forget -- weight. you are right. he took many executive actions before but in order to deal
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with a broken immigration system you need law. stuart: they will never fix the border, will they? >> they had 3.5 years and haven't done it. that was about -- a bunch of word vomit. it was like watching billy madison the movie. let's be clear here. president biden has been a ruling by decree for 3. 5 years. he doesn't need congressional approval for this. reinstitute the weight in mexico policy and border crossings will go down 70% right then and there. how that then continuing to build the wall and barriers and have expedited removal, the flow. if they come all this way and only to be re-padded back to their country, that will stop the man stem the tide and take it from a flood to a trickle, but president biden refuses to do that. stuart: always good, thanks for joining us, appreciate it always. still had.
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msnbc says people who think the economy is bad are just confused. role it. >> we need an economic explainer. people are confused, exhausted but also doing quite well. stuart: wait until you hear how austen goolsby, the gentleman in that video clip, see how he explains the economy. more than half of us believe the us is in a recession. is it? peter morici takes that on. ♪ ♪ trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. get an expanding library filled with new online videos,
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stuart: one hour's worth of business, the nasdaq has a 100 for point gained but the dow has a 274 point dropped. almost all the dow 30 stocks are in the red, going down a couple winners, down 270 this morning. lauren is back looking at the movers down 2%. >> they continue to drop, actio's and harris have looked at top brands, to the peak that number rate in 2021 and it fell
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to 63. maybe the model x not as popular among consumers, the brand is tarnished. stuart: show me snowflake, data cloud company. lauren: they raise their guidance for this quarter after reporting solid earnings and they said they would collaborate on a i with nvidia but stocks down 3%, no halo effect here even dropping the name nvidia. stuart: elf beauty. lauren: cosmetics company, increased 70 one% on the year, stock is up 17%, sales up at the brick-and-mortar and e-commerce. stuart: does that stand for something? lauren: eyes, lips face. stuart: hope you got it right. stuart: janet yellen touting our economy on the world stage today, new polling shows voters believe the economy is getting
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worse under biden. edward lawrence in the white house. what did yellen say? >> reporter: the us economy is the gold standard around the world as the canyon president is at the white house, just arrived, the treasury secretary is in italy talking with g-7 finance ministers, she brushed over the price increasing 19% since president biden came into office. >> us gdp growth over the past year has been strong, the labor market is healthy and inflation is come down significantly from its peak. they continue to take action to address the high cost of key household expenses. >> inflation is the rate of increase prices, no one is talking about prices coming down. inflation affecting summer vacations according to foxnews polling, 73% of people not taking a summer vacation saying it's because they don't have enough money. as they hold near record credit
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card debt, federal reserve speakers signal interest rates will be held longer higher as credit card blinken see rate hit 9% over the past 12 months, same level as the early part of 2011. on one hand you have the low unemployment rate, on the other hand middle to low income families trying to hold onto lifestyle, because of inflation they have increasing credit card debt. >> i'm optimistic that inflation is stabilizing from a volatility perspective but at a higher level. if the fed insists on pushing it back to 2 they will drive the economy off a cliff. >> interest rates are higher which affects credit cards also. folks at the white house would like to see an interest rate cut, markets believe it will happen in september but if the next inflation report comes in at the same level or rising we could see the rate cut. stuart: thanks very much
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indeed. the white house was forced to defend the additional 7 billion in student loan handouts. >> why are they do forgiveness? >> everyone has a different story why they need student loans. everyone has different reasoning why they want to go to college which i cannot speak for everyone. what we have been clear about is the student loan system needs to be fixed. the president is trying to do that and fix it in a way where people are not feeling get that crushing financial burden they deal with when they leave college. that something they shouldn't have too. stuart: that was grady trimble asking questions. the gentleman on the right of the screen is peter morici. what does an economist make of these handouts? does anybody win? >> the people who get the forgiveness but the system gets worse and worse, these colleges
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know they can charge whatever they want, the way president biden is structuring student loans and forgiveness essentially most people won't have to pay them back, what he wants to do would cost half $1 trillion, continues this system of promiscuity towards the colleges that permits them to print money because people have to print money to forgive these loans. stuart: a new poll shows nearly three in 5 of us americans believe we are in a recession and they blame biden. what do you think? are we in a recession? >> i don't think we are in a recession but i understand why people feel that way. president biden has spent $3 trillion by printing money, none of it in taxes. that affect all of us in higher prices, 20%. if you are the one out of 20 the get student forgiveness, there was a farmer
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that had his entire solar program, but his solar energy paid for by the government and now he is selling energy back to the utility and he gets to keep that money, he thinks president biden is great, he gave him electric utility source but the other 19 people around him in his community paying 25% more for just about everything so they feel worse off. the job market is no longer red-hot. it's loosening up. people having trouble finding jobs again. my feeling is most people feel worse off. your summer vacation, most people feel worse off and they do find that in their minds is a recession. stuart: you feel we are not in good shape. thanks for joining us, see you again soon. next case. stephanie rule says americans are doing quite well financially, they just don't realize it. what's that about? lauren: many in the media are
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equally as out of touch as the administration. the msnbc host brought in the chicago fed president to help convince you the economy is just fine. >> we need an economic explainer. people are confused, they are exhausted but they are also doing quite well. i want to start with prices. what is your take about big consumer brands cutting prices? >> you had inflation that got too high in the us and other countries around the world. incomes didn't keep up with that. the economy is doing well but we get shocks from outside the united states that can throw us off. we've seen that happen with supply-chain skill we've seen that happen with wars so we are keeping our fingers crossed we don't get another. >> hard to convince americans that are frustrated with inflation and aching enough to get by that things are fine. i don't think there's any media campaign the can re-message
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that. this is inflation under biden. when he came into office it was a 1.4%. it will not break under 3% no matter how much they try to tell you things are getting better. everything you are buying is up 19% on average from when the president took office. stuart: prices go up cumulatively so you pay those prices and keep on paying them for three years. thank you very much. bombshell emails show a top advisor at the national institutes of health diluted key records that were critical to uncovering the origins of covid 19. we are all over that one. the faa says it found a major flaw in the fuel tanks in boeing claims that could cause a fire or explosion. grady trimble has the full story after this.
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stuart: on the market a mixed picture, the dow was down 200, nasdaq up one hundred 18, nvidia doing well. it was up $60, $70, it's up $91, $1041 a share, 9% today after stellar earnings yesterday. big tech mostly following nvidia's microsoft is at 432, meta is up meta-is up 469, amazon, alphabet, apple all down very slightly. the yield on the 10 year treasury hasn't moved much this we, 4.48% right now. more trouble for boeing. the faa found a flaw in the triple selling model. grady trimble jointly. what's the problem? >> the faa says if it is not addressed it could result in an ignition source inside the fuel
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tank and subsequent fire or explosion. the faa is proposing a fix for 30777 planes affected. to back up a little bit, boeing is the one who first noticed this issue in november. it told the airlines about the problem and how to fix it and in march the faa put more of an airworthiness directive that would make that fix mandatory for the airline. as part of the process the faa had a comment from boeing, the airlines, the pilots union and during that time boeing clarified the threat is only present during the refueling operation, not flying, boeing says this is not an immediate safety of flight issue and there are multiple redundancies in place in the 777 fleet has been operating for 30 years and has flown 3.9 billion
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passengers. separately back in february because of the string of incidents involving boeing jets, the faa gave the playmaker 90 days to come up with a plan to address safety issues that is due next week. >> what we are seeing next week, the plan going forward is not the end of the process but the beginning. >> reporter: the latest issue is not something that came up midflight like the door plug blowout or other issues but boeing is under a microscope with multiple federal investigations underway. people are alarmed anytime they see a headline involving boeing. >> excellent question of k jp. thanks. the justice department along with a coalition of states suing live nation claiming they violated antitrust law, with
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control of sales. >> they sued live nation. it is official, they say the company and ticketmaster abused their power and thwarted competition. the suit says they blocked an artist with major promotion deals, signed venues into ticketing deals and leave the fans to pay more in fees leaving fewer choices as a result. merrick garland says it is time to break up live nation, the stock is down 4.22%. stuart: we want to know do you think concert ticket prices have gotten out of control, how much you had to spend to see a show. send your responses to varneyviewers. lauren: ticketmaster and on the resale market. those are the only good ways to do it. a lot of people would be annoyed with this. stuart: thanks. tonight's the night, donald trump alternator campaign event
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in the bronx, he had a very enthusiastic recession new jersey. brian kilmeade's next. can he do the same in the bronx? very different audience. we will be back. ♪ ♪ when enamel is gone, you cannot get it back. but you can repair it with pronamel repair. it penetrates deep into the tooth to actively repair acid weakened enamel. i recommend pronamel repair. with new pronamel repair mouthwash you can enhance that repair beyond brushing. they work great together. ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya provides tools that help you make the right investment and benefit choices. so you can reach today's financial goals and look forward to a more confident future. voya, well planned, well invested, well protected.
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stuart: what a company this is, what a stock it is, absolutely stellar earnings yesterday reported, the stock this morning as well over $1000 a share, up 10%, already up 90% for the year. it's that double this calendar year. it's now 10:51 eastern time. brian kilmeade joins us which i want you to listen to what new york congress and richie torres said about trump's campaign event in the bronx. >> it's obvious to all of us his priorities not the people of the bronx, his priory is self-preservation. instead of holding a rally he should be apologizing to the
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people in the bronx for the damage he has done. donald trump did not have a criminal trial in new york city he would never be caught dead in the bronx and the only place in the bronx were donald trump has a place being is bronx criminal court. stuart: trump got a very nice reception from firefighters, construction workers, bodega guys, wherever he goes he gets a great reception. us but the same at today's event? >> great backing up israel. he's got to be somewhat accurate. donald trump could be anywhere, he's in new jersey, doesn't have to be in court, doesn't have to be in court until next week. if he's in the bronx because he chooses to be in the bronx you think anybody was saying donald trump is so close to the bronx, why doesn't he do an event at an open-air park? nobody. only one person had the guts to do it and his name is not joe biden, wasn't george bush, wasn't john mccain, it is donald trump, same way joe biden had to sew up new
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hampshire because in a dead heat, normally very blue he's got to worry now because the last paul has donald trump 9 points from him in new york. now he's going into the bronx. it could be a bit of turbulence but they expect 3500 to show up. what the people in the bronx up and saying at least he is trying. of former president that may be future president showing up to tell us what they bring to the table. would you rather ignore the bronx like every president has done since ronald reagan walked through the ransacked southern bronx in the 1980s. they are afraid is going to resonate. that's the problem. stuart: e-mails show a top advisor at the national institutes of health deleted key records that were critical to uncovering the origins of covid. the house oversight member,
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congressman jim jordan, had him on the show to discuss in earlier, here's what he said. >> everything they told us turned out to be false. it probably shouldn't surprise us they tried to hide the documents and evidence but refuted it wasn't consistent with what they were telling the very people, the american people, the people they are supposed to serve driven by policies from individuals who never put their name on a ballot, when did doctor fauci got elected to anything but he was running the world. he was running everything. stuart: what do you make of that? brian: a lot of people listening to us or watching us on tv don't know what he's referring to. they are referring to this because it's an afternoon hearing, anthony found she, francis collins, all the others who made up our policies on covid 19, it came not from a lab but from an open-air market and if you said something
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against that, how qualified or unpopular 5, social media or television they looked to destroy. my next guest mention six times in these e-mails, worried about someone having a contradictory phrase or statement against what they were saying. how about these e-mails, listen to this, this is a quote from doctor moran's gmail account, do we eat of peter's emails, peter danson before this hits the fan. mine was deleted long ago. they feel sure tony fauci's was too. the best ways to delete your e-mails, last thing we want to do is let the american people in the world know what we are doing behind the scenes, we diminish you for bringing it up, ridicule you for challenging us and ruin your lives, destroy your business, keep you out of school and make you alter the way you were because we knew better but we know you didn't and that
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arrogance, still trying to dig out of today and the educational deficit is because of these knuckleheads who thought they were elite enough to know to make the decisions for us and delete their fingerprints along the way but they are being discovered now and it's beginning to bring back all the memories of how our lives were affected by insincere people who thought they were smarter than us. stuart: it was not much fun. thanks for joining us, see you again soon. new york congresswoman nicole malliotakis going with trump to the bronx tonight. house oversight chair james coomer on shocking the records showing a top advisor to fauci deleted emails on covid. oklahoma governor wants to make it a state crime to limit his state without official legal status, now the doj is taking action, taking action in the courts against the governor. 11:00 hours next. ♪
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