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tv   Varney Company  FOX Business  June 12, 2024 10:00am-11:00am EDT

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stuart: double in disguise, elvis presley. this refers to trump hatred, i think. yes that's it it is 10:00 o'clock eastern the s&p and 500 and the nasdaq or all-time highs, the nasdaq is up to 76 that's better than 1.5% in the dow itself is up 264-point to thirds of 1%, here's why apart from the fact that we had benign inflation numbers we have a much lower yield on the ten year treasury down 12 basis points us a huge move four-point to 7% the price of oil, $79.29 a barrel it is going up, bitcoin coming in at 69700 not that much
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movement, that is the rally now this, trump derangement syndrome strikes again the left is waking up to the possibility of a second trump term and the going predictably off the deep, they're making stuff up in fear and loathing wherever they can trump is accused of looking for vengeance referring to the biden team based on what they have done i would have every right to go after them, that got the left worried, trump made of joking reference about being a dictator on day one, those are his words, the left took that as a statement of intent, alexandria ocasio-cortez says it sounds nuts but i wouldn't be surprised if this guy threw me in jail. aoc conjures us up from the locker up slogan from the 2016 campaign against hilary. in fact he did not go after
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hilary because she financed the russia hoax. trump said he would import the illegals, the left jumped on that completely distorted the whole immigration story as usual, rachel maddox said what convinces you that these massive camps he is planning are only for migrants, i am worried about me, i don't recall trump saying anything about massive camps that doesn't stop a chronic liberal and trump 80 mode the level of fear mongering shows the level of desperation, the left knows biden is in trouble, deep trouble, not just in the polls but his ability to do the job, he is 81 and an obvious mental and physical decline, they whip up the hysteria about trump trying to scare people, really what's more scary a second trump presidency where he's trying to make america great again for a second term over in a aging presented with, the hearers and the winds, which is more scary, second hour of "varney" just getting started.
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♪ >> guy benson is a gentleman on the right-hand side of your screen. are voters buying the trump derangement syndrome stuff? >> so far no based on the polling and i think a lot of that has to do with the fact that donald trump was a ready president, it's likely forgotten this, trump would do x, y, and z if we were president, he was for four years i think you push the envelope too far and guess what they were guardrails and institutions that constrain him over all his policies benefit of the country economically for people financially around the world thanks felt more secure than they do now, that's what a lot of voters remember about the first four years of donald trump that is the vision he is selling for four more years and the democrats and their allies about the concentration camp or
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something that they made up and you made a very good point about deportation immigration, they're saying donald trump might deport a lot of illegal immigrants, cvs put out a poll showing that is a position supported by 62% of americans maybe not so terrifying to a lot of voters. stuart: let's move on to this, biden was interrupted by anti-israel protest during his gun-control speech yesterday, watch this, roll tape. >> you're making such a difference, the main reason i'm here to say "the bottom line". >> no, no, no, no. folks, it's okay. >> four more years, daycare, innocent children have been lost, they make a point, now.
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stuart: they make a point, since when have supporters of hamas brutality, since when have they had a point to make. >> they haven't had a good point to make and by the way i want to say it's interesting that he gave his first public appearance after his son was convicted of gun crimes was a gun-control rally in the said his son did nothing wrong, there's dissidents there but as to the heckler she accused him of complicity and genocide. it takes an unbelievable turn of events where you have a politician in the heckler accused him of guilt and genocide in his responses shows a fair point, no she does not it to despicable why there is no is really genocide in gaza, joe biden in the united states are not complicit in the genocide there's no fair point is a terrible dishonest point but is so desperate for certain votes from an element of his base that he is willing to throw some fake blood on himself in order to
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maybe win some of the votes. it's astonishing. stuart: and sad very sad, guy benson thank you for being with us i know will see you again real soon, thank you. msnbc host joe scarborough is going up to the wall street journal another right-wing media outlets. >> he accused the right-wing media of making things up and even accuse the wall street journal after their well sourced bombshell story that biden is slipping mentally he accused the journal of wine to the readers. >> of joe biden gave one of the speeches it would be on the front page of the new york times and the wall street journal. the wall street journal runs a front-page story a lead story that they know is a lie. with biden the republican party has to make showed up. i'm sorry i can't think of a
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better word to say that to try to make biden look old and demented trump does it every day. stuart: it's almost laughable. >> i think they're frustrated the chorus is growing louder that biden looks old and ask old and seems old and they don't how to defend him so there accusing the competition of making stuff up. joe scarborough says the wall street journal is lying. >> a well sourced article. >> i'm not in it for the sender to get to the markets, look at this, the dow is up to 25, 250 the nasdaq is going strong big tech is doing well septuagint 78 points, 1.6%, look who is here the man who i call a super bowl especially on tech mike lee in his back today, the latest read on inflation 3.3% at the consumer level over the past year it is softer and cooling down are we off to the races. >> yes we are.
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what was important about this, the number of a subsection of inflation that the fed looks at which is a super core cpi which removes the price of shelter, gas and food that was negative month over month these are the lowest reading since april of 2021, this is good news for those hoping for a rate cut this year, now the inflation problem is not solved and it's not going away but this is a trend in the right direction and enough to take an overhang off the market were had this number been hot the chances of a rate hike would've eroded, will see how it plays out throughout the summer and what the fed says today but this is definitely good news for stocks. stuart: the market is very concentrated at the top, the top three companies account for 20% of the s&p, that is astonishing concentration, is it a problem.
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>> this is not new maybe the level of concentration is a bit unique but you typically have a handful of companies leading the overall market, with these companies what is going on apple has a lot to do with artificial intelligence and what we seen over the last few days with apple and since the end of april apple stock has gone from 167, 168 now read 213, 214 that the $3 trillion market cap at the massive move but we have a massive technological trend going on that is artificial intelligence and is being played out through cloud computing and the leaders happen to be the biggest names it was a story of the market of 2023 and the story of the market in 2024. stuart: the crown jewels of american business. >> absolutely the most spectacular companies ever created. stuart: any chance, the word collapse is wrong but a 10% pull back any chance? >> at some point the estimate
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for cloud and a.i. growth will get ahead of their ski tips and once they get ahead in the companies disappoint which we haven't seen anything close to yet then you can see a pullback, like we saw with facebook or meadow the last quarter the stock went from 500 under 430 in our back about 500 i would be a buyer on any of these names. stuart: super bowl mike lee, thank you for joining us, lauren is here looking at the movers and i want to start with tesla, it's up today. >> no offense we have a new super bowl , cathie wood of ark invest, she said tesla stock by 2029 is going to $2600, it's at 173 right now. she's estimating 90% of their business is the robo taxi business. we get the robo taxi on august the eighth in the shareholder
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both on the pay package tomorrow night and will talk about this friday morning and i think this is why a flip the screen who were in lifter sharply higher has to do with the robo taxi idea. we of lift and uber we know there out we have a piece of it and lifted up again as well. stuart: there is news city boosted it to 96 they said top pick across the technology sector. uber goes to 96, repeat that i have a thin sliver, you're laughing at me. stuart: dr holton. >> depot is on the industrial average, look at these games, financial market expect the federal reserve to start the easing cycle in september but this could go away at 2:00 p.m. eastern time. stuart: donald trump met with crypto mining companies, who did he meet with, which one any idea what he said.
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>> according to the ceo who posted about the dinner last night at mar-a-lago with trump it's the clean spark ceo and riot block chain there is a stark contrast between trump invited he wants to tax the electricity by 30% any slams or emissions trump comes in and praises them for the energy grid and supporting jobs, car, this is what trump said on true social for quite mining might be the last line of defense of the central bank digital currency you can think. it only helps china, russia and the radical china left, basically we want to quite mining to be made in the usa. he changed his tune he wants their money and is accepting donations and crypto. stuart: coming up new jersey is reviewing the liquor licenses at properties owned by donald trump following his felony convi convictions, a former u.s. attorney guy lewis will deal
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with hunter biden's lawyer said they will vigorously pursue all legal challenges after he was convicted on all federal gun charges, rich edson has the latest on the first son's legal troubles, that is next. ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪
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stuart: hunter biden guilty on all three counts related to the gun crimes, rich edson joins mina. is hunter going to appeal? >> 's lawyer says he's considering it after the jury's verdict the lead attorney abbe lowell said we are naturally disappointed by today's verdict we respect the jury process and
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as we've done throughout this case we will continue to vigorously pursue all the legal challenges available to hunter. after the verdict the president walked from marine one his sister-in-law and his grandson and his sister spoke for several minutes, the three charges agreed convicted of them on. maximum of 25 years a $750,000 in fines it's unlikely he gets anywhere near that as a first-time nonviolent offender it's of the federal prosecutor david weiss who says more is to be done. >> i want to thank attorney general garland for providing the support necessary to fulfill our mission and ensuring into pursue our investigation and prosecution, as you know i have additional trials and work to be done and i will not entertain questions at this time, that
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would be three felony and six misdemeanor charges against hunter biden for failing to pay a million and a half dollars in federal taxes hunter has repaid the back taxes if there's no plea agreement and more problematic in now is a convicted felon from the gun case and he will accept the judicial process. stuart: former u.s. attorney guy lewis joins me now, hunter's tax trial set for september, should he plead guilty before the trial now that he's been convicted in the gun trial? >> great question, i think they definitely need to explore it, why, three things, the judge, the charges in the prosecutor,
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let's start with the prosecutor david weiss he's proven himself that guy can throw 90-mile our fastballs and i would not want to mess without a second time, the charges as the reporter indicated these are very serious charges, tax evasion over many years, a lot of money and when you look at the indictments, the invasion the tax evasion is based on not paying for prostitutes, exotic cars all the kind of stuff but you don't want the jury or the judge or the public frankly to hear about, lastly i went back and looked at the central district of california i went back and looked at his record, this guy is a heavy hitter he sends people to jail. i've seen anywhere from a couple of years up to 20 years for similar situation cases i would be in there with hat and hand talking about a resolution.
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stuart: just step outside the legal arena for a moment and look at president biden under this extraordinary pressure of his family troubles he's in the middle of a campaign, do you think the personal pressure on him could exhilarate his cognitive decline. i'm asking you to stop outside of legality in your experience under this kind of pressure. >> listen that is such a great question i've seen from the inside from both sides prosecutor, defense lawyer, this crush this case and this pressure is crushing not only on the defendant but hunter biden and everybody around him, his family, so it has to, has to have an impact on his dad i've got to believe that based on my experience. stuart: let's get back into the legal arena, we have officials in new jersey with the liquor license at three of his golf clubs, apparently the new york criminal conviction may make an
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eligible for the licenses, seems like they're determined to pursue trump to the eighth degree. >> i gotta tell you, this should be in any other case in the world this will be a round ball, no kidding, trump doesn't even hold the licenses himself, some of his companies do and looking at these other cases you have to be a turpitude, rape, armed robbery, things like that and what we have here at best even if on their best day this is misclassification of records that should've been a misdemeanor, the problem is this attorney general was appointed by the governor, they're both democrats. i don't know what their political agenda is but i also know he took a leave of absence
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to counsel senator cory booker during the first trump impeachment proceedings. i'm very skeptical here. stuart: thank you for being with us, hope to see you again soon. house oversight committee chair congressman james comer speaking out on the hunter guilty verdict, come into this, what is he saying. >> comer called the hunter biden guilty verdict is step toward accountability that says the d.o.j. must investigate the accusations of the biden family influence peddling, listen to this. >> until the department of justice takes a real serious crime into account, justice has not been served if i listed the top ten crimes that the president's uncommitted lying on the gun application, he looks like someone who has a part in his back pocket, people asked today will the president pardon hunter biden, they're not finished the department of
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justice is not finished. >> the former business associate of hunter biden called the gun charge conviction political gamesmanship and says it's really just a distraction from the main event which he says is influence peddling. stuart: fox learned new york district attorney alvin bragg and prosecutor matthew: angelo will testify on capitol hill about trump's new york criminal trial, when is this going to happen. >> is expected to take place on july 12 which is the day after the scheduled sentencing hearing for donald trump who as we know was found guilty in new york on all the council falsifying business records, before the house judiciary committee chair jim jordan will host an oversight hearing on new york versus trump that happens tomorrow, the hearing will include federal election tray trainer and elizabeth foley who wrote an op-ed in the journal saying the trump trial violated basic due process and supports,
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fox news digital reporting that jordan is planning other oversight hearings and is even considering a field hearing in new york city. stuart: that i would like to see, i would pay good money to see that. squad member jamaal bowman accused of lied about his positions on israel, critics say he's been flip-flopping in a desperate bid to get reelected. we have that story in our next hour, any moment top wall street firms will be testifying on capitol hill republicans say they have evidence the firm colluded with environmental activist to force companies to decarbonized and reach net-zero, hilary vaughn has that story next. ♪
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>> it could be a record closing high, investors are cheering for a boom and demand in the cloud infrastructure from a.i. application and they announced deals with google and openai, there you have it. salesforce is a dow stock human resource software, bank of america global removes them from the number one list in the u.s. and keeps a vibrating that the number one list you have amazon, apple, microsoft it's nice to be among the company and their no longer. that's one of the dow stocks to be down, southwest what we got on. >> activist alea investment is pushing for changes which would include their ceo bob jordan but jordan said i'm not resigning i will entertain their suggestions by getting rid of the open seating plan but the ceo with the stock up 1%. stuart: what else do we have, thank you very much, any moment top wall street firms will start to testify and capitol hill republicans accused them of colluding with environmental groups to force a green agenda
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on american companies, hilary vaughn on capitol hill. the latest. the hearing into congress and by extension u.s. companies, the hearing happening is the judiciary committee released a report detailing how climate groups influence can conflict with firms to act in the client's long-term economic interest, the report from the judiciary saying that the committee obtained evidence that the climate cartel of left-wing activists and financial institutions has colluded to force american companies to decarbonized in reach net-zero the collusive decarbonization and net-zero commitments necessarily require output production and price increases for american consumers including in the fossil fuel aviation farming industry, the report describes the death grip that
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they've held over financial institutions will be in their power to control firms to do the climate bidding through bullying and threats in the committee report one climate group said emphasized that blackrock would be held accountable for the votes on shareholder resolution the three other largest asset managers, fidelity, state street was similar pressure if they didn't align their voting with climate action 100 lay to risk losing clients in revenue, the report shows internal e-mails detailing an effort by one climate group to replace board members at exxon mobil as a flex to show that climate action 100 has teeth today will hear from representatives from the climate groups one group says this hearing as part of a larger political campaign to ban investors from considering climate risk and what they do is legal inappropriate climate action 100 and since investors and firms are responsible for their own decisions and they have been unduly politicized, misunderstood or misrepresented we reached out to blackrock fidelity vanguard and state
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street for, and were waiting to hear back but vanguard told reuters the mission is to help individual investors achieve their financial goals and remain committed to cooperating with a congressional investigation. stuart: we hear you, thank you very much indeed, my next guest is the chair of rockefeller international that happens to be a wealth management company, our guest has written a book and a title of the book is what went wrong with capitalism. it sounds like there is something wrong with capitalism, my question in reverse, is america still country based on individual liberty and capitalist meritocracy. is it that kind of country. >> with the movie to the wrong direction and as i argue it's a very distorted form of capitalism and it's almost an extension of socialized risk the risk has been socialized in this economy and therefore we have this bogus outcome on the upside it appears if it's capitalism
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and a few people get to benefit on the downside the government role has increased so much in the economy today where it's no longer about free market doing what they want is very much government directed. stuart: you're talking about what i would call the deep state, the bureaucracy which runs things the way that they wanted to be run. that is a problem. >> exactly look at the data that i collected, the number of new regulations that washington puts into place is running at a pace of 3000 new regulations year the number of regulations is been withdrawn over the last 20 years has been 20 in total is very asymmetry was going on in the market economy today and therefore if you look in terms of economic freedom and the heritage foundation has this we used to rank at the top five in which look to 25 in the rule of government has expanded not just in terms of regulation, it also has to do with government spending which in the last 100
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years which 36% of gdp today in the concept of beating out every time an american company gets into trouble the policymakers, we need to rush and bail this company out, this is not how america used to be with the concept of bailouts is relatively new in america it really started in 1984, the first big bailout of continental illinois. stuart: you sound like trump you sound if if you're saying a lot of things that trump would say, less regulation, less bureaucracy, less government. unfortunately what happened in his administration they did not implement some of the stuff. >> by the end he implement to so many in the final 18 months so there was no big change. if you look at the deficit spending there was no real spending and that's what i'm arguing today what you need is for america to get back to its
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roots and course correction capitalism because average person in america is feeling affected, 70% of americans before numbers want deep change to take place in the american economic system. stuart: what about the cultural system, how do you feel about diversity, equity and inclusion, gei, free-speech, the rule of law, are we slipping backwards in those areas. >> yes we are there's one thing very important that we talk about culture i see the culture rooted in america today and the pain management culture that americans have gotten used to, the slightest hint of travel you prescribe opioids and other drugs, we have become part of this opioid crisis in this country and i think it's gone to the economy which is the slightest travel of any big business or anyone getting in trouble, we want to give economy more pain medicine so we got hooked to this in the business
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cycle the way it should be has gotten eliminated because of the asymmetry taking place. stuart: this is fascinating i wish you could name a politician who would do all you want to be done with the murky capitalism, do you have one in mind. >> unfortunately not that's what most americans are looking for, there's something wrong with most people in america in the data i have in the book is that 35% of americans think that they're not, they'll be better off than their parents only 25% that number used to be 80%. stuart: when i first came to america i was exactly right we thought we could move up the food chain because the meritocracy. >> ruchir sharma, i got it right. thank you for joining us, that is fascinating please leave the book for me to read, we will see you soon. meta under fire for using people's public post on social media to train artificial
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intelligence, users say they are infringing on privacy by using photos and post, kelly o'grady has that story and shall bring it to us after this. ♪ ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings.
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stuart: meta is under fire for using social media post to train artificial intelligence, kelly o'grady has been following the story, is meta allowed to do this without the user's permission. >> meta is in technically users have early given them permission. i took a look at their terms of use and simply by signing up you give meta permission to license your public contact, and europe things are different but in the u.s. no way to opt out other
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than deleting poster making your account private, what that means every public post on facebook or instagram, videos, captions, meta can use that to train their a.i., i spoke with that when they share their statement were committed to building a.i. responsibly and believe it's important that people understand how we trade the models that power our a.i. products, they're facing a lot of backlash or a lack of transparency, artists who are concerned about a.i. training on their work even celebrities are pushing back, many who fought for a.i. protections in the latest sag contract, kristen bell which is one of hundreds of thousands she read this message on instagram saying i own the copyright to images and post and don't consent to meta using them to train a.i. platforms, legally it does nothing but underscores the user frustration, we spoke to an artist who created a social media platform to protect users against a.i. training and seen a
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huge influx, she feels why this is problematic. >> this is less to do with being an artist and a creator and i think it's more about being human, we don't want to feel a while later we want to be asked in transparency. >> one argument says a.i. training is something we will get used to but right now this is not sitting well with a lot of users. stuart: we sold that one outcome i don't how you do it, thank you very much indeed elon musk's ax has a new feature that lets users like post privately. i don't see the point of that, do you. >> i thought you might not, it means users on the platform will be headed by default. users will be able to like content without worrying about who might see you liking it, elon musk posted this to his
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platform saying important to allow people to like post without getting attacked for doing so, users by the way also have the ability to see who actually liked their own poses, elon musk and his engineering team have emphasized the negative impact of public like some user behavior in the need for privacy while personalizing your user experience. other words you get shamed for liking something, now you can do it because not everyone's going to know the you like them if that makes sense. stuart: that sort of makes sense comedy of the latest on elon musk's paid battle with telsa? >> yes, to marlow the shareholders will vote on the $44.9 billion pay package now they all start the compensation package by throwing out and rolled that elon musk controlled the tesla board and is not entitled to the landmark compensation, many analysts believe shareholders will indeed
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approve elon musk's pay, the tesla ceo has threatened to develop artificial intelligence elsewhere if he does not get a 25% stake in tesla right now he owns 13%, elon musk could walk away and shareholders vote against him and 40% of the warning of notably slower sales growth in 2024, also on the shareholder ballot the ev makers out of delaware to texas, conservatives made big gains in the european union elections, voters have had it with mass migration and environmental extremism, that's over there, are we in america headed in the same direction and on his way to italy convincing world leaders to help ukraine by tapping billions and frozen russian assets, jacqui heinrich is in southern italy with the full
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story, she joins us next. ♪
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stuart: president biden is on a route to italy to attend the g7 leaders summit, jacqui heinrich is in italy what's on the president's agenda for this trip the president has yet to speak to reporters, the only time were guaranteed to hear from them on this trip is tomorrow and a press conference on bladder missile minsky in the format from that press conference two leaders side-by-side pretty much only obligates him and do so much of the agenda, domestic issues and personal issues in a big golden g7 is defined continued ways to support ukraine and the possibility of a
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truck 2024 presidency and conservative parties gaining support in the past weekend european parliament election. one option under consideration to help ukraine is tapping $300 billion in frozen russian assets, there were divisions among the g7 countries of how to go about that biden has pushed to use the funds as well as interest, european allies were pushing to use the interest-only beau biden suggested into normandy headway had been made in reaching an agreement there, the pope is also going to be here for discussion on threats posed by artificial intelligence and china is going to be receiving criticism for propping up the war machine, there is also going to be a discussion about development of challenges in africa, biden may not announce progress on the gaza cease-fire, secretary of state anthony blinken as hamas requested more changes this
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morning. >> is time for the haggling to stop in the cease-fire to start in israel accepted the proposal and as it was, must and it, it's pretty clear what needs to happen the war in gaza has an ongoing challenge for president biden during the gun safety remarks a protester interrupted him and said he's complicit in genocide. stuart: thank you very much, conservatives won big in the european election over the past weekend, voters seem to reject green regulation and open immigration. welcome back to the program you used to be here all the time many years ago and now you're back today, good to see you. >> , the principal problem for voters over there is green regulation to mass migration.
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especially in france and germany have dipped in the last european election, i think one of the overlooked messages, a lot of the green message in europe unlike the u.s. even though we have a little bit of this is the message of de- growth, france as already been suffering from de- growth for a long time when you compare french growth to the u.s., it is terrible. stuart: you're a native of france i believe as i recall, are you surprised. >> i'm not surprised that people are tired of the status quo in each of the countries are not in charge of their own of their own policies in the issues that they
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care so much about. in the case of france and germany no one is hearing them out because of a lot of the decisions and the rules are actually taken out of their hands. stuart: 30 seconds do you see the same thing coming over here, environmental regulations of an open border? >> i think there's a big movement to push for deregulation and against regulation that would put in place in the name of the green site and climate change it comes from both sides people realize you could get more innovation with growth indeed growth is a terrible thing for lower income people. stuart: it sure is, thank you very much for joining us, we hope to see you again. still ahead martha maccallum, jon levine, douglas murray, the 11:00 o'clock hour of "varney &
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>> owe biden is not really running to bpr

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