tv Cavuto Coast to Coast FOX Business July 5, 2024 12:00pm-1:00pm EDT
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to go with 110. 110. ashley: i could not get close to 80 so maybe i am missing out but i will go with 80. let's see what the answer is please. better to be lucky than good. the tsonga, i should play the lotto, was written by francis scott key during the war of 1812, he was in baltimore harbor watching the assault on fort mchenry when he penned the poem that was later set ironically to the published british tune, now you know. thank you for sticking around for the full hour. a pleasure. always a great sport. that does it for us for "varney and company". coast-to-coast begins right now. rob: get whether democratic politicians are bolting from
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joe biden, he should worry about democratic donors and they are. we are following some startling developments at the white house, markets are backing and so are the money guys backing away from president biden, he's going to put the cup bausch bosch on all that in wisconsin but there must be something going on here. >> president biden is at the white house, he will get into his motorcade at andrews air force base. the reason he's not taking marine one is a helicopter on the south lawn due to july 4th festivities. speaking of those festivities, last night president biden appeared to go off script in his remarks. >> president biden: by the way, i was in that world war i cemetery in france. the ones that the former president didn't want to go and
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be up there. anyway. got to remember who the hell we are. we are the united states of america. >> reporter: the president appeared to have another impromptu moment when someone shouted keep up the fight, the president grabbed the mic and said i am not going anywhere. later, he enjoyed the fireworks after 9:00 pm, with his family, the second family out on a few occasions, an act of solidarity as the country celebrated 240 years of independence, many are wondering if the president can handle the rigors of the job and the reelection campaign. at wednesday, biden told the governor who is also a physician, biden replied my health is fine, it's just my brain. the biden campaign responded it was a joke and the biden
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campaign is also add another $50 million ad buys this month and assigned to get the campaign resurrected. neil: i don't mean to be disrespectful but when i hear different excuses for his behavior, talked about his grueling travel schedule, he travels on air force one, not exactly someone throwing peanuts at you on jetblue. seems weird to me. >> reporter: the president does have a bed on air force one. that is part of the job. the commander-in-chief in charge of a million soldiers, sailors and marines, you saw the ask io's piece, from 10 am to 4:00 pm and that raised questions. at 9:00 pm on the fireworks,
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the president standing up in a neurological state, that's why the biden campaign and the white house are trying to get the president out in the next few days to prove the doubters wrong. it's cliché to say all eyes on the president, people will be watching the interview on abc. adam: you know a few things about the grueling nature of traveling. i love talking about some of the craziness around the latest biden fixation. today, netflix cofounder, major democratic donors said the president needs to step aside to allow a democratic leader to beat donald trump. they give a lot to democrats, less inclined to do so now. how big a tempest in a teapot
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is this? >> not only for the top of the ticket but for down ballot, with house and senate being up for grabs, this is a significant development. this is a crisis of the white house, not handling it well, they blame other people, jet black after ten days, this has not been impressive so far. i don't think the appearance yesterday was impressive. of the doubt is going to linger going into the interview tonight. that is going to be the real test. neil: what to make of the next 48 hours, he makes a lot of public appearances. when people scrutinize them to not show a hint of forgetting things and in appearances since the debate he's not reinforce the image that everything is okay.
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>> that is what the press who is angry at the white house staff because there's been a lot of tension, stories about age for the last few months and the president has been struggling with a lot of people will be watching the interview tonight, he has not put things at ease. the white house podium, he should be doing 5, six, seven interviews. he's not turned the tide yet. neil: the polling has donald trump moving to the widest lead he has enjoyed yet, 6 points, the new york times see in our college poll showing the same 6 point gap. is that debate focused? with these numbers be different without the debate? >> that a response to the debate because the country is
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so polarized. even a 3 point bump which look like for trump, down for biden based on his performance, that is significant but into next week, in these important states, where biden was already trailing. that's the key. that could be a decider which way this goes. neil: thank you for that. this is a pretty good economic report, the administration was quick to pounce on the notion that 15 million new jobs under stewardship and keep pounding out, what can you tell us? >> 6 know you were created after jobs were added to the economy. the jobs report, 4.1%. that's not a bad thing.
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there is more work to be done, wages growing faster than prices and more americans, growing faster than prices. wages are down 2. 2%. president biden came into office. in the jobs report we saw a huge amount of revisions. april and may were revised down 111 jobs. the government sector creating 70,000 jobs. talking with the labor secretary i also pushed her on the president's mental fitness. >> has there been any conversation among cabinet members about invoking the 25th amendment? >> that's absurd. i will say what we are talking about is recognizing a moment where there has been incredible progress in the time of that. we want to keep building on it. >> the president has issues getting through a 90 minute
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debate, has issues on the fourth of july, shouldn't there be a conversation about the 20 fifth >> i was there, a historic heat announcement. >> reporter: you talk to the president a lot. have you noticed a decline in the president from today from a year ago? >> i have not. i noticed his concerns remain consistent, to make sure workers get a real voice on the job. >> reporter: and talking about other fitness. she said in her meetings, she does not see the president rely heavily on note cards. neil: edward lawrence, thank you. i want to go to gary kaltbaum. i want to go to the things that matter to the markets. it pushes the federal reserve to cut rates or wait until
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after the election? what do you think? >> the fed is doing nothing right now. i doubt they will do anything before the election. i've been trying to tell everybody this for quite a while, the free markets have done a great job without the fed. on october 26th, the 10 year yield top october 27th of last year, the market bottomed and since then, we've drifted lower, the free markets have been working and the stock market has been working, very narrow with technology in a couple areas. still pretty good stead for the big indices. neil: they are picking up where they left off. i've talked about this many times, a market that tends to look at the things you alluded to and very little politically
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about debates, all of the tunnel to brought and everything else. what is driving this market? >> technology, technology, and more technology. let me give you some steady numbers. the seven stocks, the biggest in the nasdaq 100 are now 46% of the index and amazingly those things are 32% of the s&p. it is driving the bus. today is another example, the dow is doing nothing and though stocks and a few others are doing the job and that is all, as long as it keeps working, fine but i have to tell you something. i will say this loudly. all the economic areas are transports to industrials, to machinery, in their own little private bearish market and they
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seem to keep heading lower. rails and truckers and things like that. i do believe the market is starting to flush out a slower economy, 1.3% gdp for the market, most all the money is flowing into apple and amazon and google and facebook and things like that. there will be a day of reckoning if it continues to narrow but so to good. i've never seen so much concentration in one area. it's getting to be 1999 right now. let's hope it continues and the broad markets come around. neil: i was there at the beginning of the internet boom and it went bust. there are significant differences, not making money, key players here making money hand over fist, from meta to apple and most of those benefiting from those big chip orders, nvidia, same thing, etc.
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so it's different but what do you think? >> it is different and a lot of these are category killers doing great things but also something i call market itself. when everyone is going towards one area away from both, i remember the housing stocks ended up with one time earnings, when everything else got the juice, and everyone on notice. if they ever decided to come after these seven stocks plus a few more. not that anything is wrong but they've gotten so overgrown, the indices could have some trouble. today, so far so good. as long as it continues, i am a happy guy. neil: you are one of the best to the best. it is happening again. government in power thrown out
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neil: london and all of his majesty's kingdom make clear not a fan of the conservative government that has been ruling the kingdom for the better part of 14 years. out it goes hand in comes a remarkable story in its own right, the only entered politics nine years ago, 52, 61 now and already at 10 downing. stephanie bennett in london with the implications of all of this. >> reporter: they do not waste time here.
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rishi sunak called the election six weeks ago, everybody goes in, makes one vote and here we are today, one out and one in. it was a labor landslide, 412 parliamentary seats last check, 650 were up for grabs leaving conservatives with 121 seats. the labour party leader is now officially the new resident at number 10 downing st. . word is out whether he wants to live at number 11. it a little but rumor. he ran a campaign promising economics to political a cutting national health wait times and recruiting teachers, human rights lawyer was elected to lead the labour party in 2020. after the worst general election defeat in 85 years and vowed to make delectable again. making the party more central and he takes his first speech as prime minister. >> brick by brick, we will
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rebuild the infrastructure of opportunity, the affordable homes that are the ingredients of home for working people. security, working-class families like mine could build their lives around. >> reporter: the primacy met with king charles iii to officially form the new government after rishi sunak redesigned. he will remain as mp representing his constituency in yorkshire. >> youth center clear signal the government of the united kingdom must change and yours is the only judgment that matters. i for your anger, your disappointment and take response ability for this. >> reporter: the new prime minister is only going to have a couple days to get settled before he heads across the pond
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over to washington dc. there's going to be a crucial nato summit that comes up next week, he congratulated nigel farage of won's party seat getting four seats for the reform party. neil: i love having jonathan on to make sense of this. one thing i am amazed at, the inauguration is immediate. >> no insurrection either, this is part of the beauty, there's a peaceful handover of power. we saw rishi sunak giving that speech.
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we saw keir starmer come into that for what was in the job. we seem to have gotten things right. there are plenty of complaints not least nigel farage who got a large portion of the popular vote but also actual seats across the system. neil: there's a populist way of going on in much of the world, more of a right wing flavor to it. to throw the bums out, things don't seem to be working. it's a largely liberal government that stated mexicans seem to be doing that. there was a serious serious
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anger issue that conservatives couldn't contain. what went wrong? >> we had conservative government for 40 years and prime ministers in that period and quite a few of them, following the landslide victory, a sense of relief among the markets, shown a positive reaction that indicates investor confidence in a period of stability after years of volatility under the conservatives. the volatility experienced under liz truss's tenure as a result has meant the 5100 rose by 4% and the opening positive initial reaction that could only in markets but also among many people. more people were voting for period of stability for a change. a chaotic period of
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conservative government and was more of a change rather than the labour party, the markets would not only have reacted but such decisive one that suggests something more certain. neil: a reflection that could be a different flavor, never want to go that far. talking about you have a government unburdened by doctrine. he went on to say this is a trend we recognize must be more lightly on your lives, don't move too far. government does go too far. does he mean what he says? some have likened it to a tony blair approach, bill clinton approach. how would you define it? >> he is saying that now but he has also spoken about putting 20% on private schooling which will be a massive move that will anger many.
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neil: you talked about evaluated tax but go ahead. >> until now in the uk people who chose to pay to send their children to school did so without the extra time. they will introduce that and price many of them out of the ability to do that. that is the doctrine, has every right to is a left-wing socialist led policy but the suggestion the labour party that has just won a massive majority will necessarily stick to that might be wishful thinking. here in the uk, the closer to the center you are, both sides know that. he was trying to reassure people, markets, the whole world that this isn't a swing to the far left like it would have been under his predecessor, jeremy corbin, and he managed to do that. markets reflected that, what's going on in france and the rest
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of europe. the swing to the far right and the second place taken by the far left is a high level of uncertainty when it comes to that. but contrast with that uncertainty in europe. neil: great catching up with you, jonathan sacredoti, it will do 7 whether the right-wing government takes over, such a thing they can do, depends where you get close. an outright majority is sunday, continues the change in government we could be seeing. it is different in britain because it involves a conservative one. that's all the rage another countries but clearly not there. president biden is on his way to wisconsin, his fifth trip seeing air force one leaving.
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>> can you still beat trump? neil: probably waiting for me to answer. we heard it with our super audio, yes, i still think i can beat trump. is that say that in those words but he think he can beat donald trump, he's making his fifth trip to the battleground state of wisconsin. polls are tighter than they are in other battleground states. the former mayor of cleveland, former ohio congressman running as an independent. always a delight to see you. what do you think of this predicament with president biden and other democrats saying maybe it's time to hang it up, donors are abandoning him, are you concerned, what do you think? >> president biden is going to
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be pushed out. what would happen if he was there would be a fight over the presidential nomination, that is what would tear the party apart and the party was torn in 1968 but that was because of vietnam and president johnson was looking at primary opponents. got to remember in 2024, the dnc rigged the primary, there was no opposition overspending and the election is not over. neil: are running as an independent to take back congressional seat, there are those who, hurting democrats doing that, their own party. >> my candidacy is an independent running a republican district. i've always been very successful with republican voters and the message is about the economy and the people know
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me in this district, they know me very well. i've done it without fear of failure so i am confident going in but as far as the larger election picture in ohio it is fair to say donald trump has a substantial lead in ohio. neil: you supporting donald trump? >> it is about the economy? i am a real independence. i'm not involved in the presidential race at all. neil: were involved in robert kennedy's campaign and you left that are quick that, he thinks he has a shot of a pending those guys. what do you think? >> i am not sure how many ballots he is going to be on. when i left the campaign last october i began to focus on how i might be of service so i am not sure where his campaign --
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neil: i did ask robert kennedy that very question, talked to him a couple days ago and here's what he said on that subject. >> i will be on all 50 states and i am already on more than half the states. i have enough signatures to get on the ballot in more than half the states. i just have to hand them in but states won't accept them. they won't allow me on the ballot until the end of august because of the way their process works. only on the ballot in nine states. we've done 99% of the work. sean: to jump on you, you say you will be on all 50 state ballots by election day? >> by august we will be on all, for four weeks from now we will
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be on the ballot in every state. neil: i don't rudely interrupts great people like you but i really interrupted him. he thinks will be on all 50 state ballots but what would the impact be if he were? >> he knows more about his campaign than i do because i left in october. if he was on the ballot in all 50 states, if there's any states which are tossups, he could play an impact about we don't know that he is on the ballot everywhere. he's my friend, i wish him well but i'm not involved in the presidential election on anyone's behalf. i'm running in ohio and focused on the needs of the people in congressional district, many of those for several years. neil: you are 77 years young, fast on your feet.
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that's young these days. you can have a situation where president biden is a few years older than you, a lot of people say cognitively he's not up to the job. do you think that's the case? do you think further that we should start having these sort of demands that doctors examine presidents of that age more aggressively? >> the american people will be the judge for the office of the presidency. if someone can't serve, the 25th amendment is the prescription for being able to move forward and make another choice. we've got two factors. one is the nomination of the democratic party. i doubt very seriously that president biden would be replaced and the party would
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fall apart. the second thing, the fitness of someone for the presidency, the 25th amendment is clear on this. if a president is unable to go forward, the cabinet has to get together and make the decision. i don't see that happening. i think president biden is in this election tuesday based on what i know about politics. as far as his fitness for office, the american people will be the judge and i'm okay with that because i have a concern about a bum's russia being given by the media savants to try to push a president out, not too dissimilar from when they tried to push donald trump out. this is the kind of these elites on both sides got to be careful about that. let the american people make the choice.
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neil: unless you are doing something really bad in real time. >> if someone is not able to continue the functions of the office, they can be replaced. if somebody is doing something real bad, that's a political judgment. we could have a major war between now and the election that could change everything. in them at least, in europe, in the far east with china over taiwan. this ball is still in play. this election, people say it is over, donald trump is the president. donald trump knows better than anybody you can go down to the line and an election could change like that. hillary clinton knows that too. . 20 very good point on all.
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>> welcome back to fox business network and cavuto coast-to-coast which i reporting from kingston, jamaica in the aftermath of hurricane beryl which was a category 4 less than two days ago as it impacted this entire island of jamaica. take a look at some of this video. weaver reporting from the northwest area of jamaica during the storm and yesterday we decided to go on a trek on these roads to the southern shores of a journey that normally would take 3 or 4 hours, took almost 8 hours, you see the destruction, trees down everywhere. power lines, power poles, impeding traffic going through, roofs ripped off homes, structures destroyed. unfortunately there is widespread power outages across the island and cell phone
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service is very spotty. in kingston where i stand right now we are going through water outages and power outages spread throughout the day. yesterday in the hardest hit areas of saint elizabeth and treasure beach right before the sun went down we were able to talk to survivors. listen to their accounts. >> describe what you went through. >> it was terror. i never experienced anything like that before. the wind was so devastating. it was something like i've never seen before. like turning on a blower. don't know how to explain. >> while it was happening, you did not know the devastation you were going to see. even when it slowed down last night and we looked, we kind of went that roof is off, that roof is off, the fruit stand is
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gone, but this morning? was just something you've never experienced before. the thing is we have no internet, no contact with the outside world, nothing. one phone call from canada. gave all my friends -- tell them i am okay. i don't know. i only learned -- we have no weather report, no power, no water, 0. >> reporter: 11 people confirmed dead across the caribbean as hurricane beryl has moved on. in the cayman islands and yucatán peninsula it is making its way all the way to mainland mexico. it will affect texas in the coming days. be prepared, without a doubt. the aftermath continues, aid is needed on the southern shores of jamaica.
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neil: robert ray in jamaica, the latest for the disastrous weather, probably not the last. rick reichmuth, a preview of coming attractions. >> reporter: landfall of this on the other side of the caribbean on the east side of the caribbean, in mexico, category 2, 110 mile an hour winds. the center of the storm across the yucatán. a lot of questions, what happens with this storm after it moves across yucatán. looks like this trajectory here does not disrupt the storm as much as it gone further south than west, more time across land. because of this trajectory probably a better intact storm when it moves across the gulf and the trend we have been seeing as of a day ago, more possibility across mexico, now
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we've got a stronger storm headed across texas. texas will absolutely get impacts from this storm. a lot of rain, storm surge, all up and down the coast of texas or parts of louisiana. water temperature well above average as we've been talking about for months. water temperature will help. this is a future forecast. it starts to lose some of its steering mechanism so we expect it to spend a little time across part of the western golf. a lot of texas in the path of this which as of right now, the rain across east texas, the forecast will change. if you are in texas, you need to be aware you have a hurricane, even a strong hurricane coming on shore sunday night into monday to tuesday. neil: you've probably heard xi xinping and vladimir putin plan to meet for the second time in as many months.
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and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. >> welcome back to coast to coast, following the fallout from plenary prudent to china's xi jinping, took place earlier this week in kazakhstan where the shanghai cooperation organization. to counter the influence of the west. they were at the best period in their history. after russia and north korea announced a mutual defense pact
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and the nato summit in washington. as president biden prepares for the summit, calls for him to drop his reelection bid are growing. 's opponent, donald trump, says he's not up to the task of strengthening these partnerships. >> foreign leaders, in the past three years. how effective he has been. >> reporter: a poll conducted after biden's disastrous debate performance shows voters trust donald trump over biden on foreign policy. donald trump casting doubt on his opponent's ability to deal with russia and china. other republicans are questioning his foreign policy chops too. >> no one respects president biden. they say it's a crisis in
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leadership, secretary austin and the cabinet themselves. under donald trump he would take action but they don't fear president biden. >> interesting to note the president of turkey was at the scl meeting and plans to be here in dc next week for the nato summit so he is straddling both sides of these dynamics. neil: gordon chang, author of china is going to war, i was wondering, the president's comments being tired and done. that will only galvanize. >> if you are xi jinping, you know when to attack the united states. if robert f kennedy junior pointed out, the president of the united states took 7 minutes to make a decision
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about nuclear weapons. if he is told missiles are approaching the united states. right now there is grave concern president biden would be in one of his dazed incomprehensible states. neil: the g7 leaders not keen on donald trump, that he's a loose cannon, they don't like the choice. it reflects the same conundrum for many americans. how is that going to go over with europe and other western leaders if donald trump comes back? >> european leaders didn't like donald trump because he forced them to spend more on defense. you had a string of american presidents who would lecture nato leaders about spending 2% of gross thomistic product on defense and they ignored us until trump went into nato meetings and spoke his mind. they know biden doesn't generally do that so they feel
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more comfortable with biden. doesn't mean biden is better for the united states when it comes to nato. we need a disrupter because nato is not prepared to defend itself against a russian attack. neil: are they backing the possibility that president biden doesn't run? >> i don't think so. biden is reacting to domestic pressure in the democratic party, donors who said they are not going to fund him and democratic party leaders who say he should step aside. that's where the pressure is coming from. neil: gordon chang following this, china going to war, we have no doubt about the markets holding their own through this. we will sort that out as "the big money show" leads off. taylor: record highs on the s&p and the nasdaq. i am taylor riggs. brian: i am brian brenberg
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