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tv   Cavuto Coast to Coast  FOX Business  July 10, 2024 12:00pm-1:00pm EDT

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stuart: i'm going to go with lauren at 7.2 million but i would like to know the year. it makes a difference, the value of the dollar. reveal please? we got it right. thank you very much indeed. 7.2 million russia offered to sell the land in 1866. william seward negotiated the deal, finalized in 1867. alaska would not become a state until 1959. you got it right. thanks for being with us on the show for the our. appreciate that. good stuff. that is it for "varney and company". may have to tap dance. the dow is up 100 and so is the nasdaq. coast-to-coast starts now. adam: here we go again. not talking president biden and whether he will survive the
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revolt in his party. i'm talking about these markets and what it will take to stop their. there. it is happening again, the s&p 500, the record is up again. that would be at 37th record this year. welcome, i'm neil cavuto. lou follows this closely, nonstop rally is the story. what is behind it? >> a couple factors. a famous mathematician set a body in motion tends to stay in motion. momentum is powerful and we keep hitting highs. investors fear of missing out, more points, treasuries and trump, there's hope the fed will cut rates. the increasing likelihood donald trump, if you look at
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the data, investigating trump winning the presidency, positively correlated to the market. while everyone is saying yields are down, stocks are up. the odds of a trump presidency. adam: that is a tough one for me to get my arms around. you can see the federal reserve, we have an earnings friendly environment and this notion the worst of inflation, where are we on that front and what we are hearing from jerome powell? jerome powell is saying the market is weakening. they have a dual mandate focusing on inflation and strong employment and signs of employment, that is the fear right now raising investors hopes. if it reverses quickly they will step in and act. i've been saying that's not going to happen.
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powell want to interfere with politics but following the presidential debate he may see it as a no-win situation. economically, you talked about earnings. the earnings front looks strong. analysts cut back expectations slightly coming into year 2 and q3 and q4 looking at double-digit growth. if that holds true, the economy and corporate profitability is in great shape. that bodes for pushing out the rate decreases. and between now and the election. whether it's trump or biden or to be determined, the economics of what comes in the economy. adam: markets getting no respect, the better earnings look, the better the multiples
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look, if the earnings catch up with the price, that would be welcome news with consensus with tech earnings, higher in their estimates, makes this a less frothy market. >> not runaway stock markets it is more relatively affordable. as long as earnings are growing get, that stage and scenario in the back half of the year it will come down this week, in its -- inflation of his, cpi and ppi will change the number quickly. as an investor, if you are not in the markets, i don't know what you are waiting for to get into the markets puts not something to throw your cash at.
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adam: it's a phenomenon that could be a nice problem for a lot of investors waiting on this technology, the sheer force of buying enthusiasm has become a bigger part of their overall investment and they are too beholden to technology. what do they do? >> this is just a normal way to keep your portfolio in good fitness, to take some of the profits out of technology. if you have apple or amazon or nvidia that is up hundreds of% over the last couple years, get your profits off the bauer with varied -- other areas of the market. big companies like nestlé paying a dividend or get into certain areas of the market like biotech, that is sound portfolio management.
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to overinvest, my rule of thumb, if there's a particular investment keeping you up at nineties, you've got to take something off of it. neil: are you getting any sleep? >> last night, the strap i live by told me 3 hours and 32 minutes. neil: congratulations, chief market strategist. edward lawrence is keeping track of president biden, the powwow the president made clear he is committed to staying in this race, meeting get for this nato summit and show he's up to doing that multiple times. sometimes scripted, sometimes not. how's it going? >> reporter: the president's
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attention is divided, he had no notecards but strict instructions. listen to this. >> president biden: going to build this country from the bottom up and the middle out, not the top down. i mean it, not a joke. they warned me not to take too much time today. >> reporter: as the president arrives at the summit, the prime minister of hungary met with vladimir putin in russia and finishing with the chinese president, the secretary of state says the us can hold this alliance together. >> not only speaking with unity but unity that is busy on the floor, raising the floor on what to do, raising the floor on understanding the threats. >> reporter: president biden
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announcing that and netherlands will donate in the air by the end of the summer. the us trained to fly the pilot and military experts say that's duly -- two years two -- there are patriot missile batteries going to ukraine before special representative for ukraine says that is not enough. >> vladimir putin intends to wipe ukraine off the map and our solution is to give them 5 patriot missile's. that's not up to the task. nato, what the world needs to see is a plan for how ukraine wins. defining the problem is how we do it the next two years. >> reporter: a lot of pressure on president biden, hosting the summit, not just on his policies. neil: i told you about the big nato summit. going to wesley clark, supreme allied commander.
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always good to see you. to a man or woman i had a chance to talk to a few of these leaders, of love you that whatever is bedeviling the president as an organization, the us leaving that organization, that is going fine. >> these european leaders were concerned about politics but also concerned about the united states with china in some ways representing for years, turned their backs on europe. what they want to be is full coverage of the united states as they are concerned about china as well and we are not going to be able to manage china effectively if we don't have strong support from european allies. we've got to hold it together with nato. not to say nato will take
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actions against china or something like this but politically and economically our nato allies understand we have to deal with not only russia but china. that's the challenge, one of the challenges in the summit right now. neil: are you worried your self about the role of the united states leaving nato with president biden's problems well scrutinized. you know the pile on continues, nancy pelosi says time is running short. she is showing some doubt. senator mike bennett is warning president biden can't beat donald trump and will lose in a landslide. george clooney had a big financial event that raised a lot of money, thinks it is time for different nominee. what do you make of this? >> i was there at the event yesterday.
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president biden looked good, vigorous, a forceful presentation. it was scripted, he was reading it. i thought he was fully in charge. what are your expectations of the president? are you looking for fast talking debater or a wise statesman who can make the right decisions at the right time, pool countries together and pool america to gather? to me it's the latter, not the former. this angst in the democratic party, they are nervous and all that stuff, we are still talking about it but we've got in joe biden the most experienced statesman that has ever been president of the united states. he has proven in his first four years he can deliver on the infrastructure act, never did that under mr. trump despite talking about it. the chips act, doing the right
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kind of industrial policy through manufacturing and the thing that struck me, if you look at the poorest qualities in america, rural america, red america, there are more jobs in the last four years under president biden's economic policies than the last 12 years, especially the last four years. got to build an economy from the middle and the bottom up. it is working get. he's got some huge national security challenges. we need a plan to succeed in ukraine. that's what kurt volcker said. the f-16s giving the russians time to react doesn't work. china is watching. to deter, a peaceful 20 first century, we got 've got to rebuild america's strength and credibility and president biden has to do that if reelected. if he isn't, well, donald trump
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with republican leadership will have to do that. otherwise we are going to see a world very different. neil: with great respect i will disagree with you. you could think and did think and do think fast on your feet. i would note the difference when you were running for office or reading from the prompter, chances are not. you are fast on your feet, have a good sweeping view of history, joe biden might have had that decades ago, at the time he was getting dropped off, that was the younger joe biden. i age, you age, you are aging pretty well but the growing concern among your democratic friends and colleagues is he's lost his fastball and his cognitive abilities are sliding fast. it sounds cool, but there are a lot of people wondering if he
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can get going for the next four months let alone the next four years. their fears must be justified because they saw that dee bait. they are dealing with what they've seen in person. >> i saw the debate and i was worried about it but when you put it in perspective, i did run for president. i was coached by democrats and they did to me what they did to joe biden, filled my head with statistics, preparing neighboring academic debate. as soon as i saw joe biden start point one, .2, what was .3, i knew -- neil: i think you quickly returned to your self. you are a smart cookie, you are not going to let people sort of debate you on debates and all that stuff. your brain was good. the timing was good. it is a different case. we have that higher standard
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from the leader of the free world and a lot of people worry about his daily habits. whether he had much energy after 4:00. these are worrisome things. >> it is going to be a tough choice for the american people. president biden has done a lot. he is experienced. he's capable. it's the nature of character. with the recent supreme court decisions the character of the president becomes even more important. we have thrown out some of the checks and balances that were inherent in the constitution. now the president basically has immunity for any acts official acts in office. he's not under checks and balances. character becomes more important and the american voter has to look at character. who was in it for the american public. who is in it for the national interest versus who is in it
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for himself and his family's welfare and so on. to me there's a clear distinction between the candidates. one of them can't talk as well right now, but one of them has certain deficits in character compared to the other and that's the choice of the american people. people say we don't like this choice, this is democracy and that's the choice we have. neil: i will put you down as a maybe on donald trump. it is always good seeing you. thank you very much. >> great to be on with you. neil: oil prices running up, startling develop and, opec put out a statement we see strong oil demand. what about the slowdown everyone is talking about? the line they used, we see robust fuel use in the summer months. that wasn't just in the american states, that was
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robust fuel use. a result of oil prices inching up and concern about all of this. what is expected to see more of for a lot of refineries, not as active. some could be shot down for quite a while. supply, demand, higher prices.
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adam: not only president biden making good news, greeting those leaders as we speak. donald trump had the big rally in florida, talking to brian kilmeade, she's pledging her delegates to vote for donald trump. but was not in vital to the republican convention over chris christie and they will face names. go ahead and stay home, we don't need to hear. donald trump is saying that that is not coming from him. we want the latest on this.
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>> the convention is fast approaching but donald trump says his bad blood with nikki haley, who is not planning to be at next week's gathering. he told brian kilmeade he's not ready to be back in the spotlight. >> i will take a look at it. there's a lot of bad blood. she was soundly defeated, and every place she wouldn't leave. >> reporter: at a rally in florida trump spent much more time talking about democrats pointing out how he thinks kamala harris could be a bigger liability for the white house going forward. harris was in las vegas tuesday urging democrats and her party to stay the course. >> we continue to fight and we
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will continue to organize. in november, we will win, we will win. we know what hard work looks like. we like hard work. hard work is good work. >> trump is gaining ground in nevada, president biden will be heading out in the next week. states leaning republican go the other way. neil: makes it petty, and nikki haley, stay in the race too longer, she's not invited to the convention, does he call these shots you can or can't go to the convention. >> keeping the spotlight of any
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discontent in primaries, donald trump, no secret he has had strong feelings against nikki haley after she came to endorse him. it doesn't seem like there's been any indication there's any ice between them. >> reporter: the leading candidate val this with the rf tribulation but still holds them for some people who were criticizing them. there persona non grata. >> from a pr perspective the trump campaign is saying look how united we are. so much focus would be on what changed a few months ago. reporters saying you said x and now you feel, the are in see gets to call the shots. haley will not be there. a lot can change.
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neil: who am i to -- >> mafia cavuto days. good seeing you. there is division in the democratic party. by now you know about that. a lot of going back and forth between prominent democrats, whether president biden even has a shot. some comments from colorado's senator. >> donald trump is on track to win this election by a landslide and take with him the senate and the house. for me this is not a question of polling or politics but a moral question of the future of the country. it is critical important to come to grips with what we face
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if together we put this country on the path of electing donald trump again. neil: democratic pollster, mark, he's not the only one. we will all go down. what did you make of that? >> as a factual matter, the polls show a good showing for donald trump. heading into the republican convention which produces more of a bum, the democrats but there convention as late as possible to try to recover from is that. you can't tell how this comes out. the second, when the democrats say republicans will win huge they are trying to stimulate their own turnout. he is factually ahead. neil: there are interesting
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turning points, the george clooney thing, the big fundraiser, following jon stewart and others looking for a new leader. even nancy pelosi saying time is running short for the president. it is up to biden to decide if he will run. >> i keep saying a party divided against itself can't stand. the party has to come together by the convention if not sooner, president biden says he is running, has the delegates, won the primary, he is not going to change course. i don't know that it does anybody good to go out there. you change the captain of the titanic it doesn't change necessarily the course of events. neil: easier said than done.
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people can make whatever they want of it. president biden was elected the democratic nominee. one debate does not a race that. i'm sure people cannot and remember it but it is what it is. do they have time for something like others have been saying, open convention fast primary, do you think? >> if there was going to be a switch, would have to go to the vice president, it's part of the constitutional order of things, tickets are set up. this idea of an open primary is suicidal, it would take a bad situation and make it worse. either joe biden will keep the nomination and run matter what or turn it over to vice president harris who has been by his side the last four
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years. anything outside of that would be pure chaos. i am not sure, who are the voters up for grabs, soft democrats and nikki haley voters. republicans don't have nikki haley coming to the convention. these polls are within single digits. i've been in campaigns where we opened up double digit leads. no one said he should drop out. single digit lead means 2 or 3 points change their mind and you are back in the game. neil: you said it's a good thing for biden. >> sorry. it's a good thing -- mark, you are the best. you are very good at it. >> i like doing commentary over this whatever real presidential
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races which are a terrible experience waiting you are in them. neil: great job. i love talking to you. we have been waiting to hear what jerome powell has to say on the senate side. some of these exchanges where they stand, we've been following that.
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change the last public meeting between you and president biden occurred may 31, 2022. does that sound accurate? >> i will take your word for it. >> have you had any private meetings with the president since that time? >> no. >> i don't believe so. >> any reason you have not met with or spoken to the president? >> i meet when any president calls you, you come and meet with them. >> with inflation still nagging us, president biden has not asked to meet with you and two years? >> i haven't had a meeting with him. i don't seek meetings. >> the guy who was asking those questions, mike lawler, republican new york
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congressman. were you surprised by that? >> i was blown away by it. the fact is under joe biden we've had record inflation, cost of skyrocketed, energy costs. as i said to chairman powell in my district, westchester co. the average mortgage has gone up one thousand a month, $12,000 a year. under president biden. the fact that he has not sought to meet with of the fed chairman since may 31, 2022, is astounding to me. neil: the flipside, the fed is an independent entity, does its own thing, without presidential pressure, they do put political pressure, the chairman trying to skew that, had a rocky relationship with donald trump. he doesn't appear to have warm, fuzzy, constantly meeting with
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the president but is that technically as it should be? >> no question the fed is independent but that doesn't mean that the president of the united states shouldn't be meeting with and discussing monetary policy and i am flabbergasted by it but it speaks volumes to this white house and the current situation and what we saw just two weeks ago on the debate stage which i'm not even sure the meeting would be worth it because it doesn't seem the president has the capability to have a discussion with the chair of the federal reserve. lauren: 1 many in your party, not you, start saying the president and the fed chief met, digging them to ease interest rates to improve
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political stance so you can't win for love of money. >> at the end of the day the federal reserve is going to make decisions with respect to policy and it should be independent but as i asked him in my testimony couldn't it be viewed as political if come september, 30 to 60 days before an election the federal reserve decides to cut rates and obviously he protested and said it is independent and we don't make decisions based on political factors but under this administration we have seen the cost of living skyrocket in a state like new york which is already out of control with high taxes and democrats in new york spending $239 billion in their state budget up 60 billion in four years which is unsustainable,
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we see the impact, one thousand a month increase in mortgage costs is unsustainable for working families across new york and across the country. taylor: your questions have a way of resonating, questioning president biden whether he's effective in meetings, they generate news. thank you, good seeing you. in the meantime we are still following what's going on with those astronauts. they always say lost in space, they are not lost in space, we know where they are and they can't leave for the time being because the star liner took them there, they are still looking at it to see whether it is safe for them to return but it has to disconnect from the international space station. that's what they are worried about so these guys who are supposed to stay 6 or 7 days are living there alone and are going to be there a little while longer. we are learning from boeing and nasa after this.
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we are following the boeing star liner mission, those test flight astronauts have been in space since june 5th. what was originally planned as an 8-day mission is extending into her second month in space as astronauts and engineers on the ground tried to determine the cause of a series of helium leaks and thruster problems with the new spacecraft. >> human spaceflight is not easy in any regime, there have been multiple issues with every spacecraft ever designed and that's the nature of what we do. failure is not an option. >> since june 6th,. and sonny have been living and working aboard the international space station along with 7 iss crew members. in an emergency engineers feel confident star liner would be safe enough to carry astronauts
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back to earth but they want to study these thruster problems which are all located on the service module, a portion of the spacecraft that is jettisoned during the return flight. >> and go through all the testing and understand about our spacecraft. >> son he feels good about star liner and its ability to bring astronauts back safely. and nasa and boeing officials say the efforts of engineers on the ground who studied these issues are delayed slightly because of hurricane barrel -- beryl and the damage it cost of the johnson space center and some of the employees homes. >> great reporting. i like to call you an astronaut.
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we want these -- terry verts, do we have anything to worry about? >> i don't think so. this is a test flight, nothing to indicate there's a problem bringing them home, they are certified if there's an emergency. if there's an emergency, they can shut the hatch and come back to earth. the thing to think about a certification. if boeing wants it certified, they are taking as much time to get the magic certification declared diane: that it is similar, in the case of the columbia which was given the okay to return, some tiles were damaged at the time, they don't want anything to keep that from happening. >> a lot of this is caution, this is nothing like columbia.
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i have a model of the star liner. as you saw in the video, the capital separates from the service module, the service module is where these small jets, they have problems with of those and helium tanks. wanted separates this survives on earth and this burns up in the atmosphere, things they want to study is studied on the space station, there's no more studying it. >> they don't want to take chances, keep the service module and command module thrown away, and we have to get the astronauts off that thing. how did they do that? >> i think for sure they are coming home on boeing. there's a press conference going on, i'm pretty confident they are going to come back on
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the boeing capital. the real question, is the next flight for boeing going to be an operational four astronauts, normal rotation mission or will they fly another test mission? i hope they don't? boeing is a great company, good for america when boeing does well, hoping the mission get certified and may come back but they won't do anything that has any risk for the astronauts. adam: pet 50 launches from florida coast this year including those from elon musk, that's a busy space race going on, to say nothing of what china is doing in russia is doing, iran, italy, what's going on here? >> to put that in context, a lot of small satellites, space x has star link, and
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observation missions, but space x has dominated the lunch industry, 80% of the mass on earth, russia and china launched 20%, space x has been driving that large activity. adam: thank you for memorable journeys into the great unknown. we know a lot more about it. in the meantime, you've seen this, they are hiring a tourist in barcelona where they were officially because they can't stand tourists so they chase them away. no one is hurt, restaurants are overblown, streets overcrowded, they are more or less just got home. i wonder what a financial player who knows what it takes to go abroad, we don't have to
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neil: all right. in record numbers, tourists are going abroad and some of them are not too keen on that. in barcelona, everyone is okay but it is a sign of the times. hope they have the money for it. a demolition experts on the ramsey show, what do you make of that? >> thanks for having me. you can guarantee they are
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going into debt. 46% of americans are spend money on credit cards to go on vacation and not paying it off. it is an issue. at the heart of it, this i deserve mentality. i worked hard, i deserve this. everybody needs a little time but not on debt. we need to reframe what we deserve. i think you deserve a permanent vacation from debt. pay cash for it. i want you to come back stress-free, not stressed. neil: you deserve a permanent vacation permanently. let me get your take on what is happening. many of these people are able to pay for it. the vast majority going into debt. maybe it's the covid experience. last year they can do that. they are taking advantage of it. that is what they said. what do you say?
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>> it is a vicious cycle. if you are going into debt for vacation, you purchase something you can't afford and go into debt and start paying it off but then you see something else you deserve and you by on payments. in your debt free era, have a good time, commit to paying cash, research it, find out what it will cost, budget to save up. if you are not in your debt-free era what we would teach you is get a hold of your finances, pay off consumer debt, save three to six months, and then cash vacations. i know there are people listening saying there is no way i am going to wait until i'm debt-free to go on vacation. if that's you, at least pay cash. that is the issue, you need to stop going into debt. neil: physical cash, to my
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italian family, say you can't do that. >> you want to pay cash for the vacation. then you go on the trip, you need to budget for what you are going to need, whether you choose cash, i will not carry too much cash in my purse. it is protected by the same rules as a credit card so you don't have to worry about credit card risk. neil: at disney world you wouldn't pay $5 on a turkey. >> disney world is the most magical place on earth but it can't make your credit card debt magically disappear. neil: you are relentless. i would be careful of money. enjoy yourself. brian brenberg is sitting and doesn't know what to do with it all. brian: i love hearing about a turkey leg. neil: i love those turkey legs

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