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

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singing in the rain, the jazz singer? the wizard of oz? what is your guess? lauren: the wizard of ahs. stuart: i am going with snow white and the seven dwarfs. the jazz singer was too early. that was 1927 i think. i am saying snow white and the seven dwarfs. i was right. released 1937 by walt disney. the first movie ever to have sound was the jazz sinker, released a decade earlier in 1927. a good week, hasn't it full of good policy. next week will be better. neil: doesn't that creep you out?
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shouting about abortion, just saying i had a late great uncle who was like that, it didn't scare me. you're welcome, all right. this entire show at a desperate play for ratings. we have the dow at a record, first time inclined to 40,000 in a while. one of the things we are watching is how broad the rally has been. the russell 2000 in case you haven't noticed, that is up today. we call him wicked smart at the stock exchange. what is driving it?
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hope you are feeling well but help us understand -- >> reporter: i'm not baffled. it's a bullish trajectory, and it is clear to us what their decision is. we haven't gotten that. everyone is sitting on the sidelines. if there are people who want to solve a market as bad as doomsayers are saying. eating popcorn and watching netflix, those guys are scared to come out of that. the bulls have sat around waiting for something to
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happen, they said enough is enough, it was a one day to the market. the buying opportunity, we broke through 5600, 40,000 on our ranger. the market wants to go higher. neil: it didn't get lost, it is a dramatic development. we know we are early in the season doing all of this. with the bank, jpmorgan chase, and top and bottom, stocks were initially getting hit.
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business certainly is good but we are not profiting off of it. we are beating expectations and a lot of these cases but it is as if the market wants more. can we keep up this momentum? that will be a big feature in a couple weeks. what do you make of how the market reacts to earnings in some cases that beat the odds. >> the market is not very forgiving at all. the volatility we are seeing, earnings can come out and beach guidance and earnings or the reaction to it. the way the market reacts to earnings is different. not like the old days. people would go along the stocks and earnings come out
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and go up a dollar. everyone would sell their position and move on to the next day. it's this wildness, when they don't like it, i think the old buy and hold institutions and hedge funds are trading of a market. they get in, get out and are not conscious of price. they will sell the stock down $30 or $40. when they want to buy them there is no end to the top. i say don't ever say the stock can't go higher or lower your. if we've learned anything anything can happen in this market. relative to what you were talking about before, look at gold, look at the russell. people are having trouble with the valuation for some of the magnificent seven so they are
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in a rotational way, it was a rotation into the russell and gold. the dow is kind of flat but we saw the russell up 3.5% and gold up 50. the market feels like it is want to go higher. neil: people pay attention to the fed, whether it does so before the election i have no idea. for my money i think the money corporations are making is more important, the more money they make and the better earnings multiples seem a little generous particularly in the technology field but companies are doing well in the earnings front, i got up with double-digit year increases year-over-year. the earnings are going to get a much more prominent role in market sort of prognostications. where are you on this?
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>> larry kudlow used to say it that the lifeblood of the marketplace. at the end of the day, it is a thousand piece jigsaw puzzle. i don't think earnings are on the board of the situation. we have been in this pool talking about this interest rate cut, may be we are going to raise it. it is a flip-flopy attitude toward that which is how it is a wonderful consolidation in april and amazing buying opportunity but funny because everyone gets this catastrophe mentality, the best quarter we had, the first quarter in 2019, market sold off 10% and it was the end of the world and in retrospect if everybody who complained nvidia -- 750, if they imported than they would be happy now.
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neil: it looks like we seem rich as we did in the first quarter you cited, would have, should have, how do you frame it for people looking at this, too late for me to get in, what do i do? >> i don't think it is everett too late to get in. the selloffs and or the crashes have been a better buying opportunity than selling opportunity. i wasn't here in the crash of 29 even though some people think i was. i was here in 87. we saw those. nobody is sitting there and had foresight back then, everyone was freaking out like they do when market selloff but if you think about it when we are going former 5 months in a row and have one or 2 down days come one or 2 days when the
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market, that is a healthy consolidation or healthy sell in markets and we get to be very catastrophe us about it. the majority of our days are bullish, probably healthy and people need to look at that. never a long time to get into the market. neil: you should be a philosopher. the pay isn't as good. have a safe and wonderful weekend. peter tuchman, one of the best of the best. he's sorry about not being there in 1929. i joke. hillary vaughan not joking that we are up to 18 democrats including one us senator saying time for joe to go. i suspect the list despite the president's press conference yesterday fillmore. >> reporter: we've seen it continued to go. hakeem jeffries met with president biden following the press conference to deliver
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concerns from his caucus in person to the president jeffries saying they discussed the path forward with no mention in his statement if that meant with or without biden on the ticket but his press conference was not a disaster some democrats were bracing for but didn't stop the drumbeat of democrats calling for him to drop out of the race. four lawmakers called for biden to step aside following the press or bringing the tally to 18 lawmakers asking him to pass the torch to someone else not just because biden's odds against trump are not great but because some of them don't think he's fit for the job. >> we can have a situation where every day we are holding our breath whether it is a press conference, debate or rally. >> it is not about whether he can give a good press conference. is he able to be a three days straight and make all the decisions. this is a job. >> reporter: members of the congressional black caucus
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insist they are standing by their met man. james clyburn let the door cracked for a possible biden exit off of the ticket. >> let joe biden continue to make his own decisions about his future. he has earned that right. i am going to give him that much respect. if he decides to change his mind later on, we will respond to that. we have until august 19th. >> reporter: this performance may have bought biden more time. clyburn saying they have until august 19th to pivot to a new nominee and talks about that are going on behind the scenes from top party leaders, pelosi and obama reportedly met to discuss biden's campaign and big-money donors may be the ones to push biden out because major democratic donors are having a revolt of their own. according to the new york times donors told the largest biden super pac that pledges worth $90 million are now frozen if
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biden stays at the top of the ticket. >> if you don't mind, i know you will be with the president in detroit as he continues his campaign. he said something in this press conference yesterday, obviously sticking in the race but also said tomorrow referring to the convention down the road if i show up at the convention and everybody says we want somebody else that the democratic process and whispered it's not going to happen but it was the first time i have heard him acknowledge the slightest possibility that if the tea leaves don't read right, he's out of there. >> it was certainly different than the answer a few days earlier that it would take the lord almighty descending from heaven to say step aside. this was a big step away from that. he also said that in order for
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him to walk away he would need to see the data, not just that he couldn't win, but also that kamala harris could. i think we haven't seen that data presented to yet and the possibility of a delegate revolt at the convention is still there but not likely. that could shift where we see the full impact of the fallout or lack of rebound from the press conference that was supposed to all a everyone's concerns that he is the right person to lead the ticket. the press conference did show that he remains doug in but he is not doing what democrats are asking him to do which is take a cognitive test to assuage the persuasive concerns that he is too old to be president. he is rejecting calls from different constituencies on the hill to speak and talk to him.
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hakeem jeffries had a meeting to relay their concerns but they haven't been able to reach the president. now he's going to have a meeting with the congressional hispanic caucus later today. they campaign has not been moved by any slippage in the polls. this probe biden super pac is reportedly withholding $90 million if he remains at the top of the ticket as a message in response to this resistance from the president. 's former chief of staff and right-hand man ron klain have a message for those donors this morning, listen. >> donors don't get to decide, the voters decide. we've had unprecedented support from grassroots donors across the country pouring millions into the campaign. the president has broad support across the country. is the right person to take on donald trump. >> biden is coming to michigan, one of the 3 states that according to internal data he has to win in order to win the election.
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those other states being wisconsin and pennsylvania but michigan is also home to the united auto workers and their leader just yesterday expressed concern that biden might not be the right person for 2024. >> mister president, your political future has hung over the nato summit a little bit this week. speaker pelosi made a point of suggesting your decision on whether to stay in the race was still open. george clooney and a handful of lawmakers have called on you to step aside. reuters reports uaw leadership is concerned about your ability to win. >> he basically dismissed those concerns from the uaw president, we asked repeatedly if biden has any plans to meet with him when he's in town. to schedule from what we can see would allow it. we've not gotten an answer back yet.
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neil: to congratulate you as senior white house correspondent, see that hard work is paying off. your passport. way to go. thank you for keeping us abreast of that. to hans nichols who has been examining a lot about this. hans, in my corporate nerd world this is analogous to a bore revolting against the chief executive. generally they can deal with this quite efficiently and this seems to be the democratic bore but not entirely freaking out but the powers that be are looking around at options. what do you make of that? >> i love the analogy. if they have the votes is the question, we have to decide who is on the board, ron klain may say donors don't get a say in this, donors get a say in who and how they are going to fund the nominee of their party, they will need money to go toe
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to toe with donald trump, that is just the reality of politics but if we think about the board being a real fight, we have to have someone you're going to hand the ceo job to and that is one sort of question that seems to be settled. it will be kamala harris but there are doubts whether or not kamala harris is going to be as effective and persuasive and good a candidate as the president she currently serves under and these are the calculations democrats are having. they still haven't had the big meeting as far as we know with the president of the united states telling him they might make a change. what we do know is hakeem jeffries had a conversation with house minority leader with the president, we know he didn't come out terribly strong one way or the other after that but the concern is being conveyed but here is what torched and we will have fun with this, hakeem jeffries on the board deciding biden's
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fate, i argue it is a pretty big board, and we have to have biden's senior advisers and big donors, chuck schumer and nancy pelosi. jackie: in this case the board has to convince the guy to step down. can't just be fired at this point. there's that. >> he has a majority of shares. he's mark zuckerberg. adam: good. neil: you are good at yours, you're good at mine. last time i have you on this show. thank you very much. good seeing you. not so stupid taking a look at what's happening at the corner of wall and broad, the dow in record territory gets to be a big deal. the s&p and the nasdaq were making records, those two each and every day. a lot of it has to do with this inflation report. people focusing on the fact that it was higher than
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thought. the core of output and energy and what a lot of this is but in the event that ever happens, it didn't budge and that is something that great deal of this debate we could see in rate cuts at the federal reserve. the question is will it be before the election. it is out there. more after this. ♪ ♪ investment opportunities are everywhere you turn. but at t. rowe price, we're letting curiosity light the way. asking smart questions about opportunities like advances in healthcare. and how these innovations will create a healthier world tomorrow. better questions. better outcomes.
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and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. neil: is a record trading friday. the dow moving into record territory over 40,000. what is driving it might be a key sign, the inflation report, i know a lot of you heard early on that the aggregate report was a little stronger-than-expected up 0.2% versus 0. one% estimate, the fact of the matter is the core part of that when you take out food and energy and a lot of people say you can't take out food and energy but that's very important because those are volatile prices.
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fact of them out and it tells you it is flat and the markets read into that where we stand. don't want to confuse you with this. what is important is the core number which is unchanged. interest rates are going to come down. that's that. in the meantime a big issue the biden administration will be crowing about, the wind at their back is the improving economy, inflation is coming down. always in the eye of the beholder, not everyone buys it, and a lot of republicans gathering in milwaukee for their national convention that kicks off in a matter of days. >> good afternoon. republicans from all across the country are going to be gathering get in milwaukee to host their first full scale convention since 2016. the are in in see hasn't put up the official schedule of
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speakers but fox can confirm a few of who is going to be there. florida governor ron this santos dana white, the family of rachel more and who was raped and murdered by illegal immigrant donald trump junior and teamsters president sean o'brien are slated to speak. the dnc is welcome republicans with 6-figure add by around the milwaukee area. bus wraps and billboards calling trump a convicted felon and hitting him on abortion, democrats are targeting trump over the project 2025, that the presidential transition plan crafted in part by the heritage foundation and former trump administration officials. the advisory plan seeks in part to reshape the federal government advanced conservative goals, the biden campaign says on project 2025 donald trump says he doesn't know the. he knows them.
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donald trump says he never met them. he hired them. donald trump says it is not his agenda. it is his agenda because donald trump and project 2025 are one and the same. the trump camp is pushing back. >> he's not going to do with project 2025, doesn't know about it, something she likes, i would say the democrat party probably should bring in their project 2025. if they are allowed to keep governing the way they have, we won't have a country by 2025. >> reporter: the biggest news we are waiting i will be who is donald trump's vp picks, he confirmed the name floated out there are people he is considering including j d vance, marco rubio, chad pergram and tim scott. regardless who it is we will find out soon. they have a speaking role in milwaukee wednesday night.
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neil: election editor at the new york post, you can make an argument republicans love to gather behind donald trump but you get a sense with the bad biden press they would rather that be dominating the news and not what they are doing in wisconsin. >> when i knew i was talking about milwaukee today i think the republicans wish they put off their convention a little while because they had donald trump and the rest of the party, to let biden host himself in his own petard, watching him last night it was a train wreck. of course the cameras are going to be on the republicans next week especially wednesday night when it is suspected donald trump will announce his running mate.
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they would rather have the cameras on president biden and they will today when he goes to detroit for a campaign event. neil: the trump folks seem to think they are past the worry because they prefer joe biden being the nominee. he's a known quantity and they making gains on the known quantity. more possible that democrats try to make a switch, does it worry them? are they confident the former president could beat any of them? are they worried about that? >> reporter: they are worried if democrats can manage to do this. and somehow bypass kamala harris which is almost impossible. democrats are assessed with identity politics. how do you tell a black woman you are the vice president, next in line, but we are going to put a white guy like gavin
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newsom or a white woman like gretchen witmer in michigan. neil: trump folks might celebrate the division, disunity, sniping, and the party goes on to lose no matter who is the nominee. >> reporter: funny thinking about the rnc next week. in 2016 there was a bit of division. ted cruz challenged trump for the nomination, spoke and refused to endorse trump. that didn't last long, now ted cruz is a big booster of trump. we have more than a dozen democratic lawmakers who called for biden to withdraw from the race. if kamala is the nominee, the democrats are trying to say polls are showing, we don't that's not true.
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approval ratings are worse than president biden's which are pretty terrible. neil: they chose the right person to be there election editor. kelly jane won't be getting any sleep this election year. i want to draw your attention to the record-setting pace we have going, all three and record territory. at&t is a big story. all of its cell phone customers text records were exposed in a massive data breach, trying like the devil to find out what's going on here. we have a cryptic comment from the justice department that says this cyber attack met the standard for delaying the public disclosure, telling us what is going on through national security. this is something you would assume by a far bigger threat than one loan rogue agents.
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neil: we were talking to hans nichols about how this stuff is going around, president biden reminds me of a rebellious corporate board, worried about the future if the chief doesn't go and the president has different boards and constituencies. he's essentially the ceo of nato without being the ceo of nato and foreign leaders were in town and we are told an interesting report today that a good many of them were looking at the president, concerned he was losing his fastball, an understatement and the press conference didn't help. it comes at a time they worry about what is going on with russia and vladimir putin who seems emboldened and china which is going into areas it used to never touch which is off of alaska which is clearly
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our waters. having said all of that, another board concerned about the president of the united states to christian whiten, former state department official, various groups including those looking over foreign policy and foreign threats, obviously nato, are worried about president biden, they don't say it out loud. what do you think? >> reporter: there was a divergence that publicly you had nato leaders saying they had complete confidence in joe biden but if you look at what they were saying off the record to reporters they were concerned. the near-term competency issue, long-term they are concerned donald trump appears to be leading the presidential campaign. nato benefits from the situation where they've been able to pay a lot less on defense, have higher tariffs than we have and use that money to have lavish welfare state
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that if those benefits go away as they may under a second trump administration, that creates fiscal problems for these leaders. you see a lot of anxiety because of that. neil: will he worried about donald trump returning. they had issues with that, hoping to put up more money and there is this issue that he will try to wrap up the ukraine more quickly, he says he can do it in a matter of days. when interview said the first today. they are concerned about that as well. >> they want victory and i don't that, they want up there for there is a buffer between them and if ukraine remains at its current state they can put up these decisions about what they are going to cut to spend more on defense, trump faces a question if he is elected do
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you want to escalate or de-escalate, provide ukraine with more arms to create a stalemate which gives you a stronger hand in negotiations or cut funds more promptly for ukraine and force them to make a deal? trump might go for number 2 even though i have no evidence of that, i don't think you wants to take ownership of the war. and and to get into negotiations with north vietnamese. neil: a lot of what nato leaders worried regarding positions on president biden or donald trump they are worried about the next 4 or 5 months in this country. >> with rapid decline of the president and the information about the parkinson's expert visiting the white house. if your xi jinping or vladimir
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putin or the other guy, january 20th might be the time to take action. neil: we mentioned at&t and this data breach, more details on when they occurred. this ghost information that was coming mostly from 2022, another data breach affecting materials, texts and phone calls. we don't know, it seems this affected 90 million cell phone subscribers and none of this has leaked out publicly but through any text messages, you were part of at&t, after getting scared about this or anxious about this but as far as we can tell despite the widespread nature of this, national security issues, not learning much more than that, a
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interesting developments when we are seeing major averages and major sectors, not going along get financial, jpmorgan chase, wells fargo, citigroup in all cases yet all are under selling pressure. wells fargo was opening down 7% but the issue had more to do with guidance and head winds, jpmorgan chase talking about interest rates staying higher longer. it has not helped these guys. in that environment a gets to be dicier. they are not following this big market rally.
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the global chief market strategists on the banks, what do you make of the market reaction to what would otherwise be i think good news. >> these banks reported in line, the sector has been up 11% and the stocks rise going into earnings, they have to beat them. the issues were narrow. it came around net interest income for these banks and wells fargo in particular. they met expectations and maintain their guidance. wells did not get net interest income and guidance was the
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lower end and that's why you are seeing a large pool back in. the regional can turn that around. jack: customer activity and lending activity, don't know what to make of that, these might be isolated cases. when you get to the fall, that is a market crash, market to mold, apparently we do these stress tests all the time. are they ready for the unthinkable? >> most of them are. we mentioned jpmorgan and the city, the strength of those balance sheets no matter what sector you are looking at especially with the rotation in leadership whether industrials or discretionary, you have to get more selected these days, the volatility we anticipate the rest of the year means they need strong cash flow, strong balance sheets and that is what
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jpmorgan and city provide. you need to be cautious of other large banks. next week, we get more bank earnings and regional banks and american express to give us insight into the consumer. we have to watch and see how those report. neil: on the markets and the dow it has been the lag are in the record-setting department even though it stands a likely chance of closing itself this year because if it meets the may 17th last all time high. what do you make of them now? are we getting too rich? >> there is some stretched positioning going on, 14% above its 200 day moving average, there's a moment and you can't fight that too much. we put some money aside into
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more stables, and broadened the portfolio. neil: have a great weekend. if you are feeling real estate pressure, your ship has come in. it is a little container. what is going on here? >> reporter: a lot of those folks feeling the pressure are in my age range. i'm on the cusp of the millennial era and this might be perfect for me. john will tell us about what makes this unique, how to make a house like this a home. there are so many things you can do. >> this is the 20 footer. there are so many things you
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can do and the rooftop deck expands all the space so you spend a lot of time outside and when you go inside it is cramped. it is a tiny home inside. >> reporter: some of them have more counter space than the bathroom in my apartment. how long has it been taking to renovate homes they might finally get to purchase? what's the difference of doing it this way in terms of time? >> what we see is they are struggling with timelines, two years out and we can usually crank one of these out in 16 weeks for a 40 footer at 8 weeks for 20 footer and we will respond in 24 hours. >> reporter: it might be small but it is homey.
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neil: you have to have land to put them on. >> reporter: if i want to work on it and let you know. neil: are guy myself. something like that. a lot of folks want to be straightened out from this record heat wave, triple digit temperatures out west. it's not easing up. more after this. (man 1) can you hear me now? can you hear me now?
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summer, the ridge is to the north, the jetstream about for this ridge of high pressure, this heat dome to the west, looking for those interesting stats, it is in the afternoon. the vegas airport overnight low 98 degrees, overnight, 98 °, it is synonymous with this heat wave. earlier in the week, vegas had a new all-time high temperature, the record 120 ° out of the year so we've had extreme heat but it has been persistent. vegas hit 116 for the sixth day. that is a milestone not many cities get to. this as well when looking at the stats. summer, meteorologically speaking started june 1st, we are pacing our hottest on record to the west.
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the remnants of beryl moving out but we are focused on houston, this heat expanding farther north so we will continue even with the heat as center points working to get the lights on in houston, temperatures each afternoon with the exception of saturday reaching the 90s and finally, the mid-atlantic and the northeast, we will not be spared, some showers today but the ridge will building, third heat wave of love summer, didn't have one. neil: you are secretly enjoying this. trying not to smile. thank you very much. i don't know if "the big money show" guys are smiling but there is air-conditioning here last time we checked. brian: you've got to get your pool floating so you can stay cool this weekend. neil: i am wearing it right now.

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