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tv   Varney Company  FOX Business  August 19, 2024 10:00am-11:00am EDT

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♪ ♪ stuart: not guilty sure of -- not sure of the significance of that music. oh, it's biden's fare well. it's 10:00 eastern on this monday morning. a 100 point gain for the dow and modest 14 point gain for the nasdaq. 10-year treasury yield well below the 4% level and down now to 388. oil is not going very far. 76.40 is the count right now. and bitcoin still at 58,000 and change. just received a new number on the economy. leading economic indicators. what do we have, lauren? lauren: seeing momentum and a steeper contraction than expected of 0.6% in july. the level would be 100.4. so essentially with the ecomic indicators like numbert of hours worked, orders for manufactured items et cetera.
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and when you average them together, that could signify a change in the economy before the economy changes and this one fell more than expected. stuart: that seems to be fairly good news for the market and no direct impact on it, but you're still holding to 120 point gain after the dow 20 points up for the nasdaq -- six points for nasdaq. lauren, thank you indeed. now this. tonight, joe biden says good-bye. he's been removed from the campaign because the seen yore people in the democrat party knew he could not win. and it was a coup, he cannot be happy. jill biden says good-bye tonight, reportedly she's not happy with the obamas. and there are many in the party that are not happy with her. she would not allow the truth about the president's cognitive decline thomas mancino get out. she precipitated a crisis. when the speeches are over, and the president and the first lady take air force one to california for long -- a week long vac
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vacation. and their position at the top of the party is no more. get used to a new look for the democrats. the party is lurching to the left. kamala harris and tim walz taking american politics to a new place we've not been in before. senator warren, senator sanders, aoc, what's left of the squad and of course the vice presidential nominee, tim walz, leftist all. they approve price controls, rent controls, vast, vast handouts to targeted groups. enormous green energy funding, tax hikes on the rich and on business. this is tax and spend on steroids. and in the first blush of approval for the new candidate, the money poured in. harris raised $200 million in the first week of her candidacy. democrats are eager to fund this largely unknown candidate. why not? it helps to beat the hated donald trump so what if you introduce an era of socialism. so long as trump is gone. tonight we'll see the end of old
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party and beginning of new left leaning experiment and at this point, the truth is only trump can stop it. second hour of varney just getting started. ♪ stuart: katie mcgee white joining me here in chicago. katie, after tonight, do you think we'll see much of joe biden again? >> maybe from the beach, stuart. i don't think that he's going to be necessarily involved in democratic party politics moving forward, and that's sort of awkward unspoken fact of this convention a. lot of people we've spoken to thus far at my hotel this morning and arriving, nay don't want to talk about the fact that what's undermining in convention is a scandal upon a scandal. first a scandal of joe biden's diminished mental capacity, that they tried to hide and the scandal of the coup that now even joe biden is being forced to pretend didn't happen and he'll deliver a speech later tonight and he's not going to
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mention the fact that party leaders pressured him to drop his reelection bid. but the fact remains that they d. stuart: tonight is good night. good-bye for the president. they'll send him off on vacation and california just to make a lot of money. not make money, raise a lot of money. that's his function in the party at the moment. i want you to listen to jd vance and dismissing the polls showing kamala harris leading trump. roll it. >> first of all, polls tend to radically overstate democrats and we've seen from our own internal data, shannon, kamala harris is leveled off and talking to insiders in the kamala harris campaign, they're very worried about where they are because the american people just don't buy the idea that kamala harris, who's been vice president for three and a half years is somehow going to tackle the inflation crisis in a way tomorrow that she hasn't for the past 1300 dais. giving kamala harris control over inflation policy stuart: do the polls understate trump's
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support? >> i think they did and i say that as someone from one of the critical swing states in michigan. i talked to a lot of people in the battleground states, and the issues have not changed for them, stuart. there's a reason that joe biden was trailing donald trump, even before his campaign imploded during the debate. and that's because voters prefer donald trump on the issue asks that's still true. the latest fox news polls show that voters still prefer donald trump on issues like immigration, and the economy. over kamala harris by double digits. yes, i do think her campaign received a boost for momentum of volters that might not have been otherwise excited for the democratic ticket and joe biden at the top and end of the day, it's an election about issues and that's going to be driving people to the polls. stuart: i think harris will get a bump from this campaign >> it'll certainly be tighter. stuart: she'll get a bump because everything is building towards acceptance of the new candidate. get out there and vote.
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thank you, kaylee. >> thank you. thank you. stuart: come on back in here, lauren. what are some of the undecided voters saying about harris? lauren: many that were profiled by the new york times they're never trampers but that doesn't necessarily mean they're going to vote for kamala harris and looking for more information from her. the headline in the times. two undecided voters and harris is famous but unknown. the paper said she's certainly made the party enthusiastic but has not illustrated where she stands on the issues. if you ask me, i think that's entirely the point. be as vague as possible to push her through the finish line. she crumbles under the microscope. separately i wanted to tell you this because this is a first, campaign has argued a what's appellate form to target latinos. the media director of that what's app group says while trump vilifies our community and uses us as a political punching bag, harris and tim walz will focus on the real issues for
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latinos but don't state what those issues are. stuart: lauren, senator lindsey graham is urging trump to focus on policy rather than on harris. what is he telling trump? lauren: stop making kamala harris' problem her heritage and make her problem her record and judgment. watch here. >> here's what i would say, donald trump, president trump can win this election. his policies are good for america, and if you have a policy debate for president, he wins. donald trump, the tour and somehowman may not win this election. 50% increase in gas, prices or rates going through the roof, grocery costs are really high. that's what i would focus on. policy. policy is the key to the white house. lauren: people are saying that
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kamala harris never created anything and never had a private sector job. donald trump has built a fortune and more americans as you just discussed trust him on issues like the economy. so keep it to policy. stuart: policy, policy. thanasiss, lauren. back to the markets this monday morning and dow holding onto solid gain and up 142 and nasdaq up 20 points. ray is with me this morning. i want you to tell me. in what way are uber and adobe ai winners? dealing with uber first, please. >> yeah, it's a great question and companies with a data strategy invested in ai from a decade and starletting to reap the benefits and what uber has been able to do is grow 19% by doing things like price matching and dynamic pricing and being able to batch ride and cost for transaction goes down and one point fighting fraud and use that to educate drivers on what they can do better and you've seen the growth and it's ai efforts that have paid off.
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stuart: okay. is ai actually adding to the bottom line of companies like microsoft and talon tier? palantir, adding to the bottom line. >> they are and i missed adobe. they were growing 10% year over year as well and they do 10% in the last quarter because they're able to use plat for the purposes like fire fly to help people drive down marketing campaigns and take four months and drive down to four weeks and companies like palantir, they've been growing 29% -- actually 27 year year over year and what they're anyone to do is deliver on that growth. and they also raised guidance at the end of the quarter -- end of earnings and basically said we're going to raise guidance because we're seeing gains. on the microsoft side, we saw 27% growth -- 29% growth and what happened over there was they were able to show that 8% of the growth came from ai. not as much as treat wanted and given the fact that spending 19-20 billion a quarter just to pay for ai. the one thing about ai that's
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interesting and different from the internet, the internet was open, de-centralized and one point cheaper for everyone. in this case, ai is centralized, it is closed, and only a few winners will make it. stuart: it's not a bubble? >> it is not a bubble. this is not a bubble. this will be with us for the next decade. stuart: okay. ray, thanks for joining us this morning. always appreciate it and see you again soon. back to lauren, i'm intrigued at mcdonalds. straight up this morning, doing very well. what's the reason that mcdonalds is up 2.5%? lauren: ever core isi. they're increasingly bullish on mcdonalds especially the u.s. stores for next year. they expect same store sales growth at 3%. they think the stock is going up 15%, $320 a share. stuart: that's a nice target, 320 from 285. we'll take that. how about hewlett packard. lauren: they're selling off today.
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they were downgraded by morgan stanley to neutral. the pc market is recovering but the recent channel checks indicate slight weakness and sticking with their price target, which is $37. above where the tock is trading at now. stuart: palo alto all over the place and i believe it's up this morning. lauren: they reported earnings for the last quarter tonight expect to see a 10% increase in their sales. they also just announced a deal with the energy tech company called slb to improve security in the energy industry. stocks a winner ahead of earnings up 2.5%. stuart: that stock was really going up in the last two years big time. you and i have cover it had. lauren, thanks very much indeed. a senior intelligence official tells fox there's been a steady stream of threats from iran targeting trump. david spunt has that report. secretary of state anthony blinken met with benjamin netanyahu in israel on a ceasefire plan and if an agreement is not reached could
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lead to wider war with iran. kt mcfarland on that, next. 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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stuart: not a bad start to monday morning and the dow is up over 100 points and tiny gains for s&p and nasdaq just turned south. democrats attending this week's convention have reportedly been told not to book hotels under no name. good morning, ashley. i guess this is because of the pro hamas protests? ashley: indeed it is. congressional security personnel advising democrat lawmakers to not only use fake names or at least not their own in hotels
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but also not to engage with protesters if confronted. local hotels by the way have reportedly been getting random calls asking for certain people. tens of thousands of pro palestinian demonstrators are expected to converge on the convention in chicago and they're going to try and confine to designated demonstration areas outside of security perimeter and warn some protesters may not comply. you think? law enforcement has already provided lawmakers with a security plan and secret service provided over 400 hours of training to officers specifically for this event. lawmakers say there's little more than can do but hope for these security measures in place are enough. stu. stuart: they really hope the protesters do not get inside the convention to disrupt it. ashley: right. stuart: there's a major fear on that part. thanks, ash. fbi spent the weekend
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investigating threat trust worthies iran against the trump and harris campaigns. david spunt of the justice department. david, what did they find? >> hey, stu. we don't know specifically yet but they'll continue this week to look into the iranian threats aimed at both harris and trump campaigns. report from google last week confirmed that iranian hacking group was trying to get into dozens of e-mail accounts associated with highest level of both campaigns. that's where we bring in the fbi. the bureau has cyber investigators that continue to piece together the name and location of the hacking groups. the former president has been a target of iran since he first took office in early 2017 and, stuart, things intensified for him after he ordered the killing of iranian general qasem soleimani in 2023. he had a constant threat stream coming from iran. now, to the protest outside the dnc yesterday, protests that are expected to intensify as the week goes on as you and ashley just mentioned. last month the director of
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national intelligence avril haines, a woman that oversees rcia and national dirt administration among others said iran is behind certain protests in the united states and avril haines wrote iranian government actors sought to opportunistically take advantage of gaza and other actors have use it had over the years and observed actors tie it had iran's government posing as activists online seeking to encourage protests and providing financial support to protesters. that's a key part, director mains went onto say there's legitimate protesters with issues with certain u.s. policies and no highs to iran and that's fine, but put out the statement to keep people aware that iran is behind a lot of anti-israel sentiment and of course those folks at those security agencies will investigate to see this week if there's any tie between those protesters and some of those iranian proxies and agencies. back to you. stuart: david spunt, thank you very much. secretary of state antony
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blinken is once ben pushing for a ceasefire in gaza. he said it's "probably the best and maybe the last opportunity to get the hostages home". kt mcfarland joins me now. kt, are they being optimistic because they want to give something positive to the convention here in chicago? >> yeah, i think so. it's motivation and fantast cal thinking if they think they're going to finalize a peace agreement between hamas and israel, they're not. hamas isn't even talking to them. israel isn't really talking to them and the two have completely different goals and israel wants to destroy hamas and vice versa. there's no deal to be done there and it's all for domestic u.s. conception so they can -- consumption and the u.s. can say we're trying to get a peace deal and they're worried about anti-israel voters and pro israel voters all converging in chicago right now. stuart: the son of the founder of hamas insists there'll be no
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such thing as an israel hamas ceasefire until the ayatollah is gone. what do you think to that, kt? and a second tiered question here, does there have to be a military rather than diplomatic solution to this? >> no, iran has had one consist foreign policy goal since 1979 in the iranian revolution. and that's to destroy israel. push the u.s. out of the middle east and changed tactics how they're doing it but not changed the goal. the tactics are using for proxies and iran not only supports the proxy groups and has hezbollah, hamas and houthis to take over those countries.
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i don't know about those advocating and republicans and democrats to overthrow the mullahs and far better for the reagan solution during the cold war, and the soviet union by having regime change from within and that's what the trump administration goal was before it would be to encourage the iranian people to rise up against iran and best way is to make economic conditions for iranian people very difficult. >> it's a long shot right now. iran is rich and highing for oil prices and sanctions were enforced and when iran was poor and oil prices were half the price of what they are today, iran cuts that funding for all those groups of the houthi, hamas and hezbollah and worrying about own domestic unrest and poor economic projections at home. if you were to get to those situations again and having prices walleye iran and bankrupt
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and protesters significantly at great risk to themselves and about 15 years of the mullah regime and well educated population and maybe they're right for revolution and not one we caused but one they want. stuart: president zelensky said they are inside russia and they're going inside stronger and they blew up a bridge trying to create the buffer zone to prevent more att attacks and, k, ukraine launched a successful incursion. is the stalemate phase of this war over? >> we're not sure yet. only time will tell. they've shaken things up and it's been stalemate for good year and a half and now the russians have something more to fear. at the end of the day, mar staying power and weapons and people to throw into the fight and that's a could be triple-demic that wins. the great thing about this
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incursion that ukraine has done is puts them in a much stronger position and then negotiated solution. nobody that has the administration and russians and ukraine themselves, they don't want to go to negotiated solution. they're all going to fight and fight to win. at the end of the day, nobody is going to win this except potentially russia down the road at far greater cost but a negotiated solution, there's a lot of things possible for ukraine. which is after the war stops and after the fighting stops, ukraine will be one of the most prosperous investment opportunities for all of your viewers in their countries and companies and ootrillion will pour into ukraine postwar and post war what happens to russia? oil prices are low, russia is bankrupt and doesn't have friends and nobody wants to invest in russia. stuart: that would be a good outcome. kt mcfarland, thank you for joining us. appreciate it. now this, house republicans say president biden "becaused his office and defrauded the united
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states to enrich his family". that is coming from the house oversight committee's month's long impeachment inquiry into biden. we'll cover it. andy beshear defended harris' price fixes proposal and it'll ensure capitalism stays within the guardrails. kevin o'leary said harris' proposals from no merit in reality. kevin o'leary is next. ♪
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plus, there's no cutting, no surgical scarring and no downtime. i'm so glad i did it. it was successful in every way. to learn more, call today or go to gentlecure.com stuart: dow up 155 and nasdaq up 17. modest gain for s&p and nasdaq. lauren is looking at movers. what's going on with apple? lauren: not the best day and stock at 224 and down almost $2. is apple an ai winner? the folks at moffitt initiated a neutral rating and stock at 224 now with the decline and all the ark i buzz is already priced in. this is your worst performing dow stock today.
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stuart: looks like it too . how about disney? lauren: second best performing after disney named a veteran producer that's been with the network since back in 1998 and headed up programs like night line as president of abc news, stock is up 1.5%. stuart: barrett gold. lauren: the question is not will they or won't they? jay powell speak this is friday in jackson hole, wisconsin, and ubc says gold will reach $2600 announced by the end of this year and at a new high today. stuart: thank you, lauren. please ignore anything your hear in the background at chicago. they're starting up the convention and maybe hear music. now this, donald trump and kamala harris are both facing backlash for their proposals to fight inflation. and edward lawrence at the white house for us. what are critics saying about
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each candidate's plan? >> yeah, stuart, critics are picking up steam over the weekend of the vice president's plan and committee for responsible federal budget says the vice president's plan announced in raleigh would increase to the deficit $1.7 trillion over ten years. just looking at the housing plan itself average $25,000 for down payment for first time home buyers and dot math, 4.1 million home sold in 2023 and national association of realtors says 23% of those first time home buyers should the plan extend to all them, would cost taxpayers about $33 billion per year and one plan alone. talking about the entire plan and obama, former obama adviser and harvard professor jason furman said this is not a sensible policy and surrogates of the vice president dig in especially with expanding ftc authority over price gouging, which many say they lead to price controls.
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>> this one proposal of the many is the broader point and vice president harris is continuing the work by president biden and reducing cost of working americans. reporter: continuing with bidenomics there and committee for some federal budget concerned about former president trump's plan, removing taxes on social security and on tips saying it would increase the deficit by $1.6 trillion over ten years and trump's surrogate said he's got a growth policy for revenues to increase and vice president would crush companies and growth. >> she had a plan that resulted in your dollar worth only 83-cents and prices going up 20%. even kamala harris is naping the price is too high and cost it up 50%. reporter: they'll have to find out whose plan affects them more, stu. stuart: edward, thank you. listen to what kentucky democrat governor andy beshear said about kamala harris' price fixes
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proposal. >> this isn't about trying to price fix but making sure that the economy is operating the way it should. but this is really supply and demand, which we all respect. it's just making sure that coming out of the pandemic, we're in difficult times that people aren't increasing the price of food just to make a bigger profit. all it is is making sure that capitalism stays within the guardrails and it's not new. we've been doing this in the states for a long time. stuart: kevin o'leary joining me now. i have a feeling you don't agree with that, do you? >> no, i don't. i have to look at it through the lens of an investor and invest in regardless of who's in the white house and put my ears up for the policy and spoke with dozens of investors and we're quite shocked and just from the 30,000 feet, we thought she was -- harris was going to reboot her whole position to the middle.
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the idea was to get the swing voters on board with her with a middle strategy. instead we're getting bidenomics 2.0, which is a shock. in addition to bidenomics 2.0 looking through rally proposals, it's basically the same stuff they've been touting for the last 36 months. you've got this price control, price fixing, on top of it, which we know doesn't work. doing back to the 70s trying this in the u.s. and it was a disaster and look at venezuela today and north korea or old ussr tried this. it leads to black marks and leads to complete loss of freedom of goods. and a breakdown for distribution. this is a really, really bad idea. and i'm so shocked that she's doing it. we're all shocked, we can't believe this is the platform. we're almost stunned because this leads to a position as you're saying getting the same thing you had and bidenomics is a brand and toxic waste for the
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swing voter and associated with inflation and all of these ideas are very inflationary. stuart: turning attention to the donald trump side of the coin. one expert warns that trump tariffs could spark a trade war and inflation shock within a year. what do you think about this? >> getting to a level playing field in trade. personally i don't like tariffs long term and i understand this weaponry and what i prefer happening in either administration is to actually turn up the dial and the time when the chinese economy is not in the strongest position and force them to the table on ip law in reciprocal laws and access to public markets and i feel this way not because of academic research. i'm an investor and have positions in china, and just so
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everybody knows why i'm so bias, they have screwed me over the last 12 years. i have no access to their courts, i can't understand why they get to list their companies at the same cost of come phone lines that i have to pay. it's time to really make them understand no more access to the u.s. market unless we get a reciprocal place. squeeze chinese heads is what i'm willing to do. so i like tariff policies, not forever, but turn the heat up to a blow torch temperature now. let's go. stuart: understood and tariffs as a weapon a negotiating weapon. kevin o'leary always good, thank you for joining us and see you soon. >> take care. stuart: abortion taking center stage at dnc. planned parenthood is offering free abortions and vasectomies at this event. and appointments for the mobile clinic have booked up. the dangers of ketamine treatment in the spotlight after several people were arrested in the overdose death of mathy
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stuart: all right, where's big tech this monday morning? it's a mixed picture. at the moment, alphabet and nvidia are up, nvidia by the way reports on august 28th. that's a big deal. amazon, microsoft and apple on the downside this monday morning. recent arrests made in matthew perry's death cast ago new light on the dangers of ketamine use. even before perry's death, experts warned about ketamine treatment with some calling it the wild west. dr. m marc siegle is with us. are you in favor of ketamine treatment for anything? >> no, i like it for anesthesia, for putting people to sleep because it doesn't suppress breathing that much. i like it had in the emergency room when someone comes in and in acute pain for er doctors that know how to use it.
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i like that it's being studied for depression because it decouples you and de-associates you for severe depression and maybe instead of convulsive therapy and being studied for that and post-traumatic stress disorder it's completely out of control for nefarious doctors buying and selling it and having assistance administering it like as alleged in matthew perry's case. that's the tip of the iceberg, stuart. if there's a 500% increase from 2017 till now with the so-called health and wellness centers in states like california where they're literally using it, in my opinion, nefariously and dangerously and putting numerous lives at risk. stuart: "the wall street "the wt journal" reports that teenager energy drink act habits are
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ramping up and disrupting classroom habits and in some cases triggering seizures. is this a case of overdose of caffeine? >> yes, it is. because the maximum a teen should have of caffeine a day, and this is too much, is 100 milligrams, and i have to wonder if is coupled with the whole problem with adderall being overprescribed and maybe not available. it's the whole idea of overusing stimulants to get a performance advantage and you know what, sewer, we're shedding a spotlight on it and caffeine is one of the stimulants over 200 milligrams 70% of teens are taking that much. it leads to a skyrocketing heart rate, blood pressure, and yes, potential for convulsions for seizures as well. very unhealthy to start the day that way, to continue the day that way. exercise gives you a very positive effect that we're not doing enough of anymore. that started with the pandemic. sedentary behavior, overuse of caffeine, especially among teens
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and very dangerous. stuart: doctor, i want your thoughts on this, planned parenthood is offering free abortions and free vasectomies to those attending the democrat national convention. doctor, this is very political, isn't it? stuart: that's exactly what i was going to say. this is supposed to be a medical debate on who gets what, when and in what state and involves physicians and patients and it's not a political ploy. who are they offers vasectomies to, stuart? only republicans they're offering it touchdown pass get less -- it to so they get less republican voters in the future in it's absurd and political and undermines the seriousness of the question. what should happen in the future? people have a right to make these choices and obviously i cherish life. i don't really think that this undermines and cheapens the whole discussion. stuart: well said.
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dr. siegle, good stuff. thank you for joining us. kamala harris getting heat for comments she made back in 2019 about drug companies. ashley, what did she say? ashley: talked about stealing patents and check out video clip from c-span in 2019 showing harris at campaign event in iowa, where she argues for the government setting a fair market in order to bring down drug colonoscopies. and, yes, she says that could include snatching patents from drug companies. watch this. >> for any drug where they fail to play by our rules and if that drug came about because of federal funding for what's called rnd, research and development, i will snatch their patent. so that we will take over. yes, we can do that. yes. yes, we can do that. yes, we can do that. the question is do you have the will to do it? i have the will to do it.
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ashley: yeah, that's socialism, is it not, in action. conservatives quick to react to this and they called harris a dictator saying "the party frightened about the threat to your democracy is nominating a owannabe tyrant". greg abbott said this is crazy and he's right. stuart: this is theft plain and simple. thanks, ashley. ashley: yes. stuart: we're here live in chicago throughout the democrat national convention and we're here live. and fox business will be airing full speeches starting at 7:00 p.m. eastern each night. coming up, kamala harris proposed a price fixing plan on food makers and grocers and ceo of a popular grocery chain says he doesn't know anybody that's price gouging. so who's to blame?
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stu leonard is next. ♪ (♪) whether you're moving across town or across the country, you can count on pods to deliver when we say we will. which is why we were voted america's #1 container moving company. book your move today at pods.com
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stuart: cri critics and even son
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the media are slamming harris' new price control plan and could lead to shortages and price hikes. kelly saberi at a grocery store in chicago. what is harris saying about the price control plan? reporter: stuart, they're very worried about what it could do to their bottom line and some economists said this could cause more issues than solve problems and that's what they're saying here at happy foods as well. barb eastman is the owner and been in the grocery game for a long time. take a listen. >> lack of details. there's nothing there. you can't just throw things against the wall and expect everybody to say, oh, that's great. it's a grocery store with low margins. it'll affect us totally. it wouldn't work for us at all. reporter: jason firm is a economist in the obama administration and said "i hope it ends up being a lot of
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rhetoric and no reality and if prices don't rise due to demand, that means that supply may not increase because new companies may not pop up". furman like eastman, who you just heard from, looks at eggs as an example and when egg prices went up during the pandemic, there wasn't enough eggs to go around at that time, but then supply increased so now take a look at this. the eggs that we're looking at, these are your cheaper eggs, they're basically the same price as the fancier free range ones and this is something that barb eastman tells me is not up to her. this has to do with the effects of the market, part of that reason is avian flu. she's not sure how the plan will work. stu. stuart: kelly saberi, thank you. stew is owner of a popular grocery food store chain.
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what will the price dos to you in the business? >> stu, great to see you. i'll tell you, that kevin o'leary is passionate about that and, you know, we're a family food store in new york, new jersey, connecticut market and have a quarter of a million people coming through every week. we're dealing with about 75 local farms now, and family businesses around this area. i don't know anybody price gouging. i haven't heard of it. if banana prices go up because of weather situation or tomato prices go up, i can understand that retailers like the lady you had on earlier, we have to raise our price of those items because of market conditions. so i have no idea how the government can regulate this. stuart: who do you blame for the price increases that gave us 9% inflation rate earlier in this
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administration? who gets the blame for that? >> you know, stuart, i think it's a multiple thing here. anything that requires hands to make our fresh guacamole or fresh mozzarella balls here at the store, labor went up and average labor rate going up $5 an hour over the last throe years. so we can't say to our people, we have 3,000 people at stew len nards saying you're going to -- stew leonards saying you're going to earn less. you look atrophied prices for corn, used to be -- i've been in the business now 50 years with our family, and i've only seen corn prices for a b bushel bag around $2, $3 a bag and now it's
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like 4 and $5 a bag. chickens eat a lot of corn. that'll drive your prices up and so forth. stuart: stew, i want to remind you and our viewers that 52 years ago, yours was the first supermarket in america that i ever went to, and i was blown away. stew leonard, you're all right and thank you for join ugg us this morning. always appreciate it. >> thank you, and, stu, if i could put in a little safety tip for water. now is the time with drowning and look at rip tides with the storms and everything. kids under 4 years old, it's the number one cause of drowning. i lost a little son. thank you. be safe around the water. stuart: sure thing. stew leonard, thank you. still ahead, bill hemmer on new york times report saying biden was pushed out by powerful democrats in a coup. katie mcenany on democrats
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putting a spotlight and harris stumbling over her words stumbling going off script when word salads are back. "varney & co." is next in the 11:00 hour. ♪ investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? or, let curiosity light the way. at t. rowe price, we ask 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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