tv Varney Company FOX Business September 13, 2021 9:00am-12:00pm EDT
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create a separate app for the loan business and telling the tech companies to stop blocking rivals on their sites or face consequences, the consequences have been stark from the chinese communist party on its crackdown on business, a big thank you to joe and monica, it was nice being with you guys thank you for joining. we will see you again soon, "varney & company" begins right now, take it away. stuart: good morning maria and good morning, everyone, without exception we've open the show with news of a stock market rally same thing again today, the markets rebounded this monday morning from last week's losses, maybe debt buying. the dow shows again a likely gain at the opening bell of over 200 points, the s&p up a solid 29 and the nasdaq up close to 100 points that is a monday morning rally again the ten year
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treasury is down to 1.32% that is helping the nasdaq, the crypto mostly lower bitcoin moving back to $44000 per coin it's up on the day so far but certainly down from last week in a theory of up to thousand 100. crypto stocks interest rates, the left, politics, not happy with senator joe manchin, he is a note to the three and half trillion dollar socialist plan and he saying yes to one and half trillion dollars spending before conservatives cheer him on, that is still a massive amount of spending and will require massive taxation. were started a big week children return to the classroom in new york city and other parts of the country, many have not been in the classroom for 18 months, today is a day for many, afghanistan returns to the headlines, secretary of state anthony bleak and testifies
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before congress he has some explaining to do, it could get hostile, tomorrow the california recall election president biden heads west to campaign for governor newsom, my opinion the vote is a referendum on the democrats one-party rule and the disastrous consequences, that is my opinion, two major covid developments, new cases trending down, 7% fewer cases than a week ago we appear to be past the delta peak. just as america imposes a vaccine mandate the british go the other way, they've abandoned vaccine passports and the people are enjoying their freedom, no masks, no social distancing, plenty of cheering a premier league soccer games this weekend. we will show it to you, monday september the 13th 2021, "varney & company" is about to begin. ♪.
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stuart: you might think were gonna start with the market is a nice rebound this morning from last week's losses but i want to start with covid. in britain, the uk scrapping plans for a vaccine passport the health minister has suggested no more lockdowns. i have some video for you out of my own interest you might be interested in this to this is the premier league soccer game over the weekend. pre-pandemic crowds, tons of energy, no masks and no social distancing. everybody having a good time. charles hurt joined me now, how long will it -- america be denied this kind of explosion of freedom, it seems like we are going backwards and the brits are going forward. >> it really does it's kind of
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amazing and if you watch the american sports over the last couple of days college football the yankees mets games use all the scenes where you have these people having a great time you don't see a mask anywhere, clear the american people are ready to move on from this and the polling shows that american shows they're not down for the passports, they're not down for the mandates, they want to get out there and risk it and be safe and take their chances and as you point out were seen a downturn of the delta variant and were passed that peak, young politicians in washington who don't want to let it go they don't want about the political posturing go because it's been very effective for joe biden and democrats, that's why we have not heard the end of it from
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them. stuart: in a totally i heard some companies may lose employees if there is a vaccine mandate and they have to get the vaccination. i see that detrimental to america whether there is a labor shortage. >> isn't that astounding to think about where you have record numbers of employers looking for employees, of course the direct government policy such as paying people not to work. they are keeping employers from being able to hire people and i see it as small businesses in my small town in southern virginia, everywhere restaurants can't open and stay open, small businesses going under because they simply cannot hire people and the idea that this administration would dump all those companies the small mom-and-pop companies, another massive mandate that is going to destroy their ability to attract employees, as some point you sort of wonder do they actually
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want the economy to come back or do they want to do everything to prevent the economy from coming back. stuart: i'm all in favor of vaccination, and vaccinated and most of my family is to and i would encourage it but i don't like coercion. this is america, this is the united states. >> that is exactly the thing, americans are acutely aware of unfairness and there acutely aware of when they're being pushed around. when they get pushed around, they bite back, they do not like this sort of thing and you're exactly right there is a wonderful argument to be made about getting vaccinated and we've seen a lot of people make that wise decision for themselves to get vaccinated the government forcing them to do it is not the way you win over the hearts and minds of the american people. stuart: well said, thank you for being with us. we will see you soon.
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this is the start of a very big week lauren, good morning to you let's start with the inflation report, that's a big deal is b3 consumer prices for august, how much more are you paying for goods. remember that number last week a .3% annually, we will see the pain of the past through or what if it moderates from july, these are the expectations on annual basis. cpi is default 10 - 1% on a monthly and annual basis to .4% and 5.3% respectively. still very high but we might have already seen the worst of the price spikes and laced until late spring an early summer. we'll find out tomorrow morning. stuart: can you wrap up the news on apple, four versions of the iphone 13 coming out tomorrow, what else on apple. >> it'll be thicker, better camera and potentially higher
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cost to account for the chip. watch out for the apple watch, the series seven and the ipod three, anthony bleak and will testify two times on the afghanistan withdrawal it at 2:00 p.m. today the house foreign affairs committee and tomorrow morning before the senate word relations committee, a lot of people on both sides of the aisle want answers, why did we leave the way that we did. stuart: the way that we did indeed. look at the markets you like what you see, green across the board the dow is up 200 points the nasdaq up 100, the wall street journal there is an article that warns the market faces risks of a bumpy order. jason katz with us is monday morning. what do you think about the journal article, market faces bumpy ride in august and the fall. >> i know you been wringing your hands for several weeks and i have enthusiasm for this market for a better part of a year end
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a half and i will feed into your narrative intake there are some yellow flashing lights. but what they aren't, warning sirens going off. we haven't had a 5% correction and 11 months. we normally get over 10% correction every year and we haven't had in a year end a half. there are preconditions for a bumpy ride, whether it be the hole means stock phenomenon, the rise of crypto, the delta setback, the inflation debate, above all and was grossly underestimated our taxes, you and i talked about if biden one, what that would mean for taxes, now it's a moment of truth. stuart: we cannot wonder about our own personal taxes but i wonder about corporate taxation. we are hearing this morning that the democrats want to raise the corporate tax rate from 21 to 26.5%. if that happened what impact on
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stock prices. >> first of all the good news is likely not to be the 28% that we were discussing a few short weeks ago. at 28% we estimated that get hits corporate earnings of around 5%. maybe there is a 3 - 4% hit to corporate earnings. were estimating 10% growth in earnings which is well above trend. obviously not go derivable this year over 50% growth but in 8 - 10% earnings growth in every environment where the fed is not tight neither bonds simply not a game in town, make stocks reasonably value. that said brace for bobby desouza journalist said in your hands have been wringing. stuart: i will leave it with us you are seeing yellow lights flashing warning. >> no sirens. stuart: just flashing lights, that's analogy. thank you for joining us we will
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see you soon. i'm going to say one word, don't quite it is up this morning, i'm guessing this has something to do with elon musk, what did he say. lauren: i believe this is a story, he tweeted his picture of his new puppy, he said last month he would adopt a new dog and named it fluky so they created this coin, is surged by 1000%. the crypto enthusiastic were ready for his new puppy, let's look at the original coin let's get a price, i think that was down a little bit this morning. it is craziness. stuart: bitcoin up 44000, and theory him up to. let's check features. plenty of green, dow up 200, nasdaq up 100 voters in
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california they have one more day to decide whether to recall the governor, gavin newsom blames the whole thing on national politics and trauma. watch this. >> this recall is an extension of the big lie. this recall is an extension of the january 26 insurrection and of what's going on all across the country that want to suppress your right to vote. stuart: tuesday's decision day in california. the democrats need his vote in the senate but joe manchin says no to spending another three and half trillion dollars. watch this. >> he will not have my vote on 3.5 and chuck knows that we talked about this. we were to put out 5.4 trillion. stuart: he's okay with one and a half trillion dollars, that's still an enormous amount of money to spend. surely inflation. stay tuned "varney & company"
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said 2 - 3% coming still this year on top of their previous price hikes we get the fresh consumer price numbers from the government tomorrow but we found out in july that the part of that report that measures food at home, groceries rose six month in a row or 2.6% this year so we will see another 2 - 3% gain, these prices are up 14% most people walk past the meat aisle at this point. nestlé says 2021 is bad but inflation will be worse next year they're worried about 2022 and they will tack on all their higher cost to the consumer. stuart: the chief financial officer at 3m says inflation is higher than we thought it was going to be so inflation is the subject this week, senator joe manchin says he will not vote for the three and half trillion other budget bill but he is okay with a one and a half trillion dollar plan here is stephen moore he knows about taxes and
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spending, he does not like either of them. one and a half trillion dollars let's suppose that we get that an extra one and have trillion in dollars, surely that is inflationary, isn't it. >> it seems like week after week this is déjà vu we try to interpret what joe manchin is saying because he's the second most important man in washington right now behind joe biden because he is a crucial that can stop this atrocious two and a half trillion dollars spending and tax bill. one of the most important things that he said yesterday in addition to saying he could not live with three and a half trillion dollars is he asked the question why are we doing this now why are we in such a hurry that's an important point the democrats realized the window is slamming shut on that joe biden has no political capital after the fiasco of afghanistan and the fiasco of the vaccine speech yesterday, the democrats want to get this thing done as quickly
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as possible and for - 6 weeks, joe manchin is seen slow down and if you're an opponent of this bill that's how the investor should be the ways and means committee put out the report yesterday that shows it clobbered shareholders and increases in the corporate rate and increases the capital gains rate and they want to have a tax and buybacks, my point is if this can be slowed down and i do think there is a chance that the worst features of the bill can be eliminated. stuart: what you would like is a slowing down of the pace of this new spending, surely you're not happy with any of this grand new spending not all, are you? >> there is not a single good feature in this bill is a massive income redistribution, as you know we wrote the trump tax plan which had the best economy in 50 years in this
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country and this reverses almost all of the good that we did with the trump tax cut is a horrible bill and right now it's damage control and you asked me an important question what impact would one or two or 3 trillion-dollar spending bill have on inflation and don't forget on top of the $1.9 trillion on the blue state bailout it's on top of the 1 trillion-dollar infrastructure bill which is the green new deal, this is also on top in addition to the normal federal budget which will come in between five and a half and $6 trillion, if you added up your target about 10 trillion in dollars of appropriated money in one year, that has to accelerate inflation. i'm sorry if you're gonna. this money and throw it into the economy this way then inflation is going to go up as a result.
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stuart: why is the ten year treasury yield at 1.32%. with this threat of inflation surely the rate goes up. doesn't it. >> you would think so and i'm puzzled by that and why anybody would buy a ten or three year treasury with low interest rates. you're making a bet that inflation is going to be less than 2% over the next ten or 20 or 30 years i don't buy that for one minute. i said this before i think wall street is making a big bet that republicans are going to be able to block this. i pray every night that that happens but i would not bet my life on it these democrats are hell-bent on getting this past but they cannot afford to lose one single vote in the senate they don't have no margin prayers that's why joe manchin is the second most important person in washington. stuart: thank you for being here we will see you again real soon.
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now more on this, house democrats looking at a corporate tax rate hike. it's 21% now, they want to go to 26.5. >> higher than the current rate but not as high as the original proposal of 28%. in my opinion this is a draft tax proposal and includes a 3% surtax and $5 million a year as for the capital gains taxes 25%, less the many on wall street thought but if you include the obamacare that was up to 28 when he% all in this raises $2.9 trillion over ten years and the remaining 600 billion that would come from economic activity generated by the federal spending and that's a point that critics may contend with does not grow the economy or does it inhibit it because your restraining people with
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money and businesses. stuart: i think it restrains a but that's my opinion. another look at futures, you like what you're going to see the dow is up 200 and the nasdaq is up 104 in the opening bell is next. ♪ when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim web.
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monitor, check and lock down you money with security from chase. control feels good. chase. make more of what's yours. stuart: at the top of the show i said it's nice to open with the rally and we've been doing that for several weeks over the summer and we have one going this morning the dow will be up to 50 of the opening bell, keith fitz-gerald joining us now. let's step back, all this talk about massive spending, if we get a couple of trillion dollars worth of spending how is the market going to react. >> i think the market will charge higher because more money will chase fewer quality stocks. this is more rationale and we expect to leave the researchers. stuart: how will the market react to a rising corporate
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profit from 21 - 26.5% if that's what we get. >> corporate taxes or corporate profit. stuart: the tax on corporate profits. >> that is going to be a short-term negative impact. my calculations suggest we get a c5 - 7%. i think that is going to cause a short-term correction but again you never bet against america regardless of the political boffins want to achieve. stuart: on this monday morning with an indicator pointing in the green going up keith fitz-gerald is telling us don't bring your hands with nervousness we may get a modest correction but state and stocks for the long term, you are still saying not. >> stay offensive, stay focused and stay with quality because those are the companies that investor crisis and emerge stronger on the other side that is happening now and that will continue to happen regardless of
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any short-term correction that we get. stuart: that's what do you say about big tech? >> absolutely that's what i'm going to do with my money later today as soon as i leave the studio. stuart: , and tell us soon exactly what you bought and at what price. we will see you again very soon. down at the bottom right-hand corner, 250 the market is about to open, let's see if futures with an actual gain when trading begins, we are up to 20 right from the start two thirds of 1%, if you look at the left-hand side of the screen that is all green i see a couple of losers but salesforce, nike, the rest of them are going up in the dow true to form, up 250 points, the s&p up .7% that is a solid gain 4490s or level in the nasdaq up about .6% a very solid gain,
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15200 for the nasdaq. i'll bet the big tech is doing well, big tech is doing well apple, alphabet, microsoft, amazon all of them up between a half and 1% higher let's focus on apple for a moment, good morning to you what is the latest on the lawsuit against epic games. susan: they are appealing this it doesn't surprise because is largely went against epic except for the single count the said apple is violating the california unfair competition law so the judge ordering apple to allow apps with a link to pay on their website so they can sidestep the 30% apple commission on the app store. this will go one for some time and there's debate amongst the analyst of what this really means for the bottom line of apple most of the reports say it's material in their view. stuart: let me turn to the
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chinese tech market those stocks have been all over the places morning i saw them earlier lower than the recovered in the dow again. let's say ali baba. susan: ali baba is done to enhance, 165 and third-down that beijing wants to break up the payment system and it's pretty similar to paypal the largest called allie pay we know its own by ali baba which had the record-breaking ipo block as well as if you want to talk about property development. stuart: tell me. susan: china one of the biggest in the country has the 3 billion-dollar black stone being blocked by beijing in the stock creator by 30% over hong kong trade and the electric car maker as industry maker said there was too many of them in the country, doesn't it sound like beijing is being anticapitalist and maybe cutting off their nose despite their
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face and herded the largest companies in china? stuart: it sounds to me like xi jinping is doing the work of bernie sanders and senator elizabeth warren, cracking down on big tech. susan: i wonder if that is a compliment to him, you never know. stuart: i can be in dangerous ground i guess. tell me about tesla, the model y in china. how much are they raising the price and doesn't matter. susan: $1500 for country developing, the cost of the model y with a 1500-dollar increase in price cost around $59000 but tesla had a great rebound in august in china sales those were up 15% from july and delivered 13000 cars, most of the 30000 cars that they make in shanghai is exported to the european market, it is interesting that china and shanghai have become an export
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hub which is very important. stuart: you got it, virgin galactic delaying the first commercial space mission, supposedly with the italian air force the stock is down 2.5%. susan: we went up there for a test flight this is the first commercial delivery with three crew members on board but they had a problem and discovered with the third party supplier and warning of a defect of the component and the control system this is about safety from a delay from mid-october to a later date but we will see when they can carry out the mission of three crew members on board. stuart: i think more importantly we have a story on disney, the rest of the movers will debut in theaters. susan: should we go see shang-chi, it's a monster hit it's a world largest movie
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market, number one the first straight week, marvel superhero to an hundred $58 million in two weeks as a result disney saw the success and now they will release all of their blockbusters exclusive of the big stream 45 day exclusive window before debuting it on disney+ when you have to pay $30 to watch it. stuart: the theaters get it first and then the streamers and then you have to pay on streaming extra. disney is up a little bit. susan: all take you and pay for the popcorn. stuart: they should be big winners when the dow is up 200 points, intel up nearly 2%, chevron on the list, ibm as well, s&p 500 by eog resources, icy oil companies on there as well. oil hit $70 per barrel, nasdaq winners applied materials,
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alphabet, they're all up there a lot of companies doing well this monday morning. nike, there down 1%. susan: just noting the top four the chip suppliers, the global chip shortage and we might hear about the device launch, for nike and bp id on supply chain concerns there removing the 177 price target another spandex maker lululemon downgraded icf alright, $450, i could not help the first day back we have to get into it. stuart: why should i be interested in spandex maker, let's move on. susan: mdm got upgraded every opening that outperformed $58.90
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and without the calculator the i am, 20% upside. stuart: i would take 20%, it's about 50 that's interesting. goldman started recovering some stocks, the it initiates coverage on big internet stocks surely they have been covering amazon forever. susan: re-initiation they switch out analyst or a different research perspective, they are going by and long and recommended the top seven pics amazon and alphabet, facebook and the uber and the lift but they did see the negative on airbnb and the like. stuart: i hope you saw those were good to see some video which is a real showstopper i'm sure you saw it over the
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weekend. football fans in florida used an american flag to save a falling cat we have the full video and a very happy indeed by the way. violent crime up in minneapolis but the city is considering disbanding the police and the public safety department. we get a ticket for a live report, could covid become just like the flu, that's what some are saying all asked doctor marty makary about that as he is next. ♪
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treasury yield coming in at 1.32%, that is down a little the price of gold is up just a fraction just a buck 80 a higher as 1793. bitcoin as of right now, and oil is the breakout, $70 per barrel. that is up one point to, 1.3%. gas, that is inflation indicator look at that price 518 that is the highest in seven years and it means you'll pay a lot more this winter. in the presidents vaccine mandate, what is he saying is peter he saying is legally sound. >> 's been put forward in the president didn't believe it was an appropriate legal measure to take, they believe it is the congress given under the osha
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act. >> this is an appropriate action that we believe and from a public health perspective most important to help keep workers safe and that will ultimately help our economy as well. lauren: the vaccine mandate affects 80 million workers, the legal challenges will come but they're probably a ways off because the role has not been written yet and today if you want to go anywhere inside new york city you have to show proof of vaccination. stuart: i would love to know how that's going, will have a report tomorrow how's it going when you gotta show proof. i want to bring in marty makary, doctor, different question for you, does the vaccine mandate undermine your authority as a doctor. it seems like employers and the government are laying down the medical law, not you. >> it's certainly going to polarize a lot of people who are concerned about the overreach of government and some people will simply not do it only because it's a government that is
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pushing this. remember, like harris is the one that said she will potentially not do it only if one political party had encouraged it. i do worry about the polarization about the vaccine. often times if no politician ever said anything about the vaccine we'd probably be in a better place because people would turn to their local doctors for guidance. stuart: surely some doctors would say to pregnant women, do not get the vaccination and exercise their medical judgment over and above their employer or the government, is on an instance where your authority has been undermined. >> i will tell you 100 million americans have had the infection and we disenfranchise them by telling them you still have to get it also kids are having complication from the second dose, teenagers are rate of one and 7000 boys are getting heart complications after the second dose so there is unintended harm with the blanket mandates and is coming out of.where were going
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down the road get written that will take a month or two in the legal challenges invite them delta will probably burn through the rest of the population. stuart: the timing is fascinating. some doctors are saying in the wall street journal some doctors say that covid could become like the flu if more people get vaccinated. do you agree with that. >> i know it's not an attractive idea but i think it's a reality and if you don't like it you complained the researchers that never banned gain-of-function research. but the reality we have for coronavirus' for decades that have circulated year-to-year and collectively those for coronavirus is comprised 25% of the cases of the common cold each year covid will become the fifth seasonal coronavirus and circulate of his downgraded to the point where it doesn't cause severe illness or hospitalization that is okay. stuart: here is something that is not getting much publicity
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new cases of the virus are down 7% week over week in the united states. i think we can see the other side of the delta search. >> many say they will be a boom and bust because we see that in india india had low vaccination rates and it ripped through the population at low levels after a big spike we are in the middle of the delta wave right now but if you look at it nationally it is a series of different waves in their staggered in terms of timing the state that got hit earliest are the states where we have a preview of what to expect missouri and arkansas and in those states cases are down 25%. stuart: that is a lot, thank you for joining us i'm sure we will see you again soon. the democrat governor of wisconsin is tony, he wants another term but rebecca says that will be a disaster for the badger state, she wants his job
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and should be here to make his case. president biden heading to the west coast to campaign for governor newsom with one day left for the states recall are the odds in newsom's favor will take you to los angeles for the answer after this. let's go walter! after you. walter, twelve o' clock. get em boy! [cows mooing] that is incredible. it's the multi-flex tailgate. it can be a step, it can even become a workspace. i meant the cat.
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stuart: president biden is on his way to california he will campaign for governor newsom which is tomorrow william is in los angeles, what is the standing between newsom and elder. >> what i want to tell you first this is a simple government document that you will oversee, recall yes or no question to pick a new government but to answer your question the polls show about 60% of likely voters are going to object the recall and keep gavin newsom, this is been a highly partisan election neither newsom or larry elder has appeared to the independent voter any ads of future bernie sanders, elizabeth warren,
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barack obama and he said the selection is about donald trump, senate control, civil rights and abortion he named off every republican, liberals dislike, governor desantis and abbot of texas even my cup huckabee in newt gingrich. >> the democracy in this country because of trump and trumpism, were better than this moment in the last four years and were better than trump in trumpets, vote no on this recall. >> democrats outnumber republicans, 11 million to six and raising money from hollywood to big tech and mobilizing union volunteers. republicans wanted this to be a referendum on newsom's failures on housing, crime, homelessness, fraud and state government, lack of water, energy and high taxes, majority in the polls including a third of democrats see newsom as a hypocrite, elder has hammered him uncoated lockdowns
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in mandates larry elder claimed that newsom's wife act me rose mcgowan to overdraw her harassment claim against harvey weinstein which he says is a lie. >> if this is been made by girlfriend is stated over there if someone said my significant other contacted on behalf of attorney whose harvey weinstein's will lawyer and said what can we make you do go away and make this happy, that's all you gotta talk about between now and the end of my campaign. >> so tonight president biden will be coming out west to look at the fires and we know governor newsom will join in long beach larry elder has three stops in southern california, a third of the mail out and mailing both have been turned in so far. stuart: one third, that's the standing and that's how it is right now. remember when we told you about the l.a. times columnist colleen
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larry elder the black face of white supremacy, she has more strong words for elder, what did she say this time. lauren: she said she's a he's a real threat to communities of color, jean guerrero said he only talks to right-wing media outlets and he won't engage with critics so she thinks he's only engaging with those who support his white supremacist point of view and that makes him a threat to communities of color. she also said elder responded saying the los angeles times is scared to death about what might happen in the recall vote that is tomorrow. stuart: that is tomorrow, i got it, thank you. check the markets were approaching a 300-point gain for the dow industrials and the nasdaq has lost almost all of his gain it's now only up 1.6. 1.6 points and now it's in the red. still ahead here's what we have, the governor of mississippi tate
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♪. stuart: yeah, we're an american band. got that. good morning, everyone. 10:00 eastern, straight to your money. you will like what see, especially for the dow, up 270, 280 points. s&p up 18. what happened at the nasdaq? it east now slipped to the downside after showing a solid lead about a half hour ago. let's have a look at big tech f the fallout is on them. actually not. microsoft, apple, google, still on the upside. amazon, facebook, amazon ticked higher. just facebook among the big tech companies which is down this morning. 10-year treasury, look at that yield please. we're at 1.32% despite all the talk about inflation, 1.2 is --
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1.32 is your treasury yield. that's down. now this. >> senator joe manchin says no to the 3 1/2 trillion dollar far left spending plan republicans cheer. they think manchin will stop the green new deal and transformation of america along socialist lines. they think he can own stop bernie sanders. manchin will not go for 3 1/2 trillion but okay with 1 1/2 trillion. should conservatives cheering that? no. i don't think they should. 1 1/2 trillion means higher taxes, much more debt. a whole lot more government. we throw the word trillion around like it is nothing. remember 1 1/2 trillion is 1,000,500,000,000,000, got that? they are taking a political gamble, the gamble is much more social spending will be popular that it will win votes, taxing the rich will also be popular. maybe so but voters will surely
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not be happy if massive spending means inflation and massive taxation hurts the economy and brings down the stock market. watch out conservatives, maybe you're cheering too soon. senator manchin is not your knight in lining armor. -- shining armor. the second hour of "varney" just getting started. >> he will not have my vote on 3.5 and chuck knows that. we talked about this. we have already put out 5.4 trillion. what is the urgency? no way we can get this done about it 27th, if we do our job. there is so much differences that we have, so much, so much apart from us where we are as far as our, i'm giving you different things. i've been talking. working with people. i'm willing to talk to people. makes no sense at all. stuart: well he covered a lot of ground with that sound bite but let's zero in on the key point.
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joe manchin says he cannot support president biden's 3 1/2 trillion dollar plan but may support 1 1/2 trillion. jason chaffetz is with us this monday morning. i don't think manchin is the darling of the conservatives. they shouldn't be cheering. 1 1/2 trillion dollars is an enormous amount of money, jason. >> it is an enormous amount of money. that is what we got a this point. they talk about 3.5 trillion, when it comes in at 1.5 trillion, it seems like they moderated what they were doing. joe manchin mentioned in the sound bite you played, they approved some five plus trillion dollars. what is devastating is the tax increases on top of this. to put it in context stuart, back in 2009 when i was actually in congress they did an 878 billion-dollar, 787 billion-dollar stimulus plan under obama-biden and we all
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thought that that was crazy high. so now they're talking about five, six, seven trillion dollars. hard to keep your mind melded around it. i think what is most devastating to the business community, certainly viewers on the show, tax increases from capital gains to corporate tax, right on down the liz. democrats want to raise your taxes. stuart: yeah. case almost closed. senator bernie sanders, he is slamming manchin's push to cut $3.5 trillion in the reconciliation bill. just watch this, jason. roll tape. >> no, it is absolutely not acceptable to me. i don't think it is acceptable to the president, to the american people or to the overwhelming majority of people in democratic caucus. it would be a really sad state of affairs for the american people, for congress if both of those bills went down. >> do you think that's possible that could happen right now? >> yeah. stuart: he thinks it is possible.
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let's straighten this out here. manchin says no to 3 1/2 trillion. bernie sanders says that is not acceptable. take us through it. what happens from here? >> well, they have already approved more than five trillion dollars. remember, almost 25% of our gross domestic product is spent by the federal government. just a matter how much more the democrats want to laud on to that and they have to justify doing it, now we have to pay for it, so we got to raise taxes. this is devastating to the economy. you've rightly point out the massive inflation that i think will come behind this as the government literally pours trillions of dollars into the economy. i just, look, bernie sanders, look for most of his career was not even a member of the democratic party because he is socialist. he registered as an independent. he has an insatiable desire, fundamentally change the way the economy and way this country works because the green new
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deal, bureaucracies, number of regulators put in place, it is devastating. stuart: it is his last hurrah. i don't think he will get it. i just can't quite see another 3 1/2 trillion. >> i hope. stuart: jason, i'm with you. thanks for joining us, jason, we'll see you again soon. by the way the democrats spending bill is said to be 10,000 pages long. have you any idea lauren, what's in it? maria: well pass it then you find out what ask in it. lauren: lauren: 10,000 pages, come on, the largest bill ever. one trillion dollars in tax increases on individuals. 900 billion on corporations. by raising the corporate tax rate to 26 1/2%, boosting capital gains taxes to be between 25 and 28.8%. adding a 3% surtax on certain millionaires. this is unheard of spending and unheard of taxing. they're rewriting the way, as jason said, the way americans relate to government and social
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systems. stuart: that was good the way you pointed that out thousand, you have to pass it to see what's in it. famous words spoken by speaker pelosi just a few short years ago. we never forget that one. lauren, "the wall street journal" has a new warning for investors. as we watch the rally at this moment. what are they warning about, this autumn? lauren: they summed up at least for wall street banks cautioning on the fall. as you and jason katz said earlier. this isn't a red light. this is a yellow light flashing. i like bank of america's the most. they said, this is a quote, what good news is left? they're not giving any real reason for stocks to fall. everyone says the same thing, right? there hasn't been a material pullback this year. enthusiasm runs hot. the fed will kill the party. knows are excusings. there are not reasons. everyone keeps saying, seasonally it is about time.
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stuart: i think inflation, no, fair enough but inflation could, will be a serious problem if it ticks up but i believe we're going to get a very important inflation report tomorrow. tell me more, please. lauren: it is expected to tick down. it is consumer prices. measures prices consumers pay for items on the shelf. expected to decline from july's hottest reading since 2008. so it will drop 2.4% in august from july and to 5.3% in august from last august. look, that is a lot of inflation out there but less than we thought in the mon before. we'll see what we get tomorrow but the fed certainly looking at this report. stuart: i want to see that number tomorrow, 8:30 eastern i think it comes out. that might make a big difference. lauren, thanks very much indeed. i will check the streaming stocks for you. left-hand side of the screen. netflix down 12 bucks. that is 2 1/2%. apple on the upside, not much. disney virtually unchanged at
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183. jeff sica specializes in, covers very strongly these streaming stocks. apple, you say apple is losing the streaming wars? tell me more? >> here, stuart, here you have a company that has a market cap of $2.5 trillion, that's sitting on $200 billion, around $200 billion in cash, yet, in 2017 when they started this initiative into content, if you remember, stuart, i have always said content is king. when they started the initiative, they were spending about a billion dollars to create content which, here you have tim cook sitting on this pile of cash and he is spending a billion dollars on content. now he spends about about 6 billion in content. with that six billion, really what apple has created were two good shows, ""ted lasso" and the
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morning show. outside of that they haven't created a stellar, marquee franchises. now you have, netflix, netflix spent $17 billion, spent $17 billion a year. apple thought they wanted to buy a studio so they went, they went into a bidding war, somewhat of a bidding war with amazon for mgm that owns the bond franchise yet came up short. so now the question is, do they really want to be in this war or do they want to just sit back and be in third place, fifth place, wherever they end up here? they also, stuart, they also bought a button on the roku remote which shows maybe they're starting to see that the apple tv concept is not working. so it is, time will tell if they're going to start pouring money into content and growing
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franchises to the point that their competitors are. if not, they will have to keep rolling out new versions of old products with the iphone and continue to make hundreds of billions of dollars doing that. stuart: you're expecting netflix to hit $710 per share. that would make them a real winner because they're now around 600, 584 to be precise. do you think they're winning because they're spending 1billion dollars on content? that's the big deal? >> yeah. if you remember, stuart, back in june when it was around 528 everybody had gotten burned out from streaming during the pandemic and then they started to produce their new shows. now they're rolling out their new shows. everybody is excited about them. they're spending a lot of money on creating content and they're signing up a-list talent. if you look at the list of people who are flocking to
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netflix for deals it shows they will be able to create this content. as for the stock i see the stock as being one of the stronger stocks in the nasdaq because what's happening is, streaming this whole paradigm that shifted to streaming is going to become, the leaders are going to make more and more revenue with new subscriptions and we're going to see netflix steal a lot of market share from the other streamers. stuart: all right. $710 a share says jeff sica for the price of netflix stock. jeff, we'll see if that works. see you again later. the governor of california, gavin newsom, sounding a little desperate in the final hours of the recall election? he can't run on his own record so he is blaming former president trump of course. watch this. >> this recall is an extension of the big lie.
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this recall is an extension of the january 26th insurrection. stuart: even if he wins, even if he is not recalled, the democrats have been given a nasty shock, wake-up call, just being anti-trump won't cut it. hear my take on that, top of the 11:00 hour. president biden made it clear companies with more than 100 employees or more must mandate the jab. the governor of mississippi not happy about that. he plans to sue. on what grounds will he sue? i will ask him. the governor is next. ♪. ♪ ♪ ♪ ♪ ♪ ♪
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comcast business powering possibilities. ♪. stuart: all right. you're looking at austin, texas. currently 75 degrees. we're told there is a slight chance of later on today. i am your weather forecaster for the great state of texas. there is this, more organizations and republican governors are threatening to sue the administration over its new vaccine mandate. edward lawrence at the white house with the latest on this. what have you got, edward? reporter: businesses are grumbling about this. the owner after manufacturing company is for vaccines but not for the added cost this rule will add for the administration to have him check his emply es status as well as testing.
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as the lawsuits start to form here, a lawyer that handles osha cases there is issue from the white house, the rule must show there is grave danger and an emergency rule is necessary. the administration already undermined itself saying masks work, social distancing works and there is no precedent for this. >> we never had a standard like this. it is always the emergency standards have dealt with chemicals like benzene and asbestos. we never had the virus be the subject of a rule. reporter: now the surgeon general says the president would not put forth a mandate unless there was a need as well as the administration believing it will stand up in court. at least 11 governors plan to sue over this specific mandate as well as the rnc. texas is on the list. >> the branch of government that can pass legislation, not even sure they could is congress. the president cannot issue edicts. he doesn't get to decide by
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himself whether personal choice or freedom, taking away freedom. this is something have to be debated by elected representatives. not issue. we don't have kings here. he can't just make up the law. reporter: under the osha rule there will be a emergency temporary standard. that says under the osha rules it could go into effect immediately once the rule is written. it could take several weeks to get the rule written. back to you. stuart: several weeks to write the rule. then you can discuss it. edward, thanks very much indeed. i'm not very much clearer. the governor of mississippi is tate reeves. he is planning to sue the administration, governor reeves joins me now. governor, what grounds are you suing the feds for this mandate? >> thanks for having me on, stuart. this is the president taking universal action, action by the way he would never do, dr. wollensky, she would never agree to in america around dr. fauci said he would never
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believe he would have a mandate on vaccines in america because that is just not who we are as a country. the reality is this is an attack on working class americans. i'm concerned about making individual americans choose between getting a shot in their arm and providing for their families. stuart, you know we have a labor crisis in america right now. it is hard for small business owners to hire the necessary people to get their products to market. it is hard for small businesses to hire the necessary people to provide services this he provide. this is just going to make it even more difficult. stuart: governor, will the mandate stay in, stand? will it be enforced while you litigate it. can the litigation delay the enforcement of the mandate? >> well, obviously there is a lot of water yet to flow under the bridge before all of these questions can be answered because all we have at this point is a press conference that the president has had sometime
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late last week in which he reversed his own, his own decision that he has been talking about for the last year saying that there would never be a mandate in america. as you mentioned, moving into this particular interview, we don't yet have the rule, so we don't know exactly what the rule is going to say. all we know that this is one person trying to place an edict on all americans without it going through the legislative branch, without it going through representative democracy america was founded on. this is clearly unconstitutional act by the president that makes no sense. stuart, look, here's the deal, if you look back through history, every single time tyrants have tried to place an emphasis on their individuals in their country, they have always said, we're doing it because it is in the best interests of our citizens. the fact is we have a representative democracy in america and if the president
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wants to do this, then he should get the elected representatives to vote on it. stuart: governor, did you just call the president of the united states a tyrant? >> i did not, stuart. what i said was, if you look back in history that this is nothing but a tyrannical type move by the president. if he wants this to occur then what he ought to do is he ought to get congress to pass a law. it may still be unconstitutional, but at least it wouldn't be one act by one person who is overturning something that he has said he would never do. he said that in the campaign. he said it for the last year. he shouldn't be doing it now. stuart: i believe 18,000 youngsters in your state have tested positive for covid since august. can you get them all back to school for in-person learning? >> we're working very, very hard, stuart, to get all of our kids in the classroom. we believe there are certainly risks associated with kids being
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in the classroom. we also know there are huge risks of kids not being in the classroom. we saw that in terms of lost learning in other states around the country. we actually weren't to school all of last year. our kids started in the classroom in late july, early august of 2020. we completed the entire school year. we certainly have challenges in our state and every other state as the delta variant was very difficult for us but we also, if we have 20,000 kids that have tested positive are quarantined, that means we have 430,000 kids throughout mississippi are in the classroom and they're learning. we're working closely with our school districts. we have a plan in place, we want to protect the lives and livelihoods of all americans. stuart: governor reeves, thanks for joining us, sir. appreciate it. see you again soon. >> thank you for having me on. stuart: now this. the fd may authorize covid vaccine use for children under 12.
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they do that much faster than expected. officials at the agency told reuters they could approve the pfizer vaccine for children, five to 11 years of age by the end of october. then there is this, snowbirds still heading south for the winter. that is despite growing concerns over the delta variant. how many people are we talking about here, lauren and define snowbird? is that somebody who comes down for the winter or is it someone who comes to florida, for example, and stays? lauren: well maybe both but technically someone who comes for the winter and we're speaking about canadians here. 900,000 of them say they will flock south to florida or to arizona this winter that compares to about just 300,000 last year. they're excited for the warm weather, freedom and for the canada border to reopen to non-essential travel. that is expected september 21st. so i think a lot of people in canada are also fed up and they want to be snowbirds again. stuart: tripling of canadian
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snowbirds coming south. that is fascinating. >> do you think they will stay for good? stuart: they will welcome them, stay, get a green card maybe they would stay, who knows. lauren, good stuff. change the subject please because i'm going to show you these horrifying scenes, rioting and mayhem in kenosha, wisconsin. remember that? the former lieutenant governor says it's time to restore law and order. watch this. >> one year ago kenosha burned while tony evers failed to lead. our police deserted and disrespected. stuart: that was rebecca clayfish. she is coming for governor, she is coming for governor tony evers' job. she wants his job. she will join me later this hour to make her case. we witnessed big tech suppress the devastating hunter biden laptop story but what if there was a space where it couldn't
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happen? my next guest says his company's platform caters to free speech. i will ask him how it works next. ♪ it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. i order my groceries online now.
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stuart: the story on the market this is morning the dow is up and holding its gain. the nasdaq is down and has lost its gain. s&p somewhere in the middle with a modest gain of three points. i want to bring susan in to this with very important story. walmart is partnering with light coyne, that fake? >> walmart is coming it to confirm it is fake news. that is strange incident really. a questionable press release suggesting walmart was accepting litecoin yet numerous editorial outlets, yahoo! finance, nbc reporting it but you couldn't find it on the walmart newsroom page or on their pr, public relations page. so a lot of people were questioning. walmart came out to say this is not true. that is interesting. you have to be really cave, stew, don't you think in these type of times? stuart: yes you do.
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because that market, the crypto market is susceptible to any headline, righteous or otherwise so to speak. tell me about microstrategy. they bought what, more about it coin? susan: 9,000 more about it coin. they have spent over $3 billion to buy bitcoin. that $3 billion is now worth over five billion dollars. let me ask you something, stu, i've been thinking about. why would i as equity investor, if i wanted to own bitcoin, why would i buy a stock like microstrategy? when they spend that type of money, all the cashing reserves buying bitcoin, are they a leveraged etf which comes with risk, mind you? stuart: you got me, susan. i would ask exactly the same question, if you want to get into cryptos, why get into crypto as a stock? you have more on your favorite fund manager, cathie wood. what is she up to now?
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susan: she is not just my favorite. she is the guru of the moment. everybody talks about her. she is predicting, draftkings is down despite cathie woods saying the sports better market will soar to $280 billion by 2023. nfl kicked off this weekend. stuart: i see sports betting. in a bar, for example, watching soccer, i have people all around me gambling on their phone, put that on camera, you know, that is just taking off so it seems? susan: that's right. huge market. stuart: what have you got on crowdstrike, cybersecurity people. susan: downgrade from goldman sachs this morning in their view. just worth $305. guesting a 20% upside. neutral rating. cybersecurity is a very, very hot sector especially in the era of cyber threats. stuart: but only going to 305.
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251 now. downgrade. go figure. go figure. susan, thank you very much. my next guest wants to fight big tech censorship for conservatives providing can sell proof web hosting. the ceo of right forge, joins me right now. martin, tell me how this will work. my real question, you don't censor anybody? >> we're, first of all it is working we deployed millions of dollars of assets around the world to deploy something completely open to the american ideas. that is what we're focused on, reaffirming american principles online as a matter of our business strategy. stuart: all right. how does it actually work? take me through it. >> very similar to fox news. we're the hard assets of the internet. we're where the internet plugs in, the brick, mortar, power. just like fox news has trucks cameras, a beautiful studio just like this, that is what right forge does.
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we're bringing internet to america. reaffirming publications campaigns will never be removed like amazon did to many sites so far. stuart: so this is reaction to the censorship which we have indeed seen from twitter, facebook and as you say, amazon? this is a pure reaction to big tech censorship. that's it? >> absolutely. we see it as big tech made it part of their business strategy to deploy committees of people looking to deplatform people where what they deem to be hurtful or harmful speech. i mean they did it to the president. they can do it to anyone. stuart: do you think you will end up with a lot of nuts on your platform? i use the word advisedly, you know what i mean? >> well you know, i think the beauty of america that we allow for an open discourse. we allow for people to be wrong. i think that is where big tech is going insane frankly, to remove anyone because that way people can't learn and have open discourse. that is what makes this country great. that is exactly why we're
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working with americans and accredited investors to build the framework and reinstitute it online. stuart: martin, right forge, a platform where you're not going to be canceled. good stuff. martin, come see us again. we'll see how it is going. >> thank you, stuart. thanks for having me. stuart: next, new lawsuits claim that big tech is spying on its users. susan, which companies are facing that accusation? susan: all the companies that make home speakers, think amazon, google, apple, according to numerous class action lawsuits. the latest going against or being against apple's siri. alleging that siri records private conversations because of accidental conversations when the speaker thinks you're talking to it. there are separate lawsuits against amazon, alexa, google, claiming the two companies record conversations without user consent. that data, those conversations
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are used by advertisers to target ads. one analysis says amazon actually dominates the entire market, nearly 70% market share of speakers. this kind of solidifies the fact why i don't own alexa speaker, stu. people don't need to hear my conversation. it is not that interesting to be honest. stuart: another reason why i probably will not get one of those amazon speaker things. i don't want to be listened to. susan: i thought you already had one. stuart: people listen to me at home while i'm on tv. forget it walking around my house. susan: imagine if we said hay alexa right now, how many people would be upset because their speaker turned on. hey alexa? stuart: don't do that susan. you will be unpopular. tiktok beats youtube by viewership? how much? susan: expending i think from one study on average in june monthly hours went up, i think 10 hours or so in the month of
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june. now that is only in the u.s. pardon me, in the u.s. that monthly spend is two hours more on tiktok than on youtube. two hours. in the uk that goes up to 10 hours. two things to take away, stu. user generated compelling content is king. if you can magic tock, shorter videos win. stuart: fascinating. really is. i'm a youtube kind of guy myself. i think i will stay that way. thanks, susan. here is what is coming up. actress rose mcgowan is no longer a democrat. she is throwing her support behind california gubernatorial candidate larry elder. watch this? >> it gives me no great pleasure to call out democrats. i was a democrat. do i agree with him on all points? no. so what. he is the better candidate. he is the better man. stuart: why is she doing this? she claims governor gavin newsom's wife begged her not to speak out against harvey
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we innovate to outpace cyberthreats. so you can embrace technology with confidence and make the next day safer than the one before. we've got next. ♪. stuart: in chicago, it is still summer. just like it is in the rest of north america. it will be 79 degrees in chicago just a little later on. did you see this one,
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remarkable stuff? subway employee fighting off a robber. she was suspended for this? lauren: without pay after defending herself during an armed robbery in illinois. the thief came in. walked behind the counter as you saw earlier. that worker gets his gun and gets his purse back. she gets suspended, you want to know why? she didn't remove security footage that was on line. i can't remove all of it. it was out there already. she was strong. wrestled him, got the gun. stuart: i have to move on or my head will explode. tom brady appears in a new ad for subway. lauren: this ad is so strange with the buccaneers beat the cowboys in the opener. he is being used as a spokesperson for a food he does not eat. >> seductive.
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irresistible. yet forbidden. freshly baked. >> smells so good. i can almost taste it. >> but you don't eat bread. lauren: got to laugh. he looks great. subway is also using the soccer star meghan a european -- rapinoe, steph curry. this is so great because it is so random, stuart. stuart: that is so true. you have the cat story for us. the cat dangling from a balcony during a college football game in miami. take me through it. >> miami versus after leif chan state. the crowd goes wild. the cat is dangling from the balcony by one arm. he falls. what catches him is an american flag. "fox & friends" caught up with the people who used that flag as a net.
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[shouting] they saved the cat. unbelievable. lauren: here is the interview. >> at that time my wife and i looked up and, we could see the butt of an animal. we couldn't tell what kind of animal it was. i think it was trying to be saved from up above which was actually driving it further down. they could not reach it. and, the students were very passionate about you know, saving the cat. lauren: the crowd went wild. so a catastrophe was, did not happen, was prevented thanks to the american flag, stuart. stuart: you got that right. i think almost every single american has seen that video at some point over the last 24 hours. i'm glad our sewers got to share it. right hand corner of the screen,
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full screen now, the dow is up 3 unhad -- 300 points. nasdaq is down 12. seattle could lose 200 police officers because of president biden's vaccine mandate. more than 200? can the city really afford that? seattle guy jason rantz has the story. it has been one year since devastating riots hit kenosha, wisconsin. the current lieutenant governor says democrat tony evers has failed his state, so she is running for his job. she joins me next. ♪. (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first.
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♪. >> ken new york that burned while tony evers failed to lead. lives were lost, small businesses were burned because our governor sided with rioters instead of the people of this community. tony evers entire term has been marked by failure and weakness. i'm rebecca kleefisch. as governor i will fight for
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you. stuart: former lieutenant positive of wisconsin, rebecca kleefisch joins me right now. thanks for coming to the program. great to have you on. you want to replace governor tony evers. tony evers has done very well in terms of unemployment. it is only 3.9% in wisconsin in july. that is way below the national average of five .2%. would you except that he has done well in that respect? >> no. i don't, stuart because, that is not counting our labor market participation rate. so many people have dropped out of wisconsin's economy, because tony evers is one of those governors who for months was paying people to sit on the sidelines. our legislature passed a bill saying we needed to remove the federal booster payment on top of unemployment so we so get more people back to work and tony evers vetoed it. he failed again. we don't have veto override
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power in our legislative majorities. he was able to pay people to stay out of the economy while small businesses across wisconsin are posting help-wanted signs and asking customers to please be patient because they just don't have the workforce. stuart: if elected, what would you do to fix the riots that occurred in kenosha? >> i would back the badge and make sure that we are giving law enforcement the support they need. you saw the video of the fires in kenosha. tony evers watched 30 seconds of cell phone video of a law enforcement involved shooting, in one moment became the jury, rmined wasng toecutixecude desi wdeith des and fndnd t fl $5 small bmausllinmallo go g g g up s,mo,,amiesilssdleddldln afherm.ratiorsrs going g g to te
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absolutelylu utenacc unabl isis i i fle and w itn'tt justt en inen i i ken itap in mad mad, siscon a welrere riotersio rned coped c ey to t t fityyy coty building. drivers beat up a state senator, left him uncon should on the capital lawn. tore down our beautiful statues, tribute to women's equality, a statue of union colonel who fought to end slavery in the american civil war. tony evers is so out of touch and cares so much about pandering to the left he has abandoned wisconsin citizens. stuart: last one, rebecca, when the election campaign gets rolling, the democrats are probably going to say you are with trump. they will, they put trump right next to you. how do you feel about that? >> great. i feel great because, i
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supported president donald trump for re-election because he is one of the most stuck sesful policy presidents of our time. i will say it again and again, a man who provided real leadership in kenosha was the president, after being called by congressman brian style, he said, i will send you resources f your governor will not respond and give this community when it needs in order to preserve law and order we will send in federal resources. what a contrast to the weak leadership of tony evers. that is why i'm running. one of the many reasons. i also have two kids. i warrant them to move back to wisconsin and live their american dream but we need to have safe communities. we need to have good schools. and we need to have great-paying jobs if folks can join me rebeccaforgovernor.com. they have a ton of money pouring in and fund-raising like crazy. stuart: rebecca, thank you very much for being with us this morning. i'm sure you will be back on as
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the campaign starts to roll. see you soon. look at that market, especially the dow, look at that up 316 points, close to getting back to 35,000. dow winners headed by united health, followed by chevron. by the way the price of oil is now $70 a barrel. you will see oil companies do well. nasdaq winners headed by marriott international. comcast is there, so is charter communications at $800 a share. s&p winners, marathon oil, apache, occidental pete, oil up 60 bucks a barrel. still ahead, brent bozell, jason rants. show you the video, three women robbed at gunpoint in broad daylight in los angeles. governor newsom can't talk about this ahead of the recall election. instead it is blame trump all the way. my take on that is next.
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economy to come back or do they want to do everything they can to prevent the economy from coming back. >> the democrats realize the window is slamming shut on them. there's not a single good feature in this bill it reverses almost all of the good that we did with the trump tax cuts. ♪. stuart: it's 11:00 o'clock eastern time, monday september 13 and breaking right now we have news on inflation, the new york federal reserve is issuing its forecast one year ahead inflation expectations looking for a five-point to percent in august, that would be the tenth monthly increase, inflation is very much in the news that the strong rate of inflation, tomorrow morning 830 eastern time we get the consumer price index, that could move the markets, the markets are being moved right now but i'm not sure
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inflation is doing it, the dow industrials up 300 points but the nasdaq on the downside a loss of six points there. now this. the california recall election is a referendum on one-party rule, the golden state has been run by democrats for years, it's democrat policies on taxation, climate and covid that absolutely rule that state, very start contrast with texas, florida and other gop states. the result of the dominance is that californians enjoy the highest taxes in the land, the highest rate of poverty, gas prices more than a dollar higher than the national average and homelessness on a mass scale and crime that has become so blatant and public. i'm sorry to do this but i'm going to show you again look at this video three people robbed in gunpoint in broad daylight
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right in the middle of los angeles. when you throw in long-running covid restrictions and californians you can clearly tell our suffering. this is the record no governor wants to run on so governor newsom runs against trump. the president as in president biden will be campaigning for the governor tonight, he will to play out the antitrust message. it might work, unions, the states a large to far left voters might be enough to overcome his awful record, even if he wins he is not recalled, the democrats have been given a nasty shock, their record does not hold up just being anti-trump is not good enough when you're coping with high taxes, high prices and covid restrictions. california referendum is the template of other elections elsewhere. the democrats record in power will be challenged and the third hour of "varney & company" is just getting started.
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♪. stuart: steve forbes joined me this monday morning, i say the vote in california as a referendum on democrats one-party rule, what say you? >> you have a exactly right when you look at all the other things that they have done, bad land management or the terrible fires of what they done to the electricity grid what they're doing to water flushing half of their annual rainfall in the pacific war ocean sky high housing prices it gets worse and worse the worst managed in the union even though the richest state in the union and having the highest growth rates in the union that's why as you pointed out the trying to run against the evil donald trump rather than defending newsom's awful record and unfortunately newsom does not have the width, the backbone or the skills to begin
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with these problems. stuart: tell us how you really see it. [laughter] it right ahead on that one. i do want to bring up senator joe manton who says he's not going to support biden three and half trillion dollar budget, watch this please. >> he will not have my vote on 3.5 and chuck knows that lb at one, one and a half we don't know where it's going to be. >> is not good to be a three and half i can assure you. stuart: you heard that, one and a half trillion dollars, maybe for senator manchin. but that is still an enormous amount of money, $1,500,000,000,000, i think that has got to be inflationary, what say you. >> it is going to be inflationary and what you call stagflation during the massive tax increases even though they scale them back a bit that's what they do put in a skyhigh number and when they scale it back people say how reasonable this is, those taxes are still proposing our economy killers
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and in terms of the number, don't focus so much on the number and the sticker price of the put on this thing look at what is inside for massive new entitlements and they know that you can start an entitlement with 1 dollar but they know the way entitlements work will be tons of billions of dollars. if they stuck those and plus all the other junk that they want to put in massive tax increases that is going to bust the budget in the future, give a stagnation of higher prices and a punk economy, what a wonderful combination. stuart: did you say a punk economy, that's the first i've ever heard that used i am stealing it. >> no charge. stuart: did you see in britain, the uk that scrapping vaccine passports and covid lockdowns, it seems they're going the other way, it's not going to happen here is it. >> sadly not, as you know
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britain made real mistakes in the covid lockdowns but they have seem to gotten their act together on that. i think it's one country you're allowed to go into now from the u.s., i may be mistaken but i think that they welcome americans in. stuart: anthony chan is with us now. vaccine mandates will they hurt
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economic growth. >> good to be here with you again, vaccine mandates are not necessarily going to hurt the economy but i'll tell you why they're doing because some are nervous about getting back to work in some restaurant patrons are nervous about going into restaurant, all this will do a give those people that are nervous a little bit more comfort you can even say the comfort is misplaced but if you would have these vaccine mandates and more people willing to go back to work because they're not scared and more people willing to let their kids and family members go to concerts in theaters that will boost economic activity. and people's rights and that the complete other issue from the economic perspective and confident to the economy, yes it'll boost economic growth. stuart: will it keep some people out of the job?
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they don't want to go back to work if they have to get vaccinated so they stay out i thought companies had a real shortage of labor this is not the time for making the shortage worse shortly. >> that is a great point because some of that will happen but right now 75% of people living in the united states have taken one vaccine shot, 14% of the people according to the foundation under no circumstances they will take the vaccine. essentially if you make 75% of the people more comfortable that is going to help the overall economy, the other 14% are not nervous about kobe because her not to get the vaccine and they don't want anybody telling you and we should respect that. but the point is if you make that 75% of the people presumably feel more concerned about the virus even though they've taken the vaccine comfortably it'll boost the economy. but your spot on if all the sudden you take these people this is going to quit their jobs that's going to hurt the economy in the short run but how long
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can they stay out of their jobs at some point they have to pay their bills, those are short-term problems where we have a labor shortage even the people said we have a labor shortage even though we have more than five and half million jobs that are completely disappeared since the pandemic started, some point those people have to come back to work so they can pay their bills or in fact do something else because they cannot does not work and not support themselves. stuart: i'm going to leave it at that have a small problem with your audio and your visual so will get you back real soon. anthony chan. i went to get to the crypto markets, elon musk is once again moving or trying to move the dough to coin, what is he
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saying. lauren: he got a new puppy fluky, the enthusiasm did not last, most crypto's are down today. some people are saying you should accept them as payment protect us, you has not said that yet. stuart: i'm so tired of this pre-he says one word and something goes up and he doesn't say and something goes down that is no way to run the crypto market in my opinion. thank you very much. stuart: you will not believe this, a high school canceled a 9/11 tribute over concerns it would be racially insensitive. all they wanted to do was wear red, white and blue, what an outrageous story but we have it for you. coming up ramping up against larry elder one columnist called him a threat to communities of color, we are on that for sure, remember this headline from last year try threatens to override governments even though he
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can't, but now cnn is cheering on president biden for challenging governors, brent will take that up for us, brent is next. ♪ trelegy for copd. ♪ birds flyin' high you know how i feel ♪ ♪ breeze drifting on by you know how i feel ♪ [man: coughing] ♪ it's a new dawn, it's a new day... ♪ no matter how you got copd it's time to make a stand. ♪ ...and i'm feelin' good ♪ start a new day with trelegy. no once-daily copd medicine has the power to treat copd in as many ways as trelegy.
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you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. stuart: an organization that opposes critical race theory is taking aim in virginia, what are they doing? ashley: good morning i group called free to learn would listen his pain half a million dollars to air ads to target
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critical race theory and the school board in loudoun county virginia they call crt by political activist and when parents spoke up officials threatened to silence them the school board maintains they are not about indoctrinating students and staff but an effort to provide a welcoming inclusive information environment for all students. the ad that will run over the next two weeks on local network channels ends by saying let's get politics out of the classroom. multiple crt groups have sprung up to school board meetings as we overly witnessed across the country. stuart: great reporting, thank you very much. the liberal media embracing president biden's power grab with the vaccine mandates. it highlights what might be hypocrisy at the cnn headlines from last year rejected trump's
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threat to override governors. i guess it is okay if biden does it. media research center president joins me now, it seems the media absolutely loves the vaccine mandate, am i right? >> they do, let's try to figure out what's going on let's look at the why of the proposition, i've been thinking about this the left has become socialist and there's no question about it they see the government as a solution to all things but there is more than that, they also see the states as not having the right to make their own decisions if the government has a better idea, look at the constant attacks on texas and florida coming from the media not just the left but the media, why is it, in texas they see naïve, and florida they see naïve old people and they see
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the governor the nippy lady them and they see abbott and desantis manipulating, they will take the size of a government enforcing the vaccines and they love the idea that biden is saying stick it to them they can go to hell, on the other hand were trump is concerned it's a simple proposition. if he says white they say black if he says night they say day whatever he's in favor of their against. when he says will do the exact same thing that biden is saying in the case of trump that was a bad thing in the case of biden it's a good thing. stuart: it's hard to work it out really, it is rather simple, major media outlets are a snoring document that some say show dr. fauci lied to congress over the gain-of-function research over the wuhan lab, there is 0 coverage on cnn, and biz cnbc, new york times, washington post, they appear to skip the story, why isn't the
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media talking about this. >> goes against the narrative, here we go again what did trump call them, the wuhan virus and nothing was happening out of china because trump said there might be something coming out of their, it is interesting that there is a correlation between dr. fauci and biden and what he said last week, the biden mandate delivers so angrily and so arrogantly to the american people it is going to fall on deaf ears with the huge amount of american people that may not know the exact story about china and may not know the exact story of when dr. fauci lied about funding for wuhan virus but they do know instinctively that this government has been full of doubletalk on this vaccine so when the government comes in the form of biden arrogantly telling
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them get this vaccine or else, that will not go over well with a whole lot of people. stuart: i am in favor of vaccination but i opposed coker should, i suspect you feel the same. >> my position exactly, i had the vaccine but i think there are people that are genuinely afraid of this vaccine, they are genuinely afraid of what it may do to mothers. some of them are on religious grounds, how dare the government tell them that they have to take it. stuart: brent, always good thinking for being here, come again soon. i'm going to follow up on the wuhan lab story we have a new report from the daily telegraph from london scientist who dismissed the lovely theory do have ties to the wuhan lab. ashley take me through the
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story. ashley: of report claims 26 of the 27 signers, a letter that expressed doubt that the covid-19 originated in the wuhan lab actually had ties to the very lab that is a daily telegraph report in march of 2020 last year scientist across the world wrote an open letter in the british medical journal arguing that any lab leak theory would only have the word conspiracy before it. the telegraph investigation chose 26 of the scientist have ties to the lab researchers, colleagues or benefactors, interesting, yes. stuart: that's quite a reversal, thank you ash, more than 1.9 million people boarded planes on sunday, a new report reveals how much debt the airlines have rocked up, come back in again, you have a number on how much debt the airlines have in total.
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>> i do $340 billion, a 23% jump since last year since more coded cases are forcing travelers to cancel their plans according to bloomberg liberty sold $63 billion in bonds and loans this year just to keep the money flow going the economic recovery has hit a delta variant road bumps with other countries imposing quarantine roles in some cases coming to an end in u.s. and europe many carriers are returning to the bond market after last year's basic -- for cash and it appears investors are ready and willing to give ample funding and posted the prospect of a slow winter season, they have the money to keep on going. stuart: then we have breeze airways, low-cost carrier they operate a lot in texas and florida, their expanding, what are they doing.
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>> it's interesting they've agreed to by 20 aircraft as it expands operation to longer flights the extra 20 additional are on top of the existing order of 60 the low-cost airline began flights in may serving 16 u.s. cities in nearly 40 routes to midi cities of the off the beaten parler the new planes will be used on routes longer than two hours flight time beginning early next year, bookings are a little soft in the near-term because of covid-19 but looking further those bookings are looking a lot stronger. stuart: more on the airlines, southwest is extending the alcohol ban on flights until 2022. america decided not to resume alcohol sales on flights until january. drinkers are a little restricted. then there is this actress rose
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mcgowan thanks larry elder should be the next governor of california, she has a big problem with gavin newsom will explain what the problem is in a moment, my next guest visited san francisco he says it's even worse than he thought it would be and he said governor newsom is to blame, david marcus how to report and he is next. ♪ that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. if i could, i'd ten-x everything. like a coffee run... don't just sell it. ten-x it.
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(naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different. ♪ ♪. stuart: you are looking at 86 degrees today, a little cloudy right now, check the markets the dow is up 255 but we still have the nasdaq down 50 points, susan back with us, you have movers. susan: qualcomm is bidding $37 a share, this is taken into four and half billion dollars,
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qualcomm is trying to steal away it was agreed to a 4 billion-dollar deal with the canadian car parts maker international and this will be interesting like 35, the market tells you if you're not asked to offer price there might be risk and this potential offer i want to show you coinbase by issuing a potential m&a activity, they say when you raise an issue debt the stock goes down in pfizer's vaccine could be authorized for kids ages 5 - 11 next month and report to the fda to get pfizer in its vaccine partner by a wind tech the green light later on this month, to show you performances as well, airlines like united, delta, american and even boeing are outperforming today, these are travel value plays, the uk said they will not implement a vaccine passport but
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travel has underperformed over the summer months compared to the rally in the performance that we seen in tech there may be bargain rotation back into these type of travel names. stuart: maybe i don't really understand why the airlines are moving up today pretty much across the board, the heavily in debt only 1.9 million people passed through the tsa checkpoint on sunday, there is a lot of negatives in business travel is not back. susan: last week they said the sales are down 30% compared to 2019, they forecasted how bad it could get the chair with a delta variant which is been priced in. stuart: maybe so, price and the bad news goes up a little bit. i am lost. susan: that's why i'm back. stuart: thank you, thank you very much indeed. i have the dow up 268 points, is our next guest ready?
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i have a look at the market for a second our guest will be with us momentarily you and i have to tap dance about the market i like the gain for the dow industrial up 250 points. susan: there are some interesting market news the vicks the fear volatility index rose above 20 today and we do have the ten year yield coming down a little bit, yet market divergence and were coming off a few weeks of gains and that was cut off last week because of declines, this might be a pause in this might be the system to go to today. stuart: maybe dip buying, the dow is up to 64 excellent tap dancing we have our guest ready, we do talk about san francisco a lot on this program especially about crime, drug abuse,
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homelessness et cetera columnist david marcus joins us and he has joined san francisco, was it worse than you expected? >> it was much worse than i expected, happenstance the week before in midtown new york for the new york post and written a future piece about the real problem of homeless and mentally ill and addicted people, what i saw in san francisco was a magnitude, and neighborhoods like the tenderloin it's abandoned it's an open-air drug market there is intense lining the sidewalks and i saw no police on foot, i frankly saw no semblance of government services whatsoever, and look like something out of the third world i never seen anything like it like a major american city. stuart: why do you blame governor newsom? >> governor newsom had been the
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mayor of san francisco so anybody who is mayor of san francisco in the last 20 years needs to take something for this he's also the governor of the state and this is supposed to be a showcase city even in the downtown or financial district where you didn't see an overwhelming number of homeless and mentally ill, it was empty there was nothing on the street you look at new york and chicago and they are far more back to normal than what i saw in san francisco which is a very strange ghost town. stuart: and l.a. times columnist stays larry elder is a dangerous to communities of color. watch the state. >> we've been able to reach the minority of voters in california who embraced his white supremacist worldview and it's a real threat to communities of
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color. stuart: your reaction he poses a threat to communities of color, react. >> let's be absolutely clear what larry elder poses a threat to the power of the democratic party and the american left, they're pretty much aware that if republicans make any kind of significant inroads into the black vote that is game over for them and sadly, disgracefully the result is when lately racist attacks like someone wearing a gorilla mask and throwing eggs at a man who wants to be the first black governor of california occur the democrats who otherwise want to talk about nothing but racism have nothing to say about it because in this case it threatens their power and it is really a shame and it's a con game that the american people should be hip to buy now. stuart: david marcus a great report which we appreciate, we will see you again soon. then there's this actress rose mcgowan is supporting larry
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elder in the recall election, ashley, she has a big problem with gavin newsom, what is the problem. ashley: the actress rose mcgowan claim six month before she came forward with sexual assault allegations against harvey weinstein, gavin newsom's wife jennifer reached out to her to relate a message from weinstein's attorney david asking that macgowan, what it would take to make her happy the actors has been a vocal critic of newsom input or support behind larry elder be in the recall effort. take a listen to this. >> do i agree with him on all points, no, so what, he is the better candidate in the better man. i know you can do better and i know you can be better and i know this is the person that can push that better. ashley: newsom's office has not responded to macgowan's obligations, elder says he doesn't know if their true but
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he did tell fox l.a. that the actors has produced e-mail sent to her from gavin newsom's wife, that is the story. stuart: thank you, minneapolis could replace the police with the department of public safety if the judge oks the major it could be voted on as early as this week. business conventions are making a comeback the big manufacturing expo kicks off in chicago today, we will take you there after this. ♪
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by the way one of the country's most influential manufacturing conventions is underway in the windy city, grady trimble is there, the story is a major league convention is back, that is a big deal. >> it is the only restriction you have to keep your mask on the focus of the convention is 3d printing there are 3d printers as far as the eye can see making these figure rings which is our way to catch attention but this company makes all sorts of products you can see they are printing right now from car parts like a hood and internal car door panels. just remarkable to see all of these 3d printers at work. sme is putting on this conference and bob is thes the e
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hold. >> 3d printing offers so many different opportunities for making all sorts of new parts especially in the medical industry the aerospace industry, creating artificial limbs, lighter and easier to make a more focused on people. >> you mentioned a heart pump, could that be implanted into somebody's body. >> we have examples where they can create the heart pump ahead of time before operating on the person so it fits inside of them perfectly and they do that by scanning the person's body ahead of time and making it to fit. >> a lot of technology on display in the big story convention is actually taking place and they are thrilled to be back. stuart: the convention is back. thank you very much indeed, i have a big announcement from disney it is about new movies, ashley come back in, what are they up to. ashley: disney says the
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remainder is 2021 will be released exclusively in theaters before disney+. which shows it is optimistic about movie theater audiences returning or doesn't want to further alienate the theater change, either way an animated film of a magical family in columbia will be available exclusively in theaters for a month following the november 24 release it will then be on disney+ on christmas eve, the other schedule for the year will be in theaters exclusively for 45 days including marvels internals on november the fifth and every make of west side story on december the tenth movies heating theaters including roms gone wrong and the kings man, we can get back to the movie theaters like the fact that they don't have to compete with online streaming. stuart: new york city will start
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enforcing indoor vaccination mandates today, what happens if the business is ignoring the rules. >> and begins finding them up to $5000 if they do not ask for proof of vaccination. mayor bill de blasio says enforcement will be handled by civilian inspectors from 13 different agencies. the policy went into effect last month like public spaces like restaurants, gyms and entertainment venues. the entire city workforce returning to the office and the workers are being told get vaccinated or get test weekly, that is not sitting well with some city workers who protested against the mandates is past weekend while union reps say they want to delay until january, why not the state of new york has perspective return of its employees, by the way businesses in new york city get fined if they don't have proof of vaccination and in florida
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complete opposite if a business says you have to prove you been vaccinated to get in you could be fined for asking that proof. stuart: it really is the world turned upside down completely different. i have a story about zoom they're going to team up with horizon workrooms to bring the physical and virtual world together in the potential projects include a zoom whiteboard, live translation and transcription is not helping zoom stock down 2%, the market look at all 30 of the dow stocks, almost all of them that will be about 24 of the 30 in the green that means they are up in the dow is up 260 points. a pretty good rally, the seattle police department could lose hundreds of officers because of the vaccine mandate, if they don't get the job they could be
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out of a job. jason has a report from seattle. ♪ it's my life ♪ ♪ now or never ♪ ♪ i and going to live forever ♪ ♪ i just want to live ♪ ♪ while i'm alive ♪ ♪ it's my life ♪ ♪ it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. the new sensodyne repair and protect
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stuart: high school in washington state canceled its patriotic tribute for 9/11 saying it could offend some students. one student now says i was really upset and confused of why the thing was changed i went around asking students in our leadership, they explained that red, white and blue was going to be seen as racially insensitive and they affect people and the way that we will not understand and for that reason we changed our theme. jason broke the story and he joins me now, i could hardly believe it. >> i could hardly believe it when i learned about it students at a football game on friday night were set to wear red, white and blue clothing it was to pay tribute to those lives lost on 9/11 and keep in mind these kids were not born at that point. so to accept the role of history
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and take it on and wanted do something was kind of meaningful and they were told the theme for that game had to be canceled because they didn't have enough time to tell the opposing team why they would be wearing red, white and blue and that's what the school ended up telling me and they might be confused or offended by the colors what would be offensive about red, white and blue, nothing to reasonable people but when you throw in social justice angle to and when you get woke as the high schools tend to be they take a different look at the flag and how they view the country. stuart: i find it hard to believe now, nonetheless i expect to report, the police department in seattle could lose police officers because of vaccine mandate that is 20% of the deployable force, they can't afford to lose it many can they.
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>> no at that point if that were to happen it would be a catastrophic loss i see that liberty lost a third of the deployable staff since last year and the d from police activism, we are down 300 officers the lowest deployable staff since the 80s so on top of that based on the mandate coming if you don't get the job you lose your job, losing 200 or so we don't know how many would end up giving and getting the vaccine but that would completely decimate this police department at the time were last year we hit a 26 high in this year exactly the same point of homicide were on pace to match what we saw last year it is not a safe city because of the lack of policing and this will make it worse, the same time there is a state mandate for washington state troopers and their going through similar issues were not a single one of the religious exemption will be upheld within
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accommodation so they say you get the shot or you'll be out and we cannot accommodate you otherwise. stuart: it never stops, thank you for being with us today. minneapolis could replace the police with the public safety department, what with the public safety department be like. stuart: that's one of the big issues it would be up to the mayor and the city council to figure that out after the measure passes or if it passes, it's important to note that this case has done a lot of national intention is ground zero for the d from the police movement and activist believe this could be the first step toward siena and make it happen in other cities as well, today the legal battle over the exact measure that would clear the way for the city council to replace minneapolis police department over the public safety agency
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and jamie anderson just finishing arguments and will decide if voters will be able to vote on the measure as it stands in november or if it needs to be reworded and pushed to the election, the latest effort to get rid of the police department comes in the midst of the worst violence minneapolis has experienced in decades, violent crime is up 21% year to date compared to 2019 the number of homicides have doubled in the highest tracking 20 years, aggravated assaults are up 22%, that surgeon violence is in part why the city council abandoned its own effort to defend the police which they have bound to do following the death of george floyd over the past year, community groups have sued the city council saint is responsible for the uptick in crime in a group of folks from the community who brought the latest lawsuit arguing the language which was written by political action community to replace the police department does not make it clear as to what voters are voting on and what the consequences and they
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argue it's intentionally misleading there is a bit of a time crunch early voting starts friday and whichever side loses in this case is expected to appeal. stuart: why am i not surprised, good stuff, thank you very much, there will be more "varney" after this. incomparable design makes it beautiful. state of the art technology makes it brilliant. the lexus nx. experience the crossover in its most visionary form. . .
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i don't know but the answer is, texas. in 1997 the state legislated that absentee ballots could be cast from outer space. the only state that allows that. kate rubins from texas, voted from the international space station. she used her right to vote from space, offered no other state in the nation. only texas. my time's up. neil cavuto, sir, it is yours. neil: all right, stuart, thank you very, very much for that. we're enjoying a strong day at the corner of wall and broad. the dow jones industrials up 232 points but there is a battle back and forth, you heard and seen a lot more stories, see this every time this year, fed seeing we're having strong market. we're entering september, in october, can we keep this up, a lot of those anxious stories out there which is probably appropriate to have, you don't want everyone ridiculously bullish everyone is stunned on the way out and all of
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