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tv   Varney Company  FOX Business  July 8, 2022 9:00am-12:00pm EDT

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so long ago, you said that was happening and now we have the evidence. go ahead, alex. alex: yeah, maria, look, let's not forget the regulatory cost administration imposing on the community bank. maria: we have to jump. thank you so much, dagen mcdowell, alex sánchez, steve moore, cheryl casone, have a great day, everybody. varney & company begins right now, stu, take it away. stuart: i don't know whether you can pack any more people on the screen, maria, but you're doing a good job of it. maria: we try. stuart: good morning, everyone. serious stuff. japan is in a state of shock this morning. former prime minister shinzo abe shot and killed earlier today. he was giving a campaign speech for the upcoming elections when a man walked up behind him and shot him with a homemade gun. this is most unusual in japan and the country is stunned. former president trump says abe
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was a good friend to america. more on this later. here is on economic indicator, the economic indicator of the day actually, it's the job's report, new jobs looking strong. 372,000 and the unemployment at 3.6%. first off the stock market, prices down because maybe a stronger economy suggest it is fed will have to keep uptightening and the dow looking for loss of 50 points but the big drop is in the nasdaq, down over 100 points. bitcoin not much changed. holding right around 24,400. here is where the impact is really felt from the strong employment number. the yield on the ten-year treasury all the way back up to 3.07%. it's been all over the place this morning reaching as high as 3.15 just a few moments ago. you might want to ask, where is the recession with so many new jobs and an unemployment of 3.6%. we have the price of gasoline
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continuing to just inch down ever so gradually, national average is now 4.72 for regular, diesel also coming down ever so slightly, 5.67 on average. all right, let's get to politics. more democrats walking away from the president. "the new york times" says they are not getting the fighter they wanted. meanwhile the biden team is working on a slimdown build back better plan. it reportedly includes tax increases for those receiving so-called pass-through income like hedge-fund managers and partners in law firms. those people vote democrat? i predict a strong search in lobbying. outrage, new york city, bodega guy seen assaulted by a career criminal. he grabs a kitchen knife and stabs attacker to death. the bodega guy is charged with murder. his bail was initially set at $250,000 which he could not meet so he spent time in notorious
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rockers island prison. the bail has been lowered and he has been released but haven't we had enough of these radical da's who seem to regard victims as criminals? friday july 8th, 2022 varney & company is about to begin. ♪ ♪ ♪ stuart: a dramatic development today, the former prime minister of japan shinzo abe has died after being shot. lauren with me going through it. lauren: began delivering a campaign speech in nora, japan, we should warn you the video we are going to show you, it's graphic and it shows the moment that the gunman attacked.
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so abe pronounced dead at the hospital, the suspect is in custody. he admitted to the shooting. he used a home handmade gun because japan has some of the strictest gun control laws in the world. the motive is political. the suspect says he had a grudge against a specific organization which is believed to be organization that abe was part of. stuart: i believe that japan is stunned at this and there's talk of delaying postponing briefly the upcoming elections. lauren: on sunday. stuart: the impactful. there you have it. move on. we have the latest job's report, job's number, we have all seen it, 372,000 new jobs, 3.6% unemployment. lauren, that doesn't look like an economy in recession to me. lauren: or a job full recession.
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so more jobs, yeah, more added in june, unemployment rate held again at that two-year low of 3.2. this is a message to the fed, go, go, 100%. as of now 75 basis points next month and 25% probability that they go 75 again in meeting in september. they will be nibble and way for data, we get cpi. there were sign of weakness, earnings increased but not, you know, .3% month over month and the annualized gained 5.1% in the year but the number has been coming down for 3 months. >> 5.1% growth in wages. lauren: annually. stuart: 8% inflation rate which wipes out the wage gains. lauren: update next week. stuart: jason chaffetz joins us
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this morning. "the new york times" says the administration is working on a new build back better plan that would raise taxes and spending. is that what this economy needs, jason? jason: no, it's not. not for inflation, not for the health and vitality of the federal government. let's talk about cutting something else? stuart: that'll never happen, never. never. jason: never happens. we are always talking about raising taxes and spending more. it's just not a formula that works. but that's where the democrats are and where biden wants to go with it. stuart: if you chuck in i don't know how many billions, billions of dollars worth of spending, if you chuck that into the economy any time soon and an economy like this one, i have to believe that it increases inflation, that's what i would think. jason: yeah. they are trying to throw more money at this.
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revenue to the treasury is fine. we don't have a revenue problem, we have a spending problem and yet every time that we turn around they want more taxes, higher revenue and spend more and that's why we are more than $30 trillion in debt. we are spending more than a billion dollars a day in interest on our national debt. we are going to surpass defense spending just an interest on that national debt. stuart: that is extraordinary. the times, new york times highlighting and here is the quote, biden's measured approach at the time of political few po. i don't see him running in 2024, can you? >> i can. i didn't see him running last time and being successful. look, joe biden didn't suddenly change in the last 18 months. democrats knew what they were getting.
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they knew what he was like for 24 months ago. we had seen him in the public eye for 20 years. they buried him in the basement and canceled the debate and let him run and be there and now they are saying the guy is inept and he's a fool, he doesn't inspire people, he didn't inspire people before. what did we think he was going to get? don't tell me democrats that you're surprised but it, you got exactly what you signed up for. stuart: we will see you again real soon. i have a story out of the washington post and it says elon musk plan to buy twitter is in serious jeopardy, tell me more, lauren. lauren: it appears that the musk team leaked to the washington post and they say we stopped engaging in financing on the deal which does, indeed, put it in serious jeopardy because they can't get reliable information on the number of spam accounts. this could be posturing by musk to renegotiate a better price. there's more news, twitter
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cutting 30% of recruiting people, about 100 people, hiring freeze for two months now. this is my opinion, if elon musk has the super bad feeling about the economy right it goes into recession, twitter is cutting staff, 85% of their revenue comes from advertising. why would he still want to buy the company? stuart: very good question. very good question. it so happens that we have the man himself, dan, the analyst of all these companies. do you think that musk will eventually take control of twitter? >> look, i think right now it's more than 50% chance he either walks or looks to get a negotiated price because of bot fake account, 42, 45 is probably likely, 54-20 is better chance me paying for the yankees. stuart: he will pay $42 billion for a company which isn't doing that well? >> i think that's why now it's in renegotiation, i believe rite now it's one and three chance
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that he walks, fight twitter in court. if twitter is a stand-alone company, that's a sub 30-dollar stock and right now this is a game of high stakes poker between musk and twitter board backed against the wall. stuart: i'm in the buying twitter at 37, 34. i'm not going to do it. on the screen please, yield on the ten-year treasury. 0.7%. dan, that went straight up and text stocks come down, big tech stocks come down. what's the connection between a higher yield on the ten-year treasury and microsoft and apple and all the rest of them coming down? >> it's really a risk-off, as you continue to see ten-year inverse relationship with big tech. i will tell you, look at tech the last few weeks. you have seen significant rally. tech is oversold. you will continue despite neglect-jerk reaction and see rotation toward tech stocks into q2 earning season because
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continue to believe the bark is worst than the bite. stuart: excellent, we will get you on the earnings a little bit later because you, sir, are going to sit there for the entire hour, thank you very much, dan. futures, please, lots of red especially the nasdaq and that's because of the higher yield on the ten-year treasury. you've seen this in bodega worker thrown in jail for defending himself against a career criminal that attacked him in his store. even new york city's mayor says he was acting in self-defense. the bodega guy that is, roll it. >> it's time for new yorkers and americans to start standing up for the people that follow the law. stuart: yes, sir. president biden heads to saudi arabia next week to beg for more oil. one democrat says it makes no sense. i will ask oil expert daniel what he thinks, dan is on the show after this.
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stuart: the beach boys. i do believer i'm right. there you go. don't worry, baby, the beach boys. a little cloudy and go to 84 degrees today. that's florida. gas still high, national average 4.72 a gallon. i want to know, lauren, who is advising the president on his energy policies? lauren: i don't know. i don't know. i mean, two bloomberg journalists really strong and critical interview asked the top economic adviser that yesterday. >> who is advising the president
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on shockingly naive price theory over a gallon of gas? >> so the president is not shockingly naive using tools at his disposal. >> central planning. are we going the decide what's fair and not fair and then go on twitter and say this is unfair, bring the prices down? is it market or not market, capitalism or central planning, where is this white house going? lauren: jonathan of bloomberg, that was a tough interview and it shows the white house's complete misunderstanding of capitalism that you can't just order a mop and pop gas station small business owner to lower prices because you need them to to cover for your own bad policy. stuart: you're coming on with strong opinions. go for your life. very good stuff. look at the price of oil now. 104 a barrel. look who is here. man himself, expert on oil, daniel joining us
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now. this is something that i don't understand, dan, the president goes to saudi arabia next week begging for oil. why doesn't he drill more here? what is stopping that? >> well, people are drilling here, drilling rig count in the u.s. is up about 60% compared to last year. in fact, the united states will add like 800,000 to a million barrels a day of new production more than all the rest of the world combined so the u.s. is also a place to look for more oil. stuart: couldn't we encourage a whole lot more? >> well, i think strangely enough the supply chain problems that you're seeing in other parts of the economy are in the oil and gas sector too in terms of shortage of people, shortage of pipelines and things like that and companies who are still going to be cautious because of the pressure from the financial community. so we are going to get more but i think, you know, the president
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is going to go to saudi arabia, they'll say it's not about oil but, of course, it isn't, it's about strategic issues, iran, it'll also be about oil but not clear a recognition that everything tied in the oil market including even saudi arabia so they don't have a gusher to open up. i think they'll provide more oil and the fact that this opec plus arrangement they have is ending enables them to do that but you're not going to find the solution there. it may help psychologically some but this market is really tight and really vulnerable. stuart: is it possible that the russians would turn around and say we not going to give so much oil to europe and restrict the flow, if they did that, what happens to the price? >> well, that's a very good question because that's exactly what they're doing with natural gas right now. they are driving up the price, they are basically waging economic warfare through their gas and i think there's this talk of a price cap that kind of
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negotiated price cap, international price control on russian oil but putin can completely undermine it by saying we are cutting supply by 2 million barrels a day and, stuart, you're right, the price would skyrocket. stuart: when do you think renewables will be able to take over from fossils? >> well, you know, wind and solar don't really go into your gasoline tank, so i think, you know, we are going to see in the u.s. new electric generating capacity which is what wind and solar deliver are mostly going to be wind and solar renewables but they're only going part of the mix and i think this is one of the things when i was writing a new map i looked at really carefully that the world is going to be using oil and gas for a long time and now there may be something called carbon capture but oil demand is going up and the latest numbers show that hydrocarbons are 82% of
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global supply. that's a lot of global share energy supply. stuart: we will need it for a long time to come. appreciate it. yes, sir. rokana, leading progressives in congress, democrats, what is he saying about the president's trip to saudi arabia next week? >> did you mention that he was also from california? stuart: i should have. lauren: he says the trip and the white house policy on energy and i'm quoting here, makes no sense. >> look at the irony we are going and begging outside so saudiarabia while we are exportg and the saudis are going the play us. i have no confidence that the saudis are going to do something that is going to bring prices down in this country. lauren: there seems to be no support for what the white house is doing here. we are begging for oil when we can produce it better and cleaner than anyone else right here in the u.s. stuart: got it. dan for the hour, dan, does the
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price of oil or the price of gas ever come into your calculations about where big-tech stocks are going? >> look, it's about inflation rates. what you're starting to see in the last few weeks in terms of tech, streets starting to price in firmer earnings and what i would say 8 to 10% earnings cuts baked in and stagflationary environment rather than massive stagflationary environment. big techs are starting to rally. stuart: big tech is down but until today it's been pretty a pretty solid move up, i think. >> i think you're seeing rotation away from energy away toward tech. tech to me is oversold. we have seen in the last five, six years, you're willing to hold it through the storm and you look on the other side 9, 10 months, apple, microsoft, tesla among others, these are names that continue to move higher, a
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lot of bad news priced in. stuart: all i need two or three horizon and i'm okay to jump back in to tech? >> there's a lack of secular growers. that's why you're seeing the rotation back here. stuart: thank you very much, sir. stay there. check futures, please. red ink especially for the nasdaq down around 120 points. the opening bell is next. ♪ ♪ ♪
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stuart: 3 and a half minutes to go before we open the market. big loss this morning looks like it's coming on the nasdaq. so show me big tech, please because that's -- their home is the nasdaq and they, of course, are all down. apple is down a buck. amazon a buck 65, meta at 2 bucks, et cetera, et cetera. big tech is down this friday morning. dan is with me. he covers big tech. what are you looking for in the earnings reports from the big tech companies next week? >> i think there's two things. one are you seeing softening demand on enterprise because that's really right now the rock
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of gibaltrar and what types of numbers that you get and baked into the stocks are 8 to 10% earnings cloud. you starting are see currency positive that's where tech stocks rip higher and that's ultimately the setup here in the underowned tech sector that's been demolished this year. stuart: the bad news keeps oncoming. it's not so much bad news but negative viewpoints about the environment and the news of the day. it's entirely negative these days. i think they have been beaten down badly. >> but also you can't paint them with the same brush. they'll go away multiples and continue to compress but you look at the names like amazon, google, you look at enterprise cybersecurity, names like palo alto oh crowd strike.
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i think that's the difference here as someone who covered 21 years, a much different setup and tech should be bullish here. stuart: big tech -- that's just a knee-jerk reaction to rise in interest rates to ten-year? >> knee-jerk, all focus on earnings, if that's better than expected, i think that's where right now the setup is for tech stocks to roar higher led -- >> stuart: 305 on ten-year treasury. a few minutes ago it was 3.15, that's an extraordinary move in bonds. that's hundreds of billions of dollars moving around, right? >> i think what you're seeing the sentiment is so negative and so many yell fire in a crowded theater and as lauren talked about, this is starting to be a goldilockses type job's report. you factor into that season, we saw a few of them in terms of tech, so right now you are looking on both sides of the
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road and the draconian, we are not seeing that yet. you are starting to see in earnings play out you are starting to see a green light for tech stocks, that's the key here. stuart: big question, dan ives, if i buy more microsoft today, am i okay two years down the road? >> i think that's a table pounder for the next one or two years. i believe that's a name if you look at cloud despite all the haters, only 40% cloud business. that's the purest cloud play out there. stuart: don't for one moment believe that because i own microsoft i'm pounding the table for microsoft. thank you very much, dan, it was great stuff. market is now open even split among the dow 30 which is on your screen right now. half up, half down. no clear path here. the dow is down a mere 20 points. that's all you've got. as for the s&p 500, down one-third of 1%, nasdaq composite down almost 1%, that's
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where the losses are, that's because the yield on the ten-year treasury has moved up this morning. big tech all down at this moment, apple, amazon, meta, alphabet, microsoft all down. show me game stop, please. cfo is out. i think they have more layoffs and the stock down is 6%. lauren: mike, he was forced out. he came from amazon to help turn gamestop around, the chairman, the activist ryan cohen doesn't think that he fits company's culture. he's out. we don't have a specified number but at the corporate level so not staff from retail stores to be nibble. was it just yesterday we were talking about announcement? stuart: i want update on levis strauss, the jeans people, they are still down on the -- >> not as much as some of their peers like gap, they are down 34% this year.
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what i found out even if people go back to normal activities, weddings, back to the office, we are still dressing comfortably and casually and that's good for levi strauss, their jeans are they -- stuart: i'm wearing levi jeans as we speak. lauren: you have dockers on, dan because they are dockers. stuart: good idea. lauren: they reaffirmed the outlook and raised quarterly dividend. that works for me. let's talk warren buffet because he's buying more and why? >> why doesn't he buy the whole thing at this point? he bought additional 12 million jurors at cost of $700,000. now owns 19%, occidental share price has doubled because of war
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and energy prices spiking. stuart: throughout my professional career, warren buffet has always been the leading investor. he was, i believe, the first person to make a billion dollars in the stock market, first individual. lauren: probably. stuart: am i right? still going strong. >> the gold standard. stuart: that's right. the ten-year treasury, i want to see where it is now. it's at 3.05. that's volatile today, 3.15 and now 3.05. price of gold, way below, 17.39. bitcoin at 29,200. oil above the hundred dollar mark. 104.60. but california informationing down, they are getting close to 6 bucks, 6.14 as we speak. 372,000 jobs added last month. mr. secretary, great to see you, thank you very much for being on our show today.
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>> thanks for having me today. stuart: yes, sir. wage growth 5.1%. inflation 8%. so mr. secretary, workers are still losing ground. >> well, you know, we have -- we are not denying that we have work to do on inflation. clearly in the united states and the globe, but, you know, when i look at this report i look at some of the positives here. the private sector employment is back to pre-pandemic level. we are seeing manufacturing back to pre-pandemic level. we saw good growth in child care workers this month, first time in quite some time. warehousing, we have seen some growth. on the positive side before i go to the other side, we are seeing some really positive signs where people going back to work and wage growth, largest wage growth, historically low-wage workers. on the inflation side, clearly we know we still have work to do. those numbers, new numbers come out next week and we will see what we are able to do there. the president is making moves to
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move inflationary pressures down. the situation in ukraine with putin's war in ukraine which is still driving prices up all across the globe in different areas. stuart: mr. secretary, i think the president's plan on inflation, there's lots of components to it but one of them is to spend more money to bring costs down like the for drugs and for child care, spend to bring costs down. if you spend that kind of money, wouldn't it raise inflation? >> well, it helps families in america when you're bringing cost of drugs down and -- >> stuart: 200 billion in there. >> it would save families to have more money in their pockets and getting assistance. the child care by the way have to go through legislative approval, it has to go through congress. we are not sure what's going on there and we are seeing this month is the first time that we are actually seeing gains in child care since the pandemic began. you know, and families in america that want to send kids
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back to school and back -- families that want to go back to work, a lot of people that want to go back to work that aren't in the job force, 5 million people roughly, a lot of the families can't afford child care and they are making decisions based on what they can afford and can't afford. stuart: to be clear. okay, you might lower costs for some but you do not lower prices. >> no, you don't. quite honestly if you -- if the president doesn't address child care and congress doesn't address child care the prices will continue to spiral upwards and we will have bigger issues with job shortages and more help wanted signs in windows in america. when they talk about the job's report one of the areas that's coming back but not anywhere where we were pre-pandemic is retail and restaurant and hospitality. those industries are hurting. you can see it when you go eat at restaurants. restaurants are hurting because they don't have the people there. quite honestly a lot of the folks that are working in those industries have children and they can't -- they don't have a place for their kids to go. i think that you can't make a decision based on -- i don't
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think, this is walsh speaking, i wouldn't make a decision what's going to add to inflation if you're going to help the american worker and the american family and that's what the president is doing. stuart: let's wrap it up with that. marty walsh. >> thanks for having me. stuart: we are down 60 on the dow. all right, meet the man vowing to take a blue torch to president biden's agenda. roll tape. >> i'm eric smith and i think joe biden is a total disaster and that's why i'm taking my blow torch to his socialist agenda. stuart: tell us what you really think, eric smith will be here to tell us what he will torch first. need a fresh towel, maybe extra shampoo, well, there's a robot for that. we will introduce you to the company sending these robots to short-staffed hotels all across the country.
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they're actually working right now. attention, home buyers, hottest housing markets are starting to cool. one expert thinking that things are going to get worse before they get better. you'll want to hear what economists have to say about that. she's coming up. ♪ ♪ ♪
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stuart: first thing on friday morning but you are looking at charleston harbor marina. okay.
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south carolina, it's 84 degrees rite now. not too sunny. look at the headline, democrats seek to tax wealthy in bid to sure up medicare. larry kudlow, come on in please. the time says the democrats want new taxes and new spending. do you think you can kill this off? larry: only -- only if you let me meet the guy who wants to torch their agenda. [laughter] stuart: i will bring him in the studio and you can come into the studio for that, larry, how about that? i'd love that. larry: you got a deal. look, i think it's very odd to me, so they are going to extend the so-called investment, 3.8% tax to small businesses. that's what this is about. llc's and subchapter s's and the last thing in the world we need is tax increase on anybody if you ask me but especially small
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businesses. we are heading into a recession and why would you want to raise taxes that would deepen a potential future recession? i mean, we are in the front-end of a recession. this whole package is a bad idea in my judgment. i mean, i don't want a trillion dollars of new spending, i don't want a trillion dollars of new taxing. i don't want 3 or $400 billion of yet more green new deal, you know, investment tax credits for climate change which by the way are revenue losers and have to be financed by yet another tax. i am hoping that my hero at least from save america kill the bill joe manchin will not break my heart and will not go into this deal and i'm hoping that senator synema will not go into this deal. more spending is inflationary. higher taxes will deepen the recession. it's a terrible idea and we should torch it.
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no question. stuart: it might not be a real deep recession. today's employment numbers were pretty good i have to say. it doesn't look like a recession scenario that we are in according to employment report right now. >> well, take a look at the details. you know, open up the hood, go under the hood because payrolls went up after last month down revisions, payroll is up around 300,000. it's a very respectable number although it represents a slowdown from what we've had 1 months ago and a year ago but, stu, the household survey which is very important, that's where the unemployment rate comes from, that bill about the payroll survey went up so i issue a warning, household numbers have been slowing for several months, the unemployment rate is about to start increasing and the other point i want to make is after inflation
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wages fell. stuart: yeah. >> again. earnings adjusted for prices fell again. so there's a lot of weakness there and anyway, you are not going to solve a recession whether it's deep, medium or light, you're not going to solve any recession by raising taxes or by raising regulations and that's what the bidens want to do. i think this is absolutely dreadful idea. one other point, you know, money is fundable in the federal government like any place else, stu, they are going to increase tax to raise $200 billion, that would go into the general fund which is then going to finance supposedly medicare. i'm not sure how they are going to do this. remember, medicare and social security predominantly have always been funded by increases in the payroll tax. this is a departure and it makes
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me think between the lip and the cup there will be a lot of fooling around to finance other spending not just medicare. i have to see the details on this. i'm very skeptical. stuart: i think you're right, larry. we will watch you at 4:00 o'clock this afternoon on fox business network. larry, look forward to it. we will see you again later. next case, a host at msnbc doesn't think democrats should get the blame for inflation. what is stephanie rule saying? lauren: she makes a point that i think is right. she says people feel dismal right now and you vote based on how you feel and then her argument seems to defend the white house policies and statements as facts, for instance, that inflation isn't so bad here comparebly. >> what's inflation rate in hungary. >> the problem is they are in the thinking about how things cost in hungary.
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so you have the facts on your side but people vote based on how they feel and you have to address that. lauren: so they were discussing the republicans messaging for november and the democrats messaging for november and she comes in and says you vote on how you feel even though she wasn't saying what the white house is doing is wrong. stuart: okay. well, okay. dan ives still with us. we're at the 40-year high for inflation, over 8% of the consumer level, has it peaked? >> look, i think you're starting to see signs that that potentially it peaks in terms of the supply chain, certain food prices, inputs and everyone is waiting for the magic data point to say, okay, we have peaked but i with tell you that we are seeing down the chain especially from asia, some of the shipping data from chip perspective, we believe that we are definitely starting to see prices come down
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and that's important -- >> stuart: yes. >> that ultimately when you look at chips, when you look at hardware, i think that's something during earning season. that's a big focus in the next few weeks. stuart: inflation might be moderating a little. that's good news for the tech stocks. >> continuing the hate, tech stocks are telling you something. stuart: good stuff. dan, hold on a second. coming up is what we have, the governor of florida manning a fundraiser can high-profile republican donors, does that mean ron desantis is running? i will ask someone who might know more about that. one for the record books, take a look at the thinnest watch ever made. we will tell you how much it costs and how thin is it? we will be back. ♪ ♪ ♪
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that can scale across all your clouds... we got that right? yeah, we got that. it's easier to be an innovator. so you can do more incredible things. [whistling] this isn't just freight. these aren't just shipments. they're promises.. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion,
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because it means everything to you.
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stuart: ferrari as in the car people, well, they have a watch that's more expensive than an actual ferrari car. how much are we talking about here? i know it's this thin thing and
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how much does it cost and how thin is it? >> $1.9 million and they are only making 150 of them and it's 1.75 millimeters thin. at one point you'll see it on the gentleman's wrist. it's perfectly flat and one of the reasons it's so expensive, yes, it's a collaboration with richard, legendary watch maker with ferrari and you can sell something for that much. stuart: okay, they don't make that in a car factory, do they? lauren: is this a hint for your birthday next year? stuart: i don't want want it. what do you see as the two most important stocks today? >> i think it's apple and tesla. stuart: apple and tesla. >> those are barometers on consumer demand and zero covid issues. if we get through apple and tesla earnings better this year,
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i think ultimately that's fuel in the rally for broader tech because that's going to have huge ripple effects. stuart: are people predicting bad earnings report or disappointing, is that what they're thinking? >> i think the new york city cab driver is super negative on apple going into the quarter. stuart: important indicater? >> shows up what the setup in tech stocks, betting against apple, cook going to iphone 14 cycle. i think it's a bad bet and i think this is a stock that has a two in front of it. stuart: tesla, musk distracted by twitter and all the rest of it? >> look, i think that continues to be a black cloud over the tesla story. i think it's 100, 150-dollar a share. what we have seen lower price on twitter to 43. that's ultimately going to do it's a positive for tesla and i think for twitter it's a white-knuckle period ahead because the board will have to make tough decisions.
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stuart: if he walked away from twitter, paid a billion dollar fee, would tesla stock goes up? >> he will have to fight this in court, long court battle, it's a sub 30-dollar stock. stuart: dan, thanks for being with us. we enjoyed it. >> me too. thank you so much. stuart: still ahead, the attorney general of arizona, the attorney general of missouri, eric schitt. 10:00 o'clock hour next. ♪ ♪ ♪ . ..
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>> rolling stones, can't you hear me? it is 10:00 eastern. red ink appearing all over the place, dow down one hundred 40, nasdaq down one hundred 30 one. the 10 year treasury yield all over the place, it is 3.06%. a couple hours ago it was 315
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so you come down to 306, the price of crude oil $102.91 a barrel and bitcoin last check was 20 one thousand dollars, that's the market this friday morning, now this. another outrage in a city with a soft on crime district attorney. there is videotape. i will get to that in a moment. let me set up what happened. a woman walks up to a bodega in manhattan, new york city, she wants to buy a bag of chips using electronic benefits card. there wasn't enough money on the card but she says she's getting the chips anyway. the bodega worker says no you are not, she brings in her boyfriend, rolled videotape. the boyfriend is a career criminal on parole after being imprisoned for attacking a police officer. there is an altercation, the bodega guy, 51-year-old josé alba is assaulted but he
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grabbed a kitchen knife and stabbed his attacker to death. here's the outrage. alba, with no criminal history, is charged with murder and when he appears before judge is thrown in the notorious prison without bail set at $250,000, soft on crime manhattan district attorney alvin bragg asked for doubles that but during another hearing yesterday a judge ruled lower the bail $50,000, alba is now out, got its. out me, ago fund me page was set up for him, go fund me shut it down on the grounds that you can't raise money to get people out of jail when charged with a violent crime. entitlement, there are now so many people who think they are entitled to free stuff even if it means roughing up store clerks. how come a man defending himself in a lawless city is charged with murder and
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sentenced to hellhole because bail was set at a ridiculously high level? this is the work of das like alvin bragg of new york, george gascon in los angeles and the now recalled chester bodine in san francisco. they have all got to go. second hour of varney just getting started. david avella is with me. you will never get people back in our cities with crime running rampant like this and das like this. >> you are correct. the fact we have prosecuting attorneys who won't enforce the law. on the first day in office many of these progressive das sent out a memo saying these are the laws we are not going to enforce. when you think of it from an
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election perspective the very people who believe they are going to get fought for are left behind. you see individuals leaving cities and heading out to other areas where they can be safe. dirksen senate office building 0 the governor of florida, ron desantis planning a major fundraiser in utah, the wealthiest republican voters have been invited, looks like a signal that desantis will be running. what do you say to that? >> i will give you 110 million reasons ron desantis is looking at this, sitting on $110 million. where those donations are coming from, it is not just wealthy individuals as you referenced, it is men and women giving him 25, 10, $15, that his appeal goes across the spectrum of republican donors. that said, with a president
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with an approval rating in the mid 30s every republican is thinking of joining at this might surprise you, no incumbent president under 40 has avoided a primary challenge. not only do you have a lot of republicans looking at it but democrats looking at who might challenge president biden in the 2024 primary. >> donald trump may declare early. would he do that because desantis is gaining ground? >> i don't think donald trump is looking at any other candidate in the field to make his decision. he will make his decision. the challenge for him is no incumbent president who lost has come back to win another term so he would be beating history but he has beaten history before. as he assesses the field he is going to have to assess his decision, i don't think he will care who else is going to get in the race.
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he believes he can beat anybody in the field so he has to use other factors to decide if you wants to run or not. >> it will be quite a clash, desantis versus trump if that were to happen. we will see you. there's an op-ed celebrating a potential presidential run by ron desantis who said what? dirksen senate office building and opinion piece by rich riley, liberals should welcome ron desantis's rise, this is an argument, he's popular enough to replace donald trump, many democrats think trump is downright dangerous, a threat to democracy so democrats should welcome someone who can take the trump threat out but a lot of other democrats think ron desantis is more dangerous and the reason is he is effective. he is effective enough to win the presidency. that is why they think --
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>> rich larry is a never trumper, he will go that way. >> he made a lot of decent points. >> i read it too. dow is down 120, nasdaq down 101, s&p down 25, reading on the left-hand side of the screen. 372,000 jobs added, unemployment rate staying at 3.6%, doesn't sound like the recessionary economy. >> even i was surprised at that. at that perspective it does not. you are seeing the market, seals the deal, as aggressive as they said they would be in two weeks, you are seeing
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pressure on the market, it suggests the labor market. and and their work at higher wages, a little more work and understanding if the report is better. >> i'm with you on this. i can't understand where you got 11 million open jobs, you do have a few million people unemployed, and something changed during the pandemic. >> are there such -- and there's not enough help, and cleaning people are concierge people are people at the front desk, not sure where these people are or why they are
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coming back to work. >> wendy you expect to put money back in the markets? >> i am putting money on the market every month. people are comfortable holding builder cash. and i asked about microsoft, i'm all in on microsoft, you got to buy it and am i buying those things, no. but there are opportunities so i continue to put money into the market strategically. >> that is a good word to use, strategically. >> happy birthday, i missed it yesterday. >> we had a grand old time, everybody was chiming in. thanks. looking at the movers, twitter is moving. dirksen senate office building down 3%, the washington post
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report this deal is in serious jeopardy and the elon musk team has stopped engaging on financing of the deal. that's the report, they can't get reliable information on spam accounts and this could be posturing by musk to renegotiate the deal. >> dan ives was on the show, negotiating much lower and if he did that, if he walked, paid the deal, tesla stock would go up. dirksen senate office building tesla stock is down 25%. there you have it. >> if deal is off mentos on might go back up. 6 flags down 7%. the problem? dirksen senate office building to go cut them to neutral and took the price target to 26 from 30 one. they are beginning to see signs of weakness across the theme park industry especially in the month of june, they do channel checks if you will, site foot traffic and june numbers were really bad.
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>> could you -- to go places. >> could you sort out spirit airlines? i can't stand it. dirksen senate office building three — two airlines on spirit to keep track for how much. spirit is going to merge with jetblue or at frontier or no one and they delayed for the third time their shareholder meeting about this. it is set for one week from today. jetblue offers stronger in the amount of money, 3. $7 million than the frontier opera but spirit said it will be like frontier. what do they do now? they don't know, they will talk about it some more, spirit is up 3%. blue one we have more reports to do on this. dirksen senate office building it is about the florida market and lower price tear of travel. >> competition in the lower tier section. bank of america has a new report on consumer spending. are people still spending?
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>> yes. when you look at credit and debit cards, bank of america senate rose 11% from last june so we are in good shape as we pay more for everything but we are not out of the woods. this is where they see a slowdown spending on services and lower income households. obviously they struggled most when you take out food and gas, there spending contracted last month. this fall we will get a clearer sense after pent-up demand, summer vacation, how strong the consumer is. and the economy. stuart: only time will tell. the white house insists they have a plan to fight inflation, but the attorney general of missouri says biden's policies are a total disaster, roll tape. >> i think president biden is a total disaster. that is why i am taking my blowtorch to a socialist agenda. in the senate i will turn the heat up on the biden democrats.
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stuart: attorney general eric schmidt says time to take the country back. he will join me after this. ♪♪ finding my way forward with node-positive breast cancer felt overwhelming at times. but i never just found my way, i made it. so when i finished active therapy, i kept moving forward and did everything i could to protect myself from recurrence. verzenio is the first treatment in over 15 years to reduce the risk of recurrence for adults with hr-positive, her2-negative, node-positive, early breast cancer with a high chance of returning, as determined by your doctor when added to hormone therapy. hormone therapy works outside the cell while verzenio works inside to help stop the growth of cancer cells. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor, start an antidiarrheal, and drink fluids. before taking verzenio, tell your doctor about any fever,
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no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist stuart: reading on the market does not as much is there was common nasdaq is down 62. the administration continues to insist they have a plan to take on inflation. mark meredith, the administration give any details on this plan? >> reporter: wishing you a happy belated birthday.
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the jobs report to fuel the president's message the us economy remains strong even though we have growing concerns about inflation at high gas prices and the labor market overall, we saw the president in cleveland telling the message things are not all doom and gloom. just yesterday the white house was asked where things stand with the economy the protector insisting it is not lost control of the economy. >> we understand what the american people are feeling and doing what we can, we have a plan. republicans do not have a plan. what they want to do is take away rights from the american people. >> americans are worried where the us economy is sending, the economy dominating other issues like abortion and guns according to a survey from monmouth university. what is notable in the last few weeks, we've seen increasing number of democrats openly challenge the white house to do more to address the economy and
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other economic challenges as republicans see this as a sign of discontent in the republican party may only help them come november. >> even democrats understand this is a disaster for the country and their political chances in the upcoming elections. i think it is the reason we are going to win. >> reporter: a lot can change between now and november, we are seeing messaging from the white house as they are trying to slam the former president saying the latest jobs report is proof they have a winning message when it comes to the economy, more people at work now compared to the previous administration. stuart: thanks very much. eric schmidt is attorney general of the state of missouri who joined me now. you are running for the republican senate seat in missouri. you use the blowtorch in your ad. tell me what is the very first thing you would set fire to in biden's agenda, the very first thing?
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>> we need to be energy dominant again. happy belated birthday. this idea, on day one president biden came into office and did a bunch of things to reverse the successes we had under donald trump, the america first agenda but what people are feeling at the pump in the grocery stores this energy crisis we have and it is on purpose. this is not an accident. offshore drilling, drilling on federal lands, keystone xl pipeline, we found out the strategic petroleum reserve being tapped are being sent to china, not the united states and other countries, this is a total disaster. we need to have all these options on the table, all the energy for generations to come, we need to be energy dominant. the other thing is we've got to secure the southern border. i'm tired of being told by the elites of the sovereignty of
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other countries borders halfway across the globe but no interest by the democrats about the southern border, they welcome it. american - elizabeth warren talking about amnesty, we have to take care of america first, middle class families are struggling, stopped a reckless spending, secure the border and be energy dominant again. neil: i hope you can change that. you are threatening to sue cities that pay for their employees to travel out of state for abortions. i got that but what about private companies? a load of private companies are doing that? going after them or not? >> we got to make sure under missouri state law it is illegal to use public funds for abortion so these woke mayors in kansas city, it is ridiculous, it is illegal, we are going to sue them and you've got companies willing to
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do that but won't take care of their employees as relates to leave to take care of their families and support families but willing to pay for abortions or traveling out of state. the priority is messed up, people ought to pay attention to this but one thing that is important to note, the pro-life movement this is a big victory, took 50 years of prayers and hard work and we got rove we wait overturned, i signed the opinion to end abortion, a lot of hard work, what did democrats do? threatened to pack the court, a limited -- try to assassinate supreme court justices, these folks are nuts, conservatives have to continue to support families and the sanctity of life at every turn. neil: thank you for being on the show, we wish you well in your campaign. democrats are calling on the president to take action on abortion access. is he paying attention? lauren: yes, he is and he is under a lot of pressure
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especially from the far left to do something, two weeks ago today we were sitting about this time when the decision came down when the supreme court returned abortion rights to the state and president biden is expected to sign exec of action including new measures to safeguard access to contraception directing the department of health and human services to make sure abortion related medication is available and clarifying legal protection and response ability of healthcare providers that treat women. the exact path that this can be done is very unclear but as we said he is under pressure because it has been two weeks, to be more forceful here and is going to use as a rallying call for november. stuart: he is indeed but the measures he is suggesting are hardly radical, hardly forceful at all. >> they differ state-by-state, which is why he is under pressure to do something when
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there's not much he can do. we when the big deal is going to be the abortion pill, the morning-after pill. is that going to be legal in various states, can people get it? that's a big issue still to come. the nea, teachers union wants to replace mother with birthing parent. we will deal with that in the next hour. the average rent for a 2-bedroom apartment his way up from last year, prices beginning to come down a little in june. have we reached a peak? are we passed the peak? madison allworth reports. ♪♪ king
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look at tesla to start with, stock is up 20 points. lauren: record june sales in china, china is locked down because of covert and they were able to crank the zitis out, the other thing might have to do with our discussions, elon musk owns tesla and since this twitter deal started to be spoken about, tesla's stock has come down 26%. what the washington post story that elon musk light have serious doubts about this deal, tesla goes up because that removes an overhang. stuart: if musk walked away from twitter, and he might, tesla goes straight up. may maybe that is what we are looking at today. i think dan moved the market a little bit. american airlines down again $13. lauren: they were down more intelligent little.
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argus downgraded america, they don't like it relative to the competitors legacy carriers and the worry is you can't bring down the debt level if you are paying pilots more and high fuel prices so this will be status quo. stuart: wd-40. lauren: squeaky wheels go away with a little spray, they cut their full-year forecast blaming slowing demand, the height of lockdown i used their cleaning product on my oven and i sat there and scrubbed. stuart: we used to call that elbow grease. we to impossible some days, demand inflation -- stuart: the median rent for two bedroom apartment hit $1,708 in june, that is up 9% from a year ago but there are signs that rents are beginning to ease down just a little. madison allworth, have we reached an infection point, a pivot point with rents in america?
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>> reporter: analysts say yes, we have. the fact we are still up year over year might be scary but the increase is starting to slow and when it comes to rents, that's huge. looking at those two bedrooms, we saw a decrease month over month and it was the biggest monthly decrease in a year, it increased month over month but that's better than the over one% increases we grown accustomed to, they are slowing, renters may be regaining some power. >> rents typically peak during summer months but this year left all the trends upside down and now renters are sending a clear message property owners and the industry at large that they are not able to pay the skyhigh rents anymore and the recession. >> reporter: something else that is helping to slow down
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rent is the increase in homebuying inventory, inventory is up 10%, 5% since april of this year, that helps them exit the rent market and move into a home. home inventory levels are still 50% below 2,019 level so we have a ways to go. that is why rent is quite high up 15.9%, some areas worse than others, three cities with the highest or largest year-over-year increases are all in florida. we expect bend to continue to rise for 1-bedroom. hopefully it will decrease for two bedrooms but the overall picture that increases are slowing down which could be a sign of moving in the right direction with rent could be assigned we are headed towards a recession but i'm sure renters are grateful for any breaks they can get. stuart: i'm sure they are. thanks very much indeed. i want to move away from rent and go towards housing, the real estate market and bring in
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darrell fairweather. are we in a correction phase for home prices? >> it's a natural part of the housing market but there are cycles, the market goes up quickly and then down across the state and that goes along with interest rates which are higher than they were last year. it is only natural the housing market is going down. stuart: it is location location location. i've heard that so many times, you tell me the location where home prices are cooling the most. >> migration destinations, it got so overheated was so much competition it needs more room to get back down to but other markets that have been slow and steady like the midwest, chicago for example, they don't feel these fluctuations in interest rates as much, expensive places like the west
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coast. stuart: florida is the ultimate destination place. any cooling of home prices there? >> certainly not as high as it was last year. it will take a while for us to see prices decline, it takes a while for interest rates to fluctuate throughout the economy, we are seeing lots of price drops, more than we have in years and that is sellers come back down-to-earth. stuart: i've got mortgage rates coming down just above 5%. you are smiling, that's not too big a deal? >> i think it matters. there strong support for the housing market and demand and with mortgage rates coming down back into the housing market, a couple weeks ago they checked with their mortgage lender and were not happy with what they heard and might get better news
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and they are putting more money down, people can work so they have slightly lower rate. stuart: reassure us that we are not in for another -- whether you can or not, reassure us we are not going to be in another situation like 2008-2009 where real estate crashed. i know it's a different thing now but we are not going to crash, are we? >> no, the problems of 2008 starting in the housing market, the housing market collapsed, people have plenty of equity in their homes, gain record equity last year and rates were and could've low so people can grind out a cool period in the housing market so if you bought last year, got a great deal. stuart: you have reassured us and we like that. thanks for joining us. stuart: hotels are understaffed, we will speak to
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neil: now we have all turned around, we were all in the red and now we are all in the green, nasdaq is up 18. been in business and our in 10 minutes and that is quite a turnaround. new data shows many democrat run cities are having trouble getting workers back in the office. come on in, what is the big problem? ashley: several issues including concerns about crime and safety being a big one,
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nationally. 34% in early june while cities like philadelphia, chicago, san francisco and new york have lagged behind, in new york city major crimes are up 37. 8%. another issue is travel time, new york, washington dc and san francisco plus chicago have the nation's longest commute times and some of the lowest return to office rates. it has gotten so bad that yelp, the san francisco-based review platform says it is going to close its offices in new york, chicago and washington dc, 3 officers combined had less then 2% weekly average utilization. another survey showing 68% of workers in north america say they will consider looking for another job if their managers insist that they return to their workplace full time, fascinating. stuart: that is an extra
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ordinary number of people who still work from home in a hybrid system. that is an extraordinary thing. thanks very much. labor shortages leaving more opportunities and money for teenagers the weight used to be. jeff flock at the jersey shore. i understand governor murphy has signed a new law expanding hours the teenagers can work, he's a great governor no matter what you say, how many hours can teenagers work these days? >> reporter: 50 hours, they just increased it, bipartisan bill. i am in a place called gateway 26, a casino. you don't when money, you win points and then get prizes. brian sharp runs this business, he started this business as a teenager and you rely not totally but a lot on teens. >> that's the most important
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component, the families of young kids, important for the business. >> reporter: look at the numbers on performance, down 21% in the last year. that is good but you have trouble finding people. >> a challenge finding housing for the students, we are building our own house to accommodate the students which is needed. >> reporter: look at all these different games you play, this is a family-oriented thing, right? >> prime demographics. >> reporter: you have to pay more, these teens are making the. >> wages are up 40% from before covid hit but we are happy to pay that because the workers are the most important asset to our business. >> reporter: up almost 12%, yours are up even more, the need in the summer is much higher.
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>> reporter: older people are concerned about working and covid, higher risk people so we had to switch to a larger number of teen workers. >> reporter: governor murphy signing that law, they can work longer hours, not a sweatshop at 15 hours, you can handle 50 hours, at my age back in the day. >> it is very important, 16, 17-year-olds can work 50 hours a week, make a few thousand extra dollars and for them that is a lot of money and we are appreciative getting the bipartisan support of the bill passed. neil: >> reporter: if this doesn't work out, might get a job here. stuart: be careful when you talk about her sweatshop with the gentleman standing next to you, don't want to do that. he is a tough guy. jeff: thank you. stuart: taylor look a look at
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this, relay a biotics - robotics, restaurants and hotels and hospitals, i've got some video coming. michael o'donnell's chair and ceo of relay robotics. first of all, what kind of basic tasks can these robot to do in restaurants and hotels? >> thanks for having me on. they are hotel delivery robots, healthcare delivery robots, they can deliver food, beverage, towels, shampoo. they can mingle with guests in the lobby. we have a feature called ushering where the robot can assure you to your room and also security robots so hotel can send it up among the floors and elevators and check out to make sure everything is smooth and safe in the hotel. stuart: you don't sell these robots to the hotel restaurants, you lease them. what kind of money are we
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talking about? a couple thousand dollars a month per robot? >> correct. we college robots as a service to malicious software as a service, a subscription model, $2000 a month which equates to a $4 in our resource. we don't say an employee because it intro goal member of the team, the staff, what we found is the hotel staff and hospital staff are welcoming of these robots. they want the robots to do mundane tasks like running towels up to a guest at 11:00 at night so they can do the more high-value tasks as well. we find the hotel staffs name of the robot, choose the graphic images we wrap around the robot and it is sort of an emotional experience for guests, they post pictures with themselves and the robots on social media, especially kids. kids love these robots. adults like me as well, reminds
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me of our 2 they 2 en star wars in the early days. of the when there has to be maintenance costs, you have to keep them working properly. those costs are built into the $2000 month leasing fee? >> that is correct. everything is all in. it is a sub script and service just like it is with netflix or your apple phone or any device and we are trying to make it as easy to purchase or to rent and use and install as any other consumer device. we won michael o'donnell, relay robots, thanks, there's one on your screen. thanks, michael, see you again soon. texas taking the border crisis into its own hands. texas governor abbott signed an executor order letting police send illegal immigrants back to the border. a bodega worker thrown into
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rikers island prison for fighting off and killing a career criminal attacker. he was defending himself after being attacked in his own store. leo correll is furious about this and he will join us next. uh, how come we don't call ourselves bikers anymore? i mean, "riders" is cool, but "bikers"...is really cool. -seriously? -denied. can we go back to meeting at the rec center? the commute here is brutal. denied. how do we feel about getting a quote to see if we can save with america's .. rcycle insurer? should flo stop asking the same question every time? -approved! -[ altered voice ] denied! [ normal voice ] whoa.
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neil: stuart: mayor eric adams is speaking out after that bodega worker in manhattan was charged with murder because he stabbed and killed and ex-convict in self defense. what is the mayor saying about this? ashley: that man is back home after a judge reduced bail from $250,000, to $50,000 but he was charged with second-degree murder after fatally stabbing a violent ex-con while trying to fend off an attack, all caught on video camera. manhattan da alvan bragg is charging him with second-degree murder but new york mayor adams says the clerk was just doing his job when he was attacked, defending himself. >> now it's time for the
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district attorney's office to do an investigation and the grand jury to go through the proceedings. it is obvious this gentleman was providing for his family. it is time for new yorkers and americans to start standing up for people who follow the law. ashley: the workers family insists he was acting in self defense when he grabbed a knife to fight off that attacker. a go fund me page was immediately launched to fund the clerk after bail and legal fees but it quickly disappeared. go fund me says the fundraiser has been removed because the service prohibits raising money for the legal defense of a violent crime. stuart: i want to bring in leo terrell. radical das treating criminals -- victims like criminals and it has got to stop. i think you agree with me.
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>> that is an understatement. let me tell you how lucky that man is because there was a video. if there was no video, he would be at rikers island right now. this case should never see the court room. i'm so upset by this case, i'm a lawyer and i want to go there to help this man. he should walk free but this is a message of false prosecutors not only in new york but across the country who basically like criminals and dislike victims. that man's story is a victim. let me give you the easy argument, self defense. he will not see a day in jail. stuart: he shouldn't and that is a fact. the recall effort against los angeles district attorney george gascon passed a milestone. they have all the signatures they need and then some. in san francisco, chester bodine is out but my question,
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does it make any difference? if you get rid of these radical das do things change? i don't think so. >> you are right, nothing is going to change. in los angeles county we are in pins and needles to make sure we have enough valid signatures to get rid of one of the worst das, george gascon but george soros will prop another progressivity a, the democrats have ignored crime in this country since the 2020 riots so they will place another progressivity a with someone who has been recalled, the mayor of new york city, the party mayor, that is not enough, call out the prosecutor, get rid of these prosecutors, he's playing politics with a tragic situation. we went do you think any change will come? >> let me be brutally honest, unless there's a change in party affiliation in these democratic cities, no. i will be honest with you.
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it is not going to change. it has been going on the last three years. we need party change in these democratic cities that have failed the people they represent. we won i wish we could talk longer but i am out of time. stuart: wait a minute. wait a minute. happy belated birthday, happy belated birthday. stuart: thank you, see you later. president biden losing the media and losing his own party, criticism is not going away, it's getting more intense. i will predict something, the democrats will lose big in november and when the elections are over they will dump president biden in 2,024, that is "my take" next.
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>> why don't we have a discussion where to cut? we talk about raising taxes and spending more. it is not a formula that works. >> a 50% chance he walks or looks to get a negotiated price. >> work to do on inflation. >> last thing we need is attacks increase on anybody but especially small businesses.
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we are heading into a recession. >> president with an approval rating in the mid 30s. every republican is thinking about joining. you've got democrats looking at who might challenge president biden in the primary. >> it seals the deal the fed needs to be as aggressive as they said they were going to be and raise rates 75 basis points. that is why you see pressure on the market. >> i'm christie from loudoun county, virginia, we are watching varney and company, we need stocks to rally. stuart: well, the lady from loudoun county. 11:00 in the morning on the east coast on july 8th. i see some green, the dow is up 70 odd points, nasdaq is up 19, not much movement after 90 minutes of business but the 10 year treasury has been all over
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the place today, the yield coming in at 3%, 3.07%. i have to tell you you were looking at $3.15, serious big moves for treasury yields. as a big tech a mixed picture, no clear trend. most of them were lower but that is big tech, carnival corporation is not a big tech -- those are travel stocks. let's look at bitcoin, $28,000. now this. 1968, highly contentious year, riots, assassinations and the vietnam war, president johnson was in the white house and walter cronkite anchored the cbs evening news. cronkite become critical of the war, johnson reportedly said if i last cronkite i have lost
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middle america shortly thereafter the president announced he would not run for reelection, he walked away. president biden is in a similar position today. he's losing the media and he is losing his own party four months before the election, democrats are not happy. this in the new york times, biden promised to stay above the fray but democrats want a fighter. that is a long list of democrat grapes of biden's performance, this from bernie sanders's former spokesperson, fundamental rights are being stripped away in the white house just isn't coming up with anything. this in the "national review," a conservative publication but strong stuff, what i have been wondering is whether anyone is leading the government at all, there is no power in or behind the throne, the throne is empty, strong stuff. biden's response is to scatter the blame for everything over every one. it's not his policies, it is
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those emmettag republicans, gas station owners, meatpackers or airlines, the criticism is not going away. i will repeat my prediction, democrats will lose big in november, they will blame biden and he will either walk away like lyndon johnson or be unceremoniously dumped by his party. third hour of varney starts now. carol markowitz is back. will president biden walk away if democrats lose big in november? >> this makes me unpopular in conservative cycles but i am a betting woman at i will take the bet the democrats keep biden. they have no one else in 2,020 and no one else today.
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the stars of several of their actual stars like kamala harris or pete budde judge in the past few years, they stick with biden, there's nobody else on the horizon. we went interesting and refreshing opinion, not sure i agree with it but there we go, we like opinion is you are at today. next case, this intrigues me, the national education association wants the word mother in all contracts changed to birthing parent as a way to be inclusive to the lgbt q community. what is your reaction to this. >> it is abhorrent. coming for every fragment of our life, it is happening everywhere, this was an official biden administration health documents, birthing people and notice it only happens, there's no spare room producer for men, only women
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have their moniker changed. it is really offensive and the and ea is superleftist. stuart: do you think it is going to stick? are people going to use these new expressions? >> we should fight back but they are getting a grip in a lot of parts of society. once the white house is using it in their documents, do they use birthing person in a document about maternal health? what does maternal mean but they haven't changed that. it is definitely happening, people should fight back and refuse to use this new language that erases women and women should be up in arms about it. stuart: the work place, suppose you use the wrong pronoun or the wrong expression you could lose your job, couldn't you? >> you have to fight this. anybody who works at a corporation where this is the case has to reconsider their role. one thing the biden admin
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attrition has going on is low unemployment. if you work somewhere they force you to use phrases like birthing people a new job is in order. stuart: good to have you, welcome back, see you again soon. back to the markets, dow is up, nasdaq is up, s&p is up all over the place. jonathan honing, i will ask the same question i've asked many times before, have we hit bottom for stocks? >> we are in a trading range. if you look to the 1970s, the dow went from 700, 1100, over a 16 year period of time. there will be able market and bear markets in the trading range, biotech, pharmaceutical, they are freaking out so there will always be those bull and bear markets, simply don't see any major market movers that
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will lead us into a bull market and nothing the biden administration is doing to get inflation under control long-term. stuart: take a look at a headline, new york times, democrats propose raising taxes on some high earners to bolster medicare. high earners include hedge fund managers, they will stick you, you are hedge fund manager, with an extra investment tax. what do you make of that? you are going to take a hit. >> anyone who actually works for a living, this is classic marks, each according to his ability to each according to his need. what is stunning is as we are dealing with the effects of the inflation caused by government spending you have another tax proposed, $200 billion from those evil high earners, the irony is they will extend this program by three years and business men are so irresponsible, no thinking
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long-term by any democrats, tax and spend and blame businessmen and women in the country. of the when you are so evil, you really are but -- >> great to be with you. stuart: the washington report elon musk's deal to purchase twitter is in peril. lauren: they -- elon musk can't get a straight number, twitter said we will move a million account today but can't give you more data than that for privacy readings, musk is not satisfied with that. he might be trying to wiggle out about $44 billion deal. can he convince the judge? twitter says we have a deal, we are moving forward, numbers are accurate. my opinion, where is elon musk? sun valley from media and tech conference and twitter executive's are their too. of something is going to get done maybe it gets done this
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weekend, stay tuned for monday. he will be asked about this, mabel they will lower the price tag a bit to keep it out of the courtroom. stuart: twitter is at 37. you are looking at some movers. what is up start holdings? >> they use artificial intelligence to see if you qualify, they cut forecast for the second quarter, they say marketplace funding is constrained because of the slowing economy, completely down 74%. stuart: marathon digital, something to do -- lauren: they gave an update on their mining operations they've been installing, they are producing more bitcoin up 8% year-over-year in the second quarter. stuart: i see a headline on microsoft. lauren: it is down a bit, much more before as treasury yields
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climb. piper sandler cut the price target from 312 to 352. they blame enterprise spending slowing down and a strong us dollar. stuart: they cut the spending but it is above where it is. lauren: he likes microsoft, he likes their cloud business. stuart: thank you. the white house says this is the strongest economy in history. roll tape. >> when you look at inflation, where we are economically, we are stronger economically than we have been in history. stuart: stronger economically than we have been in history? that's quite a claim. we will get into it. police in texas bring illegal migrants back to the border, police officers. the justice department suing arizona over their new voting law that requires proof of citizenship in order to vote.
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is plain and simple, it was easy. i didn't have to grit my teeth and do a diet. golo's a lifestyle change and you make the change and it stays off. golo's changed my life in so many ways. i sleep better, i eat better. took my shirt off for the first time in 25 years. it's golo. it's all golo. it's smarter, it's better, it will change your life forever. stuart: the governor of texas greg abbott you should and executive order authorizing the texas national guard and state troopers to apprehend illegal migrants and return them to the border, how is this going to work? >> that is something we are still trying to figure out but
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what we have been explained to his texas dps at national guard soldiers will have the ability to add brand illegal immigrants and bring them to port of entry on the us side of the border, they will not be deporting them back to mexico. we have embedded with texas dps before. we will acclaim the changes here, typically what has happened in the past is when texas takes into custody migrants they hand them over to border patrol, give them back to the federal government, what texas, greg abbott wants to do is stop that and essentially let history protect the migrants back to the border, right to a port of entry on the us side. what happens after that remains to be seen, will they be handed off to cvp, will border patrol he called out again? we don't know but that is what texas governor greg abbott has announced, why is he doing this? we shot this yesterday in eagle pass late in the afternoon hours, this was a group of 200
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that crossed illegally, these massive groups have been crossing over multiple times a day for the past 48 hours, the other day we had 546 crossing in sweltering hot temperatures, take another look at this group from our drone video, just in the last 48-hour's there have been four of these huge groups totaling 1200 and the del rio sector and that includes 75% single adults, no longer just family units coming across but a lot of young, single men coming across the border and lastly, we are hearing, if we can pull up this video from last september, the infamous border patrol horseback whipping iident even though there was no whipping, it was a false narrative, we are hearing from multiple federal sources and announcement is imminent from cvp announcing their administrative funding against these agents and i'm sold discipline has been proposed to these agents in the form of
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unpaid suspensions, we are waiting to find out the specifics but we are told by multiple sources and announcement is imminent detailing what the administrative charges are against these agents and they will be facing discipline of unpaid suspension coming in expect something on that later today. stuart: if they discipline like that i propose a strike for all border agents. that is outrageous that kind of thing should happen but i'm losing my control, that was a great report and we will see you again soon. i want to stay on the border crisis. arizona has passed a law in which voters must show proof of citizenship to vote. the department of justice opposed that. the attorney general arizona defense it. what proof of citizenship do i have to have, what a drivers license work?
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>> thank you for having me on. we are talking about a passport or birth certificate. there are forms of id including drivers license where you don't have to prove citizenship, what this law is designed to do is if you are voting in the presidential election or vote by mail you have to prove that citizenship. it is a commonsense election integrity measure. arizona makes it easy to vote, we want to make it more difficult to cheat. stuart: not many people have a lot of people have a birth certificate or passport but many people do not. that law would exclude those people, wouldn't it? >> this law is not designed to exclude anybody. there are a lot of things you need proof of citizenship for and voting is indeed a right. we want to make sure we get elections right. i think it is the height of hypocrisy the biden administration is letting people illegally entered the
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country, we have another lawsuit, to grant asylum to them and at the same time they will waste time and money suing arizona when we can't and a commonsense election integrity measures and that is why i had to be at the supreme court in cases where i personally argued in the supreme court ruled in our favor 63 that states can an act commonsense election integrity measures. stuart: i noticed the department of justice is going after texas and its lone star operation where they operate the border as opposed to the feds. it seems to me the administration is doing just about anything to keep it and open border, you agree with that? >> i agree. at some point they wanted to abolish ice but the neo-marxist vision of abolishing borders altogether, that is why i had to be in court so many times stopping the lawlessness of the biden administration weather was on title 42 or the public charge rule trying to force
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them to continue to build a wall, so many issues every day beyond head scratching, it is like the clown car, don't know if it is running on gas or electric but every day seems like another clown is popping out from the biden administration. blue when if an illegal comes across the border, makes their way into arizona, a police officer in arizona at this moment cannot apprehend that illegal and take him back to the border come him or her back to the border, in texas they can. in arizona they can't. would you like to change things in arizona to be like texas? >> part of our frustration is when it comes to the border, national security, the president and federal government, i issued a legal opinion people can find on the website, first elected official of the country who said what happened now on the border constitutes an invasion for article 4 of the u.s. constitution so it is now up to the policymakers, governors to declare an invasion and use
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their resources to create barriers to apprehend people, control ports of entry and if needed repatriate people back to their home country so absolutely there are tools we need to use and governor abbott is frustrated like a lot of folks the biden administration is failing to do its job and every day americans are paying the cost not only in social services and economically but loss of lives as a result of record amount of fentanyl and methamphetamines coming into the country so there's only so much the state can do but every state is a border state now because it is not staying in arizona or texas and governor abbott has taken an aggressive approach. stuart: attorney general of arizona, thanks for being with us, always appreciate it. crimes committed by illegals on the rise, how much, what kind of increase are we talking
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about? ashley: significant crimes, homicides, illegal weapons possession and sexual offenses committed by illegal aliens. they increase dramatically in fiscal year 2021 according to data, illegal immigrants committed 1178 assault and domestic violence crimes in 2,020 one, more than 400% increase from the previous year, 60 homicide or manslaughter convictions were attributed to illegal immigrants last year. that is a 1900% increase from the previous year. other factors, driving under the influence convictions of 347% and illegal possession of or tracking of drugs up 453%, just this week two illegal immigrants were charge after literally plotting a mass shooting at a fourth of july event in richmond, virginia. one of the suspect in the
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alleged plot had already been previously deported. stuart: what is known as america's stonehenge, i will show to you in a second, what was known as america's stonehenge blown up by an explosive device. it has been completely destroyed. let's see what it looked like before the explosion, not sure i've heard of that before, ahead of tomorrow's number of range protests which are planned, pro-life centers across the country continue to be vandalized, no condemnation from the white house, jason rantz takes that on next. ♪♪ meet jessica moore.
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stuart: dramatic news. former premonition of japan shinzo abe has died following a shooting at a campaign speech. lauren: a local resident in his 40s, former member of the japanese navy, unemployed, japanese media say he was
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motivated to kill him because of alleged ties to a group the killer disagreed with. initial reaction, shock, guns are rare in japan, the strictest gun laws in the world, these are homemade weapons and police don't even carry firearms in japan which was adopted with the pacifist doctrine after world war ii, a peaceful country, safe, clean. shinzo abe , longer serving japanese my minister, i interviewed him early in his tenure. i would say he had less flare than his predecessor but definitely more enduring influence. his signature legacy legislation is what is called abe economics to install the japanese economy, we can the currency of the young, injected more money into the economy, looser monetary policy and what
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i thought was a wonderful thing, he brought more women into the workforce and for a paternalistic economy like that, that was a very progressive thing he did and he leaned into the us-japan relationship, the first to meet donald trump after his win in 2016, security top of mind, oversaw what he thought was an aggressive rising chinese power in the asia pacific but also a man, 9 years in office, wasn't without his controversies, sparked regional tensions with his visits to the controversial shrine that honored war criminals from world war ii, there were allegations of misspending during his tenure and questions whether his politics helped the economy long-term but i think he will go down as the most consequential postwar japanese leader. stuart: a close ally of the united states and friend to donald trump.
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>> reporter: donald trump and other previous presidents as well. he was also the architect of the tpp, the circumference that was trying to pivot away from china and isolate china and that was his legacy in the asia pacific, trying to stand up and protect his borders, a man that wasn't without controversy. stuart: but he had huge impact on japanese politics and on japan and they are stunned. susan: have you ever been in japan? wonderful country, beautiful, safe, clean, the best food on the planet lose they take things very seriously in japan and he was representative of that, very exacting. in my interview with him he spoke english, he didn't want to do the interview in english and spoke through a translator because he wanted to make sure his policies were accurately communicated. stuart: what a loss, thanks.
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there has been at least 40 known instances where pro-life offices were targeted with violence, vandalism, harassment following the roe v wade ruling, tomorrow is the summer of rage protest that will begin tomorrow. jason rantz is with us. is anybody going to condemn what has been a violent situation so far and maybe violent tomorrow? >> i wouldn't hold my breath. i haven't seen anything other than pro-life folks and republican politicians condemning this which we've seen over the last two years a clear reluctance from democrats to go after violence the is justified in the name of democrat positions. we saw it with nt for violence during the blm riots were the mostly peaceful riots and some of the pro-abortion activists, i think it is despicable, we cannot step back and say this is a contentious topic, it is an emotional topic for a lot of
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folks and it is okay to disagree so long as we are not going to vandalism or violence but that's too controversial to say. stuart: in seattle have there been incidents of attacks on pro-life officers? if so, what is the response from the authorities? >> we seen a surge in acts of vandalism, suspected hate crimes targeting not just churches but faith-based pregnancy centers. in the last two weeks, there have been some churches who haven't wanted to bring attention to this, they want to move on and do what they do. law enforcement looking into it, taking it seriously but we have politicians who aren't even condemning it, one case of a state senator who pre-produced a video on her instagram accounts elevating vandalism of a pro-life billboard, senator emily randall. it is despicable and dangerous because it will only egg on these people.
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stuart: sorry it is so short, we are jampacked with the news but please come back and bring us up to speed on this important story. overall crime in new york city has soared in the last year and the incarceration rate has dropped. got the numbers for us? lauren: crime in new york city up 30 one% year-over-year in almost every category led by grand larceny which is is up 41% yet the number of criminals in jail is down. the police commissioner says we are arresting the same people over and over and over again and there is a one in 4 chance if you arrest someone they will do another crime again, right here in new york city. we won bail laws. lauren: out on bragg, the da, i was going to say needs to step up but maybe step out. blue when i would agree with that. after the video we've been running all morning, appalling. georgia, i don't get this, georgia's bureau of
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investigation has released new video of an explosion the destroyed part of the georgia side stones monument. lauren: a tourist attraction in rural georgia, these granite slabs give directions for life after the apocalypse, someone bombed it, we don't know who the person is, and if they later destroyed the rest of the guide stones as a safety precaution. some conservative christians didn't like this monument because it didn't mention god as they gave inscriptions for how to live life etc. . that is after the man or the person bombed it and they destroyed the rest of it so it wouldn't just follow fall on somebody. we won pretty dramatic, thanks very much. the list of senior staffers leaving the white house is quickly adding up, just months before the midterms. we have the story. a new study shows gmail,
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google's email service is marking republican messages as spam far more than democrat messages. that report is next. ♪♪
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stuart: one of my all-time favorite beatles songs, looks nice, doesn't it, 67 degrees right now, looks like a really nice day. to the markets please, not much price movement. we were all over the place earlier, now we are up 60 for the dow, up 50 for the nasdaq, show me the 10 year treasury yield, that has been all over
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the place, 3.08% as we speak, earlier it was 315, at times yesterday it was 275, that is a huge range. republicans accusing google of bias, they claim gmail has been suppressing fundraising e-mails putting them directly into spam accounts. hillary vaughan is with us, does google mark more right-wing messages as spam than left-wing messages? >> reporter: that is what research from a study from north carolina state university did. they looked at email services from gmail, yahoo and outlook and looked at how their filters filter out spam messages, the research they did found gmail's default spam filters flag more e-mails from republicans as spam more than e-mails from democrats, 70% of right wing e-mails were marked as spam, 10% of left-wing emails were marked as spam but researchers say once the email accounts
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were in use and users weighed in on preferences, gmail's spam filter adjusted to the user's preferences but rhonda mcdaniel says their own research into rnc fundraising emails sent to gmail inboxes is being impacted too. big tech bias is out of control every single month for 7 months in a row, google has systematically attacked the rnc's e-mail fundraising during important donation days at the end of the month, e-mails go from strong and box deliveries 90% to one hundred% down to 0%, the rnc says they estimate google's spam filters cost the party to billion dollars in donations, google is pushing back on claims of political bias in their spam filter algorithm. they are coming up with a pilot pr pvidevide sparcy. okespesprssprsonlslslse the th i a 7, wwanto prilovilovide great exence foror ourrsur e-mail be-mailute w dter
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e-mails ilbasedban opon litic affilifiatio wlynt alysked th potential pilot for political bulk senders that would provide more transparency in e-mail deliverability while still letting users protect their inboxes but republicans in congress are not waiting for the pilot program to act must senator john thune and 20 other senate republicans introducing a bill that would ban email providers from using algorithms to sort e-mail sent by federal political campaigns to prevent this problem from happening at all. stuart: we hear you, thanks very much indeed. fox's peter doocy challenged white house press secretary karine jean-pierre on why so many americans think the country is headed down the rank tracker. take me through it. what did she have to say? ashley: nothing to see here, please move along was the message. listen to this exchange where the administration refuses to take any responsibility.
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>> why do you think it is 88% of people in this country think the country is on the wrong track? >> i will says this. the president understands what the american people are going through. he understands gas prices are high, because of putin's tax hikes. it is not our plan is not popular with the american people. when you look at inflation, when you look at where we are economically and we are in a strong -- a stronger economically than we have been in history. ashley: the press secretary went on to say the administration has a plan while republicans have no plan and just want to take away rights from the american people. what plan they have i'm not sure. . stuart: there is quite a number of senior staffers who have left the white house in the last year and a half, do you have a number on this?
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ashley: i do, 25 and counting. president biden and vp harris have seen a few shakeups among team members on their staff, the latest departure, kate bedingfield, biden's medications director and key campaign strategist, she's now gone. other notable quitters include oral white house press secretary jen psaki, msnbc, cedric richmond out the door this year, white house counsel, dj darklow, press secretary and the list goes on, anita dunn, chief strategist, senior advisor to biden, all out the door. vp harris witnessing a staff exodus over the course of her short time in office, has lost at least 13 members of her staff who held influential roles. stuart: we got it, 25 altogether. dow industrials up 55, 2 thirds of the dow 30 in the red.
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switch to xfinity mobile today. stuart: let's get on with, catskill, new york, i'm going up there this afternoon, 69 degrees currently, that is a nice day. here it is, friday feedback. let's get started. and the says this. what was your first paying job, how much? short description of duties and what you liked and disliked about it? i delivered milk as a 15-year-old. i earned 8 pounds per week, all of which i had to give to my mother widgets called room and board, she gave me back a pound. how about you?
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ashley: first job, at 16, i was a teller at lloyd's bank, absolutely loved it, have a lot of favorite customers, they used to come in every day just to chat, thoroughly enjoyed that job. lauren: babysitter, $7 an hour, kept it all, loved the kids, cleaned the house. susan: i had to do chores around the house but in terms of getting paid from outside worked at club monaco selling them in the storefront. 16. stuart: all of us worked as teenagers. that is an admirable thing. next. this one for the 3 guys here. marilyn right to this. ashley, what do you, lauren and susan do when you are not on the air, you first. ashley: i like to go to the beach, do crossword puzzles and i read a lot of crime novels and spy novels and get out and around and go traveling and
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visiting other cities. i make the most of my down time. stuart: crosswords, and intellectual. lauren: we go to expensive car novels where they charge $3 to throw one dart at a balloon. wiped me out. stuart: what to do you do when you're not on the air? susan: not bombing one hundred 20 mile-per-hour serves on wimbledon but i get some exercise in and binge watch stranger things. blue when you are a tennis player? all right. next one, dale rights of this. stuart mentions how inflation impacts, i hate that word, affects farmers, he says he has a tractor he uses and the cost of filling it up has gone up. if so then he is the first farmer i have heard of with manicured nails. what is your name again? how dare you.
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i have never had my nails done either professionally or otherwise. susan: haven't had a manicure in three years either. stuart: that was an insult was a farmer with manicured nails, get out of here. craig: about vandals? stuart: you had to bring that up. we are not going to run it. raymond asks this. happy belated birthday, with boris johnson resigning today who is your favorite historical uk prime minister ny? very easy. margaret thatcher because she fixed socialism and gave us in your of prosperity, she was a wonderful lady. what have you gotten? ashley: winston churchill, come on, got britain through the second world war, he was so inspirational, not a bad combo, churchill and thatcher. stuart: one last one i've got to get into.
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peter writes what talent do you possess that is unknown to your viewers? happy birthday. i don't have any hidden talents so you are a tennis player. susan: i do horrible british accent once in a while. stuart: we noticed. lauren: i have no talent, jack of all trades and master of none. stuart: we don't believe that. come on. ashley: has to be sports. i play a lot of golf, tennis, you name it, i love it, sports is my life. >> we should do this, maybe on the line at some point. stuart: my age you got to figure -- i've got to go. time for the friday trivia question and this is a really good one. what is the record time for the longest breath held? 2 minutes and 25 seconds? 10 minutes and 11 seconds? 18 minutes and 54 seconds? 24 minutes and 37 seconds? i know you're dying to know it, when we come back.
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♪ stuart: i thought this was a really good question. what is the record time for the longest breath held. final guess, susan? >> 2 the minutes. stuart: lauren? >> 18 minutes. stuart: ash. >> i'm going with 10 minutes. what have we got? listen to to this, 24 minutes and 37 seconds set by a 56-year-old -- [laughter]
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stuart: right, from crow way is shah in march of 2021. right beforehand, he hyperventilated with pure oxygen which is allowed for 30 minutes -- that really is something else. great question. ladies and gentlemen, we've had a great week. thanks to the whole cast for taking part in it. you were great yesterday with my birthday, it was really, really appreciated. time's up for me. cheryl, it's yours. cheryl: happy belated birthday. i was going through the building looking for that cake. [laughter] where'd that cake go? stuart: dream on. [laughter] cheryl: have a great friday. welcome to cavuto coast to coast. i am not neil cavuto, i'm cheryl casone in for neil today. jobs up, chances for a bigger rate hike, up. the case for another 75 basis point rate hike in july. our market insiders are going to break it all down for you. plus, oil hovering above

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