tv Varney Company FOX Business July 29, 2022 9:00am-12:00pm EDT
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dagen, leo, it was great to have you this morning on a busy day. we still have a rally in thoughts, your -- stocks. dagen: you look great with short hair. i did for all the '90s, but my head's the size of a tractor tire, so it looks awful. what was i thinking? [laughter] [inaudible conversations] >> maria, i say go with the short hair. i think it would look great. maria: thank you, leo. thank you. all right. >> i'm going back to dark hair, how's that? if. maria: i like it. right to "varney & company," stu, that was really important stuff. i'm sorry to come to you late. stuart: there will be no discussion of or hair on this program for the next three hours, okay? maria: okay. stuart: good morning, everybody. tax and spend is back. a $280 billion so-called chips bill is on the president's desk. he may sign it today. and and an $850 billion spending
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bill will be debated next week. what happened? 17 republicans couldn't resist chip money for their home states, and senators schumer and manchin tricked the republicans with their secret negotiations. if i guess the democrats are just good at politics, but heavy run the country into a recession which they refuse to acknowledge. more on this throughout the show. just wait million you see what larry kudlow has to say. big tech is back. if you're in the stock market, you have a piece of this action. amazon is up nearly 10% right now. that is an astonishing gain for a company that size. apple's up big. their the iphone sales actually went up despite productions in china. production problems in china. the tech rally has breathed new radiolife into the nasdaq. it's up 10% for the month of july. today the nasdaq is going up again to the tune of, let's see now, that's about another two-thirds of 1%. nasdaq up again. modest gains for the s&p and for the dow. interest rates, there's another
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headline for you. the so- -- 10-year treasury yield dropped sharply yesterday, and it's staying pretty low, 2.69 as of right now. bitcoin's strong along with stocks. 24, 23,5 per coin, it's come down in the last few minutes. gas falling 2 cents a gallon every day this week, regular now down to an average of $4.25. diesel down 3 cents today p. and here is your musk headline of the day. he tweets that maybe inflation has peaked. well, he says it might be trending down. we had to get him in somewhere. the megamillions jackpot is second highest in history, next drawing is 11 p.m. eastern tonight. why am i advertising gambling when i never gamble? friday -- can chime into that one, lauren, but you missed your cue. [laughter] it's friday, july the 29th,
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2032, capping out a great week -- [laughter] "varney & company" is about to begin. ♪ ♪ >> hi, stuart. hello, america. my name's dana, and i am from dana, north carolina. that's right. and every day my yorkies and i wash "varney & company" on fox -- watch "varney & company" on fox business. we love it. ♪ ♪ i want to see your jackpot, hot spot -- stuart: all right, everybody. dana from dana. if you're watching, we much appreciate that video. that was right on point. well done, sir. right. let's get to the real news of the morning. the latest lead on personal consumption coming in hotter than expected. now let's be clear here, this is
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a measure of inflation, and it's very important. how's inflation looking? lauren: hot. [laughter] it really is. let's take out the hottest stuff, which is food and energy, that's what's the most expensive right now. that's core personal consumption expenditures. that's what the fed likes to look at, up 4.8% in june from last year, so it's still so expensive. and jay powell said this week, well, now my preferred index is the employment cost index. that's how much employers pay to hire and keep workers' benefits, incentives, all that. that rose more than expected too, 1.3% in the second quarter. stuart: okay. so we've got an inflation problem still. got it. we also got reports, this is a big deal here, key reports from apple and amazon. i say it again, i think big tech is back. lauren: i agree with you on that. and dan ives does too. he calls the apple quarter a picasso sew-like quarter.
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demand's holding up. iphone sales hit a third quarter record just ahead of the full launch of the new phone. things are looking great. overall sales for apple, $83 billion. stuart: yeah, look at that, up $4, 2.6%, that's a huge gain for a $2.5 trillion company. sorry, i interrupted you. lauren: so the rest of the market should be up higher as a result because apple packs such a heavy punch. there's a lot of cross-currents going on here. amazon, consumer spending remains strong. unlike walmart, they do have a wealthier shopper. they're still spending money, less impacted by inflation. the cfo of amazon said we saw demand increase during the quarter and had a very strong june, so revenue, $121 billion. the cloud, ad revenue stronger than expected, and so was their guidance. they upped it for the current quarter. they did report a loss, here's the bad news, 20 cents. but nonetheless, look at how
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investors are reacting, up 10%. stuart: that's a huge gain for the company -- a company the size of amazon, 10%? that's huge. check futures. slight loss for the dow, but the nasdaq still going up some more. kenny polcari joins us this morning. hey, kenny, big tech is back. did you miss it? >> absolutely not. you and i have been talking about this. i was not one of those guys that bailed on it when everyone else was bailing on it and the market came under pressure. i just didn't add to it on the way down, but i have started, you and i know that, i've been picking away on apple and amazon. i bought a little bit before the earnings yesterday. your microsoft has come roaring back, that's great. that's another name i own. i like it. i also think the markets and those big names have really gotten kind of disproportionately displaced in terms of price, and now people are realize aring that there's opportunity there and that there's value in some of those big names, and they're on sale. and they should be going back
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in. stuart: okay. look, there's a lot of analysts who are saying, wait for it, don't go back in yet with, there's another big drop coming. you're shaking your head. no more big -- >> that would be another opportunity to buy more at a cheaper price. so i'm good with it. stuart: okay. so you are saying big tech is back, and you're in it. you're buying more of it now, right? >> big tech, right. big tech. not all tech, but big tech. apple, amazon, microsoft, ibm, those are names that i'm in, those are names that i like and i'm in. stuart: will they still have the leadership of the market that they had before the selloff in november? >> well, listen, i think that's a whole other conversation, and that's going to be based throughout recession that's not happening. stuart: whoa, whoa, whoa, wait a minute. no recession? i just mixed up on that -- picked up on that. >> that was sarcastic, because i think it is happening. i think it's been happening, actually, right?
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but everyone tells us that it's not happening, so i guess you have to go with that narrative, but i was being sarcastic. you have to wait until we see how this all falls out to see the leadership -- yesterday you're up big, 3.5% utilities, and what does that tell you? that ooh he's -- that's the all from-defensive play, utilities. stuart: all right, kenny, see you again later. lauren, having tricked the republicans with his secret negotiations, does senator manchin support president biden running for a second termsome. lauren: he wouldn't say yes. stuart: he wouldn't with say yes? lauren: he just gave president biden a major win though potentially ahead of the midterms, right, with that old switch switcheroo. but manchin says he can't guarantee that he'd back biden many 2024. listen here. >> i'm not going to be telling you who's going to be running, i don't know. if joe biden runs again, he's the democrat nominee, depending
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on who the republican nominee is, you know, we'll just have to wait and see. lauren: yeah. you know who else said that? aoc, cori bush on air telling the american people we're not sure if we're going to back him. and there's a cnn poll that says 75% of democrats want someone other than biden -- stuart: was that chris cuomo? so he's back. thank you much, lauren. the republicans were duped. the republicans were rolled. matt schlapp's here. this is my interpretation of the turn-around toward big spending and big taxing. i guess the democrats are just better at politics than republicans, matt. >> oh, boy, do i agree. let's not forget joe manchin is a liberal. he's just a liberal elected from the increasingly conservative state of west virginia. so he has to appear to be a moderate. and the only time he votes with us usually, my side, is when his vote really doesn't matter. and here's an interesting situation. they still have to make sure
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krysten sinema is for the plan, and they have to make sure all these very par-left house members -- far-left house members will go with some of the concessionings that joe manchin was able to negotiate with schumer. i agree with you, the democrats are better at this than we are. republicans in the senate tend to go along with these budget compromises because they hate fighting over money. and when we get the majorities in november, stuart, the republican party better fight joe biden every day of the year, or there's going to be no need for the republican party, because their grassroots activists have a had enough of the government getting bigger and bigger and the democrats outfoxing us on these deals. stuart: president trump will be speaking at cpac in texas next week. you're the chair -- >> that's right. stuart: -- of cpac. i have to is can the obvious question, is former president trump going to announce a run in 2024 at your conference? [laughter] you don't know, do you?
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>> you know, stuart, the great thing about president trump is you don't know until 5 minutes ahead because sometimes he makes a call from scrimmage there, from the line. and the thing is, is that i think he should wait. i think he should wait. my advice to him publicly is, wait with. let's have this big win in november in these midterm elections, and if he decides he's running, he a ought to take a lot of credit for that win. stuart: announce if you're running after november, not before so the democrats don't have a target. i got it. >> i'm a terrible marketer. i should tell everyone it's happening at my conference so that i get more eyeballs, but, stuart, i'm going to shoot straight with you, is that a deal? stuart: what a guy. [laughter] matt schlapp, thanks very much. we'll see you again soon. i want to check futures, please. it's friday morning. we've got 19 minutes until the opening of the market. look at the nasdaq today. pay attention to the nasdaq. it's up 10 percent in july.
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last trading day of july is today. where will we end up? that's quite a rally. coming up, president biden repeatedly knowing his son hunter's -- knowing about his son hunter's overseas business dealing. watch this again, please. >> mr. vice president, how many times have you ever spoken to coyour son about his overseas business dealings? >> i have never spoken to my son about his overseas business dealings. i have never discussed with my son or my brother or anyone else anything having to do with their businesses. stuart: well, it turns out the president met with at least 14 of hunter's business associates while he was vice president. congressman jim jordan will take that apart in a moment. miami just voted to reduce the property tax rate to the lowest level on record. the mayor of miami, francis suarez, says now is the time to give taxpayers a break. he's on the show next. ♪ miami, every day like a mardi
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♪ -- sisters and brothers and friends. ♪ stuart: we like to take you around the country to show you different parts of it, and this morning we're showing you old orchard beach in maine. 76 degrees. that sounds like a beautiful day to me. if you look at the futures market, we will show you the dow. down a little. s&p up a little, nasdaq up again. 58 points higher. now this: the democrats are pushing forward a massive tax and spend bill.
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however, hold on a second, didn't president obama once rail against tax increases in a recession? didn't he say that? lauren: oh, yeah. i can quote him. obama said back in 2009, and i quote: the last thing you want to do is raise taxes in the middle of a recession because that would take more demand out of economy and put businesses in a further hole. and maybe that's why the white house now isn't admitting recession. [laughter] because they're spending more to drive inflation. they're hiking tax rates on big corporations by 15% -- or trying to -- and, you know -- the. [laughter] federal reserve is hiking rates too. stuart: i want to bring in someone who's going absolutely the other way, mayor of miami. francis suarez joins us now. your honor, i mow you cut -- i know you've cut property taxes. are any other taxes in miami going on the chopping block? >> well, that is the only tax
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that we charge. we charge a property tax, and we had incredible growth, the second most growth in recorded history. we grew 12% last year. and so we decided that with inflation at historic highs, with food prices going up, you know, with gas prices going up that the right thing to do, the only right thing to do was do exactly the opposite of what every other government is doing, which is to lower taxes. and so we decided that the right message would be to to lower it to the lowest level in recorded history, and that's what our residents are going to be benefiting from. stuart: are you, are you benefiting from making miami a crypto capital and a technology capital? are those to two things working for you? i'd guess they are. >> yeah, they most certainly are. we're number one in the nation in tech job growth, tech job migration. we've moved over $2 trillion in assets under managed companies in the last 18 months to miami,
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and we've grown our venture capital pipeline in just one year by 400%. so the number of high paying jobs that we've created have put us number one in the nation in wage growth. so we are, you know, we are doing incredibly well, and we're doing it by keeping people safe and and keeping taxes low and focusing on high praying -- paying jobs. that's our formula. stuart: i'm sure you're familiar with "the economist," a british magazine of some high repute. they mentioned you in the past couple of weeks, and i think they know this. think think you're -- they think you're going to be running for governor or running for the presidency of the united states. what's your comment on that, your honor? >> well, look, it's very flattering that a publication like "the economist" would think that highly of me and, certainly, you know, there are people, you know, that are pushing me to do either one of those things, and it's something that i'll give it careful consideration. right now my number one focus is
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i'm the president of the conference of mayors -- [laughter] stuart: you're were running. come on, your honor. you're an honest guy. you're running, i know you are. >> i'm considering it. stuart: exactly. and i think you had a great conversation with brian kilmeade on fox news about that, didn't you? you're running, your honor, and i wish you the best of luck. thanks very much for being on the show, and congratulations on making your city number one in so many areas. great stuff. we love success, your honor. all right, staying in florida. the governor, ron desantis, he's filed a complaint against a restaurant. he doesn't like kids being shown a drag show? lauren: because it's sexualized. it's in the winwood district of miami, and it hosts this fun drag brunch on the weekend, but it has a kids' men you, and kids go there -- menu. governor desantis filed a suit for public nuisance violations alleging the restaurant exposed these minors to
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sexually-explicit shows. over and over again especially recently we have seen governor desantis fight a culture war, and he says this is sexualizing young people, and that's not how he wants children treated in the state. i'd argue it's up to the parents, but that's what governor desantis is doing. stuart: he's running for the presidency. that's just my interpretation, but will you go. check futures, please. the market opens in 9 minutes -- can 8 minutes now. we're going to go up for the nasdaq yet again. that's the main focus today, big tech and the nasdaq. the opening bell, we'll take you to it. st next. ♪ ♪ only thing better than money, a pile of cold, hard cash ♪♪
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our manufacturing team custom crafts your bath so we fit your standards, and it's guaranteed for life. when you can trust the people who create your new bath, it just fits. bath fitter. visit bathfitter.com to book your free consultation. stuart: big tech on your screens right now. amazon up a whopping 9%. meta, alphabet both on the downside is. mark mahaney with us. amazon, big with revenue beat, upbeat guidance. are you raising your target price? >> no, we kept it at $180. what's happened with big tech is it got so oversold earlier this
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year, now it'll depend on how well they can weather through this recession or whatever macroeconomic challenges we have, but we clearly is have them. you've heard that from these companies. they've all said they're seeing softness particularly on the consumer side is. amazon has executed phenomenally well after some misexecution earlier this year. they've been actually able to set up for accelerating revenue growth in the back half of the year. if you find a story like that that's probably going to work, i'm a buyer here at the open. stuart: okay. are you thinking amazon reaches $180 a share from 134 now by the end of the year? >> yeah, within 12 months. what i want to do is set up here, you know, this stock it corrected, you know, 40%. the multiples just got whacked. the multiple, the price to sales, the price to cash flow multiple had gotten return, gotten debased, if you will, 30-40% because there was so much fear they couldn't reaccelerate revenue growth, that margins were going to be permanently
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challenged. look, this is a well-season company. they all make mistakes. they overbought, they overbuilt, and now you're coming into the back half of the year, and they've got enough scale, prime day helped them, reasonably okay holiday season coming up. if that happens, you're going to get better capacity realization, and margins are going to the cover. accelerating revenue growth, margin recovery, those kinds of stocks work very well in this environment. stuart: how about meta? not a great report. what's your target price for meta, now at 157 a share? >> i forgot off the top of my head. i think i'm at 240. the key thing is, you know, amazon, i think, just passed its worst quarter. i'm not sure that's the case with meta. i think you have another quarter to to go before fundamentals can reflect up. those apple privacy changes, advertising faces a lot of
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recessionary pressures. i like meta, i just think it's going to take a little longer. stuart: tell me about a alphabet google. are you lowering the price target there? >> boy, you caught me there. that was earlier this week. i like google. i think this is the most economically resilient name that we cover because it's got cloud computing, because it's got search advertising. search advertising is the last part of global marketing to be cut, and so far the growth there has been extraordinarily consistent. it offers marketers the best return on their ad spend, and it always has. it probably always will. when times get tough, people will the stick with google. they'll still see pressure on their ad rates, but i think the fundamentals can stay very much intact. that's why the valuation isn't as a attractive as i think it is for amazon and facebook, so i like google. it's the most defensive name maybe in all of big tech. stuart: i led the show morning by saying big tech is back. am i way out of bounds? you've got 20 seconds to tell
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me. >> it was oversold earlier this year. there's still a lot that big tech has to prove that they can get through this recessionary environment over the next 6-9 months, so it's starting to to come back, is right answer. stuart: i'll take that. mark mahaney, thanks a lot, sir. have a great weekend. >> have a nice weekend. stuart: you got it. all right. 7, 6, 5, 4, the market is going to open this friday morning. st been a great week. the nasdaq, i believe, is up about 8 percent, 9% this week, and i believe it's going to head higher right from the opening bell. the dow is up this morning. here's how we've opened, plenty of green on that screen. we're showing you the 30 dow stocks and at least three-quarters of them are in the green. the dow itself, okay, flat to slightly higher this morning. how about the s&p 500? that is also on the upside to the tune of .39, .4%, and the nasdaq -- this is what i'm interested in, because big tech is doing so well these cays, and the nasdaq's up another half
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percentage point. 68 points, well above 12 is,200. -- 12,200. big tech, those stocks have opened, all of them are higher except for the laggards, meta and alphabet. look at apple go, 2.5%, microsoft up another two-thirds of 1%, reaching 278. roku, however, absolutely falling out of bed, down 23%. what's the problem? lauren: everything's the problem. they said, look, inflation caused the consumer to pull back, the advertiser to pull back. they had a wider quarterly loss, and hen they withdrew their revenue estimates for the full year. and then the r-word came up, warned of an economic environment defined by recessionary fears. that is not good commentary on the state of the economy that you're trying to do business in. stuart: i forget what the high was, but it was pandemic darling, and now it is not. look at that chart, down, down, down. here's another one for you, huge drop at intel, 11% down.
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tough earnings report. the stock is down 20% this year, and then they got on the call. what was said on the call to produce result? lauren: the cfo says we are on the bottom. so they're slowing could be their hiring. they're reducing their capital spending. this is a wide range, but it's huge, between 4-23 billion. as you noted, a surprise loss. sales fell 22%, the biggest drop in over a decade, and the biggest miss going all the way back to 1999. they cut their guidance, and when cothings get better? that's the question. we don't know because they said pc sales that they supply the chips to are going to fall 10% this year. 10%. stuart: that was one of the great, great names of compute being. is and now t not. there must be something wrong with their product. lauren: i think the company's limiting the environment because the ceo says the economic
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decline has been, quote, sudden and rapid. so all of a sudden they're seeing customers pull back and businesses hold back and regular people too. stuart: now, that's intel and roku falling out of bed, way, way down in their stock price, but i'll bet oil companies, yeah, there we go, doing quell, right? -- doing well, right? if. lauren: certainly are. intel down, chevron up. stuart: can you just imagine if senator warren or senator sanders are watching this? oil companies -- [laughter] lauren: i know. stuart: mad as hell. lauren: exxon's the largest u.s. oil company. but senator warren -- increased production mt. permian basin. is so there are, you know, they are pumping more. and then chevron, the best comment from the cfo, what economic slowdown? you know, there is huge demand still for fuel. supply is responding so they, too, are producing more.
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to put this in perspective, if you take exxon, chevron and shell, the three biggest oil giants in the west, they banked a record $46 billion in profit in three months' time put together. [laughter] stuart: i wish i was a fly on the wall -- lauren: we need to invite either one on as a guest -- stuart: i'm not sure i could do that. lauren: that would be awesome. stuart: nice try. procter & gamble down nearly 5%. have they issued some kind of warning? lauren: they're talking about, read the banner on the screen, significant headwinds meaning strong dollar, expensive cost to ship things, the supply chain snarls. they say they're going to persist until the end of next year. yeah, well, a lot of companies are saying that. they also said heir going to continue to raise prices for tide, pantene, and so far customers have accepted that, but there comes a point when you start to downgrade your brand. stuart: investors are doubting that procter & gamble has pricing power.
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chipotle has pricing power, but maybe proctor and gamble does not. lauren: perhaps not. stuart: if you want to charge high prices, will people pay? lauren: so far we have. overwhelmingly have. stuart: big picture, please, look at the market overall. we're 5 minutes in, it's a mid morning. we're pretty much dead flat on the dow, but look at that, 32,500. next case, we have the dow winners. chevron, apple is a big winner today. 160. apple's back to 160, how about that? s&p 500 winners, what do we have top of the list there? amazon, no surprise, up 8.7%. it's back to $1300 a -- no, sorry, 132 a share. apple's at the top. nice to see some of the big tech companies back on that most active and winners' list. got it. i want to see the 10-year treasury yield, please. it's now at 2.70%. the price of gold, well, it's
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been way down recently. back up $4 today at 1773. bitcoin at $23,500. oil, what is it, $99 a barrel? right on the cusp of $100 again. nat gas, where's that? 8.32. the average price for a gallon of gas down 2 cents overnight to $4.25. california way down -- [laughter] way down, but still at $5.63 for regular. coming up, u.s. officials are hoping to make a deal russia. -- with russia. they want to swap brittney griner and paul well land for a russian arms dealer. mike pompeo says that is dangerous. >> there's a real reason the russians want to get them home. it's a dangerous precedent. stuart: a prisoner swap would embolden russia. she's next. let's just say that larry kudlow is with me in saying he's not a fan of these huge tax and spend proposals.
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♪ stuart: all right. we've been open for 10 minutes, and i see green. the nasdaq powering ahead again, up 80 points. even the dow is up 22. by the way, procter & gamble and intel, they're both dow stocks, they're both way down. together they're shaving 75 points off the dow industrials, but without that, dow to would be up about 100 points. now, at the top of the show, i said the republicans have been duped, they've been rolled by senators schumer and manchin. larry kudlow with us morning. all right, larry, i think these enormous tax and spend proposals are a disaster, and i think you agree with me. here's your opportunity to pound the table, larry.
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>> well, i do agree with you, and just is on the first point you made, you know, the ink was barely dry on the chips plus bill which is, what, $285 billion. then schumer comes in with a 1,000-page reconciliation with bill. i mean, with -- i think it was less than an hour, stu. and so they knew what they were doing, and they knew they were violating the promise they made to mitch mcconnell, the republican leader. here's one thing on this, another thing on this. remember a couple weeks ago joe manchin said no new taxes and no new spending because the inflation was way too high. so he said he was going to wait to see the july inflation numbers -- stuart: yep, and he didn't.
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>> -- which'll come out in the middle of august. well, what happened to that promise? he reneged on that promise. stuart: why? have we any idea why he would do that? >> i honestly don't know, okay? it's just one of these things, political pressure, i don't know. stuart: well, can you -- [inaudible conversations] politics than the republicans. can you conclude that? because i do. >> well, all right, i would conclude this though, it's better to be in the majority than to be in the minority. that's something that mitch mcconnell said to me when i interviewed him in washington on tuesday. it's better to be majority leader than it is to be the minority leader because the majority leader does control the agenda. so i'll leave it at that. but to your bigger point, i mean, look, you take these two bills together, take the iraq silluation bill and take -- reconciliation bill and take the chips bill, stu, here's what the numbers look like.
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there's $867 billion in higher spending. $867 billion in higher spending. and $739 billion in higher taxes. now, think about that. we've got an inflation problem. you saw the numbers today. the deflater came in well above what people thought, that thing's growing 7.2 over the last three months, so we're going to spend another $867 billion, and then we have two quarter withs of negative gdp -- quarters of negative gdp. not once since world war ii has two quarters of negative gdp not wound up being a recession. so we have a recession and rewarding that recession is a $739 billion tax hike. so we're raising taxes in a recession, and we are spending heavily in an inflation. now, what is the logic for that? i do not understand it.
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stuart: it's purely politics. they're hoping to buy votes for the november election with lower drug prices and health care subsidies. they'll put that right out front and say look what we're doing for you. vote for us. it's buying votes, larry, that's what it is. >> yeah. but you know what? that may be the old democratic intent. but when you look at every single -- virtually every single poll shows there is a public populist revolt against this kind of thing. and that's why biden's numbers are so bad. his economic numbers are in the 20s, for heaven sakes. and i do think, stu, that this revolt is going to cause big changes come november. i think the cavalry's coming. i think you're going to see a whole regime change, you're going to see a whole political change. lord knows we need it. we should be moving back towards free market, supply-side policies, okay? we should freeze spending, we should be cutting taxes, we
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should be deregulating, we should be opening the fossil fuel spigots, all these things. this is the only thing that'll rescue economy and this country. so you want to save america as i do, then it's time for big political changes in november. stuart: yes, sir. with you all the way. i'm glad we're in total agreement on that one, larry, and just about everything else. [laughter] mr. kudlow, we will be watching you at 4:00 this afternoon. we'll be there. thanks, larry. see you soon. the world economic forum -- [laughter] otherwise known as davos, these geniuses, the rich folks yodeling in the swiss alps, they want to eliminate car ownership. i'll repeat that, the rich yoder ellers want to eliminate car ownership. why? lauren: because we don't have enough of the materials that go into cars. stuart: we can't produce them? lauren: not enough of them. they say the solution is, and they're telling rich people this who like to collect cars and not
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drive them, just use all these expensive minerals to to own and not use beautiful cars that sit in a garage, they're saying, no, don't do that. don't own a car. heck, don't even drive a car, just share a car. would you ever share a car with someone else? stuart: they're just collectivists, that's what they are. the worst kind in the world. nothing worse than a rich socialist. nothing worse than that. i was brought up with those people. lauren: would they share a car, the people you were brought up with? stuart: no. lauren lauren exactly. stuart: before my head explodes, we've got to move on. america's wealthiest 100 people, well, they've lost a lot of money since november. are we talking billions? lauren: yes. $622 billion because of the stock market -- stuart: oh, they'll have to share a car. [laughter] lauren: don't feeled bad. obviously, they made a lot of money, trillions. this is what happened. so the government started doling out the stimulus checks not to them, but to everybody else who spent money on the economy and
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helped their stocks that they owned, it helped the companies. deals, m&a, everybody made a lot of money and now, of course, we don't feel bad for them. since november they've lost over $600 billion, and we just wanted to point that out with no judgment. stuart: okay. i'm going to move on. i think we should. i'm going to tell you what we've got coming up on the show. ukraine's president zelenskyy and his wife facing backlash for posing for the cover of vogue. we'll dive into it. the country's largest air show is being held in wisconsin. guess what? the airlines are going there hoping to recruit pilots. grady trimble has the report next. ♪ pleasure. ♪ ♪
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grady trimble is there. do the big airlines normally attend this kind of show? >> reporter: well, stu, this is the first year that all of the major airlines are here trying to recruit, to turn those aviation enthusiasts into actual pilots. and there is a lott to be enthusiastic about here at oshkosh. we had the chance to fly with the aerobatic team in a world war ii-era t-6 plane. with we did a hoop and a barrel roll, my first time being upside down in a plane. they told us we pulled 4gs, four times the force of gravity. and while we keep that video rolling, i do want to a talk more about the pilot shortage because it's extremely important. we spoke to a captain with united airlines. her dad brought her to oshkosh when she was 8 years old, and it inspired her to become a pilot. now she's trying to inspire the next generation. >> for many, many years we've had the honor of having an
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overwhelming number of very highly qualified applicants. and now we just need to make sure that the next generation sees what a fantastic career this is. this is the place to do it. >> reporter: and there are a lot of people who who come here, half a million throughout the week of the air show. a lot of young kids and families to try to inspire them to become pilots. 17,000 aircraft in the airfield here at oshkosh, stu. by the way, for one week a year during the air show, this is the busiest airport in the entire world. stu? stuart: that's a good statistic, grady. well done, young man. good stuff. [laughter] i hope you managed the 4g well. i'm not going to ask how you do it. >> reporter: none of our crew lost our lunch, i'll leave it at that. stuart: that's what i wanted to know, grady. look at that on the left-hand side of your screen. that is the new flying car, and it just got faa approval to
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begin flight testing. how soon could we actually see this thing fly? lauren: commercially, i have no idea. the test flight, in weeks. it's called the switchblade, so it's like a pocket knife. you press a button, and the wings slip into the belly of the vehicle and back out again, and that's how it transitions from, in this case, road to sky. fly, car, fly. stuart: is it going to take off? lauren: yes. two weeks ago the faa said they could test fly this thing. okay. if you could buy it, when that actually -- if that ever happens, how much do you think it would cost? stuart: i can see the prompt orer says $170,000. lauren lauren yeah, i think that's about right. stuart: do you need a pilot's license to fly it? lauren: that is a very good question. and where can you fly it? can you just be sitting in traffic on, you know, i-95 and just press that button and say, sorry, even, i'm flying above you -- everybody, i'm flying above you?
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like motorcycles, i always get jealous. must be nice. stuart: still ahead on this program today, tammy bruce, congressman jim jordan, ben domenech and christian whiton. the 10:00 hour of "varney & company" is next. ♪ oh, i wanna dance with somebody. ♪ i wanna feel the heat with somebody. ♪ yeah, i wanna dance with somebody, with somebody who loves me ♪♪ .. my little family is me, aria, and jade.
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♪♪ don't you worry about a thing ♪♪ don't you worry about a thing ♪♪ stuart: don't you worry about a thing, don't worry about a recession or inflation. this is the biden administration. look at that, nasdaq powering up another 1%, it is up 10% in july, another 1%. that is a huge check rally. 10 year treasury at 2.69%. doing well this morning except for meta platforms, it is up 11% and apple up 3%, bitcoin
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struggling down $700 per coin. we got an important economic indicator worthy of economic alert, the consumer sentiment number. lauren: a little stronger, 51.5 the final number for the month of july and 12 month inflation number is at 5.2%. b1 a very modest increase and we are still worried about inflation in the future. stuart: we will take it. nothing i can see on the markets, still plenty of green all over the place. let's look at big tech. ray wong is with us, one of the big tech watchers who has been with us many years, the most important thing in the market is the big tech rally, what say you? >> i agree the forecasts were good from big tech players but we see some trends that changed the market tune, one was the
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fact that 11,400 had been broken and we saw forecast and revenues, we saw that not all digital advertising is created equal. in google's case and amazon's case served us great. and social media not very good. stuart: apple up this morning, 3% going higher from here. >> you will see that iphone sales were good, were up but more importantly they added 160 million subscribers in the last quarter, service revenue was up and those are big pieces because apple is getting more money than people would have expected and the economy is not a head wind even though they had inflation, inventory and dealing with supply chain issues. stuart: of all the big tax
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amazon is the standout, up 12%, astonishing gain for a company that size. >> they were severely underweight, the new ceo might not know what he's doing even though he was at amazon quite some time, the cloud business, 33%, a lot of growth, and we saw congress did well and then paying attention, $9 billion this quarter in digital advertising which is a huge number. we went you think amazon can go up from here, 137, up from here? >> there is upside, there's bifurcation in the retail market, you're in the high end low end getting squeezed on margin compression. amazon doesn't have supply issues a lot of people have like things people don't want as they ship from apparel to
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food or goods to basic commodities. amazon has managed the supply chain and cutting costs, building a bunch of warehouses, supply chain inventory and they dropped some of that as well. stuart: thank you very much. saying on amazon because they did take a huge hit on their rivian investment. lauren: it is a lot of money, they are 160 million shares, and in the quarter just wrapped amazon reported $3.9 billion loss and that caused amazon to report overall net loss of $2,000,000,001/4 investors excusing at, stock is up 12%. they were not doing much of today but are down. stuart: that is a selloff. u.s. steel up 5%.
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amy: they have a new stock buyback program, they are going to raise prices where they can and shoppers are saying no way. bernstein looks at all the data and they say procter & gamble which makes expensive items, tired and pantene over many competitors, bernstein says there were market share losses in every category except for beauty so customers are trading down. we when you take a hit on that. moderna up 2%. lauren: the white house is buying doses of their updated covid vaccine with the option to buy more. they have a billion-dollar deal with the government. stuart: taxpayers pushing moderna stock up. tax and spend is back and i blame republicans. they were duped. they were rolled.
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here's the story. wednesday 17 republican said yes to her $280 billion bill that was supposed to support the computer industry but which is a grab bag of extra government spending, republicans found senators schumer and manchin were negotiating a bigger tax-and-spend plan, republicans have been tricked. they have to figure out how to beat back $850 billion worth of new spending and $3 billion worth in taxes. amazing. the very moment we found out we found out we are in recension joe manchin and the republicans pulled out what looks like a win for president biden. we have to see if kristin sinema will save the country from economic disaster and it will be a disaster if in a recession you raise taxes, pile on hundreds of billions into government spending with inflation at 8% and it will be a political disaster if the
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democrats turn their tax-and-spend program into electoral victory this november. tammy bruce is with me. republicans gave democrats and the president a big win. am i missing something? lauren: >> i agree with you some republicans were tricked but republicans have not been living in a cave. they know what the agenda has been, what biden has been doing which is overspending, we are in a recession because spending has been out of control so you have the chip bill spending and this other bit of spending, the pared down build back better but is billback broke, as people are saying and manchin and kristin sinema saved the democratic party having it not be worse than it is now but we are going to be huge losers, the money being spent is our money and the president makes a
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joke or dismisses the concern of the average american because they are get not it -- not getting $8,000 checks from the federal government, that's not our money, it is money we lost they have abandoned, they don't know where the ppp money went, a remarkable display of republicans going along to get wrong and they don't stand up for conservative value set, trump set the tone about what the values were for the conservative movement and once again the republicans by their passive aggressiveness, by doing nothing are allowing this disaster to proceed. stuart: republicans who voted for this chip bill were defending their own interests in their own states because a lot of the money will go to those states and in the next election cycle they can't afford to have their opponents say they voted against money for the state or that state, didn't bring home the bacon,
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that is what would be said so they cave and we have spending around our next. >> it is about jobs and pork for my own state and my constituents, what do they think the recession is doing, there's still no baby formula on the shelves, nobody talks about that, that problem has not been resolved. so many problems will arise can we don't know what north korea is going to do or taiwan or what the next biden disaster will be and there will be another one, biden is treating the american people when he complains about us not getting our checks like we are hunter biden, treating us like we are sitting waiting for daddy to give us something and daddy is waiting for something to come from the people because he deserves all of our money too, this is a broken system with broken people who are the worst people among us destroying our lives and chewing us away
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because we are not getting a big enough check from the government. if he left us alone we would be getting checks from our own businesses, starting around businesses again and getting money for consumers. stuart: i look forward to 10:00 on friday morning because i know you will fire of his audience. >> right now this, president biden and manchin and schumer are setting us up for a volcano and they don't see it because they lied about inflation to themselves, janet yellen, inflation will be transitory, she admits i had no idea and she's in charge of the money and has no idea and i watch this show, i do this show and i knew because of what i learned from you and this program being on it and watching it and janet yellen, make me the secretary treasury, we can figure these things out every week for three of us and they are sitting
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there we had no idea and our lives are being ruined, whether disaster that people will deal with. >> you should run for office, that is a swamp and at least here we can speak our minds and get things done. neil: i am exhausted, energy, we can dispense with the story about biden saying they are suffering. >> people might not know that he said that, they might not know what i was referring to. we went give us details. >> i take it very seriously, the confidence of the american people, we were able to with the rescue plan we were able to send them a check for twee 8 grand. if you make one hundred 20
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grand, you get a check for 8 grand that's a lot of money and so it helps save a lot of people. lauren: he says there's no recession we know you feel down and we have such inflation because of the spending and they might do that again. they are spending again. >> that was his effort at empathy. >> not much knowledge goes into this white house and comes out of it. lauren: their biggest critic is larry summers. it is friday morning. here's what we have coming up, ukraine's president zelenskyy and his wife facing back lash over their photo shoot, critics slammed them for doing the glamorous shoot in the middle of a war. an investigation into the fbi, a whistleblower claims the agency buried dirt on hunter.
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data for this white house, you mentioned the latest inflation number at 6.8% year-over-year, a huge jump from the month before the biggest number we've seen for this indicator since january of 1982. the number one hit single let's get physical by olivia newton john making a comeback with the historical data but without food and energy prices, increased 4.8%, not good news and cpi inflation, looks at what households are spending and looking at what businesses are selling, in a basket of goods as prices go up. it is bad economic news. consumer sentiment showed the
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lowest consumer sentiment rating, the fed for the first time in 40 years raised interest rates two consecutive times and then the gdp number showing the economy and a technical recession but if you look at the president, a great read for his policies. >> if you look at the job market consumer spending, business investment, we see signs of economic progress in the second quarter as well. there is no doubt we expect growth to be slower than last year, the rapid cliff we had but that's consistent with transition to a stable steady growth and lower inflation. >> that dump truck is delivered, they know that you are with fox, they know you're going on there and they turned the thing on as soon as you, near. it is deliberate and i'm not going to have it. >> it's a vacuum truck. stuart: don't care what it is. i think it is deliberate.
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get rid of that damn truck. republicans are demanding the justice department launched an investigation into whistleblower allegations of a scheme within the fbi to suppress negative information about hunter biden, congressman jim jordan republican from ohio joins me now. no drop truck behind you and i'm glad to see that, you wouldn't allow that. take me through this, it's a very complex situation. >> reporter: whistleblowers told senator grassley the -- special agent in charge of the washington field office was suppressing evidence about the hunter biden story. wh ats in irestinterest treore rswee toomur offind t auselnd dertme is pressuring agents to catalog domestic explains some and the pressuring agents to do this is
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the same individual. you have him suppressing stuff that will help the democrat, help his political position and on the other hand doing things that will help democrats by pressuring members to catalog and categorize cases as domestic violent extremism. we've got another peter struck on our hands, underscores how political for garland/biden justice berman has become. stuart: do you believe at the bottom of all this china has something on president biden? >> reporter: i don't know. what i do know is we have a political justice department, what i do know is there's reluctance for anyone to look into this. my colleague, congressman comear is trying to look at suspicious activity reports on hunter biden and this is what the treasury has, historically
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members of congress have been able to see those kind of things but now the biden treasury is saying you can't see that unless democrats request an opportunity to view that information as well, 150 suspicious activity reports on hunter biden's business dealings most americans never had any and the president's son has one hundred 50, seems like there is something there and the fact the biden administration won't let them see that raises concern. stuart: it does indeed. there is a bill that hits the house floor which would ban member of congress and spouses from trading stocks. would you vote for it? >> i would. i don't trade stocks, some members to. there is an act that passed 5 or 6 years ago, the stock act which required certain disclosures but this is something that may -- haven't seen the legislation so don't want to commit to voting for it until i see what it says but it
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is worth pursuing and we will see what happens. we heard, what happens with the pelosi family and the trades they have made in anticipation of certain legislation, the chips act, i think is definitely something to look at. we when you don't trade stocks, do you own stocks as opposed to trade them? may i ask where you put your money? >> who knows but something we have to examine. >> jim jordan, thanks for being with us, we appreciate it. former fed president richard fisher is highly critical of speaker pelosi and her husband's stock trading? >> reporter: it's obvious they took advantage of inside information, criticism is high and wide, specific wording that this is what you are supposed to do. jason chafer it's said nancy pelosi is probably so mad at
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paul for doing this, dumping some nvidia shares and that's the only reason she would let this bill go to the house for which would affect her wealth because she was so mad at him for continuing to buy big portions of companies when two weeks and one month later major legislation woods drop that benefits them. stuart: thank you. state officials in west virginia cutting ties with big banks over their pledges to fight climate change. connell mcshane will have our report, dc mayor muriel bowser called on the national guard to help deal with migrants being bused in from texas and arizona. watch this. >> we continue to be very focused on having the federal government do its part and take the lead in addressing a growing humanitarian crisis, with people seeking asylum. stuart: that is what border states have to deal with every
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stuart: where are we on the markets? we are up. the nasdaq powering ahead, already up 10% or 9% this week, a terrific week for big tech. the dow is up half a percentage point, 32,700. there is significant movers today. i will start with intel, significant move down, 10% on a stock like that. >> surprise loss, biggest revenue drop in a decade, the biggest miss that is what camera am i supposed to be on? stuart: pick one. lauren: put it on me. i've never been on this camera before. let me move on because i am all out of whack. i can't talk to you.
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they are flashing ratings on this stock. they took it down by $20 and their price target goes 6240. solar ridge, more gains for clean energy firms. the climate deal. what is going on? stuart: solar ridge, tell me about that one. lauren: i just did. 5% because of the climate deal. stuart: let's do ali baba. lauren: we got this now. it is 8% decline following reports of jack ma's plan to seize control of its eccentric arm and caution because ali baba is a major player particularly in china with earnings next week and they could see a revenue decline. stuart: we are having a good day despite these confusions. we are all making money. next case, west virginia has
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barred these 5 financial institutions from new state business because of their progress of climate change policies. if the push is a big problem for businesses. lauren: it might be. it could be a risk for some states going after these big businesses, they have deep pockets. a little background on this, becoming a trend color red states going after wall street and this one is about climate change, call country, west virginia. they have a new rule, the state won't do business with the bank they perceive are boycotting fossil fuels so we spoke to the state treasurer about it who told us he first identified 6 institutions, sent letters to all of them, they are in compliance, the 5 you mentioned, these are big names, black rock, goldman sachs, jpmorgan, morgan stanley and wells fargo. >> they will be barred from allstate contracts moving
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forward, will not be able to bid on any and if they have a contract with me those contracts will be terminated. >> black rock ceo larry fink is the face of wall street's move toward what they say is socially conscious investing that took aim at the coal industry in a 2,020 letter to his clients were he got a lot of attention announcing sustainability with blackrock's new standard for investing. in a statement to fox business about this decision black rocks as we disagree with the determination, blackrock does not boycott energy companies or pursue investment, divestment from sectors or industries, we offer our clients choice on a range of strategies, they decide how to invest their money. when i asked about it -- >> black rock a wholly-owned subsidiary operating in china with 55 brand-new coal-fired power plants, 70% of greenhouse gas emissions come from asia united states is over 10% of
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that, we have the cleanest air and water quality in the world in the united states so we are cutting off our nose to spite our face. >> reporter: a bank official we spoke to about this said west virginia might be the one taking on some risk. the analysis was done after texas made a similar move against banks refusing at the time to fund gun manufacturers. that official said the move backfired because there was less competition and banking, the fees went up and taxpayers ended up, watch how it works in west virginia. stuart: thanks very much. i want to go back to the reconciliation bill which senator joe manchin and senator schumer and the democrats agree to push, guy benson joins me this morning, this looks to me like a democrat win. they are going to push through a gigantic spending and tax plan. do you think it will work for them in november? >> it is a democratic win if it passes. i would bet on it passing because this is their last gasp
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at doing something and republicans feel they were hoodwinked in all of it, they are hopping mad about it. i would say at the margins it might help a little bit. on the political side for the democrats because their base has been very angry at them, very dissatisfied. what have you done for us with this power for two years? if they can jam through tax increases, spending increases which is the purpose of the democratic party quite frankly right before an election then that gives them something to point to and say we didn't squander this opportunity the way you have been accusing us of doing but i think it would be bad for the economy so that is the other side of it in the middle of inflation spend hundreds of billions of new dollars into recession raise taxes, it is insane, the policy is terrible, not sure they are thinking about that. we when i don't think they are, they are think about november and buying a few votes. changing the subject the mayor of washington dc, muriel bowser
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alling on the national guard to help with the surge of migrants being bused to dc from border states. listen to this. >> we are very focused on having the federal government do its part. take the lead in addressing what we see as a growing humanitarian crisis with people who are seeking asylum coming across the country to get on to their final destination. i have asked the secretary of the army, the dc national guard to help lead that effort. stuart: what is going on? 4000 coming to dc since april, border states deal with 4000 today. where's the media? there is no coverage from anybody but fox. >> it is so inconvenient for the overall narrative. the mayor of dc kind of asking get the federal government to
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do its job and complaining about the tipping point of this humanitarian crisis, where have you been? welcome to texas, arizona, parts of california for many months on end and eric adams in new york city complaining similarly about this saying it's a strain on our resources. imagine greg abbott breaking out the world's smallest violin, what a terrible situation you must have up there with a tiny fraction of what we in texas, him, have to deal with every day and it is funny when the reality comes home for people who have no problem when it is someone else's issue. i was channeling my greg abbott. stuart: good one, well done, a good channeling. see you again soon. ice officials just uncovered dozens of migrants in a series of smugglers stash houses. where is this happening?
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lauren: northwest washington dc, very nice area where the median price of a home is $750,000. i know the expression on your face, normally you see these migrants brought to houses near the border as they work to reunite another part of the country, ice found 73 migrants in 6 homes levered to be owned because they are making money. stuart: not just picture in arizona in washington dc. thanks. inflation driving more people to food banks, the food banks are struggling to keep up with the rising food costs. lydia will tell us how they are trying to hang on. would you work for fried chicken instead of money. one popular fast food joint
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stuart: food banks across america struggling to keep shelves stocked, forced to pay even more for the same amount of food. how much more do they have to pay and spend to keep the shelves stocked. >> this food bank tells us they are spending 40% more to buy the same amount of food they were buying a year ago. you can see volunteers working hard to package dry goods that have been donated to the food
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bank with these donated own rooms will be distributed to hundreds of food pantries across the state but this year they will have to stretch these donations further because the food bank is seeing a 20% increase in the amount of people they are feeding monthly over just last year. >> the stories of the same, much more expensive to fill up their tank to go to work or go to school and when they go to the grocery store they get hit with another high cost, not since the great recession or through sandy where i had the opportunity to serve, we've never seen anything like this. >> reporter: it is not just in new jersey, the need is evident from coast to coast, the numbers are absolutely staggering. you can see some food pantries seeing a 75% increase in demand for food over last year, that in phoenix, arizona but the
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need in alameda, california, los angeles, food bank seeing demand store by 30% and folks at community food bank of new jersey say they've never seen demands like this before. the debate rages on like economic data whether or not the country is in a recession, perhaps the data we should be considering is the number of people turning to food banks across the country just to put a meal on the table. stuart: exactly right. that's how recession hits home. thank you very much indeed. we gotta chick-fil-a restaurant facing backlash, it's how they try to recruit volunteers, tell me more. >> reporter: the north carolina chick-fil-a needed someone to operate the express drive through lane and this is what they post on facebook. we are looking for volunteers.
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earn 5 free entrées for one hour work. they've since deleted that. you can't pay people with food and 5 entrées per hour is a lot of food. be one that was a proposal? lauren: you wouldn't get a paycheck, you would get 5 entrées and our, you could feed the whole flock. stuart: i didn't read that. i read it differently that if you volunteer, come on board, we will pay you with 5 extra meals, not giving people food instead of money. lauren: i had it wrong, i do apologize, you are right, that was the case i missed that one. stuart: it's been quite a day. lauren: i'm on the right camera now. stuart: i've got to segue to a difficult story. devastating flooding forcing las vegas residents to navigate deep waters, happening in many parts of the country, the full story coming next our.
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the biden administration considers swapping russian arms dealer for wnba star, brittany griner. mike pompeo says that's dangerous, roll tape. >> there's a reason the russians want to get him home, to offer trade like this is a dangerous precedent. stuart: ukraine security expert rebecca copper says that swap will just embolden russia. she is on the show next. ♪♪
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stuart: mike pompeo has a warning about the potential prisoner swap for britney griner. >> is a bad guy who wanted to kill americans and presents a real risk to the united states. there's a real reason the russians want to get him home, to offer trade like this is a dangerous precedent. stuart: rebecca koffler joins us now, no agreements have been finalized, we just got that coming to us, do you think this prisoner swap is dangerous, what do you think it does? >> it is absolutely dangerous.
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he's not just a regular person and russian criminal, he is a person convicted for conspiring to kill americans, indirectly linked to putin himself, put in wants him in the biden administration will be endangering more americans by releasing this guy even in exchange for britney griner and paul whelen. >> any american in russia becomes a potential hostage >> put next playbook works every time, hostage diplomacy, they've sharpened it like a knife and many more americans will be in danger, not only is that but it is bad for our security because this guy has critical information, has been debriefed by our officers, he knows what our intelligence requirements aren't has
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critical insights being a former military intelligence officer to share with the russians and that's why putin can't wait to get him back. stuart: turned to the war itself, russia's advancing ukraine appears to have stalled and the ukrainians have newer and better weapons. in your opinion is the tide beginning to turn against the russians and towards the ukrainians? >> no, it doesn't. the russians have recently bombarded odesa 24 hours after the supposed green deal. they also started bombarding the capital region of ukraine, key have so the battle is going on but more importantly they are establishing control, getting ready to do a referendum, giving out passports, making rubles as the main currency right now because
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now that they control 20% of ukraine they want to make it part of russia so that if the ukrainians drive the areas than the russians will claim they struck russian territory and they will ratchet up additional assault operations. stuart: president zelenskyy and his wife alayna facing intense criticism, they appeared on the cover of vogue and the court system is he shouldn't be on the cover of vogue in the middle of a nasty war. what is your take on this? >> this is bad pr for them but shows they are out of touch on two points. stuart: they are out of touch? they shouldn't have gone on vogue? >> i don't believe that. not sure if you are serious or joking but the american people are struggling to put food on the table and fill up their gas
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tanks because our prices are skyrocketing because of president biden's incompetent economic policies. we have pumped more money into ukraine in the last 5 months then we gave afghanistan in five years and president biden says we will hold ukraine for as long as needed so from the standpoint of ukrainians there's a war going on and they are posing in posh outfits from vogue. doesn't add up. stuart: doesn't work for you. >> not for the american people who are really funding the campaign. president biden is asking americans, with pumpkin during
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the biden administration alone, in foreign military aid and security assistance like weaponry you just said and $54 billion congress has approved so we are funding the country, providing 50% of ukraine's gdp, west virginia's gdp is $72 billion. i'm sure west virginians could use some of the money we are pumping into ukraine, only prolong the war. stuart: you have made your point, rebecca koffler, thanks for joining us. got to check the market friday morning, the market has been open about an hour and a half and we are up one hundred 73 basis points, one hundred 40 for the dow, the 10 year treasury, quick market check, 10 year treasury the yield is down now, 2. 67%, gold doing nothing, way below $1,800 an ounce, bitcoin not doing much, up 275, just
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regained $24,000 a coin. oil made it just over one hundred dollars a barrel. natural gas down virtually unchanged, average price of a gallon of gas to sin today these days, down $4.25 for regular right now. here's what is ahead. been dominic, christian whiteman and charles payne. the president held what looked like a zoom meeting with the business executives, it was hard to watch, his spin on the economy was embarrassing in the last thing we need is a president who is incapable of getting to grips with the problem. that's "my take," that's my opinion next. ♪♪ leon's saving up for his first set of wheels...
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go to omnipod.com for risk information, instruction for use, and free trial terms and conditions. consult your healthcare provider before starting on omnipod. >> the republican party better fight president biden every day of the year or there's going to be no need for the republican party, they have had enough of the government getting bigger and bigger and the democrats outfoxing us on these deals. >> reporter: publicans have not been living in a cave. they've not been in a coma. they know what the agenda is and what biden has been doing which is overspending but we are going to be the huge loser so the money being spent is our money.
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>> raising taxes in a recession and spending heavily in and inflation. what is the logic for that? i do not understand. >> big tech got so oversold earlier this year it will depend on how they can whether this recession. ♪♪ stuart: this is techno music. lauren: i call it techno pit bull, whenever there is a pitbull song, you play them a lot, you don't like it, you don't like it. stuart: i'm not into it. but i am conclusively that it is 11:00 and it is friday, july 29th and i can tell you we have a nice rally.
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friday lunch time. on the markets the dow is up 100 and the nasdaq up another 137 points which is better than 1%. big tech doing well except for google and meta platforms. look at amazon, huge gain and a 10 year treasury yield down again, 2.67%. a lot of action on the markets and politics too. now this. the president held what looked like a zoom meeting with business executives yesterday. it was hard to watch. his spin on the economy was embarrassing, his delivery was awkward, he showed his age, he did not inspire confidence. we are in a recession and the last thing we need is a president who is incapable of getting to grips with the problem. he said, quote, our economy created 9 million jobs since i took office, you didn't create those jobs, it came back to the
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jobs they had before the pandemic and we are million paychecks short of where we are, brought in brian moynahan, $100,000 year people were doing fine, have lots of money in the bank, no mention of those making less than $100,000 who don't have much is getting worse off because of inflation. the whole thing turned into a rah rah session, no negatives can adjust positives. it didn't work. we are passat through zoom meetings, not a convincing form of communication especially when the host, the president, stumbles over words, loses his train of thought, told stories about his father and grandfather, folksy kind of stories that made the president's age more apparent, we need a robust president who directly addresses the country's problems with honesty and vigor, that's not a president we have at this moment.
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third hour of varney starts at this moment. been dominic, what is your reaction to the spin on the economy? >> it is unfortunate he is approaching the challenges of the moment by disturbing butterscotch, and the economy is doing just fine and we are in this moment everyone in the white house is trying to pretend a great economic resurgence across the country, every american understands is not happening so i don't know why, we are going to spin this, try to pretend things are not
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the way they are, and and the problems they face. when they face economic challenges, unfortunately, they tried to whistle past the graveyard and everything going just fine and if you have a problem with this you fall prey to misinformation or disinformation along those lines as opposed to acknowledging the truth in front of us which is we are not in a good place. stuart: what do you make of the deal, total flip-flop, a huge new spending and tax program and $280 billion for the so-called chip bill, democrats do politics better than
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republicans. >> i agree with you. republicans are not good at advancing these types of approaches. when it comes to convincing joe manchin about this approach, it is unlikely to change their electoral prospects for a number of reasons. there is going to be potentially changes, the nature of spending and grants, tax appreciation people experience when it comes to the energy side of the economy and that is a priority for joe manchin and this is the maximum they are going to get from the president biden presidency, they won't get anything else, up against
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the deadline. they tried to shove some things through in the reality of november and if this is the way they maximize their voting participation from having congress, house, and senate, republicans should feel okay with that, some things they could reverse in the future and something a lot of republicans if they were honest would be fine with. they don't want to give president biden the win. stuart: let's hope they don't get all this $850 billion proposed. stuart: it is -- stuart: they've got 8% inflation. thanks. see you soon. check those markets.
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97 minutes, the dow is up 90. look at the nasdaq. a huge again, 9%, 10% this week. they are up another 1%. instead of talking to the markets i want to talk to this recession, it is short and shallow. what do you think? >> not only talking about a recession, but predicting government calling out recession for months. is it short or long? that depends on the entity that caused it. the 1970s recession was 10 years so if they hand inflation like they handle it at this point the recession could go on
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another 10 years. stuart: you often told us you follow the tape. it is a huge gain for tech stocks. are you moving up? >> not buying tech nor am i buying stocks writ large, despite a great month. technology stocks up 10% in the last month. got to look at long-term. you look at the government that caused inflation, they are focused on the wrong thing. they are not on cutting spending and subsidies, subsidizing them, with the chip bill, i hate it now, making the economy worse. stuart: should members of congress and their spouses be allowed to own and trade
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stocks? >> yes. never heard that before? es. problem isn't government officials buying and trading stocks, 355 million stocks traded by democrats but by republicans as well. if you want to get money out of politics. stuart: why don't we have instant posting of any stock trade by any member of congress or their families. they know what they are doing and when they were doing it? would that be cool disclosure? >> what was hurting the economy, the government regulation of the economy, paul poulos is worth $100 million, did he lose another $5 million? every american should focus on long-term behind this.
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stuart: always on the ball, thanks, have a great weekend. we will watch the oil companies on wall street. they are doing well. let's start with chevron. lauren: powering the dow up 8%, aaa sales rose $65 billion, last year $36 billion. is that more money than god? if you are a shareholder you are doing well because there are two sectors in the s&p that are higher, utilities and energy. stuart: caterpillar. lauren: they report tuesday, expected to report 11% gain ahead of stocks of 4%. stuart: church and white, the banking soda people. lauren: could be the worst day since the financial crisis,
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profits fell because it is as simple as that. stuart: flash flooding hits the vegas strip, heavy rain damaging the casinos. turning parking lots, into rivers, we are on it. they want to live golf league, it is disrespectful, donald trump joining the conversation. and china is doubling down on warnings to stay out. ♪♪
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hi, my name's steve. i lost 138 pounds on golo find new roads. and i kept it off. so with other diets, you just feel like you're muscling your way through it. the reason why i like golo 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.
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it's golo. it's all golo. it's smarter, it's better, it will change your life forever. stuart: we are playing that song, headlining the lollapalooza music festival. the city of chicago has additional warning, what is the morning? lauren: if you are going there test your drugs for fentanyl. they are handing out test
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strips, and and they continue, and not just in heroin, and for drug dealers and drug traffickers. they are not intending to take fentanyl. stuart: would it be nice if someone in chicago were to say here's the morning, warning the federal government to close the border with mexico -- lauren: the root of the problem, in chicago warning about this, that's a good way to look at it. stuart: the bill that would boost chip production is on president biden's desk. chip support and a lot of
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spending. lauren: before they break for recess early next month, looking at the house of voted and passed it, one hundred 87 against, all democrats voted for us, 24 republicans voted for despite the last minute push because of what manchin did. stuart: that is $284 billion worth of focused spending. lauren: to create american jobs. stuart: china, xi jinping morning biden about speaker pelosi's possible visit to taiwan. public million cannot be defied, those who play with fire will perish by it. this is my opinion. this would not be happening if
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we didn't have in afghanistan debacle which made biden look weekend emboldened enemies and rivals? they could force a high official at the us government not to go to taiwan? i' m astonished we've arrived at this point. >> we are playing defense. the question is whether speaker pelosi will go to taiwan. a big hoopla about being a separate and coequal branch of government, the fact that president biden and the chinese don't want her to go, talk of human rights issues, xi jinping talks about public opinion because the separate country he's trying to intimidate, taiwan is an actual democracy that protects public opinion, his country not so much. stuart: do you think pelosi should go to taiwan? >> absolutely. it is not unprecedented. newt gingrich went when he was speaker, china was a lot less rich and powerful then but it is important we not allow china
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to dictate the agenda and we spotlight taiwan which is closed to travelers for two years, we spotlight the thriving democracy. one other thing about taiwan, unlike every other partner or ally of the us around the world the taiwanese don't expect us to pay for their weapons. cash and carry, they pay for them themselves. stuart: that makes them unique. north korea threatens to annihilate south korea with nuclear attack, this came in the other day. is this a real threat or do you think kim jong-un is crazy enough to do it? >> it is probably not real. and escalation of rhetoric, not something that can be dismissed with a fused colorful rhetoric, turning seoul into a sea of fire, one of their favorite metaphors but they have the
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means to do so and speculation, testing of nuclear weapons hasn't happened yet, a reminder this is a problem that persists, something all the foreign policy experts said donald trump handled poorly when during the trump administration after that initial escalation followed by us and south korean pushback, long period of no provocations out of north korea. stuart: if donald trump was still the president do you think they would be making these threats? >> no i don't. i think they -- not used to the idea of coming in from the cold and cooperating with the us but the fact that kim jong-un was willing to meet with trump was a different situation. as you pointed out these adversaries, only a year ago
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they look at president biden begging for more oil from saudi arabia coming home empty-handed and other acts of weakness, biden having the first policy that neglects east asia, our military presence atrophying, spending so many resources in europe and elsewhere, people see this and it adds up. stuart: thanks for joining us. see you soon. billionaire investor weighing in on potential military conflict with china? >> the argument would be it hurts china more. >> who cares if it hurts china more, when it hurts you terribly? when you have a war both sides lose. i'm trying to be practical.
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stuart: that will be at 12:00 pm eastern. we had some extreme weather across the country, flooding on the las vegas strip. lauren: one of the driest places there is, rare thunderstorms went through the area causing flash flooding on the strip at casinos like caesar's palace, the link hotel, you can see water that went through the parking garage, then came out and one instance where power on fremont street, coming out of the ceiling. it is unbelievable, very rare for vegas to see weather like this. we went in the middle of the desert. what is going on with texas? i am told there is one town running out of water. lauren: a water emergency,
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severely reduce, storage tanks are full and can't refill them because they need to clean pleat using water, nothing to for flow with so they could run out of water and city officials say there is a mechanical issue with the wells being caused in part by the extreme heat. the extreme weather, a wildfire in texas, forced dozens of homes to be evacuated. 500 acres are believed to have been scorched by this fire, we have wild weather across the country. stuart: coming up climate protesters crashed the congressional baseball game. watch this. >> biden needs to declare a climate emergency. >> we are all in jeopardy. it is going to be a catastrophe. billions of people are going to suffer. stuart: the end of the world is not, three people arrested, we are on it. democrats pushing forward a massive tax-and-spend bill,
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they might want to heed a warning from former president obama. we bring that up with charles payne. he's on the show and jointly next. ♪♪ ♪♪ if you follow will catch you ♪♪ i'll be waiting ♪♪ my relationship with my credit cards wasn't good. i got into debt in college and, no matter how much i paid, it followed me everywhere. between the high interest, the fees... i felt trapped. debt, debt, debt. so i broke up with my credit card debt and consolidated it into a low-rate personal loan from sofi. i finally feel like a grown-up. break up with bad credit card debt. get a personal loan with no fees, low fixed rates, and borrow up to $100k. go to sofi.com to view your rate. sofi. get your money right. ♪♪ bubbles bubbles so many bubbles!
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stuart: charles payne's onset with me. why do you like this? think it. ♪♪ on the wings of love ♪♪ lauren: music in his office, he blasted the door shut and i could still hear and i love it. stuart: looking at buffalo, new york, national chicken wings day. now you know. let's get serious. look at the markets please. green all across the board. that was up 69 points. the real game on the nasdaq, 76 points, record $83 billion worth of revenue. lauren: upper casa like
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quarter, the iphone 14 coming this fall, the iphone is their main moneymaker, record third-quarter profits, great quarter. stuart: amazon doing extremely well. 10.6%. lauren: i didn't expect this. walmart and amazon are different but our competitors, walmart shoppers shutting down, the amazon one is not. inflation is not hitting them as strongly. the cfo says we saw demand increase in the quarter ending june so continuing to go forward. $121 billion, they upped their guidance and investors are completely overlooking the rivan investment. stuart: personal consumption is a measure of inflation and it soared 6.8%.
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the aforementioned sinker charles payne, it seems the top 20% of income workers doing fine and dandy in the rest not doing well at all. charles: mastercard says the same thing. that's why i get frustrated. a lot of amazing guests. you hear wall street says no problem because excess savings, don't know what excess savings is. it is savings or not, extra savings, before that your money your mom kept in a coffee can was excess savings, $3 trillion, when you look at it overwhelmingly it is broken down by income brackets and people are hurting and that is what we are seeing in this economy. stuart: we have this tax and spend push, democrats pushing
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gigantic spending bill, $280 billion on the chip thing, $800 billion for the rest of it, an enormous amount of money. remember when president obama said you shouldn't be doing this? the last thing you want to do is raise taxes in the middle of a recession because that would take more demand out of the economy and put businesses in a further whole, that's what democrats are doing today. charles: we take them at face value that all their plans are economic and these are not economic plans. they put the veneer of economy in front but the fundamental change to america has nothing to do with economic and every thing to do with social justice, environmental justice, not our capitalistic system but they have to sell it that way, go to americans and say i will make your life hell you have to find a way like yesterday how do you pass a bill with that spending, in an anti-inflation bill. it is nuts.
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stuart: let's take this forward. they get some of this $800 billion tax and spend deal and get the $208 billion, if you get this and it pours into the economy what happens to inflation? what happens to the economy? charles: it stays elevated. they are giving money to the folks we talked about, upper income folks. it is despicable. who pays the price? most americans, a hell of a dynamic but up to the american public. we keep doing this, republicans, when obama was in
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office, talking about the cliff and people are like -- it is getting worse. when we go over the cliff that is it. stuart: we will watch you. i like the suit, don't want to digress. charles: you are getting funkier over the years. you know what it means? dying for the weekend. four months after the slap, slap heard around the world, will smith is speaking out. >> he says he feels a lot of shame and remorse. >> i will say to you, chris, i
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apologize to you, behavior, unacceptable and i am here. i want to apologize to chris's family. lauren: chris rock said tmz, haven't spoken since the oscars. not discounting that apology, it is what it needed to be. stuart: five months because his career has been affected but when you directly look in the camera and apologize, takes not necessarily courage. lauren: this is old news. even quicker in hollywood. too little too late. stuart: you have an opinion?
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charles: in fourth grade, went to this thing, my father ran, the guy slammed him, the whole thing was a put on. traumatize for the rest of my life, so relieved. it is a scheme. chris is a grown man. the bottom line, maybe chris's move but the family needs more closure. stuart: thanks for the anecdote. get your dad with a knife. you had me worried.
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last night members of both parties hit the field for the annual congressional baseball game. it is a charity event. anything interesting? lauren: let's start with the first. congressman linda sanchez, democrat from california, flipped off republican colleagues in the dugout, we don't know why. haven't come to that. may be someone said something and that was her reaction. it is for charity. than the gop team won the 7 inning contest 10 to 0 for the second year in a row and had 3 climate protesters arrested outside the game, one of them hung the sign and it ran, they played ball while the world burned. >> 3 arrests outside the stadium, didn't disrupt the game or shut it down.
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lauren: the day they got a big win. >> the saudi backed live golf league holding its third tournament it starts today by the way, the trump national golf club in bedminster, new jersey, madison allworth, talking to players about their decision to switch leagues. what are they telling you? >> reporter: the golfers i've spoken to are thrilled to be part of lives. of live. listen to sergio garcia. he was adamant about his decision. >> i'm happy about the decision not only for me and my family and i am extremely happy about it, that's the position. and where we go from here. >> reporter: golfers who have
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joined repeated huge contract and have the ability to win millions of dollars at each tournament. they've been a focus and part of the controversy around the league. one of the main funders is the saudi public investment fund, critics point to document it human rights abuses but live is doubling down and announced a full season nearly doubling with unprecedented $405 million. stuart: thanks very much. time to get back to the market. i use this expression all the time. here's a sense of the market. the dow 30, and even split, 50/50, the dow is up half a percentage point. don't go anywhere.
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lauren: the friday field. big energy, the statue of liberty, 84 °. friday feedback time, just lauren and i, restricted crew together. christie right to this. why have you stopped talking about the price of diesel fuel? you mention how gas prices are dropping, i'm not seeing diesel prices going down at least here in idaho where i am. let me give you the report, diesel is priced on average
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$5.31 and i promise in future to report the diesel price almost every day because people like me, farmers rely on diesel. 5:31 today, $3.27 a year ago. this is from jeff. i was watching the show yesterday as you were talking with susan about mega millions jackpot and said i do not gamble. that was -- never heard of that, you need to come clean, the stock market is gambling. it is not. it is not gambling. investing requires skill, patience, knowledge, gambling is a roll of the dice where you lose it all. lauren: you were talking to me about that, not susan.
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that would be me, not susan. stuart: gambling is investing. lauren: in some respect on certain things, but you don't roll the dice, you should be making an educated -- stuart: you are talking about mega millions, the second highest price ever. if you won what would you do? lauren: i would create another few weeks and then pretend to take a leave of absence and fall off the face of the earth. i don't know what i would do. stuart: you like this job so much. i am staying. i am staying. i like it. not going to leave. p odor rights this have you turned to the movie theater lately and what author did you not? i've not been to a cinema for a long time, not keen on the movies they are playing these
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days. lauren: the bad guys, i went with the kids. a kids movie. maybe a month ago. we want haven't seen elvis? lauren: i don't have time to take myself to the movies or go on a date. or find a babysitter. stuart: it is wonderful to see you brought your grandkids to the studio, great-looking brood, that was nice, not just the grandkids but us viewers of yours, thanks for sharing a little bit of your personal life doing so builds more of a personal relationship, very nice thing, thank you very much, the kids have an absolute blast. morris is 18, winston is 16, morris on the left, winston in the middle, abigail on the right can we took him to cape cod, naples, florida, new york, they had a blast, they just landed in adelaide, australia. they are back. what do you think?
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lauren: i loved them. when i asked them their ages i was way off, younger, no teenager wants to be asked if they are younger than they are and asked if they play video games and they said no, they would not waste their time playing video games. blue when they were brilliant on the phone. i have not been on the subway in years and they went on the subway using their phone and figured out how to get around, never been to new york in their lives and that is something i can't do. moving on. gary rights of this. i was listening to your story about the luggage delays thursday morning, that was the story thursday morning, the delays were due to the bags. my grandmother had the best suitcase ever, samson hard case the color of hot pink. you could see her luggage a long way away. i sold that problem because i never checked bags no matter
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what i am doing, don't check bags. how about you? lauren: i try not to. are they changing the size of the overhead bin? i have this one carry-on. on some airlines it fits in the square you are supposed to put it in. stuart: there is always a scramble for luggage space, overhead luggage space, always and that is why you have to get on the plane first. lauren: in a connecting flight. it fit in the flight i was on, won't fit on this one, don't make me check it. i'm in a rush. stuart: mark and michelle. wednesday you said you had never been to montana. we would love it if you would come out here, bring the team and broadcast from our home. lauren: always wanted to go. stuart: we've never been on the road. we went to washington dc to the white house, did the interview with the president. we've got to go. thank you for sending in your
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if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel.
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to finally lose 80 pounds and keep it off with golo is amazing. the smart, fast, easy way i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music)
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stuart: in which year did the first human travel into spaces? i'm convinced that i know the answer to this one, and i think i've got it right. what's your guess? lauren: 1955. stuart: strong, 1961 -- am i right? april 12,s 1961. there you have it. time's up. neil is yours. neil: that's cheerful, thank you very much. stuart, a real quick question, i always love your exchange with viewers, people really like you. but you've never been to a movie theater lately? stuart: no. neil: there's some great movies, the elvises movie, jurassic movie. stuart: i just haven't been in the right place, right time to go and see a movie. i don't object to it, i'm just not motivated to go. i'm a couch guy
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