tv Varney Company FOX Business September 14, 2022 10:00am-11:00am EDT
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stuart: good morning, it is 10:00 eastern, we better get straight to the money. we were down so much yesterday we went to see if we recovered at all. not by much. the dow is up 85. it was down 1200 yesterday, the seventh worst point loss in history and the nasdaq is struggling to come back 50 points. the 10 year treasury yield, was up 344, still elevated treasury yield level. the two year is above 3.5%, moving on 4%. the price of oil $88 a barrel, 89 today. bitcoin not an inflation hedge, $20,000 per coin. now this.
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the president tried to take a victory lap celebrating his inflation reduction act. he called it the single most important legislation passed by congress to combat inflation. that is very bad timing. hours earlier, his own labor department had been reporting a shocking 8. 3% inflation rate. he said that didn't worry him. this is not going down well. the president is tone deaf. he might not be worried about inflation but most americans are. he was worried about a stock market selloff, the market does not reflect what he calls a strong economy. the economy is not so strong and 100 million americans have a stake in the market and are very worried when they see pension money slide away. the speech was a denial of reality. the border is under control. no it's not. the economy is strong. no it's not. inflation is under control. absolutely no it's not.
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as part of this feel-good celebration the president introduced james taylor. biden said he would heal our soul. he saying i've seen fire and i've seen rain, a song about heroin addiction. someone in the white house should get a grip on this presidency. you don't stage an inflation reduction party when inflation still rages and the stock market drops $8 trillion. i should calm down, and hand over to fierce biden critic liz peak. that was a ridiculous event yesterday. >> was horrifying, probably the worst political misstep i have ever seen. you had on the tvs following a split screen showing the stock market absolutely crushing crashing with data, 1300 points and on the other side president biden partying on the south lawn of the white house talking the inflation reduction act which no one thinks his inflation reduction act and how it is for the people.
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what is he talking about, what people? half the country invest in the stock market and here is what is wrong economically about what he said. the stock market does influence spending. it influences consumer sentiment. of relying on the us consumer and we are with the rest of the world going to recession we have to have in a bewley and stock market to help them keep spending and right now everything in the second quarter consumer network went down by the most it has ever gone down, $7 trillion because of plunging stock markets and home prices also going down. you have a real double whammy taking toll on consumers and in addition real wages are plummeting so the consumer is in trouble and this inflation number will hurt sentiment, it will hurt president biden's ratings and help republicans come out with a simple message in november, stop the spendaon.
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stuart: biden battles trump for the soul of the nation because democrats can't run on his failed policies. we've got a new poll that shows most americans don't want either biden or trump to run into thousand 24. they want a new generation of politicians. >> you can who can blame them? the current crop has not done well by americans. president trump did a good job until he didn't and republicans are stepping away from him tired of his self-aggrandizement, very tired of his fixation on the 2,020 election. he wants to move on, apparently cannot. republicans are moving on, only 39% of republicans now want him to be the candidate in 2,024, a huge shift that makes this effort of president biden to tie the 2022 election to donald trump look foolish. he's not on the ballot. increasingly he is not the
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candidate republicans are looking to. president biden is helping other candidate to support vmaga agenda. i support the maga agenda, that means secure borders, stable prices, safe communities. these are not extreme positions as president biden would have you believe, these are commonsense positions republicans should be running on and i think they will be. stuart: after the signing of the inflation reduction act the president's polling numbers did go up a little. but they seem to have stopped rising. >> look for that to turnaround. the media has hyped the biden balance unbelievably and apparently that is a typical thing that happens in august, people are not paying much attention in the media can say whatever they want and now the election is underway, republicans in the next couple weeks will be rolling out an agenda.
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newt gingrich's contract with america which completely crushed the democrats, didn't come out until a few weeks before the election that year, americans don't have a huge attention span. in the next few weeks republicans will be going after democrats on all these issues, they have a solid campaign strategy and we will see these numbers turnaround. stuart: fierce critic of the biden presidency. >> easy job. stuart: thanks for being with us. white house press secretary karine jean-pierre seem to get stumped by questions on the inflation reduction act. quite an exchange and i want you to take us through it. >> she seemed annoyed by simple question and stumbled on the answer and looks down at her notes the entire time. watch. >> what exactly would the inflation reduction act to do to reduce inflation in the short-term?
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>> when you look at the lowering costs in particular for americans, that is important when you think about how inflation has increased costs for americans. liz: that an ad for republicans going into the midterm us. is. they should have a prepared detailed answer on how they are going to cut inflation on the day they celebrate the inflation reduction act and cpi gets another astronomical number. stuart: they should have had a response and they didn't have it. back to the market. look who is here now. this man used to be the king of dip buying. he lost his ground. he's no longer adept buyer, he didn't by this dip. shah gilani, this gentleman on
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the right. >> i'm still adept buyer, just waiting for the ultimate dip and i think it is probably ahead. what happened yesterday, the reason i have been cautious, because of bad inflation it is going to mark the market down and the fed will raise rates to get inflation under control. how long they have to do that, how high rates have to go is unknown, that will create more market volatility and give the market an opportunity to set new lows. that will be a good first phase buying opportunity. right now i don't see fundamentals being positive. there's nothing that will take the market higher. the bounces we've seen in the bear market rally have all been mechanical. 100% mechanical, there are no positive moving stocks higher, that is why most are on the sidelines. stuart: what really worries me is the market goes down and
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stays down. it might get a blip here and there but basically it is staying down and stays down for a number of months, even years, do you think that might happen? that we stay down at relatively low levels for years to come? >> absolutely not. that is not going to happen. we need a cleansing of the bottom. investors, traders who have bought these dips, these dips, the most recent dips and the bounces we have seen are not indicative where the market can go, they are traders trying to make trades, playing regression tirades, technicals, there is no reason. earnings seem to be coming down, analysts are lowering estimates for third and fourth quarter earnings, we know the fed will raise rates, fundamentally there is no reason to buy right here. that means investors are
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probably going to wait and at some point, will be determined us opportunity. will market will probably rebound quickly but we haven't gotten to that point. at the end of this quarter, and that will be tremendous for investors to get in. stuart: don't ignore the treasury gilding 3.7%. with no risk. thanks for being with us. see you again soon. next case, what is moving on this market? union pacific, railroad. >> bernstein downgraded one notch to market reform, cost pressures go beyond wage issues from the labor dispute and potential rail strike on friday. the reality is weaker volumes of moderation and pricing they can charge. these are all factors the market has to announce to. stuart: all over the place
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companies are responding to the presence of inflation. union pacific down 4%. >> 7.4%, week forecast for the fourth quarter profit, shipping less as the economy closes down. stuart: we have moderna up 5. 8%. %. >> one of the best gainers, booster season is upon us, take whatever one made available as we gear up for the weather. stuart: this is a story i am interested in. analysis by the new york times down between 2019-2021, stock trays by themselves and immediate family members. >> 97 family makers, we are quoting the new york times because their research was
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extensive. intersected with the work of the committees on which they serve and some of it was so blatant. those lawmakers do not include nancy pelosi, she doesn't sit on any committees and that is not sitting well with them. >> it is legal to be sleazy especially for members of congress, she wrote this legislation in 2,020, nancy pelosi has had months and months and months. any chance speaker policy brings this to a vote? >> can't blame republicans on this one. that was stephanie rule of msnbc interviewing a democrat who worked with the republican congressman chip roy of texas on legislation requiring lawmakers to put their assets in a blind trust. they presented that bill in april. nothing has been done. stuart: no decision from speaker pelosi. >> seems like an awfully long
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time. stuart: i'm not sure about banning them in trading stocks. what i'm sure about is if they do it i want to know immediately what they bought so complete immediate disclosure on any trade by any member of congress to see what they are doing. i could use it as an indicator. >> there is a lag on all four trusts. we won thanks a lot. iowa senator joni ernst wants to audit the irs as the agency prepares for huge expansion. she wants to see how many irs agents are tax cheats themselves, she joins me in the next hour. oprah winfrey thinks queen elizabeth's death could be an opportunity for peacemaking in the royal family. i wonder if royal expert duncan lahrcombe agrees. queen elizabeth's casket is on the way to westminster hall where she will lie in state
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she will be there lying in state for four days before the funeral monday which is a national holiday and you saw images of the crowd showing appreciation as her coffin passed and you see king charles and prince william wearing military uniforms and harry wore a dark suit. stuart: that church service is in progress, we will keep you up to speed. oprah winfrey is claiming this could be an opportunity for peacemaking among the royals. >> my father passed recently, and when all families come together for a common ceremony, the ritual of burying the dead there is an opportunity for peacemaking, hopefully will be that.
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oprah winfrey started this. she pushed harry and megan to say the royal family is racist. what is your reaction to calling for a peacemaking deal? >> comments in the british press, the line seems to be exactly what you said, how can somebody who, let's be unkind, and and make no mistake, really cause a lot of damage over the last two years. this is an opportunity but no thanks to her show, sorry to say. stuart: stuart: the book hangs over this royal get-together, prince harry is supposed to come out at the end of this year, probably going to contain a lot of dirt, that is what he is
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paid for. should he deal a of this memoir or should it be spiked? >> it is a question really of whether or not it is too late? we have been told it is gone through final edit and is expected as early as before christmas. i think now, harry needs to reconsider. the death of the queen has turned everything on its head. that includes the relationship between william and harry. there is hope now united in grief we can put the terrible thing behind them but it will take some time. that book, they will have to wait, surely harry will wait until after his father's coronation, as late as june or july next year.
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when harry and megan fly home to california they will be having a rethink of an awful lot of things. stuart: i'm in new york and you are in america. you are in london. from my perspective it seems king charles iii is getting a pretty good reaction from the people, seems to be very popular, a turnaround from when he was prince charles, you agree with that? >> i do. we know that for many years, since the death of diana or further back there were questions over whether prince charles was suitable for this role but what a last few days have shown that king charles, the world's longest-serving apprentice is not only ready for the job, but is chomping at the bit. incredible scenes.
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is extension of his love, spelling out his love for harry and megan in his first speech as king is why we are seeing harry at the side of his brother walking and taking part in this funeral. there are some things that are just too important, the death of a beloved grandmother and the queen is one. stuart: well said. thanks for joining us. we will be talking to you again later. king charles is once again lighting up social media. i am inclined to dismiss some of this criticism. ashley: king charles the third grew visibly frustrated during a signing ceremony in northern ireland forgetting the date and complaining about a leaking pen. watch this.
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>> i hate -- ashley: the ink is going everywhere. every time, he has been human. charles became irritated, and all of this in this day and age, great fodder for social media. stuart: we won't, back to you. the twitter whistleblower who testified on capitol hill. he made some shocking allegations about foreign agents working within twitter. ukrainian forces continue their military campaign pushing russians out of key territories.
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heading south. huge losses yesterday, started higher this morning and now the dow barely hanging on to the 31,000 level, down 9700 points, nasdaq is down 18. we are looking at movers like starbucks which is off 5% % or 6%. what is the story? >> $450 million upgrading their us stores, new technology will make the cold beverages a lot faster, 60% work for cold drinks in new machines. they can brew 1/2 cup in 30 seconds. plus the spending in china increasing their store count by 50%. stuart: i would like to see bed, bath, and beyond, $8 a share, down 4%.
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>> the interim ceo sue dove is staying four months which is a sign of stability, you need as much debility as you can but investors are not convinced. stuart: we talked about lots of employers looking at the forthcoming recession and laying people off or getting ready to lay them off, twitter is doing that, the stock is up. lauren: a software developer, the latest technology company announced layoffs cutting 11% of employees, part of a broader restructuring to improve their margins. stuart: that is the movers as the dow is solidly negative down 120. ukrainian forces reclaimed at town a couple miles from the russian border. more russian troops are retreating. jeff paul is in ukraine. have we gotten a response from flatterer putin on the retreat of his soldiers? >> reporter: without russian soldiers in some of these newly
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liberated areas in the kharkiv region, russian forces are responding to long-range strikes, ukrainian officials saying they are targeting things that aren't even military related. civilians are being hit hard right now in liberated territory cities and towns, people who are dying from these strikes but beyond that, people who have been enduring russian occupation for 200 days without having to pick up the pieces of running water, the ukrainian president, volodymyr zelenskyy, visited one of those areas that were damaged, honored the memory of those who died in the area following the true heroes who helped liberate their land. >> it is very shocking. we begin to see the same pictures from the occupied territories.
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destroyed buildings, killed people, what can i say? departed our real history. and modern day russian nation. they did it. only them. >> reporter: there are a lot of people left in the kharkiv region and other cities where they try to repair their communities. a constant reminder of the occupation they have endured. the troops, even moscow, have confirmed are on the move pulling back to the area to focus on don bass -- donbas and we are learning that the mayor of melatonin has seen himself with columns of russian military, something to keep an eye on. stuart: thanks very much. i want to bring in k t
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mcfarland, seems like ukraine could win this thing. should be back from with more weapons? should we do that? >> reporter: the only reason ukraine is doing as well as it is is american help. it is really american weapons that have allowed ukraine to claim this reversal of events. when people talk about is ukraine going to win? is russia going to lose, not sure what that means? vladimir putin does not stay in power if he, quote, loses the war ukraine. he looks at his political future, the soviet union collapsed after their defeat in afghanistan when soviet soldiers went home tail between their legs, putin became a powerful leader and solidified his game, with war with
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chechnya and brutally leveled chechnya, what happens next is putin in order to stay in power, putin has to escalate. stuart: putin meets xi jinping next week, i get the impression putin needs china's help. will the chinese give him the help you wants? >> absolutely. before the invasion, the two leaders met and they have no limits to their friendship and strategic and economic alliance. i think china is invested in russia winning or prevailing, china has a lot to give. what does it mean for my country or american national security, china and russia, a
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very lethal combination, chinese technology, russian natural resources and russian advanced weapons systems, pretty potent combination of the united states has to stand up to them economically, militarily, a cut -- stuart: is kind of a new world order, isn't it? >> that is what they want. stuart: that is what they've got. thank you for joining us. thanks a lot. the twitter whistleblower, testifying on capitol hill yesterday, what were the big revelations. ashley: the most shocking and troubling is the claim that there was at least one agent from china's intelligence service on twitter's payroll in the company knowingly allowed indio to add agents as well, twitter app security chief made those allegations in front of the senate judiciary committee.
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>> i had been told, the physical security team had been contacted and told there was one agent of the mss which is one of china's intelligence services on the payroll inside twitter. why that was disturbing to hear. i and many others recognizing the state of the environment of twitter. ashley: the social media platform is plagued by weak cyber defenses that make it vulnerable to exploitation by teenagers, thieves, and spies, and the privacy of its users at risk, twitter calls the descriptive events a false narrative riddled with inconsistencies and inaccuracies. stuart: family struggling to keep up with inflation, what people are getting hit the hardest. he is known for playing jay
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peterman on see unfelt and hosted the national dog show since 2002. john o hurley, a busy guy and a good friend of this show. watch this. john hurley, dynamite personality is why he hosts the national dog show every year, walking into the street right now. thank you. >> so funny. >> i hate my life. stuart: you really can't miss out on the makeup. we found him. he's with us this morning, right behind me, he will be there shortly. we are talking dog show next. ♪ as an independent financial advisor, i stand by these promises:
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inflation. >> even people who get raises are complaining. day after government data confirmed inflation is at stubbornly high levels, a new conservator survey shows half of american struggling with rising prices. 50% of working americans surveyed say their income has not kept up with inflation even as 40% receive raises in the past 12 months. economists telling us even though pay increases have written for the past just rate in 12 years household budget still getting squeezed further and further, listen. >> we've seen savings levels come down, credit card debt levels go up. a lot of household having to lean against one or the other to bridge the gap or the income stops. >> census bureau data showing americans have experienced two
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years in a row of decline or flat household income. it is slightly lower than 2020, 71,200. by the way, coming even after significant spending on covid relief. you are familiar with that. the census bureau also saying us income any quality rose to her record during biden's first year saying the income share of 80% shrank in 2021 and rose for the top 20%. 23.5% of total income went to 5% of american households compared to 23% in 2020. stuart: thanks very much indeed. joining us, actor, and genuine tv star, not exaggerating, his name is john o hurley. before we get to the dog show, you travel around all over the
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country. are people talking about how inflation is hitting them? >> the rebound from all the stuff that happened earlier on is starting to show up in terms of anything, maintenance fees they tell you in advance, it is 8%, looking at tuition just starting to announce that stuff so starting to see the conversation in the country clubs. country clubs are going up as well. stuart: talking about inflation. >> if you are looking at maintenance fees it is all in the 8%. stuart: are you and investor? stocks? >> i have my own company. and energy company. stuart: i had forgotten. you've got your own energy
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company. >> with proprietary technology that takes any waste and transit into large amounts of energy with 0 emissions. it is portable and powers itself. stuart: i didn't know all these things. let's get serious. let's talk dog show. you do the national dog show on thanksgiving. i predict fantastic ratings, first time in two years you have had this show. we haven't stopped. >> we never stopped. the show looked a little different. my cohost and i actually did it from our homes two years ago, and it was basically an empty arena with a bunch of dogs there. stuart: you get enormous audience. >> this 2 hour block on thanksgiving day draws an audience around 30 million people. no other time of the year could
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you put a show together that is the perfect piece of programming. i tip my hat to nbc, 21 years now. stuart: you are preparing for an event that takes pl. in november. >> we have the press stuff, photos with new breeds that were introduced. when i started the show in 2002, we had 160 breeds, 207 now. a much bigger show. still, they are all breed winners at some point. you are looking at the best dogs. stuart: thanks for being with us, always appreciated and hope to see you again soon. now this. residents in texas, arm up to protect themselves from migrants crossing the border, they say they are killing pets and robbing stores.
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migrants seen scaling a border wall in arizona wearing camo. the white house says they are doing more to secure the border than the trump administration. >> we had to fix something that was broken by the last administration, we are doing a lot more to secure the border and could be doing more if republicans would stop their obstruction. stuart: stuart: john hurley is laughing at that. let's not forget. tony gone dollars will respond. he's on the show next. i just always thought, “dog food is dog food” i didn't really piece together that dogs eat food. as soon as we brought the farmer's dog in, her skin was better, she was more active. if i can invest in her health and be proactive, i think it's worth it. visit betterforthem.com
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stuart: vice president harris continues to claim the southern border is secure. what is this about migrants scaling the border wall in camouflage? ashley: all the vice president has to do is watch the latest video that shows illegal migrants in full camouflage being lowered over and arizona border wall by human smugglers, a daily occurrence. the department of justice and homeland security just announced the arrest of tweet
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people connected to a giant multibillion-dollar human smuggling and drug trafficking operation intertwined with the cartels. border patrol officers found 266 pounds of meth concealed in a tractor-trailer with estimated street value of $2 million but don't worry, our southern border is secure. stuart: we are aware of this. karine jean-pierre claims president biden is doing more to secure the southern border than the trump administration did when mister trump was president. >> we had to fix something that was broken by the last administration, the trump administration which tried to build an ineffective wall along the border and couldn't finish that in four years. we are doing a lot more to secure the border and could be doing more if republicans would stop their obstruction. stuart: this is painful.
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it really is painful. tony gone dollars, republican from texas joined me now. the administration says it is trump's fault. i would like you to respond to that. >> it is 100% biden and pelosi's fault. the biden administration is starting to try to finish the wall, starting to look at policies that worked under the trump administration entry and, the. they can blame other people all day long but this is solely the biden administration's fault. it is no longer dangerous, it is deadly, people are dying, pets are dying, people turned upside down. stuart: i would want to pick from that, people in the border area are arming themselves after their pets were shot, stores rob, knocked on doors in the middle of the night, do you have a story about that?
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>> recently there was a high-speed chase that went through town, there was a lady traveling with two younger kids, taking them to football practice in this high-speed chase came through. i was in texas a few days ago, one of the ladies was mentioning i am at work all day and when i come home my property is broken into, my food is eaten, some of my clothes are taken, one thing after another and we are hearing about pets being murdered. today is texas, tomorrow is your city because these illegal aliens are going to all parts of the country and there is no end insight. stuart: that is my point, we often talk about this, there's no end insight, nothing ever changes. i don't know where to go with this. >> america knows these problems and thank you to the fox
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network recovering these. time for house republicans to show action. we will win back the majority in november and when we do what are we going to do with it? you will see us roll out this commitment to america on the 23rd. was we are going to do to secure the border, that starts with ending catch and release, it is enforcing the laws that are already there. the house is the power of the purse, i sit in the appropriations committee, we need to have a hard discussion, how does the house meet again. stuart: if you take control of congress you hold the power of the purse and you can stop these policies at the border because you won't fund them. >> you are on to something. starts in the house, time for us to lead and we lead by the power of the person using the appropriations process. we will roll out this commitment on the 23rd and you'll see house republicans get behind it because everything is at stake, it is no longer about the country going a little left or little
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right, the democrats, the liberals are trying to destroy this country and it will take everybody to roll up their sleeves. stuart: will you please come back on the show around the 20 third and tell us what the plan is? we would love to hear it. thanks for joining us. stuart: still had iowa senator joni ernst, martha mccallum, byron york. electric cars expensive and probably going to get more expensive in the future. the administration has decided we must all go electric like it or not. that is "my take" next. ♪
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>> this inflation number will hurt sentiments. it will hurt president biden's ratings and i hope help republicans come out with a simple message in november, stop the spendathroughon. >> markets under reacted. to be affected they have to get the funds rate above the rate of inflation. we are a long way from kansas. the market is vastly underestimating how high we have to go. >>
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