tv Varney Company FOX Business September 15, 2022 10:00am-11:00am EDT
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morning? we are entertaining, 10:00 eastern, let's get straight to the money, the dow is up 125 points. that is stocks, moving a little higher right now after half an hour's worth of business. tenure treasury yield moving up 3.44%, bitcoin, big tech all the way down, apple and microsoft lower again this morning, meta, amazon, alphabet, a little higher, not much of again, matter is up to dollars, bitcoin holding onto $20,000 a coin, only just, 20,154 to be precise, latest on mortgage rates. >> 6. 02% up from last week, right below that. a year ago, 2.8%. in action going from 2.86%, this is why yesterday mortgage
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bankers association said applications for mortgages are down 30% on the year because rates skyrocketed. the price of of a home is still high and now the financing is expensive too. stuart: thanks very much, now this. wednesday the governor of florida ordered two planes loaded with migrants to be flown to martha's vineyard. massachusetts is a sultry state, desantis is fed up or paying for biden's open border, has a sense of humor, martha's vineyard is loaded with rich liberals, a couple buses pulled outside the vice president's house carrying migrants, sent by the governor of texas. kamala harris says the border is secure so governor abbott sent moderates to show the vice president how wrong she is, earlier this week karine jean-pierre speaking for the white house blamed donald trump for the border mess ignoring
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reality and the truth she repeated, the border is secure. this video from el paso, texas a mask your self if the border is secure when you are looking at that, 1000 migrants arriving yesterday, sleeping on the streets. el paso looks like 1/3 world country, this nonsense has to stop. it is not acceptable for the white house to ignore and frankly lie about what is going on, 2 million illegals, 1300 migrant deaths, children drowning in the river, 100,000 fentanyl related deaths, biden's open border policies cruel and inhumane and should admit it. second hour of varney just getting started. ♪ stuart: brian brandenberg joins
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me, i'm just getting started. this is nonsense about the border and about inflation and about energy, got to stop. >> the policy of sending migrants to chicago, dc, martha's vineyard is constructive because this problem is not going to change until congress does something, congress is not going to doing something until blue states feel the pain. if we get people moving on this we've got to use kamala harris's words get in this together and that is happening now. stuart: it is, it is pitting city against city, state against state and state against the feds. >> ever but has got to feel this, the buses are the way more of america and blue america feels. stuart: another one for you. do you want to get into this? lauren: it is political and a lot of a sanctuary city and state, all those officials are saying you are not giving us a heads up. texas and arizona have a heads up?
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so to el paso alone that is the point so it is political but they need to prove a point. stuart: you are a sanctuary city, give them sanctuary. >> feed them, transport them. stuart: we are getting head up. this is for you. a new poll shows 78% of voters say inflation has caused them financial hardship in the last 6 months. let me ask this. what is your forecast for the future inflation rate? >> hangs high, doesn't go to the highs we saw this summer but stays too high and what it does is what we saw in the last report, it is broad-based. everything is showing price increases. that is what is hard for people, not just an auto story, it is and everything story and that remains a story through the rest of this year. stuart: 6%, 7%, 8%. >> more the 7%, this isn't
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going away, last month's report made that clear. blue on let's move back to the market and bring in gary, have we seen the bottom yet or are we still waiting for another bottom to appear? >> i'm in bear market camp and one reason why, interest rates, you can get 4% on the 1-year yield now, talking serious competition for money and keep hearing about the fed and jay powell and central banks, they are not even on the playing field of the real world right now, just announced mortgage rates, that comes from 10 year yields, not fed funds so they can raise rates one.7 tomorrow and would still be equal to the 1-year yield so they are still way behind, still enabling inflation instead of fighting inflation and i am worried, brian just said if inflation stays 6% or 7% does that mean
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rates are going that high? if they do stock market is going much lower. stuart: are you buying anything at this moment? >> we are 80 to one hundred% and that is not easy. it takes a lot of patience but there are things i absolutely love and at the end of the bear market, i loved haslett and that is outperforming most things but if we have other legs to the downside, the stocks with the largest they are getting from the government, they are acting well and there is a smattering of other things but overall most stocks look miserable and i worry about earnings going forward. if the 10 year breaks above 3. 485, that will break the high of june, the market will know and react and force the hand of jay powell even more and that's bad news all around and i
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haven't started talking about the inflation part, that's the number 2 of the ones -- stuart: you do like the 1-year treasury yielding close to 4% as we speak, safe and effective, right? >> for a couple years riskless income investors were swooned by jay powell with 0% interest rates, that is changed now and i could not argue with anyone who wants to get money off of their riskless income investments. it is time. the issue is forced by the market. it has not happened out of natural movement and that is on jay powell. stuart: you make a lot of sense, great to have you on the show. lauren is with us and she has a firm buy now pay later. >> it was up 3%.
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the consumer financial bureau, and that is a blow for the sector, you protect consumers. and not making payments on time. stuart: the health insurer humana. >> they raise their annual forecasts again, less inflation. that is a good thing and they do expect to continue. stuart: the gaming stock is up 8. 7%. >> credits we upgraded them to outperform and going up to 117. that is 93% upside from yesterday's close, vegas. the bad news is they are priced into this. stuart: it is far more important than vegas these days, i think at least. lauren: negativity, the
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lockdowns and closings, traffic. stuart: it is winding down in china too. lauren: for how long and then you go to 0 covid? stuart: speaker pelosi is trying to say when the house may vote on banning stock trading for members. wind we see this? lauren: this month apparently, september 30th is technically the last day the house is scheduled before the midterm so here's the house speaker. >> there has been discussion about it and just recently, this morning, the committee, going back and forth and refining things and talking to members about what they think will work, and we have a product we can bring to the floor this month. i am pleased with it. it is very strong. >> the framework they are looking at affect lawmakers,
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spouses and children, not staffers. so it is all about the scope of this, how strict are the rules, how long is anything a blind trust, why you laughing? >> has to bring a brown a brownbag lunch after they ban all stock trades and pay for it he lunges. stuart: sarcasm is a low form of what. >> that your line too. stuart: do you think they -- there will never be an actual vote on stocks? >> with the track record so far? they k.d. lang and delaying. i don't think they are interested. they are interested in window -- >> there's often a blatant conflict of interest. >> we have seen how many members of congress have been caught with their hand in the cookie jar. >> 97. >> that's more than i would have said. >> 3700 trades by 97 lawmakers, over 2 or 3 years. stuart: investing in companies
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which were being discussed by committees so they knew information about those companies and acted on it. >> the cozier washington gets with businesses, the less business any of these people have. stuart: one school in ohio instructed teachers not to tell parents if their child wants to go by a different name, that center school board meeting into a tailspin, watch it. >> it is not your responsibility to worry about moral values, that is the parental right. if you don't start doing the will of the citizens i promise you you will get no more levees past. stuart: caitlin general join us in the next hour. the billionaire founder of patagonia gives away his entire company to fight climate change, we will tell you about that, the people of sussex petitioning to remove prince harry and megan of the royal titles, so what could happen next?
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stuart: look at that. thousands of mourners waiting to pay their respects to queen elizabeth, the line is nearly four miles long. of the line is 4 miles long how many hours of waiting is there? >> at the moment of for mile-long, people are waiting around 7 hours. what we've seen, building through the day is that line, it started early this morning
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around 2 miles so it is going up and i would imagine as we approach the weekend that line will get longer and longer. officials have said it could stretch up to 10 miles in total, they have contingency plans for that and the weight could be north of 30 hours in the heart of the weekend whenever but he gets off work and heads to london to try to get their opportunity to file through westminster hall and say our final goodbye to queen elizabeth ii. in the meantime members of the royal family fanning out across the country to receive condolences today, the prince and princess of wales, william and kate in norfork, one of the queen's favor to states where she spent a lot of time, they've been inspecting some of the tributes, looking at the
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flowers outside the gates, then you mentioned before the break, the petition that is circulating in the sussex, that is a petition to have harry and megan's titles as the duke and duchess of sussex removed because certain number of people don't like them. as i understand it, 3900 people have signed that petition so far out of a population of one. 6 million. of that is another great british figure, shakespeare, might have said, much ado about nothing. stuart: maybe maybe maybe. jonathan hunt in london, thank you. i want more on the sussexes. there's a petition demanding prince harry and megan be stripped of their title, ingrid siebert is with us,
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editor-in-chief at majesty magazine. is there strong, really strong sentiment to take their titles away from them? >> ever since they gave that dreaded interview with oprah winfrey, there's ministering of people wanting to take their titles away or wanting someone to take the titles away. but it's not remit to do so. but i think their popularity in this country at the moment is sadly at an all-time low because harry was literally one of the most popular members of the royal family after the queen and gradually he slipped down in people's estimation and that is because of the things he has said and people feel he has hurt his grandmother the queen which is not his intention at all, he is very close to the queen or he was very close but what has happened today is prince
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charles has you should what we call letters patent and in those letters patent he has said archie and lily bert will hold title prince and princess respectively but they will not be royal highnesses on won't be able to use hr h, to you and i that doesn't mean anything but the royal family are very particular about their titles and they see that as a snub. stuart: do you have anything on this upcoming book from prince harry, supposedly issued in november of this year, supposedly carrying a lot of dirt about the royal family, it is going to be spiked, is it going to be delayed? what is the reaction in britain? >> the publishers have paid an enormous amount of money for this book so they are not going to spike it. harry needs it for his income but i think presumably harry still has a great deal of
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influence with them and we hear but don't know if this is true, that he has asked the book might be delayed until the beginning of next year rather than have it come out in the months after his grandmother's death which would appear to be in very bad taste regardless of whether the book says anything nasty or if it doesn't. it would be bad taste to be seen to be cutting in on your very close royal connections when your grandmother who was monarch for 70 years is just died. stuart: they are expecting enormous numbers of people in london especially this weekend right before the funeral next week, are we talking a million people? 2 million people? >> i'm not a statistician. i would think 2 million people. when you think back to the
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numbers that historically we have had in this city for things like coronations and funerals and you think of the population of this country now and the number of people coming in, it could easily be 2 million. stuart: that a lot of people. thank you very much for joining us. appreciate it. the president is taking some heat for a quick trip he made to delaware to vote. >> $177,000 because they forgot to absentee vote? that's not a very good example. stuart: a little nitpicky, the president facing criticism for flying on air force one, for not arranging a male in vote, that is just a tad picky. roughly 1/3 of the consumer price index. of rents stay at very high
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stuart: check the markets, the dow is up 7 points, the nasdaq is down 41. lahren is looking at the movers. in light of 6% mortgages which we reported earlier what is with the homebuilders? lauren: we were down yesterday, they are up today, you see solid 1% gain for lennar and dr horton and if you look at the etf it is down 6% and many of these names are down 4% as well so a temporary left after an ugly week. stuart: was it 600 to? lauren: 6% for a year ago. we want telling about snap. snapchat. >> now available on desktop to everyone everywhere. it is a small improvement but tiktok's contender, instagram,
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snap is too and it is more secure because you can't screenshot a picture but with phone on the desktop. stuart: why am i getting constantly lost this morning and technology, why is this? it's not just a short-term thing. lauren: it is pretty easy, snapchat, the social media apps, snapping to your friends. stuart: i have always wanted to do that. i sit in front of my computer -- >> going to pull it right out. lauren: he does not use a computer. >> he is a computer. stuart: moving on, las vegas sands, got something on that? >> up 4. 5%, one hundred 60 one hundred 7 companies benefit from casino licenses in the world's biggest gaming and i thought the transition was going to be something like inflation. stuart: we really have to talk
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about inflation and specific land will talk about rents because rents are so high that some people are being forced to flee their own states. madison allworth is with us, you found one renter whose rent double from 2500, to $5000 a month and this was in new jersey? >> this is miami but it is true. a single mom has her son, $2500, $5000 still figuring out what to do. her new lease in november, she came to her landlord and said can we need in the middle and they said no because they don't have to because demand is so high. i didn't get her on camera because of a situation and how tenuous it is, she doesn't want to leave because her son would be uprooted who just started school but because her situation is not uncommon these days i found someone else going through a smaller situation, we were able to talk to a
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different miami resident, giuliana has been trying to move out of her parents home for the last year but with rents doubling in some cases she has just given up. >> you just have to continue working hard and cross your fingers for that promotion but until then i'm trying to be patient and take it easy. >> reporter: giuliana is lucky if you don't mind living with your parents or adult children at home because she's living rent-free so she's trying to save for house but housing is a huge driver of inflation coming and harder than expected, 6.2%, you can see how housing costs have jumped well above income. look at the different over the course of time, buying that new home as we've been discussing continues to get more expensive. earlier this week interest rates for a 30 year mortgage passing 6%, first time we've seen that since 2008. here's the thing, you hope when
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those rates have gone up that prices come down, prices have not fallen, interest rates rising so we see more people staying in the rental market longer which is why landlords like the one in miami charge more because the demand is there and people currently in those homes are facing the struggle. blue when they are getting squeezed. that's a real serious thing. don't know what you do about it either. great report, real people having real problems. stephen more with me now. rent is 30% of the consumer price index. that is an enormous proportion of the cpi. a friends stay at these astronomical levels we presume only have a continuing serious consumer price inflation problem. right? >> exactly right and rent is one of the biggest components of the consumer price index and we forgotten about that but it
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looks to me like these price increases will increase. we don't have enough stock, you have people moving into apartments, moving into homes and it is a big big problem. the bigger problem is what you are talking about, the mortgage rates so if you look at the difference between what the mortgage rate was under trump at 2.7% versus today, some market 6.2%, the difference there, 400, $500,000 over a 30 year mortgage, talking about one hundred 50 to $200,000 more in it. that doesn't benefit the seller. the seller probably has to reduce the price of their home so people can afford it but the people buying the house, very worried about the housing market right now. i don't want to see a bubble
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bursting in this market but it is something to keep an eye on. stuart: that is the last thing we want, sorry to cut it short but we are full of news today, thanks for being here, see you again later. brian brandenberg, your thoughts on the soaring rent and the impact. >> it is enormous, people are not selling their homes, pushing a lot of people into rental markets. think about landlords, how long did they have? no evictions, people weren't paying rent, they got to raise prices on people who are paying rent. it is quite interesting. if you were paying rent and you are paying rent you're getting hit hurt. stuart: in new jersey, renters were allowed to use their security down payment for rent during the pandemic, but at the end of their term in that apartment, that is usually goes to the landlord, the security deposit. landlords don't have that any longer. >> the more government got involved in the rental market
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the worse it has gotten. that's the problem. stuart: a lot of problems. from the government, i'm here to help you. residents in new york city could soon see a big jump in taxi fares. how much are we talking about? >> another 23% for the base fare so it would go from the current 250 to sit in the to $3 and they have increased this but let me blow you away. they have increased the flat fair to kennedy airport $65, rush-hour, that fee goes from one dollar to 250, from $0.50 to a dollar among these other surcharges and increases. it's going to cost you basically $10 just to sit in a cab before you go anywhere. this is astronomical. the city, life in general particularly here is so expensive so two solutions to this. number one, you could make the subways safer and people would
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feel comfortable taking them again or when you have the big meeting next month on congestion where you come into certain parts of the city those fees going up, do something about that because your people are leaving, they are going to leave more. stuart: cost me $16 to drive my car through the lincoln tunnel into manhattan. $16. lauren: congestion. lauren: stuart: i don't see how you bring the cities back. lauren: you can't take the subway because it is dangerous. stuart: for the rest of the show, within 24 hours, two plane loads of migrants arrived and martha's vineyard, two busloads arrived outside vice president harris's residence. this story is getting more interesting and expanding by the minute. john federman is standing by to debate two weeks before the election. bret baer breaks down the pennsylvania election just a moment.
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stuart: not much price movement on the markets, dow is up 20, nasdaq down 60. earlier today russia's putin and china's xi jinping met in whose pakistan, their first face-to-face meeting since the war in ukraine began. they are both in trouble, they both need each other. this sounds ominous, this meeting to me. a new world order taking shape. i say it is ominous. >> i think i agree with you. the legion of doom meeting in whose pakistan but both of
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these actors want to feed off of each other. their first 1-on-1 meeting since the war in ukraine started. vladimir putin, the russians, concerns about ukraine, the chinese when talking about the meeting did not mention ukraine, both called each other old friends and said they would support each other's economy. i say this is a big deal as russian oil, the question about where that goes, china is taking some, india part of this meeting, taking some and this is ominous in a way as far as trying to take the us out of this position. we won the world is sims reorganizing itself, reshaping, realigning all over the place and it has happened very rapidly it seems to me. i want to talk about pennsylvania. democrats senate nominee john federman has agreed to debate doctor roz at the end of next month, the debate takes place
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two weeks before the election. i am sure early voting will have started before the debate. >> start in two weeks, ballots go out. lieutenant governor federman on the campaign before getting to the point, he's the nominee, he's been talking about that, doctor oz said they want to do the beta this month. finally after pressure, they said they would do a debate october 25th but it has to have practice with the moderators, closed captioning, they have to special situation that the dr. oz campaign agrees to but got to say we agreed to this. you can't practice the questions on debate night and needs to be 90 minutes, not 60 minutes because we need time to debate the issues, this will come down to policy in pennsylvania.
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what federman's policies are and how ours wants to hit it and now it is how federman is able he physically to be a us senator and that is the debate they are focused on. stuart: i like to round out our interviews by talking about golf. we are both very interested. live golf seems to have arrived big time and it is staying. i think they have to work out a deal. pga, live, got to make a deal at some point. >> one hundred%, exactly right. there's got to be a deal that gets these entities together. i think it will, the little guys on the pga will suffer because they didn't leave to take money and are not adding benefits of whatever the deal is, the pga has changed, live does not have a television contract as of yet but the tournament lapse are getting
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more attention. of the one $50 million worth of prize money at the next live meeting as i understand it. a powerful draw. we will be watching you tonight. how could we miss? 6:00, see you later. thanks a lot. republicans slamming the president for using taxpayer money, what are they saying? lauren: it is a waste of taxpayer money because he could have mailed in his vote. >> sounds terrible for the environment, but the mail in ballots for the last two years, now -- >> $177,000 because they forgot to absentee vote, not very good example for anybody. >> i remember republicans are critical about absentee voting. >> seems to be republicans are going to be quick of president biden no matter what he does. stuart: isn't here right? >> i'm glad the president voted in person.
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voting in person is important because the new cycle changes so much. some people are being lazy and requesting early ballots when you might change your mind. we one will we have a fight about this? i think it is nitpicking to criticize the president for jumping over there and voting. >> not a president who has made it incredibly center to get anywhere for the average american, everybody else paying through the nose, have to make tough choices where they go and here he is jumping on air force one to go to dauber to vote, there's not a cheaper way to do it? there's not a more environmentally from the way to do it? he started this debate, republicans didn't start this debate, he's the one throwing down the got the, live the way you want everyone else to live. lauren: i think we are -- >> come en. stuart: i think it is nitpicking, i don't think it is worth the argument. >> it is nitpicking except he's the one who created these terms. this is his game. stuart: you would criticize him no matter what he does. if he got on a bicycle and gone to delaware you would criticize him.
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>> why but i criticize him for that? lauren: it would take too long and he wouldn't be working. >> i would love that. stuart: republicans are fed up. with philadelphia's progressive da, trying to impeach him. we have a report on that. jason rantz says the most dangerous criminals in washington state are being released back into the community. democrats are to blame. that is jason rantz and he is here and he is next. ♪
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stuart: progressive district attorneys in california, new york and florida face more resistance because of their soft on crime policies. you can now add philadelphia's district attorney to that list. what is the pushback krasner is facing? >> on a possible road to impeachment, no wonder when you see the numbers of crime we are about to show you.
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he's in contempt of the statehouse for defying a subpoena related to their investigation into his office but krasner says it is unconstitutional and politically motivated. listen to this. >> when and where have you heard anyone say that i were the da's office committed a crime? they know they haven't. >> reporter: krasner is often blamed for the murder of philadelphia police officer james o'connor in 2020, the man who pulled the trigger, hassan elliott, a known gang member always free after accepting a plea deal on gun charges from krasner's office, despite violating his parole multiple times including an arrest for cocaine, remarkably krasner's office let him walk free without bail. elliott is accused of murdering another person before eventually getting down officer o'connor during his most recent arrest. his widow made clear she blames krasner. >> preclear these criminals were out on the streets because
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of our district attorney larry krasner. to slap on the wrist penalties have caused me a lifetime of sorrow. >> not just that one case, krasner's soft on crime policies, you see the effect on them here. since 2019, homicides are up 58%, robberies with guns up 46% and perhaps even more stunning than that there has been more shooting victims in philadelphia in the past year than in new york city or los angeles, two cities with millions more residents. to impeach krasner the state needs a simple majority in the house and 2 thirds majority in the senate which would require just 5 democrats to vote with republicans if all republicans stay together. a one how do you bring the cities back like philadelphia when you have a crime spree like that in your city? how do you bring people back? same story in new york and chicago? how do you do that? >> it is a really big issue.
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a former us attorney said krasner is promoting a culture of disrespect of police officers, even partially blamed krasner for six police officers getting shot in one night. it's an issue in philadelphia and especially in philadelphia. stuart: that makes for a great report. jason rantz joins us now. tell me more about democrats in washington state releasing the state's most dangerous criminals back into the community. how and why are they doing this? >> roy russell in 2,005 after attempting to rape a 14-year-old girl strangled her to death. this was his third felony which allowed a judge to sentence him to life under our three strikes law. democrats have been trying to weaken the three strikes law in washington, two years ago they took second degree robbery off of the list of penalties that can be used during the three strike law.
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one year later they decided to make that bill retroactive. roy russell had previously been charged with 2nd ° robbery so there is based upon him already serving 16 years and having good behavior in prison a possibility he gets released within three years depending on what a judge decides next month. on top of that the state supreme court is overrun by democrats saying anyone who was young who got sentenced to a life sentence have to be resentenced by taking into account their age because the argument judges are making is at a young age your brain isn't fully developed, they don't realize murder is wrong. we've got people who by the age of 20 end of murdering someone who will be released soon, 16-year-old who killed his parents and his 5-year-old brother is going to be released soon under the guise of the equity movement and kabul justice reform. it is making the state less
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safe and it is clear from a reasonable standard, people do this was happening would not be okay with it. stuart: i'm interested to see the reaction to these crimes freeze around the country in the november elections, they should be a big factor. thanks for being here. we will see you again soon. i will say thank you to brian brumberg for joining us. still ahead, adam johnson, shannon bream, caitlin jenner and david webb. the president is in full campaign mode, the more tepid the polls the more agitated he becomes. that is "my take" next. ♪ nope. we use diversified strategies to position
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>> anyone complaining about going back to work should be fired. if they don't show up, fire them. if they complain about it fire them. people complaining about it, probably seeing thank you, and a stock option. >> it is parallel jimmy carter. these are self-inflicted wounds, and it permeates as incompetence
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