tv Varney Company FOX Business September 16, 2022 10:00am-11:00am EDT
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look at interest rates. the 10 year treasury now yields 346, but look at the one year. you are now above 4.06%. you buy a 10 year and you get 3.5%, you buy a 1-year and you get just 4%, looks like a very good investment to me. big tech on the way down all across the board. we have microsoft down 1%, alphabet 1%, meta 2%, apple, 2%, amazon is down 4%. just got the latest on the consumer sentiment, an important indicator at this time. lauren: 59.5. it fell. we expect it to rise to 50. the fresh number in september about inflation, how it impacts them.
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neil: not a good number stuart: not a good number by any means. that is the read. i've not seen any immediate impact on the stock market, you are still down. i want to bring in david, market water of the morning, here is what worries me. the market goes down and stays down for a long time like the 1970s. do you see anything like that coming? >> the most important indicators we 've fallen for the last decade are telling us an example of the schiller p/e ratio which looks at the last 10 years, that is 4% above the average, that is an overvalued position. if you look at the buffet indicator, indicator of gdp, we are overvalued by 47% so if we
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see those numbers and understand what they mean, we get better than 120 years worth of information we can look at and based on elevated levels we are at today we will either be slightly negative 20 over the next 10 years so people might be buckling up for the next bear market in expectations that we will have another last decade. stuart: if it is like that with stocks, dead flat to slightly negative for 10 years where do you put your money? >> great question. we've adopted a strategy we call cpr, we evaluate where we are putting our cash, protected assets and risk so we need cash, we need protected assets, risk assets. i can't tell you when the market is up or down, no one knows and anyone who says they do will be dead wrong as well as absolutely right. what we try to do is approach it from a balanced answer so i
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love what you've been saying, i've got some short-term treasuries, it will be more like a cash position, you want to redeploy when things go back on sale and evaluate tech asset so bonds are not the answer and we need to be more specific in stock our locations right now, we need to look at our peers. stuart: we talked about this before. i'm looking at the one year treasury yield today, 4. 06%, that's astonishing to me. if i buy and hold it for when you're i've got a guaranteed 4%, get a tax break and safety. i don't see what is wrong with it. >> there's nothing wrong with that what we are seeing recessions here, we are seeing a global recession right now. i think places like cash are very important, these types of global recessions are very rare, we've got significantly impaired yield curve is what we are talking about.
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that's an indicator that we will have challenges in the market going forward. but getting paid is good. the only negative's of we've got inflation of 9% and we are getting for we lose 5% guaranteed. stuart: he who loses least wins. that's my opinion. thanks, see you again soon. there are some big-time movers in the market like this. i will start with ups down 4%. >> citigroup says this is an opportunity, fedex is falling back and ups has managed better to gain market share but they are still down 5%. %. b1 that is a big drop. how about roblox. lauren: they are cautious on the scale and profit. runway. not good for a company who wants kids to buy their games. we when cautious about the
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future, the thing goes down. shopif dagen:. lauren: they are hanging compensation practices on letting their staff decide how much of their paycheck will be cash versus equity, they want them to invest more in the company, stock is down 75%, that is a big bet and if you make it they give you an extra bonus. >> thanks very much. president biden announced a new push to strip big tech platforms of their in the unity. didn't trump try to do that when he was in office? >> he did. the question is how. it is about section 230. speaking about it for years, the 1996 law that offers big tech a free pass for posting this information and not be responsible for it but most democrats and most are public and say it has got to go. how do you do that and what
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happens when you repeal it? tons of ideas are being floated around but no genuine solution that can win bipartisan support even though most people say repeal it. stuart: one of these ongoing arguments. lauren: always like that with big tech, republicans and democrats tape and for different reasons and can't agree on how to regulate them or break, but what to do about them. stuart: big tech can employ armies of lobbyists, they have a ton of money. lauren: they are mouthpiece for typically democrats. stuart: now this. last thing you want to do when a recession looms is raise taxes but that is exactly what biden's policies are doing, we are ready have a slowdown in here come the taxes. makes no sense unless you are a socialist. why on earth are we doing this? i ask because the treasury just reported record tax revenue. i will put this on screen and see if you can understand this,
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tax revenue in the last 11 months totaled $4,408,452,000,000, that is half $1 trillion more than last year, the treasury has never collected as much money as this. why do we need more? we don't, but democrats never met attacks they didn't like or spending plan they didn't support unless it is pretty military, there will be new taxes on the wealthy and new taxes on business. that won't produce growth, it will slow things down. half a trillion dollars in student loan forgiveness is inflationary. here we are, inflation is running hot and economy is in trouble and the administration doesn't want to hear it or acknowledge it. the biden team galloping towards stagflation two months before the election. been dominic with me now. does any of the biden economic policy make sense to you?
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>> no, it really doesn't and what we are seeing from this white house is what happens when you put a lot of people who essentially have had their entire careers spent in politics, in charge of running the economy and economic policy for country adequate on moment. as we all know, this is white house that has a staff, that it inhabited the obama/biden years and there are always people in charge who simply have never worked in real industry in any real way. whatever you say about the approach they had to the economy it is something that has not had a positive impact for the american people, haven't been able to achieve their aims and their good intentions are not making up for the policies they're putting in place which have so many people worried not just about inflation but the direction the economy is going. with one in the whole country.
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i've got a headline in the times, democrats show new strength in the fight for congress. some polls recently have shown, leaning towards the democrats for november, do you think the polls are wrong? >> is what i think you have to understand about these -- this polling data. this movement but it is not changing the ultimate story of this election. republicans only need a handful of seats to take the house and no one really believes outside the offices of nancy pelosi and the new york times that they are going to be able to prevent that. the senate is a different story. keep in mind this fundamental issue. what we know historically is when it comes to midterm elections are the biggest guide you can use is the approval rating for the president. president biden is down very low a few months ago, he is still very low, just slightly less low than he was and if he goes into this midterm in the
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low 40s, republicans are looking for a very good year but it may not be the wave they need in order to take back the senate or if it is, perhaps they only end up with one seat marginal or something like that so in terms of the dynamic in washington you are going to see nancy pelosi's leadership swept out of office but this could be a scenario where democrats are able to hold on by the skin with her teeth in the senate because of the map. stuart: if they take control of the house they could turn around a lot of the things the president has done a put a brake on because the house controls the money. will last word to you. >> that's what you're going to see, that means more gridlock, extremely confrontational presidential election which could see the reemergence of donald trump. stuart: i am looking forward to it, should be good and i know
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you are too. >> good time to be in media. stuart: democrat candidate for mayor in los angeles, karen bass, no longer feels safe in her city. roll tape. >> angelenos all around the city are not feeling safe, we need to get officers on the street as fast as possible. stuart: i thought she was anti-police, defund the police, she changed her mind after two men broke into her home and stole things. the vast majority of remote workers are afraid they will be fired if they say no to returning to the office, we have that story for you. governor gavin newsom says governors desantis and abbott are breaking the law by sending migrants, florida attorney general ashley moody says it is perfectly legal. ashley moody is here next. ♪ develop their passion for learning. and now we're providing 88 billion dollars
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stuart: we are way off the lows of the market, at one stage the dow was down 400, now it is down 200. the nasdaq was down 200, now it is 160 so a little moderation of the losses. fedex looking at its worst day ever down 21%, fedex pooled its annual forecast and warned of a global recession which would hit hard. new footage shows migrant groups crossing into texas, these groups are much larger than the plane loads landing and martha's vineyard. what are you seeing? >> reporter: another busy day out here in eagle pass and keep in mind it is been texas governor greg abbott who has been taking all the heat and
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criticism for busing migrants out of the state of texas but the city of el paso run by democrats has been doing the exact same thing without criticism and we will show you what el paso is dealing with. this is what we shot the other day in el paso that city is overwhelmed by illegal crossings. we had a cameraman showing several hundred people camping under a bridge near downtown el paso after they crossed illegally, border patrol overcapacity as our local ngos, nowhere for these folks to go so border control started street releases and the city is busing their own migrants to new york city. look at this video, this is one of those buses from democrat run el paso arriving in the big apple in the city going into proof of contract for $2 million to a charter bus company, start busting more migrants out of the city for the next 16 months. el paso is not being criticized for the said local media had on the city's commissioner of
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immigrant affairs and asked about this double standard, greg abbott is taking heat, this is a democrat see busing migrants to the big apple, the you consider shameful like you to governor abbott and he dodged the question. take a listen. >> we see a lot more coming from el paso. there mayor, a democrat, is this still wrong, shameful thing? that is what the white house is seeing? >> we have condemned governor abbott's buses, he had the bus companies sign a nondisclosure agreement not allowing them to communicate with them. >> reporter: he brought it back to governor abbott who has nothing to do with what the city of el paso is doing, they are doing it with their own money on their own program. this is the inauguration of our new nighttime flying fox news drone with thermal imaging capabilities. we shot this in the early morning hours in eagle pass
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crossing the rio grande illegally, it ended up being several hundred in total but this is the sort of thing we see day in day out in eagle pass, this is one of 3 large groups we've seen this morning and it is not even noon yet. there will be more buses from the state of texas heading east in the coming days. back to you. stuart: if it wasn't for you and fox america wouldn't know what is going on. california governor gavin newsom wants the justice department to investigate florida's governor desantis over claims flying migrants to martha's vineyard is illegal and he would support kidnapping charges against desantis. ashley moody is the attorney general of the great state of florida and joins me now. is governor desantis breaking the law. >> this governor is -- let's give -- anytime governor
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desantis does anything this guy has to be relevant and say something. he is so -- badly wants to compete with governor desantis but governor desantis was a former federal prosecutor like myself, we see things going on in our state, when he sees prosecutors that aren't following the law he does something about it, unlike gavin newsom who has prosecutors all over his state letting violent criminals roam the streets, he does nothing, just laments, what is going on, this looks like a third world country, come on. the federal government itself has been breaking the lawsons biden got in office, violating federal law, that's why we are in this crisis and i along with governor desantis have been fighting that in court every day. stuart: that is the legal side of the argument. karen jean-pierre accuses governor desantis and governor abbott of being disrespectful of humanity. what is your response to that?
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>> i took the deposition of the border patrol chief, that is a leader in the biden administration. he said it is 30 one years he has never seen anything like this at the border. it is a crisis, he says the border and lack of leadership, following federal law is putting american lives at risk, putting migrant lives at risk so you tell me do you believe the border chief that is under oath, that there are things going on and laws being broken that are inhumane by the biden administration or do you believe the press secretary that lied and said people aren't walking over here or do you believe kamala harris who just this week said there is no crisis. stuart: we've got one last one. i know you are leaving about person coalition of attorney general to make fentanyl a weapon of mass destruction. suppose it is made of mass destruction, what does that mean to america, what happens?
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>> just in july we saw enough fentanyl seized at the open border to kill our entire population. this entire country's population. it is reached unprecedented levels, we know there's enough fentanyl the can now be used for mass casualty events, we are seeing those events happening in florida so we need other agencies outside the traditional narcotics investigative agencies like dea or fbi, we need the department of defense, we need the office the counters these weapons of mass destruction once they are designated to start targeting the precursor chemicals, the cartels and their manufacturing in mexico, going after them before it ever reaches our country, we know we are in this situation because of this administration because of president biden opening up our borders, we've got to start protecting americans, this is entering into unprecedented territory and american lives are at stake. stuart: attorney general of florida ashley moody, thanks
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for being on the show. 2000 -- 200 migrants have arrived in new york city on buses from the texas border come mayor eric adams is looking to put those migrants to work, what exactly does he want them to do. lauren: you included the numbers that were on specific buses, there are 10,000 in new york and mayor eric adams has put them to work. >> it is imperative that we look at the employment. we are telling migrants and asylum-seekers you can come to the country but for 6 months you can't work. 6 months you can't work, the strange thing is particularly in new york and across the country there is such a demand or need of employees, many of my industries are dying to get employees, that is 6 months delay, creating a bigger crisis.
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>> for illegal crossers it is difficult and takes a long time to get your work permit. this is how long it takes. >> these applications for work permits, used to take less than a month to process in 2018 and now 50% are taking more than 9 months and 20% are taking more than a year to process. that's a very long time to go without work, without any ability to support yourself. >> reporter: in new york it cost $300 a year just to house the migrants, that according to the new york post, doesn't include basic necessities so new york city is saying feds, fast-track these workpapers, do it in 30 days, we have jobs, 6. one% unemployment rate. we have jobs, let's get them a job. stuart: nothing wrong with that in my opinion, go for it.
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lauren: look at legal immigration, there is a void in the ability to get visas for high skilled professionals like technology workers. we have jobs that are available. stuart: jump on it. do you have to tell them everything? christians may be on track to become a minority in america, we will tell you when that will happen. are we on the brink of civil war? my next guest argues politicians want us to believe one is looming. that is next. as an independent financial advisor,
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and show you what is happening, the red ink has moderated, down 400, now we are down 200. still some red ink. lauren is checking with all the movers. shares of stock you don't hear much about, general electric. >> reporter: the supply chain with aerospace is impacting their financial performance for the rest of the year and you and labor woes to that. stuart: another warning, down 4%. international paper. lauren: international packaging down 9%, they make container board. stuart: amazon boxes. lauren: jeffrey's says they are buying less and have the container board and jeffrey's cut both of them to underperform. stuart: they cut them by 9% with seriously big moves. i'm interrupting.
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the carnival sunrise, what is that? lauren: one of their cruise ships. i love cruz stories, there was a major altercation that broke out on that ship, 30 people were involved. it is a different brawl. they were fighting over a bar seat, security had to step in. >> stocks down 1.5%. lawsuits. a new fox paul reveals what issues, which issues is correct, which issues voters are most concerned about. the grammarian is right here. take me through it please. ashley: good morning, we are talking about issues people are concerned about, those are the categories, the economy comes out as the biggest priority, no surprise, inflation at higher prices topping the pole with 89%. that was followed by the future of us democracy with 85% a big
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concern, another big concern political divisions in the country 79%, also cited the high crime rate as a problem also at 79% and 71% the issue of what is being taught in schools. voters narrowly feel democrats would do a better job than republicans preserving american democracy by a 47-43% margin. stuart: thanks. i got a headline you've got to see. america doesn't want a civil war. ordinary people don't care for divisive fantasies. the deputy opinion editor at joins me now. pundits, the media, i read it all and they all say we are hopelessly divided and on the brink of a civil war. are we? >> that is wishful thinking on the part of the elites who benefit from polarization. i talk to working-class americans every week, they tell
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me the same thing over and over, we don't have the luxury of hating people we work with because they devote for a different party, they go to church with people who disagree with them, volunteer with people who disagree with him, the elites are polarized and divided because they get money and power out of telling us we are divided but the truth is americans have never been this united. stuart: you blame both sides of the aisle, elites on republicans and democrats for creating this atmosphere? >> absently, take an issue like abortion, both sides amping up the divisiveness around this topic but the truth is most americans are in the same place on this, they think abortion should not be illegal after 15 weeks, that it should be legal in terms of exceptions from others health, incest, rape, they don't like bands. what do we get? one party banning it for 6 weeks and one party saying it should be legal until the day before the baby is due, none of this represent where most americans are. stuart: is it going to get any that are? why ask a question because we are headed towards the november
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midterms and after that you've got 2024 which is going to be very contentious. the lack of seville maya, almost civil war atmosphere i don't think will improve that much, you? >> it is on every american to make sure we are you nighters and not dividers. look at an issue like interracial marriage, new gallup poll came out last week, 94% approval for interracial marriage in the south, across the nation, we are totally united on the most important issues, gay marriage, 55% of republican support gay marriage, parental rights in education, 56% of democrats supported ron desantis's bill parental rights in education. what does the left do? they smeared as don't say gay so they wouldn't realize how much unity there is between voters on both sides. stuart: this is fascinating. is that article in newsweek? i will read it. thank you for joining us.
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appreciate that, good stuff. next case, christians in the united states could soon, could become a minority group. could you tell can you tell us when this might happen? ashley: under one scenario, by 2048 in the us, just 26 years from now, that according to the authors of a new pew research center report that shows the share of christians who diss affiliate by the time they reach 30 years old continues to rise with each successive generation. if that pace of separation continues christians will no longer be a majority by 2035. by 2055, the unaffiliated will make up the largest group, 46% ahead of christians with 43% but the authors are quick to point out these are potential scenarios and are not meant as predictions, but this is where the trend is pointing us. stuart: thanks very much. the chief executive officer of mcdonald's says crime is so bad
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don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. stuart: the story on the market is we are off of the lows down 180, without being down 400 like we were earlier. a little bit of come back for the market this friday morning. employees getting nervous as bosses insist on the returning to the office. what are they worried about? lauren: that they will get
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fired if they don't go back in. 80% according to this survey fear that they will be fired if they continue to work from home if they tell her bosses no. surprisingly bosses are okay with that. we are mandating you come in but 60% of employers say if you don't like it you can quit and that is better for us because everyone is looking to cut costs. it seems we are so polarized about remote work and return to work. executives are burnt out from it and employees are burnt out because sometimes you work from home working long hours or don't have the means to come back to the office anymore. what do we do about this? stuart: i wish we knew how many people return to gyrus -- giant office buildings in midtown manhattan. if you look outside on the street, sixth avenue nowhere near as busy as it used to be, look at that. that is a live shot at sixth avenue. lauren: you know what happens though?
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i lost my train of thought. i lost my train of thought completely. stuart: you are not old enough to lose your train of thought. stuart: shall i move on? i will move on. are you listening? are you listening? i've got a script so i know what to say, more schools are turning to 4-day weeks because of the teacher shortage, gerri willis is with us. what our parents saying about this? >> reporter: there are parents who don't like this. it increases the responsibly for child care about one study showed parents are largely in favor of it, the idea gaining steam nationwide due to massive teacher shortages, the number of districts instituting of 4-day school week has skyrocketed more than 20% since pre-pandemic levels for the areas hardest hit, rural areas, primarily in the south and
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midwest, critics fear the ramifications, a report found districts with 4-day weeks pre-pandemic experience lower games in math and reading, scores on state exams compared to schools with 5-day weeks likely to to loss of school instructional hours. despite lengthening to four days, students going to school four days a week will still lose 50 hours over the course of a year, school districts may have no choice if shortages continue, they are trying to get creative with ways to fill the gaps from retention bonuses to simply allowing substitute teachers to become full-time staff and the move does little to help schools save money, only saving 1% to 2% of their budget when they take out one day worth of school which shocked me. we wanted yet again kids learning suffers. the parents have to figure out what to do as well. good stuff, thanks.
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republicans want to know how much a botnet student loan handouts will cost taxpayers? they want the board of education to answer that question. how much will it cost? was the request granted? lauren: no, ashley: a republican resolution asked based on the cost of two loan forgiveness policies in particular that only benefit people who work in the public sector, government workers, the changes are expected to result in billions in student loan debt relief with eligible government workers but democrat to the committee said they oppose the resolution as well as request to ask the department to explain how it has the legal authority to transfer the burden of federal student loan debt the taxpayers. that is a good question. marionette miller meeks said, quote, it is the american people who pay for loan forgiveness, not the administration. time to call these actions what
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they are, retroactive free college. we still don't know how much it will cost. stuart: thanks. most workers say they can't keep up with inflation despite getting heavy raises. we got the story, russia's putin and china's xi jinping met face-to-face, does this new world alliance threaten america? rebecca coughlan answers the question next. flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. [sfx: ding] [message] hey babe, meet us at the bottom of the trail. oh, man. hey! open up! the redesigned chevy silverado.
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my advice for everyone is to go with golo. it will release your fat and it will release you. stuart: as ukraine starts to liberate more towns and cities is uncovering some greasy scenes. jeff paul in kiev, have they found a mass grave? >> reporter: is part of this war that is developing into a pattern, town or city that is under russian occupation, then pushed out by ukrainian force but what they leave behind leaves images of bodies that are buried in mass graves, a devastating reality of what has happened throughout the country during this conflict. you saw it happen in mariupol
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and we are seeing these scenes in the newly liberated city of izion. some of the signs they have seen in these bodies show signs of torture into few cases hands tied behind backs and ropes around next. some of that in some of the bodies they are finding are that of ukrainian soldiers but in many cases these are civilians who had nothing to do with the war other than being alive and being ukrainian. >> any reports of this kind are shocking and that is why it is important the circumstances of the death of the people be established. stuart: i believe the audio just dropped, that was the close of his report, we will move on.
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this headline, five reasons why the growing russia china strategic partnership presents an excess potential threat to the united states. an excess essential threat, that is very strong word. do you really think this new world alliance, does it really threaten the existence of the united states? >> reporter: i do. as i wrote, there are five reasons, the two countries have developed long ranging plans to defeat the united states over the long-term through subversion, espionage, corporate influence operation in elections, sabotage or on the battlefield both have developed a doctrine to defeat the united states kinetically but only if we interfere in a regional conflict such as the
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one in taiwan and such as the one in ukraine and we are in a moment when putin is desperate, pushed in the corner so the high risk of escalation there and xi is feeling pretty aggressive with regard to his taiwan goal. stuart: is the alliance, china/russia that strong because i was seeing news reports out of this meeting in his pakistan but china was reluctant to get into this, standing off a little bit. is it that strong and alliance? >> the alliance is not a nato type alliance, they are not to friends, they are a marriage of convenience but they are a marriage nevertheless meanings this. they have formed the no limits partnership in order to counter the united states.
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both have concluded that the center of economic trade, finance, is moving gradually towards asia so they are doing everything to align their policies to bypass the united states with sanctions, they are forming their own swift system. they have already worked out a method to exchange the transactions and so when it comes to china, it sits and watches right now as the pentagon is bleeding russian military and in the meantime the pentagon is bleeding our own weapons supplies. how are we going to defeat china? how are we going to protect taiwan? that is what is going on and because we have a to theater war doctrine potentially, i
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have very big concerns about our combat readiness to deal with this type of situation but we have to. stuart: you are a former defense intelligence agency officer. would you like to speculate about the future of putin? he's losing the war, what is going to happen to him? >> most analysts believe putin is going to pack up and go. i don't believe that. when putin is cornered his psychological profile is such that he fights back and so what i am concerned is as the escalation. again, putin just warned that if we provide longer range missiles to ukraine, that we are going to become a party to this conflict. my concern is shared by the
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former deputy commander of nato himself, he just said on this program on martha's program that nato should be prepared for an all-out war with russia and that could turn catastrophic. stuart: i couldn't see that, catastrophic is a strong word and the right one to use, thanks for joining us, we will see you again. still ahead, steve hilton, sandra smith, pete hegseth, the migrant crisis has the administration rattled and what governors abbott and desantis is doing is making the country aware of biden's border mess, that is "my take" next. ♪ ♪ dedicated fidelity advisor
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>> i think we have a delusional administration lying about the border, like about the economy, redefining what a recession is and i think it will backfire. >> this is remarkable to listen to as they pretend this is new and the governors are the problem. >> this is one of the worst years on record, trillions of dollars has been destroyed, inflation is hollowing out this economy.
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