tv Varney Company FOX Business September 20, 2022 10:00am-11:00am EDT
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reserve look at the tenure treasury yield, 3. 58%. when it went above 3. 5% the market sold off, now it is well above 3.5% and selling off. the 2-year is yielding almost 4%. oil down this morning, 2% lower at $83, bitcoin is back to the $18,000 level, 18-9 to be precise. office workers are returning. there has been a pickup since labor day. the media sees a trend. wall street journal headline, work in office rates jump to highest level since early 2,020. that is true. 47% of office workers are back in 10 urban areas but surely that is no reason to celebrate. stated another way, only half have returned. even if you just check the three mid-weekdays, tuesday wednesday thursday, it is only
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55% returns, despite employees getting tough on the end of masking and social distancing the office looks nothing like it did before the pandemic, think of the consequences. businesses which rely on office workers are in pandemic trouble. restaurants, barbershops, convenience stores, how do they make good money when after their customers are gone? what will happen to commercial rent? employers don't need all the space they used to occupy so why pay for it? city tax revenues are not going back up. the pandemic is over but the negative affect linger on and may become permanent. millions of people like the convenience of working from home even if 90% of workers returned to the office we are down 10% from 2020 and that has impact. our cities will still be and are in trouble. second hour of varney just warming up.
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the man in the cow jacket is back, scott schilladdy, how do we explain this? why won't workers come back to the office? >> a certain percentage are indelibly scarred for two reasons. they had us believing the arbitrary twee 6 feet social distancing turned out to be arbitrary, most masks don't work, we found out that too. we found out it wasn't science that you could walk into a restaurant with your mask on and sit down and take it off and you are okay. there is a certain amount of people that are just going to be too embarrassed to realize those things were not true and they have been had, they are wearing a mask and a face shield at the airport and that
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is going to be -- a bunch of people won't come back, they can't admit they've been had so they propagate, the easter bunny is real to them, they can't admit it is not real so they have to propagate that lie, that is a certain amount of people. 10%. stuart: i see it as a negative for the cities and businesses around the office buildings but i do see it as positive for the suburbs and a lifestyle of millions of people. >> if you go back to your numbers at the top of the show, if you look at how many people are going back monday through friday but not hybrid working or taking a day off here or there is only 10% of people going back full-time. % people going back full-time. it is 9%, rounding up, you've got a serious problem him in the canyons of new york which i've been to many time, there has been 7 to 10 small mom and pop shops that have not reopened.
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we haven't taken into consideration the people being slaughtered by the pandemic, small businesses, there's going to be a cost for that, people stay home and a small hallmark store opening up or it is doing better but it is negative because how much commercial real estate will take a big hit because people aren't coming back and it has changed the way we work and it will take time, like a bad recruitment class in college football. once you have a losing record it takes people a long time to forget how bad the year was so it will take people a long time to forget how bad the pandemic was and that is what you will see with commercial real estate going forward because i see it all the time, shops are shuttered, small businesses are gone. there's a ton of them. that's the bad part. stuart: a financial question. why am i wrong to buy a 1-year treasury, hold it to maturity, get 4.08% return and a tax break, where my going wrong with that?
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>> too simple, people want to make it harder than it is. why her and the risk of losing 15% to 20% and the stock market, a lot of folks out there think because we had this correction we are going through a reset, we might see ten years of not much returns at all in the stock market so you should be hitting a home run but because it is so simple people don't like that, they wanted to be harder. stuart: i am siegel handily encouraging americans to finance, what a guy, what a guy, what an immigrant. lahren is looking at the movers and has an interesting story about beyond meat which is down 2%. >> it is at a record low and this is the story. the coo of beyond meet, doug ramsey was arrested and charged for allegedly biting a man's knows after a college football
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game. this is how local media went down. in a parking garage and ramsey punches the back windshield of this subaru, the subaru driver gets out, they make contact and ramsey continues to punch him and punch him and punch him and rip the flesh off the tip of his nose according to that report. stuart: he is from beyond meet. there is irony to that, is there not? there you go. papa john's. what is the story? >> down 2.5%, the price target was lowered from 120, to $100, this is what the analyst says, they consider papa john same-store sales falling 4%. is $35. lauren: it cost $35. i wish, pepperoni and other things but nothing fancy, that is ridiculous. this is supposed to be a chip week 8.
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stuart: change healthcare, what is the story? lauren: up 7%. a judge has denied antitrust contempt to stop united healthcare's plans to change healthcare for $8 billion so over the winter the department of justice said this is a major antitrust concern. they will raise prices and the judge denied that attempt. stuart: there's another one for you. another good one. honda asking hundreds of employees to pay back part of their bonuses. they overpaid? lauren: they won't say how it happens and how much they overpaid but some employees said it was half of my mortgage, a full car payment, a month of grocery bill so they were excited to see this in their paycheck but they said you've got to give it back, gave them options to do that, they have to respond in 19 times.
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the law, there is no finders keepers. i feel bad for the workers. stuart: the midterms are 49 days away and a majority of voters trust republicans over democrats to handle key issues most important to them. sean duffy is leaving on the issues, democrats are gaining momentum, getting nervous. >> doesn't look as bright for republicans as it did 2 or 3 months ago and the abortion issue has weighed on a lot of female voters. we may see female suburban voters pull away, that is an issue, democrats have run good ads calling republican extremists and republicans have been poor in their response. they should call democrats extremists for voting for late-term partial-birth abortion and pivot and talk about the border, the economy, crime, all the issues that affect people's everyday lives. stuart: if the republicans fail
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to retake the house. supposing they perform very well and emerge running the house. but they lose the senate. will donald trump get the blame? >> no. as democrats try to put donald trump on the ballot no doubt about it but donald trump is not on the ballot, donald trump give speeches, president biden is a political enemy by using the doj to target him but this is not donald trump's fall, what is donald trump done? this is a republican issue, the issues that matter in the house and senate, we have to deliver a message to the american people, donald trump has nothing to do with that. stuart: you think voters look beyond anything donald trump would say? >> what happens is democrats have done with donald trump and
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the raid on mar-a-lago, bring donald trump back into the news and that motivates their voters. it is not donald trump's fault the democrats are trying to put him on the ballot, he hasn't done anything but they are trying to make him a bogeyman and energize their base and their base is not energized. when you look at policies, things democrats believe and have been implemented and failed. the and people are like you have done these things in my life is worse off, can't walk down the street at 8:00 at night, groceries, gas prices, the border, everything they tried to do has been a failure so they can't run on their agenda and policies so demonized donald trump and try to say republican dark stream us over abortion because of the supreme court issue in this is about democracy, letting people vote in the states -- stuart: wait until you get your utility bills and your home heating bills in october and november because they are going
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straight up and that is the result of biomass energy policy. >> of people haven't seen that yet, who knows what happens with gas prices, we have seen president biden's favorability ratings increase as gas prices have gone down but where gas prices go so do biden's approval ratings in that could dictate the november elections. republicans are going to win 25 to 35 seats. it will be a big win and i think republicans take it, it is looking good for republicans. stuart: i think you are right and we got through an interview without mentioning cryptos. >> it is a buying opportunity for you. stuart: just can't take it. >> the whole market is down. stuart: does it get out of here? thank you.
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listen to this. a republican state senate candidate in utah released a wrap style campaign video. it is getting really mixed reactions. lauren: linda paulson is a pro-life second amendment grandma and this is how she wants you to know that. ♪ that mac utah district 12 ♪ listen operator ♪ there's a new name on the ballot for the senate this year ♪ my name is linda paulson ♪ republican and awesome ♪ love god and family ♪ and the constitution ♪ lauren: awkward or wholesome? stuart: let sean duffy, a republican, decide that. what did you think? >> so many negative ads, there's vitriol everywhere on tv, put an ad out like that is memorable, a little cheesy, a little awkward but i remember her. grandma wrapping, talking about her state, people will go she's not too bad, she has stuart
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varney going you are not too bad, pretty good. i like it. people get sick of the negative. these competitive races every campaign at is ripping the skin off the opponent and here you have this, people like her, i like that. it is positive. lauren: her message is clear. after listening to that i went on her website to see her position and she's crystal clear, gave you a way to remember. stuart: she will win hands down, i think you are right. here's what is coming up on the show, the new york city penthouse featured in the hbo max series succession has been sold and we will tell you for how much. the pandemic is over but our supply-chain has many problems, ships are waiting weeks to unload. we will tell you how some businesses are trying to work around these delays. president zelenskyy vows ukrainian forces will not let up, they are liberating more communities from russian
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stuart: it is a selloff. we cannot been in business of lower but we are down 400 points on the dow, 107, 109 on the nasdaq. ukrainian officials say they are preparing to retake all of the blue hanscom province - --luhansk province. what is the latest? >> reporter: president zelenskyy saying there will be
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no low, vowing to continue with this counteroffensive. he says his troops will not stop until ukraine is reemphasizing all of it. at one of those cities that was recently liberated, the northeastern region of kharkiv, after months of a brutal russian occupation those who survived, many without electricity, gas or running water rent now starting to get cold outside and it is the scene of a mass grave, where many show signs of torture. officials say they found hidden away basements and sellers they believe russian soldiers used to imprison, torture and interrogate the indocin. because the city, and others, were savagely devastated by russian forces, it is going to take quite some time for those who remain to get back to a sense of normalcy. >> reporter: we have no heating, no gas, nothing. we are taking wood to heat
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water for tea and to make porridge. look at my hands. i'm 75 years old. >> reporter: ukraine yesterday announced it had retaken a village in the far eastern region of luhansk and interestingly enough, the russian government announced they will hold referendums for luhansk about whether the folks who live there want to vote to join russia. ukrainian officials say this is a sham and they will continue their counteroffensive until all of ukraine is free. stuart: thanks very much indeed. i want to bring in kt mcfarland. putin is in a corner. is he more dangerous now than ever? >> absolutely and here's why he's more dangerous now than ever. he's rich. because of high-energy prices,
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president biden's war on american fossil fuels the price of oil and natural gas is gonna. russia, because it exports oil and natural gas is sitting on a pretty big piggy bank even though they are running out of weapons, not doing well ukraine, putin can wait this one out. on the other hand, he is cornered because he knows he can't lose. he knows with russian history what happens when a russian leader loses? in the 1980s, when russia was defeated, the soviet union was defeated in afghanistan, soviet leaders call their troops back, soviet leaders were replaced, the soviet union collapses, he knows from his own personal experience, he came to power 20 years ago because he was willing to have the most ruthless anti-civilian war in chechnya. he leveled the capital city of chechnya. people are saying there were not two brexit left one on top of the other, putin has a long
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way to go in destroying ukraine and i think he keeps going tragically and sadly and finally he can blackmail europe by shutting off the energy. stuart: of the summit at the united nations in new york starts today, president biden will be speaking tomorrow, putin is not going to be there, neither is xi jinping, what should president biden say to putin even though he's not there? what should he say tomorrow? >> he should say it is time to stop fighting, time to come to the negotiating table, let's find a solution for everybody. president biden probably isn't going to do that but the smart move right now would be for the ukrainians to take their gains, find a solution to stop the fighting and then let the whole world invest in ukraine. the world is chomping at the bit to rebuild ukraine. the whole world is not chomping at the bit to help putin with anything.
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stuart: you don't think the president will help the ukrainians to the point where they can't push the russians completely out of ukraine? >> the president will talk about it and the problem is as long as -- ukraine needs a lot of weapons to support it. primarily from the united states, also getting it from europe, the europeans are stepping up, looking at that cold winter, no heat or electricity or power. stuart: thanks for joining us, see you again soon. the us is working on a deal to hunt terrorists in afghanistan. who are the terrorists? >> isis k, al qaeda, the us is negotiating with booze pakistan and they have 50 aircraft the airline pilots flew out in the middle of our withdrawal, the taliban and says there are
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planes and the other nations, and behind the scenes with the us saying we will give them to you if you help us with counterterrorism on the ground in afghanistan? stuart: i understand. what have you got? >> the pentagon paused deliveries of the of 35 fighter jet. one component found in the engine, violation of the buy american statute. we can only resume delivery after an investigation finds no security or safety risk and they would need a waiver to the f 35 deliveries. stuart: to fill the pilot shortage, what airline wants to shorten the time it takes to train pilots? we will tell you what the foia said about that, more homebuyers backing out of new construction of an existing home deal after being rejected
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stuart: the market is down 370 points, down exactly one hundred on the nasdaq. let me see twitter please, up a little bit, $0.03 higher, 40 one dollars and $0.69, to depose elon musk next week in delaware. lahren is with me looking at other movers and we started with general motors down big. lauren: they and station inflationary costs topping more than they expected, the warning for general motors, they might have supply-chain issues. and establishing tougher federal emission standards so 50% of their new vehicles sold by 2030 i 0 emission models. stuart: general motors, holding with president biden.
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anything on uber? lauren: they are phasing out gas cars by 2030. if you are a driver and you own a gas car, not a lecture, by 2030 come you can't work on the platform, that stock is up 2%. we will the cruise lines are moving, the market believe cruising is coming back big time? lauren: bookings are up for norwegian for the luxury segments, they looked at the bookings, 40% in the luxury segment. they continue to spend. stuart: thank you, i will show you this is a penthouse in new york city featured in the hbo max series succession. take a quick clip from the show. >> what are the responses looking like? >> 80%.
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>> let's not live in a dream world. we want that penthouse serves as the home of kendall roi on the show, $35 million. home builder cancellation rates have more than doubled since april. madison allworth, what are the homebuilders doing to attract new buyers to replace those who dropped out? >> they are offering incentives covering the closing costs for the monthly payments, when you have new construction that has started there's been a ton of time that is invested, we want to get the new buyer to keep the price high if you can. explain to me why we are seeing such high cancellation rates? >> building materials at record
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highs, the mortgage rates have doubled, supply-chain issues and a shortage of labor in the country, this is a perfect storm to make the price of housing skyrocket and it is at an all-time low. >> reporter: mortgage rates, you don't necessarily haven't the entire time, if it is taking longer the mortgage rate continues to increase, another number, housing starts, that came in better-than-expected but permits for new bills decreased the sixth month in a row, what does that tell you about the future of the housing market through this year or next year? >> the confidence level data 9-month low, people come next year in the housing market, the economy in general we are seeing pool back. lauren: thank you, mortgage rates are big part of the
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equation making the monthly payment harder for people to access. we can see that go up more depending on what the fed announces tomorrow. stuart: thank you very much. as madison reported, housing starts, jumped 3.2% but down 10%. mitch rochelle is the real estate guy who joined me now. don't know what to make of that. permits are down, startup. what does that say? >> permits are forward-looking, there's a stockpile of permits that hasn't been activated yet. the more important number is starts, the fact that they are creating new homes. we have a supply issue but the one thing to remember is all of those costs that have driven up the cost to build a home some of those have come back. that has come down, the
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supply-chain issues, homebuilders are concerned about the future of the housing market, but concern they are not building homes. of the one stuart: that man was in depression, his industry, his industry is in terrible shape. he said you've got housing slump, putting more of a smiley face on the housing market. >> work on my smile all last night. stuart: go ahead. >> new construction is 10% of the homes sold in america. the other 90% are houses already out there. that market while softening is in softening that badly, homebuilders i put in new stock out there. they are depressed because they need to make a profit on their home, they have material costs they put an end if they can't sell it for more than what they cost, they will lose money but somebody who owns a home that may have a basis in it from 10 years ago if they get a little less it is a different
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financial equation. they are not in it for a profit per se were homebuilders are. that is why they are so sour. stuart: following from that, the customer, the homebuyer, if they are in a house, the house is gone up 34% the last two years, 34% on average. what you are saying is if there's a 10% pullback you are doing well. stuart: keep smiling, bear market in stocks or bonds is 10% pullback. if we are up 34%, that's the national average, go someplace like the suburbs of new york, texas, national tennessee, up 50%, those prices were to fall 10%, that's not a catastrophe by any stretch of the imagination. if you are that homeowner. stuart: that would hurt them. >> i have said all along there are two things, engagement rings and homes, you can buy
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them for specific purposes, and look at the value of them. stuart: not bad, nice try, i give you that. good stuff. thanks very much. more children are coming down with severe colds as they return to school, experts blame that on covid lockdowns. president biden says the pandemic is over. watch this. the >> president biden: the pandemic is over. we have a problem with covid, still doing a lot of work on it. but the pandemic is over. if you notice, no one is wearing masks, everyone seems to be in pretty good shape. we when the pandemic is over but the emergency is not. democrats can keep the covid cash flowing. dock siegel deals with that next. ♪ doctor doctor ♪ give me the news ♪ for loving you ♪ ♪
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stuart: increase in the number of severe cases of the common cold among children being linked to covid lockdowns. doctor, you are not surprised by this, you've been ranting against this lockdown for a long time. >> this is predictable because the masks came out in most places, new york, philly or la but most places the masks came off and children got exposed to viruses that had been around and they didn't have immunity and they got sick and they got sick in times of the year you wouldn't expect it. rhino viruses, rsv, give them upper respiratory congestion and they were misdiagnosed as covid some of the times because with a sub variants give you
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upper respiratory congestion, this was entirely predicable. you might call it the lockdown cold. stuart: would you say our medical response in schools to covid was a mistake right from the start? would you say that? >> it has been uniformly a mistake from the start. we knew when schools were closed around europe and other countries keeping them open, they did decrease spread. we knew especially when you put poor children into the community they spread more covid? why do i say poor? because they don't have the lauren: sequester in a beach house so they linger in apartment buildings and spread covid. all those measures didn't work. we new schools were better places for mitigating strategies, decreasing spread, and actually learning something, that had to be the case. we knew it and the teachers
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union and politicians. stuart: mayor eric adams declared he was going to drop the vaccination mandate for private companies but not for government workers. does that make sense to you? >> of course it doesn't, he should drop these mandates for everyone. what about people who got fired because of these mandates? i am not saying that politically, i'm saying that medically. the vaccines even though i think they help, don't prevent spread. what about someone who doesn't want to vaccine because they have natural immunity? they were subject to getting fire norse restricted or suspended, all of that is a disgrace, this is too little too late. we when the president says the pandemic is over but the emergency is in place through october 13th and may extend into the midterms. the wall street journal says they want to keep using,
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spending money under this emergency authorization, buying votes. what do you say to that? >> i think that is true. pandemic is just a word and if you have one politician saying it is ongoing and the president saying it is over, i hope he remembers saying that today, the point is it is just a grab for a vote, doesn't have the feeling of anything medical to it because from a medical point of view we are seeing a decrease in the number of cases, the number of hospitalizations and the number of deaths and we have more tools to fight it. this is a changed terrain. i am suspicious this is political and not medical. stuart: thanks for joining us, see you soon. shipping lines are looking at ways to ease the supply chain
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disruptions. what are they doing? ashley: taking to the air, the supply chain has plenty of support, and a lack of workers to load and unload the ships, empty containers piling up with nothing to put in them that is why businesses are turning to air freight, an industry that has grown 21% from last year. auto parts, tech companies have all started to switch to aaron the price of cargo can be 3 times higher, for products like computer chips, the difference is a lot smaller. big shipping companies are investing more in airfreight, doubling air cargo volume, freight is growing as a lucrative business. stuart: the airlines have proposed cutting the number of hours required to become a
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copilot on major airlines, what does the faa say to that? ashley: no can do, rejecting a proposal to half the number of hours to become a copilot, severe shortage of pilots prompting some carriers to cut their roots, republicans fly short routes for delta, american and united, to join an airline after 750 hours of flight time once they completed the carrier's training program, normally 1500 hrs. of flight time required, making its decision the faa says it is greater public interest to maintain safety provided by the current criteria. they said no. stuart: more than 800 teachers in new york city have been fired for refusing to get the jab. new york city's mayor ended the vaccine mandate to the private sector, so where does that lead the teachers? brian kilmeade takes that on
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stuart: a lot of red ink, down 70 for the nasdaq, for the s&p. the problem today, what will the fed do about interest rates? we find out from jay powell, whether raising rates by 75 basis points. the market doesn't really care for it. coming up on 10:51, it is time for brian kilmeade who appears on the screen at 10:51. 800 teachers and classroom age in new york city have been fired for not getting the jab. mayor adams and the vaccine mandate for the private sector but what about the teachers? should they just get their jobs back? >> not only 850 teachers, but a thousand said i'm not getting vaccinated so don't pay me but
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give me benefits. this year they want to come back and are ready to go, you are not vaccinated, so don't, so adding up the bus drivers, it comes out to 2000 so in a timely have national teacher shortage, quality teachers to make up for lost time, these people are so ridiculous in saying if you don't get vaccinated you are not allowed to teach in front of the class, we know what goes on with this, we know more about professionals and screwed up our life in the last two years, let them do what they have to do, the first story is teachers don't want to be at risk, we are in three variants in, everybody knows that. we watched the president get vaccinated four times and get it twice, in august and stop
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someone from teaching eleventh grade, i'm embarrassed by these idiots and the idiotic decisions, killing the military on top of that. stuart: i've got another one for you. all these migrants being boston to new york city, and i want to know why these migrants can't work. costing all of us $10,000 a year per migrant, why shouldn't they were? jobs are available, is there a problem with this? >> just like i have a problem, they get the nikes and the iphones, ecuadorians, cubans, venezuelans, come one, come all, you can get a job and then
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we just welcomed another 400,000 next month. blue on the ones who are already here, we are talking millions of people, not going up. we've got to support them. we are paying all this money stopping them from working but not sending them back, maybe an invitation for more to come in which case we should build the wall and i don't see why they shouldn't work, there's a labor shortage. stuart: 11 billion people, two wrongs don't make a right. you let them in illegally, don't track them responsibly and give them a job. you are saying why would you stay in honduras? why stay in bolivia? american letting you come and stay for free, gives you a nice launch and cushion, put you in a cruise ship in new york city,
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the norwegian cruise lines, they might be rented by this mayor, so you stay in a cruise ship and work without fear of deportation, at what point do we stop the lunacy and to add to it by finishing off by giving illegal aliens, as an insult to those green card holders and people playing the perfect game, applying for a student visa to stay hoping they convince everybody the immigration, that guy from saudi arabia, this guy from venezuela, i am paying money, learning about american history and if you do three things wrong it doesn't give you a right to do the fourth thing wrong. we have lenten million openings and it shows you after this election get work visas, expand your consulates first things first, finish the wall, backup the border, tell irs agents to take out the pocket protector and get a blue jean shirt and go to the border and start sealing the border. the less irs agents, more
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border patrol agents. stuart: we agree on that one, you control the border. stuart: how many tests did you take? stuart: i stood in line for a long time, paid my fees, did the documentation, took me a long time, happened that way, you are all right, see you again soon. still ahead, kennedy coming up, tom homan, morgan ortega's, for 12 days, the british mourned and said farewell to queen elizabeth, minutely detailed schedule was brought in place the minute a doctor signal her imminent passing, from then until now the plan worked perfectly. that in itself is remarkable. that is "my take" next. ♪
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>> the reason why it was so important to send illegal immigrants to martha's vineyard in dc and new york and chicago is it illustrated the utter hypocrisy of democrat politicians. >> liz truss running like margaret thatcher, more fracking, enterprise zone, it is a growth budget. >> don't know what the plan is from the
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