tv Varney Company FOX Business October 26, 2022 10:00am-11:00am EDT
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we are getting close to dropping below 4%, that is big news. 4.-- right there, at 4%. watch that number. big tech mostly lower. they are all lower especially let's see what we've got, microsoft is down 7%, alphabet down 7%, amazon 4%, apple is only down 4%. as for bitcoin, it has made it to $20,000 a coin. important news for real estate people, we've got the latest read on new home sales. lauren: it fell in september but not as much as we thought, seasonally adjusted annual rate 603,000 units of new home sales for september. supply on the market rose to 9 months supply and what is interesting is the median sales
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price rose in september 2nd $1070 as mortgage rates are topping 7%. stuart: it seems to me, building down, sales down, some prices down, mortgage rates double in 6 months. not a good picture for real estate. that is the reaction. now this. this is painful to watch regardless of one's politics, that is ms nbc's joe cars -- scarborough watching the fetterman dr. oz debate. i wonder how many supporters john fetterman has this morning. from the beginning it was awkward, he opened by saying good night, in a good way to start, it went down from there. there were silences, he tripped over words and phrases, didn't seem to understand the question and fumbled the answer, he said, quote, i do support
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fracking and i don't, i don't, his confusion was evident throughout. nobody wants to pile on a man who has a medical problem but he's a candidate for high office, and his campaign was not entirely honest, had a stroke 5 months ago but his medical records have not been released. he says his doctor okayed him. not good enough when running for the united states senate and he only agreed to one debate which came late in the game 14 days before the election, 6 under 35,000 people have sent in their mail in ballots. fetterman's campaign should never have been out there but is on the ballot. those who have not voted will pass judgment on john fetterman's ability to do the job. that's the way it should be. second hour of varney just getting started.
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mercedes schlapp with me. this is a difficult subject because i don't want to pile on a man with a medical problem. i don't want to do that. i thought it was hard to watch. did you? >> people from his own party had the media like cnn who supported fetterman saying this was a painful spectacle, i got to tell you it puts fetterman in a very weakened position but the people of pennsylvania deserve to hear from these candidates, democrats that are hiding and not wanting to debate are making a mistake, fetterman did take the stage but it was painful to watch but the policies are even more painful, whether it is being extreme on abortion or soft on crime or being confused on the issue of fracking, he doesn't
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support fracking and that is what the people of pennsylvania need to decide, go with these chaotic radical policies fetterman supports or support law and order and america first policies? stuart: i think last night he won almost by default. >> yes. i spent time with doctor ours. we are heading to pennsylvania to do some campaigning and one thing i admire about him is he talks about being a problem solver in the senate wanting to work with not just republicans but democrats, how do we tackle these problems we are seeing and he has a strong understanding about the issues the country is facing so i think he will be one of these happy warriors in the senate who wants to make change and not just be a disrupter up there so it will be a good balance. stuart: white house press secretary karine jean-pierre
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claiming voter suppression and high turnout could go hand in hand. >> we've seen from what legislations we've seen across the country suppressing the right to vote and we believe people should have the fundamental access to voting. more broadly of course high turnout and voter suppression can take place at the same time. one doesn't have to happen on its own. it could be happening at the same time. stuart: i don't get the logic of that, suppression and record turnout. i don't get that. >> that was answering a question on georgia. what we have seen his president biden went to georgia, called them jim crow 2.0 and what are we seeing, shattering records when it comes to voter turnout. they shouldn't have safeguards
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around our elections, and legal votes are casted, they protect the election system. stuart: enjoy yourself in pennsylvania. still on politics, lee selden faced off against kathy huchul. lauren: crime was the top issue, and lee selden continues to close the gap on governor huchul. and wondered out loud why lee selden is so concerned with putting women behind bars. >> i will suspend cashless bail and other laws because there is a climate emergency. i opponent thinks there is a polio emergency but not a crime emergency. >> someone who commits a crime, it has consequences. don't know why that is
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important. we could do more. lauren: she only started talking about crime. they are closing their eyes this whole time. her opponent has been attacked. two times, once outside and on the campaign stage. that is a moment for her to say i see what you experienced and let's make this an issue and is trying to ignore it and this race has gone from solid democrat to likely democrat. there is an opportunity. stuart: thanks, back to the market. please put up the share price of alphabet is in google on the screen. it is down to $97 a share, 96 now. you say to buy this dip, you will buy off a bit today? >> i would.
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we are longer-term with these consumer staples, technology company or for all intents and purposes google is a communication services company. this is when you buy these longer-term franchise players, the market is transitioning toward the value market but google has strong earning streams and revenue streams, this isn't highflying tech stocks many people blame the tech sector of being late 90s or other stocks of 2021. technology is in a transition stage, to stable growers, the third quarter technically, this calendar quarter typically is the slowest quarter for tech companies. i am not surprised we are seeing some weakness. it is interesting to see that
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apple is still holding in their. those are the names you want to be in longer-term. of the one microsoft is down 232. is that a buying opportunity? >> yes, it is. historically this calendar quarter especially on the software side is usually week, and there is too much reliance for performances in 2020-2021 and that is why we have been neutral especially given how strong the multiples have gone up. these are secular category killer type names that should be part of a longer-term structural portfolio but over the next 12 to 18 months and two years we are entering into a strong value market which evaluations are more important but so are earnings growth.
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and interest rates still remain higher than they were in 2,020 one and want to be more careful in terms of technology. stuart: brian belsky is buying alphabet. we have movers. lahren covers the sector. i see visa up 5%. lauren: the resilient travel story, the world's largest payment processor, they are experiencing, being rewarded by investors today. stuart: are they an independent standalone? lauren: you will find them in major stores, they miss their earnings targets for the quarter just wrapped, they cut their outlook going forward and came out and said margins were cut sharply because costs are going up. stuart: another case that you get on call and find out the future of the stock. a chain of chicken wings. lauren: 15%.
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this is the opposite. better numbers than they raised because their costs came down not for everything but the main ingredient, if you're a chicken wing shop, chicken wing prices are cheaper. stuart: i thought chicken wings gone up. lauren: that is a tailwind. in the wing business. stuart: there's news on oracle. this is my story. lauren: the new york post is reporting, hiring managers, don't recruit people from san francisco, seattle, and new york because they demand higher wages, you live in the superexpensive cities, these are average wages for tech workers in san francisco, one hundred $76,000 and in new york but in boston where oracle's headquarters it is much cheaper
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so they are saying look elsewhere because you need to save money. i was in san francisco last week. everything costs a dollar or $2 more and then there is a report today with the average cost of one bedroom, 3800 in new york city, just over 3000 in san francisco so one bedroom, $3800. stuart: the strategic petroleum reserve at its lowest level since 19 e4, the northeast is rationing fuel as winter approaches of, the white house chief of staff is taking a victory lap over falling prices. edward lawrence will have the story, tens of thousands migrants had their cases thrown out of immigration court, why they are being dismissed, senator ted cruz blames the border crisis on the administration's refusal to enforce the law. >> what has happened or president biden on the border
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is chaos, 4. 4 million people crossed illegally. it has never been remotely this bad. we should impeach alejandra mayorkas, secretary of homeland security. stuart: should be impeached. texas congressman dan crenshaw on the show, can they impeach our hundred a mayorkas if they take the house? i'm sure they will say yes. ♪ ♪ go. go scientist. go software. go cure. go production. go faster and safer. emerson automation software helps breakthrough medicines get to market at warp speed.
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there are millions of happy campers out there. and this is the perfect time to join them... add a line to your existing plan, or see for yourself how easy it is to save by talking to our helpful switch squad at your local xfinity store today. psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist stuart: the standout future of the market is the selloff on the nasdaq which is down one
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hundred 5 points, 1.3%. show me big tech, especially microsoft and alphabet, down 7% and microsoft down 6% but look at meta down 3% already, reports after the bell this afternoon. who knows what happens there. tens of thousands of illegal migrants had their immigration cases thrown out of court. what does that mean? lauren: and administrative problem. the border patrol agents are overwhelmed. they are required to fill out a notice to appear as they release a migrant into the interior, that gives them their court date, the issue is 63,000 cases were dismissed in the past year. if they showed to the immigration court, the judge, i don't have your paperwork, border patrol agents are so
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overwhelmed, if you look at the start of the biden presidency, the numbers go up and up and up because there are so many people crossing, border patrol agents can't get the paperwork done. stuart: those people are still out there. leave it at that. on the program yesterday texas senator ted cruz call for impeachment of alejandra mayorkas, role tape. >> i spent a lot of time on the southern border. it has never been this bad. they are coming because president biden and kamala harris and the democrats voted to enforce the law. we should impeach alejandra mayorkas who is the secretary of homeland security. stuart: dan crenshaw from texas is with us. you were just at the border yesterday, what did you see? >> you see chaos and you see a
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demoralized border patrol, texas dps, department of public safety in charge of the security aspects of the border, border patrol is processing hundreds of migrants at a time, bus drivers and babysitters and nurses so morale is low, people are frustrated. people who live there and describe themselves as democrats not going to vote republican because of this. they are desperate so they do cheer when governor abbott sent migrants to new york because somebody says you can't deal with a few dozen migrants, we deal with everyday. it is a problem that needs to be fixed. stuart: if the republicans retake congress in november a couple weeks from now what will you do to secure the border? how can you fix the border if you win in two weeks?
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>> it is just incentivizing illegal crossings, and you can only do that by reappointing the remaining mexico policy, that started to happen. there are camps of thousands of haitian and venezuelan migrants but on the mexican side, only a small trickle coming in but that policy, needs to be implemented with everyone, all migrants, record numbers. at the height of the trump administration you saw 144,000 crossings. and and it is not worth making the trip in the first place and second, democrats have to be on board with this, have to have a task force the targets the cartels which are national security threat and they are being ignored, nobody knows who
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the leaders of these cartels are. it's not on the news, it's not plastered over americans tv screens. they are putting fentanyl into the system, 80,000 americans a year, this has to be dealt with. stuart: we say this all the time and it doesn't happen, we say we've got a remaining mexico policy for haitians and venezuelans but still thousands a day coming across the border. nothing seems to happen. i'm waiting for an explosion of some sort because nothing seems to happen. next to you. >> the explosion will be the election. what are our powers as republicans in congress, even biden is still president and talked about impeaching alejandra mayorkas. on the merits he should
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absolutely be impeached, obviously a dereliction in constitutional duty to enforce the law but we don't have the votes in the senate no matter how many seats we take back and those will be the discussions. we can put things through in the budget process that biden has to sign, force them to reimport in the remaining mexico policy which has drastic effects under the trump administration. we can fix this, it's a matter of will and pressure on the biden administration. stuart: thanks for being with us, thanks a lot. this is an important story and energy, the us has less than 25 days of diesel supply, that's the lowest stock since 2008. this is a big problem. what is the administration doing? >> they are saying all options are on the table, no real plan as of yet. president biden will deliver an address how his spending will
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lower costs for some americans. the white house is trying to shift the narrative on inflation and highlight how the american rescue plan and inflation reduction act could cause costs for americans if they had solar panels to their house. diesel fuel supply has 25 days left in it and some parts of the northeast have started rationing, and and they plunged since president biden took office. >> through taxes. that is driving inflation in this country. >> at davo's in the desert there needs to be a favorite and leadership to address the changing world.
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others around the table like jamie dimon agreed looking at the last year and 1/2 different choices have to be made. >> we have a significant recession in the us or elsewhere, we will recruit that but as we work through and think about where we are the kind of decisions that will have to be made for different results when you look 5 to 10 years forward. >> no change in policies of this president can he study going forward saying his policies will eventually work. stuart: see you again soon. listen to this one. one in 10 americans over 65 suffer from dementia. doctor siegel's on the show. that is a terrifying statistic. new york judge rules the city's vaccine mandate is unconstitutional but is still in effect. madison allworth will try to explain that next.
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stuart: we are down on the nasdaq but not as much as we were, 112 points, meanwhile the dow is up 200 points. we are the movers without one, boeing. lauren: shares were down 1% and up 1% despite a drop in earnings and the ceo says they are confident they could get certification. stuart: universal health services. lauren: it is up 10% or 11%, it is a healthcare facility operator, stronger profits and they announced a share buyback. stuart: buyback shares always helps. senator warren doesn't like it, seagate technology. lauren: this is data storage, sign of business demand, softening demand and they came out after disappointing earnings and said we are cutting 8% of our workforce which is 3000 jobs so softer business conditions and they
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see a lot as they provide data storage. >> the supreme court ruled vaccine mandate for new york city's sanitation workers in this unconstitutional. madison allworth on staten island, this is a good start, fill it out for us, what does it mean for all city workers who have been fired for not getting the jab. >> this would mean all public city workers in new york fired for not getting the vaccine will be given the opportunity to get their jobs back so that would be huge, sanitation workers decision is far from over. it will be heard in the appellate ct. in new york. we spoke to a lawyer who represented dozens of cases pro bono related to vaccine mandates. he is claims why sanitation workers and other public workers who have not gotten
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their job back despite this decision, take a listen. >> the city and all its elegance decided not to follow that decision and the reason is because they are repealing that lawsuit and going to bring all these cases together. >> reporter: the sanitation worker appeal will be heard soon along with the others who follow the same lines, one of them is a tenured teacher who has a case coming up, she has been fighting since she lost her job but even if the case goes her way a, the trust has been broken. >> i loved my students, my job and was good at it. i can't foresee myself working for city again that would do that. >> reporter: all these people
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working through the pandemic, their lives and jobs are in limbo, it is playing out in the political arena new york, governor huchul and republican lee selden, thinks all these workers should get their jobs back, huchul would fire them all over again. stuart: thank you. i want to bring in doctor siegel. in my opinion everybody who has been fired for not getting the jab should be reinstated with back pay. what say you? >> i agree with you and lee selden. they should be reinstated because you can get the virus even if you have been vaccinated and that has been true for a long time now and they should never have been fired in the first place, they should no longer be any mandates in place, shouldn't have been in place for a long time. it undermines the vaccine which
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decreases severity and that has been camouflaged by this push on the mandates. you ask about the president, the dow is up 200 points, can we do a study? every time the president speaks with doom and gloom the dow goes down 5 minutes later. stuart: we could do a study but not today. i will leapfrog over getting the fifth shot, one in 10 americans over 65 suffers from dementia. 22% experienced mild cognitive impairment. this kind of statistic is terrifying for older folks. you know what i mean? >> it is a running theme on this show, you have the brain of a 40-year-old. what you didn't tell me are those statistics. over 65 it is 3%, over 90 is 35% so over 90 crowd that i'm
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concerned about but there's an importance to the study. it is over 3500 people it is a wake-up call the we should be on the alert for this, should be cognitive testing people over a certain point, monitoring the loss of memory and sharpness none of which you have -- maybe at 90, on the show at 90 i will start it. stuart: a lot of people can't remember what they were doing 10 minutes ago or why they walked into that room, that happens to me, happens to a lot of people. i have cognitive disability? >> you do not but you are bringing up a humane point. i want people to check their doctor and certain blood tests. vitamin b12 could be the problem. could be your thyroid are multiple issues. you may forget what happened 10 minutes ago because you are doing so much at once, that
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multitasking is an issue. blue when you 're being generous and i will move on. 45% of adults in america support legalizing some psychedelic substances by magic mushrooms for the dreams of mental health issues. what would this treatment actually do. how does it help? >> psychedelics have been studied at nyu for couple years and they have a benefit of breaking depression, severe depression and it is a good treatment and it is promising. i'm disturbed to hear 25% want to legalize recreational use. there is no physician in the equation and there's nobody monitoring it and nobody prescribing it all hell could break loose, you should get in a car accident, have trauma occur, all kinds of psychological disturbances are not monitored by a position. it should not be recreationally
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available. stuart: that is legalization recreationally available. what about doing it precisely medicinally, direct treatment for specific conditions. does it work? >> it works for depression and certain anxiety but it resets brain, may prevent the need for more severe treatments and hospitalizations. i'm for it. it has great value that has to be carefully used but has great value and great promise. another tool. stuart: all good stuff. thank you very much, appreciate it, see you soon. an update on the school, left-hand side of the screen. hundred are still sick with flu like symptoms in virginia. lauren: nearly half of the school is out sick, all experienced flulike symptoms,
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stomach pain, 670 kids out sick tuesday, 5 and 26, 2000 kids in school, health officials in virginia say get the flu shot and they are investigating a peculiar outbreak. especially to that degree. stuart: hillary clinton says republicans have a plan to steal the 2024 election. >> right wing extremists already have a plan to literally steal the next presidential election and they are not making a secret of it. stuart: we will get into that. the schools on $122 billion to reopen a lot of the money has not spent. hillary vaughan has the story from capitol hill next. ♪
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stuart: mixed picture on the markets, the dow is up 210 points, the nasdaq down 73, the other way around earlier today. now we have this. the lawyer for school board in new jersey says parents cannot dictate what their child is taught in school. lauren: you only have the right to send your child where you want, not to have any say in what they learn in the classroom. >> in public schools we have curriculum that is aligned with new jersey state standards. please know if your students attend these awesome schools you will be instructed in this curriculum which is consistent with state learning standards.
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you choose to have your children attend elsewhere that is your right. >> the question was about transgender education policies in the classroom in new jersey. 's answer is if his answer is if you don't like it pick another school but we are happy to keep your taxpayer dollars and you can pay to send your kids to private school. stuart: i don't think much of that answer at all. >> that is why schools are good. stuart: i live there. don't tell me i don't have a right to complain or choose that my child is not instructive on sexual preference at the age of 5. lauren: he should not have said that because look how close the republican came in the governor's race. governor murphy wasn't expecting that. we saw what happened, the right of parents, parents leaping out, you can't say something like that because he will annoy a lot of people. stuart: murphy survived by 1%. that is all i have got to say.
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biden's american rescue plan designated $22 billion to reopen schools after the pandemic, 15% of the money that has been spent. hillary vaughan on capitol hill. why has the money not been spent? >> reporter: some school districts need more time to spend the money, they didn't have access to the funds right away and blame teacher shortages for the lack of spending. the one hundred 20 to billion dollar pot the $122 billion pot of cash argued at the time was absolutely critical for schools to reopen safely out of the pandemic, schools are open, a lot of that money has not been spent. according to the washington post, 15% of that money has been used in the 2021-22 school year, half of the district where students are estimated to be the furthest behind only spent 5% or less of the money available to them last year. education secretary cardona
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said it was spent to boost their academic performance out of the pandemic but a bad report card on test scores for the nation schools shows that did not work out as planned. >> this is not a red and blue issue. i also know there are people who want to create division education, can't let that happen. the american rescue plan dollars were intended for academic recovery. we need to double down. if those data don't wake us up. >> reporter: republic and have a plan to repurpose the unspent cash and put it in the hands of parents to provide tutoring and resources to kids falling behind so they don't get left behind, senator tim scott saying states and school district only center fraction of education funds they received through the democrats american rescue plan leaving could help us as they struggle to recover from academic setbacks. it is clear that big government bailouts won't solve our education crisis. allows those funds to flow to a
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better steward, the parents. there's a group of school superintendents, 700 of them in september that asked for an extension spend this money that is available to them right now. that clock expires in 2,024. they want until 2026 to spend this money that was designed to get schools open safely out of the pandemic. stuart: i will leave it right there before my head explodes. hillary vaughan on capitol hill. tiktok looking to expand into e-commerce by creating a digital shopping mall. the apps's focus on tracking or personal data raising security concerns that we will cover for you. violent crime has outpaced the rest of the country, so bad one coffee shop was vandalized because the owner plans to hold a coffee event. that story on the show next.
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was vandalized, our coffee with a cup even. the owner is loretta guzman who joined me now. you are being intimidated, you wanted to have a chat with the cops on your premises, who supported? >> my community has supported me through all this and they continue to support me. not my community. the fire department, to the coffeehouse to support me. the police and military, i had a lot of support from everyone around me. stuart: take viewers through the story here, you proposed to hold an event in your coffee shop, have coffee with a cup and enjoy the conversation, using to actually hold the event. was your place wrecked as soon as you announced it?
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>> i posted that evening at to:47 in the morning, they busted out my windows. i posted on instagram. i came in and started cleaning right away, friends and family and the community started helping so i could host the event. i hosted everything, the whole inside was closed but people came so i could host coffee with a copy. stuart: you are not leaving, you are staying. >> i'm not leaving. i'm going to stay. stuart: any help from the authorities on cleaning up or paying for what happened? >> the police stayed here, started sweeping up glass and they started cleaning up glass while i changed as i called people and they started showing up to help but people from the street started showing up. can i help? they came in and started helping.
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stuart: that is a wonderful thing. you are great lady and thank you for being on the show and standing up for what is right. we appreciate it, really do. some residents in illinois are hopping mad. a new law was introduced that could overhaul the criminal justice system in a way they don't like. lauren: what this does is downgrades some crimes, eliminates cash bail for nearly every event and handcuffed the police, critics say you do this, crime will spike out of control. >> i think it is stupid. i've worked for the system for 28 years and i think it is the dumbest thing they have come up with. >> it is left up to the property owner, they try to do it, more than likely they will get in trouble.
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lauren: if someone is trespassing on your property the cops would not be able to remove them so the homeowner may take action on their own. think about that. this act was passed with the debate, no formal hearings. look what is happening in new york, no cash bail. stuart: just pathetic. somebody comes into your house, trespasses into your house, the cops -- if you clobber them you are in trouble. wrong way around. that is not america. lauren: alleviate, de-escalate -- stuart: that is not america. florida congressman byron donald, kayleigh mcenany, jason rantz. the democrats have been forced to play defense instead of using their cash to attacker publican candidates they are increasingly using it to defend democrats in supposedly safe seats, not good for the democrats. that is "my take" next.
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