tv Varney Company FOX Business November 8, 2022 9:00am-10:00am EST
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ringing the bell. >> i think the smile on jono's face really says it all. and happy birthday to him. maria: it's been a great show. joe. >> i had my last birthday party at arby's so to be on the floor of the new york stock exchange. i love the company name of wisdom tree. i'd trust a company with that name and logo. congratulations to your husband and very few people on the planet get to do that. maria: yeah, liz. >> kudos to your husband and being one of the more creative creators of etfs and that was his specialty and came up with a new idea and wonderful to see him celebrating that yesterday. maria: it's true, mark. final word. >> congratulations, i walked past everyone all dressed up outside of the new york stock exchange and should have gone in for a cocktail. maria: all right, guys. great to see you all. we'll be watching the election
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and "varney & co." starts right now. stu, take it away. stu: good morning, everyone. one of my colleagues called this election day the super bowl of politics, and so it is. you can feel the excitement among republicans and the democrats not so much. the belly markets give the republicans a 70% chance of sweeping both the house and the senate. 70% chance. the gop surged in the last two weeks and voters appeared to have listened to the republicans on inflation, crime and the border and ignore the democrats on abortion and their appeal to protect democracy. we have a big election day show for you, oh, yes we do. we're talking to voters in georgia and florida and you'll see the enthusiasm and bring voters into our studio to tell us what's important to them. all right, that's politics on a very important political day but we're not going to forget about money. here we go. on this election day, a modest gain for stocks after a solid rally yesterday. we're told investors like the idea of a republican congress. the dow up 100, nasdaq un-70.
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little change for interest rates and treasury yielding 4.19% and the two year still well above 4.7. put it on the screen. there it is. 470 almost on the button. this may have impact on voters, regular gas, the average price now $3.80, that's up 5-cents in a week but look at diesel, $5.35, up 2-cent cents overnight and 37-cents in a month. we're going to try to squeeze in two other important stories. number one, the climate summit in egypt, not going well. countries are not meeting their emission cutting targets and now they're arguing about how much rich countries have to shell out to poor countries. they're talking $4 trillion by 2030. second story, at the foxcon n iphone plant in china, officials are trying to track down the workers that left after a rash of covid cases. they need them back at work and offering huge bonuses. zero covid clashes with china's
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economic power. how about that. we only have three hours to get it all in so obstructing cerumen this election day, 2022, "varney & co." starts now. ♪ stu: you're looking at sixth avenue and a sunny election day and voting is on across the country and the white house is putting out warnings about the results. good morning, lauren . good morning. happy election day. lauren: polls open in 40 states and the outcome is the warning we may know not tonight or even frankly this week and our white house press secretary karine jean-pierre. >> the winners of elections for
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a few days. it takes time to count all legitimate ballots in a legal and orderly manner, that's how this is supposed to work. lauren: it will be extremely contentious in the battlegrounds like pennsylvania and wisconsin because they delay counting the mail in ballots till the in-person polls close later this evening and they're not starting till 8 or 9:00 tonight and these are marathon counting sessions and the president will address the nation tomorrow. it's expected on what happened today with the results. stu: the president made his final pitch last night as i believe he did. what did he say in the final pitch? lauren: in maryland? that he won by two-thirds of the vote in the presidential election and he said because he was campaigning there for wes moore he's optimistic that democrats stand a chance. he's optimistic but doesn't think it's likely and you can say that that was an admission that things might not be going
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in his favor. the strategy of going to maryland is just mind boggling to me. stu: well. lauren: because he went to a historically black college and seemed to forget why he was there and couldn't remember wes moore, the democrat who is up 28 points in the polls versus his republican to be governor of that state. he couldn't remember his name at one point. stu: not a good thing on the eve of an election. lauren: maryland of all places. that's safe territory for him. stu: let's get to the enthusiasm here. let's go to florida and talk about enthusiasm. will cain talking to voters at a diner in satellite beach. all right, will, give us the state of play, please. >> reporter: enthusiasm, i'm not going to do it yet because i wouldn't be able to hear you talk back to me but we'll get a sense of enthusiasm in just a moment, stuart, there's a storm brewing off the coast and the waves are coming in, here's the
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too cute part; right. there's anti-seek story dissipation of red -- there is an anticipation of red wave going on here. see. rubio/desantis. you want a quick pulse of the people, people. listen to this, stuart varney, fox business, if inflation is your primary concern on this election day, show me with raising your hand. inflation, economy, stuart, i do hear about the border and crime and hear about the future of america and education of our children but the number one thing you hear over and over is inflation. stu: got it. i don't think the voters are buying the message and buying the republican message. we love the enthusiasm. stu: will cain, great stuff. >> reporter: wait, stuart, if you voted for marco rubio and desantis, let me hear it. [ cheering and yelling ]. stu: that's the enthusiasm.
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good stuff. a fine performance by the crowd. thanks, will. back to you later. look at this, op-ed wall street journal and 2022 midterm elections endangers democrats, not democracy. gerry baker wrote it and gerry joining me now. do you expect a clean sweep? >> yeah, db of interaural. i expect the house is long gone for democrats and the majority was small and republicans will surely take significant number of seat there is and have a good majority in the house and senate seems to be up for grabs and at the hope, stuart, the polls in the last couple weeks do seem to move significantly and what's striking for me, stuart, a couple of months ago, senate seats we were looking at were kind of mix of democrat-held seats and republican-held seats and pennsylvania democrat-held seats. and wisconsin is a republican held seat and wisconsin a rep
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held seat and georgia and arizona. other than pennsylvania, the whole battlefield is in democrat held seats in the senate so i would expect them to take a republican stake of the majority and possible to win some of the big governor races too. we're looking at a fairly significant red wave today. stu: the election endangers democrats, not democracy so you're not buying the threat to democracy angle that the democrats have come up with? >> the problem, stuart, is, look, denying the outcome of the election result unless you can prove there is fraud is wrong. it's wrong when donald trump did it in 2020, it was wrong when stacey abrams did it in 2018 and wrong when hillary clinton did it in 2016. but that's not absolute -- the idea that only republicans in the presidents and the democrats mind and rhetoric, only republicans pose a threat to democracy is just dishonest. it's frankly completely false. we know that over the last few years, we've seen the way the democrats want to dismantle many
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of the core institutions of american democracy and do away with the elector college and pack the supreme court and make the senate kind of a rubber stastamp for the house and above all else, they don't really want the american democracy. they don't think american democracy is a good thing and think it was founded on evil and slavery and repression and who's challenging american democracy here? stu: a red tsunami wipes that all off the table, i hope. gerry baker, great stuff and we'll be watching "the wall street journal" at large, friday, 7:30 p.m. eastern. gerry baker, thanks very much indeed. time to deal with your money. in other words going to the market. dan ives is here for the entire market. dan, is a republican sweep a good thing for the markets? >> gridlock is bullish for the market and tac. right now you're starting to see
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the street look at this because especially for big tech, you really need this and -- stu: why is it so good for big tech? why single them out. >> if you look at antitrust perspective and gridlock taking that off the table in terms of regulation of big tech, that's an ever hang on the name and that's one area that i think ultimately would be bullish. stu: got to deal with apple. we got the news this morning that officials are trying to track down the foxconn workers who walk #-d away because of the covid outbreak there and they're offering them huge bonuses to come on back but they've got 733 cases today at that factory. this doesn't look good for apple but their stock is up this morning. >> this is the heart and lung of the apple production and it's a gut punch to cupertino and they need to go into the holidays and they will have shortages if foxconn doesn't get up and running and zero covid in terms of policy striking with apple. stu: can't do that stuff, can
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they? we'll be delayed on iphone deliveries for christmas? >> by the end of november, there's shortages going into the holidays and that's something -- wait on apple a bit here and it's not a demand issue for apple but a supply issue. that's why i think it's the important thing for the stock. stu: got it, thanks, dan. you're here for the hour. lucky guy. >> great to be here. stu: check futures on this election day, it's tuesday, november 8. where are we on the futures market? i see gains. dow up 100, nasdaq up nearly 80 points. here's what's coming up for you: the governor of new york, kathy hochul brushing off crime concerns yet again. roll tape. >> he has been hyperventilating trying to scare people for months. new yorkers are onto it. stu: hyperventilating, how about that? brian kilmeade takes that on a little later in the show. democrat candidates trying to appeal to young voters and making tiktok videos.
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brother-in-law i'm in the great state of georgia. go dogs. it's great to be here. a big race here. let me give you the state of play. this is my second week and what i can tell you is it's not a dead heat coming to kemp and abrams and a 7 point lead for kemp and undisputed he'll continue to be the governor if everything goes according to plan on election day. the dead heat is between raphael warnock and herschel walker. political insiders will tell you it looks like kemp will be able to drag herschel across the finish line because there's not that many people that are going to break party voting and vote for the dem in the race. they think maybe a runoff but definitely not a victory for warnock today. i tell you this, they were very
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insulted and impacted their economy when they moved that all star game away from georgia so a lot of folks that are still upset about that also, stu, crime is a big issue and all though you have a state that's run by republicans, a lot of the cities have democrat leadership and das there so that's really hurting the folks there. those are the two main issues. >> what are you doing under my desk. >> you can stay for now but when it comes time for voting, you're going to have to get up. >> ♪ stu: okay.
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lawrence, i trust you saw at least part of that. you're a young guy, are you young enough to be my grandson? does the strategy work for youngsters or just c desperatio? >> reporter: i think it's desperation and pandering and it's un-becoming for these politics and it would be one thing if they could dance or trying to dance and we went in to florida just a few moments ago and the same level of enthusiasm and excitement in gainesville? >> reporter: i tell you this, i just got back from florida so they're fired up because there may be an announcement with ron desantis running for president as well and there's a fired up
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crowd and i can tell you this, the folks in georgia, they're not just mad as hell but they are fired up in georgia. stu: fair point. have fun, lawrence. >> reporter: i always have fun. i always have fun. stu: i can tell. see you later. this is an op-ed in "the wall street journal" and reads donald trump fires at ron desantis and misses. bill mcgurn is the author and he's with me now. is it good or bad for trump to be going after desantis? >> i think it's a mistake and i think donald trump admitted it's a mistake by not repeating it. he said it saturday in pennsylvania at a rally for
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dr. oz and he didn't repeat it at the next day in florida and i think he realized he really misfired. in 2016 when he called all these other republicans names, he was the underdog, the outsider but now is the big dog and presumptive favorite to win the nomination. first of all, it's a bad nickname, de-sanctimonious and a lot of supporters were disappointed he applied to the most successful republican governor in the country. stu: very true. bill, trump teased a big announcement. watch this, roll it. >> not to detract from tomorrow's very important even critical election. i'm going to be making a very
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big announcement on tuesday, november 15th at mar-a-lago in palm beach, florida. stu: all right, bill, that was rather dramatic music, wasn't it? are we going to see an official announcement next tuesday? what do you think? >> i don't know. he's a master showman. he's good at teases. you know, obviously everyone thinks he's going to announce for the presidency. i don't know if he will. maybe he figures it's a way to avoid the federal indictment that looks like it's coming down so i just don't know what he's going to do. i think it's unlikely that he rules out a run because then people stop paying attention to him. stu: he doesn't like that. he wants to be the star of attention no matter what, always. >> yeah, all of those guys like do understand that. they all tease and let people think they're running and that's the way they stay alive
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politically. stu: bill mcgurn, thanks for being with us on a very important day. see you again soon. >> thanks, stuart. stu: it's election day, what's the market do? it's up pretty much across the board and republicans expected to do very well and apparently investors like it, dow up 100, nasdaq up 73, the opening bell is next. ♪
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there's a lot of good buys out there but, stuart, one thing to think about is with these lbs.es, you see the enthusiasm and anticipation going into it. you usually see a little bit of follow through if the result is as expected for a few weeks but in this election, we are going to quickly be back to what's going to happen with the economy, when's the recession going to start, when's inflation going to come down? we might get a couple of weeks market action based on, based on the election, but it's not going to be much beyond that. stu: what's your outlook for the rest of this calendar year, 2022? >> we think basically we'll be here or slightly higher. we have officially a 3900 midpoint of a target range for the s&p 500 but the better news is that at the end of next year, we think the s&p will be at 4400. we're trying to get past what's going to happen here over the course of the next couple weeks. lots of uncertainty and there's a big cpi reading this week on inflation so there's going to be
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a lot of uncertainty over what's the fed going to do, what's inflation going to do, but as we get past let's say the halfway point through next weir, i thinl clear and the markets will react positively. stu: if there were to be a nasty inflation report on thursday, the consumer price index, if it showed inflation gaining some steam, could that upset the whole apple card and create quite a selloff on wall street? >> well, certainly we've rallied up here a bit lately and that would take the air out of it immediately and, stuart, we're in the kind of market if the expectation for 7.9% for headline cpi. this is a thing where you see 8, 8.1, market will sell off on that. you get 7.8, 7.7, market might like that and just a tenth or two one way or the other is having a big effect on the market over the course of a couple of dais.
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stu: scott wren, thanks for being with us on a very important day. see you again real soon. anything to add, dan ives sitting next to me as we're about to open the market. >> i think big tech has so overcorrected here and you get any sort of good news and fundamentals going into 2023, i think it's under that i've seen tech since 2008 and that's an important dynamic. stu: would you say to amazon and meta have overcorrected in >> i think amazon's definitely overcorrected. i think meta in terms of the meta verse strategy, that's a ted striker airplane movie situation with zuckerberg. stu: i'll try to remember that line. i have to steal it off you. that's a good one. thank you very much. we're lining up with five seconds to go and we'll open the market on this election day. like to be in the green, certainly first few minutes of trading and here we go. it's 9:30, november 8. the dow opening up over 100 points and i see it up 121
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points there and one-third of one percent. about two-thirds of three quarters of the dow 30 in the green, they're up. s&p 500 also on the upside but only just. no, pretty good, a third of 1% gain and nasdaq up 0.44%. upside move there. have a look at big tech why don't we? we've been talking about it all morning and microsoft is up, apple up, alphabet up, meta down and amazon down. how about that? >> i have to look at individual stocks this election day with lyft. it's down 14%. susan, what's the problem? >> susan, it was down 20% in the after market and slowing sales growth, ridership is still below pre-covid levels and they did beat on profit but really it's a sign that lyft is underperforming against its larger competitor uber who said last week bookings were above where they were before the pandemic and all time highs for uber and now active riders at
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lyft disappointing, not a bad number if you look at it hole listically at -- holistically at 20 ml and lyft is a pure play coming to ride hailing. uber has food delivery and international delivery and slow down in the u.s.. stu: that was a tough report for lyft, my goodness me. move onto another big loser of the day and that'll be take 2 interactive on the screen. down 15%. susan: the gamer in you, 2k grand theft auto may know this game. take 2 interactive cutting outlook for the end of the year and cutout look for early next year significantly lower they say and never good words for wall street and any time they lost money in the summer and sales are disappointed and covid lockdown gaming boom seems to be waning for take 2 and they were a source code hack for the next
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grand theft auto. that was the first release in years and that was a big deal as well. stu: what about a kr activision blizzard. stu: always profits low e -- stu: next one, there's another big drop and this is trip adviser. last time i checked it was way down. 20%, what's the problem there? susan: big miss on earnings here and blaming the strong dollar versus the euro, which is a parody and i enjoyed in lisbon last week and high marketing cost to get users on the site and sales will slow end this year and going back to airbnb last week, they got disappointing holiday sales as well and blaming the strong dollar and strong currency and airbnb have fantastic earnings and everybody is blaming victim to that strong currency. stu: will you tell us how much
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you saved or how cheap using american dollars? susan: subparody for the u.s. dollars to the euro. i enjoyed very good meals out there. stu: that makes it r really che. susan: it's the pound by the way, you should know that. the pound is at $1.05. stu: no, $1.12. susan: okay, significant. the real reason why it's moving up some 7% is because they're buying back $5 billion in stock. also retiring a billion in old stock as well. i want to show you norwegian cruise line and six month high on the stock after huge numbers and results beat and losses narrowed and guiding for a record breaking 2023 in bookings so people are cruising once again. stu: what do you got on disney?
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they report after the bell. what are you looking for? susan: disney+ subscribers spending around $15 billion plus on content to win the streaming wars and analysts expecting 8.8 million new sign ups and brings total to 161 million plus and disney expects streaming profitable by 2024 and that's also when they would have 245 million sign ups by then. but remember, they lower that had number by 50 million this year. that's a lower bar. theme parks are a big business. they had record earnings last quarter for theme parks and that's because disney has been raises prices as you know to go to disney land and disney world.
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>> those are two standouts and check point and cybersecurity and palo alto, that continues to be the aggressive table pounder. stu: you like apple but do you still after the problems at foxconn? >> in my opinion, that's the best tech stock to open. the foxconn is near term issues. going back to big tech, they're the only one that came out smelling like roses in a hard week for big tech and that's a name that will have a 2 in front of it over the next year. stu: microsoft, let's close it out with that. what can you do for me? >> the cloud theme, we're only 45% of the way there. that was a knee jerk reaction on a softer macro and numbers are set low and they exceed those and no better way to play the
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cloud theme, a $1 trillion theme than microsoft and our company in redmond. stu: sold, sir. sold indeed. excellent stuff. big board in business 6.5 minutes and up 50 points and that's a fraction 0.18%. dow winners, top of that list is sales force, you like sales farce too, don't you? >> i love sales force because it's another way to play the cloud. stu: intel moving up. how about that. s&p 500. solar edge. don't know it. dupont, norwegian cruise lines. now s&p 500. nvidia. susan: they're offering a chip alternative that can be exported to china. stu: oh, good stuff. republican liz cheney crossed party lines and endorsed democrat abigail spanberger for
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virginia's seventh district. i wonder what her opponent makes of that. i'm going to ask her because she's on the show a little later. president biden making a mess of energy policy right before the election. roll tape. >> it's also not cheaper to generate electricity from wind and solar than it is from coal and oil. literally cheaper. we're going to be shutting plants down all across america. stu: larry kudlow says biden's radical climate change agenda has been a failure and i wonder what larry thinks about biden's closing argument. i'll ask him, larry is next. ♪
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the market and stocks generally when the market opened. that's been cooled down a little. the dow is still positive but the nasdaq and s&p have turned negative, just ten minutes into the session. this is kohls department store and ceo is leaving next month and taking the ceo role at levis. kohls is up on that news. president biden said his economic policies will lower cost, bring down inflation. edward lawrence is with me. you asked the white house it it was time for a policy pivot because there's not been much success on inflation. what did they say? >> so the president won't take this president from me so i asked the white house press secretary karine jean-pierre. this is what happened. >> you said the president's plans were going to lower cost and going to get inflation down but the president's been giving us that message for more than a year basically without much success so is it time for a pivot? >> so i disagree with that not
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having much success because if you look at the president's policies as it relates to for example the gas prices, the president took bold actions as you've heard us say. >> but it seems open ended. there's no end it's going to in the future at some point inflation will come down. we're still seeing inflation at 8.2% near 40 year highs. >> we have seen actually that ie seen from the data committee that . the data has sh shown we're seig easing in inflation and that's the most recent piece of data. >> reporter: inflation has gone under this president and it's eased from 8.3% year over year in august to 8.2% to year over year in september but core inflation keeps rising and i don't think a lot of americans would call that a success as of yet. back to you, stu. stu: you're right. edward, see you again later. president biden has made his
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final arguments and attacked oil companies and the coal industry. watch this again, please. roll it. >> we're going to be shutting the coal plants down all across america and having wind and solar. no more drilling. there is no more drilling. i haven't formed any new drilling. stu: all right, let's bring in larry kudlow. for once, he does not have a smile on his face and i understand why because you don't think much of the president's closing arguments, do ya? larry: well, you know, this is a rare moment. usually mr. biden is incapable of telling the truth about the economy and about energy, but this time he told the truth. we're going to have zero carbon policies, green new deals socialism if he keeps the congress. no coal, no drilling, no permitting, no refining. i mean, he couldn't be any
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clearer even though a week or two ago he said he wasn't blocking any drilling and he thinks the oil companies should produce more. what he really wants is absolutely zero carbon. as a very radical extremist position that will keep inflation high, it'll keep prices high, it'll continue the shortages and, you know, in home heating fuel, natural gas, diesel and so forth. the northeast will have a very cold winter. let's face it, this is the not so hidden agendarme absolutely no -- agenda. absolutely no carbon. it's not even net s zero, just zero. by the way, i assume ohio and pennsylvania, which looked like to be hard fought senate contests, those are coal states, and i assume that republicans jd vance and memhet oz are make ago big deal out of that. stu: if there is a clean sweep
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today, the republicans take back the house and the senate, do you think that amounts to a real pivotal point in politics? >> well, i co do. i absolutely co. the issues we know -- absolutely do. the issues we know inflation, crime, the border, drugs and fentanyl, parents and the schools, i think so but i think it will be very difficult if the polls are generally right, if the gop does have a sweep. i think this is a kind of generational election today. i think it'll be very, very difficult. you know, in 2024, the democrats will be defending most of the senate seats. this time around in 2022, republicans had more to defend and that's a big deal. of course along with the white house that'll be up for grabs. it looks to me like the gop will make inroads in the house in blue states as well. so, yeah, i think this is going
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to be an extremely important issue. you know what, what joe biden said the last couple days, it doesn't make any sensuous it's not what people want, you know, jam it down their throats, this green new deal, no gasoline powered cars, no drilling, no coal, no jobs, and by the way no end to inflation. this is not what people want. that's going to be a key theme. stu: i may be a little vin ticktive here, larry -- vindictive here, larry, but the one thing i want to see is bernie sanders removed as the chair of the senate budget committee. how about you? [ laughing ]. >> well, i think -- i don't want it to be personal, stu. you know me. i just think that the cavalry is coming. 51 votes in the senate is all they need. they've got a great chance at
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52, 53 or 54. i think mr. sanders may be replaced as budget chair and, look, let's face it, you know, joe biden and chuck schumer and bernie sanders bernie sanders, they did a lot of harm with all these spending bills, which has ratcheted up inflation and all this green new deal inflation, that ratcheted up inflation and every day people, budgets have been killed, signature around the kitchen table, they aren't buying what mr. biden and company are selling. there's no confidence in the president who, you know, goes back and forth. he has the most pinocchios in the history of the liberal washington post pinocchio counter so for heaven's sake, i'm looking forward to a fun night. a very fun night. stu: it will be fun and we'll be watching you at 4:00 eastern this afternoon and no results at that point but i know you'll have a lot of fun. larry, seulate. thanks a lot.
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larry: all right. stu: coming up, kevin mccarthy predicts the republicans will take back the house. his first order of business he says is the border. >> the first thing you'll see is a bill to control the border first. we've got to get control over the border. we had almost 2 million people just this year alone coming across. stu: sounds goodment we'll get into that but next, we're heading back to a diner. but it's brian bremberg in lee zeldin's district. he's next. ♪
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deep, deep blue new york is very close and has a lot to do with crime and inflation. brian brenberg dragged himself away from his breakfast and at a diner in lee zeldin's district. you're talking to the voters. what are they telling you? >> reporter: stuart, how did you know i dragged myself away from breakfast. i guess you know me too well. i'm here with voters on long island, and i got to tell you the question is will we get a
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red wave? i have a table of four js here. jennifer is over here, she's gone to the polls, very motivated. talk to us about what drove you to vote today? >> i mean, the past two years have been really hard on everybody, but i'm a single mother, i'm a hospitality workers and i'm a survivor of a homicide victim and crime victim's advocate so i've been hit with so many different things. my son is here and i had to homeschool him because of the mandates and the crime is out of control, and as a hospitality workers, i wasn't allowed to be able to go to work and support my child. it's so far out of control. >> reporter: you heard it there, it's jobs, it's crime, it's education. jj has a sunday though and he's living the dream. i'm going to joanne over here, your husband, 27 years in the police force, retired now, a son who is in the police force. talk about what's got you motivated today? >> i'll tell you, it's scary times out there right now. crime is rampant, it's coming
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out east, you know, from the city. as a mom of a police officer, it bothers me that my son does not have the rights that criminals have more rights than he does. my children have been affected, they've been forced to have the vaccination if they wanted to attend college. they did not get it. just vote today, it's so important. >> reporter: it is, quickly, anne, what do you expect today? a victory -- ed, a victory for zeldin? >> yes, i think zeldin will do very well and people on long island are concerned about inflation, rising prices, and price of gas. >> reporter: we got it l. stuart, you heard it, long island. a lot of excitement and we'll see what happens. is there a red wave coming? back to you. stu: brian brenberg, thanks indeed. we got it. dan, thank you for being here. good stuff. still ahead, guy benson, brian kilmeade, shannon bream, bill
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