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tv   Varney Company  FOX Business  January 12, 2023 10:00am-11:00am EST

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♪ i'm all shook up ♪ here ♪ stuart: i was singing along to this along with lauren. she is the elvis fan. more shook up. good morning, it is 10:00 eastern. look at the money, what turnaround. we opened higher, now we've moved lower. it has been all over the place, they are trying to get a handle on this i think positive inflation report. look at the nasdaq, down one hundred 4 points. where's the 10 year treasury yield, moving 3.5%, big tech, mixed picture, not mixed, they are all down. mehta, microsoft, apple, amazon, alpha but on the
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downside, running across the board big tech and bitcoin dropped slightly below $18,000 a coin. in a few moments time president biden gives remarks on the december inflation report. we will monitor it once he starts speaking and bring you any headlines. now this. the secret document story has exploded. a second set of documents has been found. the white house is scrambling at this to not coming clean. where are these documents found? we've not been told. it is important because the location would let us know who maybe had access. if it were one of biden's houses, wouldn't hunter have had access? there's a double standard here, trump's house was raided by heavily armed fbi agents. where is the biden raid. attorney general merrick garland appointed a special counsel for the mar-a-lago raid, why not for biden? why are highly paid lawyers in
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charge of moving boxes. how many documents were found and what is in them? we are not done with the questions? is there china connection with the first set of documents - chinese donors get $30 million. biden used the center as his private office. why did the white house not report finding the documents until after the midterms. the said material was found on november second, 6 days before the midterms, but not reported until 6 weeks after. that looks like a deliberate political ploy. until we get answers there will be the suspicion that china has something on our president, there will be a double standard. president biden is holding a press conference this morning to tout the inflation numbers. i hope he takes questions because there are a lot of questions to be answered. second hour of varney just getting started.
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first time on the show, kathy, welcome to the show, good to have you with us. >> great to be back with you. stuart: do you have any answers for all the questions i raised about these document discoveries? >> who does? they are too many questions, hope we will get some more of them but also the house of representatives overwhelmingly bypassed -- passed in a bipartisan measure to create a select committee on china and this could be one of the first topics that they take up because as you note, the biden center had a great benefactor, anonymous donors, chinese backed ties, we need to know what access if they had, why they gave such a large check, anyone knows there is no such thing as a free lunch and the american people deserve answers on this because this is broader than some documents left in the
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closet. of the one i am unwilling to say chinese commonest party has got something on our president but it is a conclusion i have to reach bearing in mind the hunter situation, all that has been revealed on twitter and the rest of it and chinese connection. it is a valid question? if i say do the chinese have something on biden is that a legitimate thing to ask? >> it is a legitimate question. the reason being because we know china is not a friend, we need to treat them as such and this administration, not just them but it seems a finer point was placed during this administration has been pretty soft on china, unwilling to, not directly, unwilling to ask the questions whether it is covert or hunter biden or what they are doing in taking american tech and ingenuity, life is getting more difficult for americans and china is laughing all the way to the
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bank and this administration doesn't seem to be taking a hand toward them. it is a new day in congress with republicans in charge, having established the select committee they can investigate these types of things and figuring out what these documents are, questions the attorney general should be asking, just to give an appearance of fairness. if he doesn't do it than everybody has a right to call out the hypocrisy but also from an america first perspective we need to know which countries are taking interest in our president in his personal political affairs and the impact that has on our lives. stuart: we want to know a lot of it. thank you for joining us, we appreciate it. the white house insists they are not coming for your gas stove. did they back off? lauren: a third of americans use gas for their cooking, i would say they backed off because the commentary we are hearing is what is all the hullabaloo about?
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>> the president worried about the climate impact of a gas stove. >> when it comes to the question about safety or the effect of gas stoves, that's not something we can speak to at the white house. i would refer you to the consumer product safety commission. the president does not support banning gas stoves, the consumer product safety commission is independent, we are not banning gas stoves. >> i can draw your attention to the consumer product safety commission because yesterday they said research indicates emissions from gas stoves can be hazardous. the agencies looking for ways to reduce indoor air quality hazards so it sounds like while they are not doing at all options on the table. stuart: we will take a look at the war on natural gas because there is such a war taking place. look at big tech for second, moments ago they were all down, right now we have a couple on
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the upside, meta and microsoft gaining fractions. i read your stuff, you've not been on the show for a while but i know what you are saying, you expect more big losses for big tech, spell it out. >> the market is acting like a toddler, throwing temper tantrums over inflation ports, big tech has a long way to go, look at google, facebook, meta, they are advertising driven businesses impacted by inflation and recession and that's what is dead ahead for us. we are not supposed to talk about elon musk today but look at tesla, he's a 3-time ceo that replaced a 2 timing ceo in jack dorsey, that is impacting shares. at the same time, competition has picked up in a doctorate vehicle market, you 've got rising cost, supply chain constraints and valuation got out of hand. if you look at valuations, they are in a 30% downside. stuart: 20% to 30% downside for
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the big tech names. >> look at the historical price to earnings ratio, down 35%, trading from 33 pe down to 19, it goes to 12 if we use 2008 as an example. apple is valued at a premium for the first time in a couple years but it could contract 20% to 30% to trade in line, on the big side of the market there's typical innovators trading but if you look at smaller side of the market the innovation economy never stops, companies keep filing patents, we need your sentiments for diseases and that's where we see the most opportunity in this market. stuart: i think it is a positive cpi report, the inversion declined month over month. i call that positive. is that factored into your equation when you say big tech can come down so much? >> positives factoring. i agree with you, positive is progress, it's a precursor to allow the fed to ease off but i'm with lauren, inflation goes
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up faster, i'm not going to be pollyanna about it, 6.1%, that's a long way away from 2% to get back to target. stuart: we consider ourselves warned by you, thank you, see you soon. looking at the movers, roku is moving down. lauren: they have a $30 price target which implies almost 40% downside. stuart: that is what lou is referring to, look to the future, at revenue, doesn't look good for google or roku. changing subjects, anheuser-busch, they make a beer. lauren: three brokerages have downgraded today, ubs says beer is going to struggle because we are not drinking as much expensive spirits, they don't see customers trading down which i don't quite get but that is a sign of the times, we
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are drinking less. >> which is funny because typically spirits is considered recessionary proof. we are out of work, sales go up and you look to these companies, these big companies, we have seen the consumer balance sheet is very strict, trading in for lower prices -- stuart: i'm in the wine business through my son in australia, young folks drinking wine as much as they used to. he said we lost a generation, a change of fashion. that is from my son's perspective. moving on, a poor earnings report. lauren: the call is important. a ceo said orders were down 72% at the start of the new quarter. 72%. in the past 5 weeks.
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past 5 weeks since the start. stuart: tell me about twitter. they are looking for new ways to bring in more money. lauren: selling usernames, the new york times reporting online auction where people can bid on handles. this would help musk bring in more revenue because he needs to rejuvenate the site. he is also, he told us this a couple weeks ago, freed up one. 5 billion handles most of them fake accounts, some of those names could be attractive to a brand and they would be willing to bet money to have that handle like what you say, trying to think of a good example, something short and sweet and colloquial. we want think about it during the commercial break. lauren: can't get rid of me yet. stuart: microsoft, they won't require employees to record formally their vacations so you can take unlimited time off. lauren: it is not that easy but very popular.
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it saves management time in recordkeeping but your days off then become at the discretion of your boss, of management and if they don't have any protocol to say are guaranteed four weeks, they could just say no. the new policy starts on monday, affects one hundred 20,000 employees in the us. i think it is a good thing, unlimited time off. stuart: this is not part of the back to work movement. this is just time off. lauren: you can work from home and take on the but it time off, just don't work. >> don't know how we will boost productivity with unlimited time off. we to real professionals do not take their vacation days. it is true. or half of them. do you take all your vacation days? stuart: know. >> i enjoy what i do. >> and you are needed and important so you can't take unlimited days off or however many you have. i don't even know how many i have.
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stuart: house oversight committee chair james comeer turning up the pressure to investigate hunter biden, he wants janet yellen to hand over all banking records from biden's family members. fox's peter doocy asked the white house why president biden didn't meet with any migrants during his border trip. >> didn't talk to any migrants or go anywhere people cross to legal you, why not? >> he went to the migrant center which was a quick a place to be, there happened to be no migrants at that his levy at the time he visited. stuart: there were no migrants, is that because it was all cleared out? may maybe. where are they? chip roy next. ♪
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stuart: got a cheap -- keep checking the market because it has been volatile. we are on the upside, dow gaining one hundred 30, nasdaq up 20. the united nations taking aim at president biden's new border policies. what exactly is the un saying? ashley: the un is accusing the biden administration of undermining human rights by limiting the availability of illegal immigrants to claim asylum in the us. volcker turk is the name, the high commissioner for human rights, he says the right to seek asylum is a human right no matter a person's origin, immigration status or how they arrived at the international border. the comments are a reaction to the expansion of a humanitarian parole program for venezuelans to include haitians, nicaraguans and cubans. that program allows 30,000 of
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those nationalities to enter the us each month if they have not crossed illegally and if they already have a sponsor in the country. the un says any policy should not come at the expense of fundamental human rights. interesting. stuart: peter doocy asked karen jean-pierre about biden's trip to the southern border. watch the response. >> why didn't president biden want to see what is really going on at the border? >> he did see what is going on at the border. >> he didn't talk to any migrants or go where people are crossing illegally, why not? >> he went to the migrant center which was a critical place to be, when you think of the partners who are helping support the migrants on the ground, there happened to be no migrants at the facility at the time he visited.
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stuart: the gentleman on the right-hand side of the screen is well-known to our viewers, carson chip roy, republican from the great state of texas. i honestly don't get it. we are in the middle of a real crisis, we've been in this crisis for at least a year and 1/2 and nothing ever gets done. nothing happens. why not? >> it is nice that the president's handlers found the southern border on a map, told the president he needed to go there and check a box, throw fraudulent propaganda effort to clean everything out and say there's no migrants in the migrant center. the president of mexico, what do they do, they put out a north american agreement on diversity, equity and inclusion and climate change but get nowhere with respect to what we need to do to stop the crisis at the border. then you have the united nations which i don't know why we give them $7 billion to tell us what we need to do about human rights because that does nothing for the 53 people who died in a tractor-trailer in san antonio which i represent. the migrants who are dying
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along the border, who died on the rio grande, tens of thousands sold into sex trafficking. what we have is a white house engaged in and perpetuating the greatest human rights crisis we've seen in years in the united states of america where people are dying including americans from fentanyl. we need to do something about it. i introduced hr 29, the border safety and security act, it is requiring we detain for your turn away at the border which is consistent with existing law, we try to enforce this it ministration to do what they are supposed to do to fix the problem. it would stop the flow, we would still deal with asylum claims but you have to detain or turn away and that is what we need to do. stuart: may i change the subject a moment lose this is a financial program. as i understand it, you want to band members of congress from trading stocks, you have a proposal for that, you want to ban all trading completely? >> we need to have a
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conversation. in 2,020, a democrat from virginia and i introduced legislation, we need to recognize the american people are tired of seeing members of congress making a significant profit when they are voting on the policies that affect the corporations they are meeting with on a regular basis, find a way to have members not have to get any worse position, put their money into broadly traded funds or blind trust, we need to work through it, maybe only eliminate the buy side and make the sell side transparent but at the end of the day we need to stop that breach of trust that is apparent to the american people that we seem to be take trading when doing the work of the american people. stuart: it is a bipartisan approach you are taking, you really think you get something done with this? >> there will be some changes. don't know if it will be the exact language abigail and i introduced but we are having conversations and we are talking about what we need to do. it is important the american people trust we are making good decisions for them and not just for ourselves.
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>> that's one item where you can get a bipartisan agreement, one of the few. great to have you with us thank you very much. republicans are pressing janet yellen to release records related to hunter biden. what are they looking for? ashley: what those banking records related to, and house oversight committee james come, sent a letter to the treasury secretary, related to transactions by the biden family members, and they are related countries and known associates. the same request was made when mother republicans were in the minority but the treasury at the time denied a request. restricting congressional access to the records but republicans have questioned 4
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years as we know whether hunter biden's business dealings in particular in ukraine and china have affected us policy when his father was vice president or now president. want to look at those banking records. ashley: it is so out-of-control that cardio be is complaining. >> when i go to the supermarket i received everything, $2 a couple months ago and now 7. of course i must say something. stuart: we've got a breakfast staple being labeled a luxury item because it's cost has doubled or nearly doubled. we will tell you what the item is. homes valued at $10 million or more no longer selling well in new york and south florida. the luxury real estate market, joins me next.
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stuart: all over the place the markets are down, up, down up, dow up 87 points, nasdaq down four. and -- >> this is the largest chip maker which posted a 78% increase in net profit in the last quarter. they will overcome this chip. >> that is gold mining stock. lauren: goal hit $1900. with a 6-month high and it is up a little bit today but up 11%, >> >> they raise the revenue guidance for the holiday quarter, travel demand remaining strong, the first to forecast the future. it is lifting delta, 2.6 income united 4.2%, and we are up 7%.
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blue when they are doing well because people take 3 or 4 day weekends these days to fly someplace. lauren: walk from the beach or the airplane. stuart: look who is back, he has returned to "varney and company". we demanded his presence. joan knows about real estate. he is big in this area. joe, i look outside the studio and there' s this huge office building, are they not fully back up to speed? they are not full of workers. what is the fallout in the office market from this? >> a tale of 2 cities. i hate to related to politics but red states, places like florida, texas, the office buildings are pretty busy. business is booming. there's more demand than supply. it is markets like ours in new york, chicago, san francisco is a ghost town, san francisco has been destroyed. i think until people feel
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comfortable in those places and you are starting to see some movement in san francisco, hate to related to politics but 3 seats come up with election where democrat socialists lost their seats and so now you see the same thing in their school boards, ag being recalled and so the cities are going to wake up and try to react but it will take some time for places like new york to come back. blue when i take it office rentals are down, the price of renting office space in midtown manhattan has to be coming down. stuart: >> yes but nowhere near as bad as san francisco. i would say san francisco is down in the neighborhood of 35%, no exaggeration. it is beyond that. it is dramatically going on in that marketplace. stuart: let me turn the tables for second. i am told homes valued at $10 million or more are not selling
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well in new york and south florida. is the upscale true luxury market stumbling? >> south florida has a tiny bit but not bad, really money is going where it feels comfortable. i hate again related to politics but from a global place the autocratic countries are doing the best, singapore, dubai, monaco, some people joke florida, texas is part of that but those markets where it is more stable, dubai is an example. it is on fire, saudi arabia is on fire, the boom times that are going on in the whole gcc region where as americans, not as close to because it is more distant from us but closer to most of the world's 8 billion people in population, we are seeing lots and lots of money going to the gcc market. blue unwise luxury market stalled in south florida? i have a house there, looked
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like it was booming to me. >> i would be careful. don't let people exaggerate too much. markets like san francisco i really bad. i wouldn't worry about florida because florida superluxury, as hot as dubai and you've got home selling, $30-$100 million like a bag of potato chips so is that hot? no, but florida has been so successful the last 10 years in terms of its growth that you can't be greedy, can't expect every year to go crazy but i do not personally project weakness in the florida market. in fact, i think they will be beneficiaries of other things. the world order is changing particularly because of the conflict with china so you've got a tremendous wave. all of the southeast now is going to get the next economic impact. i, the battery belt. the battery. market of all those jobs
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created in manufacturing will have ripple effects. in mexico by the way it's a benefit from the election. of the when this is fascinating. do not a stranger for so long again. really changing the subject, the price of a carton of eggs has nearly doubled in the last year. lydia hu is at an egg farm. wiper surge in prices? >> reporter: the avian flu has wiped out 44 million laying hens, 5% of production. >> every time you lose million chickens you are losing 15 to 16,000 eggs a week in production. anybody gets affected.
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stuart: with fewer eggs on the market prices are up. today's report on inflation shows egg prices for december were up nearly 60% over the prior, they increased more than 11% over the prior month of november lose the average cost for a carton of eggs now hitting $3.59 across the country and in some places much higher than that, 737 in california for a dozen cage free eggs, $4.59 in new york, higher cost of labor and wages are also driving factors here and now there are reports that some retailers are limiting the purchases of eggs in their stores. this means eggs that are being packaged right here behind me are more valuable than they were a year ago. as we look to see where egg prices are going, it depends what happens with the avian flu and whether it is contained but
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experts say is that may not go over easy and in the short term we can expect to continue to shell out more on a carton of eggs. stuart: i heard that, shall out, talking about eggs, very good. see you again soon. yesterday's faa ground stop has not worked through the system entirely, not just yet. hundreds of flights are delayed again today. what is pete buttigieg doing about it? bret baer has that story. the white house is on the defense after biden aids find the second batch of classified documents at another location. >> the president said, quote, i will make mistakes. when i make them i will acknowledge them and i will tell you, why didn't the white house inform the american people documents were discovered? did it have to do with the fact that the election -- >> this is under the part of justice.
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stuart: mark meredith will join us shortly, he has the latest as the pressure builds with the department of justice to appoint a special counsel. ♪ get refunds.com powered by innovation refunds can help your business get a payroll tax refund, even if you got ppp and it only takes eight minutes to qualify. i went on their website, uploaded everything, and i was blown away by what they could do. getrefunds.com has helped businesses get over a billion dollars and we can help your business too. qualify your business for a big refund in eight minutes. go to getrefunds.com to get started.
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stuart: breaking news, the second batch of classified documents were found at president biden's house in wilmington. this news has just been released. if the documents were in his garage at his wellington house, who had access to those documents in the year they've been there? hunter biden perhaps? 's private residence, the garage is right next door, secret documents pertaining to we don't know what. who had access?
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lauren: he was out of office in 2017 as vice president so the first and second batch of documents, why now, 6 years later, are we uncovering more classified documents? over 6 years, who had access to his private home? stuart: is there a china connection? hunter biden has the china connection, hunter biden probably had access to these documents in his dad's garage and the chinese donated $30 million to the biden penn center at the university of pennsylvania. that is where the first batch of documents were lodged at his private office. this is extraordinary. the president was supposed to be doing a press conference starting at 10:00 this morning about the inflation numbers we got earlier this morning. he hasn't even started, the podium on the left-hand side is empty, no doubt they are trying
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to deal with the fact that a second batch of documents was revealed to have been at the president's wilmington, delaware, house. he just walked in, there you go. do we want to listen in for a second? we will wait and see if he takes any questions later. we will have mark meredith from the white house and bret baer from fox news discussing this discovery in the wellington garage. lauren: the other thing i want to point out, these are likely from when he was vice president. as vice president he didn't have the authority to declassify anything so what is in these documents, at least with donald trump he had the ability to declassify because he was president. stuart: we need to know what were these documents all about, ukraine, china, what, i don't know. where they top-secret? in what way were they classified, where exactly where they stored, in a safe? what is it? >> wise this defense the
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element of surprise, are you surprised they keep coming up over and over again? stuart: all good questions. there are so many questions arising here. it would be nice if the president were to be asked questions at the news conference he's giving right now. he's talking about inflation. it would be nice if these questions were asked of him directly. that is what the news media should be doing if they get a chance to question him. we are covering a lot of subjects this morning, we've gone from the stock market which is all over the place this morning, inflation, the numbers came out at 8:thirty. i call them benign but positive, reasonable market reaction to that, are we coming into a commercial break? tell me. okay. i am in trouble here. lauren: your earning your paycheck. mark meredith is good.
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put him on screen, i want to talk to him. i want you to give us the latest on where this second try and shove documents was found and the implications thereof. >> reporter: these documents were found in the garage of president biden's wilmington, delaware estate, new information just released from the white house counsel's office in the last 20 minute or so, they say it was part of an investigation directed to see what other documents may be out there, they searched a biden part pretty in rehobeth beach, delaware but no documents were found, the president is speaking now talking the latest data from the consumer price index but we are waiting to see if reporters get any questions and about the latest information. merrick garland will speak this afternoon. the topic has not been announced but you can bet there will be questions related to what we are talking about. the white house facing pressure to determine what was going on behind the scenes the last few months and white is acceptable
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for the former vice president to have these documents after leaving office. the white house says they are cooperating with the justice department in their investigation into this but there's the political backside to this when you had president biden slamming his predecessor for having those documents at marl lago. questions about how the and it up in delaware and the first place, the white house counsel's office saying these were documents shipped to the biden home as part of the transition out of office in 2017. there will be questions about whether congress is going to buy this information or hold additional hearings. democrats were asked if they would support the appointment of a special counsel, they said they wanted to hold off at this point and see what the justice department was going to do first, the white house stonewalling a lot of questions simply saying they didn't have much to add after what the president said in mexico city, live pictures, the president at the white house giving remarks
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on the economy, we are seeing if he takes questions. stuart: good report, thanks very much. i will repeat that, on the screen you have been seeing president biden, he's not talking yet if at all about the second trench of documents that was discovered in his garage. he is touting the economy and low inflation. if he gets any questions, takes any questions on the documents you will know about it real fast. next case, many people have reported suffering from long covid symptoms well after being infected with the virus. a new data tells us just how long symptoms can stick around for. the white house extended the covid health emergency for the eleventh time but didn't the president just say covid is behind us? roll it. role it. >> things are getting better. covid no longer controls our lives. our kids are back in school, people are back to work. more people are working than ever before.
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stuart: what will it take for the emergency to be officially over? we are on it. we will be back. ♪ ♪ i've pricked my finger 3,000 times and my a1c was still over 9. then i got the dexcom g6. i just glance at my phone and there's my glucose number. no fingersticks. none. yes. yay. my diabetes is no longer a mystery. you see a spike after eating, uh, raisins. but dark chocolate - no spike. that's a huge victory. my a1c's dropped over 2 points to 7.2.
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i actually can't wait for my next doctor's appointment.
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stuart: president biden is taking questions one of which was about the new document review. >> president biden: classified material seriously. i also said we are cooperating fully and completely with the justice department's review. as part of that process my lawyers reviewed other places documents from my time as vice president were stored and they finish the review last night. they discovered a small number of documents with classified markings in storage areas in file cabinets in my home in my personal library. this was done in the case of the -- this was done in the case of the biden penn center, the department of justice was immediately, as was done, that's part of justice was immediately notified and the lawyers arranged the department
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of justice to take possession of the documents. we are going to see all this unfold. i am confident --. [shouting] >> how is the first lady? >> president biden: she's doing really well. she was under a long time, for 5 hours, because what they are doing is they remove what they thought might be cancerous and they then have to go back and test and see what it was but she's doing really well, she is up, we had breakfast this morning, she is recovering, she will be sore for a while because of work they did on her eyes. that is where it went, where these were, but she is 0 to one% chance of return of any cancer, so thank god she's doing really well. thank you for asking.
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stuart: what we just saw was really extraordinary. earlier this morning, a few minutes ago it was revealed the second trench of secret documents had been lodged in president biden's wilmington house, in his garage and his file cabinets, that is where they were lodged, the president was asked a question about this, he read from a written, scripted statement, he said he was simply acting according to rules and regulations. he then tried to walk away, he was brought back to the podium with a question about the first lady, answered that question, then walked away, in other words we do not have any answers to the important questions surrounding second trench of documents like who had access to them, did hunter have access to these documents at the garage, at his house? that is a china connection, these questions need to be answered. what i my missing?
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lauren: the documents were found next to his corvette just to color in some detail for you. we were in break when he said that, the audience watching fox business didn't hear that. stuart: the documents were found in a locked garage next to his corvette. that doesn't answer any questions. stuart: just giving you some color about the location of the documents. stuart: what other questions - why was this revealed, the first batch of documents were revealed, were located 6 days before the midterms, but no announcement was made until 6 weeks after the midterms, why the delay? that was politically important, why the delay? lauren: marquardt of told us a press conference by the attorney general, merrick garland, maybe he will say something or take questions about all of this, how will they investigate the situation? now the biden attorneys are
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looking for more documents to enter everyone's questions about when they popped up and where and what is in them but these documents are from when he was vice president, they have existed in these locations for 6 years. we won do we know that? lauren: i believe some of them are, but there's many documents and they might all have different story to tell. stuart: of turmoil of a story and that is a fact and we are on it, believe me. still had today, louisiana senator bill cassidy, georgia congressman barry loudermilk, ben domenech, tons of food thrown away every day, migrants don't want to, don't like it, goes in the trash and whistleblower says the hotel is no longer safe for guests. that's the impact of biden's open border. that is "my take" and it is next. ♪
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jot republican party out in america. get one in dc that doesn't waste your money every day. >> balance the budget, we can't keep spending money like this. we nd ll

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