tv Varney Company FOX Business January 31, 2023 10:00am-11:00am EST
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♪ stuart: good morning. it is 10:00 eastern. i'm going straight to the money. not that we have any huge movement in the stock market, we have a mixed picture. it is a go nowhere tuesday but other things happen later. the dow is down 14, nasdaq up 37. where's the yield on a 10 year treasury, it is right at 3. 5%. wears bitcoin this morning? is 22 and change. now it is 23 and change. it is 10:00 exactly. we have the latest read on consumer confidence. lauren: consumer confidence for
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january at 107.1, it had been 108.3 in december, we expected it to rise. stuart: i would expect that to be a positive for the stock market. consumers are less confident, the economy slowing, the fed doesn't raise interest rates, but i see no impact on the stock market whatsoever. now this. it is 644 days until the presidential election in 2024. it may be early to speculate but let's do it anyway. the republicans have a raft of strong candidates, donald trump, ron desantis, mike pompeo, nikki haley, senator tim scott going to iowa, that is bench strength and that is something the democrats do not have, the president is expected to announce he is running. he is 80 now. he would be 80 in november of 2024, 86 at the end of his second term.
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age and cognitive ideas count. the look at this headline in the washington post, some democrats fret about vice president harris's prospects. she is no shoo-in. on a boston radio station senator elizabeth warren questioned whether harris should run for the presidency, quickly walked it back but the damage was done. the biden team is not particularly strong. california governor gavin newsom, highest poverty rate in the country, hundreds of thousands leaving the state, highest taxes, biggest inequality gap, school system in shambles. a candidate like that will not get 270 electoral college votes. new jersey governor murphy, no way, he made a fortune at goldman sachs and punitive taxes on those who want to be rich, barely won reelection as governor. senator warren, a socialist and socialists have passed their sell by date. congressman carter, another socialist, new jersey senator
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cory booker, name recognition, alexandria ocasio cortez, please, let's not forget the gallup poll that showed leadership are the biggest concerns, democrats dominate the government and democrats dominate our leadership. state of play, republicans have leg strength, democrats do not, second hour of varney just getting started. a man who always has a smile on his face joins us, a welcome guest on this program. >> i want to be upfront with our viewers i only agreed to do this because i was told there was a guest host today. i did not know i was committing to the full varney. i feel a little duped but i will stay on message. i love to see you, you're the best.
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stuart: there you go. >> i'm watching this 2024 horse race. there's a lot of people behind the scenes that want biden to stick around because it allows them to be present, in the sense that you don't get person should and from watching biden that he is in charge, feel like this presidency has been an itunes user agreement, you scroll to the bottom and click i agree, we are killing the keystone pipeline, do something on the border, that has been the presidency for the most part. i don't think there is any world where biden is the guy. i think they are letting this process play itself out between the classified documents but part of the reason there isn't a bigger push to get him off the stage is what you alluded to in your monolog, who is showing up, if you look at the polling, i'm third in the democratic party and i'm not a registered democrat but who else do they have? they are stopping people on the street in times square, want to
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be the nominee? stuart: they are all illegal immigrants in times square. >> go ahead. stuart: i've got another issue, you are the right got to comment on this, the london school of economics removing christian terms from the academic calendar like christmas and easter. replacing those with sayings like winter term, spring term. i went to lsd 50 years ago. >> what is happening on the left is they have cultural arsonists, they go out and set fires where none previously existed so they can extinguish the fire they set and claim a subtype of valor or virtue, we renamed christmas break. anyone suffering over what you called the break? the point wasn't the title, you can go have fun and live your life but there is this cottage industry of people who
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manufacture grievance. scientist have a word for them. they are called losers, they are everywhere. i hate to do that to your old school but this is dirtbags stuff because we are creating such a generation of fragile people. how will you make it in the world, somebody is like happy easter, hell no? i got to call in sick, what is wrong with you, easter, and this whole emphasis on giving words as much power over our lives as we have, it is setting people up for failure because they are prioritizing the wrong things, there's real adversity in life, what we call the holiday break. blue when you should have seen the political debates at lse 50 years ago, they were brutal. >> the one about admitting you to the school had to be intense. stuart: you are all right. the markets please, where are we now. i see some green, dow is up 16, nasdaq is up 50, s&p a fraction
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higher. scott shelladd a mac. the meeting begins today. do you expect a pause in the rate hikes or lesser rate hikes in the future? what do you think? >> this is my term, everyone is talking about a soft landing, everyone is talking about a hard landing, it will be a long landing and that is because everybody can talk about some sort of pivot, some folks talk about cuts toward the end of this year. if there' s rate cuts, we had some sort of economic calamity in a rate cut won't be good for anybody when you 're trying to rescue people rather than make the economy better but this will be a long landing because we are still going from 2% inflation, we are at 6% right now. who thinks the fed will get it from 6. 5 to two this year. it will take a while, took a 7
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rate hikes last year to take 2. 6% off of cpr from 9. one to 6. 5 so they will stick to what they are doing, might slowly but surely slow them down but we will continue to raise rates until we see the cpi get down to that 2% level and that is an average so we have to go below that for a time too. stuart: you saw a wall street journal report that consumers are starting to freak out, people savings accounts dwindling, racking up big debt on credit cards, consumers freaking out? really? >> they are getting to the end of their rope because the administration told them this was going to be transitory, inflation is transitory, they don't watch shows like you and i do every day, they are not -- they have jobs and things going on but they are thought it was going to be transitory, they will drain their savings which they did, put purchases on credit cards which they did
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because we are going to get through this quickly well if they don't get through this quick or quickly, all of of sudden you get to a breaking point where hang on a minute, i've got no more savings, credit card debt has gone up because of interest rates, what do i do now? they were duped into thinking this would be short-term and you can tell by the way they used their savings, we are not getting through it. stuart: interesting. original thinking from scott shelladdy. looking at some of the movers and shakers on wall street. i see pulte group, homebuilders, 7%. lauren: average sales price increased 17% of the quarter to 570 one thousand dollars, margins is the theme, no pulte in this report. stuart: philips 66. are they still around? lauren: they are down 5%, margins squeezed here, they missed on the bottom line.
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operations on the west coast and the atlantic basin. stuart: caterpillar down earlier, they are way down now. >> margins squeezed, costs are biden, this is an earnings mess, first 11/4. the reason higher manufacturing costs and the cost of raw materials. stuart: this is for you. many americans are delaying their retirement to make ends meet. how do we know? lauren: aarp does the story. i give them credit in the field, 35% say we are never going to retire. for those who have, look at this. many are heading back to work to pay their bills, 20% who are retired are currently working so they went back into the workforce. 15, 13% who are retired are currently looking for work, this is why freelancing is higher. if you retire you might want some flexibility, take a good type job.
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that would be hilarious. blue and this is a get. we gave you one hour, that would be a gig instead of 3. stuart: this is for you too. speculation. new survey found many people making 6 figures are still living paycheck to paycheck. i've heard this so many times. lauren: 2 thirds of americans live paycheck to paycheck. out of them, 8 million make $100,000 a year and still don't have money to put aside so you say why? inflation, the basics cost more, you're looking at all the basics but also people who make $100,000 a year also like vacations, airfare is up with 28%, so all of this, the cost of living the lifestyle that you want, your paycheck to paycheck, you don't pay for your retirement, 35% say they are going to work forever. stuart: if you are living alone, you don't have a spouse,
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no children, living in rural america, one hundred thousand dollars a year makes you pretty rich. stuart: it does. stuart: moving on. lauren: living alone, that is sad, in rural america, no one by your side. stuart: i don't want to get into this. next case, lawmakers pushing for increased screening and training in the wake of tyree nichols's death. police department are struggling to recruit officers. that story for you. dozens of illegal migrants refuse to live in new york city hotels, they would rather sleep on the streets than go to a migrant shelter. chip roy says he will use the debt ceiling as a tool to push through his border security plan. will he not had america default on its debt? i will ask the congressman. he is next. ♪ we are not going to take it ♪ known ♪ where not going to take it ♪ we are not going to take it ♪ anymore ♪ we are not
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stuart: migrants who were burst into new york city from the southern border refusing to leave the hotel where they have been staying. they don't like the relief center in brooklyn. why don't they want to live in the relief center? stuart: ashley: some migrants don't want to move from their free quarters in midtown. others immediately turned around, went back claiming there was lack of heat and bathroom space at the facility. in the end some of those migrants and up sleeping on the street outside the manhattan hotel in protest. those migrants had been staying at the watson hotel in hell's
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kitchen but city began moving single of all men to brooklyn to create more space for the large number of asylum seeking families who had children, new york city mayor eric adams described the brooklyn relief center as hospitable but also appealing for more government help at the same time. more than 42,000 asylum-seekers have arrived in new york city since last spring and some want to say in manhattan. stuart: the president is in new york today and he won't see any of this at all. back to you later. the administration is expanding its controversial cbp one apps that is supposed to help migrants seek asylum but the apps has been so overwhelmed, it keeps crashing. how will this apps stop the surge at the border. >> the administration says the
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apps will deter illegal crossings in the river and stop the use of cartel smugglers but what it is doing is making it easier for migrants across into texas by using that cbp one apps? what is it? take a look at this video our team shot in eagle pass, a group of hunter and migrants just allowed in eagle pass after using the apps, essentially allows them to fill out an application online, that get an appointment at a port of entry to seek an exemption to title 42 and be released directly into the us, that happened with the group you are seeing here, the administration says this. people trying to cross through the river or to pay coyotes to cross over, critics say this is just the biden administration arbitrarily, and potentially illegally, granting access to the united states to these migrants without a legal basis to do so to clean up their pr problem with the high border problem.
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migrants don't care about the politics of this, they are just happy to be here. take a listen. >> $24,000 for the 3 of us including my daughter is what the coyotes wanted to charge us and with the apps i paid 5 mexican pesos to get across. it was a huge relief. >> follow the steps we took, have patience, make sure you go to the cbp one apps, that is how you can get here just like we did. have patience and faith in god. >> reporter: cbp officers made 3 fentanyl busts, one bust, 300,000 pills found in a car, another bust, 458,000 fentanyl pills found in a gas tank, the third bus, 14 pounds of pure fentanyl powder found in the rear bumper, all three of those
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over a 48 hour span of one single port of entry, lastly, this mug shot, a convicted murderer were arrested by border patrol in tucson, arizona, near tombstone, a guatemalan man, juan rodriguez, he has a conviction for felony second-degree murder out of the state of maryland. back out here live the biden administration announced they are expanding the cbp one apps to allow 30,000 migrants cuba, haiti, and nicaragua into the country of us in the month. do the math on that and it adds up to 360,000 people every year. republicans not happy about it, they say it is potentially illegal and a coalition of republican states are suing dhs and the biden administration over that plan. stuart: seems like that apps encourages migrants. thank you. congressman chip roy,
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republican from texas joined me now. would you allow america to default on its debt if we cannot get control of the border? >> i don't accept that premise are that framing. even the media, political and wall street, are getting wise that we are not going to default on our debt, stories are getting right now, wall street gets it, that's not going to happen, that's a false premise. we are going to have a debate about what the american people want us to debate about, we going to raise the debt ceiling of the united states without extracting change on our fiscal front and the physical impact of dangerously wide open border negative impacting texas and the rest of this country even in new york. we need to reclaim control of the border for our fiscal health but also stop spending money we don't have and racking up debt, raising interest rates such that we are paying more on interest payments in the defense of the united states. when the president says he will
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not negotiate, the spending plan is in place, he cannot hold that position comes up we can't. you are going to extract something out of it surely. >> no question. it is an indefensible position, the president, the speaker will go down and talk with him tomorrow, they will start laying out the things we want to talk about. he has been clear as have all republicans, under no circumstances are we going to touch social security, retirement benefits or medicare benefits but we are going to demand we focus on the weapon eyes bureaucracy, demand dhs do its job, that we cut the spending of a bloated federal bureaucracy back to pre-covid levels, get us on a path of balance in 10 years, all of those are things the american people want us to do, the president is out of step and we are going to win this message, taking it to the people and they will be with us. stuart: next case, you have a bill that would defund k-12 schools if they teach critical race theory. if it were to pass the house,
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it is not going to go anywhere in the senate. >> you know where chuck schumer is, he's in the hip pocket of the national teachers union of the same unions that were colluding with the white house to label scott smith a domestic terrorist. the american people don't want to the stuff taught in school so why are we getting federal dollars industry beating around the nation to give it to school to teach our kids in america is evil, divide us by race, teach us these marxist policies and ideas that are undermining our kids belief in this country and the greatness of this country, we think we should pool that back and education is a state issue. why we borrowing more money to medlin what states and local governments are capable of that with their kids. stuart: you have emerged as a powerful figure among house republicans, congratulations, great to have you on the show, see you soon. the surgeon general says kids as young as 13 should not be on social networks.
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so what is the right age? we will report. president biden says the administration will end it's covid health emergency may 11th but in my opinion this was never about the virus. it was surely about government control. doctor siegel takes it on next. ♪ ♪ you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow!
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we were able to help her move forward. your client won't care how much you know until they know how much you care. stuart: not much price movement this morning but plenty of going, thousand 50, nasdaq beatty. lauren is looking at the movers and i want to start with ups which is there with a gain of 4%. lauren: volume fell because demand is cooling. wise the stock up nicely? companies learn to adjust. at ups they prioritize, the customer is paying more to use their services. cut costs in other ways, your stock goes up. we were in victoria's secret is now a spinoff company. it is up 7%. lauren: they raised their
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profit and sales guidance. it was but a good for them. stuart: roku on the upside up 5%. lauren: they are getting more content from warner bros. discovery, disk -- a channel for popular shows, the bachelor, cake boss. stuart: that is good news, more content. long covid has taken a big role in the labor shortage. how many people with long covid have not returned to work? ashley: according to the new york state insurance fund, 18% of people with long covid have not returned to work for more than a year end of that, three and four were under 60 years old and another 40% returned to work within 60 days of infection but were still receiving medical treatment. researchers say long-term
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illness related to covid could be affecting as many as 23 million americans. based on a review of 80,000 workers comp teams, ongoing labor gap is due to long covid cases. other studies suggest long covid kept hundreds of thousands, 4 million americans out of work and it can cover a gamut of symptoms, brain frog -- fog, fatigue, a whole -- lack of taste, lack of smell. they can be very debilitating and last for a long time. stuart: brain fog got me for a while, fortunately is gone, good to see you. president biden says the administration will end it's covid health emergency on may 11th, the same day the world health organization announced the pandemic is, quote, at a transition point. in my opinion, to these folks
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it was never about illness, it was about government control, that is my strong opinion, what do you say? >> that is obviously true, you just heard from ashley that 4 million americans haven't returned to work because of long covid. that's a huge headline especially from an economic point of view, the president announced in september the pandemic is over, now suddenly, three years from when trump called this a national emergency they are inching towards the finish line saying may 11, you know when something is political when they an ounce a date in the future. how do they know? is this a ouija board? obviously it is not a public health emergency anymore and that we've been living with it. here's something you never heard from me before. how many people die from heart disease in this country every day? way more than covid. i'm not minimizing the covid numbers but you and i decided a long time ago we are living with of this, what can we do,
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what tools do we have, how do we make this part of our daily lives without destroying the economy, the president announcing that, but months from now, makes no sense whatsoever. lauren was a tremendous hosts, you have 0 brain fog. stuart: i used to have brain fog and i think it is gone, never quite sure about that. a social question coming at you. the surgeon general says children under 13 should not use social media. watch this. >> one of the right age for child to use social media? i worry that right now if you look at guidelines from the platforms, age 13 is when kids are allowed to use social media but there are two concerns. one is i -- based on the data i believe believe 13 is too eathink is the right age for
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youngsters to get into social media? >> i want to approach this different. the surgeon general in the 60s said cigarette smoking was bad for your health, people heard that and in the next several decades we made major inroads cutting down on cigarettes. i like this surgeon general. i interviewed him, he has a big heart. nobody is listening to this. kids are going on social media as soon as they can read. the problem is it is tilted in whatever direction you wanted to be. tiktok is the worst. let's not talk about the ties to the chinese communist party, with tiktok, you put together what you think is real and people get the wrong idea about public health, people think there's a thyroid epidemic going on because that is the people they are following. this is an enormous mess and nothing anybody says. children from going on social media. we have to live with that and work with that.
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it cannot be stopped by the surgeon general. stuart: i've got 30 seconds. back to long covid, how do you know you have long covid? you test positive for covid all the time? what is it? weather >> it has to do with brain fog or fatigue. those are the big ones that i'm looking at. are you coughing? do you have trouble concentrating? those are the main things. more than what ashley said, with heart issues, lungs, kidneys, mainly fatigue, joint aches, brain fog, trouble concentrating. you have none of that. you have none of that. you have none of that. stuart: a good man, thanks. come en back in pulleys, why couldn't ending the covid emergency be bad news, student loan forgiveness?
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i don't get the connection. ashley: biden announced he would cancel federal student loan debt for borrowers making one hundred 25 grand a year, 20,000 for those who receive pell grants, the program is facing ongoing legal challenges. in one the supreme court filing the government argues the student loan forgiveness plan is based on a public health emergency which is still ongoing. that is interesting because the administration arguing on the other side, title 42 allows border officials to expel migrants without allowing them to apply for asylum is no longer necessary to protect public health, they want it both ways, is it threat or no foret, the supreme court will hear arguments on the loan forgiveness program next month. stuart: thanks very much. one tiktoker made headlines
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when she said she eats a 3 course meal at costco and doesn't spend a dime. watch this. >> eating cosco samples for lunch, strawberry milkshakes. this cheese dip was warmed up. delicious. popcorn, i am getting a bit fooled, stirfry vegetables, i am telling you. stuart: does she go there every day for meals? i will ask her in the next hour. you are headed to the super bowl, get ready to shell out serious bucks. chain breaks down the climbing costs to football fans. ♪
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not a whole lot, dollars and 60, nasdaq up 87. super bowl tickets alone cost a few thousand dollars but you will be spending thousands more on flights to hotels to food. connell mcshane is here. if i were to go to the game, how much would it cost for everything? >> why would you have soup and not that a football game? i would go 10,000, depends on the seat you have. you need a flight, you need to stay somewhere, 10,000 it is a good round number, some fans of both of these teams who tell you they need to be there in person and attend the game in arizona. look at these numbers, they should know it will cost them. fans from philadelphia, cheapest flight from philly to phoenix, $924 on frontier airlines, better than the legacy carriers, united,
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nonstop, $2800 as of this morning. better if you are a kansas city fan. $780 round trip, you have to get out town midnight and to run to the airport. the other flights were more expensive. the motel 6 where they will leave the light on for stewart, almost $600, the motel 6, holiday and is 1400, not talking ritz-carlton are all these places. these are budget hotels. you sit at home, turn on the game on fox indeed chicken wings, no beer, just wings. important information, data in from wells fargo, the price of wings down 22% from last year. a guy with a phd can file these numbers and you need to throw a
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super bowl party, food inflation is up 11%, 8. 3% outside your home but protein is the key for your super bowl party, steak, burgers, the wings are down a lot, turn on fox, and order a bucket of chicken wings. nothing wrong with that. stuart: i wonder about the price of sushi, is that an appropriate? good stuff. molson coors, and the super bowl ad, how does it work? >> the commercial. and you have to enter them ahead of time, everything from what was shown for miller, what type of floor will that have and what is the bartender going
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to wear? the first super bowl commercial in 33 years, the first one you can actually bet on. it is cool and it immersive and the company doesn't know, your chances of winning are one in 6 million. stuart: remind me not to get it. come back here with all the fans flocking get, how much are the most basic hotel rooms going? ashley: even the normally budget friendly super rate, 15 minutes from the stadium, asking $450 a night, three times the standard rate. the hotel was already half full even before the eagles and chiefs won on sunday. the connell mcshanes, top end
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reza wertz, the desert ridge asking $3,299 with a king bed, go on airbnb and look at the front end rental homes, $4728. it may be an opportunity to watch the team in the super bowl but to connell's point watching the game from your couch, a whole lot cheaper. stuart: it is on fox. stuart: president biden tweets a picture of himself in an electric hummer to push his tax credit, but it doesn't qualify. brian kilmeade fired up about that next. ♪ ♪
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(fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different.
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♪ every search you make ♪ ♪ every click you take ♪ ♪ i'll be watching you ♪ - [narrator] the internet doesn't have to be so creepy, the duckduckgo app, lets you search and browse pria blocking most trackers all forf your search history is never tracked, so it can't be shared. and when you leave search, duckduckgo helps keep companies from watching you as you brows. join tens of millions of people making the easy switch by downloading the app today. duckduckgo, privacy simplified. (upbeat music) stuart: the dow is up 109 points, nasdaq 111 points. i will call that a modest rally on wall street. it is 10:51 eastern time. here is brian kilmeade.
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the president arrives in new york city next hour, he will tout his infrastructure plan. just down the road dozens of migrants crowding in upscale hotel, refusing to leave, they don't want to go to the shelters in brooklyn, the president will not see any of them. why is there this big disconnect here? brian: no one has the courage to say to him, like mayor adams, 43,000 people have come here since the spring. i checked the border myself. it is out of control. they have overrun one hotel and refusing to go to a brooklyn naval yard which has cots, bathrooms, showers, ping-pong, 3 meals a day, a menu, flat screens. this is better more than likely than anything else in their country. they don't belong here. i have news for them. if they don't like it here and it is better in their country, they can leave which the president of the united states should be confronted with this. governor abbott had no problem
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with the situation in texas but they don't have the courage to tell him here and he is oblivious and doesn't care what goes on in these cities. how else would you explain it? he doesn't care. this embarrassment if you look at the front page of most new york newspapers it is all about these activists, advocates for illegals saying they are more important than the homeless we have here, the working poor that has the use shelters, they are complaining, and destroying a beautiful hotel, the watson hotel. have you seen pictures of this? instead of appreciating what they have, they are destroying it. stuart: on a personal note i was coming into work at 3:30 in the morning in new york city and i saw a family of 5 people. they looked bedraggled and exhausted, wandering the streets of manhattan. my heart went out to them. i am thinking mister president, you should see if this. you are partly responsible.
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brian: i use this analogy. back in the 90s and early 80s everyone was using steroids. you have to say if i am at aaa, i've got to do it because everyone else is doing it. that is what these people are doing. this is my window to get to america. what you got to do is make it illegal, make it two strikes, one strike, 60 days, down for a year and put penalties, people stop with performance-enhancing drugs. same thing you do, when you come here illegally you are eliminated, no longer eligible. let the word get out that the wall is going up and we are going to push you back and it is not worth it to bring the family of 5 through the jungles and across the rio grande. they are saying how can i rationalize not giving my family the opportunity to get to america because the president has let it seem like that. stuart: i understand you are
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fired up about president biden touting the ev tax credit sitting in a luxury hummer that does not qualify for the tax break. you are fired up about this. brian: tesla is built in china. i understand the thought but if you have electric cars most of which are built outside america don't tell me if i'm getting a tax break if it is an american built car. i will go hybrid, doesn't make sense. something else with the wall street journal, a big push to stop the mining of cobalt and lithium necessary elements of batteries, you can't have it both ways. you are stopping us from doing is that, getting into an electric car. stuart: 30 seconds, tell me who you think will win the super bowl. brian: i need to see patrick marhomes's ankle sprain. the last 25% of his game and
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was still awesome. without the mobility. he got hit so hard in the last play running on that ankle, the last play. i wonder, in 10 days, 14 days can he play like that, i give the eagles the advantage. can you sell this game? for sure. the biggest story i were underreported as i am going. stuart: you will be there for four days, immersed in the super bowl stuff. stuart: tons of programming. maybe a simulcast with stuart varney. stuart: entirely possible. an american audience would not want to hear me droning on about football. brian: right now it is a global game and london, almost franchised a few years ago before the pandemic.
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stuart: see you again soon. momentarily, new york congresswoman claudia tenney, will came and alfreda king get. in ocala paul asks what is the most important problem facing the nation? government and poor leadership, bad news for the biden/harris team next. ♪ ♪ ng tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq
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