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tv   Varney Company  FOX Business  February 22, 2023 10:00am-11:00am EST

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stuart: who is this? phil collins. he kind of disappeared rather suddenly, didn't he? he was huge -- >> his daughter is everywhere, all the hit shows. good morning, everyone. good morning, everyone. it is 10:00 eastern. to the money, please. green on the left-hand side of the screen, up 40 on the dow, 25 on the nasdaq. big tech, where is that this morning? mixed picture, amazon and microsoft are up, alphabet, apple, and meta are down. 10 year treasury yield getting close to the 4% level. back off a little bit and still 3. 59%. that's the market this wednesday morning, first day of lent. now this. the train disaster in ohio has
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given donald trump a political opportunity and he's jumping on it. is going to east palestine today bringing with him thousands of gallons of cleaning materials and tens of thousands of bottles of water. trump is showing up the biden team's week response. neither the president nor the transportation secretary have visited but trump is going to be there handing out supplies to people in need. president biden is rattled by others, he still in poland shoring up support for ukraine. he had to make a series of calls in the middle of the night to officials in ohio trying to show that he's on top of it. he's lost the political initiative on this one. trump will put on a big show. ohio is trump country. i don't know what he's going to say but he has sharp political instincts. he knows how to contrast the billions given to ukraine but not to ohio. he knows the unpopularity of biden going to kyiv in a war
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zone but not to the disaster in east palestine. for trump, this visit is a major campaign event. is rival, ron desantis made a series of well-received appearances recently, now trump wants to jump out in front, writing to the rescue of everyday americans in need. east palestine is his opportunity and he got there first so biden can't go second or play catch up. maybe the president will send pete buttigieg eventually. second hour of varney just getting started. liz peek on the right-hand side of the screen. welcome back, good to see you. do you expect this is going to be a big campaign event for trump? >> without a doubt. this is a tailor-made opportunity for donald trump.
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as you point out, it is trump territory. j d vance will probably show up to lend his support. other people will probably be in attendance. i think it is incredible the biden white house is left this door wide open. where have they been? president biden might not have been able to come but pete buttigieg, what is his possible excuse for not only not showing up in this calamity for this town of east palestine? but also just ignoring the topic altogether? i find this entire series of events mystifying particularly since it's an environmental disaster since this is all about environment. i don't get it. it was an incredible misstep by the biden white house which as we discussed before, all these people have ever done is politics. how can they get something political so incredibly wrong.
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stuart: the performance is under scrutiny. trump is back with the name-calling. he called florida governor ron they sanctimonious and shutdown ron and theysanction. does this work this time around? >> i don't think it does. i think trump knows he has a real desantis problem. a great many republicans think ron desantis is better equipped to running 2,024 on, let's face it, the trump platform and i think that drives trump absolutely crazy. here is trump's real problem. right now polling shows he and desantis have the same approval ratings registered voters. what desantis has, 25% of those people don't know enough about him. he has a big opportunity to become known across the country, take on more national issues as he is doing. trump is a known, oddity.
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only 3% say they don't know enough to make up their minds about him. his is unfavorables are gigantic and i don't see how trump is going to maintain his lead over desantis which he still has in most primary polling, as time goes on because he looks foolish in these kind of ridiculous, 1-sided attacks and i think desantis is handling these attacks extremely well, showing himself to be a little more the mature candidate who can be counted on to be a rock, et cetera. stuart: he is the class act of the two at the moment. thanks very much for joining us, hope to see you again soon. during her 2024 announcement, nikki haley called flora mental competency test. how are voters reacting to this? >> in theory it sounds great. both parties ready for younger
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generation of leaders but it insinuates older leaders are incapable and that's insulting, especially to older americans who are a reliable voting block, you're laughing but it is true. it makes politicians feel completely, and and so vivek ramaswami, mike pence, most others like tim scott and rhonda santos were asked what do you think of this? no comment. people don't want to touch this because it is a just. she does have a point. when you look how certain people of a certain age performed, you might say it is necessary. stuart: there are times on this set when you fill out the last
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words of my sentence. >> you do that to me too. >> that has nothing to do with age. stuart: you are doing it to me now. strategists this is important stuff, strategists morgan stanley worn the markets have entered, quote, a death zone. they say the s&p 500 could tumble roughly 26% from its current levels bringing it all away down to the 3000 even mark. the gentleman on the right-hand side of the screen joins me now. are you in line with that? a 26 point drop for the s&p 500 by the end of this year? >> yes, we are setting ourselves up for a perfect storm as it looks like we have an earnings recession. in my opinion sometime around the summer we have not really seen earnings come down in a
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way that has been meaningful, to provoke the challenges but when the fed doesn't pivot, the way the stock market has been expecting them to, we've got a higher thesis coming out. what is going to happen? this is a significant, significant challenge and i don't think we are paying enough attention to it right now, we could be in the calm before the storm if you're asking me. stuart: we talked about this before and i talked other guests about it. what is wrong with the three or three month treasury security? you get almost 5% on a 6-month? i think you're with me on this, right? >> yes, sir. cash is king. it is important to have some dry powder on the side because when the market ultimately catches up with itself we want to dollar cost average back in versus the most effective way to be investing, we are in this confusing place. we get paid to sit on the
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sidelines, sounds like a great idea. stuart: thank you, see you again soon. we are looking at the movers today. we 've got toll brothers, full disclosure, i once bought of toll brothers house and i live in one now. >> it maintains therefore your garden suggesting there is buyer confidence out there. maybe the housing market isn't as bad as it feels, toll brothers stock up 3%. stuart: real estate market. wind stop. i know it is a restaurant chain. is a chicken wings? lauren: and chicken sandwich. that's popular right now. earnings up 155% and they credit robust demand for their chicken sandwich and taco products. stuart: then we have alcoa, a
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company rarely talk about these days. it is important and it is up 4%. lauren: used to be a member of the dow 30, they are up 4.5%. city upgrades them to buy, price target of $65, they are citing a bullish view on aluminum prices, they think they can hit $3000 a ton and that would be good news. stuart: i remember yesterday morning walmart earnings early in the day, the stock was not changed very much. what did they say about the state of the consumer? lauren: under pressure, prioritizing necessity, discretionary. the supply chain issues have largely abated, prices are still high and there is considerable pressure on the consumer given the persistence of high prices and potential for macro pressures which we are taking a cautious outlook for the year. i want to write them off, you have higher income shoppers shopping, that is how walmart is gaining market share.
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what are the higher income folks buying? they are dealing with the fact that bread costs 15% more so now they need to retain this high income shopper but the high income shopper feels the need to go to walmart to save money and how are they getting by? i say that every time i'm in the food store. we when everyone is under pressure. and sensitive emails in military operas were leash online. a survey by the defense department was left exposed for weeks. we have details on that. take a look at this headline, china's spy balloon should be a wake-up call about us schools. why -- the spy flight is our generation's sputnik moment. she is for school choice. the white house wants to impose new sanctions on china as we learn china's president xi
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xinping could be heading to moscow to meet with putin. edward lawrence has the story from the white house next. your best defense against erosion and cavities is strong enamel- nothing beats it. new pronamel active shield actively shields the enamel to defend against erosion and cavities.
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with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music) the day after the big selloff, a very small selloff on wall street, the dow is off 50 points. here at the 33,000 level, nasdaq down 34 points. what about sensitive military service, exposed online for two weeks, you've got the story, what was on the server, not just anybody able to access it? ashley: apparently, the defense department left the server exposed which it was part of an
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internal mailbox system that stores military e-mails mainly involving us special operations command, the us military unit that conduct special military operations. i misconfiguration left that server without a password allowing anyone on the internet access just by knowing its ip address, the server is hosted by way of microsoft, azure's government cloud and the exposed emails appear to date years back, containing personal information including social security numbers and addresses. not good. the flaw was discovered by a security researcher. the pentagon says it doesn't appear anyone hacked the system, none of the data on the server appears to be classified. they used the word doesn't appear which doesn't sound very convincing to me but they are now aware of it and the floor has been shut down. stuart: we will take it, thanks very much. chinese president xi jinping and russia's glamour boudin
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will reportedly meet this spring. edward lawrence is at the white house. the latest on this tie up please. >> part of this is president biden over there in that area, the bucharest 9, to talk about that and also make sure the nato countries remain safe, we talked about helping ukraine and protecting every inch of nato territory from threat. >> president biden: we provide critical security assistance to ukraine and critical support to millions of refugees we have helped ensure that ukrainians can access basic services, and together continue our enduring support for ukraine as they defend their freedom. >> reporter: the chinese foreign ministry spokesperson says nato ignored other security concerns and went beyond its traditional reach to stoke division. went on to say nato is the
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biggest source of weapons on the battlefield alluding that nato has been the aggressor in this. the russian president says the relationship with china has reached new frontiers and that is what worries the united states. >> we are concerned about the fact that china hasn't condemned the invasion, hasn't enforced sanctions against mister putin, holding him accountable, so we have made it clear our concerns that we have seen these indications that they might be considering legal assistance. >> reporter: china, the largest trading partner for russia, hitting a record last year, buying almost all russian oil they put on ships, treasury secretary for the us acknowledged in a speech that the sanctions imposed on russia have not had the effect the us thought they would have by now but went on to say putin wanted to use more of his money for the war and wasn't able to do that because he's using it to prop up his economy.
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the us is concerned that china may take a more active role on the military side. stuart: look at this headline. china's spy balloon should be a wake-up call about us schools. adjunct fellow at the manhattan institute wrote that and joins me now. why is a wake-up call for the schools? >> it's an important issue. it's not about the balloon. it's about how bad our schools are, that we are not competing globally so that is what we should be focusing on and thinking about how to increase the competition for schools to educate our kids and not fool them into getting a diploma. stuart: you are talking about school choice which seems to be exploding in america today. that's a good thing. >> i think the choice is usually better for the consumer and we should remember schools
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are for the children, not the teachers, not for the administrators, not for the bureaucrats, but for the children, to serve them well, as they are educated for the new world we are in. the bigger, more competitive world and they should be prepared for it. stuart: what school choice do you favor? voucher systems? charter schools? what is the best way of going about it? you're talking breaking the influence of the teachers union. am i right? >> yes i am. as i said, many wonderful wonderful teachers as a lot take money of their own pockets and the way they have the structure, we feel that during the pandemic, not serving kids or teachers in many cases because good teachers wanted to do the hard work of teaching remotely but then all these
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obstructions. money should follow the kids, not the school, not the bureaucrats, not the teachers. that's how we provide for more. charter schools are public schools. we have to remember that. these are charter schools versus public schools, charter schools are also public, and and provide a good choice and families, kids, parents are choosing with their feet, you see that in one district after another. stuart: what is the politics of this? could i say that school choice people tend to be republican, more right of center? public school? teachers union people tend to be democrats, left of center? >> absolutely true. it doesn't have to be that way. i think we should be looking across the island saying democrats should be what they
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used to be. they have gone increasingly left, increasingly progressive. stuart: thank you very much for being with us, appreciate that, come back any time. a related subject. one school district in ohio the removed school resource officers is seeing incidents skyrocket. what kind of incidents? neil: violence, theft. columbus, the largest school district in the state, two years ago whether they did is under their contract with the police department for the school resource officer and used safety staff instead so look at this, this is followed 2022, three months, 3300 fights and threats, 1100 physical assaults, 163 incidents of vandalism. flip the screen, 16 false alarms, bomb threats, the list goes on and on. one incident could be logged
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several ways, making the numbers seem larger but we are speaking all in all, 3 months, 5,000 incidents since they let go of the relationship with local police department, and tried this new plan instead. we wendy from the police, get police out of the schools. thanks very much. donald trump heads to east palestine today to visit the train derailment site. president biden still in poland. transportation secretary pete buttigieg says he will get around to visiting the train site eventually. mark mccallum has the full story later on the show. a catholic liberal arts school in virginia cuts ten majors including theology and religious studies. the school said the majors are not popular among students. jonathan morris response to that next. note the sponsor that. jonathan morris responds to that next.
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stuart: the dow is back 30 points, nasdaq down 7.
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this is a dead flat market after yesterday's big losses, some stocks are moving and i want to start with meta, which is down by 1%. lauren: meta plans to cut thousands of jobs after mark zuckerberg predicted no more layoffs. in november they announced 11,000 job cuts. he said no more. maybe this is the year of efficiency. more laughs are coming. blue one stocks down. you cut costs. zip recruiter is an online highway platform. lauren: worst day on record, down 19%, they expect sales for this quarter to come in 20% less than last year. that's a sign a red-hot labor market could be going down. stuart: tell me about la-z-boy. lauren: stronger sales up 15% because of higher prices, they raise the prices for the current quarter but i can't help thinking people buying
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these la-z-boys, working from home. all through the years. >> people spend a lot of money. stuart: diversity, equity and inclusion. and tell me more. charles: several red states looking at private universities for mandating the submit statements outlining to as you say, diversity, equity, and inclusion. diversity statements are used to determine how committed an applicant is to advancing it. critics say it's a litmus test to screen -- florida and west virginia are debating bills that would start question,
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building utah would prohibit universities from statements that promote an applicant's work on antiracism, inclusive bias or critical race theory and in texas, republican governor greg abbott's office issued a memo to public universities reminding them using gei to hire employees is illegal. stuart: got it. marymount university, the catholic university in virginia, might cut ten core majors like theology and religious studies because of, quote, a lack of popularity. and this looks like a retreat from christianity. >> not only retreat from christianity but also a retreat from private religious organizations, in this case universities, retreating from their own identity.
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if you're going to go to a religious university, you are selecting and in part because they have an identity that is clear. i have no problem saying we will have a major in theology, it is true there are a few people doing majors in theology but how about theology as required or curriculum, requirement of the core curriculum, that's at the heart of the identity of catholic universities, you have to take some religious classes. if you get rid of a major, that's their plan. most likely, they require theology for all their students, don't have all the professors there. if they had all the professors there they would also have a major. it is a slippery slope, not just there's no longer going to be a major in theology, but
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theology is not that important as a core part of the curriculum. stuart: it shows students are walking away from the practice of christianity. they don't go to church or study theology. it is not in their core curriculum. the people who are walking away from this. >> maybe they are walking away but it is like saying listen, kids aren't very religious anymore, without talking about the parents who are not giving the religious education. of course your 7-year-old will be interested in religion or theology if you haven't made it an important part of your life. a catholic university, if it gets rid of the mission of passing on the faith to their students they will no longer compete in a competitive university system. stuart: so change the name, change the identity? >> better to be honest and
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transparent about who you are than pretend to be something you're not. stuart: i want your comment, a primary school in virginia, the place was shut down with a bomb threat, because that primary school has a satan club within the school. what do you think of satan clubs in our schools? >> a way to identify who is into satan to have a satan club and they are altogether. i'm not sure what to say, who is actually and trusting part of a satan club. somebody who is interested in the darkness, and trusted in the darkness and that, i say -- stuart: you would like to know who they are? >> yes. that is why i say let me know who is entrusted in the darkness. there has always been an interest in evil. that is part of -- it proves there is something called goodness in life. if there is darkness, there is
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light. it is a natural human aspiration to discover things that are spiritual including the dark side. you going to the dark side, there will be repercussions. stuart: is ash wednesday. where are your ashes? stuart: i'm not catholic. >> anglicans get ashes too. stuart: okay. >> i will go to st. patrick's cathedral right after this, maybe 11:00, you could come with me and go to st. patrick's. stuart: i've got something to do in the 11:00 hour. it is a big deal. are you giving anything up for lent? >> when i go to church at 11:00 after this, i will sit down and think about it. not just giving up something. i would like to take advantage of lent as an opportunity to do something for my family, for my
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friends, for others if they need it. sometimes it is good to give something up, something in our lives should be given up but what am i not doing that i should do? stuart: fascinating. you are our resident theologian. always good, thanks for joining us. you giving up anything for lent? lauren: giving up shopping for clothing. can i do it? i gave up chocolate every lent. in college i added something. >> how did it go today? today's the first day of lent? how did shopping go today? lauren: one item before sunrise. i needed to get through the next couple weeks. stuart: i am out of my depth with all this stuff. we all know people will do almost anything to get out of work early. >> anyone whose more than 25 push-ups gets to go home.
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oh! stuart: turns out, small businesses are adopting shorter work weeks to bring more workers in. we will have a story. 10 cities across the country considering reparations for descendents of slaves. some counties want to use covid relief aid to pay for it all. grady trimble has the report after this. ♪ ♪ that's what i want ♪ that's what i want ♪
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born in 1847, formally enslaved, started buying land,
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was in the house of representatives. finding out this family history, these things become anchors for your soul. stuart: not much action on the markets this morning. a little bit of selling down 50 on the dow, 20 on the nasdaq, no recovery, smaller tech
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companies have trouble recruiting talent, they can't match the salaries big tech has. they are now using four day work weeks to keep bringing in the talent. is that right? ashley: you are right. it is a big recruiting tool, three day weekends can be a big selling point. research shows it has added benefits. a study in the uk study 3000 workers, 61 companies and found 39% of workers reported feeling less stressed, 71% reported reduced levels of burnout, 54% found it easier to balance work with household jobs. it comes at a time when big companies like amazon and disney starting to force workers back to the office but as long as the labor market remains tight, employees will likely keep some bargaining
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power in dictating how and when they perform their job. of four day work week, it is popular. stuart: not surprised. employees at amazon keep pushing back against the company's returned to office mandates. what are they saying now? ashley: reports claim the amazon workers have dropped in a remote work petition saying a mandate to return to the office, quote, runs contrary to the company's positions on diversity and inclusion, portal housing, sustainability, and focusing on the be the best employer, everything under the sun. amazon ceo announced employees will have to spend at least three days a week in the office beginning may 1st. it is easier for workers to collaborate and invent together in person coming in person work will strengthen the company but the petition claims a return to mostly in person work could affect employees work/life
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balance, particularly parents, minorities, caregivers, and people with disabilities. they don't want to be in the office any more than they have to. stuart: the pandemic disrupted things. ashley: and still. more cities propose slavery reparations. grady trimble on capitol hill. to some cities want to use covid funds to pay for this? >> they do. are researchers identified ten cities, states, and counties, the recently considered some sort of reparation programs and of those, at least two of them are proposing using federal taxpayer dollars for the american rescue plan to pay for the. providence, rhode island, shelley county, tennessee, which includes memphis, the commissioner cosponsoring the proposal in shelby county, that is up for a vote today, wants to give $5 million in pandemic
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relief funding, with some possibility of a longer-term reparations bill, in a statement to fox business, he defend that use arguing it addresses the negative impact of the pandemic to include assistance to households and communities while promoting affordable housing, assistance to small businesses, aid to impacting industries and other areas. some in congress state is spending taxpayer dollars using them for reparations. >> there are wide disagreement on this topic. to use pandemic spending on something congress did not vote for and approve for, in localities that say they will repurpose the funds for this to me is outrageous. that should not occur. >> reporter: congressman donalds says that money should come back to the federal government to pay down the debt. stuart: thanks very much. interesting statements.
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mexico is holding corn hostage. the country has banned gmo white corn imports. american farmers are struggling to find solutions to this. a report on it coming up. we have an influx of illegal migrants coming down from canada. it is a surge and we can't handle it. acting ice director tom homan takes it on next. ♪ choosing miracle-ear was a great decision.
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golo is real, our customers are real, and our success stories are real. why not give it a try? stuart: on the market i see some reading can't greening too. the dow up two, s&p down four, nasdaq down two. i call that a dead flat market. border patrol asking agents to volunteer to go to the northern border. there's been an 800% surge in illegal migrants coming down from canada. tom homan back with us this morning. how did they get to canada in the first place? are cartels flying them up there? >> it is easy to get to canada. a lot of people are coming across the northern border. even when they are staffed up, in the last two years, 50% of
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the northern border detailed to the southern border, the 50% that remain are sitting at a desk processing illegal aliens virtually through a computer system. as far as late petrarca river patrol, highway patrol, i'd is almost nonexistent anymore. stuart: this is astonishing. i hate to use the word but it is correct. we have been invaded from the south and from the north. that's putting it in rather strong terms but this is a new develop in. has anything been done about it? >> the reason i began this career, in upstate new york, hundreds and hundreds of miles, to this day, there are places where you get to a -- supporters a phone where you call in, report yourself entering the united states.
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the northern border has always been vulnerable. the northern border has always been vulnerable, they are detailed away. it is a natural security risk. stuart: the biden team rolls out new rules for asylum-seekers. migrants will have to seek asylum as they pass for roof first before applying in the united states. will this cut dramatically the number of people coming into america illegally? >> something trump did and it works, depends how they roll it out. from specified countries, they don't turn themselves in, i don't claim asylum in mexico, more got aways, once you're in the united states you can claim
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asylum anytime. five years down the road, they didn't claim asylum and then. it depends on this administration rolling it out, they haven't done a single thing, creating these policies, they are bringing it in. i wish the administration would change paths, let's secure the border and control illegal immigration that way rather than these policies that they know. stuart: the best way to secure the border is a wall, do you agree with that? >> every place they built a wall the data shows it. every place they built a border barrier, illegal drug flow went down. it's not the end all be all, but family groups, the most vulnerable people can't climb that wall. it flows into a place, find them quickly and deal with
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humanitarian concerns. stuart: thanks for joining us. x security chief in mexico was just convicted, protecting drug kingpin out oh --el chapo. ashley: he served as his country's equivalent of the fbi director, was convicted on 5 counts by a federal jury in brooklyn, finding him guilty, the drug cartel headed by kingpin el chapo. he alluded the drug traffickers to credentials, vehicles, agents, to help unload shipments, carry out a tax on rivals. luna will be sentenced june 27th, he faces 20 years in prison to life behind bars.
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stuart: check the market please. we keep doing this but there's not much movement, dow is up 25, nasdaq up 6. s&p dead flat. still ahead, martha mccallum, kt mcfarland, de roy murdoch and mark tepper. lauren semimonetti is up next. ♪ ♪ ♪
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>> achievement was my personal ticket to get ahead this country. we need to revive that ideal. i think running for president is the right way to revive merit, to put it back in america. >> i do think we need to provide more of the advanced withinly they so desperately need. st the absolutely in the u.s. interests to support them, the only way to get peace here so to the defeat russia. >> i want us to be able to know with, you know, full absolute truth what is actually happening, what it would ache to win, what because winning mean. i don't think we have sufficiently had those questions answered. >> we need this market to price in a recession, and by june it'll be crestal clear tha

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