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tv   Varney Company  FOX Business  February 23, 2023 10:00am-11:00am EST

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make a sound decision. our best deals of the season are happening february 20th through march 3rd. call 1-800-miracle and book your appointment today! say goodbye to daily insulin injections with omnipod 5... a tubeless system that automatically adjusts insulin to help protect against highs and lows. try it today. go to omnipod.com for risk information and instructions for use. consult your doctor before starting on omnipod. stuart: maybe you are the problem with a look at the white house. lauren: your dancing is incredible. stuart: good morning, it is 10:00 eastern, straight to the
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money, green, dow is up 200 points, 32,200 and the nasdaq, 11,600 with a gain of 1%. the 10 year treasury yield, it was getting close to 4%. 3. 90 one%. the price of oil, $70 a barrel range, bitcoin, 22-9, $24,000 almost exactly. thursday morning, now this. with this administration, a pattern has emerged. a crisis develops, a crisis hits, they blame somebody, they scramble to put a policy in place, than fix whatever has gone wrong. that is not leadership. how about afghanistan? biden blamed trump and the afghans who he said won't fight. the supply chain crisis, in the
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middle of it the transportation secretary took two months on for paternity leave, gas prices, that the oil companies fault or somebody but not the closure of pipelines or the war on fossil fuels, defund the police. when the inevitable crime surge came the biden team denied that was everywhere their policy. the latest example of this late to the game situation is the train. secretary buttigieg finally visited east palestine, he's there right now. the only reason he's going now is donald trump went yesterday. president biden had to get on the phone from poland tuesday night to make sure trump's visit got a response. the biden team is not performing well. they are not in front of problems. in part this is because the biden cabinet has more to do with identities and competence, politics over performance, reaction over leadership, with two more years to go. second hour of varney just
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getting started. jason chafe its --chaffetz joins us now. listen to what donald trump said yesterday. >> in too many cases, your goodness and perseverance, the indifference and betrayal in some cases. biden and fema said they would not send federal-aid used palestine under any circumstance. when i announced that i was coming, they changed their tune. it was an amazing phenomenon, we opened up the dam and got them to move. stuart: do you think donald trump's visit was a political success? >> absolutely.
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unfortunately, the biden team, the cabinet level secretary to reflect the boss, this is the way the boss tackles things, denies they are happening, he believes if he doesn't show up than the media won't show up and won't report it and in many ways he's right but this is a national embarrassment when it happened in eastern ohio because these people are really going to be suffering, the ohio department of natural resources saying there are 3500 dead fish, frogs are dying and the epa administrator who shows up late saying don't worry, trust the government, now the only reason pete buttigieg is there is because donald trump showed up. stuart: the white house is blaming the trump administration and the republicans for the train derailment in the first place. pointing the finger of blame at the railroads and the trump administration, you are not buying it? >> they have been in office for
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two years, they have the house, the senate, the presidency, for the last two years, hard to blame trump on every turn. do you think donald trump because the problems in the derailment? no. where's the transportation secretary? it is his job. stuart: should he resign? >> i think he is one of the most incompetent people we have had. he just doesn't -- he won't -- his their darling, his their child, to show up almost 3 weeks after the derailment, now he's going to go there, put on that vest and that hat and start to dive into it, that's not leadership. it's showing exactly who he is. stuart: i think we know where you are coming from, you are all right, see you again soon. pete buttigieg had an odd question for a reporter who questioned him about the train derailment. sounds a little complicated but you are the one to take us
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through this, ashley. ashley: the ohio train derailment is a touchy subject for the transportation secretary. watch this encounter with a reporter from the daily caller news foundation as he walked down the street. >> what do you have to say to the folks in ohio, used palestine who are suffering right now? >> i've given about a dozen interviews today. >> to have a message? >> yes and i shared with the press many times today. >> would you share with us? >> i will for you to comments i made to the press because right now i am taking some personal time. can i get a photo? >> year. >> why does he want a photo? after the conversation was posted on social media critics weighed in. a former cnn producer tweeted this is totally weird and shows the current administration's disdain for journalists. imagine if elaine chao did the
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same thing during the trump administration. buttigieg arrived in east palestine earlier this morning. a lawyer representing victims of 9/11's warning residents of east palestine. what is he saying? ashley: be afraid, very afraid. attorney michael barash said residents of east palestine should be prepared for explosion of cancers waiting to happen, maybe not now but in 5, 10, 20 years, adding it is very scary stuff. >> if we have learned anything it is the world trade center dust didn't end on 9/11. the toxic dust, when they burned that train, spread over pennsylvania into western new york. i would be very afraid. i would say wait for the scientists, not the epa, the independent scientists to tell us the water and air is safe, because i am afraid and so should everybody else be.
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ashley: the attorney's firm represented tens of thousands of 9/11 victims, says he does not believe the assurance the air and drinking water is safe. he says that is what the epa told downtown new yorkers after 9/11. stuart: back to the markets, the dow up 136, the nasdaq is up 68, pulling back a little bit. a question about inflation, interest rates. inflation stays 5% or 6% where it is now, will interest rates stay high? >> long story short, yes. so long as growth and inflation are high, probably the better part of 2023 or at least until the summer, that is a recipe for higher rates so that is something.
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stuart: the stock market has to deal with higher rates from here, correct? >> maybe not so much higher from here. the stock market has already dealt with higher rates, tell fall sort of geopolitical tensions around the world that is really coming through fairly well but i would hasten to add for those people in the markets in the mid-90s or 2000s those are pretty good markets, we had interest rates, 10 year rate of 6% or 7%. there's some historical precedent for markets doing pretty well with higher rates, just understanding where rates will be for the next 6 to 12 months. the idea about the volatility is key for the stock market. stuart: morgan stanley is suggesting that the s&p 500 will be down to the 3000 level by the end of the first half of this year, by the summer, 3,000 on the s&p. that's morgan stanley.
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at the moment it is 4,000. where do you stand on this? they are looking for a significant drop. are you in line with that? >> no. to get a drop down to 3000, we have to add something to that. you need something to happen in taiwan or ukraine. something to derail the us consumer. the us consumer, stock market is going to be resilient in the face of a lot of things. we don't see tremendous new highs. that means an earnings downgrade of 30%, and with the us consumer in the market where it is i don't see that happening. when you see grinding higher. i will use that expression. thank you very much for joining us, always appreciate it. hundreds of energy department officials and their families own stocks related to the agency's work.
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>> one third of the energy department senior staff say their families own stocks related to the agency's work, and you can't violate federal conflict of interest rules. if you look at this dissemination in the wall street journal most of them were buy-and-hold's from 2017-2021 and 6 dozen holding stocks of major energy companies, exxon mobil, a lot of them owning chevron or both in the portfolio. as for utilities, dominion energy, next year energy, these officials and family members were buying, but you had 130 officials reporting 2700 shares and options trades throughout those years. as a government agency the us law prohibits federal employees from any matters in which they directly own stocks or their
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spouses or independents are dependents do. we one the form of this is coming to congress, maybe get reform of this in federal bureaucracy as well. >> how much of preventing senators and congressmen from trading stocks in which they have knowledge relating to them. stuart: that should be the case but that's the way it is going to go in the future. you've got some movers for me and if so -- >> activist investors. has there been so much activity in the last year or so. i've shown you a body of work, activist investors thrive in a down market because falling stock prices means adding pressures and making changes. dan loeb own 6% of bath and body works, launching a proxy battle to nominate more board directors and he has serious issues with executive pay at bath and body and some pretty good earnings in the last quarter but guidance was a bit weak but he stepped into make some changes in stock goes up.
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stuart: loose sales down i think. >> sales were down and they fell short of sales, manufacturing, they made 7000 cars last year so they are looking for production of 10,000 to 14,000, slightly better than last year but elon musk will tell lucid making electric cars is a tough business. only two car companies ever survived bankruptcy over the last century and 1/2, ford and tesla. stuart: nice factoid. susan: i wasn't around a hundred years ago. stuart: neither was i. dollar general. susan: kelly what you think of this report card in light of the walmart result? dollar general, a 2023 profit forecast that is disappointing and they blame the store, their
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last quarter sales, discounting, hold on to higher inventory levels but do you think this combination of walmart or home depot, and dollar general, discounters a lot of them signifies there might be some weakness with higher rates in a slowing economy? stuart: it would seem like that. susan: that's positive for the market because it shows rate hikes are doing well. stuart: now this. msnbc, is that right? susan: that is correct. stuart: msnbc hosts andrea mitchell, sort of apologizes for how she framed governor rhonda santos's education reforms in florida. >> it was imprecise in summarizing governor dissenters's position about teaching slavery in the schools. governor desantis is not opposed to teaching the fact of slavery in schools. we went imprecise? she got it wrong. we will play the entire soundbite. the us is quadrupling the
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number of troops in taiwan. tensions with china on the rise, the latest developments for you. republicans on the house judiciary committee will turn the border to yuma, arizona today but nothing seems to change. congressman russell pryor, a member of the committee, what he plans to stop the surge of illegal migrants. what can he do about this? [applause] (vo) verizon has the epic new phone your business needs on the 5g network it deserves.
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check in on your current speed through the xfinity app or upgrade to the speed that's right for you today. stuart: republicans on the house judiciary committee will tour the southern border in yuma, arizona as part of the committee's field hearing on biden's border crisis. the latest from the border,
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bill. >> reporter: when the gop let house judiciary committee hold their first border hearing they will do so without any of their democratic colleagues, not a simple goal democrat on this committee showed up for this event today, they are boycotting it and calling it a political stunt, something the republicans reject. look at this video we shot last night as we were with those republicans on a tour of the yuma area from border patrol, chairman jim jordan was there, how markers and matt gaetz with her, andy biggs and a dozen other republicans on this committee, they see part of the border wall that end in the middle of nowhere and the yuma sector saw 310,000 illegal crossings last year, the highest ever reported in this sector and a tripling over 2021 numbers, no democrats on the committee showing up at this hearing so i asked republicans to respond to that. >> no democrats out here on the
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strip. they say this is a political stunt. what do you say? >> i say it's a mess and if the democrats know how about the policy has been millions of illegal migrants have come across the border in the last couple years i would probably stay away too because it all happened because of their policies. there intentional change of policies that were working. >> it sends a message of disrespect disrespects the american people but also shows this who breasts and disinterest to what this issue is. they don't claim there is a problem at all. >> reporter: look at this, just last week in the yuma sector border agents arrested a drug smuggler with 93 pounds of fentanyl in a bag he was smuggling across the border. enough to kill millions of people and lastly look at this mug shot, last week in the yuma sector border agents arresting
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this convicted felon from mexico. he crossed illegally, had a previous conviction for assault with a deadly weapon, back out here live, one of the things the committee is doing is meeting with a local hospital in the yuma and that hospital says they are on the verge of financial collapse, the reason being they had to spend $20 million caring for illegal immigrants in the 6-month window without federal reimbursement are being paid for it period. most of that care coming from migrants. stuart: tell us how it is, thank you very much. congressman muscle fry is a member of the house judiciary committee joining me now. i'm going to step back a little. we've been covering this border crisis for two years, nothing seems to change except the numbers go up. realistically, what can you do about this? >> these field hearings are really important, one, because
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we understand, viewers understand the issue quite well. highlighting the problems this administration has created and continuing from a vantage point to show the american people the migrants, the fentanyl, all the things happening on the ground are important and from that, i hope action can be taken, one of those being legislation that is easy to fix. it is easy to secure the border, support law enforcement, support the laws on the books, stop the sale of fentanyl in the country, these are things that i think can be done and put pressure on this administration from an oversight perspective to do their job. this is the for most fundamental thing in the executive can do, secure the border and forcing their hand is important. stuart: do you think you can come up with legislation in the house that would pass the house and go through the senate and be signed by president biden?
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some form of border patrol legislation? is that unrealistic? >> maybe, but we will see. at the end of the day this is not a red or blue issue. polling across the ideological spectrum, the american people care about this. they see things happening in their communities, the largest mortality of children under 14. it is to me not a red or blue issue and most of the american people polling wise say the same thing. we need congressional democrats to wake up, to do their job and to see the crisis for what it is. stuart: thank you very much for joining us, wish you well on the border today, see you again soon. we all know the old saying about family, can't live with them, can't live without them. roll tape. >> i said someday i might ask you for a favor, that day has come. >> where are my clothes? >> debra took them. >> why would you take my
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clothes? >> i'm really very upset with you. stuart: turns out more parents are moving back in with their adult children. madison alworth will have that report. ceos of google, amazon, apple have been subpoenaed to testify on how big tech may have colluded with the white house to suppress free speech, the president of mrc, free-speech america, cisco twitter and former ceo jack dorsey should not get a pass. he joins me next. ♪ ♪
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stuart: jpmorgan wants to clamp down on its staff using chat gpt. what is the problem and what are they doing? susan: watch we try to explain check gpt, no specific incident here but jpmorgan would say this is pretty much what they do around third-party software,
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these are per luminary controls, this policy applies to everybody. chat bots, you haven't used it yet, but it is all the artificial intelligence pipe, to write poems and shakespearean pros and diary entries. for my use, it is not perfect. i don't think it's ready for prime time to be honest but there's a lot of ai hype. we are in this ai hype cycle and check gpt has reached 100 million monthly active users. what can you use -- if you write client notes with that you probably can. are you liable, clients are unhappy with certain trades and interactions. you have to be very conservative when it comes to banking and usage of software. of the one what else have we got here? i do understand, thank you very much. i've got a headline for you. big tech is finally being held accountable, beginning with these subpoenas. dave shriver wrote that and joins me now.
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here it is. they have subpoenaed meta, google, amazon and apple, microsoft as well. they are going to appear. what rule change do you want to see coming out of those hearings? >> these are the biggest corporations in the world. we've never seen corporations of this magnitude. apple alone is bigger than gross domestic product of most european countries. only germany, the uk, france have gdps bigger than apple, they have massive control and we are supposed to believe they need to be shielded from liability, this is absurd especially when you understand their twisted worldview and radical agenda, they are using their power and resources against americans. stuart: the supreme court justices seem to favor the tech giants in the case of social media companies being held accountable and liable. terrorist attack in a turkish
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nightclub in 2017, the justices say there is no evidence to link the platforms to the attack, therefore, don't know what the result of this will be, but no liability. what is your reaction to that? >> the supreme court cases, two of them, asking whether the antiterrorist act trumps the liability shield but the most important thing for people to understand is google, facebook, twitter, they had intentionally and purposefully made money on terrorist organizations while at the same time censoring regular americans who are simply voicing their commonsense values. we are the targets of these big tech platforms, not the terrorist organizations, this is outrageous. stuart: we hear you, thanks for joining us, we are following up on this. ashley is with us. we been talking a lot about the quiet quitting trend. do we know what is driving quitters?
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ashley: yes and it is changing but in many cases it is a desire for bigger salary. i can go somewhere else and earn more, sometimes it is limited opportunities to advance where you are but the trend of employees doing the bare minimum or quiet quitting is shifting, workers are becoming more worried about a potential recession and layoffs and according to pay scale, voluntary turnover dropped to 25% in 2022, still high, it was 36% the year before but it does still mean companies are having to replace one in four workers and while wage hikes may help, those raises are becoming more modest. increases are expected to come in this year, 4% to 5% were most raises last year were above the 5% range, 29% of company leaders surveyed say employees who don't go above and beyond will not succeed and risk being fired if they
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underperform, from quiet quitting 2 very deafening dismissals i guess. stuart: thanks. an interesting twist, not just millennials moving back in with their parents, new data reveals more parents moving back in with their adult children. madison madison alworth has been looking at this. why is this happening? >> reporter: mainly because of financials. people have more money they could be buying their own homes but financials, the number one reason this is happening but there are other reasons as well. 40% are in those multigenerational homes for many reasons followed by caregiving for young kids, mom and dad help out and prior as well. there are other benefits. my grandmother lived in florida, with come and stay with us every summer and i left her mashed potatoes and summers together but it was a temporary thing.
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this is a growing trend, this is permanent. we have numbers for that as well. we are seeing the percentage of people buying multigenerational homes, that is up at the highest rate we've seen on record, 14% last year, that is up from 11% in 2021 according to the national association of realtors. it's only a couple of percentage points but in all of america that a lot of people but because of the housing market not everyone is buying a home. a lot of people just moving in to existing homes especially considering higher interest rates, the housing market and home sales down for the 12 month in a row for the twelveth month in a row. i don't want to ignore the elephant in the room. the majority of multigenerational homes with my fellow millennial's are those looking for help from mom and dad, one in four millennials live at home currently and most of us are doing it to get help, but look at this. of that group, 9% are actually the breadwinners, 9% of the
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millennial's in that situation are in multigenerational home to take care of the older generations and this is -- a very common practice in asian households. i'm indian, my mom's indian. in india it is tradition that once the eldest son gets married the parents move in with him and live there for the rest of time which is my brother in so looking at you, i am off the hook so that is very common in other countries. stuart: i'm not going anywhere near this one. i have 6 adult children. >> do you know what multigenerational homes look like? i saw the statistics, looking at record multigenerational homes so you have your own wing for different families. stuart: if you've got enough money for your own wing -- maybe not. i would be very interesting. stay in the park, really good. now this. the us is expanding its military presence in taiwan, more than quadrupling the number of troops there. we will tell you what the pentagon's plans are for those
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troops. pruden says xi jinping will visit moscow. what should we do about china cozying up to russia? dave sears is a retired navy seal commander. i will ask how our president should respond next. ♪
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stuart: the administration may release until on china's potential weapons assistance to russia. any details on this? ashley: in recent weeks, western nations have picked up on intelligences that beijing may end itself impose restraint on weapons supplies to russia but it appears china hasn't yet made a final decision but the biden administration is
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considering releasing that intelligence but no final decision has been made on public disclosure or the timing of it but over the past year china has helped moscow by buying russian oil and selling commercial items like microchips and drones that still have military applications. we know that russia's military is suffering a shortage of ammunition and weapons, the latest intelligence assessment underscore beijing's growing concern over president gutknecht threatened use of nuclear force but exactly how china reacts and the repercussions are being debated right now by western allies. >> reporter: senator john kennedy commented on how we should respond if china does indeed give russia legal aid. watch this. >> we have decided to defend ukraine. we can't link, especially when you are dealing with hard men like these. china respects strength and if
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china decides to send military weapons not just economic support but military weapons to russia america is going to have to respond, going to have to tighten those sanctions to try to cripple russia economically. stuart: david sears joins us, his retired navy seal commander. this is an escalating standoff with china and russia. what should president biden's response be in your opinion? >> he has to be very measured in his words and make sure what he is communicating is not overstepping, and not escalating things so i would not be drying red lines in the sand without consequences to back those up, have those already preset. china prizes its internal stability over everything else and from there they can expand. if you show this is an economic threat to china then china may have some reactions to that.
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we also would be hurting ourselves in the process. stuart: a tough situation but i understand america is more than quadrupling the number of american troops in taiwan. is this the start of a real build up? a big buildup and a response to china? >> i don't think so. we have to be cautious with numbers. quadrupling is going to 100 or 200 troops conducting training from the 30 or 40 that were there before. we are not talking tens of thousands of troops, we are talking training elements. that is going to poke china quite a bit and we will see what their response is to that. they responded with some flights, kind of aggressive patrols in the region, air patrols and ship patrols so we will see how china response to this as well. ashley: you don't want a
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particularly aggressive response from president biden to russia or china, you don't want him to be aggressive. >> i want him to be measured and understand the consequences and think that our second or third consequences to whatever reaction we have. we have to be cautious, working on two fronts at once so china also knows this. we have to be cautious, we are engaged with ukraine, spending a lot of money, a lot of resources around ukraine which china would love to see continue because it is depleting our resources as well so we have to be very measured. stuart: i will use that word, measured. appreciate it. on a related note, two progressive lawmakers want to cut the defense budget. congressman lee and congressman program reintroduced the people over pentagon act. it would cut defense department spending by one hundred billion
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dollars and reallocate those funds to infrastructure, healthcare and education. they say the current defense budget props of the military-industrial complex at the expense of the american taxpayer. now this. doctor drew blasted governor gavin newsom of california over the growing drug crisis in the golden state. watch this. >> you don't know how bad it is in california, can't imagine -- these are people who could be treated easily. that tries and crazy about it. stuart: doctor drew says the drug crisis can be fixed. we are on that one. seattle reversing its stand on defunding the police, they are increasing funding for the first time since 2,020. our seattle guy, jason rantz, tells us all about it next. ♪
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>> partygoers at the mardi gras celebrations have a warning for people wanting to visit the city. what are they saying? ashley: don't come alone, be aware of the surroundings,
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don't stray from the main tourist areas. >> stay safe? don't go here alone? >> you have to be careful, have to be aware of what is going on? >> cautious about being here, take precautions, staying safe place as much as we can. >> anything can happen. if you're going to walk around scared you're going to be on guard and not have fun? ashley: 266 homicides in 2022, 116 an increase from 2019. this past sunday, one person was injured in a shooting. some tourists say this is unfair. stats telling a different story. stuart: remember seattle's city council pushed to defend the police? the city is increasing funding
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for law enforcement. for the first time since 2020. it is because crime is skyrocketing. our seattle guy, jason rantz, joined me now. you say the story is accurate? how so? >> on the one hand they are giving more money based on where the budget was. but at the same time, they permanently cut 80 staff positions. those 80 police officer positions, they will even on the book so it would be an automatic budgetary item next year and the year after that but as a result of this move is no longer a guarantee so depending on how the next election goes, you might end up having a bunch of anti-police councilmembers who won't want to bring back those police positions because their intent was to lower staff. blue one is that likely? that the next city council election, more anti-police folks could be on that board?
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>> it is too early to tell because in seattle it is very hard to get reasonable people to step up and run. they have to go up against a very loud base that tends to bully candidates who don't toe a very far left line and right now some of the candidates who stepped up are in the camp of being anti-police, do i expect the council will be dramatically different in that regard? no, but if it's the same makeup ideologically speaking as it is now, that is not a step in the right direction. we when you get what you vote for and deserve what you get when you vote for it. doctor drew inskeep blasted the governor of california, newsom, over his state's drug and homeless crisis. >> so bazaar, you don't know how bad it is in california can you can't imagine. you have never seen the like. by the way these are people that can be treated easily. that drives me crazy.
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stuart: jason, you're in seattle but how bad is it before newsom in california does something about it? >> good question because every time i get asked the question, i wonder how much worse can it get and it manages to get worse. california homelessness is increasing. across the west coast is increasing and a large part it is because we have on the west coast decided to legalize drugs which has led to the rise in fentanyl addiction which is why so many are dying and at the same time the states and left-wing cities haven't raised the housing first model which says the only way we will sweep these encampments is if we get someone a home, but the home is not contingent on treatment for their addiction or any sort of healthcare for mental health issues. it is just we give you a home and you are no longer homeless. that doesn't address why they were homeless in the first place. they got there because of an underlying reason. unless you address that, unless
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we have sweeps, we push people into treatment, nothing is going to get done. stuart: i speak to quite a few folks, they look at america, they look at san francisco, look at los angeles and have to shake their heads. they can't believe what is out there in those cities. thank you, see you again soon. back to the markets, we've lost the rally. the dow at one stage was up 200 points. it is up 2. at one point the s&p, the nasdaq was up over one hundred points, 450, now 5 points so we lost much of the rally we had earlier in the day. let me point out nvidia, stock of the day, probably the stock of the week, it is up 13%. it was up big yesterday. i don't know the exact percentage but it was way up this calendar year. why, because nvidia makes the chips for artificial
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intelligence and that is the big new thing, that is why is up now, 13%. still ahead, sean duffy, the president of the new st. andrews college, doctor benjamin mark marple and ryan payne, we have a long way to go until the 24 president torres. it is already taking shape. there's lots of talent that will be hard for the democrats to match the experience and competence of the gop, that is "my take," next. ♪ ♪ ♪ maybe it's perfecting that special place that you want to keep in the family...
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...or passing down the family business... ...or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? ♪
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>> this is a national embarrassment what happened in eastern ohio. the only reason that pete buttigieg is there is because donald trump showed up. >> the backbone of the country falling apart. we have an administration that's focused on priorities dei inclinement. those two things at all times. their focus on those two priorities all all time, climate and dei while the rest of the country, the backbone, the actual nuts and bolts of how this country works decay. >> i wouldn't call it a bear, i think we're playing catchup. these earnings don

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