tv Varney Company FOX Business April 14, 2023 10:00am-11:00am EDT
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lomita feed is 101 years old this year and counting. i'm bill lockwood, current caretaker and owner. when covid hit, we had some challenges like a lot of businesses did. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may qualify. go to getrefunds.com. stuart: this is stefan wolf. i read the book before.
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born to be wild. okay. let's move on. it is 10:00 eastern. let's go to the money please. not much price change today, the dow down ever so slightly, despite a huge loss in boeing which is a dow stock, s&p up 12, nasdaq up 22, not much price change. check out the 10 year treasury yield, it is right at 3.5% meaning it is up today. that is why the nasdaq is down a little. price of oil $82 a barrel. i should tell you the price of gasoline continues to rise. you are getting close, 366 is the average. the bitcoin rally holds, 30,700 is the price of bitcoin. ethereum on the upside, bitcoin, cryptos doing well. just in the latest read on consumer sentiment.
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this might move the market. tell us what we have. lauren: 63.5, better than expected confidence than expected, preliminary number for april. it takes into account the banking crisis. inflation seems to be a problem. the 1-year inflation expectations rising. it was falling. now the numbers rising 4.6% so we don't believe the 35% drop the president says is actual. stuart: they are talking about inflation. that may hurt the market. so far it has not had much impact, dow down 20, nasdaq up. now this. how about an alternative view of our economy? we are used to seeing all the problems. when something positive happens
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it is a pleasant surprise. and opinion from the prestigious economist magazine. the lessons from america's astonishing economic record. the world's biggest economy is leaving its peers ever further in the dust. maybe you have heard that recently. what is their reasoning? average incomes have grown much faster here than in western europe or japan. the average family in mississippi, our poorest state, is still higher than in france. our standard of living remains high, much higher than anywhere but norway, that's a petro state, luxembourg and liechtenstein which are tiny financial hubs. american companies own 20% of all patents registered overseas, more than china and germany combined. research and develop and
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spending way in front of our rivals. gdp, the size of our economy, we account for one quarter of the global economy, the same as in 1990 despite the rise of china. the g7, america accounts for 60%, it was only 40% in 1990. big picture, historically we are doing well but watch out. the economist concludes the more we see our economy as a problem in need of fixing the more likely politicians are to mess up the next 30 years. that's their words. biden wants to transform the us economy, all government all the time, that is how he sees it. that really is how you mess up the next 30 years. second hour of varney just getting started.
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look who's here on a friday morning at 10:00. jonathan honing with us. do you think democrat policies will mess up our economy in the future? >> it' s a direct correlation. the most free economies are always the most prosperous not just, not just the rich but for all americans. even as you said the average middle-class americans by and large are more wealthy than the average european, even those in france which we need more economic freedom, more deregulation, lower taxes, that's how to create innovation. stuart: back to gold and your investment outlook, you brought us gold the last couple weeks, you said gld is the place to be, you are right, we've had a nice rally in gold. does the rally continue? >> it does. all-time highs are by signal
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more than anything else, big moves take time but look at the history, goldman up almost every year from 2001 through 2011 and the trend is your friend. we are seeing a lot of reasons, international stocks are outperforming, the dollar is falling, not just gold, silver, platinum, palladium all outperforming so we think this trend will continue. you don't want to make it all or none. people get crazy, with bitcoin, with gold, making at all or none. as one part of your portfolio now is the time to be in gold. stuart: you raised an interesting point, you should buy stuff that is going up. my position is usually it has gone up so high, i can't purchase now because it can't go up much more, a contrast between you and i. >> jesse livermore use to stay stock is not too high to buy,
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bitcoin is the greatest example. 3,000, as long as the trend stays in place it is likely to continue. don't wait for the pool back or make it an all or nothing discussion in your portfolio. stocks, gold is the place to be and you own it. stuart: got it. have a great weekend, see you next week. lauren is back looking at the movers and we start with aerosystems. lauren: down it goes 20% and they supply boeing. the bad parts, wing components, these quality-control issues, 737 deliveries. we won boeing down 6.5%. vfc. lauren: the owner of timberland, goldman sachs double upgrade, stocks up 5%, the inventory management and the unexpected ceo change is
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all positive for shares. stuart: meridian. lauren: they got a downgrade at piper sandler. street low of $15 is the price target, they went from 63 down to 15, that's pretty ugly. they say really and needs money, $4 billion to fund the growth as they see. how does really and --rivian compete? lauren: elana musk is looking to make twitter more profitable so he wants to create -- content creators, he's promising them that they can charge users to see what they post, to watch their videos and keep all the money, so they have to pay apple, for instance, or google, twitter is not going to take a cut of that. that's what he wants to do. stuart: hasn't he expanded the
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number that you can use, 10,000? i could put up my own newspaper written by stuart varney, sell it and get all the money, the platform is on twitter. lauren: you get all the money and i assume twitter would take its cut but right now it wants to bring in the content creators because it has to. since musk took over advertising which is 80% of overall revenue has been cut by half. the twitter blue service we pay between $8 a month at $11 a a month depending which one you choose reports say only 1% of users signed up for that so he has to bring in money somehow. stuart: that is a good way of doing that. thank you. the governor of florida, ron desantis makes his first trip to new hampshire today coming out with new tv ads.
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desantis just signed a bill that bans abortions after six weeks in florida. let's bring in cassie smedley. you think signing that abortion bill him and he has, is that going to hurt him? in wisconsin, and kansas, liberals won by promoting abortion and going against the republican position on abortion. is desantis going to get hurt? lauren: there are two things to note about this, good morning. one is republicans need to be on offense, the majority of americans believe in life, the majority of americans believe in the family unit, that something democrats are stepping away from in a severe, aggressive way. republican's need need to be on offense and not hide when it comes to the abortion conversation. the second thing is democrats will say this is so extreme, but it actually keeps in place
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exceptions, rape, incest due to trafficking, even more extensive exceptions for the life of a mother. that something you should be on offense about. republicans are on the side of a majority of americans when it comes to life and the health of the mother and the health of children, need to be on offense about that and proud of that because the democrats are wrong on this. stuart: should desantis go on the offense more than he has already? should he go right up on trump and go after trump? lauren: you've seen desantis try to go on offense on what he's done as governor and to say things are going great in florida under my leadership, imagine what that would look like nationwide. that's going to be interesting because all the oxygen is going to say go after trump and every time he does that donald trump is smiling with glee because he loves that, that means more attention on him so desantis has to walk a fine line but he
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has a record to tout and he should be proud of it and continue touting it but that's hard to do in a day and age when everyone is looking for a way to insert trump into any conversation. stuart: i will be interested to see what the governor has to say in new hampshire today. see us again soon. thanks a lot. donald trump junior just blasted governor desantis. lauren: why is ron desantis in ohio when florida is drowning. fort lauderdale underwater and desantis is campaigning in ohio instead of taking care of people suffering in his state. we fault every politician guilty as charged for taking vacation during the snowstorm, this falls into that category but wednesday was the rainiest day ever for fort lauderdale, 25 inches and 24 hours, airport closed and desantis is on a book tour through ohio, a state the trump won two times
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understate that was very welcoming to ron desantis. remember john kasich, former ohio governor did you hear his comments? desantis, if you're going to announce a run, stop waiting, just do it. put your hat in the ring. stuart: i wonder people do it today? lauren: after this legislative session is over in florida. stuart: the suspected centered on bleecker has arrived at austin federal court. we have video of the are rival. she was brought into a court room after 10:00 eastern this morning in handcuffs, our khaki prison jumpsuit. we have more news as it comes in to us but he's in court right now. do you remember the fire festival? it was billed as a luxury music festival but thousands were left stranded in the bahamas with cheese sandwiches and fema tents.
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just got out of prison for defrauding all those people says another festival is coming. on monday the house judiciary committee will hear from victims of alan bragg's policies. congressman russell pryor will be at the hearing. he will be on the show shortly. the air national guardsmen accused of leaking those pentagon documents has appeared in court. my question, why is secret information available so widely and why did a 21-year-old get top clearance? more on that next. r into parkis so people think they're open. surprise. [ laughs ] [ horn honks, muffled talking ] -can't hear you, jerry. -sorry. uh, yeah, can we get a system where when someone's bike is in the shop, then we could borrow someone else's?
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stuart: jack teixeira, accused of espionage in the boston federal courthouse. has the white house said anything about the arrest? >> reporter: president biden has been briefed about it but he hasn't said anything about this or the other international lose of the day since yesterday when he downplayed everything. in the chain of command further down people with access to intelligence products got an email from the pentagon and one line in bold said we don't access or download documents with classified markings from unclassified websites either from home or work. officials at the white house referred us to the justice department, they want the focus of the story to be on the pending charges but there are many others who want the attention to be on a faulty system. >> this individual was able to
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access information that was not only top-secret, but top-secret and compartmentalized which means if you are not working in that project, you shouldn't have any access to that information but somehow this continues to happen. >> reporter: white house officials are telling us the us has been reaching out to allies to explain the content of this lease making it look like the us is spying on friends and foes alike but we've not been told of specific calls or concern shared by individual world leaders. >> you wonder if the united states can keep secrets safe, if they don't trust us we are less safe. >> reporter: president biden's schedule is filled with stops trying to trace genealogy in ireland. stuart: thanks so much. teixeira's arrest met with outrage, how are young man
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could have such high-level access to top-secret information. russell fry number republican from south carolina, joined me now. why is this information, top-secret information, so widely distributed? >> you raise a great question the american people have. how did an air national guardsmen from massachusetts have access to this amount of information? we have those questions, letters that are ongoing. it is a big concern. we've seen the security breach because of this. allies are concerned, enemies that know that we have access inside the chinese government but this gets to the crux of the matter, why are we here and who will be held accountable by this administration? stuart: i want to express an opinion.
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if you have this top-secret clearance, if you are cleared at that level, surely you can expect no privacy, surely you can expect the powers that be will look at everything you do whether it is online, off-line, banking get, i don't care, you've got top-secret clearance you should have no privacy. what do you say? >> i think you are right. if you've got that letter of clearance and have access to all this information there is a process for that and there's been a dramatic failure of that process so my question is why did this happen, how can we prevent it happening again and who is going to be held accountable? what are markable is this administration constantly seems to fail up. no one is held accountable for the job they do. i want to see accountability, who is going to be held accountable because of this. stuart: it seems to be some youngsters, don't want to pick on a particular generation but some youngsters seem to believe
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we should have no secrets whatsoever. if the taxpayer is paying for our security concerns we should be knowing everything, if it is secret, you're hiding something. i don't see how you can run an intelligence division with that kind of mentality? >> our intelligence community, they do good work, they are finding out things about what our foes are doing which allow us to respond in time because of that. we've had this for a long time. i don't personally see the problem. there's a failure within it. we've seen various failures over the years. we need to perfect those but it comes to accountability. it helps protect our service men and women overseas, helps protect our country by having the existence of this. how we make sure this doesn't happen again because it's a great concerned that puts
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people overseas in harm's way. stuart: absolutely does. republican south carolina, thanks for being with us this morning, much obliged to you. do you remember the viral images from the now infamous fire festival in 2017, cheese sandwiches and styrofoam containers, people stranded in the bahamas. what is this about there being another festival coming up? ashley: who would buy another ticket after that embarrassing fiasco? billy mcfarland, the organizer of the first failed festival is trying again announcing on twitter, fire festival 2 is finally happening. tell me why you should be invited? mcfarland was released from prison after serving part of a 6 year sentence on wire far -- rub wire fraud charges but while in prison mcfarland apologized for his actions
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saying get he made many wrong get immature decisions along the way. no word when or where fire festival 2 will take place or if anyone will purchase a ticket. stuart: i've got a bridge in brooklyn. thanks. listen to this. this is just coming out. and alert. the suspected pentagon leaker was in court. that's over now. still detained, jack to share did not enter a plea today. a detention hearing is set for wednesday. he will be held, his father shouted i love you, jack, jack responded i love you, dad. just coming in to us. that's happening this morning with the suspected leaker. nancy pelosi comes to dianne feinstein's defense as democrats call for her to redesign. >> don't know what political agendas are at work for going
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after senator feinstein and that way. i've never seen them going after a man who was sick in the senate that way. stuart: did she take a dig at senator fetterman? elon musk warns economic trouble in the year ahead, this man is always in the headlines. why do we listen to him so much? we will try to answer that after this. ♪ ♪ there are some things that go better... together. burger and fries... soup and salad. thank you! like your workplace benefits and retirement savings. with voya,
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stuart: one hour's worth of business, the dow is down 200 points, not sure the reason for that but it is down, nasdaq down 60 odd points, interest rates rising, not good for the nasdaq. lauren is looking at the movers. lauren: the biggest drag on the s&p is a contract drug manufacturer remaining it does business, makes drugs for j&j, moderna.
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they blame productivity issues at 3 of their facilities. i don't have specifics but something is wrong at the pipeline that could affect other drugmakers. stuart: they supply j&j and many others. the next case is lucid, they are down 8% today? lauren: luxury evs, they brought their production numbers and they disappoint, they are uping their numbers delivering 1400 cars in the court on wall street looking for 2000. blue one back to the forgotten dow stock, united health, they are down 2.5%. more than that. they reported quite well. lauren: they raised the outlook for the year and the weight loss drugs, diabetes drugs, they are seeing growing spending on that category, numbers are pretty good in the united health report card. it is down 2/3%.
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stuart: the diabetes drugs used for weight loss, that the big story. if you stop using is on your weight goes back up again. that is what i here. i'm not a doctor. definitely not a doctor. look at the banks this morning, most of them doing well, they are rallying. jpmorgan, wells fargo, citigroup, connell mcshane is on this story, these reports look back. are they telling us where the profits are going in the future? >> doctor varney, depends on the bank. we say that a lot but today it is true. it's abundantly clear the biggest bank is the biggest winner coming to the latest period of turmoil but even jpmorgan says the future is uncertain. we tell a story for jamie dimon, not just talking about earnings-per-share industry specific metrics like net
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interest margin but focused on banking deposits. look at these numbers, overall deposits fell $20 billion, three of the biggest deep -- that is $57 billion and it is because you get paid a lot more when you put your money in a money market fund and savings account but with the collapse of silicon valley bank it was clear that jpmorgan was the safe choice. citigroup pays more interest but jamie dimon is adding to its deposit base. even jamie dimon is cautious saying the economy is healthy but storm clouds we have been monitoring remain on the horizon in the banking industry turmoil adds to these risks.
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more of those are in the regional banks. pnc, strong result, stock is down and the other two highlighted down. if you think of the real story, future of banking, these regional banks report their own results. stuart: thanks. carlton english is with barron's magazine. what are these bank magazines telling us? >> we are seeing safety of the economy. adding to the reserves, jpmorgan to the tune of 1 billion. they are such soured loans but banks are bracing themselves for what is ahead. stuart: they have a recession down the road, watch out. that is what they are saying.
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>> recession, no one wants to see it happen but magnitude of it, nothing to the magnitude of what it is today and it does hurt. stuart: the market is pointing towards a soft landing. elon musk is warning, quote, tough sledding for the economy until spring of next year. why do we pay so much attention to everything elon musk says about anything? >> he's a fantastic marketer. i don't want to discredit him because sitting at the helm with tesla he has great visibility to consumer activity as far as -- he mind his business but what it means for the broader auto industry but when looking for macroeconomic assessments, focus on the larger banks because they see every sector.
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stuart: elon musk doesn't hedge, on the one hand it might be like this and on the other -- he doesn't say that. he says this is how it is going to be. >> that's what we are therefore. the entertainment spectacle. stuart: not entertainment, i want clarity. something we try to do with financial news, you can easily lose clarity. i want to bring it back. >> she has the most visibility. and less demand for autos. and the magnitude of what it means for the broader economy. we want greater clarity, i'm doing the on the other hand, but very good at speaking about his industry. stuart: carlton with baron's.
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former attorney general william barr wants to put a stop to what he calls biden's overregulation. american businesses are drowning in bureaucratic red tape. that story for you. we told you about the biden administration's strict car emissions, want to force us into electric cars. the infrastructure to charge all those evs. ♪ ♪ (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
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that we had the same birthday. yes. it's really unbelievable when you think about it, because it's been, like, really over 20 years that you were my mother and father's banker, you became my banker and now fran is in her third year of college and you're her banker. it's so unbelievable because i'm just 20 years old. [laughing] stuart: covering the markets, interest rates going up. the yield on the 10 year treasury moving up 6 basis points but it is about 3.5%. show me the two year, the same
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story there, rates going up significantly on the two year, 14 basis points. 411. that's why big tech is down across the board. there are significant losses which alphabet and meta down a fraction. apple down half of 1%, amazon, 1%, microsoft down 1%. interest rates doing that to big tech. william barr wants to put a hold on biden's new regulations. how is he doing to do that? ashley: turns out he is set to lead an advisory board for the chamber of commerce legal team. the goal is to push back against overregulation. the biden administration has finalized regulations that will cost $359 billion.
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that outpaces donald trump and president obama. testimony lunch legal actions and back third-party regulation lawsuits. william barr served as trump's ag for two years. he says overreaching federal bureaucracies are drowning american businesses. he says in an unprecedented wave of regulation, it is smothering economic growth, innovation and competitiveness so he's going to fight it. stuart: well said. the administration insists they want two thirds of all new cars to be electric by 2032. grady trimble at the white house. can the power grid handle these new evs? >> the short answer is may be but it could cost quite a bit of money. by 2,030, evs will boost us electricity use from 8% to 13%.
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most experts agree the utilities will produce enough electricity but there is the question of getting that electricity to homes and businesses. the wall street journal reports that part of the grid needs expensive updates that could in turn increase our electric bills. >> we are looking at electricity supply, they are not looking at the wrong material supply for the batteries for the ev materials and i don't think this is legal. >> reporter: by semester at president biden's goal of building high hundred thousand ev chargers could also fall short of the country's needs as a non-electric vehicle goes by behind need. do vehicles sold, two thirds electric by 2032. some car dealers pushing back saying there are too many roadblocks. >> they have to back down
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because manufacturers can't produce these cars, consumers don't want them. the infrastructures not in place. is comical because you have to burn fossil fuel to make electric. >> if you want to put in ev charger in your home it could cost $2500 on top of the higher cost of electric vehicles. i saw you on evs yet? stuart: no, you sold me on free choice. i want to choose which car i would like to drive. great report, see you again soon. we have en el, italy's energy giant. they want to double the number of fast ev chargers on highways in america. how fast are these charges? ashley: it can repower a car battery in 30 minutes. they plan to have 10,000 charges.
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that is double the amount of ev chargers available by 2030. companies willing to build the necessary infrastructure. that's the key. as the biden administration, the conversion to evs would hinge on availability of public places to plug-in and repower cars, network doesn't exist right now and it won't be easy. it's like the chicken and the egg. there aren't enough evs for charging to turn a profit but drivers will only be comfortable purchasing an electric vehicle. that's the dilemma. charging requires expensive utility infrastructure and is prone to long wait times to connect. stuart: problems all over the place.
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whole foods were forced to close one of their stores in san francisco. they can't protect workers from rampant crime. a democrat in that city called it a got punch. she wasn't surprised. attack executive will be in court this morning in connection with of the murder of bob lee in san francisco. a suspect is in custody. apparently he knew the victim. ♪ this small thing, is the next big thing in dia this s woah.hing, it shows your glucose, and predicts where it's headed, just like that. it's not magic, it just feels that way. i wanna make you go wow, make you go wow, make you go wow.
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i screwed up. -mhm. i got us t-mobile home internet. ah! now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! -woo! i want to hear you say it out loud.
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stuart: organized retail crime, otherwise known as organized shoplifting is growing in size and complexity. tell me more. ashley: law enforcement says these retail theft groups have an almost corporate management of operations. amateur shoplifters usually steal merchandise for personal consumption border organized crime rings, a crew of 40 people were indicted in new york for operating an organized retail theft ring that generated $4 million over a
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5-year period. luxury goods or more of a target, they are more difficult to steal but the most commonly stolen goods include clothing, housework, home-improvement goods. many are resold online. that could pose a threat to consumers as thieves can remove expiration dates on perishables, medications or beauty products or they repackage these items without the accompanying product safety information. in other words other than the smash and grabs, these organized retail rings do a lot of damage. we are all paying for it. stuart: tech executive is set to face a judge in connection with the murder of bob lee in san francisco. lauren: the suspect knew bob lee meaning this alleged murder was not random. security footage shows this man you are looking at together
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with lee in a car in the wee hours of the morning april 4th, they have a fight, that altercation spills onto the street and you have the staffing order. this is not the first run-in with the police, was arrested in 2011 for allegedly driving on a suspended license, driving under the influence and trying to sell a switchblade knife. he's being held without bail out of san francisco county jail. da brooke jenkins went after critics who initially slammed this murder as a consequent of drugs, homelessness and violent crime. in san francisco. but that doesn't mean san franciscans can feel safe in their city. a few days ago the city's former fire commissioner was brutally attacked with a pipe by a homeless man. the victim asked that guy to move his encampment from his mother's home because his elderly mother did not feel safe. he got beaten up and had emergency surgery. stuart: john dennis is with us,
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the chair of the republican party in san francisco. i've got to start by asking you, i didn't know there was a republican party in the san francisco. there's not many of you. i'm not being facetious. you don't have much standing in san francisco. >> we are a proud lot with talented people here, well represented on the california republican party board. stuart: elon musk says downtown san francisco is looking like a zombie apocalypse. if you were miraculously voted in as mayor of san francisco, what would be the first thing you do? >> i would address the problem everyone is talking about, we have a drug addiction and problem in san francisco. san francisco has become a regional hub.
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we offer money, tenants, services. stuart: what would you do? >> i would make san francisco the most inhospitable place to live on the streets. people who live on the streets commit crimes every day. they loiter, sleep on the streets. they do all sorts of things. stuart: how do you get them off the streets. the aclu won't let you. >> you arrest them for the crimes they commit. i'm not allowed to walk down the street and go to the bathroom. if i did that a policeman what arrest made put we left a two tiered legal system, one for people who pay taxes and one for people who live on the streets. apply the law to everyone and make it an inhospitable place to be homeless and drug addicted in san francisco. stuart: is there any chance a republican would be elected mayor of san francisco in the foreseeable future.
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i know you're hoping for it but be realistic. any chance? >> we have an unfolding commercial real estate nightmare, 29% vacancy, 50% fast that will decimate property tax revenue for the city. if you are a democrat in san francisco why not vote for a republican? what do you have to lose at this point? stuart: you are in a tough spot. didn't mean to go after you. come again soon. check market please, we are 90 minutes into the business of the day, down 200 for the dow industrials. where is the 10 year treasury yield? that has a lot to do with today's market action. the tenure you're going to 3.5%. that's why big tech is down. the price of gold, where is it? it is over $2,000 an ounce but down 40 bucks on a day at this point.
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bitcoin is at $30,382. still ahead, pete hegseth, tomi lahren, mike murphy. there's any age problem in politics today. the most troubling example is president biden. if biden has a moment, who says mister president, step aside? the democrats will be thrown into chaos. that's "my take" next. ♪ you can't buy great conversations, or excuses to unplug. you can't buy possibilities, and you can't buy moments that matter. but you can invest in them. at t. rowe price we believe your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price, invest with confidence.
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