tv Varney Company FOX Business April 20, 2023 10:00am-11:00am EDT
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it was down close to 100 and is now down 65. the bottom right-hand corner of the screen only four of the dow 30 stocks on the upside, the rest, 26 on the downside. 27 on the downside. 10 year treasury yield still well above 3. 5%. the price of oil down today, up $77 a barrel. bitcoin is at 28-eight. this is most important for realtors, get the existing home sales number just coming across the transom and you've got it. >> the seasonally adjusted annual rate of 4. 4 million units, this is for the month of march. we had that huge increase, the first increase in 13 months, 14% but moving back down 2. 4% in march to 4. 4 million.
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stuart: existing home sales 4. 4 million on an annual basis. down. lauren: i am looking to get the price because we've seen prices finally start to fall. i'm looking for that. stuart: you will give it to us. the dow is down 200 points and away we go. is college worth it? that's a very good question? my answer these days for many students is no. it is not. students agree. college and roman is down 8% since 2,019. the kids are walking away, why? the cost of college is ridiculous a high, the college experience sadly lacking in the quality of the education received so often just doesn't measure up. one third of all recent college graduates are working in jobs that don't require a college degree. is that what they expected when they shelled out all that money. if you visit a college these days don't be surprised to see
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more bureaucrats than professors, no other college costs keep rising behind inflation, no wonder the wall street journal found 56% of adults consider college not worth the cost. then there's the college experience, the mingling of people in an intellectual environment. what happened to that, there is no mingling when they unnecessarily shut down completely for the pandemic, still had to pay, no refunds. if you want to mingle looking for a sexual partner for example, watch out, all kinds of rules to discourage that. it doesn't add up to a quality education especially when you throw in the crushing of free speech. you are not educating if you are not allowed to hear somebody else's opinion. i blame my generation, the baby boomers. we went to college in the 1960s but the radicals never left, they stayed to impose their leftist opinions on a new generation of students and what you are seeing now is the result. when your customers walk away
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you either shut down or change the product. they are walking away. let's see how they change the product. second hour of varney just getting started. still on politics. irs whistleblower claim the biden administration mishandled the investigation of hunter biden. the whistleblower said the probe failed to mitigate clear conflicts of interest. senate minority whip john thune joins us, republican south dakota. whistleblower has receipts to prove there was a cover up. now they are going to get some action? >> it' s another example of the irs is a mess. what is the biden administration's solution? 87,000 new employees, they will
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have more employees in 2,025, five times more than border patrol and of course all of it will be about enforcement. for every irs employee that works in enforcement there's two enforcement, for every one in tax services. by 2025 that will be 14 in enforcement, one for taxpayer services so they are forgetting they are taxpayer service organization. it's another example, that is why it's important to have oversight and the house of representatives has a majority, the whistleblower out to be heard and the oversight activities can get the information they need to proceed with this in a way that brings justice and accountability. stuart: you delivered a speech in support of the restrict act, you want to ban tiktok. how far are you prepared to go? ban it outright for everybody? >> that is the big question.
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i'm willing to go that far but i think what we need is a process that leads us to that conclusion. our legislation codifies the trump administration exec of order which they attempted to use to ban tiktok but it was thrown out by the courts because you can't identify a single individual or group under the constitution, in violation of bill of attainder issues so you need to have an orderly rules-based risk-based process to do that. our legislation allows that to happen but it is based on the trump executive order, codifies that exec of order and allows the intelligence community working with others to determine whether or not any of these platforms or apps or technologies that come from china, the four most downloaded apps last year in the united states were chinese owned. to determine whether those are national security risks. stuart: if you did ban tiktok completely, you are going to
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annoy a lot of people who run their small businesses on tiktok because it works better than some of the other platforms. that a political risk, isn't it? annoying small business owners? >> i don't know how we let this get to where we have one hundred 50 million tiktok users in the united states but they are creative, they are entrepreneurs, they will find another way to distribute their products but the thing you need to know is the chinese communist party has access to their information. bite dance, the parent company of tiktok is owned lock stock and barrel by the ccp. they are harvesting individual information on people in this country who are users of tiktok and we think that represent a national security risk but you have to have a process that get you to that conclusion and maybe we will conclude instead of banning or blocking it out to be mitigated in some way but we need measures in place that will allow us to find out or
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determine whether these company's represent national security risks. stuart: senator john thune, thank you for being with us. progressive congresswoman heavily criticized after she explained why america needs immigrants. i can't wait. lauren: i shared the comments with other people. we think she's sending an elitist stereotypical if not outright dated message in her defense of illegal immigration and citizenship. >> this country needs immigrants to survive, immigrants rebuild our communities after climate disasters, help construct our infrastructure, power our small business economy, clean our homes and look after the most precious in our families, our children and elders. lauren: they call that limiting liberalism, reinforcing an elitist view that immigrants
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can only be laborers, they can't take part in the american dream, they are there to make her life easier. stuart: that is one interpretation. it coincides with yours as a matter of fact. we've got to get to the markets. it sounds like bread and butter, dow is down 150, nice comeback for the nasdaq, it was down 100. gary kaltbaum, where are you putting your money? stocks? bonds? gold? >> not gold yet but stocks and bonds, you mentioned, i bought it yesterday for income accounts, 5% is a gift if you had jay powell rigging the bond markets and they were 0% 18 months ago, not a bad way to go. stuart: any comment on because learning this? any difference made to the market overall?
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>> when you are a high-margin business and cut your margin 6 times in a few months, we pay a stiff penalty and that's what's going on with tesla. it is still down 60% from the all-time high and you have tremendous competition. this is one of my favorite fundamental stories a couple years ago but i think things have changed. they've got to reaccelerate the business, don't know if we are talking about trucks and things like that. all i can tell you is we think about betting on them again but stock is under serious pressure. stuart: a lot of folks we interview about the future course of the stock market, not a lot but some say there's a big drop coming in the immediate future. you share that view? >> i'm not in that camp, too many areas are still active, housing stocks are breaking, i've never seen a market when housing stocks get trashed when housing stocks are doing that,
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jpmorgan is back to their yearly highs. never seen that, i think there's some trouble areas. i'm in the camp right now, i hate saying it but i think we are playing ping-pong back-and-forth and you have winners and losers coming out of earnings season and you've got to stay on top. financials american express, i love jpmorgan and i'm a big believer in betting on greatness in great numbers and they have it. stuart: it's not like the old days where you could say i am all in. can't say that, or i'm all out, can't say that these days. >> you don't have a big bull market right now but a lot of the bear market, we are hearing we will break the lows again and that can happen but the market would have to start acting much worse for that to go on and i'm a big believer in letting the market dictate but i'm not seeing it yet. on the upside i'm not seeing any big chair to the upside either.
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valuations are high and jay powell has more to go though the 10 year yield is acting pretty well and that's good news. stuart: see you again later. lauren is back looking at the movers and noticed dr horton is moving nicely higher. >> you have solid earnings and increase your forecast for the year and that is what the homebuilder did. they forecast annual revenue of $30 billion. 5 billion more than wall street was looking for. income did fall report% because rates are rising and prices are still going up. i got that number for march, the median price is $375,700. stuart: that was in -- lauren: in march, up from february but down from march of 2022. i know that a lot of information. bottom line is prices are coming down in a meaningful way.
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375,000. stuart: tell me about rite aid. they lost. lauren: wider than expect a loss, they are blaming covid, the reduction in demand for the vaccine and covid tests and still haven't named a permanent ceo. we when i wonder if they are mentioning crime as in shoplifting? las vegas sands are straight up today, 6%. lauren: we are high, more than doubled, macau is booming, jeffrey's credits high end gaming revenue for one of the reasons there has been such a good report card. stuart: president biden has yet to get on the phone with xi jinping. roll tape. >> was it taking so long for president biden to call xi and tell him to cut it out? >> we said over and over the president intends to call president xi. stuart: still no phone call, biden doesn't answer media questions. maybe that's good diplomacy but silence encourages anxiety.
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congress on mike walt's among up. disney could leave florida because of governor desantis. could that really happen? could they really take money out of the state? we will see. florida's space coast is a hotspot for taurus, port canaveral is the busiest cruise port in the world. ashley is there with a full report after this. ♪ mart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality!
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all on the most reliable 5g network, with no line activation fees or term contracts... saving you up to 75% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities™. stuart: the launch of the space
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blog will rocket this morning in texas, a successful launch. musk just tweeted, what did he say? lauren: congratulations space x team on an exciting test launch of start up, learned a lot for next test to launch in a few months. in order to do that space x must get another faa license. starship is the most powerful rocket ever constructed and it did explode midair but it is also being celebrated by musk and the space x team for what they learned and it underpins the company's founding purpose, sending human beings to mars for the first time. stuart: tourism booming along florida's space coast, now the number one port for cruises in the world. ashley webster is there in port canaveral. what's the big draw? ashley: how about location location location? the space coast is on florida's
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east central coast line at home to cape canaveral and the space industry which is booming about port canaveral is very popular for the cruise lines because it is easy to get to the caribbean in a day's sailing. port canaveral is now the world's busiest cruise line port and this year alone they expect close to 6 million passengers to come through here. that would be a record and location counts because it is easy to drive to and you can avoid the dreaded airports. take a listen. >> you will find vehicles east of the mississippi to canada, people drive on the eastern seaboard into port canaveral. when they are here they spend vacation time in orlando. ashley: it is a good location to be.
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the cruise line behind me, the mariner of the seas is due to leave later this afternoon for the western caribbean, 4000 passengers, some of these cruise lines are operating at one hundred 10, 2 one hundred 20% capacity but i'm sure there's room for one more. i will talk to you from the caribbean if things go well. stuart: good luck with that. it is friday. donald trump is taking disney's side in their battle with ron desantis, trump said disney's next move could be to leave florida. that would be a financial killer for the state, would it not? let's bring in jimmy petronas, florida's chief financial officer. he joins me now. is disney going to leave? could they be forced out of florida? i can't see it, but what do you say?
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>> disney is not going anywhere. i love donald trump but he loves to throw red meat on any opportunity he's got to play to the base. there's a fight between governor desantis, the legislature of disney, disney made some actions in the interests of moving forward in a peaceful way. wouldn't pick a fight with ron desantis or the florida legislature. there's a scalp on the wall, bob iger out to man up and bring this thing in for a landing. stuart: could they move money out of the state as opposed to the themepark closing it down, could they move money out? >> they could go to a state that provides more dollars when it comes to film and senate. i doubt they would go back to california with the way governor newsom is treating business.
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we have a company that moved from california to florida because of the tax environment. florida had 4,000 new people for the fourth time in history because of the tax environment. stuart: i take it the florida economy is still booming, you are the chief financial officer. i'm sure you know. >> we will have, we have to balance the budget in florida unlike washington dc. this quarter we will have $2.4 billion and more revenues than we are supposed to have. the state of the state, the best fiscal health we've been in in its entire history, all three major credit rating agencies for the last five years. i'm very proud. it is not a sprint. it is a march. every day we've got to look at it. stuart: jimmy petronas, florida chief financial officer.
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thanks a lot. governor desantis expanded his parental rights in education law. it was applied to kindergarten through third grade. what is it now? >> all the way up through high school. sexual and gender identity lessons, instruction will be restricted in the classroom. you cannot teach sex or gender in all grades, to guard yard through high school unless in the higher grades in health class or you have to meet state -- state academic standards. they will teach some form of it in higher grades. according to state standards, parents have the option of opting their kids out. stuart: hardline i guess. miami, formula one grand prix is a week away. miami's second formula one. ticket prices are surging.
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lauren: it is miami, the grand prix. they are doing it again. tickets start at $400 but a 3 day pass will cost 900. if you want to sit in the grandstands, $25,000. last year, $350 million was brought in for the grand prix weekend. the average person who went to the race spent two times what a regular tourist would spend. this is a huge bonanza and real excitement for miami. they have one in austin, vegas and miami, florida one catching on in the states. stuart: an airline error, $10,000 business ticket selling for $300. we will tell you what happens. on may 1st, new rules on mortgage fees go into effect. if you have good credit you will pay more. if you have a risky credit background you pay less. it's the mortgage loan business turned upside down.
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mitch rochelle, our real estate guy, is next. ♪ and i remember kind of thinking like, "oh my gosh, i think we could be sisters." because i think we looked... yes. right. yeah. and i don't think at that time- i think you're the one to tell me 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] ♪ the all-new chevy colorado is made for more. bring more. ♪ do more. ♪
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bad as it was, nasdaq down 42 points. excuse me. what is with at&t? from 8%? lauren: the ceo says businesses are pulling back. we are not upgrading our phones, we are sticking with our plans but trying to save money. businesses and consumers, they missed on sale. this is the biggest decline or today. stuart: at&t was the ultimate company. if you are an investor, you bought its bonds, standard issue. all the way down to $18 a share. the story? lauren: they cut their price target by 80%. they said because of the covid vaccine the stock was going to $55, they took it down to $10, more than they have now.
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a huge vote of no-confidence. stuart: some were chopped off at the knees. cosco is going the other way, $500 a share. lauren: dividend increase of 13.3% payable next month, testament to the company's solid business model. a 1-day should give me a discount when i go to costco stores. you can't do that in our position. the biden administration will force homebuyers with good credit to pay higher mortgage fees, those with bad credit get a discount. edward lawrence at the white house. explain how this works please. >> reporter: using those increased fees the biden administration is punishing those who have good credit score and this affects people of all income levels trying to purchase homes. the administration is changing for fee structure to get a
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mortgage, those with better scores will pay more, the extra money will be shifted to pay for those with poor credit scores to get a rebate on rates in some cases. as interest rates rise to fight inflation the former ceo worries this change will further slow housing market. >> better credit worthy borrowers are just still stuck paying more because the policy is built on a hope of getting the cross subsidy to work more effectively, when in reality it's not going to happen. >> reporter: after may 1st, a person with a 625 go score and down payment of 5% gets one. 75% fee discount on a 30 year mortgage, someone who protected their credit has a score of 740 or but with 15 to 20% down will pay one% fee, an increase of
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75% from the current roles. this applies to mortgages of all sizes which means people making less than $400,000 a year but good credit will be paying more. the white house spokesperson telling me the new fee structure is meant to promote first-time home ownership. the statement, the federal housing finance association has made a series of changes to help those locked out of the opportunity to own a home achieve home ownership. industry experts worry, pay their bills on time, will suppress economic expansion and home ownership. stuart: it makes sense to me. thanks very much. mitch rochelle is our real estate guy. it looks like 2007-8, throwing money at people who could not repay their loans. it looks similar to me.
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>> the fee is charged, personal mortgage insurance is intended to punish those with higher credit scores and riskier loans, and we are doing the opposite it is a good credit score and $100 a month more. this isn't about first-time homebuyers, nothing in this rule that implies the homebuyers or anybody borrowing money but madness. stuart: the world turned upside down. at 10:00 this morning, existing home sales on an annualized basis, selling 4.4 million existing home sales per year,
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$700,000 per house. that doesn't seem like a real estate market. >> it is slowing and this will slow it more, the cost of borrowing money. the slow time of the year, things could pick up in the spring. realtors find it hard to make a living but the supply of homes is alarmingly low, homes are $100,000 more expensive today than in february 2020. we have the affordability problem. stuart: one hundred thousand dollars more expensive more expensive than they were in february 2020? $100,000? >> 270,400, i think the number,
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march, 375,000. roughly one hundred thousand dollars. stuart: that is an increase. one last one. last time i went for a mortgage it was almost impossible. i don't do technology very well. is it very difficult to comply with the rules and regulations and documentation required for mortgages? still hard? >> 100%. forgive my metaphor. i keep hearing from people, they say it is a financial colonoscopy. it is brutal, if you're borrowing from a local bank that is under pressure it is harder. stuart: if you've got money in the stock market use your stock market money for your broker. you are all right. you are in florida. we will see you again. >> see you in new york soon.
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stuart: i have been warned. see you later. the current housing market has millennials worry they will never own a home of their own. lauren: half of millennial's do own but the other half never will. they don't have a down payment, can't afford the monthly bill, but who is a millennial? someone in their 30s, they started a family. the american dream is two children and the white picket fence. that's not going to exist for half of millennials. stuart: back in the day, 40 years ago, you were not allowed to borrow money from relatives for the down payment. they checked out. where did you get the money from? you couldn't -- a gift from a relative to put you over the top. it was real tight. you can do that. lauren: they don't have rich parents to get the down payment
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from but many are going into their case to do it. it is a change in culture. a lot don't want the headache of owning a home or want to bounce around. stuart: i am told i've got to go. one government watchdog says taxpayers may to be funding the taliban and. >> unfortunately as i sit here today, i cannot assure this committee or the american taxpayer we are not currently funding the caliban. stuart: didn't end of air. what other bombshell came from that testimony? republicans are grilling buttigieg on a number of issues from airplane near collisions to train derailments. the full report after this. ♪
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stuart: transportation secretary pete buttigieg is testifying on the hill about the recent mishaps under his watch. any fireworks? lauren: a democrat, rosa d delauro is hitting a pretty hard. listen to that. >> you plan to make important investments to address the roadway safety crisis including critical funding the would accelerate the development, this is an area i've written to you about, the use of female dummies in crash testing. this would fight the gender inequity among vehicle safety and crash victims, this budget builds upon and helps actualize critical investments in the president's historic bipartisan infrastructure law.
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lauren: he's going to listen to that. it is all about equity. i've never thought about a crash test dummy being racist or sexist or anything like that. stuart: neither have i but it came up. we are going to move on but not away from pete buttigieg. connell mcshane is looking at that testimony. take us through what else is happening. >> we are talking about these things, we will see how he's pressed on this. a lot of money on the line, second time around for buttigieg making this case, going to capitol hill, defending the white house budget. that is our preview of what we have seen today, it is down for the moment in this hearing, the opening statements a while ago and we will see how hard he
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gets pressed on some of the issues especially the recent mishaps in the transportation world, we were all over the technical issue with southwest, the ground stop, it was only an hour but thousands of people delayed and what it was was, add it to the list of all these high profile headaches airline travelers have had in recent months and trains, it is not over yet but got out of the headlines, the investigation is continuing. what buttigieg is coming to congress with is a need for more money and some of it is related to that but a lot of it is billions on the infrastructure side, 60 billion for the highway administration, 17 billion for federal transit administration and on the safety it is one. 3 billion national highway traffic safety at least. more to come throughout the day, he referred to opening
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statement comments but going back-and-forth on these big issues. stuart: i want to hear more about racist roads. it's a very important subject. i am not being facetious. the currency exchange error forced the price of premium tickets at one airline to drop dramatically. neil: few got one of these tickets, and error with their currency conversion on their website, they sold hundreds of tickets for $890, one person paid when the actual ticket cost from asia to the us was $10,000 plus, word spread on social media. does the airline honor these tickets? he you never know. i once got a park ticket for a dollar which i legitimately had the ticket.
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stuart: you are honest. lauren: it would be good pr. we saw these tickets but brought in these new customers and they spend money on the park. stuart: what are you doing on the financial program. this is a good one. squatters invaded a house in california, they refused to leave so the man whose mother lived in the house decided to squat himself and take back the house. a good story and we've got it. iris whistleblower says the administration is mishandling the investigation into hunter biden. does this come as a surprise? marsha blackburn is here next. ♪
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orbit so that was a failure of this particular mission. elon musk says they will try again with another test flight in a few months. lauren: they will likely do this dozens of times, they tried to get near orbital speeds, they have to get to orbit and refuel in orbit so they have enough juice to go 240,000 miles from earth to the moon. this is a small, encouraging step in a long process and mission to put human beings, astronauts to the moon and mars. blue one got off the ground okay, didn't perform after that. next case. iris whistleblower claims the administration mishandled the investigation into hunter biden. senator marsha blackburn joins us now. seems like federal prosecutors are protecting the biden family, the whistleblower has receipts to prove there was a cover-up. is this how you do it?
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>> what we are going to do is meet virtually with the irs commissioner later this morning and what we are seeking to do is find out who knew what when and how big the universe of involvement is at the irs and at the white house and figure out what conversations have taken place between these two. it appears from what we have learned so far about the whistleblower that he does have items that are time stamped, that he can bring forward, that will show there was a concerted effort to shield hunter biden from prosecution, from charges, from having to fess up and deal with all of this, that biden inc. is now facing. stuart: it looks like we 're at a breakthrough point. would you agree with that? >> i agree with you on that.
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because evidence have been mounting, evidence from the laptop, evidence from others who worked with hunter biden and james biden, the evidence of the money transfers, what the house has been able to get as far as bank records that show the positive coming from chinese entities into these llcs that were used for the purpose of dispersing those funds. stuart: i want to talk to you about dianne feinstein, you don't support calls to replace her temporarily on the senate judiciary committee, why not allow a temporary replacement? >> they did not do this to the men who had to step away from their active service and recover from an illness. they've never done that to one of the men. now they are doing it to
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senator feinstein. even though she and i do not agree on many issues, it is ageism, sexism, pushing her aside, trying to force her to retire so that they can put more activist, leftist, liberal judges on the bench so they are frustrated with her illness and the time for her recovery. stuart: you won't allow a temporary replacement because you don't want liberal judges to be confirmed, direct and to the point. thank you very much. senator marsha blackburn. dinner - democrat senator john fetterman did return to the capital this week, he spent more than a month in the hospital treated for depression. he chaired his first subcommittee hearing, how did it go?
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lauren: before the subcommittee. >> the hearing of the u.s. senate, to the town of the northeast in pennsylvania which i look forward to hearing from you. stuart: it was undecipherable. he's a democrat in the senate and so is dianne feinstein. can he do the job? that's the question. thank you. looks like the house approved a bill to ban transgender athletes in women's sports. that is what we are just hearing, the vote was 219-203. re-rack the script for me. it looks like the house has approved a bill to ban transgender athletes in women's
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sports. that's the news just coming at us 219-203. lauren: president biden has threatened to veto. lauren: we are out of time. more varney next. 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? -no! -no! or you can get a quote with america's number-one motorcycle insurer and maybe save some money while you're at it. all in favor of that. [ horn honking ] there's a lot of buttons and knobs in here. the virus that causes shingles is sleeping... in 99% of people over 50. it's lying dormant, waiting... and could reactivate. shingles strikes as a painful, blistering rash that can last for weeks. and it could wake at any time.
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you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. >> what you see is a projection of weakness. what we need to do to mitigate blowback is to deepe
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