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tv   Varney Company  FOX Business  May 16, 2023 9:00am-10:00am EDT

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that was martha stewart speaking on the next big gig. look at these pictures, 81-year-old getting a covid on the world cover swimsuit edition. she's making history is the oldest model on the cover. i will if you saw the picture, on instagram there's a ton of pictures wearing a bathing suit and she's starting her stuff, she's 81. >> if i could quote when harry met sally, i'll have what she's having. she looks absolutely amazing. i want to know everything she's done to look the way she does and i'm so glad to see someone like her on the cover of sports illustrated. why do we need an 81-year-old on sports illustrated? i say good for her. >> the poses are quite -- it's making a buzz. have a great day, everybody.
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varney & co. picks it up from here. stuart: good morning, everyone. the fbi went after donald trump, they gave hillary clinton a pass. the fbi along with the government bureaucrats and media hated trump and did their best to stop his election in 2016 and when that failed, they tried to wreck his presidency. this is all spelled out in the germ report. we got details. trump says the american public has been the victim of this long-running treasonous charade started by the democrats did matter what the media says this morning, this is political dynamite. my opinion? this is what happens when the media and government are taken over by blind hatred of donald trump. no impact on the markets, more concern over the debt ceiling debate than politics. retail says april went up
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slightly, first since january. the dow down about 90, nasdaq down about 33. i want you to look at the one month treasury, a standout today. the yield well above five and a half%, that's on a one month treasury above, while about five and a half% rate of on that slight rebound in retail sales. for the ten year treasury, the yield around three and a half% and it's gone up to 353 and the two-year right around 4%, it's actually at 403 today. to the border, all called up, fewer migrants crossing the tens of thousands are waiting for the cartels to work out how to get in another title 42 has been lifted. new york's government democrat kathy hochul says the state is full of but she said nothing about ending their sanctuary status for migrants. chicago's mayor brandon johnson says there's room for migrants in his city but he wants money from the feds so taxpayers subsidize sanctuary city of
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follow-up on both light. miller light now has a problem. they are mad, a young man face another also marketing gas. tuesday may 16, 2023. varney & co. is about to begin. ♪ ♪ is that the original band saying smash? no. the link is. thank you. back in my day. this arguably the biggest story of the day. certainly in politics. after four years special counsel john durham released his report, investigation into the fbi. it did trump collude with russia in 2016? is giving bias in the fbi and
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justice department. good morning, to get. >> four years, 306 pages in three and a half million dollars later, this report indicates president trump. special counsel concludes, pulled up, the department and fbi failed to uphold their important mission fidelity to the law in connection with goods and activities described in the report. essentially the career law enforcement relied on an -- data in motivated people to go after the political opponent which was donald trump at the time and connect is campaign to russia. pull up another quote. there was significant reliance on investigative leads provided funded by trump's political opponents. durham himself describes the report is sobering and makes no recommended changes to the agencies. to be fair, dozens of actions have already been made but the
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american people today might be saying how can we be sure this won't be happen again? in 2016 interaction by the clinton campaign to go after trump, what happened four years later in 2020? fifty-one until officers said hunter biden laptop was russian disinformation so two times, two elections when the opponent was the same, donald trump that there was collusion to push him down, push him out. stuart: but out one after him, good stuff. you member how confident the mainstream media was? >> mueller is now connecting the dots between massive obstruction intended to hide the truth. >> this president needs to be impeached. i believe that, i believe there was collusion. >> donald trump is done. he's done. no question. >> he's got to know his future
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looks like it's behind bars. >> we have a treasonous president. >> we now have to figure out how to deal the president of the united states who willingly or wittingly has been optimized. stuart: treasonous president. my oh my. governor huckabee joins us now, former governor of arkansas. got it. father of the current governor i should say. accountability in the media, no accountability the fbi, what a disgrace. >> beyond a disgrace and reading the report, it's troubling that basically there's a level of donald trump but there's no accountability. what is arrested, nobody marched across the federal court, nobody gets find just oh yeah, they really screwed up, let's hope that doesn't happen again. that's like trying to say jeffrey dahmer doesn't have good culinary judgment or table
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manners and therefore we just want to acknowledge the obvious. that's not enough. people are to be held accountable for trying not only to overturn an election in the process of happening but a duly elected president took office continually trying to discredit and ultimately impeach and remove him. this is a serious deal and i'll tell you, this is the real insurrection we ought to be talking about, to try to overthrow the u.s. government and that's exactly what the insiders at the justice department fbi, democrat party and the press colluded to do. stuart: let's talk 2024. florida's governor desantis doubling down on what he calls republicans culture of losing. >> i look at the last however many election cycles, 2018 we lost the house, we lost the senate. 2020 biden becomes president or
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excuse me, we lost the senate in 2020, biden becomes president. he's done a huge amount of damage, unpopular in 2022 and we are supposed to have this big red wave and other than florida and iowa, i didn't see a red wave across the country so i think the party has developed a culture of losing. stuart: i think that was a slap at trump. what say you? >> it probably was intended for that but i might remind governor desantis that no one, i mean no one has faced the kind of headwinds and opposition in this report we seen from durham is an affirmation that the republicans have a hard time winning because they're going not just against the democrats what they are going against monolithic media, social media, against a culture of corruption that exists in the biden white house of the likes of which has never existed in the u.s. so do i want to see
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culture change in winning? yes but we better get the information of truth to the american people and they need to get ticked off, angry and livid about what happened to the country and total destruction and the rule of law in the sense of fair justice. stuart: well said, come back soon. come back soon. i told you, we've got the latest on retail sales this morning. sales up in april a little, first since january, tell me more. >> consumers hanging in, i put it that way. they likely have a job so they can still get by, sales of 1.6 on the annual basis. that's the slowest growth in a list three years so slowing down, where are we pulling back? furniture, electronics, restaurants and bars, the only services category in this report and sales fell almost 4% on an annual basis. stuart: multiple back. on the futures market this
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morning 20 minutes before we open the market, the dow down 100 points. david nicholas joins me. no matter what happens with that talks today, seems to be the market just wants to go up. what say you? >> markets are pretending things are okay, everything is not okay. talks. in today, democrats of the only people who think the level of debt and deficit is acceptable, it's not. it's a moral what we are doing to our kids and grandkids and democrats are so addicted to spending could rather see the government shutdown and even conceive about cutting spending so i think we will get a shutdown. that's different from before, we have enough to pay our treasury and debt service but i think if we can get a deal done quickly you're right, look at the repair face-off rally, healed will come down so there's a lot riding on this to get a deal done.
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stuart: i believe you have a dividend play for us. i'm interested. lincoln financial pays 9%, that's pretty good. my question is, is that dividend stay? >> old company since the u.s. since 1905, they had a tough year last year like a lot of financials and insurers as interest rates rose heavily but what makes insurance companies different from banks, everyone is talking about the health of banks, insurance companies have protection because if policyholders want to take the money out of insurance company, they have to pay a penalty so it insulates and serves companies, lincoln committed themselves last year, they stopped by the and how are we going to return
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money? stuart: stock all day to see if it goes up on the strength of your 9% dividend statement. good stuff. thank you. see you again soon. here's what's coming up on the rest of this three hour show. the governor of new york kathy hochul on the migrants, she says the state is full. >> hearing the numbers go down is good news but small. we arty have 61000, over 40000 housed in new york city. they are bursting at the seams and mayor adams is doing the bestie can in a difficult situation. stuart: the big apple still sanctuary city. we got brian kilmeade leader in the show. having read the durham report understand why trump is not. matthew whitaker on that next. ♪
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the durham report was heavily critical of the fbi in leadership. jim jordan wants changes. is he trying to defend the fbi? >> he did not use those words, he said it this way instead. >> the only way is to go after the one thing everybody cares about, the money we have to look at the appropriation, is the only leverage we have, we got to pass legislation to deal with it and then look at the money,
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appropriations and say how can we direct the funds? how can a better position the funds, how can we got this from happening in the future? >> matt gates went further and said defend and defang and said indict the agents responsible for this so now that we have the report, i think we will hear more about this. stuart: matthew whitaker room for acting attorney. the critical, no charges against anyone. does that make everything okay? >> of course not and it's good to be with you. i think frustrating for a lot of people, not only are there no charges but we have a damning report. we end up with a world upside down where the people that were biggest offenders made millions on both deals currently on television getting paid as inhibitors, it's outrageous that these folks still have careers after this report and what we have is it connected picture
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where we finally can see the full picture and it's not only embarrassing for the fbi but my concern is yesterday didn't go far enough, they haven't fixed the problems and it's likely to happen again unless there's fundamental change. stuart: mr. trump spoke to fox and he says this was the trees >> including members of congress including adam schiff that all colluded to not only go after candidate donald trump but ultimately president donald trump and undermine, hamstring
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and prevent him from being effective as a president and he got a lot done and i was there for a couple years of it had to deal with this investigation the same time so i can only imagine what could have been accomplished especially at the department of justice if we can help us to deal with everyday. stuart: was is the biggest political trick of all time? >> it's shameful the of the way fbi fell for it, hillary and her campaign fed through intel agencies and fbi, it like a large amount of bass in the american people were on a ride for two years. a dirty trick but fundamentally it undermined are republican showed not only political opponents but adversaries how to exploit regions in our systems and institutions. stuart: i can understand donald
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trump being mad then and now because to some degree this vindicates him on the issue. >> not only does it vindicate him and the mueller report found no collusion with russia which was the fundamental basis of why the investigation was in the first place but what the report proves, convincingly is investigation should never have been opened in the first place in many people's, paul manafort and others were targeted who shouldn't have been and lives were ruined and a lot of money was lost defending people from outrageous claims of russian collusion so i wish there was more in the report from the retribution standpoint, people being held accountable, unfortunately a lot of americans will be left including myself but others were found to be held
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accountable not only unethical but illegal. >> you are not in the middle of it but you are in the trump administration at the time this was going on and you say you feel a little empty, tell me w why. >> took over as acting attorney general and would go over the investigation, the mueller probe at the time and there were many in the department of justice that assured me and my people that this was a legitimate investigation, the president was a target and now we learn what a lot of us believed couldn't proven that was that there was no predication for this investigation so not only was i in the middle of it but i was dramatically impacted and took a lot of water from this investigation that never should have happened in the first place. stuart: we are glad to have you on the program. matthew whitaker, hope to see you again soon. liberals ripped cnn for hosting
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the trump town hall last week. did these have unintended consequences? >> totally. reportedly in one of the brakes trump's aides showed him look what aoc, look what others are tweeting and messaging, critiquing and slamming cnn after you saw messages he came back out, he was more ferocious and that's when he called the host nasty. he felt bigger to do that. stuart: here's what's coming up, the dow turned south to the tune of 120 points. we did get home depot's earnings earlier and when the earnings came out, took it down and that's what's going on with home depot earnings. right now on the left side, we
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will take you to wall street. ♪
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reading, home depot's earnings.
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the market a few months ago, thou down 120. luke is with us this morning. a lot of this, a really big job coming and coming soon. as i near forecast? big job? >> everyone seems to want the job to deploy but i think it's going to be a slow and steady began from the top. slow and choppy, it's not good for those in retirement and the growth, at the end of last year, i seven yourself one of the biggest risks for 2023 was credit. the question is, how contagious is this not only from the business side of the consumer side with spending. when i hear stories that there aren't enough people to repossess cars in credit card debt skyrockets and delinquency
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is taken up and discover capital one, i think there's a lot of disconnected wall street investors that don't truly understand how a lot of people are living right now on main street so 750 a month is the average car payment right now. that's almost 20% of the average income in america. it used to be 20% of your income for a house and now it's 20% for a car. you only live once mentality people have had is slowly becoming yellow no, no i'm not going to spend that money. stuart: where two people on the cusp of retirement, late 60s, 70s, that age group, or should they put their money now? 's put a little into cold, how about that? >> we like gold, gold is a hedge that has a lot of uncertainty, a system somewhat family, the debt addiction we have and i feel like the world is getting crazier by the day, a good investment. we have a lot of moral hazard so you have to be careful with where you put money within the
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equity markets, companies rewarded for taking risk after the bailout from 2008 and lower rates, rewarded for borrowing money that being fiscally responsible. consumers rewarded for not being fiscally responsible taking at that in many companies we talk about open shop after 2008, 2009 so be selective in one area is thanks, they've taken a turn because of moral hazard. now look at banks that operate responsibly and morally, they don't have large commercial real estate exposure, we bought charles schwab, their assets group from march which confirms money flow in the larger trusted names during these times of uncertainty and concern. mutual funds are getting assets as well and schwab has money market mutual funds so look at the disparities within the market. stuart: all right, we got it. we will see you again soon. ten seconds to go in the market opens presumably on the downside. we got susan with us, she'll get into the home depot earnings in a moment when we open going to the opening ceremony. press that button.
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the dow is open for business and it's down 100 points. that's not a lot, one third of 1%, remember that. three quarters of the dow 30 are in the red so a day of some selling. s&p 500 on the downside to a tune of 4%. the nasdaq composite on the downside almost by one third of 1%. big tech, mostly -- is going to say mostly lower but it's not. microsoft above 40. apple at 142. apple okay, 172. meta, a loser down to dollars at 236. let's get to home depot, they kicked off retail earnings this morning, stock is down 2.39%. i guess it was a rough start to the retailers. >> a recession indicator, look at home depot and they are forecasting their first yearly sales dropped since 2009 after the financial crisis so to start
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the year in the quarter sales profit, guidance is depressing so forecasting sales and profit to drop this year, dropped to negative from last year end a drop in lumber prices is a tree farmer, you know very well extreme weather conditions especially in the western part of the country and california also hurting sales at a delay in home improvement responsible for week start to the year but no customers are putting off making big ticket purchases and buys, severe traction and it will depress earnings the rest of the year and it's tracking down lows. similar to home improvement so if home depot is feeling it, earnings as well. stuart: two big retailers there. we raised this yesterday, he thought they would talk about
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ai. >> they made more money so google of china, i think it's bullish, china's reopening for covid lockdowns and will continue to invest in ai and chat gpt competitor earnings that the reason the stock might be down is fine and selling at a higher cost as well when you are reinvesting back into the company. stuart: tell me about tesla. >> you never know with elon musk shareholders have regressions, succession planning and demand right now with price cuts product line up so shareholders have petitioned they want to risk report because they argue tesla is one 100%, elon musk. what happens if elon musk isn't around or distracted with say twitter or other companies? cfo zach floated as a possible
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backup and former cto of tesla who will as you know, the ticket take a grain of salt with promises. >> to predict at least two, maybe three headlines. [laughter] >> give me something. stuart: something outrageous, something you're not expecting. >> i'm thinking of the robot, optimists may be in there, a bit of a surprise. stuart: microsoft rolling out there upgrade for their systems. >> a new iphone update that will allow iphone users to use the
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chat but. the search with chat gpt infused but also, 13 filings, the time of year where we find out where the whale multi billion are investors are putting it and a lot of them are putting their money into ai stocks so we have david tepper, investing nvidia and miller has microsoft $2 million stake. also a billing dollars stake nvidia which is the positioning and alphabet day from bill ackman so like you, google ai trade, if you have the believer, you're making the right move. stuart: even eiffel well sure but that is good news. i know the guy is updating his personal portfolio, what is he doing? >> that is another whale
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tracking we are doing and he's moving a lot of stocks. when you manage 300 or $400 billion in stock with the most successful investors of all t time, his filing shows omaha's close, his position, his bancorp position but not done with financials opening up capital one position which surprise a lot of people. look at the selloff taking place but did buy into hp q which i thought was interesting, and interesting trade and most people saying why is he keeping his state and paramount global? $3 billion stake given the stock is down 30%. the streamers 30% in one month's time because i can't seem to turn the corner making a profit when it comes to streaming. stuart: can you refresh my memory about apple? did he sell it? [laughter] >> single largest holding so it's worth about 160 billing dollars and he's one of the
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biggest shareholders in apple but gets a lot of dividends and buyback, cash return but buffett has about 130 billion in cash still on the sidelines. apple has 160 billion in cash on the sidelines but what it tells me is they still can't find anything to use it on. stuart: can you deal with fdc blocking the horizon deal, why do i care? >> you should care from a regulatory perspective because it shows d.c. is -- pretty much our closing up and drying up all transaction so $28 billion takeover of verizon and the reason they are blocking it is because they think it's antitrust, too much control and that's why every tech company in silicon valley, they sued, microsoft, a lot of tech companies are hesitant to make any transaction and the ftc oversight.
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stuart: they do not like big, they are going after big so they want to get bigger. >> and sued meta for the small virtual-reality company for $20 million, nobody wants to make a transaction if they get blocked or sued. stuart: great stuff, see you again soon. coming up, pushing to move the film capital of the world out of hollywood. rotate. >> they are finding it hard to get the resources they need to begin to make so these folks film elsewhere. to be honest, it doesn't sit right with me. >> or me. stuart: or me. he will join me in our next hour and i'll ask him, do texans want hollywood stars to bring their politics with them? that's a good question. i was getting court date scheduled for years in the future. bottom line?
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they are here, they are staying and i think they're going to work. is that where we are with these migrants? former acting dhs secretary chad wolf and president biden will meet bigger mccarthy on the debt limit today, biden says he thinks they will be able to do it, that's his words. mccarthy says talks are far from over. an update on that next. ♪
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all right, 12 minutes into the day, the trading day and the dow is down 100, fractional losses for the s&p and nasdaq. household debt higher than ever. grady trumbull has the story. credit card debt typically goes down in the first quarter of the year after spending. why didn't it go down this time? >> that's what happened for two
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decades, americans paid on the credit card debt, the prices are so high instead we are racking up more debt. americans collectively zero nearly one trillion in auto, student and other loans, american household that hit a record $17 trillion in the first three months of the year. lawmakers won this consumer behavior could lead to rece recession. >> unfortunately with this, it is a problem in a real problem for families as well and they are trying to pay for more things on credit cards rather than. >> congressman patrick mchenry as chair of the financial services committee, he will be one of the lawmakers looking for the bank collapses earlier this
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year and hearings today and tomorrow. lawmakers will be willing federal reserve regulators and executives from the silicon valley bank and solicitor bank and republican lawmakers are tying bank failures not only to mismanagement but also government spending and subsequent inflation as a result so they say they cut back on spending as part of the debt ceiling talks which as you know will continue today between the big four and president biden. stuart: that's about right now. thanks very much. on the debt ceiling, president biden says think we will be able to do it. there's no talks so far. >> nothing moved. i appreciate the president talking but there is no mov movement. there's no movement.
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stuart: peter joins us this morning. i want to go beyond these talks. i think they will ultimately get a deal and that deal will ultimately inevitably involve more spending and tax hikes as well. when that comes down, what happens to the economy? >> my feeling is it won't be enough and we will gradually get into a situation where the fed has to print money to finance the federal government if not this year than two or three years from now. inflation will come increasingly intractable. weirdo at high inflation, especially considering the president putting on the board and the fact that powell himself seems to be confused about what he wants. if you bring inflation down, raise interest rates to 5% and you need to have the line of work, it's kind of like a racecar driver afraid of
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speeding. stuart: you talk about failure on the federal reserve and failure from political elites, they spend too much money. are you outlining what i would call catastrophic situation where inflation stays high and economy doesn't collapse but goes into a recession, stagflation, is that what you are looking for? >> i think we looking at the 1970s again i think we are going to grow substandard, less than we are capable of going and one to 2% range as opposed to two and a half and i think we're looking at 4% inflation as a minimum, that doesn't mean you get less than four but i think will have years more than four and always the threat of swinging out of control. when the economy slows, federal government really won't have enough money and print too much money and economies inevitably speed up so i think we're in a situation is not a comfortable zone to manage macro so policy and americans we will have more
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inflation and the living. laster was a preview of things to come. if the federal government was spend a lot of money on industrial policies, social justice, daycare and the rest whether directly or chips manufactured or rubber of else they choose to subsidize, it has to be paid for somehow and if you don't tax people, they get taxed by inflation. stuart: what's your outlining here? sounds like a repeat of the 1970s which is my greatest fear. >> that's exactly what i see. basically gun shy that, afraid to act and it's very political. let's remember mr. biden withheld from mr. powell un until -- he held back on raising interest rates. if he reappointed himself, he might have acted sooner but he's saying the right thing in the
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democratic here. we want a soft landing. mr. powell, when did we ever came inflation the strong with a soft landing? when have we ever had soft landing from inflation of seven, eight, 10% down to two? we haven't. silly to try to sell the american people on something they can't accomplish. stuart: the stock market as in the 19 '70s stays pretty flat for a decade that back? >> i don't know about that. if the economy is full employment because they will act and what we have seen is firms can increase margins which is what they are doing so my feeling is business is growing one and a half the year, they will be able to grow one and a half% a year end if inflation is five for the psaki of argument, stocks go up at six and a half. the other thing is in this environment we are in with regulation and this inflation, it puts a premium on being
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larger, mcdonald's as opposed to the sandwich shop. s&p 500 is composed of larger companies with market power. what we are going to see as a consequence of these ill-conceived policies is not just greater inequality but a greater concentration of economic power. the absolute opposite of what the democrats wanted to accomplish and they deserve it because -- and we deserve it because we bought into it. you could increase government spending and there would be no consequences as if no one ever read about the republic. stuart: i like your analysis, it worries me. thanks for joining us. >> until we get better leadership, it's not going to change. right now can you name me a republican candidate that's articulated this? all republicans say is something is wrong. stuart: don't ask me because i'm coming up to a regular don't have time.
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see you again soon. let's talk retail theft, it's on your screen, 100 billion-dollar problem researchers at the university of florida developing new devices to cut it down. ashley webster has the inside track after this. ♪
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we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch.
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developing new technology retailers come down on shoplifting. ashley webster in florida. what exactly is this technology? >> ever evolving but the bottom line is try to bring as much attention as possible to the person who may be considering shoplifting. things like this, the self checkout register here, if you can see the screen that says reporting in progress, there's a light flashing, all of this designed to put the would be criminal in the spotlight and maybe stop them from actually taking the items. this is a crossbar shield, you can get a, as an alarm but bringing attention to the would be criminal because we are familiar these days with these items locked behind the class
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here but in this case they will have flashing lights again, attention, noise, whatever it is to stop the thief through the this is a drill, these come with a chip inside, if i stole this, i wouldn't be able to use it because you checkout, they can deactivate the chip that makes chip drill usable so it's saying it's not worth it, is worthless without paying for it. it is a never ending battle and retailers are losing a lot of money, how can they get on top but? >> adult psychology and we are trying to get inside the would be offenders head instruments and not here, not now, too risky and not worth it. >> but they are working on it, never ending battle. back to you. stuart: out of time.
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