tv Varney Company FOX Business May 17, 2023 11:00am-12:00pm EDT
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stuart: it is 11:00 eastern time on may 17th. at any moment, the president will deliver remarks on the debt ceiling from the white house. let's check the markets. i see some green. the dow is up 120, modest gains for the s&p and nasdaq. big tech, not so much a mixed picture as a consistent picture. amazon, meta, microsoft up, alphabet, apple ever so slightly down. the 10 year treasury yield coming in at 3.55%. that's the markets. now this. when does a politician become a liability?
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when the politician is a vice president named kamala harris. i'm not being nasty or unkind, i'm being realistic about the leadership of our country. the vice president does not inspire confidence. many democrats are afraid of a harris presidency. biden has decided not to drop her from his reelection ticket. harris became his running mate because her identity. she is a woman of color. he can't fire her for incompetence. identity voters would rebel. biden is stuck. harris addressed the national action network 2023 convention. that is the reverend out sharpton's operation. he was on hand to make sure harris stays on the ticket. she characterized republicans as extremists, the way biden talks about himaga, overwhelming the city. no mention of the border and the disaster that is unfolding. no mention of crime which is ripping cities apart.
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no mention of failing public schools. just nasty republicans, it is all their fault. biden is in a corner. left-wing policies not working. that the reelection campaign is not getting much traction. he is stuck in the identity trap. he can't drop someone who got their position because of what they work like rather than what they do. that's biden's liability. third hour of varney starts right now. ♪ stuart: the gentleman on the right-hand side of the screen, sean duffy. i don't see how we can have six more years of biden with kamala harris waiting in the wings. i don't see that. >> the vice president usually sits on the sidelines, don't have a huge role in the presidency.
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kamala harris has been given tasks and accomplished them not so successfully. the problem we have to your point, when we play race politics and you are 82 years old in the next election, the odds are you may pass away or become incompetent and the vice president may take over. the qualifications of the vice president, she doesn't give anybody confidence, not you and me, not even democrats are confident about the confidence of kamala harris. now she's going to be a focus of the campaign and doesn't have a ability to give people the confidence they need to elect and 82-year-old president. this is a disaster for the democrat party and they can't get rid of her. the racial politics of this is so deep and toxic. they got to keep her on the ticket and deal with the consequences which will be negative.
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stuart: aoc calling out president biden saying you've got to stay firm, don't compromise with republicans on the debt ceiling, expect pushback on any significant concession. this is not an appropriate vehicle, we should not normalize such destructive tactics. looks to me like the left wing really laying down the law and calling the shots. >> the american people look at what is reasonable, we are $32 trillion in debt, the fast track to $52 trillion in the next 10 years. what did republicans propose that have aoc so angry, let's go back to the spending levels we had in december of this year five months ago, $130 billion less per year if the deal is done. the discretionary spending, be increases at 1%, not decreasing
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spending but limit it to a one% increase, it isn't mandatory spending which is social security and medicare. this is the most reasonable proposal i think a republican congress could pass and aoc saying don't you dare mecca concession. i don't give a damn about the spending or the debt. i think she hates america and wants to see it collapse, led by our debt and printing money and my advice is don't listen to aoc, she may have studied economics but didn't learn nothing about economics. very simple, moderate plan they proposed. stuart: i can see you are all fired up but wonder if you are fired up about the next story. we did a report on parents charging their kids rent. you graduate from high school and charge rent.
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if you and i decided to do that we would never have to work again. i've got six, you've got nine. are you and rachel, your wife, going to start charging? >> we are done. we are going to retire and have kids pay rent. i think we take this seriously, if you have kids in college or transition out of college, their job, they need a base camp, that is fine. you can stay rent free but when you have kids staying home long-term and have good jobs and want to save money to purchase expensive things or go on vacation, if that's happening in your home, charge your kids rent, remember the old joke, in the 80s 90s we called them rentals. they have to fly at one point. if they don't want to fly on their own you got to charge
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them cash. a little extra means money for you and me. stuart: one day you will have to explain that joke from the 80s or 90s. you were about to get into the rental thing, next week, okay? may be tonight you can comment. we are watching you on the bottom line 6:00 pm eastern on fox business. you are all right. thanks very much. >> you are not bad your self. stuart: not bad your self. on on the markets we have got back to all green, dollars at one hundred 20, nasdaq up 43, s&p is up 14. mark tepper with me for the hour. you say the market downside risk outweighs the upside potential. that's a way of telling me you are not interested in the market. >> i can't see the market
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rallying higher than 4300. i can see it testing 3500 especially as the deadline approaches. a lot of negatives whether looking at small business optimism which is incredibly low or banks tightening lending standards or the consumer running out of gas. those are issues that warrant a more cautious approach and defensive approach and make sense for people managing their own investments to consider dialing risks. stuart: our consumers scaling back on their spending? >> yes. if you're looking at the retail sales number and adjust for inflation it was minus 4. 2% year over year. what is going on, people are buying less volume at inflated prices. you look at home depot, target, what we are seeing is consumers are spending more money on essentials.
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when the consumer becomes more defensive, as investors we want to become more defensive as well. stuart: we read the target report this morning, they dropped $500 million because of fed shrinkage. >> i think it was 6 to 12 months ago, they would have fewer security at their stores. basically throwing in the dollar which is crazy. but i guess their motive or their theory is security officers could get them in more trouble because of the political environment, they would rather not have that issue. stuart: the stock of target and walmart, both of which get hit by shrinkage, what have you got on this. lauren: freight costs are coming down, margins looking stronger. not back to pre-pandemic
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levels, but 5%, that's a theme with retail. stuart: your covering the movers, delta is up. lauren: the ceo of delta says any government regulation that forces them to head up more compensation whose travel has been disrupted leads to higher airfare. that is annoying, we are paying an arm and a leg about for delta that's positive news. and home depot, they are regaining of the losses. morgan stanley came out today and it is going to be worse but home depot up 3.2%. do you see royal caribbean? cruises look like a deal because everything else is expensive. your food, your entertainment. >> you are not a fan of the cruise lines. stuart: the last two years i have said i can't understand
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why anybody would go to a cruise line and they've gone straight up. lauren: it is all in one. stuart: don't go on a cruise if you are dieting. stuart: actor tom hanks thinks he can keep releasing movies even after he is dead. he thinks ai will revolutionize hollywood. this is coming at us, and extra ordinary story. harry and megan say there was a near catastrophic paparazzi car chase in new york city. we have details for you. the homeland security department cracking down on illegal border crossings, circulating new videos showing migrants loaded onto deportation flights. a change in tune. bill mlugin has the report next. ♪
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but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works. stuart: now this. a spectacular story. prince harry and meghan markle were reportedly involved in a, quote, near catastrophic car chase with paparazzi. this happened last night in new york city. a spokesperson for prince harry said six blacked out vehicles went on a, quote, relentless pursuit that lasted more than two hours. it involved several near collisions, says the spokesman. harry and megan were in new york for the an appearance at the women envision awards. buckingham palace has no comment on this but it is significant. harry is pursuing legal action
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in britain, arguing the royals, the brits should pay for police protection for harry in the united states. that is the subject of a legal controversy. now he is saying he is involved in a paparazzi chasing the united states. this goes back to paparazzi chasing princess diana in the late 1990s. more on this, hoping to get nigel farage on the show. new videos show border patrol finding 54 illegal migrants in a human smuggling stackhouse. what happened to those 54 migrants? >> six were prosecuted for felony reentry. first, it appears the administration wants to push out more images of deportation and removal of illegal immigrants.
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look at this video, what you are looking at our group of illegal immigrants, the us kicked them to mexico, mexico puts them on an airplane and chips them to southern mexico, the idea here being title 42 is over, no longer a bounce back across the river but deep into the southern part of mexico, you have to restart your journey if you want to get to the us border up north. ice enforcing their messaging as well, this shows one of their deportation flights from miami to honduras. ice put this stuff out in the last week or so, saying if you show up here without going to port of entry you will be removed and they are being more proactive, filming them themselves and distribute a get to the media as they send a
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message, human smuggling stackhouse, and in new mexico, six of them in for felony reentry. they will be prosecuted again. and lastly, take a look at the mug shot out of yuma, arizona. agents -- is a convicted felon with previous conviction for manslaughter. in the last several days it allowed more agents to be on the frontlines patrolling? gives them a better chance of catching the guys. back to you. stuart: quick segue to the market, the dow is starting to go up. president biden is making remarks about the budget deficit. he has said discussions continue until we reach an
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agreement. the market takes it as a positive, stocks up on that. president biden says the border is, quote, looking much better. >> thank you so much. >> president biden: looking much better. stuart: let's bring in brandon judd who knows a thing or two about the border, the president says things are getting better. what is the real situation? >> it depends on what the measurement is. if you are measuring against past administrations the border is out of control. even though numbers are down from what his high was. that is the problem. he caused the chaos that exists. he is proving right now it was all about enforcement. if we have enforcement in place the numbers go down. we are seeing that. if they put enforcement measures, we would never be in
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the situation. we have to continue with enforcement measures. if we have proper enforcement measures those numbers continue to go down. when you look at 3700 apprehension's, that is 3. 5 times higher than what a normal day as any normal administration. the numbers are going down, it is being proven he caused this problem. it is not about climate change. it's not about political turmoil, gang violence, not those route causes kamala harris talked about. it is all about our enforcement measures. stuart: florida governor desantis is sending more than a thousand members of the national guard from florida to texas. why are state governors taking more action than the administration? >> they are tired of the deaths in their states, tired of the
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fentanyl that is making into their states and killing their constituents. they are realizing if they don't take the action, florida is realizing is that if they don't take the action this, federal government isn't going to do the job. they realized that and are stepping up and doing it to protect their own constituents from dying from all this fentanyl poisoning. stuart: just please look forward, look down the road three months. as i understand it, a lot of people lining up on the mexican side of the border trying to get in. how much what we have in america? can you guess? >> it depends on whether we continue with enforcement measures. numbers will go down. if we don't have proper enforcement measures they will go up. if they stay steady, 3 months from now, we are looking at having 70,000 gotaways alone, not including those who cross
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the border illegally, 70,000 is too many, don't know who they are or where they are coming from or what their intentions are in the united states. stuart: thanks very much indeed. i want to go back to the market for a second because we've got a development that i think we should know about. president biden has been speaking about the deficits, the debt ceiling, he made some remarks, it took a couple questions, one thing that emerged here which is very important for politics, he says there's a possibility that we could have some work requirements for welfare. the left is dead set against this. aoc has railed against the idea that you should make people work for the money they are receiving but biden is compromising to some degree on that issue. i think that's politically important and the market thinks it is a signal that maybe we will get some kind of agreement. that is why the dow is up 90 points at this stage.
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mark tepper is with me. i got a point? >> i like that. i'm a fan of milton friedman. one thing he talked about in his books was a negative tax. you have to actually work and if you are in the lower death spiral, he would pay a negative tax which means you get money on top of what you are making. i love incentivizing people to be productive members of society, productive contributors to the economy, great idea. stuart: good stuff. sweet green launching a store with a kitchen that is almost all automated. ashley knows about this one. how far does the automation go? are there any human employees at all? anything left from to do? ashley: yes there is. the robots are not completely taking over, at least not yet. but the salad chain debuted an
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automated restaurant concept for a kitchen, it is in illinois. the robotic assembly line effectively replaces half of their labor expenses and is capable of precisely portioning a custom border that is order in five minutes. the store will keep human staff to help with the orders as well as adding the finishing touches to salads. sweet green by the way has 200 locations but it did report a net loss of $33.7 million in the first quarter, that is a modest improvement from the previous two quarters. maybe expenses go down as the number of robots go up. stuart: my mother used to call salad rabbit food. maybe i shouldn't say it. it is true.
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the one president biden wrapped up his remarks on the debt ceiling, he says he's confident lawmakers will reach a budget deal. america will not default on our debt because there's no alternative. he's open to some limited work requirements, some but not many. biden also says he will be in close touch with the debt negotiators, the market took that as a positive. the dow is up 130 can nasdaq up 50 points. let's get back to an interesting story, prince harry and meghan markel were involved in or near catastrophic car chase with paparazzi in new york city last night. nigel farage is with us. the second time harry says he's been in a paparazzi chase new york city, he said it went on for two hours at high speed.
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do you believe him? >> the thought of going at high speed would be very attractive. it virtually never happens. maybe at 5 miles an hour, i don't know. it does seem to be a certain symmetry with the horrible circumstances of the death of his mother diana, attempts to portray megan as the new diana, the new caring loving person. as for the near fatal catastrophic convolution, i could have tripped over shoelaces. i'm not buying it. stuart: the lawsuit, harry is taking legal action against britain because the brits will not pay for his police protection. this incident, this alleged incident last night plays right
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into this, doesn't it? >> absolutely. for one over his security in this country. this plays perfectly into that, and the poor woman being hounded and chased in new york last night. new york city tv cameras, i am sure will piece together the truth of what happened but the thought of a two our high-speed chase is quite beyond me. stuart: what are the brits saying? i'm sure the news has broken over there. >> the news has broken over here and there are more details. that we 6 cars chasing you, going up one way streets, maybe extreme cynicism, not prepared
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to buy this. it is not just with a couple say. stuart: is the ever coming back to britain? >> i hope not. i mean it. i hope not. he let down his army regiments. he did his best to spoil the last two years of his grandmother's life, turned his back on his country and is a controversial figure. he will come back, i guess, after megan ditches him or divorces him. stuart: now your way out on the bounds of speculation here, aren't you? >> yes. >> okay. >> the fact she used him, nothing could surprise me. stuart: prince harry not looking good. thank you for jumping on this
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and appreciate you being here. what have we got here. prince harry and the supposed car chase in new york. in the high-speed car chase for two hours, what do you say? ashley: we don't know where they were headed. did the chase happen outside manhattan, couldn't do that at high-speed in manhattan for two hours. but there are so many cameras, interesting to see how much was picked up on the camera but it plays into harry's biggest complaint, can't talk about this without thinking of his mother, and it has been his biggest complaint, the paparazzi, the aggressive
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paparazzi, incredibly aggressive in the uk, but just as aggressive in new york. we need to hear more details. is he overstating the whole thing. we have to get more information before we can judge that. it's a big story. stuart: we are financial program and get events like this which i feel duty bound to cover up not just because i'm a former brit, that's not the point. this is enormous interest to a great many people. we appreciate it. we are about to get more details. what exactly happened. have we got the lady in place? we are about to get more details about this incident in new york city. laura ingle knows more about this. tell me everything you know please.
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>> reporter: the thing we are trying to confirm is the nypd, there are reports the nypd was involved in this. we see on tmz some new york police department cars with a taxicab. a spokesperson is not giving us anything. they are looking into it. no confirmation about how this all unfolded in new york city, it is a beautiful night last night, and and down the wrong side of the street, a lot of folks, those outbuildings outside the restaurants, it can be very scary. the fact you are hearing this ring of paparazzi, driving up and down the road to get the shot.
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going off of reuters, we cannot gotten the statement from prince harry and meghan markel but we are working on that. couples are involved in the terrifying paparazzi car chase and this was described as a near catastrophic car chase involving photographers. we reached out to the nypd and buckingham palace offered no comment. we are waiting word from the prince of wales, based no comment from the man worth noting, worth noting that harry is pursuing legal action in the uk, to be allowed to pay for police protection. the case was important. just yesterday, his regular royal protection was pulled back when he quit those royal duties, back to what happened on the streets of new york according to tmz, the suv harry
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and meghan and her mother were riding in, they pulled over and jumped into a taxicab. you see that video, they are working on what went down after what they attended in new york. a lot of people working out what the circumstances were, before and during and after this. stuart: you got as much as you know and that is good for us. thank you very much indeed. i am sure it will develop more in the future. bud light getting another makeover, changing the look of their bottles as they struggle to recover from the dylan mulvaney controversy, we will tell you about their new patriotic look. 1/4 of us changed have religions. may because they disagree with a religion's stance on lb gt q plus people. reverend jonathan morris takes it on next. ♪
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stuart: look at this survey. 1/4 of us have switched religions. what better place for a resident theologian, jonathan morris, on the set with me. some people say they changed their religion due to its stance on lgbt q plus. what you make of that? >> there are a lot of reasons given. change is not necessarily a bad thing. change is not necessarily a bad thing. if the change has to do with intentional pursuit of the truth, i love that. in intentional pursuit of the goodness or beauty, i love that. and i think even if we get it
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wrong, we change and say -- if we are doing it with that intentionality i believe god is all loving, all good, all-powerful, and will lead us back to the truth. i like it better than indifference, my parents are catholic, my parents are evangelical, i will call myself that. stuart: is a christian, how do you feel about the marketplace of ideas? >> i love it. i believe god has given us a gift of intelligence and of faith. they work together in the pursuit of truth. if there's a marketplace of ideas, we are capable of experiencing truth, finding truth. stuart: jesus said i am the way. >> i believe it. stuart: how can you have a marketplace of ideas that says jesus is not the way? >> somebody else can say that but we are able to grasp truth
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and if presented, we are responsible to god as much as he reveals himself to us. i know god will be all forgiving, the amount of knowledge some of us have been through our parents. stuart: we have the deepest discussions but i've got another one. the vatican is investigating a possible miracle in connecticut, churchgoers say there is a shortage of communion wafers in march, the wafers mysteriously multiplied and they never ran out. like the loaves and fishes story. do you believe in modern-day miracles? >> of course i believe in miracles, let's define what a miracle is. i don't know if that happened. might have happened. let's define what a miracle is from a theological perspective. it is when god intervenes in the laws of human nature and changes the outcome of an event.
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let's not talk about that. how about when we pray for a loved one to get better, for a loved one to be healed of cancer, to find healing and grace in a moment of trauma. i believe in that. stuart: because you believe in jesus you believe in salvation and you believe in god and if you appeal to god you can get some help. that is it. >> well said, you sound like a theologian. stuart: i sound like a protestant. >> there are protestant theologians. stuart: i'm not sure whether protestants believe in miracles. >> of course they do. stuart: what do you know? >> i don't stand -- i don't study only theology. protestants are just like catholics in most beliefs. not all. the fundamental teachings of who god is and how he intervenes in our life. if you don't believe in
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miracles -- terrible. stuart: i am inclined to leave it there and probably have to. all right, jonathan, you are off the hook and so am i. thanks for being here and see you soon. show me the dow 30. a little early on that today. more than half on the upside and we now have, i call it a solid gain, dow was up one hundred 92 points. president biden speaking about the deficit or the debt ceiling, we are making some progress. dow goes up 200 points. calls are growing for media outlets to return awards they received from covering the russia probe. >> i think the pulitzer prize given to the washington post and the new york times should be taken back because the entire episode was politically motivated crap.
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stuart: tell it how it is, senator. media guy joe orangea -- concha next. ♪ we got the house! you did! pods handles the driving. pack at your pace. store your things until you're ready. then we deliver to your new home - across town or across the country. pods, your personal moving and storage team.
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stuart: bud light redesigning their bottles after backlash from the partnership with dylan mulvaney. what will the new bottle look like? ashley: they are going to temporarily redesign the product as we understand it. companies scrambling to recover from the fiasco with dylan mulvaney. bud light sales have been down 20% or more for a couple weeks. the company held a meeting with distributors in st. louis to discuss strategy, and among those ideas, aluminum bottles with camouflage print and images of the folds of honor program. that program helps children and spouses of fallen and disabled
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american military service members and first responders, very good program. the temporary redesign will be part of the efforts to invest, continuing spring into the summer. as it tries to cover or recover its market share. one bottle, the flag -- that is it for now but expect more as it tries to get its way back to the american psyche and say we are america's beer. stuart: thanks. take a look at this. these are the awards won by news outlets reporting on the russia probe. they're supposed to return these awards, the washington post said they stand by their reporting. joe concha is with me. do you think they should return these awards? >>'s look the and a paul from the associated press, underscores the public
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perception of most of the media by the public especially when it comes to the washington post reporting on something that didn't happen. trump/russia collusion, and that infamous and discredited steel dossier. 3 quarters of us adults say the news media is increasing political polarization in this country. less than one of 6 adult to live in this country say they trust the media to report fairly and accurately, 16% and it wasn't always this way. 1976, gallup found 3 quarters of americans trusted the media. the question is what happened exactly? partisan opinion being presented as factual opinion, journalists become activists particularly in the trump era, they want after one party while protecting another, more apparent to people watching and reading at home and
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accountability has gone away it seems. you would think one person from the times and washington post would say we got it wrong, that isn't happening. the lack of contrition and lack of shame is why so many distrust the messenger. stuart: i think the media went overboard hating trump and that ruined them because they could never get over that emotional hatred of the former president and it colored everything they did. even now it covers everything they do. to you. >> it got personal, no question about it, injecting opinion as factual reporting, that happened as well and the prophets are so good when trump appears on tv, they will focus on it in a negative way. it's about business and personal feelings as well. stuart: thanks for jumping in at the last minute.
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first. what is your name again? >> my name is mark. stuart: what have you got? >> lansing, michigan. stuart: what do you toe? ashley, what have you got? >> i do know it. it is kentucky. louisville is not the capital. stuart: you're right. you're right. what is the capital of kentucky. state capital? >> frankfurt. it is on the prompter. stuart: it is not lexington. frankfurt is the capital of kentucky. that is the trick one that always gets me. you notice i didn't answer the question. i was going to get it wrong. mark, that is your name, thanks very much for joining us for the hour. ashley, thanks for all the help. "varney & company"'s done. "coast to coast" starts right now. neil: all right, we've got 15 days right now, 15 days to scramble together something that
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