tv Varney Company FOX Business May 22, 2023 11:00am-12:00pm EDT
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>> trump can win in the general election. if joe biden ryan higgins the democrats want to spend money in florida, which they've not been competitive for quite some time, i'm all for it. >> everybody is betting that things will fall off the edge of the cliff and what happens if a company like apple takes off or the debt celling gets fixed or the fed stops? the market will take off like a rocket. >> the where you know the for the last 30 years has totally
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dominated high-tech sectors. i'd like to see, stuart, the regulators in washington stop taking the side of the europeans. >> big tech in ai they're partying like it's 1999. it's still a tossup and this could end badly. we're sitting on the edge of a bubble but handful of companies are going to make it and everybody else will be ably rated. ♪ stuart: that of course is new york city. on a sunny day, not bad. 11:00 eastern time and monday, may 22. go to the markets please. not that much price movement. dow's down 100. at 33,300 and s&p up 2 but look at nasdaq of 54 points in the paint gain right through. tech doing well and we have a
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apple, amazon down $1.28 and apple down $1.48 not that much and meta, alphabet and microsoft are up. the 10-year treasury going up to 3.70% as we speak. that's the markets on a monday morning. this, aacp issued a travel advisory and black people should reconsider visiting florida. naacp has a problem with governor desantis and his policies. their statement reads in part the governor's "aggressive attempts to replace black history and diversity, equity and inclusion program ifs florida schools have turned the state into openly hostile place for people of color and members of the lgbtq+ community. a spokesperson for desantis dismissed the advisory calling it a stunt.
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desantis is a republican running for the presidency and naacp is deeply embedded in the democrat party. of course they're going to attack a republican presidential candidate. desantis doesn't want schools teaching what a rotten and oppressive place america is. they'll cover slavery and segregation but not the be all and end all of american history. as for restricting diversity, equity, and inclusion programs, naacp got that right. the governor is restricting dei. he doesn't want racial division. and what's this about florida being an openly hostile place for people of color? that is the classic line. you question dei oh. you are inciting violence. that is tortured logic. i really doubt this is going to be a bud light-style boycott. not that successful but if it
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is, those that follow naacp travel advisory missing a well run state, which offers solid education, safety, efficiency, and prosperity for all. third hour of varney starts right now. stuart: well, look who's here, rachel campos-duffy herself. thank you for joining us, rachel. we always appreciate it. >> so glad to be here, stuart. stuart: what's your reaction to the naacp travel advisory? >> it's not just a stunt. it exposes the naacp for what a joke they are. they're race hurricane-forces herreras and this is the stuff -- race hustlers and this is what they do to draw attention to racism and fake
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racism claims and they know what the real race issue is and it's in our education system and beholding to the unions that hurts minorities and poor people that the naacp claims to represent. what did tissue they weigh in on ron desantis' universal school choice policies? of course not. naacp is beholden to the dnc and so they are going to do the dirty job for them and try and smear ron desantis but it's not going to work. everybody knows that school choice is the answer to the basic problems that the minority population, especially the african american population has. i have not seen the naacp weigh in on the fatherhood problem. the crisis in the black community in any serious way. another issue that would solve so much of what ails. and in fact the naacp has been exposed recently for having made dirty deals with big food. you know, down playing the down
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playing it so they can take money from all the communities and they're a joke and this is just another example of vote outrage and ignoring the real problems that ail the black community. >> another issue on which i believe you have a opinion on. a track meet lost to a transgender student in a track meet. the senior giving a thumbs down next to the podium and you're a mom. what do you think about letting biological boys compete in girls high school sports? >> it's immoral. it's wrong. that young lady worked so hard to get on that podium and it is not fair this boy, who by the way couldn't get first place
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next to the women, a biological woman took first and the transgender man took second. he's a cheater, he's cheating, and we're cheating and selling out our own girls by not standing up for this. this is one of the most fundamental issues and not just about what it's doing to women's sports, which is absolutely destroying, but this is foundational to who we are as women, as -- in families. we're undermining and erasing our gender, and we are unique and special and we deserve to have spaces that are just for us including in sport where is it's not fair to compete against biological men. stuart: should there be a special category for trans-athletes competing amonarchies themselves? >> sure. have the trans olympics. yeah, have the trans olympics, have trans competitions, i don't care but stop blowing up, ruining and setting back women sport when is it was women working so hard to get where we
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are at right now in terms of athleticism. i feel so bad for this woman. i'll tell you, the moms in the bleachers as their girls are sitting in third and fourth place because a guy beat them, i don't know if i could have held myself back. i think i would have run up to the podium. it just -- and taken it out of the hands of that trans-girl and given -- or boy and given it to my daughter because that's what we should be doing as a society. stuart: rachel, it's a pleasure to have you on the show. thank you for being here. hope to see you again real soon. >> of course. stuart: we've got to get to the markets and the price movement and the dow is now up -- sorry down 68 and the nasdaq up 61. kind of a stalemate i guess. look who's here. jason katz, the man himself. interesting thing. you expect an 11th hour agreement on the debt ceiling. it always happens and you're expecting another one. okay. when we get that agreement, then
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what happens? >> apparently i'm not alone in the expectation and it's evidenced by the vicks or volatility index being so low and the bond market is antsy and one month treasury getting five and three eighths and it's like a kidney stone when you have -- here we go. you know it's going to pass but you know it's going to be really painful. lauren: that's what pemco said; right? >> i should probably quote that. stuart: s jason, you're killings here. it's going to be painful but then the relief, big rally? >> then you're faced with the same man in the mirror. might have moved houses but looking at stubbornly high inflation that the fed is going to probably stay higher for longer. and you have an environment where margins are going to be compressed as a result of the elevated interest rates to combat that and i'm not implying that the setting up for doom and
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gloom and not saying by summary this is buy the rumor sell the market. stuart: we're going to be spending more money no matter the agreement and we'll spend more and we'll go into enormous debt. it's important for women to be spending millions a year on interest on the debt. how will the market react to that? are we setting up a debt bomb in the not too distant future? >> i think so. interest rates are going to likely see across the curve elevated rates for a period of time and debt bond resulting in a recession. that's not an end all be all recession. it'll be a relatively muted one and takes a long time to get to the other side with this debt bomb, we similarly don't have the amount of bank stepping up to the plate.
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private credit may step up to the plate and less liquidity and tightened credit conditions, we'll be in a environment where we're going to have muted returns for equities for the foreseeable future. stuart: muted returns of equities for the foreseeable future. if you're approaching retirement age and the market is dead flat, you don't want to hear that but that's what we just heard. >> you don't want to hear that but the good news everyone hiding out in the same ten stocks, ample opportunity with the other 490 some odd stocks and the market will sniff out the other side of this recession. some of the more cyclical value stocks playing catchup and a stock picker market. stuart: come back soon but no more talk of kidney stones. you're all right indeed. paypal moving and lauren explains why. lauren: about 3% and they own venmo and launching an account for teenagers and lots of parental controls, no fees, get kids acquainted with money and the like and spending and i think that's a new revenue
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stream for them too. stuart: maybe buy taylor swift tickets on that. pfizer, what are they doing this morning? up down or what? lauren: they have a pill. oral weight loss drug to rival ozempic, which is the injection and they're promising the stock is going up. lauren: not an injection, it's a pill. stuart: that's huge. lauren: chevron acquiring colorado-based producer for $7.6 billion and pdc energy up 8.25% and i thought the fact this wasn't a texas or new mexico play was a big deal. it's another play. chevron wants in, pdc energy is up. stuart: it's a gigantic underground lake. lauren: billions of oil untapped. stuart: half the size of texas. it's gigantic. thanks, lauren. now this, more bad news for bud light. they're reportedly offering to buy back unsold expired beer from the wholesalers.
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we'll report. tens of millions of people will hit the road for memorial day weekend and it'll be one of the busiest summer holidays on record. we have numbers for you. california's reparation panel wants $1.2 million to every black resident of the state. former cincinnati mayor says reparations are a disaster that all black americans should reject. kenneth is next. ♪
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stuart: newsom's california reparation panel is a disaster. all black americans should reject it. kenneth blackwell wrote that and he's the former mayor of cincinnati and joins me now. your honor, why should black americans reject reparations? >> first, it is patently silly and socially unjust for the same left leaning forces that claim a school child can make up his or her mind that they are something other than what they were born sexually or gender wise and now saying every black person in america deserves a million dollars or more. can you panel, stuart, how many people will claim that they're black? if in fact you can determine you were born male but you claim to
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be female, what will stop a lot of folks in what is the most diverse country on the face of the earth claiming they have a right to that money? it is economically destructive but more importantly it is essentially divisive and must be stopped in its tracks but i'm going to make sure the good governor of california carries that weight around his waist as he jumps into the deep pool of politics. he is going to drown. stuart: it's a very visual image i have there, your honor. the university of minnesota has a summer research program reserved for nonwhite applicants only. that sounds like blatant discrimination to me. how do you see it?
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>> i was a young lad and worked for dr. king and roy wilkens and if you see pictures standing side by side, there were whites and asian indians and jews and whole pedigree of folks who in fact took a stance. you know, we can't use discrimination to fight discrimination. we in fact can create opportunities and we watch that in the 60s and the other thing that i will say that they
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de-troy historically black colleges and universities like a&m and if you're telling people not to go to florida, you deny the achievements of florida a&m and three other historically black colleges and universities in florida. i'll go right back. we can create opportunities. what we want is a opportunity society. we don't want the expansion of welfare state because that generates dependency and that doesn't generate free standing citizens. what it does is it gives power to an elite in washington who in fact wants to centralize government and control american subjects not free citizens. stuart: culdoyou just give me -- could you just give me 30 seconds on the big picture.
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racial relations between black and white folks is improving or getting worse at this moment? >> i think it's getting better because more blacks understand they need school choice and opportunities to break free of dysfunctional schools who i consider to be a modern day plantation. so, yes, people are getting better when you -- race relationships will get better when you empower citizens of all colors and ethnicities to take advantage of opportunities of a growing america. but with these knuckle heads in the clown car in washington right now not creating opportunities, not growing our economy, what we in fact have is this cry for government dependency and impossible economic formula that will lead to the down fall of america in we don't stop it in its tracks.
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stuart: kenneth blackwell, will you please come back soon, open invitation any time you want to be on the show. love to see you, sir. good to see you. >> thank you, sir. look forward to it. stuart: yes, sir, thank you. pete buttigieg says the transportation department is working to avoid travel disruptions this memorial day. watch this. >> airlines to establish more realistic schedules and actively supporting that, but there is a question of whether -- there's always a question of weather airlines are properly aligning their schedules that they're promising with their resources and the staffing they bring to the table, including ooh enough of a buffer to deal with situations that may come up. stuart: don't worry, sports fans, the secretary will sort it out. he's blaming the airlines, again. speaking of memorial day, travel. come on in, ashley. home people are headed out of town this weekend? ashley: a lot. no, triple-a case more than
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37 million people traveling by car and slightly lower than pre-pandemic and up 6% from last year and 3.4 million people expected to catch a flight. good luck. so all told travel this coming memorial day weekend will exceed pre-pandemic levels and triple-a expects the roads and airports to be the busiest since the year 2000, 23 year withs this coming friday expected to be the most crowded. let's hope the transportation system and mr. buttigieg can handle the strain. stuart: we shall see. black to the markets, thanks, ash. a narrow trading day and the president will meet with the speaker on the budget deficit and budget ceiling, dead ceiling and the market -- debt ceiling and the market is on hold to find out what is discussed
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there. then this, golf pro michael block sing sinks a hole in win at the pga and people calling it a cinderella story and it was. we'll carry it for you. president biden saying don't blame me if we de-fought on our debt. >> if there's a breech, nobody will blame you? >> on the merits of what i've offered, i would be blameless. stuart: i thought he said something more but he didn't. steve forks will be here. does he think biden is blameless? that's next. ♪
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astronauts to the space station. watch the launch. >> three, two, one. engine's full power and liftoff falcon 9. stuart: the mission being led by former nasa astronaut and on board is three paying customers including the first saudi women to go to space. the crew docked safely at iss this morning after 9:00 eastern time. check those markets, please. i still have a bit of red ink for the dow. not much more. a small bit of green for the nasdaq and s&p and we've got that meeting biden and the speaker this afternoon. that's what we're waiting for. show me me meta. now it's up. they were hit with a $1.3 billion fine by the european union. susan, all the peep want is our money. susan: that's what the stock is reacting to. really at the end of the day, is it just all money? which we know meta and
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zuckerberg have a lot of and eu ruled that meta and zuckerberg illegally sending eu user data back across the atlantic to be stored on u.s. server datas and the eu alleges it's vulnerable to u.s. spying and it'll hurt the users 225 million using facebook on the european continent saying that without the ability to transfer data across boarders, the internet risks being carved up and national silos restricting the global economy and leaving citizens in different companies unable to access many share services we've come to rely on. the reason meta is now up and rallying after that initial knee jerk selloff is a ruling that it probably speeds up a new eu/u.s. data transfer deal and allowing companies like meta and google and amazon sending back european user data to be served and stored on u.s. servers. this could be implemented in the next six months and would allow
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eu users to challenge any surveillance on u.s. shores and not a new thing for meta either. look at numerous multimillion dollar fines over the years for data privacy coming to teenagers and ad practices and $1.3 billion fine is the most levied on any company for breaking data prove seizure disorders rules and tops the $887 million fine against amazon back in 2021 accused of illegally stripping data user data for advertising and amazon and meth meta appealed the cases and even if meta wins the case, they might be liable for 1.3 billion fine since the eu says they're liable for the damages before the new data deal was signed between the eu and u.s. and if it's just money, the tech companies can afford it. it's not a big deal on the bottom line. stuart: europe innovates something worthwhile and can make their own money. susan: can i make one correction from earlier, $137 billion.
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stuart: okay. sounds like a lot of money to me. susan, great stuff. thank you. president biden claims he is blameless in we default on our debt. watch this. >> element on the debt limit already, you've said i've done my part. you think if there's a breach, nobody will blame you? >> on the merits of what i've offered, i would be blameless. on the politics, no one will be blameless. that's one of the things that some are contemplating. stuart: look who's here to sort this one out for us. his name is steve forks, you know him well and so do i. all right, steve, welcome to the show. >> good to be here . stuart: is biden blameless? >> the cam tiana of the ship go -- captain of the ship going into the i iceberg is not blameless. stuart: heaven forbid this is the titanic. >> i think we're stronger than the titanic but he leaves he puts something on the table he believe it is take it or leave
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it and this is the beginning of the real negotiation. stuart: his left wing won't let him give away this for real. >> this is what might happen. they might come up with the deal where you'll find a lot of democrats and have bipartisan opposition and bipartisan support but it will ultimately pass. before the next selection and the debt ceiling again or after the election. push for after but i wish it was before and that create conditions for more spending constraint. something we need a bit of. stuart: we do. regardless of the deal, there's going to be a lot more spending and a lot bigger debt down the road. pretty soon we're going to be spending a trillion a year on interest payments. that's not sustainable, steve. >> well, it's insane and that's why you need a growing vigorous economy creating resources, creating assets like we did in the 1980s or after we did in world war ii when we had a
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higher national debt than now, we grew outrebou our way out ofd the democrats don't have it and hopefully the republican wills offer it next year. stuart: there's a new op ed with stevenmore titled hey, wall street, stop putting politics over my retirement savings. explain to me, please. in what way does politics affect my 401(k)? >> who votes the shares that are in your account? you don't do it in the index funds or other funds. the managers do. so what this survey did was look at scc data and see how the managers votedded by proxy and the shares that are really yours and we found out some firms are good and don't put politics involved like vanguard and fidelity and some like a state street and block rock had been, they had politics and go along with esg and crazy climate proposals and the way to fight it is put it out there and let people see which firms are doing right and playing straight and
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getting the best return on your investment and who's playing politics with your retirement money. stuart: at the moment, all of our retirement is trying to be squeezed into a a narrow box that's green and esg compliant. if it's not, you can't make the investments. >> with the far left having tens of trillions out there and they don't control it. >> you're going to get lawsuits and fiduciary responsibility and pulling out money firms playing politics with pensions and really sunshine is your management firm playing politics with your money or not? i think that creates shareholder pressure and we elections coming up, that's a good thing. stuart: did this all start with blackrock, larry fink?
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stuart: thank you, sir. thank you. now this, senator bill cassidy republican of louisiana, he thinks donald trump doesn't have a chance in 2024. roll that tape. >> that means president trump is going to have a hard time in those swing states, which means he cannot win a general election. stuart: well, we're going to get reaction from a former trump campaign director. more workers testing positive
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for marijuana. all that drug use leading to more accidents in warehouses and transportation jobs. madison alworth has the full story after this. ♪ i can't, you know, thank my parents enough for making sure that this connection is here. one of the things that my mother told me when she was in the hospital, she didn't tell me, actually, she couldn't speak at the time, but she wrote it down... "go see alicia." oh, my goodness. you know, and there was never a time that you were too busy. there was never a time you said i'll call you back, you know.
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stuart: there's a record number of workers testing positive for weed right now. companies are now trying to figure out rules and regulations against smoking on the job even as more states legalize this stuff. madison alworth is with us. does this mean workers could get in trouble for smoking pot during their free time? reporter: stuart rarely but, yes, it is possible.
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? states where marijuana is legal like here in new york. they can't test during employment and particular system of impairment. >> employer haves to be very care and feel if they assume that there's a symptom of impairment and it turns out to be the function of disability, they could have severe problems under the division of human rights. reporter: there's an increase in positives and i want to focus on transportation you see there a 35.9% increase because the ability to test rendition of anthony and during employment changes if the person works in a sensitive field like police officers.
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then at that point, there can be drug testing, which is what happened with five supervisors of top view. that's a sightseeing company here in new york city. the company administered tests for marijuana and then terminated those five employees. >> more important for the supervisors and going for the line and drivers take the break and leave the buses and have the safety of the employee. reporter: it gets tricky and the five individuals are now suing the company and alleging they were not in safety-specific roles and targeted for their off the clock marijuana use and that this is really a case of discrimination. stuart. stuart: madison, we hear you. thank you very much indeed. bring ashley back into this. i've got a question, what's this about bud light buying back beer that's not been sold?
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ashley: yeah, reportedly buying back unsold cases of its beer we're told have gone past their expiration date. in other words and another way of putting it that hasn't sold and comes off sales fell as much as 23% when parent company anheuser bush unveiled a sponsorship deal with trans-activist dylan mulvaney and at the same time sales volume for rivals like coors light and miller lite jumped by 17%. the markets chief that came up with the idea and her boss were placed on leave. the company also says they never intended to divide people and gone back to the core customers with marketing themes focusing on football and country music. stu. stuart: thank you very much indeed, ashley. i've got a quick programming note for our viewers. tonight we have two new episodes of american built.
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first off a preview of the homestead steel factory. watch this. i>> every day could be your las. stuart: danielous business or turning -- danger us business or turning rocks into riches. >> it is a machine that must keep moving. stuart: power, profits, and violence. >> no one knows who fired the first shot. >> it was a blood bath. stuart: how they made the metal. steel. >> once you have steel, you can pretty much make anything. stuart: that's true. once you have steel, you can pretty much make anything. two new episodes pebble beach at
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9:00 and steel factory only at 9:00 eastern on fox business prime. show me the dow 30. get a sense of how we don't know where the market is going and two-thirds of the dow 30 in the red and one-third in the green and therefore up. dow down exactly 100 points. a former trump campaign director will not be back for 2024. aaron perine joined a super pack backing florida's governor desantis. why the switch? i'll ask her because she's on the show next. ♪ lomita feed is 101 years old this year and counting. i'm bill lockwood, current caretaker and owner. when covid hit, we had some challenges like a lot of businesses did.
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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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stuart: a hole in one at pga championship. i guess you can call this a cinderella moment. tell me more, ashley. ashley: yeah, i watched this and incredible and most holes in one seeing the ball land on the green to roll into the hole. this case remarkly the ball didn't bounce at all and landed straight in the cup. watch this. >> the fairy tale story gets
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better. a hole in one for michael black. ashley: it just disappeared. remarkable. pga pro michael block there next to rory mcilroy and became a fan favorite and ended up finishing 15th in the tournament taking home $288,000 and that's the most he'd ever made before yesterday, which was only $75,000. he also qualifies to play in next year's pga and up and down he made on 18 to save par was legendary but the memory of that hole in one: priceless. stuart: straight in. he couldn't believe it. ashley: he didn't know where it went or what happened. stuart: great stuff. moments ago literally senator tim scott officially launched 2024 presidential campaign. there you go. he just did it.
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florida's governor desantis is expected to announce later this week and look who's here now. erin perine who used to work for trump. she was the trump communications director at one stage, were you not? >> press communications, yes. stuart: press communications and now you're backing desantis. >> i am. stuart: why? >> i fully believe that governor desantis is the future not only of the movement but the republican party because unlike other republicans, ron desantis isn't afraid of the hard fight. if you're talk about corporations, talking about big business, talking about schools, indoctrination and hypersexualization and all the buckets the woke left wants to demand fidelity too and other republicans pay lip service to those sights. stuart: trump will take on anyone. >> but he doesn't win. he picks a fight withwhoopie
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gold burg and she's still on the view. not the way ron desantis does. stuart: did donald trump do something to make you switch to desantis whether it was a moment of clarity saying i can't take this? >> for me it was about the opportunity -- stuart: no, was there a moment? you live in georgia? was georgia the problem? >> i live in atlanta because that's where the super pack is based and my boss is and my home base is right now. nothing to do with that. this has to do with the future of the party and our ability to win in november 2024. there's a very clear through line right now in polling and a few outliering but desantis beats biden and biden beating trump. if republicans want to get this country back on track, economically, socially, ability for tomorrow to be a better day, they're not going to get that by putting up the sam fight we lost in 2020. it means a new direction and shows ron desantis, this is a two man race and this is the man to back. stuart: you're intense and you love it? >> db of interaural and feel very fortunate to work for never back down and a movement behind a man and student for this
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country to get it -- opportunity for this country to get it right in 2024. stuart: rory harmon oning the super pack. >> yes. stuart: did lambert come to you because he was a trump donor and now giving to desantis. >> that's not a conversation i've had but you're seeing republicans across the country, including donors who as they hear of the governor's story, not only of that fight but of the man and his service stepping up and becoming a jag attorney and deploying seal team 1, his family and faith and learn more about ron desantis, the more they like him and we've seen in polling where as we tell his story, which is what we're doing at this super pack, you see voters move from trump to desantis. stuart: some people don't like him. personality wise. >> if you like someone 100% of the time, you should marry them. i don't know anybody that likes anybody 100% of the time but you see a fighter in ron desantis. stuart: you love this job. >> i do love this job. i'm very luck jy. stuart: next time you're in new york, come see us again.
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erin perrine, everybody. it's the monday trivia question. in which year was memorial day first recognized: 1814, 1868, 1890, 1919? the answer after this and, erin, if you want to stay and play, you can. we'll be back. 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. - "best thing i've ever done." . . reverse mortga
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starting a new chapter can be the most thrilling thing in the world. there's an abundance of reasons to get started. how far we take an idea is a question of willpower. because progress... is a matter of character. stuart: we asked which year was memorial day recognized. ashley and i will play this one. i will go first. i will say 1890.
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on the grounds 19 h h 19 too late. i say 1890. ashley what do you say? >> with the absolute come plight conviction i have no idea. latest one number four, 1919. stuart: oh, how wrong can you be, stu. the answer is 1868. memorial day took place on may 30th that year at arlington national cemetery. ashley, while we got you, 37 million people went to florida the first quarter of this year. are you hoping they leave so you got more space down there?
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