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tv   Varney Company  FOX Business  June 5, 2023 11:00am-12:01pm EDT

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>> you are from mars and landed on earth and saw the most powerful country led by joe bide and scratch your martian head and wonder how on earth did this
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guy become the president of the united states. >> the markets have a leg and there's places that want to find homes and my take is we're exiting the recession even though it's not called that. >> i'm not going to predict a recession but it's been wrong for the last eighth months and we can skate around one and the opposition right now. >> what we have with nvidia is a very, very good company, but i would really warn your investors out there, ashley, to not chase this stock. it's not going to hold up the way some people think it will. ashley: what a beautiful shot. lady liberty on a beautiful sunny morning in new york city. 11:00 a.m. on the east coast on this monday, june 5. i'm ashley webster in for stuart today.
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hope he's enjoying his time off. check the markets, the dow is off a quarter of a percent, the nasdaq up about four tenths and s&p up about two tenths. pretty muted stock to the trading week and look at big tech name ifs we can because we should look at apple. app 18 up nearly 2%. apple up nearly 2% and have the big developer conference with the products and alphabet, me taxer microsoft, amazon all moving modestly higher and microsoft up half a percent. take a look at 10 year treasury. that has suddenly taken a turn. it's now down half a basis point at 3.69%. it was moving higher earlier in the session. all right, steve forbes, how lucky are we, he joins us this morning. >> good morning. ashley: good morning. you say americans are y yearning for a candidate outside of the mess of political establishment. i agree with that, but who could
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that be do you think, steve? >> we'll get the first round of debates, republican debates in august where several will try to do that, governors especially, whether the governor of virginia announces, governor youngkin and the governor of north dakota that no one has heard of and the true outsiders, chatter about jamie dimon running as independent and schultz, creator of starbucks could be a candidate and gave serious consideration in 2019 to run a third party and had the means to get himself on 50 state ballots and thought not to do so and there may be a hit for that. and i think you'll -- appetite for that. maybe even mark c cuban. people looking for true outsiders the way they did in 1976 when jimmy carter, former one term governor of georgia
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comes out of nowhere and gets the nomination in the white house. ronald reagan was a true outsider in the late 1970s. democrats consider him their weakest candidate, opponent, and he got the nomination. won by a landslide and became a great president. so i think the american people are in a mood for that again. hopefully it'll be of the reagan escambia and not the carter but they're in the mood and we'll start with the debates in august. ashley: i can't wait because it's going to be fascinating to watch. but i want to move onto this subject, steve, saudi arabia are going to cut its oil output by a million barrels a day, okay. should joe biden open the spigots and unleash american energy? i'll answer my own quo and say yes, to key -- question saying yes and keeping prices down. >> he put on the petroleum reserve putting on the 2022 midterm elections and of course we are now discussing, he should remove the barriers to producing
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this stuff here at home. if he'd allowed natural forces to take place, our oil output is 1.5 million to 2 million barrels a dale and allow pipelines to be built and infrastructure and permits and all those basic things that could be done and knock the oil price and gas prices down nash rally rather than playing political games and joe biden feels oil and gas have no future and windmills and solar panels but i have news, it's not. thankfullybecause otherwise would reck the economy. we don't want to go back living in caves. they're awfully damp. ashley: and a little chilly. you mentioned the economy, steve. you pull back. we had that amazing jobs report at the end of last week, the may jobs report. incredible resilience in this economy in the job market, core inflation still not where we want it to be. where does this leave the fed?
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>> well, the fed should step back and take a six month or 12 month vacation and stop trying to depress the economy. that jobs report if you look at it closely had some ominous features in it. the so-called household survey that's a better reflector of what small businesses are experiencing of 300,000 job cutback. not a move forward but a cut back. the fed should not raise rates but fed should say let the markets set rates and i think the american people would gladly give them all expense paid vacation wherever th they want o go for 12 mo months and stop pending for more regulations on banks and banks are not a good thing and leave the economy alone and they can do just fine and take credit for how geniuses they are. ashley: we hear you, steve. based on what you've just said, are we heading towards a recession? could we see a mild recession. what does your crystal ball tell you? >> well, as my grandfather liked
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to say, he -- my late grandfather founded forbes over 100 years ago and said we make more money selling advice than founding it. the theologians or economic theologians call it a recession or not. there's crisis overseas and companies overex-tepidded with the high rates and -- overextended and high rates and unnecessary turbulence and we'll get into choppy waters and the key thing is what happens in 2024. will it be like 1980 conquering the inflation, put in tax cuts, deregulation, got the economy moving and great known vagues and the world had a -- innovation and the world had a happy time. ashley: we'll cross our fingers and look hard into that crystal ball for that. steve forbes, terrific stuff this morning thank you very much, steve. we appreciate it. >> thank you, ashley. take care. ashley: thank you. take a look at markets, the dow off a third of a percent now.
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the nasdaq up a third of a percent in the s&p up in the middle of a tenth of a percent. jason katz joining me now. great to see you this morning, jason. you don't think the fed is done raising rates. to follow up on what i was talking to steve about, what would another rate hike do to the markets? >> to take a step back and to had mr. forbe's point and what the fed should do and will do is two entirely different things and the fed is to skip, not pause. again to steve forbes' point between quantity hittive tightee tightening and most treasury issue shawn over the course of the month -- issuance over the course of the month, the fed should take a step back but won't. the economy has been incredibly resilient and earnings incredibly resilient and they figure they can go a little bit more because they can always take a little bit back and that's precisely what they're going to do.
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i do think that extra rate hike will tip us into a recession at some point in the second quarter. >> interesting. ashley: one of the subjects that's been pretty hot this morning with some of the analysts is the fact that the rally we've seen has been led by just a handful of stocks. it's a very narrow rally and one that doesn't really speak to the, you know, the broad-based market overall. is that a concern for you? are we in somewhat of an ai bubble if you'd like? >> yeah, the breath of the market has been incredibly narrow. in fact the disparity and performance between the dow and nasdaq never year to date been as wide and performance of growth versus value, never as wide. 20% differential. you want to go not to where the quarterback is passing, you want to have him lead the receiver. we finally saw a broadening and reverse of the mean on friday. now, one day does not make a
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trend but it was very heartening to see the dow and russell 2000 up 3%. if you look at cyclicals, value, small cap. that's precisely where you want to be allocated and ai may not be a bubble, it is fully and fairly valued and late to the game to chase that trend. ashley: got about 30 seconds, jason, any stocks in particular, in those areas you mentioned? >> no stocks in particular because i have to speak broad based, but you want to think [inaudible]. infrastructure, looking at nearly $100 trillion in the next quarter of a century that has to be spent on infrastructure. fixes roads, bridges, tunnels. infrastructure is an area to look at. you want to look at food and agriculture where the on shoring of food supply chains so these are industries that are largely inflation and recession
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resistant, high barriers to entry, price of elasticity and pre-session or not, thematic places to look above and beyond cyclical value and dividend and you want to have representation in this market. ashley: terrific information as always. jason katz, thank you for joining us this morning. let's bring lauren back in if we can. take a look at some of the movers. let's begin with a stock that's been on the move and it's on the move today, palantir. lauren: i know, 7% gain and landed new contract with the u.s. operations command and worth $460 million and covering software support to help the government break down big data to enable informed and realtime decisions. that is a nice gain. especeste lader, they were downd and don't see much upgrade in this and down 2% this year and
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good -- 24% this year. dominoes pizza, 50% off pies this week. less money coming in for one week. order online or the app, don't call. they may not answer your call. lauren: i like placing my order by phone. i find it more district. ashley: yes, i know. i'm old school too, don't worry about it. walgreens testing new antitheft stores and only two aisles open for customers to browse. that's a pain in the neck. where it's happening and exactly how it works. los angeles wants to charge you for sitting in their famous traffic. i've done that myself many times. they're considering congestion pricing for popular freeways. critics call it a money grab in the name of going green. we are on that story. the baltimore city school system has one of the largest budgets in the country but nearly nine out of ten students are not proficient in math. that's sad.
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it's one of the reasons why my next guest pulled her son out of school. she's got a laundry list of other reasons as well. she'll be here right after this. ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.
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davis school district in utah north of salt lake city about 72,000 students. the parent was trying to make a statement about utah 's law that banning any books containing indecent or pornographic materials and, yes, there's stories of rape and incest and violence in the bible. they submitted a complaint with bible passages that parent thinks violates the law, and the school district reviewed the complaint and removed the bible. now they're available but only in the libraries at high schools in the district. so parents are obviously complaining about this and now the district is going to reconsider their decision. ashley: yeah, i think they will. all right, lauren. by the way, my next guest is a mom who decided to pull her son out of public school and homeschool him. her name is blanca and she joins me this morning. great to have you with us. i want to hear about your story. what led you to take the big step to remove your son from
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school and homeschool him? >> yes, well, good morning and thank you for having me. i have had ten years of experience in the public school system. so this is not something new that's occurred. most recently since 2019, crt train, the crt train, the sel band wagon and most concerning is actually the gender ideology with the slant of political seasoning with it. so i decided in 2019 to pull my first grader, who was advanced and thought this is the projection we have for this child. he's only 6, what is he going to understand about same sex marriage and that ideology. it does exist. maryland is a liberal state so
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city hall proudly put their pride flag on top of city hall. what's going on in my home. is he learning and prepared for upgrade high school and employed and a prepared individual to contribute to society? that's my number one goal and that's why i pulled hip out of first grade. he will never go to a public school in baltimore city. ashley: you're a former teacher as well. why did you leave? >> yes, i am a former teacher and together for three years at local private school and preschool and after care director. it was a full immersion program and had a vendor come in and that kind of caused me to leave for no reason other than that. then i went to the public school system and that is when i experienced the abusive,
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harassing, bullying nature of a lot of teachers, and my -- the straw that broke the camel's back was when i was asked as preschool para professional to read books to 4 year-olds that include two men could be married, in a family, a unit, they could have a baby, they could have this and i gave my notice and said never again. because also there was a teacher there who was -- she reprimanded a young little girl at 4 years old when she turned to a boy and said boys can't wear dresses and she turned to her and said yes, they can wear dresses, boys can wear dresses, so here's this fight between a bully, who's a teacher and two 4 year-olds. who wants to take on that kind of fight? i didn't want to take on the fight with the bully that was 30 years old and gave my notice and said i believe we can do better.
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something is forth coming the fall and and really teach the abcs and 123s and care in a competent environment setting. ashley: that's not much to ask, but i want to move onto this, blanca, randi wiengarten reportedly pressured the cdc director to change guidance about reopening schools in early 2021. were you a fan of keeping kids out of the classroom? >> i was not a fan of keeping kids out of any learning environment that provided for their safety and their educational journey. one of the most disastrous, at least in maryland, one of the most disastrous things that happened is mask the kids and lock them up.
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also, this is a individual that earn as lot of money and has lots of power but does she have any children? that's my question. is she aware of the $1.7 billion budget allocated for the public schools to the school year. i was always going to be an advocate for opening up competent schools that do not have a bias lean. they push to getting board commissioners elected in baltimore statement think want everybody to be elected so they're in perpetual power forever and ever and ever. i'm a fan of competent schools where teachers are appreciated and also children are learning to prepare them. that way they can take roles like yours and mine, teaching or be it in journalism.
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ashley: blanca, you made your case very clearly and perfectly. we wish you and your family the best of luck. thank you for taking time to talk to us. >> thank you. ashley: yes, you too. many of us are stipping out on getting -- skipping out on getting covid boosters apparently. give me the numbers, lauren. lauren: only 20% of adults are getting the latest booster, according to the cdc. look, many people aren't getting the shots because they don't think they'll last that long. vaccine's effectiveness oturu preventing hospitalization dropped to 24% after 4 to 6 months and if you're on the booster system, you're getting one two or three time as year and people are saying i'll take my chances. ashley: yeah, more and more. okay, lauren. mayors across the country are also sounding the alarm on mental health hawaii are they saying? lauren: huge crisis and need
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more money to deal with it. there's a survey about 117 cities and their mayors and 97% of them said they've seen request for mental health help increase over the last two years. 88% of those mayors say they do not have the resources to help the people. most of the mental health problems stem from substance abuse but covid, hopelessness, and the economy. homelessness and the economy. you're seeing some police departments pair up with mental health professionals to help the way they respond to some of the calls they're getting. it's a crisis and with teenagers and adults and we've got to do more about it. ashley: get more help to them. lauren, thank you very much. look at markets and it's been open now for two hours and we've been kind of a sputtering start to the new u.s. trading session this week. i can't even say it. a dow off a third of a percent and s&p 500 and nasdaq are up
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half a percent and some big tech names are moving higher and all very muted. now this, prince harry will testify in a british court this week. he is suing a tabloid publisher accusing them of hacking his phone to get scoops on the royal family. the articles date back to harry's 12th birthday. we're on that story. no business seems to be safe from crime in san francisco. the owner of a security firm says his business has been robbed and his car is constantly broken into. tom wong says he sees no end in sight to the problems in the cities and guess what, he moved out to the supporter bushes and joins us next -- suburbs and he's joining us next to talk about them. ♪
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ashley: a quick look at these markets and the dow off a quarter of a percent and nasdaq up half a percent and s&p up a quarter of a percent. a mixed picture at this point. by the way, apple as we talked about earlier and set to unveil mixed reality headset and augmented virtual and something
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like that, susan li is here to sort it all out. susan, anything you can tell us about the big announcement? susan: not going to be cheap and cost $3,000 and not for everybody, at least not at first but it's apple's first product category since the apple watch was launched almost a decade ago and forecast say apple will sell around 900,000 ovnew virtual reality, augmented reality headsets in the first year and not a big number for apple since they sell around 200 million iphones in the first year and brings in $200 billion in sales and the new one o not shipping till closer to the holiday season so maybe you can get me one for the christmas season. selling virtual reality means the company is only expanding it is footprint from phones to computers and even bank ariana ingmeaning apple is selling a -- offering a credit card and
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giving 4% interest rates and heard of complaints and some customers can't get their money out, at least not quickly enough. wall street bullish on the company and opened at record high this morning and apple is worth more than $3 trillion once again. $3 trillion and more valuable for the entire uk stock market all part of the developer and conference and getting software along with hardware and getting new ios17 update and think of more animated emojis and health and fitness trackers on the new iphone and new mac books as well and tech world is excited and curious how the world's biggest tech company will revolutionize the virtual reality world that hasn't caught on. facebook changed their name to meta and the meta verse but they haven't gotten a lot of traction just yet and see if apple can do what meta hasn't so far, which is to get average folks to live in the virtual world and wear a
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computer on their face. i don't see you doing that, ashley, and certainly stu will not at a $3,000 price point. ashley: i'd love to see it though. for $3,000, we'll wait till the price comes down a bit. susan li, thank you very much for what we can expect from apple later today. onto this, a walgreens in chicago opened a new antitheft store with only two isles and customers shopping for themselves, anything not found in the aisles has to be ordered via a kiosk and soms after the national retail federation cost the industry $100 billion and the store opened last tuesday to mixed reviews and some say they like not having to call an employee to unlock products. okay. but some say they feel the lack of trust in disappointing. what a mess. joining me is a san francisco business owner who says he no locker recognizes the city he grew up in.
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tom wong is his name and he's with us this morning. tom, thanks for joining us. you lefted city and moved some of your businesses out into the suburbs and what led you to that decision? >> thank you for having me and we look after each other and it's not a community, it's lawlessness. youth without a vision and opportunity and taking it out on the residents and the businesses. ashley: you were a victim of crime though; right, tom? how badly was your business affected? >> tremendously. it was affected tremendously because we got broken into and shortly after that, our cars got broken into. they stole everything. they stole the computers, the tools we use to help board up
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businesses when they get their windows smashed out, we have cars that we use and that was smashed and equipment was take out and we couldn't go back out on patrol. we couldn't do most of our work. even my personal car has been attacked and robbed several times and these people when they rob us, they have guns. these youth who come and rob the community, they -- you can see it from the videos, from the short youtube videos to tiktok videos, when you try to intervene, two, three guys jump out of the car with a gun to shoot you or scare you away. that's very intimidating when there's two or three people with guns robbing people. ashley: who do you blame, tom? >> the mayor and city council. it's horrific the way they run it. the city is about $1 billion in deficits and probably $1 trillion in lawsuits right now because of covid and other
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safety issues. the fault falls on the mayor. she's a failed leader and resident haves moved out, tech workers have moved out and it's a ghost town out here. when there's no opportunities here and anchor stores are gone, crime rises and they'll take it out on the residents and we're fed up. we have military doing police work in san francisco. it's that bad that we need military to come in and do police work? that's a failed leader all the way around. ashley: tom, we're out of time but thank you so much for joining us. san francisco is always been a crowned jewel, a beautiful city but what's happened to it now is an absolute travesty and hope things can turn around quickly. thank you for taking the time to talk to us this morning. we really appreciate it.
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>> thank you. ashley: just awful. thank you. now this, further south in california. a new proposal in los angeles would charge drivers for sitting in traffic. kelly o'grady joins me on this story. kelly, why would los angeles want to make people stuck in traffic pay? reporter: ashley, it's called congestion pricing and if you have people tay to use the freeway, it's less traffic. traffic is synonymous with los angeles. last year folks sent 95 more hours in their car due to traffic. that's roughly four days of someone's life. this plan there's no word on how much it would cost drivers and they would be charged more for peek hours so i want to give you a sense of where this might be happening. a number of areas in consideration but on the map, one in particular is the 10 between downtown and santa monica. some are arguing this is the only feasible way to reduce
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traffic. >> most of us understand that for many things, just having the good be free is just going to invite a shortage and that happens on the roads. reporter: there's a lot of concern about doing things like this in los angeles even though it's done in singapore and elsewhere overseas. we're struggling to get people back in the office and now think about charging someone to drive into the city and could price out lower income drivers and talks of subsidies with the plan and no word on how it's implemented and we're at a gas station today off one of the freeways in question. we decide to talk tafanely drivers on how they feel. >> it doesn't work for us. not for the common people. i think it's ridiculous. >> we're already paying taxes, you know, more than enough on
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everything and he wills people are fed up with what's going on in the city and it'll add to the turmoil. .i now, ashley, this is gaining steam in other areas in new york actually. they're waiting for the final approval on a congestion pricing plan. i mean, you heard from the drivers yourself right there, i'm not sure how happy people will be about this in los angeles, back to you. ashley: yeah, just another tax. all right, kelly, thank you very much. great stuff. now this, the star of mr. bean says he feels duped by electric cars. the british comedian said they're not as green as people want you to think. we're on that story. 77% of jen zers and 75% of millennials consider looking for a new job if their employer asked them to work in the office full-time. they want work life balance but are they being realistic? that story is next. ♪
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ashley: 70% of workers unhappy with their jobs and more gen zers and millennials want a better work life balance. bruce file service connected author of the semper and finding meaningful work in the world. what advice would you give people to make their work lives happier? >> i think that the big change that's going on that you just eluded to is that you don't have to chase someone else's dream but chase your own. you're not supposed to be happy in your work and led by millennials and gen z and people want work that makes them happy,
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andive spent the last few years traveling across the country collecting hundreds of stories of people who are happy and what's been missing is actually a tool kit to help you identify what is it that you want to do right now. that's of course what i tried to do in the search, a series of questions to ask yourself to figure out what it is that's the dream that you want to chase. ashley: you say that the worst piece of work advice is follow your passion. what do you mean? >> the idea that you have a career; right, and that you do the -- you climb on a series of paths, that's not how we live. nine and ten people in my show change their passion in the course of their life and we go through 20, what i call work quakes in the course of your life in the moments where you're forced to or choose to rethink or reimagine what you do. and in that moment what you want touchdown pass do and at -- to do and at certain moments in your life is not what you wanted to do at 21. the idea of doing the same thing
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forever and we're not locked into that and a stigma and a myrrhed of the work force quit a job and we're in this moment, the meaning moment where people are saying what i want to do is the most important thing. ashley: interesting. bruce, nearly 4,000 people lost their jobs to artificial intelligence just last month. i mean, my question to you is how do we save our jobs in the age of ai? >> you're not alone. when the car was invented a century ago, a third of the work force lost their job and what i'd like to do is give you three questions to ask. question number one, i'm in a moment in my life when. before you go looking for a new job, you'll be unhappy and back where you are two years from now. are you at a moment to make money and be flex and will spend time with family. have you been doing the same thing for a long time and want to change? i'm in a moment when. i want to be in a workplace where. you want to be outdoors, indoors. ask that question but i think that the key question, ashley, is my purpose right now is
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blank. we're at a moment where you can find work that makes you happy. you can make a change and that's the opportunity that i tried to cover in this search. ashley: great stuff. bruce filer, thanks for joining us. very timely advice. very good indeed. thank you. brexit remembered as historic economic era. that's the word from larry summers thinking britain is headed right towards a recession. ninigel farage is here to respod to that and more next. ♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep,
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ashley: mr. bean actor says he feels duped by the promises made by electric vehicles. all right, lauren. what's he saying? lauren: well, apparently mr. bean is a big car guy, rowan atkinson wrote an op ed in a british newspaper calling out proports of entry pal so ban -- proposal to ban electric cars by
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2030. saying they may be a bit soulless but wonderful mechanisms, fast, quiet and till recently very cheap to run but increasingly i feel a little duped when you start drilling into the facts. electric motoring doesn't seem to be quite the environmental panacea it has claimed to be. he cited emissions from the manufacturing of the batteries. he might know a thing or two about all that. he actually has an advanced degree in electrical engineering and mr. bean doesn't support buying electric cars yet. he thinks they're not as green as many people think and that their production emits a ton of greenhouse gases. ashley: i love the video. running all that while sits inen a arm charm on top of -- chair on top of the car. thank you very much. larry summers sounding the alarm on sounding recession in the uk that brexit is a fee factor in
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and created problems that will lead to the recession in the next two years. former leader of brexit party nigel farage is with us this morning. great to see you. some say your movement will cause a recession and it's been a mis-toric economic mistake, answer that . >> they never give up. the globalists never ever give up and you've got to remember whether it's larry summers or the clintons or bidens, they love brussels and the european union. it's the prototype of what they'd like the whole of the world to be in. some of course blame brexit for everything. interestingly, what i am very critical of this government not using the brexit opportunities to deregulate, not using the brexit opportunities to de-rhus the massive inflow of unskilled labor, but when it comes to how britain is doing in the world, relative to everybody else, what actually our export figures are pretty good, the city of london,
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our big financial services industry with people like summers predicted it'd lose hundreds of thousands of jobs and now more people working in it than ever before. if you have a look at euro zone, you'll see countries in much, much deeper economic problems than we've got in the uk. you know, anything bloomburg publishing of course will tend to be in this direction. brexit, we could have done more with it, but absolutely it's still the right thing to have done. a next one for you, nigel, british prime minister rishi sunak planning to visit the white house this coming week. is he is fan? >> he loathes it and has this romantic attachment to irish nationalism and happy to be photographed with people linked to the irish nationalist
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terrorist movement as it was before we had that thank goodness outbreak of peace in the 1990s. he sees the britts somehow has being an oppress sore and i would like sunak to go and be a bit frankl with him about the fact that america is losing out on a opportunity here. we're the biggest investors, overseas investors in america and you're the biggest overseas investors here. logically we need a free trade agreement between us and trump would have done it and i want to hear tough words from our prime minister. minister. ashley: before you leave, i want a royal story -- no, we don't have time. save it for you till next time. nigel, that's the curse of television. a three hour show and we never have enough time so go figure that. but anyway, nigel farage, great to see you and thanks for
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joining us today. now to a trivia question. painting american gothic and it's a famous painting, who did artist grant wood use as a model for the farmer? his dentist, blumer, butcher -- plumber, butcher or mail courier? that's one to ponder. think about it, lauren. the answer is coming up. look at that great picture much the answer coming up right after this. so, you have diabetes, and your glucose is heading good thing the new dexcom g7 can alert you before you go too low. now, that's more peace of mind withthexcom m
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chase for business. make more of what's yours. ashley: all right, earlier we asked in the painting american gothic who did artist grant wood use as model for farmer. take a guess. >> everybody knows this, ashley. number one, his dentist. i actually have no clue. >> i was going yes, i thought it looked like his accountant. but you're right. >> i'm right? i'm a good guesser. >> his dentist. pretty good. pretty severe looking dentist. he used his sister to model the farmer's wife. looks a little uncertain. we end the varney show. thanks for joining us, everyone. "coast to coast" begins right now. >> ahead on "cavuto: coast to coast," saudi production is going down. could mean gas prices are up even more just in time for the

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