tv Varney Company FOX Business June 7, 2023 11:00am-12:00pm EDT
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>> no one is perceived as being woke, a lot of sons and daughters around the country are not joining the service because they believe that is the case. >> when you hire employees for stopping shoplifters, that's the dumbest thing i've had. right now we are living under the law of the jungle. >> short-term the market trades higher but reality will kick in and the economy will improve dramatically your the stock market will fall apart. >> things are slowing down. here is the reality. there's a lot of warning signs. i wish you would pay attention. ♪ ashley: wow, there is the smokey haze of new york city this morning. i think lady liberty somewhere is out there in new york harbor but the smoke as you can see really cutting down the visibility and it's not great
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for health yay air quality alerts and out thanks to the fires north ofmo montreal and quebec and drifting down over new york city and the tri-state area. not very nice. it is 11:00 a.m. on the east coast on this wednesday, june 7. i'm ashley webster in for stu today. let's take a look at the markets for you. as you can serks the dow ever so slightly higher but we've seen the nasdaq go down 69 points and 10 year treasury yield rises a tenth of a percent and wait for all inflation data out next week and the fed and it is meeting next week. everyone holding their ground. meta, apple, amazon, alphabet all down and biggest news all down and google, alphabet down 2.5% and talking about 10 year treasury yield putting a lot of pressure on the high growth stocks as the interest rates go
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higher and look at this, 9.7 basis points jump for the 10-year treasury yield and now at 3.76%. take money out of the gross stocks and maybe a 10 year treasury when it starts gettingg that kind of interest rate. now this, 2024 presidential candidate vivek ramaswamy calling out donald trump. his campaign press secretary says "vivek believes he can take america first even further than trump and unify the country while doing it by leading with first principles and moral authority, not just vengeance and grievance". martha maccallum joining us this morning. great to see you. is he right? do americans want more than vengeance and grievance? what say you? >> on a base level, most would say yes, they want a lot more than that and vivek ramaswamy is resinating with voters in certain ways and viewers in
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certain ways and he's a very refreshing entrance to this whole process and but the problem he has and all the candidate haves is the former president is dominating in every poll across the board. 50% in that range is a very formidable lead and has an advantage that many of them don't and he was an in incumbent president and had this abbreviation period and many want to see him win again and these februaries are all up against a very difficult challenge of running against someone with large portions of the countries and still can't be considered the person waiting to take that second term, ashley. ashley: yeah, you're absolutely right and i get to this subject of pga and liv golf merging and shocked the sports world and
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former president trump saw this coming and almost four year in advance posting on social media app truth he sawed of all the -- said of all the golfers that remain loyal to the death disloyal pga will pay a big price when the inevitable merger with liv comes and get nothing but a big thank you from pga officials making millions of dollars a year. you know what, he might have call that had and did in fact call it. this whole merger was reading what roar mcilroy was saying and he said i kind of get it and coming to terms and i hate liv tour and the liv players and he's got a lot of bad feelings still. this is get ago lot of backlash. >> it absolutely is. again, the former president with a long history of calling things that are going to happen in the future and calling them right i must say, in this case he certainly did. money wins and that is the lesson i think here, and i think it is a tough lesson for a lot of these people who stood their
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ground and i think it'll be a very rocky marriage in many ways as these players try to figure this out and i think, you know, overall it's probably good for the game in terms of an expansion and globalization of the game but, you know, there are a lot of families, 9/11 families in particular who really supported these golfers who stood strong in staying with the pga and i think this is going to take a while to iron out. look at -- i mean, tiger woods left about $800 million on the table, not that he needs any money, but it was a strong stands to say that he wanted to stay with this american brand for good reasons. i think it'll be a rocky marriage. ashley: i think you're right. i mean saudi money is already in english soccer for sure, formula 1, really spreading around the world so you're right. interesting to see what comes of all of this. i want to switch gears, martha, to this issue. a teammate of leah thomas at
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upen n said the university effectively silenced her and her teammates in speaking out against leah's position on the team. listen to this. >> i thought maybe this won't continue to happen in other sports and maybe swim asking the exception. this has blown up. every women sport has been blown up by biological males competing on the women's team and i decide it's okay if i get hate and i won't be scared because i need to use my voice and encourage other women to speak out against unfair competition. ashley: that's a pretty damming statement, martha. what do you make of being accused of scaring the swim team silent on leah thomas issue? >> i think it's horrible. when you read what these swimmers felt after this meeting and said keep your mouth shut or it will not go well for you. you're going to let this swimmer who is a biological male beat all of you in the pool and you're not going to say a word about it. now, how is that a message of
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sort of free speech and teaching people about being able to voice their own arguments and environments in the university and university opportunistic pennsylvania, you know, supposed to be one of the best schools in the country, is silencing student's free speech. that's a gig problem. big problem. ashley: that's a problem on every level and the fact that it's hap happened and the fact they're trying to squelch the criticism of it and really quite remarkable and we'll show up last on that. martha maccallum, great stuff. thank you for joining us on fox business. great to see you and we'll be watching you on the story, every weekday 3:00 p.m. eastern time only on fox. great stuff. all right, take a look at these markets as we said, nasdaq moving lower and treasurely yield going up and dow essentially flat flat as s&p and mark tepper will join us now. i think he's here for the hour.
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lucky us. mark, good morning to you. >> hey, ashley. ashley: seven big tech stocks, i was reading your notes worth 89% of the returns this year. lot of people say, that's not very healthy. but if investors don't have a piece of them right now, have they missed the boat ore is there still time to get in? that is an excellent question. so i'm going to give you something actionable. i'm going to give all the viewers at home something actionable. if i had a brand new client that came to our firm and had no exposure to any of the seven games and said, mark, what should i do? i believe there's too much risk in not owning anything and not owning any of the companies right now. there's too much risk in investing 20% of your money and i think the best way to play this at home would be to initiate 20% of your desired position now to make sure you
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have some skin in the game in the event that they keep running and come up with a good dollar cost averaging strategy to get into them overtime. because, look, they've driven 89% of returns in the market so far this year and for the most part almost all will be big players in ai where all the hype is at right now. i think it's a little too risky to not have any ownership at all and too risky to go all in right now. ashley: quickly, mark, are you more bullish than bearish right now? >> it's a stock picker's market, ashley, as we can tell by seven stocks really leading the s&p 500 this year. we have slightly higher cash levels than normal and selective on the stocks we're guying and positioned more defensively and we're invested and not like sitting on 100% cash and
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>> thank you, mark. stay there and looking at some movers and begin with a very well known financial name, visa, which is down. lauren: and put mastercard on that board, down 2+%. it's in "the wall street journal" that lawmakers want to curb the credit card fees and do so with a new bipartisan bill reportedly introduced as soon as this week. i say good. okay, do you know when you're paying for something at a store and they charge you like 2.9% to use credit card? that's happened to you, right, ashley. you have to do that because every time they use visa or mastercard's network to route the payments, the store has to pay and now they're having you, the customer pay. this bill would mandate that those merchants could use any network, therefore i would hope that that 3% fee goes away.
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ashley: i'm with you. lauren: thank you, going for that . six flags+, unlimited access to all 27 of their theme parks and free parking, some other perks and it's good enough to send the stock up 5% and finally stitch fix, the online personal styling people. they're up 30%, stronger earnings on pretty steady demand for their orders and they want to save money and they're exploring getting out of the uk. ashley: interesting, very good. up 20, 30% and it's a buck because it's a $4 stock. target under fire after demanding they restock the pride gear after pulling from shelves and not all they want and we'll have that story coming up. eric adams rolling out the welwellmats and willing to hosta
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migrant family as his home, not his home of the new york mayor and one thing to get in the way of the plan, we'll talk about it and republicans are out in full force campaigning for 2024. it's not enough to coax mr. biden out of the basement apparently. democrats think a digital ad campaign is good enough for now. peter doocy has the report from the white house on that, next. ♪ what can you do with spy?
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week. one that features digital ads and billboards but has yet to have an official campaign rally. peter doocy joins us now from the white house this morning. peter, the question is can we expect the president >> it's nothing and i asked him about it last week. >> mr. president, how's yes reelection campaign going? we haven't seen you on the campaign trail yet? >> you haven't? >> one of the newest republicans in the race arguing that bide season a strong candidate but only against trump. system of articulation if it wasn't for trump, joe biden never beat anybody outside of the state of delaware in 45 year except for one guy.
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donald j. trump. joe biden ran for president three times. and never won. >> white house officials are getting more and me questions about president biden's viability as an # 0-year-old -- 80-year-old can dade but they're dismissing them. >> thing haves happened and other president haves had similar situations and reported on the last president with a similar situation so look, things happen. this is a president that delivers and will continue to deliver for the american people and that's what he cares about. i'll see you guys tomorrow. >> no campaign events today and no official events either. there's nothing on the president's public schedule except for lunch in private with the vice president. ashley. ashley: we'll wait for much anticipated surprise news from biden world but i'm not holding my breath, peter doocy. great stuff as always.
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tim scott is opening the door about black conservatives. listen to this. >> we as conservatives have to go where we're not invited and spend time selling our message of conservatism to people that are naturally inclined to say yes to our message but never had a mesosaenger show up. ashley: never had a messenger show up. critics are pushing back and where is that? or is he right? >> absolutely right and not surprise that had the left is pushing back and not happy that black folks are looking at conservatives and republicans and looking at them in bigger numbers and in 2020. most don't know but donald j. trump won 19% of black men. one out of five black guys voted for donald j. tram and 20% of
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black people are considering supporting trump in 2024. if he gets 27% of the black vote, it's done. joe biden can pack up his bags and go back to his bunker in delaware. those are huge numbers and the left doesn't like this and so of course they bring up the usual thing about tim scott's inc tom and sellout and blah blah blah. all that stuff. rather than engaging in the issues and usual ugly name calling and that's all the left has is name calling and race card they play night and day. ashley: tim scott did a good job going on the view and pushing back on the narrative that show has and he's been impressive. conservative backlash making companies rethink about getting involved and bud lite and target and is that a wise move? get out of the arena, you know, it's obviously not paying off. they've been hit hard on the sales. >> it's costing them tons of money. anheuser bush is down like $12-$15 billion and target stock
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off 15%. it's extremely expensive and what these people do, ceos that are courageous enough saying we sell beer or merchandise, is shoes, we're here to sell products and services. not politics. back away from all the stuff. in a country this divided no matter what policy or idea you push, 50% of the company will be unhappy and other 50% mad you respond to those people and get out and leave position ticks to politician -- politics toations. ashley: sell your merchandise. and you've written an op ed calling transgenderrism the new home of homophobia. explain. >> yeah, all the transgender movement that's accelerating in the country and you might have a little boy that's not crazy about sports or maybe likes to
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hang out in the library and watch old movies or a girl that's a tomboy and used to be the thing is, all right, let them grow up and decide what they do and maybe they'll be straight or gay or what hah have you but now the transgender movement is it's not really a boy, it's a girl trapped in a boy's body or the reverse. let's get them into counseling and get them onto injections of hormones. let's do gender affirming care and even start doing surgery on them and removing little girl's breasts and little boy's penises. this is appalling, disgusting and sexual mutilation and many states are saying we want this to happen and a little boy or girl, don't tell your pans. this is our little secret and kids saying don't tell your parents and that's your signal to call 911 and bring in the police and tell your parents. the transgender movement replaced old religious movement of gay conversion therapy and new gay conversion therapy and transgender movement become the enemy of normal gay people. ashley: we'll have to leave it
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there but deroy murdock, thank you very much. >> thank you. ashley: bud light sales falling after the partnership with dylan mulvaney. lauren: yeah, sales fell less than the prior week and down 23.9%. that's for the week ending may 27 . that was memorial day weekend where you got $15 off 18 pack of bud light. i'm not quite sure if it was the price that helped the numbers get a little bit better to see if this bud light boycott is truly bottoming. i don't think it is. ashley: doesn't seem to be but may be slowing down and target facing backlash from lgbtq+ groups from pulling pride items from the shelfs. what do they want from target now? lauren: three, restock the shelves from all the private pre
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merchandise and ensure the safety of workers and put everything in writes. solidify your commitment to dei and 24 hours to do so. ashley, this is annulet mate may it up and if you're a company ie stepping into politics or culture, figure out what do you believe and then double down on it. you cannot waiver at all because you'll be killed by both sides. ashley: yeah, like a ransom note and target pay ago big price. now this. congressman jim jordan expanding his investigation into the school board domestic terrorist letter he's threatening to subpoena the white house. more on that story. senator marsha black burn demanding answers about privacy on tiktok and reports claim the company allowed information about american users to be stored and then accessed in china. senator black burn is fired up on this and she will join me
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♪ ashley: the british purple rock band. they said it's smoke on the water and in the air. that's a hazy new york city you're looking at and under air quality alert today. no big surprise there. the haze you see is actually smoke from wild fires in canada. at least 160 fires are burning g in quebec about 400 miles north ovmanhattan but the winds are blowing it down into new york in the tri-state yards in aggie and that's what you get issue smokey and hazy out there. yuck. check the markets and take a look at what markets are doing here. the dow up 30 points now but overall it's very ho hum. nasdaq down about a third and s&p essentially flat and mark temer still with ugh -- tepper
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with us. stock superlatives with us and most likely to succeed. >> talking about big seven names that carried the market this year and no honor of everyone that graduated last week or this week. let's have a little fun with the superlatives and first one i'll go with is the most likely to succeed. nvidia. i've said this before and i said this months ago, if there was only one stock i could hold for the next decade, which one would it be? it's nvidia and the reason is they have the best chips when it come tots fast growing end market out there. not just ai but autonomous driving and data center and gaming. it isn't cheap right now by any means, but that is probably the most likely to succeed stock l. >> most likely to underhelm? i'll go with app and will everyone is talking about ai and what is apple's response to
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that? they roll out a $3500 computer that you put on your face. >> that was their big product reveal and personally it's the artificial intelligence and auto correct is probably the dumbest piece of software out there. it gets dumber and dumber with every iteration and that's right where it is. >> you know, the vision pro from apple not even available for this christmas. let's move on. who has the best oto outlook tou think? >> the best outlook and best looking as they would say in the high school yearbook is amazon. and amazon from a valuation standpoint, of those seven, amazon is the only one that has a valuation multiple that's roughly one standard deviation below its five year average and they're not getting enough credit for their play in ai.
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i think a lot of inve investorse concerned about cloud growth slowing but everyone that's going to be in the ai game will be leveraging aws, which is their cloud division for this stuff and now offering two different ai languages and developers can go out and develop their own chat boxes. ashley: chalked full of information this morning as always. mark, thank you very much for that. now this. the mayor of new york city, eric adams himself, wants to host migrants at his house. well, his mayor's house and adams floated the idea of one or two families living in the mansion and that's the official residence and adams wants to lead by example and suggest that new yorkers take in migrant families as well and his plan might not work and might not work and going against legal protocols and i mayor can't use the building any way he wants but makes for a good headline. staying on the border crisis by
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the way, arrest have dropped 70% since title 42 expired last month. interesting. joining me now is tennessee senator marsha blackburn. the new rules implemented have discouraged migrants from crossing the border. do you agree with that? >> i duonot agree with that, ashley. what this administration is doing is trying to find more ways to make illegal legal. they've got an app that as many as 40,000 people are applying on that app and then they're saying, well, they're legal. also what we're hearing from border patrol they're so busy
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they can't handle that influx. the arrests have dropped because they're not being arrested and the cartels are more emboldened than ever and what are they doing? knowing that border patrol is having to do paperwork, they're going to areas where border patrol are not. they're playing games with us and i think what we have learned is that when it comes to this border, this white house has an open border policy and aggressively trying to find ways to make illegal legal and if they think they can take any number and put their spin on it, bet on them to do that. ashley: senator, wanted to dna test children at the boarder and why do you want to do that? >> yes, what we know is that for
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years, if someone didn't have proof positive this was their child, they'd do a dna test. the biden administration has ended that practice. what we know is that the cartels participate in what's called child recycling. they are cartel members, they're needing to get into the country and they put a child with them and they get through and claim asylum and get their notice to appear. my legislation would criminalize that child recycling and it would require deportation of anyone who refuses a dna test and for those that fail the dna test, it would be a ten year mandatory sentence for child trafficking and requires dhs to
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step and do their job and process these children as unaccompanied minors and meaning ashley: it's a desperate situation and can't understand why they don't have this dna testing anyway in place to prevent the very thing you're talking about. >> rate and we did have it. and you might be saving the life of children if you that i can this 45 minutes and imperative we return to doing this. ashley: e hear you loud and clear. great to talk to you, senator blackburn from the wonderful state of tennessee. >> you too. ashley: hundreds of passengers are stranded in rural russia watch their plane makes a emergency landing on its way to san francisco.
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americans are likely on board by the way and they're being kept in hostiles and we'll have that report. also, espn host steven a. smith is celebrating the pga tour's merger with liv golf. listen to that . >> make no mistake. this is america and we're in a capitalist ick society. ashley: well, outkick host charlie around has one thing to say around the merger and money talks. it certainly does and charlie joins me next. ♪
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ashley: dave port noisy recordings tweeted this outer hair on -- portnoy tweeted this saying people may not like the truth but they'll respect you for saying in and this commissioner looks like the biggest scum bag of all and steven a smith had a different take. roll it. >> this is smart business on his part. make no mistake about it. this is america, we're in a capitalistic society. ashley: we're in a a cap cap a tick society. why do you stand >> one year ago pga saying this would ruin the game of golf and now saying it unifies the game of golf and
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monopoly is longer in effect and so many players go to the liv side that maybe we didn't expect to see huge names like brooks koepka and came back and won the pga championship. we're seeing them have huge success and pushing boundaries and leveling out the competition and this is even greater with no litigation causing attentions between the two sides and golf will get a whole lot more fun. ashashley: rory mcilroy said a t of saudi money slashing about and i hate liv and the liv plaplaplaplaplayers and feel gye they could run and we're all back and everyone is happen happen and hugging and more. >> he was the one that made the players feel like they're doing something immoral to consider going to play for saudi's
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product liv golf. he said reasons like 9/11 and sports wash their reputation of human rights violations and shouldn't even consider this and meanwhile other players that took that calculated risk and now making hundreds of millions of extra dollars and now ashley: yeah, look, there's going to be extra money and they bought new castle in english premier league and in formula 1 and they're in everything. could there be a day seeing saudi money buying an nba team or maybe an nfl team? where does it start? >> i don't think it stops and the saudis don't feel any reason to stop and have hands in so many things like we were talking about and liv golf is one and hosting wwe events and doing that for years now and soccer players from arnold the world
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and they've -- around the world and other names they're looking to acquire and i don't see it stopping and why should it. with limited resources. ashley: carly, thank you for -- charly, thank you for coming in and talkingtous about those and the families of 9/11 are not exthappyabout this with the pgav merger. lauren: they're shocked and deeply offended by the merger of the pga and liv golf league that's bankrolled by billions of sports watching money from the kingdom of saudi arabia and sasaudi r p ragainitives playeda role in the 9/11 attacks and now it's bankrolling golf. last night secretary of state anthony blinken arriving in saudi arabia.
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this is major influence by the saudis on the world stage. when it comes to energy and national security, they just cut oil production. ashley: yeah, that's a very good point. let's bring mark tepper into this and get back to the merger itself, mark. where do you stand on it. good or bad? >> this proves that everything has a price and it's sticking with the pga and sticking with the hometown discount and hometown nfl team and you go there and take a discounted pay for a couple of years and get cut at the end of the day. there's no reward for loyalty and when these golfers defected or signed on with the liv tour,
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the pga tour banned them and to me that means pete rose, shoeless joe jackson gone forever. they banned these people, okay. who's going to get the worst of it? the pga golfers that weren't banned because they didn't get any liv money, at least not yet: it penalized the wrong people the way it played out. ashley: i agree. rory mcilroy will never get over it. thank you, mark. secretary of state anthony blinken will -- antony blinken visiting china days after a warship got within yards of a u.s. destroyer and congresswoman ashley hinson ons china house select committee and she joins me next.
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ashley: what's the plan, lauren, to get hundreds of passengers out of russia? lauren: the plane on the way to the airport in siberia, 216 passengers, 16 crew members stranded since yesterday when their plane flying from india to san francisco had an engine problem. they landed safely but then they had nowhere to go. passengers say they're being kept in a hostile. mattresses are on the floor and not allowed to leave and can't use the vending machines because their credit card won't work because of sanctions on russia. americans are likely on board and they cannot confirm the number and replacement plane will reportedly leave tomorrow. claman countdown a story. ashley: yeah, fingers crossed for they felt lauren, thank you. secretary of state antony blinken is expected to travel to china in the next few weeks. iowa congresswoman ashley hinson joining me this morning.
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congresswoman, you're on the house china select committee. would you like to see come out of blinken's trip? >> ashley, thank you for having me on the show today. actions speak louder than words in this case and we've taken what china said at face value for 40+ years and when it comes to those actions, we should have been paying attention to what they were actually doing. i think this is an incredible moment for us as a country to show that peace through strength, bullies like president xi and the ccp regime respond to strength and we need to show the strength as we see china ramp up aggression towards american warships in the taiwan straight. ashley: very good. move onto another subject. talk about the border crisis going on for quite some time. what do you make of governors like kathy hochul plans to house migrants on college campuses? >> look, i'm a mom to school aged kids myself, and i think
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our schools should be focused on educating the children and not housing them. focus more on securitying the southern boarder and sitting down sanctuary cities. that is iowa common sense, that's american common sense. what's crazy is continuing to enable illegal immigration at our southern border. talking about housing illegals in our schools, that is crazy. i think we need to refocus and again, stop focus of coverage of president joe biden and all of the failed immigration policies at southern border and instead, secure the southern border, build the wall, stop the sanctuary cities and stop the influx of illegal immigrants into the country. ashley: a lot of places are complaining it's sanctuary cities or states. >> right, they continue to enable this problem to happen and i wonder when people in these democrat-run cities and democrat-run states will say enough is enough. i can tell you in iowa, our governor realizes the situation at the southern border, kim
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reynold is ama amazing and offed to send help down to the southern boarder and it's clear this administration is doing nothing to stem the tide of the surge at the southern border. ashley: nothing indeed. congresswoman hinson, thank you for jumping in and chatting with us today. we appreciate it. >> you bet, ashley, thank you. ashley: thank you. it is time for wednesday's trivia yes. i honestly forgot what day it was. which of the following landmark countries is entirely contained within another country? interesting question. stu should be here for this one. mongolia, luxembourg or -- take a guess and i'll have the answer right off this. interest... i felt trapped. debt! debt! debt! debt! so i broke up with my credit card debt and consolidated it into a low rate personal loan from sofi. i finally feel like a grown-up. break up with bad credit card debt.
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♪. ashley: you got to take a look at this very quickly. this is new york city. you can see the smoke in all pictures. it is making the city very dark. you can't even see the statue of liberty. quickly to the trivia answer. which of the following land-locked countries is entirely contained. the answer, ah-ha, it is lesotho. contained entirely in south africa. if you got that you're smart. that is it for "varney & company." time for "coast to coast." ♪. neil: really is harder to breae.
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