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

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>> can't bite the tape, with the vicks at this level, will you be
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buying. that recession is not off the table. yet to be liquid, nimble and active. we are not out of the woods but there's opportunities to pick your spots. >> , has a really hard job, we could see higher inflation in the future. if they're unwilling to get off the 2% number, he's going to have to raise them and do something radical. >> for the past two years inflation has risen by 13%. the average american is not happy with that and the large part because wage growth has failed to keep pace with the price inflation. to change the narrative i think it's impossible. >> nikki haley has come out with the measured reasonable approach to abortion, nikki haley has a great resume and she's a credible candidate. i think women could rally around her ♪ ♪ i was born free ♪ ♪ i was born free ♪ ♪ i was born free.
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ashley: i love that song, look at leiby undulating liberty in new york a beautiful morning july the fifth. 11:00 a.m. on the east coast, i am ashley webster in for stuart varney. let's get straight to your money, treading water the first fourth trading day of the second half of the year. the dow off a quarter of 8% nasdaq slightly higher. s&p slightly lower, let's look at take a look at the big tech names that led the market in the first half of the year, today met up, alphabet up what it half percent, meta is up three to half% it must be the thread future that there could be unveiling tomorrow, microsoft up 1% in amazon and apple moving lower, take a look at the ten year treasury yield applicable basis points right at 3.88%. now this, days after the supreme court struck down the use of affirmative action in college admissions, harvard could be heading for trouble over the
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legacy admission policy, lydia hu joined us in the studio. this is about favoring applicants who are children of alumni of wealthy donors, money talks, is that right, is that the problem. >> you got that right, this complaint says legacy admissions policy give preferential treatment to applicants who are more likely to be white and more likely to be admitted. according to the complaint, nearly 70% of legacy applicants are white and legacy applicants were nearly six times more likely to be admitted compared to non- legacy applicants. the complaint is filed by three civil rights groups representing african immigrants and latinos, they argued this. the spot given to a legacy or donor related applicant is a spot that becomes unavailable to an applicant that meets the admissions criteria based purely
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on his or her own merit. in other words predominantly white students in donor and legacy preferences and as a direct result excludes non- white applicants. ashley harvard declined to comment on this complaint. now in the supreme court to end affirmative action, colleges are searching for new admissions criteria. some say the university of california davis medical school could be a model for diversity advocates. the medical school evaluates applicants family income, preferential education whether they support their nuclear families, the model has been credited with growing diversity on the campus which is notable, california banned affirmative action from schools back in 1996, there are some calling for reform to meritocracy, watch this. >> the best person that works hard, has a great in the
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determination to be somebody in this country to give those opportunities. that's why i'm sitting in the halls of congress, not because i'm blind but because i worked hard. >> the most recent legal challenge to harvard's policy, they are asking that the policy be stopped and for an investigation by the department of education. ashley: it'll be interesting to see if they do that. shannon bream joins being out, great to see you. talking about the u.s. supreme court, president biden under renewed to overhaul the court. my question to you how likely is that and what would it take? >> with the makeup of capitol hill right now probably not very likely it doesn't mean these folks won't start trying and fighting new, a lot of the ideas have been bubbling out the last year or two, democrats going to the supreme court steps are holding conferences on capitol hill to say it's time to change
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the court whether term limits for incoming justices and adding seats to the current court, changing the political makeup so you get the outcomes that you would like. to his credit that has included the justices on both sides of the bench if you want to talk about democratic, republican nominees. they spoken out and said we don't think you mess with the court in doing that sort of thing. the president a few days ago when he was asked about this he does not think that's a way to handle it. other democrats do, they of legislation pushing a hard and they want to see something happening in that name. >> it is interesting it is not going their way so there crying foul but to your point it works both ways. i want to switch topics to russia. the u.s. ambassador to moscow was allowed to visit to detain wall street journal reporter evan gershon with for the first time since april, that is encouraging, also hinting at a prisoner swamp with u.s., do you think that's a real possibility?
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>> you know they love to do the stuff they like to have an american as a bargaining chip, we all remember what happened the month that brittney griner was held the heart ache and anguish for her family. there are other americans were being held. maybe it doesn't involve evan as part of the corporate family and has maintained his innocence and people are fighting to get him home. as a prisoner swap is a possibility because when they have chips and we know that they are people we want, a lot of people thought the last one was very dangerous when you let it arms merchant go, others would argue the time he was going to serve here, the russians i copied an american that they can use as one of these chips. >> it makes it almost impossible for the private sector for people to go there because you know you're being targeted and unfortunately for evan he was a prime target, a media member and being thrown in jail on this charge of spying which is in
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favor accusation. it makes it almost impossible to really get a sense of what's going on in russia. if you go there's a good chance you could end up in prison. >> i guess that the whole point on the russian side. they don't want us-based or western based going on from inside their borders. >> they don't want that exposure. thank you so much for taking the time to join us. great to see you. i'll be sure to catch on "fox news sunday" 2:00 p.m. on fox, great show. thank you very much. i want to get back to the ma market, the markets themselves we're going to wait for the fed minutes i come out this afternoon for the june meeting but you can see the dow is slightly lower, the nasdaq slightly higher all treading water, the s&p down slightly, let's bring in lou basenese east to join me to talk about all of this. july is typically a strong month for stocks. i don't like going back to historical data. we are in uncharted territory much of the time.
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but you are still bullish aren't you. >> abe lincoln one set of an optimist because i don't see the point being anything else. if i look all the data i don't see a point how you can perish in you saw eddie go board he was a bear changing and coming around because if you look at the data, the real estate market, new home sales using corporate earnings on the rebound, gdp is expected to be accelerating q2, any sign of a recession is out of sight right now. >> it must be very vexing for the fed the economy america is incredibly resilient as of the consumer will. i asked this question earlier, is the lead hell-bent on crushing the economy to get us a template inflation will. >> i think the fed is determined to get us to 2%, the economy is not playing ball. a bit on the wrong thing one or two more hikes, i thought this part was coming right next meeting will definitely get another 25 basis points. ashley: what does that do to the market.
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>> the biggest uncertainty for the market leading up is when is the fed going to stop now we have clarity on that, one or two more hikes in the fed stops. we can work without. >> where should i put my money. >> we focus on technology that have strong patent that could be leaders in their category, were finding a lot of value in biotech of the device we recently bank the company that my family owns, it's called heart being one of the leading causes of death his heart attack, the key is getting treatment once you have a heart attack read unfortunately we don't have a way to measure whether having event is a 12 ecg when you get when you go to the doctor with the electors hooked up to you, heart beam has a credit card device that can simulate and ecg that you can carry with you portably in the first 510k approval with the fda this is a key thing of cardiac events in the hospital that are
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unnecessary. when something's going on with my heart coming hospital erased $10 billion in medical expenses, this is a way on the go if you feel like you're habited of it in arrhythmia any other device cannot do this, instant feedback and communicate to the cardiologist in the emergency care if you're having event and have a high probability seven out of ten patients survive over three hours and mortality. >> incredible acute bio farm, again this is a company that we bank originally, family personally owned, full disclosure everyone has to do their own research. immunotherapy, were learning in the cancer space how to treat cancer and get rid of it by activating the response, has very targeted immunotherapy that is increasing survival in head and neck cancer navigating to lung, prostate, great data. i will argue and go bold and their grandchildren are knock would have to worry about cancer
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it is going to be routine an aspirin to take for a headache were finally finding out not how to use drugs but use the body's own defenses. >> an optimistic note, we appreciate it. >> you look at the movers the big ad company. >> down wanted a quarter percent, packaged food, jeffrey's downgrade they take the price target from 46 to 38, they say sales and volume both fell slightly in the quarter. the high prices and even helping anymore they are done with a high cost of food and also cannot or has so many products it's too difficult to focus on specific items so says jeffrey's in our reports, july 13. >> let's take a look at ups, word of a potential strike, negotiations with the teamsters, 340,000 strong fell apart last night. if there's no deal by the end of the month there could be a strike.
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annex punk. stock is up 6% in the acc as a second half of the year, g6 a crossover received a significant number of orders we don't have an exact number the most advanced automata striving capabilities in its category so far. that is the driver going forward, doing well today. the wider conversation and the breath of the market being so narrow limited to five stocks in the s&p 500. if you look at a.i.'s ability to distract from the fed in the larger market there is something to that, the a.i. is going into so many interest-rate and retail and i could be up 660 billion-dollar boost, i think a.i. is making is not care about the fed as much anymore. >> is leading to strength elsewhere. s&p 500 stocks are at or near
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52, it is spreading. ashley: don't fear the future. you have to watch this doordash driver melts down after delivering a pizza. watch. >> i just want to say nice house for 5-dollar tip. >> you are welcome. >> leap. >> slam, how about that the tantrum has now gone viral, of course it has a nice tip for this house bending cherry ice cream company using the fourth of july to call for the return of stolen indigenous lien. 30 backfiring, big-time. we will have that story as well and being a patriot could be problematic, a new associated press article suggests the word patriot is been appropriated by white nationalist groups, douglas murray will take that on next. ♪
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♪ ♪. ashley: i love that song. a beautiful day in white river junction vermont, 75 degrees a whole lot better than february in white river junction. were talking about the market because then injuries sharing a bold fourth of july message. what are they saying. >> woke and daring message. on thenot the only one with a
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controversial message. a pro athlete making waves. wnba player natosha cloud tweeted our country is trash in so many ways. instead of using the resources to make it better we oppress marginalized groups that we have targeted since the beginning of time. black, brown communities and
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lgbtq+, were too powerful to still be attacking issues separate, that's what she had to sit think she was specifically talking about the supreme court decision support but of action in college, the real story the response, she got grilled on social media basically user said go to one of the other countries and more poignantly, just ask your colleague brittney griner how trash america is. people have no idea how lucky and blessed their lucky to be in a country like america. i'm not saying it's perfect but you don't want to see the other side. it takes people who are not american work to be american the realize how great our country is. >> is always so easy to slide off your own country. but as freedoms point, go to russia, go play there, see how you like it. >> talk to brittney griner, shall tell you all about it. thank you so much. we have our tail feathers outcome of associated press celebrated independence day with
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the article why patriot has become problematic. i don't know why but they say the term has become infused and political rhetoric with various meanings and been appropriated by white nationalist groups. perfect person to bring it, douglas murray, the word patriot apparently is a problem. >> has to add to the endless is problematic. everything is problematic. enter problem it ties ever everything, they want to tear everything apart. this is a mania and modern america and were talking about ben and jerry's. just shut up and make ice cream. >> if you want to have an opinion about the way to get to the point in the war in ukraine, what does ice cream have to contribute. >> nothing. >> i have a new lore on this, i
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want people to adopt every time a company does this kind of thing we should be intensely suspicious of them because her covering something over. ben & jerry's in the case, they have had all sorts of problems, they had problems with the milk, they're using the fertilizer in the ice cream. they have been recused of all malpractice but they covered grandstanding in the middle east attacking israel and their talking about ukraine and stolen land. if by the way ben & jerry's thinks this is stolen land and their cows are all stolen and they should hand them over to someone. pretty fast. give the whole herd over to an indigenous tribe and then they can shut up. but this is an endless, the same with the basket players, i don't want basketball players to tell us about politics or history because they don't know anything
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about it, i want to hear them talking about politics and history as much as a historian playing basketball integral be found once, by the way whenever the attack things like affirmative action, what's going to remember what's going to happen with affirmative-action. if you did that to basketball, the game would be over, you only get to the top of basketball if you are the best player, there are no quota systems in no systems to get more small people into basketball were more obese people, more discrimination, when these people start attacking, what are you doing, what are you trying to cover over. >> it shows the stupidity. the new york times reported the high school drama department or completing about plays being canceled over lgbtq content, some are suggesting there being censored and others are concerned they could lose their
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jobs for picking the wrong place. what do you think about that. >> there is a teacher that would love to be attacked for the phrase they pick. there are so many people in the teaching profession they feel many are underpaid but they want to feel virtuous about the doing, they want to have the esteem of their peers, i think teacher should improve the math scores in improve the literacy scores in this country that would be good, many want to start in a movie of their own lives, they have been brought up on the great stories of the civil rights era and they are desperate that they could be accused somebody like us of running a play that was dangerous and they could be the great hero of the hour. the issue of what children are taught and age-appropriate is a totally legitimate conversation, parents are having all the time. unfortunately there is a time
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for culture warrior on the left who is so desperate to be the center of attention. they are claiming the right are burning books and banning books in america, no such thing, parents across america of every political strike are worrying the material and whether it age-appropriate and rightly so. ashley: we could go all day, but we can't unfortunately for thank you for being here. now this, more people think that the american dream is out of their reach, that is disturbing. young people have the worst attitudes. we're going to be on that story, meta taking on twitter, tomorrow they launched the social media called threats, kelly o'grady will give us a preview after this. ♪
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day. ashley: looking at dallas, the big d, it is hot there, 87 and going up. >> that what 87 in t in the morning. >> a doordash driver loses over a tip. how much was the order and what was the tip. >> a 20-dollar order a pizza pie and the tip was 25%, want to happen. >> i just want to say it's a nice house for a 5-dollar tip. >> you are welcome. >> [bleep] >> how much should we be tipping? do you tip on the basis of the size or the price because i think $5 on a 20-dollar pizza would be more than enough. >> that woman tried to get her to back but she can he already got it in doordash says he's been let go, that was unnecessary.
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ashley: he was disgruntled to say the least. medic gearing up to launch the brand-new threads act, experts warned it could be a major rival to twitter, kelly o'grady joined me now. how will this app work? >> the function only looks extremely city similar to twitter that users can respond to and share more broadly they are set to release it tomorrow, earlier in the week threads appear in the app store teasing what users can expect, it's good to be linked to the instagram account if you have one seeking keep the same username and follow the folks with one click and it's really attractive because it can help users build a following if they can migrate their audience over from integral in its white analyst are calling up twitter killer somatic can leverage the existing user based on instagram with the strong relationships with advertisers and they've done this before, instagram is known for creating similar versions of products in the marketplace, they did this with tiktok when they launched reels
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and snapped at when they launched stories. many are opining on data concerns, twitter founder jack dorsey posted this, a screenshot from the app store that data threads will collect with the caption all your threads belong to us but twitter attracts a number of the same markers, this comes as twitter is facing extreme challenges under elon musk and the source shared with me from facebook that threads have been in development for a number of months but it was accelerated because twitter is dealing with a bunch of backlash over people having to pay for blue checks, limits on the number of tweets that users can read it i have two questions will the instagram take to the focus and will twitter users want to trade one billionaire for another. ashley: those are very good questions, we will find out, thank you very much for that. let's get back to the market and see where were headed. we are down again, nothing too drastic down a tenth of 8% or
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less on the dow, the nasdaq and s&p 500. were waiting for the fed minutes to come out later today from a june meeting. kitty polcari joined me now, six months of the year was a bad first half of the year, what to expect for the next six months. >> i think the next six months is going to be okay i don't necessarily think we'll see another in the nasdaq names for sure but i think there will be some movement of money we started this at the end of the second quarter which makes perfect sense as asset managers rebalance their portfolios based on performance, we solid broaden out to small-cap to mid-cap to some of the underperforming sectors like financial, healthcare, even consumer staples which is underperformed has and 33%, confusing considering were kind of the funky playset of economy and
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their spending like drunken sailors. >> what you buying if anything? >> i am buying what i'm doing those sectors that i talked about the small mid-cap and putting money into consumer staples and financials, no money i'm not taking money out i'm just putting new money into the sectors that will rebalance my portfolio, the tech names that i own a want to own, microsoft, amazon, apple it's nvidia. i want those names and therefore i'm not going to sell anything i'm going to add new money to the performance sectors and balance it out that way. >> let me ask you the same question i've been asking other analyst. it appears that the fed is very determined to crash the economy to get inflation down to 2%. is that your take and if they continue on this path, what does
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that do to the markets. >> i was always in the camp that the fed was going to navigate a crash landing. that's exactly what they were going to do. that i softened up to the fact that maybe they could navigate a softer landing, not soft but not a crash either, somewhere in between. my guess they don't want to re-create a paul volker recession that we both know that was two years of a long top recession. i guess they don't really want to do that but jay powell has made it clear as christine legarde and andrew bailey from the bank of england. it is the focus, inflation will remain a focus. until they feel confident that they conquered it that they're going to continue. i think we are going to get two more hikes and get the terminal rate close with a 6% range. ashley: is going to have an impact. were out of time thank you for jumping in and chatting with us as always.
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always a pleasure. come back in here lauren you're looking at the movers let's begin with one of her favorites, alphabet. a nice game it is 128-dollar price targets is a google search share so the share of search in the trafficker holding up well. >> everybody google's. >> jetblue, airlines have been down the opening bell now they're higher despite the cancellation. if you look at the 11 day stretch where you sell 30% of flights delayed. in friday the last day of june a record number of people that went through tsa. ashley: people want to get out about, plug power. >> a nice game hydrogen fuel the city initiates says the best player in this space. ashley: very good, the california reparation task force
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wants to do much more than handout checks, the calling for an into child support debt for black residents, leo terrell will take that up. a new report shows diversity, equity and inclusion is doing more harm than good in the workplace, rotate. >> woke trading only fails to change employees attitudes or increase meaningful diversity in the workforce but it renders the workplace ineffective. >> there you have it the ceo and founder of red balloon a non- woke job board site it can be an interesting discussion. he is going to join me right after this. ♪
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ashley: markets mostly lower nothing too drastic as we start
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the first full trading session of the year. were waiting for the fed minutes later this afternoon. i want to take a look at this new poll shows the american dream is becoming out of reach for the younger generation. 24% believe the dream is out of reach into the u.s. is no longer the land of opportunity, that is up from 18% last year. most said the freedom of choice in how to live having a good family life and retiring comfortably are all essential to achieving the american dream. possible factors for the pessimism include high inflation, fears of a looming recession, higher crime rates political poor larry station, i am a student say that divisiveness. now this workers clocking more time from home then before the pandemic it. we know that, what kind of jobs are we talking about. >> even service jobs, i guess you could do a workout video and teach remotely but were spending
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two hours more working from home than we did before the pandemic so the average is five hours and 25 minutes a day and like i said even service workers say they're working from home, can i tell a quick story i was with friends out east and everybody has good jobs and were you guys here the entire month of july don't you have to work? >> we normally go in three days but this month we can work remotely the entire time. i'm going to go into the city one day a week. >> you're completely bothered by this. >> i was just sitting here like how is this actually happening. >> is here to stay. >> you're absolutely right. take a deep breath. the ceo of red balloon says eei trading is making the workplace ineffective. andrew is the ceo of red balloon enjoins me now. great to see you. my first question in what ways
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does cei make the workplace ineffective? >> there is a lot of staff right now even the new york times us, and said that gei is not affected because people are being forced to go through the gei training, crt, the micro aggression rather than on-the-job training and logic tells you if you're focused on something other than your job or the skills that you need to do your job well you will not succeed at work. one pulse is 91% of americans have gone through gei training in only 67% have done on-the-job training. i talked to severe microsoft reset upwards of 25% of his team's time is spent on political issues. when you start to see the time devoted to something other than your work you are going to struggle to succeed. ashley: you operate a job board site dcd eib enlisted more prominently as an attribute of a
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company that is looking for an employee? >> actually i run a non- woke job and we do not have employers who are looking for gei we have employers confer a meritocracy who show up and will be a whiner in the hr department. we try to avoid that but if you look at the gallup polls only 31% of americans say they're engaged at work in upwards of 45% are looking for a new job this year. we have a lot of disruption in the workplace. you have productivity at a five quarter in a row that's been down, as were talking about my good friend david bahnsen and i agree people should be in the office not doing the remote stuff. anytime you can focus on actually doing your job you can be more productive. we put together report to identify how gei is destroying the joy in the productivity in the workplace. if you do that you're going to hurt a lot of great american
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companies. ashley: we have to leave it there. i'm sorry it's so short you made your point in a non- woke operation we heard that loud and clear. thank you so much. show me the dow 30 stocks just to get a sense of the market drifting a little bit, you can see more in the red than the green but the dow itself only down 52 points. now this the nation's latest report card makes dismal reading, the first lady still thinks they're doing a great job under mr. biden. rowley. >> i knew that joe would always be the education president. ashley: have you seen the score is? leo terrell is a former teacher and has a lot to say about this. he joins me next. ♪
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the education president. because he knows the success of our nation starts with you, the educators who shape our students lives. as he transforms our economy created millions of jobs that are shaping the future. he knows the education is key to filling the critical roles. ashley: leo terrell joins me n now. i want to let you loose on this, you are a former teacher, what grade would you give the biden administration on education? >> let me be very clear, thank you for having me. i give him and asked for education for children. i give them an a+ the teachers union president because he funnels money to the teachers union to randi weingarten pretty cares about the democratic war chip. kids have suffered look at the numbers as far as public schools, math and reading, they
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have diminished, they have dropped, for joe biden to say that is an outright false statement he is the teacher union president a+. ashley: the numbers speak for themselves but i want to move on to this issue about california reparation the task force wants the state to eliminate child support debt for black residents as well as any interest on past due child support. they also want to ban police from enforcing public your nation laws and other public disorder offenses. the task force to me is saying offenders no matter what they are have no responsibility for their actions. >> absolutely. i thought this was about slavery. let me be very clear the reparation committee does not speak for leo terrell were thousands of black americans there off a left-wing tangent and basically abandoned black
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families responsibility for child support, black man, how about responsibility, personal responsibility and to ignore crimes that are being committed, your nation, drunkenness, homelessness, black americans want law and order. this committee does not speak for black americans. ashley: i think you're in los angeles, new york, chicago, san francisco and i come back to this all the time. i don't understand how the conditions in the downtown areas have gotten to the point where businesses are leaving and residents are getting the heck out. yet when it comes to voting the same politicians with the same liberal progressive politics keep getting voted in. i don't understand it. >> i lived in l.a. for 50 years and i don't understand but here's something common there being run by the democrats, yet black mayors in san francisco, l.a., chicago, new york and they
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claim this racism. if there is racism, there is a cause of it but they play the race card. they won't let go of the race card that's why they have the reparation and people buy it. yet 95% of the media with the democratic party we thank god for fox news. ashley: it does a disservice to racism. it's a very real problem but when you shout it for every perceived infraction it takes away from it. >> absolutely right, here's the problem racism does not exist as a friend 1955, we are 2023. will black politicians, black supreme court judges. we have a black president, black americans who are millionaires and billionaires, the race card is always being played when the issue of racism does not exist as it did 100 years ago, the left-wingers want you to believe is 1865. ashley: always bring in the fire. we do appreciate it. great to see you.
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>> thank you. ashley: my pleasure. it's time for wednesday trivia question. how many people sign the declaration of independence, was it 13, 26, 39, 56, quite a crowd if that is the answer. inc. about it and will have it for you right after the commercial break. ♪ an help life underwater flourish. ♪ with dexcom g7, the most accurate cgm, .. making it easier to spend time in range and lower your a1c. ♪ ♪
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ashley: how many people signed the declaration of independence? lauren just four in the studio. what do you say? lauren: i take number one, 13. stuart: ashley: i'm going with 26. we have one for 39, the answer is, survey says, 56. mister jib operator, you've got it. lauren: there is no explanation. ashley: just going to accept it. quite a crowd, wasn't there? did you have a good fourth of july? lauren: i had a good fourth of july. i was the guest. ashley: i got a nice e-mail from someone who says enjoy your day at work, england. we had a good laugh. it was good fun. we are out of time. that is it for "varney and company". thanks for joining us today. coast-to-coast starts right now.

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