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tv   Varney Company  FOX Business  July 6, 2023 10:00am-11:00am EDT

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♪ born to be wild
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♪ born to be wild ♪ ashley: born to be wild. there's the empire state building pointing to a blue sky and the ugly building on the left. it is 10:00 eastern. i'm ashley webster in for stuart varney. let's get straight to your money. is on of red, the dow off 368 points down more than 1%, s&p 500 down more than one% in the nasdaq as well down one and one third%. one 1/3%. 10 year treasury yield has been on the way up. it is up 10. 9 basis points, now through the 4% barrier, 4.04%. so that in turn is certainly not helping those big tech names, the high growth stocks hit by those higher yields, people have to put money in those, back on the 10 year
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treasury, not bad. the price of oil is down 2% around $70 a barrel for food and let's take a look at bitcoin, bitcoin is down $98, 30,400, right on the money. getting all sorts of numbers, the very latest on the services sector. lauren: the expectation was 51. it is expanding. manufacturing is contracting, services are expanding for 6 months now. it is interesting because we have private sector job creation today. really strong report, the bulk of that number, 373,000 jobs in the services sector, consumer safety roles but the adp said hiring is just not happening yet. speaking of hiring, the latest
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job numbers on the final day of may, 9.8 million as more workers quit. the quicks increasing to 4 million. 9.8 million jobs open in the month of may down from 10. one in the month of april so basically 100 workers out there, 460 jobs. ashley: still a lot. lauren: a tight labor market is not creating after these rate increases and the slowing in the economy. ashley: good news is bad news. it is definitely selling up. now this. donald trump taking aim at governor desantis. he said on truth social, quote, ron sanctimonious is getting demolished for yesterday's performance in new hampshire, no crowds, no enthusiasm, no interest. his campaign is in total disarray.
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he is hurting himself or 2028. loyalty really does matter with donald trump. dave rubin joins me now. great to see you. 's donald trump right? should to status have waited perhaps for 2,028. it seems his campaign not off to the start he wanted. >> donald trump is not right. you don't even have to think too deep to figure out why. has there ever in the history of politics, in the history of the world been a front runner who supposedly is up by 30 points who spends every waking minute going after the guy who is in second place who was supposedly flailing? it is not true. in some ways trump at this point, i voted for trump, interviewed trump, i happen to like him in a lot of respects, he was a better president than biden but in some ways he's gas lighting his own base.
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ron desantis is out there every day. were two weeks ago in nevada there was a line of cars a mile to get in, there's incredible enthusiasm but also this is the tortoise and the hair. if and the hare. if you slowly, calm go about your business, show the people you are competent and clear i think most americans are sick of the endless show, the decent to hell, the bickering and everything else so hopefully most people are, perhaps most aren't. we all look in the mirror sometimes when it comes to that but ron to santos is doing fine. national polls don't mean anything. this is the primary process. you have to wait for the primaries, national polls does matter until the end. ashley: i read your op-ed on governor desantis's ongoing fight with disney. some people say the governor at
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legal battle is hurting his 24 campaign but you think it is helping him and you say he should continue on, to put it to disney. explain it to me. >> it is very clear. disney, which is the largest employer, largest private employer in florida was granted over many decades before ron desantis was governor tons of special privileges, building rights, tax codes, airport, a bunch of stuff that ron desantis simply took away, to even the playing field. he took what was crony capitalism and made it capitalism so that see world which is a competitor of disney, gator world and universal studios, they don't have special privileges and now disney doesn't either. they all compete fairly. that is what people want out of their public officials especially their governors, chief executives of the state. i think it was the right fight to choose. i think disney shows this fight. they could have skated by with
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some of the stuff, whether it was right or wrong but they chose to go after desantis for bill hb one 557 which was known as don't say gay even though it had nothing to do with gay people or the word game. i think desantis chose the right fight and it is good for conservatives to realize you don't always have to play defense. occasionally you can go on offense and you know what happens? you end up winning as he did by 1.6 million votes, 20% in that last election in november. ashley: it will be fascinating to follow. there's the debate stage comes up, desantis and trump. can desantis handle trump who is not easy to do, he tends to suck the oxygen out of the room especially on the debate stage. >> i watched celebrity apprentice, trump is a good debater and tv personality, good off the fly at all that stuff so that will be tough, i grant you that, but if desantis
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stays on message and stays clear, more people will realize there's a way out. ashley: can't wait to see it, great to talk to you today, good stuff. donald trump is raking in serious campaign cash. how much has he brought in? lauren: $35 million. between april and june that is double the prior three months, indication of enthusiasm, early enthusiasm after not one but two indictments, also the first presidential candidate to announce his war chest, the deadline to file with the federal elections committee's july 15th. we will get more numbers soon. ashley: we certainly will. thank you. let's get back to these markets, selling off this one, the dow off 415 points, s&p and nasdaq down 1%.
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let's bring in gary, we are awash in red today but where are you putting your money? how are you feeling? >> any new money will set at 5% and it is a simple reason why which the cost of capital starting to skyrocket, not talking about jay powell but the real yields, the 10 year is above 4, the old higher the last year was 4-3, if it gets through that remember through about the whole foodchain cost of capital goes up, that could hurt profits and will hurt the market to extend. the good news is one of my main mantras, it's easiest to isolate straight when the market gets week and we will get some weakness in here. we will see what shows up. ashley: anything in particular you like? >> i'm watching all the
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strength in the big technology and semiconductors. i look for strength. if something does not want to go down while the market gets hit it tends to strengthen. facebook or whatever you call it now, matter doesn't want to go down because of news with the new platform. we will be looking at that and anything else the decides to hold up. it is a tough call right here. a step back and ask yourself, interest rates go higher. anything interest rate sensitive and the like. not the end of the world, the market needed a pullback, has the excuse that this point, see where it takes us. ashley: it seems the economic data continues to be pretty good, pretty strong, such a resilient economy and for the consumer as well so that means the fed by all accounts certainly looking at one more rate hike, possibly two. what say you?
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ashley: just remember all this talk about the fed and the economy, one hundred 60 million of us that wake up every morning trying to do better for ourselves and our families, that is the economy and we do do good things, the job market continues to stay strong, unless the job market heads south, i'm not so worried about the economy, looks like the job market is in decent shape. ashley: going to have to leave it right there. great to see you, thank you. we are looking at some of the movers, let's begin with paypal. what's going on? >> down 3.8%. they unveiled something that's great for small business, you can offer contactless payment on your mobile device with no added cost for next a device you have to plug in, stock is down. paper sandler cut their price target on paypal 280. ashley: jody, am i saying that? they are taxi, we love that. lauren: they have now completed
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the third stage of the certification process from the faa to make the electric air taxis ready for commercial use in 2025. wise the stock down 9%? we have been talking about this on this show for a few weeks now. ashley: next up, dr pepper. >> number one of the s&p. when your top gaining stock is up only one. 4% it is a down market, morgan stanley upgrading shares, the price target remains at 36. why? there is demand for other beverages to offset coffee weakness. when did we stop drinking coffee as much. i was surprised by that. ashley: mcdonald's is rolling out a brand-new, am i reading this right? breading package. a klain this? ashley: mcdonald's is catering, the price is pretty good. 400 chicken nuggets and 100
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chicken sandwiches, $233. there's a catch. it is only available in indonesia and doesn't include the cost -- i would like going to a wedding. ashley: i am in. fantastic. thank you very much. now senators trying to get to the bottom of the louvre golf merger but live golf ceo and another saudi executive are refusing to testify before lawmakers. chad pogrom has that story coming up. russian fighter jets are seen harassing air force drones over syria, they were conducting a mission against isis targets, the details there. by the way, the president of belarus says the attempted
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ashley: the dow now off 400 points, the nasdaq and s&p down, most of this on the back of strong private sector job creation in the month of june, half a million jobs were created, more than twice the estimate and that caused investors in markets to worry the fed will be forced to tighten. good news is bad news situations, seeing a bit of a selloff this morning. russian jets intercepted three
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us drones over syria yesterday so what happened? lauren: they dropped flares, fire the afterburner in front of the us reaper drones yesterday, the latest provocation over syria in recent months, the commander in charge of the region says this is another close call, these events are present another example of unprofessional and unsafe actions buy russian air forces operating in syria which threatened the safety of us and russian forces, russia says the us drones flew into an area used by russia and syria for their military drills. ashley: the usual stuff. let's go to the war in ukraine, the president of belarus telling reporters that wegner group leader prigozhin is back in russia. christian whiten is a former state department official who joined me now. if prigozhin is in russia what
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happens to him? dead man walking, we've called him before. >> it depends whether he is there, we don't know if that is true. if he is there he must have some confidence that there are forces loyal to him that can protect him from being grabbed by forces loyal to putin unless this is theater being staged for reasons that are pretty unclear. his supporters indicated there is a rally coming in st. petersburg saturday, the they can purchase t-shirts, sounds but like a protest gathering but that could be misinformation. i don't think he would walk into a situation hit be easily detained and sent to jail. ashley: we don't know what is going on but it is fascinating to follow. this one for you, the u.s. navy stopped iran from seizing two commercial oil tankers in the gulf of oman yesterday.
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the uranian navy allegedly opened fire on one of the vessels, no one was reported injured but iran has always been very aggressive in this part of the world, 2021, boats have been attacked or seized by iran. what do you make of that aggression? >> they have been pushing on an open door, the united states has not been active, we've been distracted by everything including ukraine. that has irritated our partners and allies in the gulf, we had situations like the united arab emirates pulling back from maritime security cooperation earlier in the year because they say it wasn't working to their advantage and it was reported that that another disappointment with us activities because iran has been successfully staging the shadow war that is eluted headlines here. it is good the united states has finally put a foot down, drawn a line in the water if you will.
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doing it with fewer forces, the navy says we need 355 ships, fewer than 300 now, the numbers going in the wrong direction but iran continues to probe to see what it can get away with. ashley: treasury secretary yellen speaking with chinese officials trying to smooth the lines of communication but you are worried about our debt and what it means for military spending. everything i read about the military is pretty negative, we need more money, recruitment is very poor right now, the state of the military you are concerned about. >> the ability to spend, discretionary funds, the average rate of us debt, 25 trillion, sometimes 30 is flown around but that's intergovernmental loans, i/o yous from treasuries and the
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social security administration, $25 trillion in debt, only paying 2.1% on that right now. as that rolls over and it rolls over faster than you might think, mostly treasury bonds. the maturity rate is lower than that, going to be paying more and more and adding $1.5 trillion in debt to the total debt every year in the biden spending plan. that is less money. people say we need to spend more on defense, we have to start choosing priorities. if everything is a priority than nothing is a priority. china and the gulf is a priority, we need the military him let's focus on that. there won't be a bigger pot of money coming. ashley: we have to leave it there, terrific stuff as always, thanks for being here. the pentagon is taking steps to protect its classified information after a document leak earlier this year.
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what's the plan? lauren: ensuring that all rooms where this classified information is being stored abide by similar or the same rules regarding physical security of those locations and how to ensure that documents aren't moved, remember jack to share, the young airmen charged with removing classified information on a social channel, he was able to remove the documents and take pictures of them, then shared them online to the pentagon wants to use technology to better track what workers are doing, kind of spy on you and what information you are looking at it as you share that information across agencies, they don't want to limit information sharing among agencies. that is happening and who is handling it. ashley: turning now to golf. i love golf. senators demanding answers on the pga's merger with live golf but live golf ceo and other the saudi executive docking congress's calls to testify. why?
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chad pogrom joins me from capitol hill, what's the latest on the story, doesn't sound like they want to go before the lawmakers. >> two witnesses will not testify, that includes founder greg norman, senators have concerns about the saudi's record on human rights. >> it is a really serious thing to have a foreign dictatorship in charge of a major us sports league. this is a watershed moment and i think we need to treated as such. >> reporter: 9/11 families united recently bought a massive billboard in times square to protest the fact, families who lost relatives in terrorist attacks contend the saudis are trying to whitewash their human rights record by aligning with the pga. the group was upset jay monahan who runs the pga. >> they have three ways of
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doing business. they will bribe you, they threaten you or they kill you and there is something that happened along the way that jay became either afraid of them. >> reporter: she lost her husband in the north tower 9/11, monahan is on medical leave. there are questions about how the deal came together so quietly. >> you need to know some kind of timeline here. the two operating as it was and then live, this new entity arrives that takes a couple of top dogs and all of a sudden you have hundreds of millions of dollars to play with and pay these guys that have stayed. >> reporter: the pga would not comment on this story but the saudis only have minority control on the new organization. ashley: thank you very much, interesting stuff. now this.
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hbo correspondent slamming a prominent asian american activist for fighting against affirmative action. solid add o'brien said that activist, quote, screwed over people of color. by supporting the supreme court ruling. the activist joins me next to react. ♪ ♪ every day, more dog people are deciding it's time for a fresh approach to pet food. developed with vets.
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ashley: let's look at these markets, the selloff goes down, the dow are 400 points, nasdaq and s&p down 1%, problem is the economic data is too strong, just had the latest job hirings in the private sector, close to half a million job openings, bad news when you think about the fed trying to call off the economy and people saying we will have more rate hikes. let's bring in lauren simonetti and start with alphabet down 2%. lauren: the information is google's delaying the release of a custom phone chip for the pixel smart phone until 2025. was there an issue? tsmc --
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ashley: don't know anyone who has it. lauren: i thought the same thing but it is a huge company, wise it being delayed? they are a pixel smart thing. it is not popular. ashley: let's look at meta, and update on threads. lauren: the apps has 26 million plus users in the first 12 hours since launch so the number keeps going up. ease of use, you can use your instagram handle. kim kardashian, jennifer lopez, aoc and others. ashley: what is tesla doing in this tough environment? lauren: they sold $8 million worth of tesla. guess what she got, meta, $600 million worth. ashley: next one, two authors just launched a lawsuit against open ai on the ground, what are they suing for?
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lauren: open ai used their content, used what they wrote to train chat gpt, they are suing because they never gave their consent, violation of copyright law. this is going to be a big issue, the clash between content producers and ai producers going forward. i want to tell you one thing. the novelty of ai held the stock market overall the past couple months, traffic globally to the website, 9. 7% and the downloads you can only download the apps and iphone down 38%. ashley: it is still the beginning of this. lauren: it will go on. the newness might have worn off to return to normal i suppose. ashley: thank you, bank of america saying it's good for google. lauren: good for traditional, google.
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ashley: now this. new york city is now the first in the nation to regulate how companies can use artificial intelligence when hiring workers. codex are worried about bias being built into the chat bots. madison alworth joins us now. how will this work? >> reporter: companies that use ai chat bot tools in hiring, they have to prove their tech is not racist or sexist. companies have to run out its on those tools to prove they don't contain bias and publish the results on their website. if they don't comply, a $1000 fine per day. there is concern about the role algorithms play in access to key parts of life, employment, school admissions, take the last one. if your application for life insurance has a word a company has programmed its ai to see as nonnegotiable you might not get through the system. when it comes to work, 99% of
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fortune 500 companies rely on talent sifting software to get through their resumes. for lawmakers rather than focus on regulating the software in the ai itself they are focusing on transparency which is what we are seeing here. >> bullet have a significant impact like putting a speed limit on a road? no. i don't think this is quite that simple a context to regulate and this law doesn't try to do it all. it focuses on hiring and promotion and not on every other aspect of the employment lifecycle. ashley: new york city is the first regent pastors but likely not the last. of the states looking at regulating ai in hiring. supporters of this bill say it helps to put guardrails on developing tech.
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opponents say it's the government getting involved in a private industry. the law was postponed 6 months but officially went into effect yesterday. ashley: you could argue rural bias, which every human is creating the software, they will have natural bias. ashley: or you could say we are all biased so why not leave it up to an algorithm the doesn't say i really like women or indian americans, really prefer indian americans, and algorithm just takes data and numbers. you could see it both ways. ashley: interesting, good stuff. let's get back to the supreme court. we been talking about this, restricting the use of race in college admissions. the liberal media had a meltdown, we know that. hbo correspondent went after asian americans for celebrating the decision saying they are, quote, screwing over people of color. the president of the asian way alliance, joins me now. thank you for joining us. you had some pretty harsh
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responses to that ruling. i just mentioned one but there were others. how do you respond to 2 people saying you have hurt minority representation at colleges? >> i was simply defending asian americans being discriminated against after decades of data released by harvard in this lawsuit that fortunately, the supreme court now ruled the use of race or affirmative action is no longer legal. ashley: how shocking was it the with all the fallout from this that some people were grouping asians in with white supremacists, i read it twice, couldn't believe it. what was your reaction? >> it is absurd and certainly was done to denigrate us and to not respect that we are individuals.
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we are completely different race, ethnicity, coming from dozens of nationalities. no one i know who is asian wants to be white. it is a falsehood that keeps getting perpetuated. really by progressives. ashley: bottom line, the best way forward many people will tell you, to treat people is on the basis of merit, not the color of their skin. that is what it boils down to, right? >> absolutely. i think college admissions, applications to employment which i am sure will be the next frontier, really should be based on the individual's merits, not a group or category or a race. this is why america still attracts immigrants from all around the world, seeking to have an equal opportunity when they come here, when their
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children go to these colleges or twitter personalities to attack me was truly unfair. ashley: most definitely but we thank you for joining us today to chat about it. we appreciate it. now this. here we go again. former white house covid czar writing about another covid surge. she says the virus will probably be with us forever. doctor marty makary will help us with that. president biden hitting the road to convince voters that is bidenomics plan is working. 's numbers not adding up. the latest fox news poll shows 60% of voters disapprove of mr. biden's handling of the economy. grady trimble has that report next. ♪ ♪
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ashley: better than expected jobs created in the month of june and markets reacting, worried but the fed might do in response, the dow almost down 500 points, one. 5 pursue, same story on the nasdaq in the s&p 500. i want to look at the 10 year yield which pushed through the 4% level and is now up 13.6 basis points, 4.07% on the 10 year yield, very tough on those big tech stocks but across the board we are seeing selling today. the president is headed to south carolina, expected to be touting his economic record by claiming the country is seeing a manufacturing boom. grady trimble joins me from the white house. am i right to say americans
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just aren't buying the bidenomics thing? >> i think you are. according to the latest fox news polling, 40% of americans feel they are falling behind on their personal finances even more, about 60% of americans disapprove of the president's handling of the economy. nonetheless the president will tout new green energy manufacturing jobs today on a trip to south carolina, this, the white house says, is an example of bidenomics at work. >> this is america's factory building boom, due in no small part of the chips act and inflation reduction act. bidenomics is unleashing huge private sector investments in manufacturing with business it investing $490 billion in manufacturing and clean energy since the president took office. >> reporter: the latest jobs report shows the manufacturing sector lost 2000 jobs in may
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and economists don't expect to see any new manufacturing jobs in the latest jobs report out tomorrow. another key manufacturing gauge from the institute for supply management shows manufacturing at its lowest level since may of 2,020, in the throes of the pandemic, this comes as the real value of assets held by the middle class is falling thanks to rising costs. economist at uc berkeley say when adjusted for inflation the average wealth of middle-class americans has dropped by $34,000 in the past year. the republicans meantime are out with their own definition of bidenomics. they say it means more government spending, higher inflation, higher interest rates and more regulation. so the president will make the counterargument at 1:15 today. ashley: lies, damn lies, and statistics as the saying goes. however you want to interpret them.
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appreciate that. talking of statistics, mega millions and jackpots climbing once again. how much are we talking? lauren: just shy of one billion dollars, the powerball at $526 million if you're feeling lucky, million will you and at 400 million, 27 million, your next chance of potentially winning tomorrow. that's the drawing for the mega millions and saturday the powerball. what are your chances of winning both? by mega millions and power, i have no idea. the total take-home pay after taxes would be $502 million so you only get to keep half. ashley: i could live on it but it would hurt. stewart will not be buying a ticket. annual report from homeland security's watchdog found border patrols vetting process to be ineffective in stopping illegal migrants with ties to terrorism. this has the white house plans to increase the number of
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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. ashley: analysts said we would do for a pullback, the dow down 500 points. it is now 10:51 on the east
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coast, time for brian kilmeade. want to get into this story. the new york times reports new hampshire could, quote, publicly embarrassed president biden by holding the first primary election without biden's name on the ballot, sounds ridiculous but true. i think biden wants to go first in the south carolina but how bad does it look for a sitting president not to appear on a primary ballot? brian: it is weird. it's bazaar. he wanted i guess in a perfect world to open up in south carolina where he turned his 2020 campaign around. in new hampshire he did so poorly i don't know if you remember, the pandemic came right after, he pulled out before the votes were tallied to. he was horrible in new hampshire. he was invisible in iowa. when you have trouble instead of going back there and trying get to win those people over he tries to give them the heisman.
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people look at new hampshire and say that is winnable for good democratic candidate. why would you do anything to make them dig in against you? do you have that may elect oral votes? he doesn't show up, new hampshire runs their primary and right now, rfk would come in first, williamson would be second and grab the electoral votes so he would be trailing as a sitting president and not competing which is a bad message. ashley: he is shooting himself in the foot but on to this issue, white house press secretary karine jean-pierre refusing to answer a reporter question on biden's estranged grandchild. >> the story about hunter biden's daughter in arkansas. does the president acknowledge this little girl? >> i do not intend to share from here. ashley: it is despicable the admin station is pretending this little girl does not exist. what say you? brian: what about a bad example? what about fathers out there in a dicey situation with women
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who find themselves -- if this is good enough for the president, make my payment, walk away, cut off relations with him, why should i feel bad, the president of the united states just did, same with bill clinton doing all those antics in the white house. people said what are you getting mad at me for? will look what the president of the united states was doing. whatever you say about donald trump, if they had anything close to this, cocaine in the white house, really? now you have kids out of wedlock, paid not to have a family last name on top of that, make sure you tell everybody i have six grandchildren, 80 years old, how much longer is he waiting to do the right thing? this girl has nothing to do with problems he had or his son had. a family of wealth, getting
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everything she wants and who her father is and what the family does. ashley: i find the whole thing very sad. a new report says the vetting process is unaffected because sony migrants with ties to terrorism keep getting led into the country. it is a huge national security problem. what do you make of it? brian: where are these people coming from? not only upsets but seems to be systematically burning down buildings. seem like operators. what are these other people coming through for, the president of the united states, in our national security, your primary interest, how dare you drop the wall and drop the door on the southern border, tally up those on the most wanted list. we've never seen anything like this.
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that is on president biden's baseball card. in the midterm's he didn't pay the political price which i hope the american people have higher standards than that in 2024. ashley: great stuff as always, thanks for joining us. let's move on. still ahead in the show, former governor of arkansas mike huckabee always has stuff to say. doctor marty makary will talk about the latest news on covid and jason rantz will be joining us, the 11:00 hour of "varney and company" next. ♪ ♪
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♪ i'm gonna hold you forever... ♪ ♪ ♪ ♪ be by your side... ♪ ♪ i'll be there... ♪ the s&p, ten out of ten nasdaq, get ready for the summer good month. >> i think we go higher. i think valley will broaden out. closer t

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