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tv   Varney Company  FOX Business  July 6, 2023 11:00am-12:00pm EDT

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♪ ♪ ♪ 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 to the 2% target.
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>> i happened to be the one person who believes joe biden will not be on the ballot by the end of this calendar year. with joe biden not on the ballot in new hampshire, how is it a sitting president isn't on the ballot? >> trump is a good debater, a great personality but if desantis stays on message and stays clear, more and more people will realize there's a way out of it. ♪ ashley: a pretty picture of fox where in manhattan. we are left feeling as sell, sell, sell. 11:00 a.m. on the east coast this thursday july 6. i made for stuart varney as i was saying the dow still off for 80 points, nasdaq down one of the half, s&p done one and a third. strong jobs data is poking the
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market bit, are they going to have to tighten more to cool off economy? let's look at big tech names if we can. medic platforms, microsoft up but modestly so because meta has a new app to challenge twitter. apple, amazon and apple but all down. another big story, ten year treasury yield that's first to 4% of northern 13 basis points so the ten year yield now at 4.067%. michael lee joins me now. we've got a selloff today, as this been brewing? is it because you think of strong jobs data? >> i think today we have short-term knee-jerk reaction to the reality the feds not cutting interest rates anytime soon but when you take a step back's, a
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tale of two cities. when you look at the charts of big tech names and overall embassies from price action standpoint, it looks like we are in a raging bull market. when you take a step back and look at the economic data aside from jobs data i say is affected by seasonal adjustments which i believe you are throwing darts a lot of for the pls does, i wouldn't read too much into it but when you look at the data, we got monday and fauci orders down yesterday in addition to yoke coverage, screaming recession. massively inverted on the yield curve and one 100% accuracy of the recession historically so something's got to give either the economy needs to improve or a massive selloff in stocks. ashley: you say you're worried
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about disconnect between the economy and the markets, how does it play out in the second half of this year? >> it's hard to say, it's very hard to say because the performance of the stock market this year relative to earnings data, fiscal quarter is expected to be down 6%, the fact that the fed has loosened anything, we have liquidity with these bank bailout programs for short-term interest rates are well above 5% and in addition to that, you have leading economic indicators down every month over year so in those times, typically earnings multiple compressed buses november earnings multiples expand by over a third so you've got to believe it's the stock market. however, of the charts of talks look like the way they are right now if large institutional investors believe that, i'm a
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little dumbfounded and trying to play both sides of this. ashley: very particular stocks you write like right now? >> trying to play both sides, the sectors working really well right now, technology, x okay, consumer communication sector, x lc and consumer discretionary xl why, those contain all large names driving the overall market as well as 30 year treasury tlt so the long bond should the stock market fell apart, should we enter recession, should things deteriorate dramatically, that will protect your overall portfolio and if we just chug along and interest rates don't move much, don't enter rece recession, that should hold steady and pay 3% yield. ashley: are you in the camp you
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think the fed is going to raise two more times by the end of the year? >> i would say we are getting at least one right now and if we continue to get the jobs data and sticky and wages particularly as it has been, we may get more than two hikes. the most important part is rate cuts are far away without substantial and significant economic deterioration from h here. ashley: when you look at the short term treasuries, the tenure 4%, two-year is inverted for so long now but we talked about recessions for a long time and still not there yet. >> i think we are still getting arms around about how much 8 trillion into the economy is because between fiscal stimulus from the federal government and that expanding balance sheet $8 trillion is still sloshing around get over five and a half trillion dollars in money markets right now and to remove that from the system most likely
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will take more work from the fed because without removing enough of that liquidity, you will not get inflation under control and then interest rates are not heading down anytime soon so it says difficult time to invest as i've ever seen. ashley: very challenging indeed. thank you so much, appreciate your time this morning. show me stock, ben & jerry's, the ice cream people, they are down 1%, most companies are. an ice cream company faces a boycott, some are upset about fourth of july message saying the u.s. stole indigenous land. the governor of south dakota christie responded on fox and friends. >> are not going to listen to a bunch of liberal vermont businessmen who think they know everything about this country and haven't studied our history.
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we should be proud of america and knock off what ben & jerry's are doing. they don't have any idea what they are doing. ashley: mike huckabee, former arkansas governor joins me now. great to see you, governor. could this be ben & jerry's bud light moment, could they be treated as bud light was? have a history of doing this, ben & jerry's. >> this is not new for them, they boys been far left even when there wasn't a far left, they kind of invented it just like their crazy flavors but not the only ice cream in town, people can go somewhere else what's hypocritical is a sold the company in 2000 $4,326,000,000. what i'd love for them to disclose, how much of the $326 million did they give away out of their liberal guilt to indigenous people so they could somehow feel better about themselves x my guess is not a lot, corporate giving is 70 it seven and a half%, less than
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fundamental basic church died so not that generous but generous with their claptrap coming out of their mouths how much more they care than anybody else and it doesn't wash. i think the compassion is as frozen as their ice cream. [laughter] ashley: generous with other people's money is what they are. >> is not because they care one way or another about politics but you want to buy a product, not politics so if i buy whether the computer or ice cream or loaf of bread or a car, i'm buying the product. i don't care about the politics of the company, i wish they keep it to themselves and i don't want to buy something because i say they agree with me on political issues and i don't want to get to the place i say i'm not going to buy from these people because they are it it's
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an want to destroy the country. ashley: so self-indulgent they think we care their political views. we don't. president biden stopping officials hitting the campaign trail to tout biden nomex agenda but take a look at this, 60% of people disapprove of joe biden's handling of the economy. it seems like the american people are not biden -- i can't even say it now. biden nomex plan. people don't buy into it. >> of course they don't, they are feeling the pinch of it. the idea that they will sell bidenomics is nuts. i'd rather be asked to sell camp lejeune drinking water. what a disastrous thing to go tell people i don't care what you're feeling or how much more eggs and bread and gasoline and all of these things cost and how much lower your paycheck is, you
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ought to think joe biden everyday for bidenomics. come on. as joe biden would say, come on man. got to save the queen. ashley: i just want your feedback on this whole thing with joe biden wanting -- having south carolina primary first, turning his back on the iowa caucus and new hampshire primary, he could end up with his name not on the head new hampshire ballot and lose to rfk junior, it's nuts. >> i agree wholeheartedly, you can't skip up the first few primaries and if you think you can, ask rudy giuliani in 2008 how it works for him to skip everything up at the time everyone got to florida, it was over. ashley: upset all morning, shooting himself in the foot and go ahead is what i say. mike huckabee, former arkansas governor and all around, good
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day. >> thank you, ashley. ashley: we know the markets selling off, american express down 3%. >> the dow done 505 points and american express is down. cut them to neutral. loan growth and slower spending. ashley: a firm holding. >> fifteen and the third%. they expect persistently higher interest rates to pressure margins and they say a firm needs to hold more loans on the balance sheet. ashley: children's place, i didn't know they were still around but they are. >> a day like this, their ceo bought 33000 shells, a sign of confidence and wanted to share it today. ashley: putting money where your mouth is.
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now this, the cdc issued new guidance for trans people to just feed their babies. critics say they are laying out the risks that could be involved. a federal judge restricted contact with social media companies with the white house fighting back. they will appeal the order, more on that in the governor of pennsylvania handling his fight for school choice. one of shapiro's campaigns promises. politics as always, getting in the way. corey deangelis says shapiro played the parents of pennsylvania and corey joins me next. ♪
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with no annual contract. plus ask how to get up to a $500 prepaid card with a qualifying gig bundle. we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch.
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♪ ashley: frank sinatra, singing about chicago. cloudy day in the windy city, 70 right now. the mayor in chicago brandon johnson made changes to the city's board of education. what exactly did he do? >> replace the entire board minus one person. a former teacher and union organizer handpicked his board, a lot of parents, parent activists, not the usual attorneys, bankers and city officials you normally would s see. the issue is you've got a new
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handpicked group, can they improve the quality of education at chicago's public school systems? ashley: can only go one way, up. >> before we criticize him, maybe they can do better. ashley: thank you. the governor of pennsylvania josh shapiro says he has to veto school choice funding to get the state spending plan approved. corey deangelis is senior fellow for the american federation for children. cory, thanks for joining us. school choice was a campaign promise from shapiro what do parents think? >> he turned his back on his parents and caving to the teachers unions. basically promising to break campaign promise in a state where 70% of parents support the concept of school choice and sent his kids to private school and went to private school itself, voters love school choice policy and don't like liars or hypocrites so josh
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shapiro, he would've kept his word. ashley: the problem is, people on the left are getting uncomfortable with the role parents are playing, i want to play a greater role because they are finding out what the kids are being taught in the sump forget the parents were labeled domestic terrorists at the height of the covid pandemic trying to get schools to reopen. a very touchy subject and should be. i don't understand if you campaign on school choice, you've got to deliver, right? >> if we have evidence from the internet showing lifeline scholarships, on the campaign website the day before the election, no longer on his website but he campaign on this issue, a particular type of school choice vowing to veto which is totally ridiculous and
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parents need to remember this but josh shapiro could support parents like he initially said, he's either turning his back on parents or just had an unfortunate bargaining position where he's basically getting played by the speaker of the house, speaker basically is in control pennsylvania right now, not the governor which is backwards. ashley: how to change subjects, nations largest teachers union facing serious backlash of the suggested summer reading list for teachers. we understand controversial books like white fragility and books to help you understand juneteenth. should they push books like this? what's your response? >> nations report cards came in showed decades of learning loss.
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keep the schools closed as long as possible and throwing more money at the problem, things aren't getting any better probably because they are not focusing on the basics, injecting politics into the classroom and recommended summer reading list as more evidence of that, not focusing on regular reading writing and arithmetic, trying to put narratives into the school system, they see the school system as a way to shape the minds of other people's children with values that align with their worldview as opposed to parents and this is why we are seeing a lot of advancement in red states when it comes to school choice. ashley: coming back to school choice, do you feel school choice is starting to grow more across this country that parents are demanding it? >> the past two years eight states go all in on school choice passing universal school choice policy with the latest being ohio on the fourth of july
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empowering all families with educational freedom, eight states, two years, the dam is breaking and randi weingarten, teachers unions are freaking out about losing their grip. ashley: because they should. parents in particular are waking up to what's going on and test scores approving was going on right now is not working and it needs to be fixed. thank you so much for taking the time to join us this morning on an important subject. >> thanks so much. ashley: opec's chief looking to add more members to the producers alliance. >> secretary-general says they want more membership cards, 13 members now, he must be net exporter, i think to influence the ability to move, the price of oil control over the supply of oil so more exporters, you can do that. opec members according to energy information administration, net
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revenue for 2022 $888 billion but this year is expected to decline to 652 billion so they want to expand that revenue. ashley: i want to get into this because i was just waiting for this to happen, crashing wimbledon tennis tournament, the biggest pain in the neck anywhere. >> two times, the matches had to pause. protesters ran onto the court and through orange confetti and physical jigsaw puzzles, pieces of the puzzle, i don't understand. i'm assuming they brought shops -- the name of the group you might've seen on the guy's t-shirt, just stop oil, they are mad wimbledon has a deal with berkeley who does invest in oil. ashley: the same people who laid out on the road and create traffic jams in mourning traffic especially in london but don't get me started.
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>> unfair for the players to get puzzle pieces and confetti. ashley: go away, that's what i have to say. check the markets, selling off this morning, the dow off, down 500 points, the same level for a while, down one and a half%, nasdaq composite down one in the third on the s&p. food delivery stocks, look at those, breeze, grub hub, all suing york city with the attempt to block the city's new minimum-wage food delivery workers. they say the move will raise prices and limit worker flexibility and stocks moving lower. tom cruise dropping a new mission impossible movie this month. will it. >> there's no fight.
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ashley: the movie star revealed he will finally they're down from the series. just when you thought it was finally over, covid czar says the virus could still surprise us. doctor morning makary lays out big potential threats next. ♪
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have seen stocks tumbling this morning, the dow still off about 500 points, same story and the nasdaq and down one in the third on the s&p, investors kind of betting on the fact that the fed could indeed have another rate hike perhaps this month, we will have to wait and see but strong economic data fueling concerns. take a look at the airlines if we can see what they are doing after they got through the holiday. fourth of july holiday period, all down in the market. american airlines down 3%. delta and united down 2%. japan airlines launched clothing
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rental service, customers can order bundles of clothes before they go on the trip to pack light. the clothes are delivered to hotels and air b&bs in japan. the whole thing is to reduce planes and make it easier for you and cut carbon emissions. interesting concept. would you rent clothes from an airline? >> are brilliant idea because airlines are getting luggage to us, stuck in the same clothes or buying new clothes but what about the fuel on getting items from the warehouse or to your hotel room? ashley: that's always the case with these things. i think it's good. >> runway is extremely popular. ashley: interesting. there you go. contact lauren, she's interested.
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after tom cruise has a new mission impossible movie out later this month. could this be the last? >> not even close. twenty more years and tom cruise said this about the soon to be 81-year-old harrison ford, turns anyone in a few days. he's a legend. i hope to still be going, i have 20 years to catch up with him, i hope to keep making mission impossible films until i'm his age. indiana jones latest edition. the next mission impossible comes out on the 12th. ashley: they are very entertaining. the first was the best. >> i haven't watched any. ashley: you got to get online. thank you. former white house covid czar is warning about another covid search despite numbers falling across the united states. >> the virus right now is in
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retreat so while it will be with us probably forever, we now have the ability to manage the virus and away we did not two or three years ago and that makes all the difference. there's temptation to say it's over and we don't have to think about covid anymore. the way i look at it, the virus can still surprise us. ashley: can still surprise us but one in four adults haven't contracted the virus. doctor marty makary joins me n now. i don't even hear about people getting covid anymore, is this something we should have to worry about from now on? >> all seasonal viruses have potential to get more dangerous, anything is possible for the national trajectory, and normally dumbs down over time year-to-year. routine viruses that circulate because the common cold word one time in the past, much more dangerous so for other
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coronavirus is because the common cold and circulating and covid will probably become the fifth. ashley: it doesn't matter if it mutates and new strains come about, herd immunity? >> there are mutations that cause infection but not severe illness, anything is possible if i'm more concerned about bird flu another novel viruses, we seen a number of pandemics in our lifetime, sars, mers, h1 and one, covid, polio so there is a decent chance, we will deal with something, bird flu has killed millions of birds, humans and mammals but no human to human transmission. ashley: i want to get to covid and vaccines, i would say other than elderly and those especially medically vulnerable, we need vaccine anymore?
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>> like to say a randomized control for everyone to get a vaccine, vaccines before covid have confirmations that are massively underappreciated. essentially it's done nothing with the massive complication reporting, they haven't looked into the deaths want deaths in children or booster shots so we should have a simple formula instead of pharma telling us we have a new vaccine, everyone should get it. we should demand a good randomized control trial for any new recommendation. ashley: other enough adverse reaction to the vaccine that causes you concern? >> it's a risk-benefit analysis. you look at a young healthy college student required to get a booster to go to school. that has net harm because the covid vaccine has a well described myocarditis rate and young males about one in 6000
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doses so not a matter of pro- or anti- vaccine, it's a matter of understanding high or low risk and do you have some existing immunity? ashley: we have to leave it there very interesting stuff, thanks for joining us. the cdc issued new advice for trans and non- binary people looking for guidance on chest beating what we have? >> i think i need to unpack t this. viewers at home are confused. if you are a biological man taking hormones to grow breasts and produce breastmilk, this applies to you. if you are a biological woman who surgically had breast tissue removed, this applies to you. the cdc says transgender patients of parents might wish to breast-feed or to be politically correct, chest feed their babies. very gentle and careful language to refer to all parents, gender
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preferences but the never mentioned potential health risks to the infant from the chemicals from the drugs getting into the breastmilk so if you are the health agency, you use this careful language but never talk about health risks don't know about because it's so new. ashley: we will leave it there. >> i had to do a lot of res research. ashley: this one, robert de niro's family speaking out with his 19-year-old grandson found dead this week. >> so sad. his daughter says her only son, the 19-year-old took pills and they were laced with fentanyl she said the dealer new the pills were laced although the official cause has not been released. the warning is stark because look at the nypd, fentanyl is in 98% of drugs in the city so you can't just take a pill anymore
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because you can die from an overdose which the mom says happened to her son, a terrible story and in her pain, there's a warning, potential users and parents out there, assume it has fentanyl and assume you can die. ashley: baseball all-star week kicks off friday to prepare must the city wants to move trash and enchantments from plain sight but the rv owners, they are pushing back and planning to protest. meta- threats, officially live where they signed up 10 million users but critics are warning about privacy concerns. kelly o'grady explains right after this. ♪ in
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let's take a look at these markets, the same range for a little while, the dow off for 77 points. nasdaq down one of the third and s&p down one at a quarter%. a lot more selling than buying. strong economic data, fears about the merry-go-round. apple down, amazon down, meta- with its brand-new twitter like service threats, marginally higher. apple but down. former attorney general eric holder sounding off, not happy about the federal court decision to limit the white house munication with social media companies. what's he saying? >> pull up the quote, stupid and potentially dangerous meaning it's okay for the federal government to use the words of jeff landry, muzzle its cit
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citizens. new town square is a virtual nonphysical one, should be allowed to say what you want in question as you wish. thus the first amendment eric holder and new york times disagree, they say is more important for the government to be you what it deems accurate or favorite viewpoints so two schools on this. polar opposites. ashley: as always. threats, medicine new gained 30 million users. kelly o'grady joins us now following this story. what's this about a privacy warning? >> growing concerns over what data that will be able to collect on you. it won't launch in the european union to start with because of the strict privacy regulations in place. jack dorsey shared this, a screenshot from the app store, it includes health and financial
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information with the caption all your threats belong to us so it underscores fear many users have when it comes to these apps. it's very similar in practice to twitter, character the is 500 versus 280 but is linked to instagram so analyst call this potential twitter killer, meta- will leverage strong relationships with advertisers as well as existing multibillion user base. the launch is timely, it comes when twitter is facing challenges under elon musk. mark zuckerberg shared competitor he feels faltered reading the public from instead sharing his vision. >> we are launching threats, open and friendly public space conversations. i'm looking forward to the fun journey ahead to turn this into the big from the community i think we all want to see in the world. >> but some are beginning to ask who decides what's open and
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friendly users are reporting they follow certain accounts they are getting a prompt you see here asking if they are sure they want to follow it as well as a warning the account repeatedly posted false information and i will highlight many cases the accounts are conservative voices so it's gaining traction but it is teeing up the crash of billionaires. maybe we will get that cage match. ashley: good stuff. let's look at the dow 30, and a sense of where we are. twenty-nine stocks on the dow 30, down. just microsoft down on the dow 30. american express and nike and you can see the exchange itself down for 74 points on the dow. now this, businesses in the seattle area are forced to accept cash and shop owners argue it's putting them in danger. they say they are going cashless
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would make them less of a target for thieves but they are not getting a choice. jason has that story next. ♪
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now this, national gas price average stands at $3.52 for a gallon of regular and by the w way, the most expensive gas, washington state $4.97 on average, prices of nearly 30 cents in the last month. california gas prices have gone down by 1 cent but still 4.84, well above the national average. washington state, city council voted to ban cashless retail stores. why? is a it discriminates against underprivileged people who may not have a bank account but businesses pushing back saying having cash takes them a target for criminals. jason joins us now, democrats making it more dangerous to run businesses? surely you should have the
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choice. >> you should have the choice but there you don't. it's important to understand this only impacts unincorporated king county because the other cities have their own city councils and that's why this is especially egregious from the perspective of these business owners. they have businesses in places where police cannot quickly get to so all they think has been done is the county counsel saying there's no target on our backs because the criminals know we have this cash on hand. clearly seeing the surgeon armed robberies across the county. ashley: is it a problem for those especially in rural areas? is crime not bad? >> crime is pretty bad in this county, we've been seeing a huge surge of not just armed robberies but smash and grabs you go in and get out as quickly as possible, a law prevents police from the nuclear pursuit
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so they are incentivized to get in and out as quickly as possible. ashley: major league baseball all-star week kicks off tomorrow in seattle, lucky you. the city cleaning up and clearing out homeless rv encampments but are the owners fighting back? what are they doing? >> there are rvs cleared out, you see the video on the screen. what the folks are saying in the activist community is during the all-star game, they are asking rv owners to come back to the area and park where they want to park. they want to basically say something back to the city and pushed back because they are upset with the direction of the policy and for me it's like beggars can't be choosers, i'm glad the city is finally doing something. it's unfortunate they had to wait until the all-star game, that's the only reason they are choosing to do this, not the residence here.
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ashley: it's annoying, it's done for the image of the city and nothing to do with the taxpayer and have to put up with it. >> one 100%, in-laws are coming to visit into have to clean your home but the mother-in-law is like there's still just there, i know what you did. ashley: we've talked a lot over the weeks, months and years about the state of downtown seattle and the homeless and the drugs and crime is picking up, has anything been done to improve the situation? >> it has gotten better in downtown, the problem is because they are so slow not treating it with urgency, it gives homeless people time to come back into the area and we have seen that the course of the last couple of months. the question for the mayor's, will he use this moment right now to restart his plans and revitalize the area and treat it with the sense of urgency moving forward that they have been for
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the past couple of days because of the all-star game? if they do that, we are on a great trajectory. if they don't, we will be back to where we were. ashley: are using residents and businesses move out? we been doing this we had an art gallery say crime is out of control, we are moving to florida. are you still seeing that in washington state? >> notice much at least in seattle. washington state is different. amazon just reopened to in person office times of people who moved out of the city are moving back into the city so we seen an increase in population for seattle which is a positive, good for the economy. we just want a city that is safe and clean. it doesn't seemed like a lot to ask for. ashley: do republicans have much of a shot to get into important decisions in seattle and king county in particular? >> to have a republican city
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attorney but it took a race against somebody who literally wanted to abolish the office for her to actually win. we do have a shot at the governorship, former congressman reichert announcing his run tomorrow, that's big in washington state and gives republicans. ashley: always great to talk to you and get the latest from seattle. thank you very much by the way, time for thursday trivia question. watch out. france presented the statue of liberty to america on the fourth of july of which year, 1830, 1857, 1884? i have no clue. think about it.to we have the answer s after the break. ♪
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♪ ashley: all right, earlier we asked france presented the statue of liberty on forty of july in with what year with, lauren? lauren: number 4. ashley: everyone in the studio said 1883, and the answer is -- lauren: we're right. ashley: boy, we're so smart is. the statue was presented in paris, it had to be disassembled and shipped to the u.s. where it was reconstructed before going up in new york city. taking a quick rook at the markets before we hand it off, we're down 457 points on the dow. it's been that a kind of session. "coast to coast" is next.

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