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tv   Varney Company  FOX Business  July 17, 2023 9:00am-10:00am EDT

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>> mike lee. >> he's right about the economy continuing to get worse in the fed tightening has a hit the economy. the price action on the stock market is in the complete opposite. one of these two is going to have to give and the economies would have to get a lot better for the stock market is going out to correct meaningfully. i don't know which one is going to be. >> i will point on the screen the nasdaq has turned positive as far as futures. it is a monday we have a slew of earnings coming out, were you to be over those numbers tomorrow morning maria is going to be here, chris, kelly o'grady, great to have all of you here. you brightened up my monday especially after yesterday's swim. "varney & company" is up next. stuart: i will see if i can brighten the day out. good morning, everyone. the gop presidential debate is only four weeks away. iowa just six months. the election is really heating up. on the republican side try maintains a solidly.
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the desantis campaign appears to have stalled he has reportedly fired some staff. mike pence has yet to meet the financial requirements needed to qualify for next month's debate. on the democrat side the trouble for the biden campaign plenty of it it only has four staffers, get that, he is raising money for big donors not the grassroots. biden might not be the democrat, trump be the gop candidate but i have no idea if he wins, how about that for a monday morning. to the markets, minor selling. the dow industrial down 70, s&p down three, the nasdaq fractional gain of 12 points at this stage. bitcoin, very little movement. $30000 per coin, we were 30000 last week, with interest rates we have the yield on the two-year treasury almost exactly 100 basis points above the ten
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year, that is the traditional recession indicator, the two-year right now i missed it, the ten years at 380, the two-year is one point above that. next case the russians they blame ukraine for an attack on the key bridge in crimea which you russians used to supply their troops this is an embarrassment for putin. on the show today you'll meet the chicago student who called out a series called the problem of whiteness, the university is supporting him. you will see the latest defense for retailers who lost control of shoplifters, electric fences of all things. did you see this a changing of the guard antennas. the youngster beat novak djokovic chen one of the great matchups of all time. he was not happy he smashed his racket but he congratulated the new champion. what a great game. we covered all monday jujuly 17, 2023, "varney & company" is about to begin.
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♪. stuart: just take a look at that is that a deserted six avenue, new york city on monday morning, that is deserted. >> people getting out because it's dirty and gritty. it's not very hot. it does not return to work in the skyscraper of manhattan, they are not back yet, let me move on let's get right to this florida's governor desantis accuses trump of breaking his 2016 promises. desantis has moved to attack mode, as for trump, breaking his promises not so. rotate. >> i promise to drain the swamp,
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it got worse, he did not drain the swamp i have no interest in attacking donald trump or any of the other candidates personally. i think we have to rise above the and let's focus on the issues. >> you didn't drain the swamp like you said you would. >> i did not fire calmly and a lot of people. if i didn't fire comey, i don't think i would've been able to serve out my term, that was a plot. joining me this morning, did trump fulfill his promises, it's impossible to fully drain the swamp, obviously donald trump did not do that eliminating regulation is a huge win for desantis, you didn't drain the swamp and look at the deficit under your watch, more desantis does this is gaining no traction in the polls it shows how strong trump's stranglehold is on this. stuart: it marks a return to her the start of attack mode from
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desantis. he's not been willing to do this before. >> what he's doing has not been working, do the opposite that's what desantis has been doing. >> trump praised republican challenger tim scott. watch this. >> do you see yourself with the senator tim scott. >> i think is a really good guy we did opportunity zones together, it's never been talked about, what are the most successful economic development thanks ever in this country tim is very good i see tim doing something with the administration but he's campaigning and i'm sure he's there i'm only interested in one but tim is a talented guy and you very other talented people. what do you think of the trump scott ticket. >> i've been in this about a decade. tim scott is the nicest person that i have met doing this job. here's what i think of the ticket. there is a number of people that say trump is mean i do what about with for him. i hate, the harrison joe biden. team scott could balance on donald trump, four people are saying if i take my medicine for
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four years of trump i get scott as a vice president who can go in to the main role for eight whole years. i think it's a dominating ticket and i think vivek ramaswamy takes the cabinet role. my concern if not tim scott maybe nikki haley, nikki haley and trump got a little bit of it. everybody loves tim scott. stuart: you have a minute to spare and i'm going to fill it with a question for you. i said at the top of the show i don't think joe biden will be a candidate for the democrats in 2024 but i have no idea who will be the candidate. >> this is the question and this is the question that we all debate. as we sit here now i've gone back and forth as we sit here on july 17 i don't see how they could put joe biden forward based upon his age and his health. if this were stuart varney i would not worry about the age and health, beautiful stunning man at 75 years old but all joking aside something that's
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not right and the democrats realize it that's why you have gavin newsom talking a good storm. i'm not running. >> i cannot see joe biden being the president for the next six years. >> it would be 2029 when he's out. let's get to the markets. let's look at the money race, very important, on your screen the top like candidates with the most cash on hand, donald trump leads it he's out front followed by tim scott that is in terms of the money i wish i could put the money figures on the screen for you. , donald trump 22 million, tim scott, biden 20 million, vivek ramaswamy. $9 million. >> i think is one of the most interesting candidates out th there. jessica with me this monday birdie. i want to talk to c.
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he was happy when i came back to run the copy. has iger rescued the copy or has he ruined it. >> i was one of these people who came out when the ever woke ever incompetent bob should pick was removed and iger came in. senses happened you talking about disney which is at the same price it was in 2014. they needed to make a lot of changes. where it stands now right after the strike, they come out. iger comes out and says they're good and no longer make as many marble or star wars movies they had the last seven movies, the last eight movies i lost almost a billion dollars. now they're saying the only thing they have been making has
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been the superhero movie now they get a cut back but what it comes down to i'm so unbelievably disappointed in bob iger for the way that he's handling his creative people that created his products and he's coming out and criticizing him in a way which for someone who makes $45 million a year for someone who is worth 2 billion should be a little bit more compassionate and cooperative with them in order to get what he needs. stuart: whose side are you on on the hollywood strike. i am on the side of the union. it is very rare for me to side with somebody liberals but in this case i will say big tech is destroying hollywood. they are destroying hollywood by trying to commoditize talent. everybody thinks this is just about the a listers, this is not about the a listers this is
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about the 160,000 sag aftra members who barely get by and here's what they want they want participation in the residuals for streaming and they want some sort of guardrail for a.i. they're not asking anything out of the ordinary. if the industry is smart, it seems like big tech, apple who supposedly makes their iphones through slave labor in china is trying to do the same thing to the talent that makes hollywood. stuart: do you still own the stock? >> unfortunately i still own it and a lot of people own the stock because i said to buy it so that makes sense why i don't get invited to barbecues. stuart: are you going to sell it? after everything you said you're not going to sell it. >> every time the iger comes out i think i have to sell it and i
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give them one more chance but i would advise your viewers not to listen to me when it comes to that because i had become so emotionally attached to the stock that that is crazy. stuart: jessica thank you very much indeed. disney's live action snow white movie is getting heavy criticism has disney gone woke. let's see if sika cells now. it's reimagining the seven endorsed as magical creatures of all sizes engenders it slated for release next year with hispanic actress as a fairytale princess riding around the england with bright colored friends with various genders, races and sizes. one user teasingly changing the film to snow white and the seven diversity hires not the only modernization that the film has
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made there will be no prince charming coming to save but white will focus on the main character following her leadership dreams. stuart: i've never seen anything like that in england. but i've never been there in 15 years. it is monday morning, let's see how your money string to start the week. here is the news dow is good to be down 60 but look at the nasdaq is turned around, smoking, 22 points at the opening bell. coming up trump through biden unexpected support over his decision not to debate rfk junior. role that take. >> i truly understand why he does not want to do it but i don't think he's capable of doing it. if he has a 30 or 40-point lead i don't think rfk expects that he's going to be, he is a very smart guy, i don't think he expects to be debating biden. stuart: i with her to see everybody, biden in particular on the device to debate stage. i don't think we will. biden's campaign fundraising
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sluggish donation half of obama stash during the same period of 2020 reelection campaign not looking good for the biden team. a report on that next. ♪ i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. take the first step to see if your small business qualifies. this is american infrastructure, a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends these services for everyone who lives here. ♪ do you shop for vitamins at walmart? force factor products powerfully improve your health, but they're also delicious, easy to use, and affordable. that's why force factor is now the number one
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half of what then president obama did in his campaign in 2012. would you look at the way that these numbers are arranged against a little tricky about how the reported $72 million that is a headline from the campaign that also includes associated super pacs, state parties and the like and that's also the case with former president trump when you look at his numbers he brought in 35 million. the desantis campaign they launched midway through the quarter they raise $20 million halfway through the quarter, the pack supporting him says it raised $130 million since march. the biden campaign about all of the said there's no hiding stunning and embarrassing lack of enthusiasm for the republican candidate running for president. president biden and harris outraised the entire gop field, and only other republican candidates run raising less mony than team biden harris but they're spending significantly more competing against each
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other in a bruising contest. we mentioned look at biden's fundraising effort, small dollar donations are $200 or less in 2012, the obama reelection campaign raise more than double ten-point to billion dollars total that biden has in the past quarter. on the republican side for the governor ron desantis campaign and aid said it cut staff fewer than ten people to help reduce operating expenses. desantis says his campaign is on solid footing. >> it is interesting that they're talking about the campaign process. we were five and a half weeks as a candidate in the second quarter for fundraising. we raise more money than joe biden did in the second quarter. >> for these republicans is about the number of dollars in the number of donors as well. you need 40000 individual donors to make the first republican debate stage next month. several are looking for the total. stuart: i believe mike pence has not come up with the 40000 small
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donors. thank you very much indeed. former president trump explained how he could end the war in ukraine in one day. rotate. >> you said you could end the war in ukraine in 24 hours, how would you do that. >> i know zelenskyy very well and i know putin very well even better. i had a very good relationship with both of them. i would tell zelenskyy no more, you gotta make a deal. i would tell putin, if you don't make a deal were getting give them a lot, more than they ever got. i would have the deal done in one day, one day. stuart: one day, he repeated it. sam brown is an afghan war veteran and a purple heart recipient. he joins me now. what do you think, trump says he could end the war in 24 hours, what say you? >> president trump can speak for himself there, he made it very clear but my point and one of
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the reasons i just announced my run for the u.s. senate last monday. we need a senate that will hold president biden accountable. we need a commander in chief back into the basic task of defining what mission success looks like. and unfortunately what a corporal in the army or the marine corps and any other service branch knows you have to define a mission, that treasure task and purpose. we've been 500 days without president biden divided a mission in ukraine. unfortunately people like jacky rosen who were up for reelection in 24 has not been holding anyone accountable. i've been leaning on my experience in the military to present what leadership to look like to america and here in nevada as we run for the u.s. senate. stuart: what kind of leadership would you provide on ukraine if you were elected to the united states senate? would you go for a win and a win being defied as getting russian troops out of the territory they've occupied in ukraine so
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far? what would you do on ukraine? >> it really starts with defining what the mission success looks like based off the resources that we have. stuart: all this dancing around the issues, how would you define a win in ukraine and would you go for. >> it really begins understanding what resources we have available. unfortunately president biden has been really displaying weakness to the rest of the world. until you are in those conversations and have access to the information, you cannot make a proper access men. one of the problems is to be people who are your typical politician you want to go on camera and they do this do that. unless they have an inside knowledge then they are just saying thanks for the sake of saying them. as a leader, some of his bed in the trenches. i know whenever you have a mission set for you, yet you
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know what equipment, what resources you have. i'm not quite as adhering to the american people exactly what that looks like without having that knowledge. that's why we have to be politicians. i'm not a politician, businessman. and we need more of that. stuart: thank you for being on the show this morning. we appreciate you being here. president biden said last week we are low on ammunition. i hear this morning that we are really scrambling to replace what we sent over there already in the time it takes to replace is astronomical. >> astronomical is the word. john kirby responded replacing inventories for ammunition such as 155 millimeters shells could take between four and seven years. it gets worse, replacing javelins can take up to eight years and stingers up to 18 years. here is kirby. >> we are working very closely with the defense industry to
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ramp up production. particularly for artillery shells. we give cluster munitions to ukraine as a bridging solution while grandpa production. we are having very, very strong conversations with the defense industry and we believe we will be able to get there. >> kirby's comments come after president biden said on tv the united states is low on 155 millimeters rounds. we probably shouldn't of said it to the worldwide audience but he did. stuart: 20 years. >> 18. stuart: thank you. a quick check of features. a little bit of red ink on the screen. the nasdaq up 25, the data on 70. the opening bell is next. you ok, man? the internet is telling me a million different ways i should be trading.
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people don't understand what it does. to talk about margins, in numbers. stuart: what got to me was when other car companies not to use tesla's charging stations which means every single card on tesla that fuels up tesla's place pays a fee. that's a normal stream of income down the road. >> it is huge. i don't know if you recall but in 2012, 2013 you and i talked about this very specific topic. we concluded that day that this is good but 15 - 20% on the top line in the rest of the industry would have to come running on tesla's terms. that is now happening, by the way for production price cut on the f150 is not coincident with tesla's coming on the way. stuart: the next one lucky market. you like them for a long time. >> this is another core holding
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for me. with comments from the bonehead community over the weekend revealing the weakness of ammunition count, plays like this become very obvious this is f-16s, 35, hypersonic missiles, defense contracting and spending is awkward to go away anytime soon which means very unfortunately war is a growth industry. stuart: i worry about stocks that have gone straight up buying them after they gone straight up but you have no fear of buying it. >> i don't but you raise a very valid points, you don't just pile into something blindly you never want to chase something that is run. you change your tactics may be by a little at a time.cost, control risk before you buy a great company. stuart: arguers have a lot to learn from you, thank you for being with us on a monday morning. the market is about to open, we usually bring you somebody pressing the button and it opens up and we miss that, the dow has
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open it is a small loss down in your 25 points. a lot of selling for the dow 30. i can only see six or seven winners. the rest are losers. s&p 500, it is open with the market and up a tiny fraction, .08%. the nasdaq, that is also up nicely so about a third of 1%. let's have a look at big tech presumably if a nasdaq is up 1%, big tech is doing okay. it is apple, alphabet, microsoft, amazon all up, matted down a dollar 60. staying on microsoft really looks like the deal to buy activision blizzard is going forward. it looks like it, both stocks are up. taylor joins us this morning. i guess it helped that microsoft had to deal with sony about call of duty. it stays on playstation. >> at least ten years, this is a hiccup by the ftc they did not want to make sure that there's any anticompetitive pressure. this helps the deal from
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playstation, there was never any doubt about this, the ceo has been confident that they will go through tomorrow which is maybe the deadline. stuart: look at the stocks go, shall be united airlines i know that they've agreed to raise pilots pay and i think it's a significant raise. >> let's get on this deal, 40% in the next four years, that comes similar, delta, american, united joining this, with the post-pandemic big trouble boom every pilot wants to make sure they are getting paid appropriately and compensated. so 40%, not bad. >> if you're a pilot, anybody who has my life in their hands, pay them whatever they want and then double it. stuart: 40% up in four years. that's good. nvidia we've been following this close it is up again this morning but it's got legs
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apparently. >> it does according to citigroup, raising the price target to 522420 and security back on friday raise the price target as well 2545. a lot of analysts on the streets saying a.i. in the first few innings of a nine inning game. this is a lot more room to run according to a.i. data center. stuart: i don't know why i'm smiling. i missed that and it's gone to the moon. we have a big week for earnings, run through them. >> weekly, netflix, they cut their password sharing. i want to see if there's an expert is or not as they talk about the supported tier. tesla is the second biggie that were looking at, dni saying this could be the trust for the margins this quarter and look for some of the big production rebounds we've already gotten record deliveries this is about the revenue in the margins. stuart: in earnings report both sharply higher. good stuff. virgin galactic they have a date for the space tourism. >> this is her second commercial, three private
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passengers, an 80-year-old mother daughter from the caribbean opens august 10 in the price is equal $450,000. stuart: is at the same price for the first go around. >> it was my lovely coanchor said it was 5000 and i had to correctly point out that that is way too cheap for commercial flight. stuart: he wouldn't go at that price anyway. the f150 i know they cut the price. it is the lightning and electric, how much did they cut the price. >> lightning ev cutting by $10000, the starting price is now 50000, their coming off of production problems and some delays. the only sword 4500 of those in the second quarter so dropping the price because they say some of the production issues are behind them. you are in aed price war, elon musk leading the way.
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stuart: $50000 base price, nobody ever gets in f150 $450,000. i presume so. good stuff. thank you for joining us. we are going to be watching you on the big money show at 1:00 p.m. eastern right here on fox business. quickly, check the market with the dow down on their 30 points, that is a fractional lost. look at the level 34400, the dow winners headed by apple, 192 on apple this morning up another 1%, j.p. morgan chase did very well last week earnings up again today, the s&p 500, activision blizzard looks like microsoft will go through up. half percent. tesla to 90. electronic odds, 139 along with activision blizzard. who knows who's good to go for the game maker. , activision, tesla, data doll, all known names. the ten year treasury let's run through the market on a monday, what is the yield 3.83%, the
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price of gold, how does it cost per ounce, 19.50. bitcoin, 31 grand, this time 30200. the price of oil i believe it is down $74 per barrel, nat gas has not gone anywhere for a long, long time. 251 right now. average price for a gallon of regular, no change from friday 356 per gallon. in california it is moved up 1 cent to an average of $4.91. coming up the secret service says they could not identify the owner of the bag of cocaine founded the white house. trump is not buying that. roll it. >> opposite the front door of the situation room where the cocaine, they know who this was they know the person it is impossible how can they not know. stuart: how do you wrap up investigation when no suspects
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in the most surveyed property in the country. good question, now answered. president biden handed out $39 billion of taxpayer money forgiving student loan debt for 800,000 borrowers. is this a vote buying tactic, that would be my opinion. steve moore chimes and next. ♪ 's
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stuart: ten minutes into the trg session on monday morning and we have green for the nasdaq up 60-point, s&p up three in the dow is only down 33-point as we speak. the administration is continuing the spending spree, biden is handing out $39 billion to forgive student loans. hillary vaughn at the white house, is anybody sounding the alarm? some would consider out-of-control spending.
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>> yes, budget talks are republicans on capitol hill are the committee for federal budget. this is $39 billion that the u.s. government was counting on getting back. ultimately the student loans were backed by the u.s. taxpayers, the relief goes to those who had federal loans directly owned by the education department and participated in income driven repayment plans. republicans are blasting the move as another effort by the biden administration to unconstitutionally pay off people's debt. >> the supreme court did rule he does not have the authority. yet they decided to play, here we go again and modify their offering and see if they can push it through. i am sure if they can bend the rules to push the radical agenda, they will do it. if they can find a way to make illegal, legal whether it is student loans or the southern border, they are going to do it.
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>> the 39 billion bailout to let people off the hook from paying their debt is happy while the u.s. government is taking on billions of debt and grounded in the interest of paying off that debt. the committee for responsible federal budget says the u.s. government is taking a $5 billion in debt a day in warning of the consequences. were on track to have interesting the single largest line item in the budget by 2051, larger than the two current biggest programs. social security and medicare with debt projected to shatter records in a few years and interest to dominate the entire budget by mid century. were running off the rails at an alarming rate. democrats say the billion-dollar forgiveness will pay dividends in other ways. >> those dollars go right back into the economy when you are able to free up the debt that many of those college graduates have. president biden is making a huge investment in this country because he understands the value
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of standing up for working-class people. >> working-class people are going to be affected if social security runs out of money which people are projecting that it will and lawmakers on the hill are looking at raising taxes to try to keep the program running. stuart: what is new, i need money, raise taxes, simple as that. thank you for being with us on a monday morning. stephen moore joins us on this very issue. the student debt forgiveness, i think it is flat out vote buying, what is a you. >> i want to talk to the congresswoman and tell her if she could get congress to relieve $50000 of my mortgage i'll put that money right back into the economy. what a dumb argument that is. this is number one unconstitutional. that's the most important point. the court just ruled on this that the president does not have the authority unilaterally to forgive people's debt and put
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that in taxpayers back. you asked the question is this by the democrats and it reminds me the scene from casablanca. i believe there's gambling going on in this establishment. of course it is a vote by, biden wants to win the vote of the twentysomethings and is offering to relieve them of 20, 30, 40, $50000 of their debt. you and i and people are going to pay for that. stuart: ultimately we pay for that. donald trump issued a warning about the economy. watch this. >> way to get rid of the inflation, it is coming down. >> it is coming down but it's coming down from a high base. it's already got 40% if you add it all up. it's coming down from the very bad base.
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what they are doing, the putting interest rates at a point, nobody can borrow. you may have a recession. people think trump is going to be elected you'll never have a recession. people think i'm not you have more of a recession than a depression. stuart: you heard that, depression is not likely or possible, what say you? >> not a depression but i think there is a good chance of a financial crisis if we continue to borrow. in the last 12 months as i think you reported the united states government has filed another $2 trillion. $2 trillion a year that is larger than the debt in 1985. that's an annual basis. the debt is incredible and you have the regulations in the anti-energy. i'm a little biased, i did work for trump on economic policies. were so proud of what we achieved and you look to the economy and how it was absolutely booming in early 2020
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before covid hit and you look at the economy today and there is really no comparison we were energy independent and we have the lowest poverty rates in the history of the country, willow and employment and all of the things are going well. i market as they were to have a recession but i do think the economy is in a lot of trouble right now. stuart: in a lot of trouble, you suggested a debt crisis. as a debt crisis coming for sure. >> it is not for sure, we can turn the establishment around before it hits an iceberg. if we continue on the path like spend money on the student debt in all these other things read we have to have real spending restraint in washington and we need economic growth. we should be cutting them not raising them anything that makes america more competitive i am in favor of. stuart: good stuff, thank you for joining us, see you again really soon. thank you very much. a key economic advisor to the
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president is touting what he calls momentum in the economy. who is it and what he saying. >> the white house don't believe your wallet. white house counsel of economic advisors. bernstein touting recent momentum suggesting is confident the u.s. will likely avoid a recession. >> all these calls have been dialed back because liberal momentum, would you have inflation on a yearly basis following 12 months honor roll down two thirds from where it was a year ago. when you have years of strong job gains in a strong labor market, providing consumers with buying power. that gives the account to be growth momentum in quarter after quarter we have seen positive growth rate. i think forecasting can be a challenging game. but i do look at the momentum and i like where we are in that regard. stuart: he has a point. inflation is down and there is momentum in the economy. >> my rebuttal to that and you and mr. bernstein.
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when you got to the grocery store and you walk out, is your bill significantly lower until lower, it is not, the same, slightly lower, you're not getting that much for your money. it's a whopper every time you check out, that is a problem. stuart: thank you very much. there is four weeks to the republican debate. six months to the iowa caucuses. yet the election is coming. who has a chance. i'll break down the state of play that a be my take top of the hour. remember the tale of the golden flower from disney's tingle. rotroll tape. ♪. stuart: did you hear that make the clock reverse, now reverse aging may not be a total fantasy. harvard research claim they have created a fountain of youth pill. doctor marc siegel is here.
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>> 's got it, there it is what a way to end it. stuart: that was a thrilling match, 2023-year-old be novak djokovic. the world number one beating seven-time wimbledon champ, novak djokovic, it was a grueling match, the second set alone, 85 minutes, think about playing competitive tennis, really without a break. novak djokovic unhappy smashing his racket, you would be two, 85 minutes of five-step match. stuart: it was a fantastic game,
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many, many years the fantastic game. he was gracious, very gracious guy. lionel and messi has signed with inter-miami. this major league soccer thank you's the major league. >> it is official after weeks. inter-miami, i don't know soccer as you do introduce lionel messi after the argentine soccer star entered a multiyear contract with the club, the highest profile to hit mls since beckham joined the l.a. galaxy in 2007. david beckham the co-owner of inter-miami, trying to recoup $50 million per year they are spending on messi selling his jersey for $200 and hotdogs at this event for $14.75. but you don't think it's going to work for saving mls as you say. stuart: the predominant interest in soccer today is premier league soccer in britain. they get the ratings in the
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numbers. major league soccer does reasonably well but it needs to break out. i don't think messi is the way to break out. >> significant disagreement. stuart: if i'm disagreeing with kilbrian kilmeade. check the markets. i see some green pretty much across-the-board, the dow is up 15, s&p f2, nasdaq up 34. still ahead joe concha, doctor marc siegel, charles hurt in tomi lahren. the 12:00 o'clock hour is up next. ♪ you can't buy great conversations or moments that matter,
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♪. stuart: 9 - 5 does anybody work that these days, maybe they do at home but not office workers. they're not doing it today can we show you six avenue outside of my studio virtually deserted, look at

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