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tv   Cavuto Coast to Coast  FOX Business  August 2, 2023 12:00pm-1:00pm EDT

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stuart: which of these is not one of the 7 wonders of the world. there with you, ricky. >> statue of zeus. stuart: lahren. >> great. about of giza. stuart: it is the coliseum, guaranteed it is the coliseum. it is so wonderful to win. time is up but coast to coast starts now.
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neil: we just had credit rating dingoes and investors are not happy donald trump had another big indictment thrown at him and he's not happy. the two stories aren't connected but maybe in some weird way they are. fitch knocked us off our aaa credit purse because the ratings agency fears we can't get our financial act together and trump supporters sounding off because they fear the government is all in on going after the former president but a silent addressing the bigger sins of the current president. it's pretty clear we all aren't seeing things the same way together. no denying we as a nation are veering off course. hard to say, it is contributing, investors worrying, politicians scrambling. billionaire oil tycoon harold hand doesn't like what he is seeing and christian conservative leader bob vander platt is praying. right now.
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>> welcome, everybody. more on the selloff in a moment but first to the indictment, the latest indictment, griff jenkins is right, maybe not the last. >> reporter: good afternoon. let's get right to it. 24 hours from now we expect the former president and his first court appearance, possible arraignment after jack smith indicted him for the second time at the federal level linking donald trump to the january 6th riot and calling it an assault on american democracy. >> fueled by lies and allies by the defendant, targeted and obstructing a bedrock function of the us government, the nation's process of collecting, counting, and certifying the results of the presidential
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election. >> reporter: let's take a look. you can see the four counts trump is charged with, conspiracy to defraud the us, conspiracy to obstruct an official proceeding, obstruction of and attempt to obstruct an official proceeding, conspiracy against -- trump lead attorney blasting the case brought against his client saying this is politically motivated, it is an attack on free speech. listen here. >> an astounding document pickups for the first time in american history, a former president is being prosecuted by a political opponent who wields the power of the criminal justice system for what he believed in and of the policies and political speech he carried out as president. >> reporter: we are learning more about the judge will preside over the trial, tonya chuck and, you see her here, a
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2014 obama appointed you to the bench and has handled several cases involving january 6th riot defendants which out here we haven't seen any major increase in security preps that we know preparations have been underway in the event of tomorrow's appearance, we expect it may go something along the lines of what we saw in miami in june when trump was arraigned on alleged mishandling of classified documents. lauren: 1 are we in store for tomorrow, the former deputy assistant attorney general, berkeley law professor's latest -- is it laugh out loud? i'm going to laugh -- outside the fact that it's going to be very dramatic, something we've gotten to see with these arraignments when they come, all accounts and various indictments, 78 charges against
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the former president to date. how do you think tomorrow goes? >> we should realize this is perhaps the most important federal prosecution in the history of our country. we have the justice department prosecuting a former president for you sensually trying to overthrow the government. the problem, though, is that is not what the justice department is charging donald trump with. they are charging him with things that are usually used to go after defense contractors who defraud by overcharging, by people who try to tamper with evidence and interfere, to testify before congress, or police officers engaged in police brutality, none of these kind of charges have ever been used for kind of effort like the one donald trump used and what is missing as we discussed before is charges for sedition, charges for insurrection which is what special counsel smith's remarks were just about.
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neil: the whole issue, this was built around january 6th, no quid pro quo charges directly tying the former president to that event. what do you make of that? >> a good point. you closely read the indictment because the indictment still lacks any facts connecting donald trump directly to the people who attacked the capital on january 6th. to be tougher on the prosecution i think there's only one or 2 little fact in the indictment which we didn't already know from watching the congressional hearings last summer and following newsweek's in the months since. that is what i think the special counsel needed to really prove his case. maybe they will add more charges, maybe they will do things produced in the court room but right now, you have smith charging trump for trying
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to use all of these, also unprecedented political and legal methods to try to change the electoral count vote, nothing involving violence, nothing involving coercion, nothing involving the attack on the capital itself. neil: any of the charges related to trying to alter that outcome, calling on vice president pence to delay or refused to certify the votes on january 6th that would have produced a victory for joe biden but we could go back and look at a number of other measures where donald trump was trying to stop the inevitable. is the intent, using the full resources at his disposal to stop that because he felt he was genuinely robbed enough to make all of this a moot point or some of the measures he took did go over the line? >> that is exactly the question the jury is going to have to decide.
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that's the line the prosecutor is going to have a hard time showing. where was the line between legitimately questioning the electoral count vote, legitimately asking state legislatures i think i was robbed, i think there were voting irregularities, i really believe it, can you please vote the electors in your states rather than counting on the popular vote and how much of it was, this is what the prosecution claims, he doesn't believe it at all, he is corruptly trying to actually pressure pence, pressure secretaries of state in places like georgia and get away with something he knew he had really lost, that is a thing with the indictment, doesn't really show what trump's state of mind is an a lot of trials come down to this, what did the defendant really believe even if it was unreasonable for him to believe it, what did he really believe when he was making these calls and pressuring pence and calling the georgia secretary of state. stuart: it is all about intent
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and that's a slippery area because it's not that black and white legally but the president at the time was doing things that certainly raised eyebrows. we know enough about stuff that has come up and a lot of these depositions, that he had legal counsel telling him it was his right to pursue this and others saying he was nuts to pursue this so that throws it back at a jury but if it gets that far, multiple cases, to look at intend seems to be an escape room potentially for donald trump. >> that's a great point. another shocker that would be unprecedented in american history but incredible, donald trump loves a media circus. what's the best way to get to the intent of the defendant, ask him. ask trump. trump testified in court in his own defense. 's lawyers will tell him not to do it. you don't have an obligation to testify. how can trump resist the opportunity to testify in a
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courtroom under oath about what he believed about whether he thought the election was stolen. he already said it in public numerous times. let's hear him say under oath under threat of perjury and tell not just the american people but a random jury what he really believed on january 6th. diane: you get to his feelings and other feelings and to this day it seems he believes he was legitimately robbed of getting reelected so he's got to stick to that i would guess. let's see how this goes, thank you very much. all right. there's the political fallout from all of this. we do know this much. past and prologue, it helps him in the polls for the republican nomination where at this juncture he's running away with it. we've got democratic pollster sean cooperman research ceo. republican strategist.
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i begin with you and the way democrats are presenting this. you've got 78 various charges through three separate huge indictments. even if he was found guilty on a fraction of them he is toast. what do you say? >> we know that republican primary voters are going to support trump. he has a strong lead in the polls. the indictment of not hurt trump. even the latest general election polls see the trump is tied with biden. that being said there is 60% of voters right now saying they are undecided in the election in these voters are more likely to say that trump has committed serious crimes, the more likely to say that trump has attacked american democracy. neil: they are not saying that, that could change but i only go by the latest polls that pit the president against the former president and they are
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dead even and in a couple of them donald trump leading. all of that, what do you make of that? >> what i'm looking at are undecided voters and these voters are the ones i believe are impacted by this, this is going to hurt donald trump among undecided voters because they believe that his actions, where an attack on american democracy and it is going to help turnout among democratic leaning voters that might otherwise be disengaged, who might not be that happy with biden but don't want to see donald trump get reelected. neil: what do you make of how republicans deal with of this? this? rally around the guy leading in the polls right now. some are speaking out a lot more, but mike pence has said that is not a guy who should see the white house again. nikki haley saying it is time to look at this quite seriously. chris christie, we know about that but that is about it.
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i am wondering do you see that changing? >> i think as we go through this process if you have an opinion on the legal challenges, wait a day and it will likely change. what came out, there is one part of it saying what the president digit not have been done. he did not comport himself in a manner that a president should conduct himself. on the other hand you see a prosecutor that has your previous guests noted has brought charges that strain credulity. in many ways seemed to stretch the law to the limit of the bar for the purposes of trying to meet out some type of political vendetta. when you take all of that and spin it up it comes down to who will tell the best story and republicans talking about president biden arrived in 1600 pennsylvania ave. on a mission on this matter for evicting donald trump, the business of the american people had not been done.
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our credit rating got devalued. americans are 60 days delinquent, we have $1 trillion in personal credit card debt all of which has taken the people on main street at peril. those are the real issues that i think are on the mind of those undecideds my colleague is talking about and stretching that and driving the point home, it's the economy stupid over and over again, in many ways carries the day about republicans. adam: in q both. the dow is down 238 points in large part because of the investors move to lower triple credit rating, the last credit agency that did that was s&p in 2011. they also notched a single grade down to aa plus. suffice it to say ever since then, the s&p has never raised it back to aaa. how long will it be before
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neil: only one us credit rating agency has a aaa rated -- the highest you can go. that is moody's. fitch investors the latest to join s&p which about 11 years ago, 12 cited the downgrade and that was after the brinkmanship that kept government lights on and open. all the chicanery that preceded it, they've got to get their act together. we got to get our act together but we are not. hence one level below aaa. or aaa, watching -- edward lawrence, what do you make of this, what happens now? how are you, my friend? >> doing very well. fitch looked at this and said how close we've come to the debt ceiling.
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they also looked at the economic situation out for the next three years and made the downgrade decision. was immediately a biden administration official -- what analysts see is spending up, interest rates up and federal debt rising at an alarming rate. >> this is a warning to investors we are in the largest debt bubble of our lifetime, not just in our government which is spending recklessly but corporations and consumers. the problem is this debt is being financed at rates that are a 20 year highs. something has to give. >> this is political. biden campaign spokesman telling us the trump downgrade his direct result of extreme amaga agenda with callousness and recklessness that americans continue to reject. a trump campaign spokesman responding polls show crooked joe biden badly losing to donald trump, biden is
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desperately lying to the american public because they have no excuse for the misery and destruction they caused. republicans are blaming biden's policies. >> contract to have over $1 trillion in deficits added to the debt. it is unsustainable and no wonder fitch downgraded us. we don't have a solution in place. republicans have a solution but democrats want more of the same spending, driving off the cliff, pushing the gas, taking us over the cliff. the american people are suffering through higher inflation. >> in an hour the treasury secretary, irs processing center talking about how the irs will go paperless with the 1040 forms when you file in 2025 and going to address the downgrade we expect. neil: let's go to the former office of management and budget, chief economist under donald trump.
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good to have you. not that these are the guys who weigh in on whether our debt deserve to be highest in the world or not. they are not nostradamus, they could be wrong on a couple things. in a case of fitch anticipating recession, the last three months of the year, not everyone is so sanguine on that. they get things wrong. do they get anything wrong here? >> i don't think they did. they made the correct decision to downgrade the us debt. too much spending is going on and it has been too late, could have done this earlier to put pressure on congress to rein in government spending. the debt deal didn't do a lot. we see that now. the gdp report that came out recently, tract out for government spending, the real
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private economy, a stagnant period with stagflation, which is not going to help much with the budget picture. and downgrading the debt. neil: it was a -- the reported debt limit political scandal, the last resolutions had a world of confidence in fiscal management in this. it does appear we are always at loggerheads, we get a deal, get it solved but that doesn't look like a chain. >> it doesn't. ugly is a good word for it. deals we are getting is kicking the can further down the road, not addressing major issues of higher inflation, higher covenant spending and mandatory programs like social security and medicare, we need to get these under control as well.
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adam: even donald trump says they should be -- don't consider them. don't talk about them. he scolds republicans who do. doesn't look like a prescription for writing our financial wreck anytime soon. >> you are right. those need to be on the table. if not we won't get control over the budget and the deficits for the future, looking at $2 trillion a year in deficits by the cbo, pretty rosy picture. if we don't get more growth, less government spending, we have other crises develop over time. the fed will go to higher inflation. we are already feeling it. interest rates going up, the dow going down and bad public policy out of dc. neil: looking at everything here, the only reason why we benefit and are not being hit
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harder, the tallest dwarf in the room. don't mean to malign dwarfs but the fact is we attract capital because we are always the best bet in a scary world. we see that happen when everything hits the fan. do you see that being jeopardized as things stand right now? >> i think so. we have seen the reserve currency of the world, global reserve currency has taken a hit and you see gold prices going up. people moving to safety and compare with the dollar and other risky assets and we need to get our fiscal house in order and that helps with monetary house as well. the houses of americans continuing to feel the brunt of these bad policies and excessive government spending on the rise in taxes and regulations under the biden administration at whoever is president next we have an election coming up, this will be an important time to put government spending at the top of the list, to say we've got to do something about this for
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the future of the country, the future of the dollar and of american families across the country. neil: nice to see. these are inarguable facts. thank you very much. >> thank you. neil: rising energy prices not so much today with everything going on but the fact of the matter is demand locally is building up to the point that will push up oil prices which could then reignite inflationary concerns that have not gone away. very influential figure. finance and politics is next. (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital —
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neil: how we handle that debt is anyone's guess. harold has a sense of what we are doing. the founder randa chairman, how good to have you. >> good to be with you. appreciate you being here today. lauren: 1's your thought on the downgrade? we do things in washington. this would seem to confirm that. are you worried? >> it is worrisome. rising debt, inflation rate, talk about what it takes to produce oil. inflation as well.
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so we suffer a 20% inflation last year. it makes it a lot tougher. lauren: 1 you are looking at, could be the effect of new environmental rules making it prohibitively expensive to drill for and ultimately sell oil. maybe it is supply and demand, demand is building limited supply and prices go up. may maybe a lot more. bank of america, $100 oil. what do you think? >> the fundamentals, a little bit of oversupply, demand picks, that will take care of that.
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very disciplined right now. watching the market to oversupply is on market, supplying the market, a very good job with that, the last several years, especially with all the things we brought on and are bringing in as appropriate in my book whereas, without telling what brought us energy boom that we've had the last several years. got that out today, the first day of release, haven't had that after consumers. adam: the latest trump indictment, how it could change, any such news helped the former president's poll
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numbers, do you think that continues. >> i believe in the rule of law. don't want to politicize this thing but seems troublesome to me that here we are 21/2 years from the election, the charges have just now been brought right in the middle of another election period. probably more of the same tit for tat that has gone on the last 12 years. it is troublesome. neil: he would be a damaged nominee, he couldn't when a general election. polls don't seem to show that but independent voters would most assuredly not run to him in droves. do you agree with that? should republicans be looking at another potential nominee or
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is he looking increasingly likely guy? >> there's a lot of great candidates out there throwing their hat in the ring, the american public has a lot of people to look at and those are great people. anyway, to judge the way people should or shouldn't be doing. independents could migrate to the gop side, seeing the unfairness of what is going on today. neil: see what happens. but author of game changer, complete revolutionary moves in the industry. something i want to pass on to our neighbors to the north, justin trudeau separating from
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>> how long has the administration spine looking for vaccine misinformation? >> that's an accurate question which i would recuse. facebook and any private sector company makes decisions about what's on their platform? neil: that was apparently wrong. the latest files coming to light. more than was earlier thought. a hillary vaughan with more on capitol hill.
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>> reporter: we obtained exclusive details on conversations between the white house and facebook employees. in public the white house claims they were helping facebook combat misinformation behind closed doors. officials were trying to have more influence on the platform. white house officials asking access to special tools normally hands off to government agencies so they could target vaccine hesitant uses. white house officials be rated facebook employees for not turning over more data to them saying on the call, quote, some partners give us a lot of information, some tell us to -- this feels like we are chasing our tails. if you don't want to give information say that. i doubt you are telling us everything. we reached out to the white house for comment. meta declined to comment. these documents show the white house and facebook wanted to prevent information going viral that went against the vaccine narrative. on a call with the surgeon
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general's office, they told biden administration questioning whether you should get a vaccine under a mandate, whether it is government overreach, would demote those. that's not false information believes to a vaccine negative environment. one white house official appeared to mark americans ability to think for themselves and judge what is true online. a biden staffer telling facebook employees, quote, if someone in rural arkansas sees something on facebook it is the truth. some people at the white house do not have a very high opinion of the great people in the great state of arkansas. adam: and others. the family leader, president, and the ceo, and influential figure, already expressed skepticism about donald trump, what he called the
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self-inflicted ceiling for the republicans 2024 race and the latest indictment, always good to have you. this is reinforce your impression he shouldn't be the republican nominee? >> it really does. what is happening now with the latest indictment, those for trump will be more emboldened in full or support for trump but those looking good for an alternative, looking more than ever to for an alternative to trump. i believe the president -- holding for who else could be, return the page on the next generation leader. adam: that person might appeal, snapshots because they don't hold but right now it seems that the party is fine with him as a potential nominee. that could change but hasn't changed through a series of three major indictments.
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if you look at everything here, 78 charges. what do you make of that and the -- more indictments and charges go up. >> a little bit like i tweeted yesterday. i see a lot of blue sky in those polls, sympathetic feel for the former president, they believe the department of justice being weapon eyes do against him, and against them as well, donald trump is a household name on his poll numbers will be high at this point. i remind people in 2008, we had giuliana come into thousand 12 rick perry, in 2016 joe bush or scott walker so there's a lot of game to be played, and especially in the state of iowa. stuart: this notion that someone who doesn't carry that legal baggage could win the whole thing. these polls don't bear that out.
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maybe something bigger at play here, national frustration with the system as it is. the system is going after donald trump, and they carry certain clout and they do register, the former president, i wonder if he's nominated, if he is the guy, will a lot of those republicans who support him now, about on election day, is that your fear? >> i don't know. i think it is a risk. 2,024 is the most important election of our lifetime. we say that every two years which i happen to believe this time it is really true. i think the former president presents the biggest risk of losing to the democrat and i don't believe it will be president biden, it will be michelle obama or governor newsom or someone else. neil: sorry to jump on you but
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who intrigues you the most? desantis getting attention, not as much, some of these third tier candidates are rising. where are you parking next? >> we have a competitive field, governor ron desantis, but he has accomplished as governor in the state of florida, what governor reynolds has done in iowa, how is a solid candidate. nikki haley, the former ambassador of the united nations, vivek ramaswami has a compelling resume as a businessman and young entrepreneur but then a guy like tim scott, what a great story. islands are kicking the tires on a lot of candidates. when we get to november and december, you will see the coalescing take place. neil: there was a great deal of offense taken to chris christie not showing up in iowa and he
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burned his chances to do well in the state because he's placing his emphasis on new hampshire. what do you make of that? >> i don't know if chris christie is running to be president. i think chris christie is running to derail donald trump. the best place he believes he can do that is in new hampshire. iowa has never been that warm a relationship with chris christie but i believe his focus is to derail donald trump and allow somebody else to the marriage. adam: we will see. we don't know. all right, thank you very much. family leader, president, and ceo. let's go to jackie with what's coming up on "the big money show". jackie: america's economic down rating, the first time since 2019, a crisis and fiscal
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management. larry kudlow will be here to discuss. donald trump indicted on charges around the 2,020 election, will for free-speech to be under attack in this case and why you should care, bill hemmer on that but first more coast to coast. ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ ♪ i have type 2 diabetes, ♪ ♪ but i manage it well. ♪ ♪ it's a little pill with a big story to tell. ♪
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>> they are making the one for this. >> we can end this war. but who will be in charge? >> we've got one hope. secret laboratory. in the middle of nowhere. adam: massive production and the only way to see it is on a big old screen, one of those fancy 7 mm screens. the film runs 11 plus miles.
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the imax ceo global box office, $176.2 million in july, not too shabby. >> a global company, 2 thirds of the box office is outside the united states. in july a lot of it was oppenheimer. and done $20 million over there. mission impossible was a big hit. did about 14% of the us box office. when that opened it opened in japan this weekend. one of the things that makes our model unique is the global span of the fact we are in -- neil: you go to imax it's an event. it doesn't have to be an event film. if it is playing on imax, people prefers that, pay a little extra for it. >> you are quite right.
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we don't like to do the big blockbusters but globally we do local language films. covenant of the gods, who would think that was in imax film. all kinds of films, so we've broadened the platform. imax has become the way to see movies in the future. neil: people are drawn to that. educate me on the distention with this film. not all imax theaters, it's a different visual experience. >> all imax theater is outside china, japan, and russia. it is summer, 70 mm, some are in digital. chris nolan used 70 mm imax cameras to film the whole thing but you can't project it that
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way and those are super premium in new york city. in other places we are showing -- it is still amazing. neil: the backdrop for this, the whole industry, the writers and actors strike, and delay movie releases, some in the pipeline already but now getting to the fall. >> some good news this morning, don't know if you saw it. the writers put out a press release announcing negotiations are resuming today or this week. that's a good sign. beyond that, pretty much every movie was scheduled for the rest of the year is already in the can. neil: nothing would be affected. >> it could move a little but we have a lot of optimality so
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a great film called dune coming out, because we are playing that we can play a marvel film and can't play hunger games. of the movies were to move around, we are not susceptible to any one movie. neil: got to get barbie in one. >> it scares me. neil: great news, people are really into that. it is worth the price. more after this. ♪ this is your summer to smile. to raise your glass and reconnect. to reel in the fun and serve up great times. to help you get ready your aspen dental team is celebrating 25 years of affordable care with an epic summer of smiles event. right now, new patients without insurance
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neil: the financial times, and air conditioning and debt. aaa, there was in the futures market, some rattling into foreign markets but not a big one. i don't know if it was a delay nonevent. many anticipated this. and how they reach budget agreements and a threat to shut the government down. that kabuki theater was going to pile up on us and get the credit rating what it was. the s&p, the same thing in 2011. a notch below aaa. jackie

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