tv Varney Company FOX Business August 23, 2023 9:00am-10:00am EDT
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is weird and bad that doug berg room could spend $20 for one dollar donation, next to a former governor and un ambassador, it doesn't make much sense. liz: final thought on this? >> looking for 1-liners from the guys pulling 1%, i am looking for ron desantis to say he's more than anti-woke and ozempic teen -- to prove he's presidential. lauren: he has risen in the polls, with younger pressure, the characters there. thank you so much, that is it for me. "varney and company" is up next, get out the popcorn. stuart: okay, good point. in exactly 12 hours the republican debate begins in milwaukee which it is on fox with pre-and post debate show on fox nation.
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fox business will simulcast the debate. 8 candidates take the stage. expect rapidfire q and a. they want to breakthrough, with 1-liners to make our competition look bad. trump will not be there. he will try to steal the thunder tomorrow morning or tomorrow afternoon when he's booked at the fulton county jail in georgia. president biden is back from his much criticized inspection of the maui wildfire disaster. he is holed up in a billionaire donors mansion in lake tahoe. what a contrast. a new generation of republicans on the debate stage, aging president back on vacation. to the markets, all eyes on nvidia, this company vaulted into the trillion dollar -- is a leader in ai. it will be an indicator of the future state of the anti-industry. i see a little bit of green this morning for the market, dow up 20, nasdaq up 30 at "the
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opening bell". back to 25,000, twenty five-eight as we speak. interest rates, the 10 year treasury yield, looking at 4. 27%, down from where it was yesterday and look at the two year. moments ago we had it exactly 5%. right now it is at 5. 0 one%. on the show today, david solomon of goldman sachs demands employees get back to the office five days a week, forget the summer friday thing. he is fighting an uphill battle. new figures show fewer employers require full-time office work and more employers are okay with remote work. the venerable store closing or close to leaving san francisco. the owner says there's something wrong, people don't want to work. he can't take it anymore. that's the show on the first
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debate day august 23rd, 2023. "varney and company" 23, 2023. "varney and company" is about to begin. ♪ ♪ first time that he saw me ♪ stuart: this song is ready for it, taylor swift come all the right things in the headlines. taylor swift with our audience. it is a big day. fox news hosting the first republican primary debate tonight. the rnc just released the stage lineup and that is what it looks like. lauren: ron desantis and ozempic teen -- chris christie,
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asa hutchinson and to his right, nikki haley, tim scott. folks in milwaukee excited about the messages the candidates will be sending tonight. >> i like him, he's bringing a different energy and why a book, nice to see someone less then 50 years old running for president. christie is awesome in a debate. i've seen him for years. he's really good on camera. >> desantis seems to be cool under pressure. he might not be. mike pence under pressure. >> this is a very divided country. i would like to see if we have someone on stage who can give us a path toward healing that division. lauren: give you that 1-liner to make headlines. ron desantis takes in coming from all sides. he has the most to lose because he had pulled so high way back
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and now everybody is coming up to him. do they attack each other or donald trump? all of the above? stuart: watch and see. look who is here, pete hegseth. you are in milwaukee for the debate tonight. can i ask you this, who do you expect to shine? trish: -- >> here's the thing. the biggest story of the debate is the front runner, donald trump who won't be here. still can't deny that he will define everything. i think tonight is a huge make or break moment for ron desantis. he has consultants telling him things, his poll numbers are fading, getting a tax from trump and other candidates. if he's going to revive his campaign he has to have a moment or two like he did at press conferences in florida where he shows that he's a fighter, that he could get back into the front row of the republican primary because he has been fading.
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a lot of incoming will be pointed at him. desantis has to figure out a way to carve a path that is america first without being disrespectful to trump and trump's base which is so strong. he hasn't threaded that needle yet and personality is his problem. how does he come off authentic in a relaxed and not scripting things. remember the marco rubio moment, chris christie took him down and said here we go again, though scripted 15-the second talking points followed by a pivot, that's a trap he could walk into if he's not comfortable. he's got the speed but will he bring it tonight? vivek ramaswami is interesting. what he will say and how he will say it will draw people in. the rest have a challenge sticking out but there could be any number of them. stuart: i was watching fox and friends at 6:00 this morning. right from the get go you made quite an entrance onto the show. let's have a look at this.
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he comes running down the steps banging a drum, drummers beside him. that was a real entrance. what kind of entrance will you make tonight? there you go. we got it. banging on the drum. what entrance will you make tonight? >> all the drums are for bret and martha. that is tonight. i will sneak into the spin room because on fox nation we are doing the preshow from the spin room. i will be watching the debate from the hall. there will be 5,000 people in the hall. this is not one of those small debates with a couple hundred people. there will be a huge, raucous crowd at the are in see so when candidates speak they will get reaction. if you are watching fox news, in the commercials, pool up your apps or switch to fox nation, we will have instant analysis, will cain, sean duffy, back to the debate and postdebate show on fox nation.
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we will cover the behind-the-scenes. what's going on in the spin room, talk to the candidates when they get off the stage. it will be a wild night, talking with some of the fox folks, expect the unexpected. stuart: whatever you have for breakfast i want to some of it because it will carry you through until midnight tonight. we will be seeing you later, good luck to you. let's turn to the maui fights. moody's tried to put a dollar value on how much those maui fires will cost. lauren: up to $6 billion in economic losses, 75% of that will be covered by insurance. moody's estimates, property damage, structures, loss, damage, business interruptions, not the social cost of all this. stuart: turn to the markets, all eyes are already on nvidia today, they report earnings after the bell, premarket up one dollar, $4.57.
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is the nvidia reporter progress report on the ai industry? >> there's a lot of weight on nvidia's earnings, the options market is 10% up or down. it is going to be a big event over a short-term move, with tech earnings they beat earnings. a lot of them guided up. we saw initial move up, we saw profit-taking, that's what we are watching most, because of the run up in this company if they have a positive earnings report, is that going to carry on or will you see profit-taking like we've seen so far this month? stuart: if it is a good report, does that reignite the rally in the tech industry? >> i think we will need more than that. they have to have a blowout earnings report because we have
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the fed speaking on friday, and interest rates are the biggest factor right now that we need to see the direction. if rates continue to trend upward, that is going to put a lot more pressure on technology, more than a 1-day event. i think nvidia will be a 1-day event because we will see follow through on friday with the jackson hole speech mister powell will be talking to the world about in regards to monetary policy. stuart: you are not the kind of investor investment advisor who would jump into nvidia this morning or even tomorrow morning. you wouldn't do that, would you? >> it's risky when you're going ahead of an event like this. it's like going to the roulette table. he will hit bigger lose it all in my opinion. too big a risk for us. we are trying to risk manage this environment. this is one of the toughest environments investors have seen in my 25 year career because of the mixed signals
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that are going out and retailers are coming out talking how tough the consumer environment is, running out of money and we have interest rates at rates we haven't seen since 2,007 and inflation, possibly reaccelerating as i want to see how powell is going to address this on friday because to me that is a bigger event. stuart: nvidia, a 1-day event, several weeks or months, got it. you are all right, see you again soon, eddie ghabour. trump expected to turn himself in tomorrow at georgia's fulton county jail, one day after the debate. is the legal process being used for political purposes? shannon brame on that. donald trump is a maverick but jailing him could force a civil war like split in america. nigel farage says this country is heading in a dangerous direction. then there is this. president biden's name will
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come up a lot tonight but don't expect biden to respond because he's on vacation again. ♪ ♪ with your erc tax refund so you can improve your business however you see fit. rosie used part of her refund to build an outdoor patio. clink! dr. marshall used part of his refund to give his practice a facelift. emily used part of her refund to buy... i run a wax museum. let innovation refunds help you get started on your erc tax refund. stop waiting. go to innovationrefunds.com you really got the brows.
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stuart: wednesday morning, 15 minutes before we open the market, modest gains for stock prices in early going. republican candidates take the debate stage tonight, president biden will be on location in lake tahoe. can we expect to hear anything from biden on the debate tonight? >> reporter: we are told not to.
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the president has nothing on his schedule this week but white house officials have some thoughts how he should be spending his time. >> does he plan to watch the republican debate? >> i don't know. i hope not. i don't know. >> reporter: even if the president doesn't pay attention to the debate the campaign's, is, trump is shutting the debate spotlight because of his failed jobs record and at state pointing to a now defunct plan to set upper so-called innovation center with 13,000 jobs. trump took credit for that in 2018 saying if i didn't get elected, would not be spending $10 million. last week the company put the property up for sale. >> as it relates to donald
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trump, no surprise he chose to skip the wisconsin debate when you had another announcement that they are packing up and leaving green bay and where they are shuttering into office space. it is ground 0 for his failed record on the economy. >> reporter: biden's campaign circuit said he does not accept the president to be responding to any attacks during the debate but it is clear that democrats is increasingly hopeful trump will come out the primary winner. >> 2024. are you feeling democrats are in good position? >> i am especially if the opponent's donald trump. >> reporter: the president will remain on vacation until saturday. we don't expect to see him again. she did carve out to go to hawaii to survey the damage but that is it for his public schedule until he returns to
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dc. stuart: look at this. this is doctor mark siegel's list of topics he wants addressed at tonight's debate, can't go through the mall but we will hit some of the. docs eagle is in the house with me. start with medicaid. millions of people will lose coverage now that the pandemic is over. what do you expect to hear from that? >> where president biden is going on this come 8 to 24 million people slid into medicaid because of pandemic laws and now they are being defunded. what do you do with of them? what republicans have to point out once again and we've been talking about for a decade now is obamacare is really cheap insurance the doesn't get you the care you are promised because you have a huge deductible you can't surmount and the narrow network of doctors to treat you. it is not decent care and medicaid expansion, we don't have the manpower.
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stuart: obamacare, that should come up tonight? >> huge. we went candidates should be asked? >> biden said he would expand it, double down on it. they have to attack it. stuart: what do you ask the to hear about the border? >> the border is the biggest untold story not about us not covering it but a public health emergency. i want somebody there to say bring back title 42. that would be an extremely important talking point. instead of looking at what your base is saying, title 42 worked because title 42 isn't just about covid. it is about all the diseases coming across the border that everyone is afraid of how they would say is that but if you are new york city looking at the roosevelt hotel you are seeing people on the streets with nowhere to go, shelters can't take them in and they are bringing diseases in because they don't have the vaccines,
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vaccine preventable diseases, measles, polio, tuberculosis and hepatitis because that is just new york. what about texas. let's share this, closing the border, an excellent provision. stuart: guaranteed the border will come up tonight. >> blocking china for pharmaceutical, ingredients that are used to make opioids. that's the decision needs to emphasize. stuart: rutgers university students reportedly facing disenrollment to if they don't get vaccinated. surely this is a top issue not just at rutgers but mandatory vaccination. that has got to come up. >> pence and desantis have a great place to go, desantis florida open and kept the schools open and got rid of mandates so florida flourish, pence at the helm of operation warp speed which you should pay attention to even if the
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vaccines have side affects, when have we seen a public-private partnership like this to make products, the vaccine products in such a rapid time, the biden administration has mandates, let's close everything down, everybody wear a mask, we will force you to do something, no compliance. rutgers is completely hypocritical because they don't mandate flu shots but are mandating covid shot and the covid shots may be two years old and not work at all. stuart: we are talking about social distancing again. can you believe that? that is utter nonsense to be. >> i think our kids have suffered, teens have suffered, young adults have suffered, socialization problems, learning problems, mandates backfired and we talked about it two years ago. blue when here's the list. a lot of people come up in the debate tonight. doctor siegel. just in, governor doug bergen injured his leg when playing
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basketball with staffers yesterday. the campaign says it is unclear if he will be able to stand at the debate. we are monitoring this update with more as soon as we get it. lauren: he just got his moment. stuart: a moment. lauren: on the stage, may be sitting. in the headlines. we hope he is well. stuart: check futures the wednesday morning, heading towards "the opening bell," not much change. a little bit of green. we will be back. ♪ what if you could make analyzing a big bank's data... no big deal?
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capitalize in this ai revolution. when this report comes out and meet analyst expectations we will see the market rise. if we see things deteriorate it will take things down. big question is whether supply and demand ratio is the new trend or the same idea as people buying too much toilet paper with covid and people are double buying right now knowing this revolution is building and supply challenges have been significant. i think it's a progress report in the ai industry and most important it will be the call. whoever gets on the call and looks to the future is why the stock moves. >> i think that is right but here's the deal. this doesn't change the world economics. everyone is banking on nvidia. we have fed meetings this week.
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we need to have eyes on the banking industry which we are 5 months into this thing. i think there are challenges that are just beginning to show up today. stuart: you see a recession and financial crisis showing up at the same thing into to 3 quarters. that is a bleak outlook. >> recessions is where we slow down. a global recession is very rare. we are having a financial crisis develop right now that many analysts expect 1000 banks at the end. we need to recognize the world is changing, lending practices changed. banks have deposits going out the door to the treasury and
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backing up, not just 250 on fdi see, with the banking industry would that borrow from them. we have higher rates, that goes into profitability and starting to see the lag affect that consumers are lagging as well. stuart: thank you, we will see you again soon. i did see the 2-year treasury, 5% earlier today. we have 8 or 9 seconds. we have two exchanges, someone will press the button. we expect modest gains. we show you how it opens, back in the future. the dow is up 14 points, about
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2/3 to 3/4 of the dow 30 are in the green. lauren: nike is down, 10 days down, record losing streak. stuart: that is the dow 30, the s&p 500, opened with a gain of one 12:45%. the nasdaq composite has opened higher. show big tech. alphabet 130, merritt 289, amazon down $0.26. more retail earnings out today, dick's sporting-goods blamed theft for their profit drop. stock was down sharply, they warned about theft last quarter. lauren: as for their report
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card the revenue fell for six rate quarters, another 4%. wise the stock up? their inventory under control which means fewer discounts that burst their profitability. we one footlocker, last time it checked was way down. lauren: they cut their forecast siding week consumer, the back-to-school season included in their quarterly report, they paused their dividend payout. this is a company that is talking about theft causing people to be stealing, shrinking, the industry term for, causing growth margins to fall 460 basis points, the only detail that i saw that they mentioned. footlocker down 35% and dick's sporting-goods in a moment but dick's boarding good story from yesterday can the footlocker story from today, that is your nike story. nike sneakers and clothing are sold at those two stores. it all ties together.
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that's one of the reasons nike is $13 billion in the past we 10 days of selling. quickly on dick's sporting-goods down another 3.5% today, many cut their price targets, bank of america downgraded them to neutral. they are worried about the pandemic trend officially ending. all of that has dried up and grocery store inflation, people spending more, less on discretionary. stuart: pellet on -- peloton is still there, 23%. lauren: $5. one hundred $67 stock. speaking of the pandemic and those trends ending. they reported another decline in paying subscribers. they said the cost of their recalls are denting their profit, and warning of negative cash flow in the next two quarters even though they are trying to save money with job cuts that are restructuring, it
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is looking bad at peloton. stuart: stuart: i rebirthing trucks driving down the street delivering stacks of pelotons. lauren: are the stories idiosyncratic or more telling of the state of the economy? stuart: don't use big words like idiosyncratic. a test of grammar? everybody is talking about nvidia. lauren: this is not idiosyncratic. i would say animal spirits defined this stuff. you like that term? animal spirits. nvidia is the leader of the market, sets the pace for the wider tech sector. bellwether for growth in ai, nvidia told us bigger than we imagined. ai is the thing. can that -- if you don't see a blow out beat on astronomically higher earnings expectations, does that jeopardize the nasdaq 100. because of the leadership, the
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place center that nvidia, up 200%? stuart: wait for the call. this is where we are going get. lauren: it is rare you get excited about earnings report. stuart: amazon wants workers back in the office. you come back to the office. lauren: during covid you decided to move what we don't have an office and that was fine so we changed our return to work policy so you have to move. there are reports they are telling some workers they have to physically move their families to new york, seattle, you name it. stuart: and probably quite a few will quit i would imagine. lauren: that is how things used to be. stuart: the pandemic changed everything. ups got to deal with of the teamsters. a very generous contract for the workers.
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lauren: $170,000 average celebrating benefits at the end of the four years, that is inflationary. truck drivers can't work from home, you bring us the goods we need, thank you. 86% of union improves this deal, strike has been inverted. ac in their trucks but in this deal. stuart: that is what negotiations are form. 5 minutes into the trading session, we are up 56 points, the dow is up 34,345. the winners topping that list. the dow 30, at the top of the list, merck, apple, 180. intel, procter & gamble, microsoft, here is the top performers on the s&p 500. advance auto parts, thermo
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fisher, merck down, no really big names there. the nasdaq composite winners, alphabet, 2% gain for alphabet this morning. iliad sciences going up, netflix a nice again, $7, one. 7%. lauren: there's some shatter they increase their subscriber account heading into the new quarter. blue and that is netflix, 420. check of the 10 year treasury yield, that has been a problem recently but this morning coming down 4. 23%. this time yesterday, 423, a significant drop on the 10 year treasury. wears gold? not doing much bitcoin, i saw it earlier, 25,000 and change. oil below $80 pit barrel, it has retreated all the way to $77. natural gas, put it on the screen, don't care for much,
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253. the average price of a gallon of regular has come down a couple cents. it it is now at 384 and diesel, the national average for diesel is at 435. actor kenny sorbo talked about being canceled in hollywood because of his religious faith. he will be here. will vivek ramaswami be a standout in the first republican debate? liz peek think so it is here with her predictions. the faa will hold runway safety meetings after multiple close call incidents. officials say close calls happen more often than previously known. we have a report on that next. ♪
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stuart: 12 minutes is the trading session, the thousand 50, the nasdaq 47, s&p up 13, modest green. two planes nearly collided earlier this month in san diego. the new york times reporting these close calls happen more often than we know. hillary vaughan joins us at reagan national airport. how often does it happen? >> more than many plane passengers realize, the new york times looked at internal safety reports, not available to the public. in reviewing those they found just last month there were 46 close calls involving commercial aircraft. that is more than one a day. these are times two planes almost crashed into each other and collide with hundreds of people on board. on average these close calls happen multiple times a week. according to the new york times the faa reacting to the reporting saying the us aviation system is the safest
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in the world but one close call is one too many. the faa and the aviation community are pursuing a goal of 0 serious close calls. the faa pointing the blame at pilots saying 60% more than half, caused by pilot deviations. the faa is trying to shut down and close calls holding safety meetings over the next month at 90 airport around the country. these close calls are happening as the faa has no one officially in charge of the agency, president biden nominated bill washington, former transportation official for the job of faa administrator, republicans and democrats refused to confirm someone with 0 pilar aviation experience to lead an agency overseeing the entire industry. biden has not nominated anyone else yet so the complement of the faa sits empty until he picked someone else. stuart: we heard you and so did lauren.
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we nervous about close calls? lauren: i choose not to be nervous about this because it is out of your hands unless you choose not to fly. remember when they were accused of the 737 max, next time i get on an airplane, look at the type of plane, i don't want to know. ignorance is bliss, just want to get to my destination. stuart: don't worry, not a bad one. thank you, 30 seconds of dynamite television. coming up, three years ago things were very different. offices full, cities, then came the covid lockdown and that changed so much including where we work and how we were, the pandemic changed so much. that will be my tech in the next hour. fox news hosting the first republican debate tonight. bret baer, martha maccallum ready for the big night, they made time for us and give us a preview, they are next.
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stuart: on the markets, after 20 minutes of business i see a gradual move up, the dow industrials, 85 points higher, 34,370, the nasdaq, up 89 points, 13,594. maybe the nasdaq is doing well because long-term interest rates are actually coming down. that helps the nasdaq. on your screens now is nvidia which is stock of the day, the month, the year, possibly, that has gone straight up. they report this afternoon, very much in a i company, very much in the news. all eyes on nvidia later this afternoon. just getting word on this. governor doug bergen has injured his leg while playing basketball with staffers yesterday. the campaign says he is out of the hospital but it is unclear if he can stand at the debate. we are monitoring and will have
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updates for you. we are waiting for bret baer and martha maccallum, they will be anchoring the debate tonight. that is a live look at the stage where the debate will take place tonight. you are looking at vivek ramaswami in particular. lauren: he might be the best natural debater, he can pivot, he is smooth, he's controversial on foreign policy and he wears the lack of his foreign policy experience and wild ideas according to many as a badge of honor because he's an outsider. stuart: desantis. everybody is going to go after him because he is the front runner. what is he going to do? lauren: he has to take all of that incoming and do it in a way that he does not alienate the trump have voter. will be about trump, and attacking desantis, but he has to handle that and make sure he doesn't attack the elephant in the room who is not there which is donald trump. will when i will be fascinated
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to hear the audience response, there's 4,000 people in that arena, maybe 5000. imagine the response to a live action debate. we do now have martha maccallum and bret baer with us ready to go, hosting a debate tonight. good morning, ladies and gentlemen. i am expecting a rapid fire q and a. is that what we are going to get? >> you will see it tonight. great to be with you as always. we want to get these candidates talking to each other and going at each other over issues that are most important to the american people. you will want to hear a lot about the us economy and you won't be disappointed. stuart: are we going to hear crosstalk between the candidates. that is allowed? >> encouraged in some places, stirring up the contrast and engaging with one another. we have guidelines, time limits but for the most part it is a debate, not an interview.
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we want to foster that. it is a hot one here. in milwaukee. lauren: like albert brooks out here. stuart: you are going to have 5000 people in that stadium around the stage. do you allow their input. i'm not asking questions but are they going to make comments? >> they are warm bodies, human beings in that theater and we want people to sense they are watching everything as it happens so certainly, we want people to respond to things, want to them to react. if it gets to be too much, it is impeding people's ability to hear the answers to questions as a moderator we have to step in but we want it to be a lively environment. unbelievably beautiful, it
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credible place to be doing this tonight. i think that is going to amp up the candidates and us and the people in the stadium. >> reporter: the rnc handled the tickets. which candidate got 100 tickets and other rnc folks around the country that are there. we want to have them engaged about don't want to have them take away time from candidates on the stage that will be talking about policy. stuart: what is the top issue? donald trump? >> i think the economy drives the day. that's the issue americans talk about the most and i think the way we structured it, that is probably the most important. there's a lot of issues, we call them buckets of questions and there's a bucket for everything. stuart: are you going to move from one set of issues to another logically through the two hours? that is how it is going to be? >> that the idea.
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there will be times when candidates will bring up other issues and that is okay but for our purposes we want to make sure we have a set of questions, solid, ready to go in each of the categories we think are most important and the reason we think is important, that's what viewers have been telling us about what people care about, immigration, ukraine, the economy, you can obviously expect to hear that. >> can't get too much. stuart: i've got one more for you. are you prepared to lay down the law if any candidate gets out of hand? >> yeah. we've got these guardrails and a bell if they go over there time but we've seen debates before where people jump in when they are not call on or responding, we have to hold the line or it gets out of control. ideally we want them to engage
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with each other inside, color within the lines. lauren: a secret gong we will be banging, i don't think it is going to happen tonight but it is there just in case. stuart: i'm getting a little nervous, 12 hours before it starts which i can't imagine you are not nervous too but we will be watching, the whole world will be watching, thanks for taking time to be with us. see you tonight. it is 9:00 eastern. that's when the debate begins. fox business will simulcast the debate, pre-debate and postdebate shows on fox nation. we are covering it all. still had, kevin sorbo, nigel farage, bill hemmer, the 10:00 hour is next.
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