tv Varney Company FOX Business August 25, 2023 11:00am-12:00pm EDT
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>> it's a disgrace and we're in decline and if we're putting ft.s in jail -- presidents in jail for questioning the integrity of the election but not prosecuting hunter biden is giving him a sweet heart deal. it's about power and not law. >> joe biden said he was going to be a one term president and they withdraw support and joe and jill aren't going to say, it's over now. they'd have said it in 2015 if they were serious about the country. >> i think yields are heading higher for bonds and giving stocks competition. beat the treasury market by 1%. that's not a bad deal. >> real problem is that pressure reigns leadings going to issue a trillion dollars in debt. we have a government at war with themselves because it can't figure out basic economic.
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david: happy friday, everybody. i'm david . we have jay powell between then and now speaking in ways there may be another rate hike or two on their way and that had influence on the markets also the potential of a uaw strike and there's some negative noose coming out and if you can show me the big tech board and it was up more than the dow and now down more than the dough and all in the red from apple down to alphabet and meta and we have down numbers all over the board on big tech and the two year, if we can check the two year treasury and that was down earlier in the morning. it turned around after the powell's speech and it is now up, we've got a two year treasury at a yield over 5%.
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5.1% right now and up 7.9 basis points. that is a very, very high count on the yield on the treasuries. now let's get back to donald trump if we can. listen to what he said after surrendering at fulton county jail last night, watch. >> what has taken place here is a travesty of justice. we did nothing wrong, i did nothing wrong. they're trying to interfere with an election and there's never been anything like it in our country before this. is their way of campaigning. this is one instance but you have three other instances. it's election interference. david: steve hilton joins me now. steve, you have a local producer from a -- prosecutor from a county in georgia indicting a former president who's in the middle of a presidential campaign. i just think of the way the world looks at this. not only our enemies but also our allies. what do you think the world is thinking about what's going on here? >> i think they see just chaos and drama nonstop.
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wish that we could just get back to focusing on americas role in the world and key issues and getting the economy going and all the things that people want. but that's impossible when you have the derangement that the establishment had since donald trump entered politics officially in 2015 frankly. looking at all of this, it makes me think more than anything, why can't republicans fight the way that you see the democrats fighting and the establishment fighting. the whole basis for what they're arguing here is undermining the 2020 election. they undermined the 2020 election. we know that for a fact. take one example of that . the fbi, christopher wray presided over investigation to cover up evidence by the democratic candidate. that's interfering and looking at impact of that, it's every single county in america. why doesn't a republican district attorney take that up
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as a legal matter focusing on christopher wray and his role or the scheme that was within the fbi. why is nothing being done about that? it's absolutely outrageous that you have the fbi interfering in annex and nothing is happening. surely that's the basis for some kind of criminal prosecution but nothing from any republican anywhere in the country. david: doesn't this really get to the point that trump made time and again that if you go after the establishment, whether you're democrat or republican, you're going to lose when the establishment from all of the various agencies in government to the establishment media, et cetera, when they're all piling up against you, there's virtually no way to go except to the people directly and that's what he's trying to co. >> exactly, by the way who told us that first? it was chuck schumer saying you don't cross the intelligence agencies and they'll come and get you. of course that's what we saw. i mean, your point is completely correct. but that's why it's even more
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important that we remember that and continue to fight because that is in the end what you're seeing this who phenomena and the attempt to overturn the direction of the establishment in the country for 50 years and the rich doing very well and the endless economic dislocation that was caused by the philosophy that the establishment pushed, the endless wars and guess who fought those wars. it was the working class that fought the wars and not working class and establishments and elite. it's a very, very serious long term fight and matters for everybody. david: let's take it from the global level down to very local level and mayor of san francisco, london breed, accusing the homeless coalition of "holding the city hostage for decades". she says it's time for their reign to end. just to be clear what's happening here, this coalition has been supporting the rights of people to live and defecate
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and do anything they want on the streets and send businesses away. >> yeah, she's right but we've been saying this for years. where's she been? she's been pre-vieding -- david: a day late and a dollar short. >> of course. it's absolutely outrageous that it is in places like san francisco, the law is not being enforced and there's laws against public camping on the streets, defecation, all those things that you describe. but they're not being enforced in san francisco and los angeles and so on. they've been doing nothing about it for years. finally waking up to the fact that they've been held hostage by far left activists, but also the ninth circuit, a totally destructive ruling there yearsing a they're not doing anything to challenge -- years ago they're not challenging saying you can't take people into shelter unless there's shelter for all the people that may be in your city and that's ludicrous and other states don't handle it like this and only
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these politicians in california and they've been controlled by the activists and finally saying something about it. this is the same mayor that a couple of yearsing a said we've had enough and used expletives and nothing happened then and who's to believe anything happens now. david: quality of life and crime and all the businesses moving out there, they're all related. you can't just pick one. you have to deal with the whole shebang and that's how new york turned around in the 1990s for about 25 years till the left took control of the city again. >> that's exactly right and that's why i always say there's hope for california. stuart varney who i'm often talking to at this time on a friday. says i don't know what you're doing in california and why don't you leave? the truth is i can turn it around and started an organization called golden together and people can check out what we're doing at goldentogether.com and we're trying to fight for change. as you just outlined in terms of
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new york, it is possible and i believe the right campaigning and the motivation of the people of california, we can turn things around. david: good for you for staying there and fighting it out. i think we all need to do that because it's going to -- it's going everywhere if you let it. steve hilton, thank you very much. appreciate it. let's get back to the markets and turn downward despite good positive opening. now the dow is green again but the other indexes are going south. jonathan hoenig was joining me now. was it something that powell said? >> yeah, all about interest rates, david, even despite the fact the market is up and dow is up, internals are pretty week. weak. there's a majority of stocks below 50 day and trend is lower and you've got about 100 new 52-week lows and highs and it's all about rates. powell signaling rates are going to be higher, that means lower bond prices and even already this year, david, people have been invested in u.s. bonds and they've lost money, agg, that's
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the etf that follows the bond market and down by about 6% in just the last year and rates going up and terrible for tech stocks last year and going to put a big head wind into stocks moving forward. david: all right, talk about the housing market and already it's frozen based on 7.25 interest rates. if powell raises rates a little bit more, we could have home mortgage rates over 8%. i mean, what is that going to do to the housing market? >> david, keep in mind rates were going up even before powell talked about this and some of the weakest stock haves been exactly those interest rate rate sensitive names like real estate and utilities extraordinarily weak and anything affected by the high interest rates and at capitalistpig.com we're looking at names and these go up when interest rates go up and you've got to be careful here and you
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can lose a lot of money in bonds and real estate are one of the areas that's been mostly affected. david: and real estate affects so many other industries as well. from construction, you name name it. the people that make the items going into the homes. that's why a lot of people are thinking if in fact interest rates go up further and market and housing market freezes more than if already has, we could finally get that recession we've been told about quickly. >> david, interest rates are the most important in the economy and even more important than the stock market and that's why i have to chuckle a bit when i see something from the administration talking about how inflation is lower and economy is doing very well and most persons don't feel it and reminds me, david, in the mid 19 1970s ford talking about how inflation was falling and it's all getting better and took seven more years for the economy to recover for inflation to fall. i don't think we're out of the woods just yet. david: seven long years. jonathan, thank you very much. good to see you.
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lauren, looking at movers. general motors. lauren: united auto workers voted to strike overwhelmingly so. so far they're still counting, but 97% voted in favor of striking. i want to point out this doesn't guarantee there'll be a strike, only that the union voted that they have the right to strike if they cannot reach a deal with the auto makers. gm, ford, and stalantis. they're fed up from living paycheck to paycheck but demanding pay upwards of $150 per hour per worker. that is a huge amount that the automakers would have to absorb. what deal can they reach and avert a strike. david: going to be tough. warner bros discovery. lauren: poly wood writers also -- hollywood writers striking since may and actors joined them in july. the highly anticipated tim of
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the year sequel to dune and now pushed till march of 2024. lauren: affirm. buy now and pay later and up on revenue forecast shrugging off fears of consumer being vulnerable and it was interesting considering that student loan palms are due in october. stock's up 23% on the call and the company said we expect this to be a modest head wind for us when people are being forced to pay hundreds of dollar as month they haven't had to pay for three years. david: lauren, thank you. now this, donald trump wasting noodle rod no time cashing in on historic mug shot and campaign selling merchandise. stick around, you'll want to see this. a two bedroom house in michigan, listed for only $1. just found a buyer. we'll tell you how much it
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the fun inlayings night and what's he doing in the middle of the debate stage? i'm not a politician. i'm an entrepreneur. my parents came to this country with no money 40 yearsing a. i have gone onto found -- years ago and i have gone onto found $40 billion companies. david: vivek ramaswamy gaining drowned after the first gop debate and voters think governor ron desantis and vivek ramaswamy performed the best. tricia mcglaughlin is the senior adviser for vivek ramaswamy and she joins me now. first of all, do you care what the washington post thinks? >> any time you don't toe the establishment's narrative or line, they come after you. vivek care as lot more about what the voters in iowa, new hampshire and south carolina care more. david: what did you hear from vivek in the midst of the fire that will help you prepare for the next debate, which is with
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fox business? >> well, this was vivek's first debate ever as a politician. david: i didn't know that. >> it was. he didn't do mock trial in high school so maybe he had a little practice 20, 25 yearsing a, but that was about it. so, you know, vivek took a lot of arrows from established candidates but he held his own and introduced himself to the american people and i don't know if you saw in the same washington post story that 40% of americans didn't know who vivek ramaswamy was when he took the center stage on wednesday night. so we were very proud and he introduced himself, i think it shows that he's a direct threat to the establishment the way nikki haley, mike pence, chris christie were coming after him, but we're going to be even more prepared for next time and really looking forward to laying out his foreign policy vision and domestic policy vision for the american people now that they have an idea of who he is and able to pronounce his name. david: not all positive and wall
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street journal editorial talking about the ramaswamy doctrine saying "his venture into foreign policy may be bold, but it's also glib and reckless. it will not help him get to the white house ". i i'm assuming you don't agree with that. are you addressing it, the fact he didn't talk enough about what his plans were and how they would work out in reality? >> yeah, i think vivek has offered unprecedented specifics when it comes to foreign policy and like i said, if you don't toe the establishment's line, to some degree they're going to come after you and vivek really has offered specificity when it comes to time when he's the only candidate on that stage that said he would defend taiwan in the face of china. he did say till 2028 when there's semiconductor dependence there's a new calculus reached. that's putting america first and offering strategic ambiguity and followed one china policy and
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vivek says that's not real and that's fake and we'll offer strategic clarity and will spell that out further for the american people in speeches coming up in the next few weeks and op eds and be on the lookout for that and he had a fantastic night no matter what the nay sayers say. david: a couple of fundraisers thought he had a great night and raised about half a million in the first how far and vivek is a very wealthy man. do you -- how much do you rely on fundraising as opposed to pulling from his own pocket? >> we are definitely looking more at the small dollar donations so yesterday we had a record day in just 24 hours we made $650,000 -- excuse me, $625,000, a record for us. that average donation, david, was just $25. so that's showing a movement. we're not actually dependent necessarily on the money, but it's the principle. these people are hearing what vivek stands for, they're librarying the message and coming his way -- liking the
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message and coming his way. david: tricia, best of luck and stay safe on the campaign trail and good to see you and tune in for the second republican debate on september 27 here on fox business. checking the markets now, kind of a mixed bag again. we started with like gang busters with the markets then they all went down significantly after fed chair powell was speaking in jackson hole so also news about a possible uaw strike came out. now they're recovering a bit and dow is in the green, it's up just 20 points. both nasdaq and s&p remain in the red. now this, zillow is trying to lure struggling home buyers. come back in, lauren, what are they offering? lauren: a 1% down payment. 1%. i don't know if it's a gimmick or legit. you have to qualify and terms for qualification aren't explicit and offering this the same day that the mortgage rates hit basically 7.25%, more than two decade high. the issue now is this stagnancy
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of the market because no one is trading in a 3% rate for 7% rate and nothing even to buy. what happens is people are renting. rent is super high, so there goes your down payment. you can't save for a down payment to buy a home when you're spending all your money on rent. david: reminds me of the subprime loans when you get 1% or even less down. that could cause trouble. lauren, the world's cheapest home was just sold in michigan. how much was it listed for? lauren: it was listed for $1. that's what it looks like. it's clearly a fixer upper, two bedroom, one bath and about 702 square feet. the owner is a realtor and said the market determines the right price for the home. this was buzzy and got thousands and thousands of inquiries and calls and 142 offers and he went with the $52,000 one. repairs probably 40,000+. david: it's a fixer upper.
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lauren: they could get $120,000 for it. that's the estimate. david: good turn around. actress jamie lee curtis encouraging her fans to mask up again as covid cases rise. i don't think she's getting the reaction she expected. we're on that one. and the mainstream media having a field day with trump's mug shot in georgia, roll tape. >> sort of the avatar for the rage he's traded off of to become president in the first place. >> there is donald trump's presidential portrait. david: well, it tomi lahren is fired up and she's here to react, next. ♪ ♪
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with interest rates and going audiotape little bit and meanwhile things have tempered a bit and the dow and s&p in positive territory and nasdaq still negative and coming way off the lows and come in, lauren, you're looking at movers and start with uber. lauren: in the state of california, you cannot drive for uber if you're under the age of 25. and the reason is the cost of auto insurance. it has risen substantially in the past two years and uber shares down 2.2%. david: and meta? lauren: return to office policy three day as week in person in the office is apparently a problem says harvard and they say creates distrust among employees because you have to swipe your badge, show -- display physical location at all times and it's big brotherrish. david: that's weird. wouldn't want to do that. thank you, lauren. take a look at this, donald trump's 2024 campaign wasting no time cashing in on the historic mug shot. already selling merchandise with
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the booking photo and have t-shirts, beer coosies and a coffee mug with the title line never surrender. back to the fulton county jail in georgia from last night and how the mainstream media reacted to his mug shot take. jaire he's embodying that and the av avatar for the rage he's traded off of to become president in the first place. that's not the sort of funny reality show star that americans elected in 2016. that is a sinister app rigs that i'm seeing in front of me. >> that's an image that will be commented in history. that is going to be iconic and infamous and better way to say it. david: sinister. tomi lahren joining me. she said sinister and i was thinking of joe biden shot when
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he was in philadelphia last summer and he had the red background. >> go brandon. david: the poor marines in the background forced to be in the picture. there's a lot out of one shot and this shot tells me he was mad. >> mad and also he's the king of merchandise and that's not going to change after the mug shot. this mug shot will probably help him in fundraising and also with his campaign. also a lot of people will be selling merchandise with that image on it and he'll stimulate the economy with that, but talking about the reaction here, sinister and infamous. i can't help but think about all of the violent criminals that are walking the streets of fulton county, of new york city, los angeles, san francisco, and here we have a former president who had to go in, take a mug shot only to be embarrassed. that's going to backfire because he's going to obviously use it to his advantage, but i can't hep but think about all the criminals on the streets posing a threat to average americans out there and this is the man that they want to go after.
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it's very telling that that is what they consider sinister and dangerous. david: i'm glad you mentioned fellton county -- fulton cant because that's where the local prosecutor is from. not even a state ag. she's a local prosecutor and she seems way over her skis in terms of knowing what to do with 19 people she's indicted for this under a rico statute. i wonder whether the whole effort to try to prevent trump from campaigning for president and be president by indicting him from so many acc accounts ad not having time to campaign and it's all backfiring now. >> it will in some sense but some of the people are so self interested and fanny willis in fulton county wants this for name id and puts it on her raze may. whether it works out or pans out, doesn't matter. she's the one that indicted donald trump and got the infamous mug shot and it's for her own personal vanity and resume. for the country, i would say not so much.
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david: you know, americans and again they think that americans are as happy as they are, the democrats that are right now campaigning for biden, not to mention the mainstream media mercerralties turning into a -- personalities turning into a laughing stocks and even if they don't like donald trump and don't think he did everything right and think he did most things wrong, they don't like the fact that our judicial system is being used in a political way. >> they don't like the fact that everybody else seems to get away with everything. the fact we've got a trump indictment before a hillary clinton indictment before a joe biden indictment, before we even have clarity on his family's potential pay to play scheme. the fact that that has kind of gone cold in a sense and those in republicans and congress have had to resurrect that to try and hold him accountable and then you've got donald trump indicted four times over the span of six months or less. i think the american people are cam evansville catching onto what's happening here, and -- catching onto what's happening here and all the people are celebrating and that's very
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telling to me. david: then there's the strange reemergence of covid. >> strange. david: right as the campaign is getting going full steam and actress jamie lee curtis urging fans to mask up again and put a post on instagram saying "covid is on the rise. so many friends now are really sick. be mindful, wear a mask if required or if you feel unwell and out in public spaces". the real question is whether they use it during the election itself with all these restrictions that we had back in 2020. is that what we're going into? >> well, covid and any type of hysteria creates opportunity for mass mail in voting and that's what democrats love and you'll see that again. beyond that, does jamie lee curtis and rest of celebrities and elites pushing covid and the masks, they're easy for them to say because they got a lot of money in the bank; right. what about the average americans sitting on pins and needles worried their business will be locked down again, worried their
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kids will be put in remote learning so they can't go to work. how much americans out there are worried about struggling again and going back to maybe the worst time in their life in 2020 through 2022, sometimes into 2023 in some place and so many americans ared about going back into this place and you've got jamie lee curtis wearing a mask from a movie that she did with a lot of money in the bank. it's tone deaf and doesn't raze nate with average americans and we'll never do covid like in 2020 and never again and if we do, we deserve to fail. david: so many things done were wrong. not only was the medical advice wrong, a lot anyway. the science was wrong. but a lot of the orders being given by politicians who didn't follow their own orders were so hypocritical and seen as much soft and average that we won't fall narrow angle. >> look at covid and generational loss and look at
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how exploited that ppp money was and the governmentway waste came along and never dumb to fall for the biggest supply two weeks to federallen the curve. if you hear that again, run. give awes us a 30 second pitch for fox outkick. >> it's re-airing on fox business and happy about that. outkick, we put woke spots and politics to bed and you'll see that on sunday night. clay travis, charly arnolt and myself and enes kanter freedom joining us. david: we had him on. >> it'll be the best of the best. david: climate protesters shutting down an event with the governor of massachusetts. roll. >> my name is matt. >> nice to meet you. >> i'm 20 years old and you're destroying my future. >> end fossil fuels.
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>> they were harassed and have the story. it was gas stoves and air conditioners and now the feds are coming for your ceiling fans if you can believe it. they're proposing new rules to change conservation standards. some manufacturers say it would put them out of business. hillary vaughn has that report from capitol hill coming next. ♪ you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs?
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>> david, turns out the biden administration and not the biggest fan of your ceiling fan. a new rule proposed by the department of energy wants to make ceiling fans more energy efficient so they're more climate friendly. the department of energy saying "the proposed standards for ceiling fans are projecting to yield environmental benefit ifs the form of reduced emissions of air pollutants and greenhouse gases and can't blow past the cost the new regulations might have on the ceiling fan industry and department of energy says the new rules would save households about $39 over the new energy efficient fan but the cost to manufacturers in the industry, $86 million per year in increased equipment cost and republicans on the house committee raising alarms about the doe plans writing to secretary jennifer grand holm saying this would require
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business manufacturers to re-design their product and put between 10-30% of small business ceiling fan manufacturers out of business. the founder and ceo of super duty fans made in texas tells me this is going to hit businesses, consumers, and workers. >> i think the big difference is that the government's going to get the savings and the electrical use and basically just transferring the cost of those savings to the consumer. my company and other fan companies passing on to the consumer and posting them more money and hurt the blue collar worker more than anybody else. >> if this rule goes into effect, it would not just impact fans made here in the u.s., it also would apply to any fan imported to the u.s. as well. david. david: they just don't care about business. they do the things willy nilly
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without taking into consideration on the businesses. hillary, thank you very much. climate protesters shutting down a ritzy fundraiser for massachusetts democrat governor. lauren: she was hosting a fundraiser when climate activists dressed nicely blended in and showed up and, well, they shut it down. they demanded that she cut all new fossil fuel projects in massachusetts. watch. >> governor, sorry to interrupt. we're in the midst of a climate emergency. >> there's no future. >> the t fossil fuel industry bought you out. lauren: there's a transition to being completely green and they're needed but there's a lot of work to do and they're not hearing it.
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david: they don't usually hear things and stick their hands and glue their hands on with super glue. no sign of that happening at this one though. lauren: i didn't see that fortunately. david: if you're stuck anywhere, anne donovan duct is not the bad place -- nantucket is not the badplast. >> some of the attendees got pushed back. one said i have solar panels on my roof and we love the environment too. david: they snuck in like they were part of the fundraising crowd. left's push to cancel plastic scraws and wanted us to use paper straws in the sake of being ecofriendly and there's a problem with paper as well. lauren: chemicals in the compare straws and according to research that came out of belgium, they looked at 39 different brands of straws and 27 of those brands had pfas, in low concentration. increased exposure to these forever chemicals can be linked to health problems from liver disease and birth defects and in
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some, the paper straws could be worse than the verified plastic straws. david: i love it. lauren: now some countries are looking for plant-based alternatives. i love the planet and hate paper straws. you have to drink your drink really fast or they kind of dissent grate in your mouth. disintegrate in your mouth. i use no straw. david: there's a taste and a smell i can't stand. thank you, lauren. dow 30 stocks and get a sense of the markets here and four or five stocks in the red but again, overall nice gain after going strongly negative for awhile there this morning. the dow is now up 135 points. david: greg has putin's response to the crash after this and first a live look atmos cow. i think we can -- at moscow and
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accident in questioner so, there is -- david: so, there's no indication that a missile brought down the plane carrying yevgeny prigozhin and greg is joining me now. how is putin responding? >> david, there was a mixed response from putin but in fact talking and giving us some leads on this crash. officialsin the u.s. and here in the uk are now pretty certain that mercenary leader yevgeny prigozhin is dead and that putin is probably behind it. it was caused by an explosion on board prigozhin's plane. that fell out of the sky in route from moscow to st. petersburg on wednesday. it was a bomb or device or tainted fuel but not according to the u.s. a missile. as rescue workers retrieve the bodies of the ten on board including prigozhin and six other staffers of the wagner mercenary group, the kremlin
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said today any talk that putin was responsible is "a pack of lies". putin was in part complimentary of the work prigozhin did for moscow but also pointed to a troubled past and mistakes made. obviously, david, the biggest mistake steams to be that armed mutiny prigozhin led against the kremlin that we reported on from the region some two monthsing a and at that time appeared there was some allies and now other than some small memorials and a few tough words on social media, no sign that prigozhin's one time friends might take some kind of action. the fate of the mercenary group itself is in question. putin's fate, david, seems to be pretty secure for the moment till the next mutiny rolls around. back to you. david: who knows when that'll be. greg, thank you. a former russia cia chief and he joins me now. do you have any doubt, greg,
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this was orchestrated by putin in some way? >> david, i think we're never going to know for sure what exactly happened here. but the circumstances are such that it's very difficult to believe that this crash was in fact an accident or that someone in russia would act against prigozhin without putin's specific blessing and the reality is that everyone in russia orders that putin ordered prigozhin assassinated and they're acting as if this was a signal sent by putin throughout russia and challenges the state authority and simply not going to be tolerated and regardless of the physical reality here, the political reality in russia is that people believe that putin ordered this. david: it was more than just prigozhin. there were nine others apparently on board as well who were also killed. i mean, it just shows you the barbaric nature of the re-schumm. >> that's right.
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regime. >> that's right. this was essentially a michael corleon move with a god father-tytype signal not costumg the family and putin. the russians expected this. david: it's not just the bad people like prigozhin who's not a person i'm going to shed any tears over but really good people that have died as a result of the actions inside the kremlin. paul who was the editor and a friend of a lot of ours and editor of forbes russia kill 04 and we have a -- 2004 and "the wall street journal" has a reporter evan gershkovich and he's being held and they extended his stay in russia in a russian prison as well. they just -- anybody whether good or bad that threatens his rendition of anthony seem. they that -- regime. they shut down one way or
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another. >> there's no question that politics in russia is a full contact sport. david: it is indeed. george, good to see you. thank you for being here. really appreciate it. >> welcome. david: time for the friday trivia question: who was the only president born in nebraska? we have jared ford, herbert hoover, harry truman or james buchanan? what do you think? got a preview of that, george in maybe harry truman. not truman? lauren: buchanan probably. david: anyway, the answer right after this . ♪ morning. ♪ ♪ life after student debt is within reach. refi at sofi.com.
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dave: who was the only president born in nebraska? lauren: gerald ford. dave: i think that was michigan. i would say herbert hoover. lauren: three in a row for me. dave: july 14, 1913, originally given the nickname leslie lynch king junior, it wasn't legally changed to gerald ford until 1935. a little bit from the powell downward moment, we will see what happens in the next hour. here is neil
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