tv Varney Company FOX Business August 28, 2023 10:00am-11:00am EDT
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david: now they're playing my era of song casey and the sunshine band. good morning 10:00 o'clock eastern time, let's get straight to your money, it's a good day for market, dow jones up 263 points, the s&p of 27, the nasdaq traded up a half a percentage point to three quarters a percentage point not doing quite as well as the embassies but up extremely well but wordy what happened last thursday is gangbusters in the morning and failed to do anything in the afternoon except go down. the ten year treasury is going get a little bit, the yield in the ten year is down 1.6 basis point, it's getting even down further in the morning, oil traded above $80 a barrel and is still above $80 a barrel up a dollar to $80.76. bitcoin was up, early trading still up about 41 to 26087.
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donald trump 2024 campaign said it raise more than $7 million since his mugshots was released on thursday. charlie hurt, the interesting thing, trump is making so much money with a mug shot. it is helping his campaign but democrats are using the same mugshots for their site. it is interesting snapshot of our political standoff these days, the same picture can be used by both sides but i do think it is probably something that the democrats will discover, he is going to backfire on them because i think a lot of regular normal people whether they are usually republicans or possibly independent, they see as being put under totally politically
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motivated. when you look back at the previous politicians that elections were stolen, rigged or unfair, whatever word you want to use, nothing happens to them in one outsider comes along, they throw everything at them and they indict him for times. that's the main reason donald trump is raising a lot of money off of it right now and i think he ends up helping them in the long run. david: the key is neither the democrats or the republicans, it's independence that 40% that really decide elections. republicans and democrats have 20% each but the 40% of independents, what do you think that they feel the legal system being used the way it is to indict a former presient who is now running for president again. >> you're exactly right, that is what is important, this is so extraordinary it is so obvious at this point the independents are looking at this and saying
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this is a real problem, democrats are really using the judicial system after their political opponents wanting to jail their top political opponent. these are people who don't necessarily like donald trump, on a personal level, many dislike him but they like his policies and they maybe did not vote for him in 2020 because they did not like him. but what they dislike even more is the hijacking of the judicial system and using against political opponents. i think this wind that backfired. >> goes everything that this country was started for, goes back to a 50 years but they also we saw them use covid, the pandemic is a political tool not so long ago it looks like they may be getting into the mode again was happening there.
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>> now you can mark your calendar if you're ever wondering if we have elections this year look in sify avenue strain of covid that so you can tell if it's an election year they are gearing up in more concern in the talk about mask mandates again. all of is reminiscent of what they did in 2020 although a lot of people were a lot more open minded and obviously was serious but it was not, they took full advantage of it and i don't doubt for a minute, he worked the last time so why when it they try to make it work again this time. david: i am sure, i would bet a year salary that the american public is not going to react the same if they go into lockdown mode, vaccine mandate and if they try to interfere with the way that elections are held because of the new code emergency. i don't think americans are going to buy. >> or to shut schools down again.
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good to see you i appreciate it, take a look at headline at the wall street journal, the salt cap is $20 billion hold taylor riggs of the big-money show joins me. i understand 20 billion is a lot of money. at the same time this group the tax policy center is so concerned about the 20 million-dollar gap insult policy, they don't seem to have the same concern that we are spending an extra $300 billion on debt servicing compared to 2019. it was $360 billion back in 2019 and now it's estimated to be $660 billion. >> the millions and billions start to lose their touch when we speak trillions which is what were doing now, the salt cap is interesting it was a way to get the high tax blue states to pay their fair share than the blue side liked it because it was a way to get the republicans to tax the rich and their idea of
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it. what is interesting is gone back and forth and flip-flop but you bring up a better and bigger point the ballooning massive budget deficit in the way the projection that we get when the taxes are rigidly put in place, never turn out the way that they are and how do you solve that problem with the budget deficit and the debt service interest when you mentioned the tenure above 4.2%, it does not work anymore. david: did so high because of the multitrillion dollar spending programs, the people of tax policy center they do great work by the way. "it them before but they should be far more concerned about the consequences of the trillion dollar spending programs that are causing trillion dollar debt increase. >> i would channel larry kudlow, say we heard from jay powell on friday instead of talking about raising rates to tackle inflation talk about the physical side of things as well there is only so much that
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monetary policy by raining and can do but if it's totally offset by fiscal spending, you are going to have to go higher and higher for longer on the monetary side. david: you need supply-side incentive, lowering tax rate and regulation to increase business activity, the more we create the lower inflation comes. i want to talk about the markets, big swings after powell's comments about possible rising interest rates, he did not outright say about what do you think is going to happen. >> ef core pce which we talk cpi but pce is a inflation gauge that the federal reserve really likes, there's always something to watch when you think about try to get to the 2% goal. david: every fetid to pull suggest 4.2% year-over-year. it's a slight uptick from last year, last month. >> you are double what the fed wants your job stay coming up, the labor market has been relatively strong but i was
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looking at a chart for some of the smaller commercial banks, credit card delinquencies of the highest on record that is not for the higher big banks but if that is the situation when you have a labor force, an appointment rate of three to half% what happens when you get weakening in the labor market, some of the delinquencies we will be watching. david: stay right there, elon musk does not the career networking platform linkedin. is he going to create a competitor. lauren: he says he wants to. he might. he called linkedin cringe worthy does anybody care to comment on that. >> i like linkedin but maybe i'm old school. >> he says i cannot bring myself to use it because someone will send him the resume via linkedin and he hates it. i will tell you this x started letting companies or organizations that are verified on ask send out job posting. david: after spending $40 billion on twitter which is
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now x. he is a long way to go before he recoups his money would it be wise to go into another internet event. >> i think he has his hands full with x and multiple other billy under businesses. he's brilliant but maybe his plate is full. >> new data showing 90% of jens the spring for fear of answering the phone, it is known as phone phobia. lauren: that study was taken in australia happens with american jens the also is starts with a simple unfamiliarity of talking on the phone they don't how to do it. >> were not used to it we descended text message. >> i enjoy talking to people i'm a millennial i'm a little more older and mature then the gen z. >> i'm 30 and i feel that way i'm sure anxiety is only growing amongst people younger than us. >> gen z probably have anxiety
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about everything. >> it so bad i cannot call people, i make my sisters do it or i don't answer. if it's online i would rather do it online then the phone. lauren: scared when the phone rings because a phone call means something bad or serious is about to go down. why would someone call you, then to tell you something important but then i read more folks are breaking up with each other on text message. maybe your doctor to get the breakup phone call after all. the one thing that made sense, one person said it is so much more private to have a text conversation than speaking out loud on the phone in front of people. david: it is a fear of reality everybody is so entranced by the phone right now that they forget that there is a real world out there. i would not use the word scary but that's what concerns me more than anything else, people are losing touch with reality because they are so into this. >> let me allege some of your
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fears i was told my whole life, you're lazy, you don't do anything you won't form a household, the federal reserve calls you out and says after 2008 we were getting the wage gains and forming household. your great contradiction to all of those forms. >> as millennial's grew up we started to evolve as well i know the study say gen z he suffer with anxiety and phone calls, let's give them ten years to see if they can turn the around like millennial's dead. >> when was the last phone call. >> last night with my father. >> how wonderful read soon to be granddad. thank you we appreciate you being here. make sure to watch taylor and her buddies on the big-money show, live at 1:00 p.m. on fox business. still ahead the movie producers of the blindside or addressing the quote mini mischaracterization surrounding the film they just revealed how much money the family and
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michael actually made, michael or actually made, we have that story u.s. congress secretary gina ramada is in china, she said it is profoundly important to have a stable relationship with china. what are they up to their, former ukraine prosecutor viktor shokin making bombshell allegations against the biden family. >> they were being bribed and the fact that joe biden gave away $1 billion in u.s. money in exchange for my dismissal my firing, isn't that alone is a case of corruption. david: kt mcfarland joined us on that coming next. ♪
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david: checking the markets they haven't moved much, the dow jones in a good direction up 231-point, the nasdaq up 76 right now, s&p is up 23, russia confirming that wagner's group yevgeny prigozhin was on board the jet that crashed earlier this week, lauren. lauren: genetic test confirming it was yevgeny prigozhin of the ten killed. russia gave no explanation how the plane went gold. prigozhin was on it, the crash
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was two months to the day that his troops led the failed uprising against moscow. it effectively made him a dead man walking, two months later, now vladimir putin is making paramilitary fighters swear an oath to the state to russia as a result of the uprising. david: thank you very much. a former top prosecutor from ukraine viktor shokin is going after the biden family for their alleged business ties with the big gas company which he was going after as prosecutor, watch this. >> i have no doubt that they were illegal activities engaged by burisma, the criminal case had been started before me. continue to expand and was the founder and the ceo of burisma started bringing people who could provide protection for him. hunter biden was among them. in the corruption network
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expanded as a result. there is no doubt in my mind that burisma was engaged in illegal activity. david: kt mcfarland joining me now, this guy is talking in his book we understand that this interview came out after john solomon's reporting showing a task force that government officials of the united states treasury, state department and d.o.j. officials had advocated going with this guy viktor shokin with the obama biden presidency and vice president biden overrode the task force to get rid of the guy perhaps because of the fact he was looking in to his son's bus business. >> here is the thing, burisma was doing bad stuff and they were being investigated about to be called up for corruption, ukraine is a corrupt country. in the investigation burisma says what are we going to do to get out of this, let's hire hunter biden, he can pressure his father to get the united
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states to come back at ukraine to fire the investigator, that's exactly what happened. the thing that is getting more tenuous for the biden crime family. the very beginning hunter biden laptop were there were all these e-mails and suggestions that they were taking bribes from ukraine and china and others, at the time the biden family and intelligence officials said there's nothing to that that's russian disinformation and they must approve that was not russian disinformation, then the argument was joe biden did not know anything about will hunter biden was doing and then we found out that was not true, joe biden was in on the telephone calls and he met with the people and then they said they took the money and joe may know something about it but it did not change market policy. it did not change american policy at all. now we have evidence that it did in the result the corruption
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ukrainians got a billion dollars in aid to hunter biden's company stopped and what did the biden family get in exchange, a couple of million dollars, they were willing to sell a national security. david: about a circumstantial evidence but is mounting a good-looking at a financial record which may prove to be in the end the thing that finally connects the dots. let me switch to china, the commerce secretary gina raimondo is in china meeting with officials and this comes after john kerry was there, janet yellen with her kowtowing to the chinese officials and anthony blinken as well, what are the four officials of the biden government doing, how are they planning to change u.s. china policy? >> biden has been soft on china and a lot of the stuff that president trump put into a fact that were tough on china, tough on chinese trade and spying
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efforts, biden has undone all of that in the chinese in spite of all of that, the economy is sputtering, they are not recovering from the covid lockdowns in the economic growth is slowing down, the chinese president xi's in pain has emphasized control by the chinese communist party over all aspects of china especially the economy at the expense of economic growth. the deal that the chinese government and chinese people 50 years ago that you give us all the power and will make sure you have prosperity and riches, that is starting to fade, this 20% youth on employment the chinese economy is not going to get is supposed to, this is china's all-out attempt to get back to the biden administration to say give us some lucky breaks, stop any of the other things are going on you have to help us grow. david: good to see you. don't be a stranger. u.s. trade representative katherine tai warning about the
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dominance and rare-earth's, what exactly is she saying. david: china owns the market to everybody else is playing. china is responsible for 70% of the world supply and the key minerals that make the united states completely vulnerable, they control the price in the supply. she said because of that, beijing can turn off and on like a faucet, the supply chain for materials used in high-tech devices and ev batteries, she was speaking at a conference in new delhi and that's where a lot of business has shifted from china to india of the supply chain and the political tension. david: we have some of the rare minerals in the united states and the epa won't let us get on. we would not have to depend on them for price. lauren: there is a cost to do that once we do that china undercut the market and price. david: thank you very much, new analysis showing which car may be the least expensive option to
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♪ ♪ david: checking the markets a guy was up to a 58-point, nasdaq gaining a little ground, up close to 1% at 115 and s&p of 31. loren come in looking at movers. lauren: up sharply after gina raimondo discussed the companies involve micron and intel specific companies in her meetings with china this week, she mentioned that china's ban on micron chips they discussed that in why china did not improve the 4.5 intel semiconductors, they were discussed stocks are higher. shares doubt it a big way touching a five-year low down 32%. they have an electric signal
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therapy, attesting the study that failed and ovarian cancer patients, basically you wear a body pad the admitted electricity into the body that unfortunately did not interrupt the division of cancer cells in a meaningful way, down the stock goes. david: boston scientific. lauren: on the flipside, it did meet the main goal of the study, the stock is number one on s&p 500 with a 5.5% gain, analyst are very encouraged by the study, they said they should actually get fda approval and have the product on the market sometime next year. david: that is good news for everybody. president biden campaign chair says they're not going to focus on donald trump's legal troubles but abc host martha raddatz pushback. take a look at this. >> as trump's motorcade was pulling into the fulton county jail, president biden sent out a fundraising pitch, today is a great day to get to my campaign,
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our trump's legal problems would be part of your campaign against it? >> no, those e-mails go out, you get five and six a day so i would not read much into that. >> even though the day of the fulton county jail. >> the president has said from the beginning that he wanted an independent justice department and we have to just that sober doctor, or focus on donald trump's legal problems. david: joe concha joy to be now. i have to give credit to martha raddatz, she pushback twice on that because it was so clear the fundraising thing went out and even mentioning this was a special day in a special moment just when former president trump was being booked into georgia. it is clear what he was saying was a bunch of bull. >> that's exactly the word but i added something to that but this is a family show so were not going to share what that was
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good i had not seen the clip until you played it. it is complete bs, obviously the same day trump was booked in the fulton county this is the entire campaign that we will hear going to 2024 which is donald trump is bad he probably should be in jail, vote for us, not anything is going to be mentioned as far as the media is concerned for the most part there are exceptions but as far as how the economy is doing, seven in ten people think the economy is poor, 18% think they're satisfied the direction of the country, crime is spiraling out of control in cities from san francisco to chicago to new york where people are moving out and moving to red states, they cannot run on that and they can't run on the board which 7 million people across this country illegally they cannot run on education because act test scores are added 30 year low and they can't run a former policy because the career work is an endless money drag as far as us giving tens of billions of dollars to the ukrainians with no real strategy as far as is
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there an endgame, you talked about china as far as their position there, on every major issue that people care about, the biden campaign can't run on that, look at donald trump and look at the courthouse, that is basically the campaign. david: martha radishes may maybe exception, she did pushback and it was encouraging to see that happen twice in the interview. >> absolutely, it should happen more, i should say biden officials on meet the press being challenged on these things and on the record more importantly or on cbs or cnn or msnbc. when were talking about this as it's a great thing, it should be the rule not the exception. david: i understand. speaking of pushback, vivek ramaswamy is not afraid to push back against the mainstream media and he holds his own, watches interview with chuck
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todd on mac. >> first of all you never talked about the tech stuff in your book. this is a new thing. >> fall. >> you have not talked about this. >> i think you have not read nation of victims, read the book there are 20 pages of content devoted to this. david: he does not hold back. he faces the issue, a lot of times are public and to hit by the media with the got you questions that they try to find a way to reroute it, he hits it head on in the interviewer does not know exactly where to go. >> chuck todd did not there when he had a substantial pushback against him, the sound is rolling over in his grave because he used to challenge as we talked about both sides and not with questions like that in chuck todd is retiring and can't come soon enough. vivek ramaswamy, the one with momentum in the polls right now obviously not close to donald
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trump but certainly gaining momentum, he's in double digits in very much if he is not the nominee then the odds he certainly will not be, i think donald trump is giving him a hard look as far as being the possible number two running mate because is like trump in terms of being an outsider and never politics and successful in business. david: an outsider who is self-sufficient doesn't have to rely on politics to make his money that actually pushes back against the media. it is only those two guys that i've seen to it recently. it is refreshing when you see it. it is refreshing to see you as well. joe concha, good to see you. the producers of the blindside just revealing how much money michael oher in the chewy family actually made for the movie. come back in and tell us how much are we talking about. lauren: less than i thought but
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michael oher and the four members of the family combined $760,000 that according to the producers of the 2009 box office sensation, they said that was a going rate at the time and they could not predict how successful the sandra bullock movie would be a gross more than $300 million at the box office. but the family plus michael orr made $700,000, not that much. the faa says thousands of pilots had medical conditions that would deem them unfit to fly and we have the details in the aleppo clocktower you could not afford to miss this. house republicans demanded answers from the irs after the agency lost millions of your records, hillary vaughn has a full report from capitol hill coming up next. ♪
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david: house republicans are demanding more from answers for the irs after they lost millions of taxpayer records, hillary vaughn and capitol hill, what is going on here? >> you assume when you file your taxes with the irs the personal information is in good hands but a new report from the inspector general found that is not the case all the time. the new report found that millions of americans tax information has been lost at the irs tax record storage facility deigned this the physical inspection found empty boxes labeled microfilm backup cartridges as no explanation to the missing cartridges, the irs cannot account for thousands of cartridges containing millions of sensitive businesses and individual tax account records. millions of missing records were one of the problems detailed in the report.
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irs commissioner kenneth corbin responded to it saying the safe keeping of records was not the top priority for them as they face understaffing saying the report highlights the impacted challenges irs is experiencing over the course of the last decade from the attrition of experienced staff due to reduced funding and subsequently the effects of the recent pandemic as the ranks of experienced staff are reduced, redirection of those to higher ranking priorities affected our ability to maintain desired standards of control for lower risk programs, republicans not only outraged that the irs is losing the files they are not happy with the response either saying the irs lacks a days ago i entered attitude to millions of taxpayer records including social security numbers, addresses and other sensitive tax return information is appalling. the american people deserve better. we don't know if the irs misplaced or lost this information or if it fell into the wrong hands as the lawmakers
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note in inspector general notes this contains a lot of sensitive information which be a treasure trove for identity fraudsters. david: terrible to think about. biden is rolling out new regulation on crypto currency, come back lauren, what are they doing exactly. lauren: a proposed rule to cut down on tax cheat. payment processors would have to report to the irs using the new form the 1099 d.a. digital as asset. it means that crypto brokers are covered by the same report and roles as securities as bond and stock. david: we heard a lot about this. earlier this year we talked about the quiet quitting trend and now there is a new trend hitting social media. lauren: loud laboring, people who brag about all the work that they do all day long. it's not a new phenomenon we used to call it the showboating but is more prevalent now because somebody workers are at
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home so they have to show on the zoom call i did that and am covering this but i was reading commentary and experts say if you know someone who labors loudly you should report them to your manager or human resources. david: i don't like snitches either, i don't like either behavior. >> it means there overworked and that's how you call them out. how many people are overworked these days except us. everybody points to themselves. thank you very much, president biden's alcohol czar is expected release new guidelines that could be a buzz kill, he may tell us to limit alcohol use to two beers a week. two beers a week, are you kidding me. it's been a year since biden declared that the pandemic was over, that is not stopping him from considering a new vaccine mandate, doctor marc siegel takes that on next. ♪
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david: checking the markets so far so good that what 244 points, s&p of 24 and the nasdaq has lost a little bit of ground but it's still up 80 points right now. now this rite aid is getting ready to file for bankruptcy. lydia hu joins me. take us through what happened. >> right eight is struggling through a lot of debt $3.3 billion in their facing mountain litigation across the country reportedly more than 1000 federal lawsuits, filing for chapter 11 would put all the litigation on hold while the committee comes up with a way to reorganize its business so we could continue to operate, the department of justice accuses rite aid of ignoring what they call red flags and filling hundreds of thousands unlawful prescriptions at a minimum. they say with willful blindness
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at these controlled substances were medically unnecessary and unlawful. in court filings, the company is asking the court to dismiss this lawsuit and about the possible bankruptcy position. rite aid tells us it does not comment on rumors and speculation. but in public filings earlier this year the company addressed the mounting opioid litigation, they said although we believe we have adequate sources of liquidity to meet our anticipated requirements, the cost associated with the legal proceedings are impossible to estimate with certainty could exceed any applicable insurance coverage and can significantly impact liquidity, basically what they say they're worried about cash and they keep operating. lawyers tell me they would expect any bankruptcy workout to require that rite aid create to payout to filing claims with the people that they lost in their
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lives. it's possible that rite aid doesn't have the cash there may not be enough for any money left over to pay opioid claim, it's a lot to get through the next year or so before we get some clarity here, were certainly following that. david: not that it would be smash and grab, their loot into losing money all over the place payment or closing hundreds of stories over the past year, they have a lot. david: a tough shame. thank you. president biden wants to ask congress for new funding to develop another covid vaccine. rotate. >> to present to the congress for additional funding. i have not decided upon tentatively will be likely recommended.
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david: doctor marc siegel joining me now. the question whether a required shot didn't we decide as nation the covid vaccine mandates were terrible. >> yes, you actually put the emphasis on the part of the sentence from the president that i want to also, there is a lot of research going on for new coronavirus universal vaccines or nasal vaccines, a lot of that got shifted back to flu by the way with hiv and other viruses, rsv because the impetus from the government went away, they're not consistent so now they say they want to give billions to back-to-back research. i'm all for that but the sentence required or recommended for all americans, mr. president you don't even have a vaccine you're talking about yet and you're talking about required or recommended that is the whole problem with public-health
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messaging coming out of this administration, before the science is even there, the ready to mandate, you have a right. >> mandates and the big question is lockdowns is it conceivable after all of the negative information that is come out about the negativity of the lockdowns whether schools or businesses or whatever that we could actually see that emanating from government, lockdowns? >> it would be a public revolution, schools close, you just hinted at it, all kinds of problems of learning, socialization, businesses were suffocated, you saw that across the country, then we found out, if you have a testing strategy and you allow people getting sick have immunity and people that vaccinated have immunity that you leave everything open and covid now is a milder form, of course that could not come back and there will be a public revolution. david: let's talk about the good side weight loss medicine lycos
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and pick could actually reverse symptoms of heart disease, tell us about this. >> i think this is very exciting and we've been talking a lot about the downsides of these drugs, i think what people out there need to understand we goby and does a you metabolize better in the inflammation that i'm talking about leads to heart disease and stroke, obesity itself causes that, if you reverse obesity no matter how you do that and you improve metabolism you get a decrease heart disease, more studies are showing us this was a massive study, it's observational but i 100% certain this is correct. it does not mean that i want everybody demanding more from these drugs but i want everybody to know that we have to beat the obesity. david: i remember the overuse of the diet pills back 40 years ago
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which led to terrible disasters. we don't want to go in that direction. >> exactly, were coming out of the pandemic sanitary, eating all the wrong foods, stress, we did not talk about that with the lockdowns, stress and alcohol use that occurred from the lockdowns. david: i want to get into the last one, the last subject hits me to home president biden's alcohols are i did not know we had an alcohols are set to release new guidelines. he may tell us to limit alcohol use to two beers of the week. two beers a week, one word, this is an acceptable, what do you think? >> i like two words ten year, you looking to canada and you're saying candida will set the tone they are saying two beers if you're a man and one beer a week if you're a woman. forget the sexism of that pre-there's no evidence that
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anyone would follow that. here is the main point that we should make that a mediterranean diet is unbelievably healthy for you, that a glass of wine here or there is not going to detract from that. we know the alcohol is not good for you but it also relaxes you. it is a social duplicate even george cooper admits. what say we don't have a study comparing the relaxation factor with the factor the alcohol is in great for your body. overall people need to be told to drink a little less but not school didn't reprimanded but by the government from their po podium. david: two beers a week is unacceptable. i'm not a doctor, i don't play one on tv but i would think you would agree with me on that. quickly. >> beyond belief, you and i will have a cigar together with a glass of wine. now you're letting out the secrets, thank you very much. still ahead mike huckabee on nikki haley's claim that
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republicans are running against, the harrison 2024. sandra smith on bernie sanders defending biden's age and criminal defense lawyer lou jenner mere lot on the protest against a migrant shelter, the 11:00 a.m. hour of varney is next. the day you get your clearchoice dental implants makes every day... a "let's dig in" day... mm. ...a "chow down" day... a "take a big bite" day... a "perfectly delicious" day... - mm. [ chuckles ] - ...a "love my new teeth" day. because your clearchoice day is the day everything is back on the menu. a clearchoice day changes every day. schedule a free consultation.
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