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tv   Varney Company  FOX Business  September 1, 2023 9:00am-10:00am EDT

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economy seeing right now, is kind of like gas gasp, fed nervous about it talking risk at jackson hole i bet you a rate hike this year inflation, now is, gdp growth higher than federal fund you think inflation going down? i mean come on. cheryl: quick break. >> i would love to take that bet. [laughter] >> next year election year, conditions are tighter than numbers are showing i think that is just reason for fed to cut next year going into flex year. >> kevin, ryan payne steve moore louis navellier that is it for me thanks to all of you stuart varney up right now might i just say since i haven't seen you in person congratulations stuart, i am very excited to >> glad to hear that.
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good morning to you, cheryl. it is jobs friday. investors wanted to weaken us and got what they want to, new jobs, 187,000 and downward revisions from previous months. the an employment rate up significantly, 3.8%. analysis. the federal reserve wants to see something in the labor market and it appears to be loosening. what's the market reaction? very positive. dow industrials look like they will gain one hundred 60 on the opening bar, solid gain for the s&p, the nasdaq up 105. why? interest rates are down. signs of weakness in the job market pushing treasury yields much lower. the 10 year down to 4.80% and the 2 year, 4.80%. interesting. politics. the migrant crisis hits massachusetts. they call out at 250 national guard troops, they can't handle
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the migrant surge. a new surge is building, 91,000 people in family groups arrested at the border in august. that the record. karine jean-pierre said the president has, quote, done more to secure the border than anybody else. aoc after crying at the border for children when trump was president says immigration is the administration's weakest issue. this is the friday before the long holiday weekend. our message is forget the negatives, accentuate the positive. september 1, 2023, "varney and company" in relaxation mode, about to begin. ♪ stuart: brantley gilbert.
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lauren: who is he? stuart: the weekend is coming. lauren: already on the weekend. stuart: breaking this morning, 187,000 jobs in august. lauren: more people look for work. labor force participation rate 62. 8%, the highest since the pandemic. we saw longer work week, 34.4 hours, more people coming in me businesses don't have to pay them as much. wages cooled a little bit, up 4.3% annually. there is noise in the data, big downward revision to june and july but the writers strike in hollywood, yellow talking to bankruptcy, transportation and warehousing lost 34,000 workers. look at this. healthcare and social assistance up 97,000. leisure and hospitality up by 40, manufacturing up 16,000.
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stuart: some weakness in the job market. lauren: which is what the fed wants which is why you have stocks up. stuart: and interest rates down. on the stock market, are we off to the races? >> i think it's a head fake. we've been off the races. you saw what happened the last few weeks in august ahead of what people thought it would be, ahead of what they thought honest conversation is. this rally, friday going into the weekend, this people at their desks. the moves are exaggerated. i think what was good and moving the right direction i am not convinced we are off to the races. stuart: do we have to wait for the labor market to weaken some more to allow the fed to ease off raising rates? >> all the talking heads and
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economists tell us of the number has to have 5 on it. we are 3. 8. a big jump from 3.5. we are nowhere near the five handle larry summers and the likes of larry summers said we need to be at for the fed to really get to the 2% rate they keep promising to get to. it has to go higher. it won't be a joy ride. it will be painful. the third, they want to take it at 6%. >> this report is not good for president biden, is it? >> it will show a weakening economy moving into the 2024 presidential cycle. if it continues this economy will be a disaster by next spring or early next fall. it's not positive for the democrats for president biden.
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stuart: we hope you have a great labor day weekend and see you next time around. now this was senate minority leader mitch mcconnell has been cleared for work after he froze up during a news conference earlier this week. what do the doctors say? lauren: the lightheadedness is not uncommon in concussion recovery. not only did mitch mcconnell freeze up two times in two months he fell two times in march. mcconnell's team and the president don't think it's a big deal. >> i spoke to mitch. he is a friend. i spoke to him today and he was his old self on the telephone. not unusual to have a response that sometimes happens to mitch whether you have a severe concussion. it is part of recovery. i'm confident he will be back
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to his old self. >> biden might be the most sympathetic because he faces similar accusations because of his health. politico reporting emergency meeting might be called to discuss mcconnell's condition when the senate returns when 5 republican senators agreed to that. stuart: we shall see. we told you president biden has a history of embellishing his personal stories. here are a few examples. roll tape. >> president biden: i had the honor of being with her un ambassador. senior conductor, joey beatty, grabbed my cheek. two well-dressed men, like changed, kissed each other and never seen that before. the reason is simple, they love each other. my grandpa up who i never met, died in the same hospital i was born in two weeks before i was born.
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67 corvette. stuart: a few examples, the washington post calling out biden, he has a traditional of embellishing. that could be a big biden supporter. >> never endorsed a republican presidential candidate but they are late to the game. pointing out the obvious, the framing is generous, they use the word embellish and exaggerate. the word missing is live or liar, expand it to two words material liar, lifetime liar, this fact checker use the word lie quite often when it came to donald trump but this is a president who said you cannot get covid if you get the vaccine. this is a president who said he inherited high inflation when he took office, that's a lie,
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this is a president who said republican support to funding the police, that ally. he said he inherited the crisis at the us southern border, lie. i could go on and on, we have finite time. president biden has done this his entire life, i researched this and as president those lies continue and for him to tell devastated maui residents that a small kitchen fire 20 years ago nearly killed his wife, his cat and endangered his corvette, those people lost everything, to tell that lie in that situation is deplorable. the washington post, nice that you're doing a fact check, should be outraged from the editorial borge. stuart: not cutting the man any slack, are you? no accounting for exaggeration or spin, to you it is a lie, heart stuff. you know it. >> it is intentional. when you embellish, that's one thing.
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when you know it has been reported and fact checked like the kitchen fire at that point it is a lie. stuart: donald trump's election interference case will be live streamed. what do you think? >> the whole point of this trial isn't about law or truth with the point of the trial like jack smith or alvin bragg in manhattan is to put donald trump front and center through the rest of 2023-24 throughout the primary campaign. if he gets the nomination throughout the general election, not talking about the issues that face this country and the contrast between donald trump and president biden when it comes to the economy or crime or border or educational foreign policy, talking about watching donald trump at all these trials where i don't think prosecution, to make him front and center of the news cycle and press -- take president biden off the news cycle. stuart: relaxed, calm down,
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it's friday morning right before a long holiday weekend, be calm. >> thank you. stuart: wait a minute. i'm in the studio in new york and i see some food coming towards me. look at this. john see year, john ii, they are not brothers. what have you got? >> we just wrapped up for fox and friends this morning at want to bring some food. we have a barbecued slider, bacon, mac & cheese, it is national bacon day tomorrow. some are he to know. stuart: you told us bacon was down in price. >> it is. labor day weekend, this is for you.
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by the way, congratulations on the debate coming up. a big deal. we are going to be watching. i will wear my cowboy hat. stuart: there's only a thousand people in the audience. thanks very much for the food and a shout out on the d debate. coming up, the owner of a restaurant in minnesota fed up with the rise in crime in her community, assaulted, burglarized six times. and if she's going to leave. a claim by karine jean-pierre. >> the president has done more to secure the border and deal with this issue than anybody else. the president has done what he can from here. stuart: he has done more than anybody else for the border. missouri congressman mark alfred will take that on.
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she was meeting with his chief of staff and the head of homeland security. >> the president has a lot on his plate. this is an important issue as well but when you have the chief of staff, secretary of homeland security meeting with the governor that shows how important the president thought this meeting was, to have his top people speaking with her as well. lauren: could have popped in. what came out of that meeting? speeding up work permits, 1/5 of migrants are eligible to work when they haven't filed their paperwork and new york keeps absorbing the cost of this. $12 billion and counting, projected by 2025. up north in another sanctuary state massachusetts, governor healy called on the national guard to help with migrant shelters. this is just weeks after she issued a state of emergency in massachusetts, 6000 families
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are there in emergency shelters so that national guard, 250 of you help us help them. neil: it was rippling through the entire country. it is everywhere. the white house announced an additional $450 million in funding to fight the opioid epidemic. congressman, you are concerned about the flow of fentanyl into your district and rightly so but this is for opioids, none of it for fentanyl. >> it is odd that finally, the national overdose awareness day that president biden wakes up to a problem he created, he -- unsecured border, whether weakened or not he welcomed 5.8 billion illegal aliens seeking asylum. a lot of those cases into america and with them they
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brought illegal fentanyl in mexico from substances made in china and they came up to our citizens was we had thousand 570 people die opioid overdoses. 63% of those someone was with them at the time of the overdose. we've got to do something. my team and i are going over the state, grieving parents with their horrific stories of loved ones who died from fentanyl poisoning, we are trying to find solutions. of this president is not going to do something to close the border and stop this crisis in america we have to do it on the local one. stuart: he won't do anything to close the border. the surge is getting stronger. in the washington post 91,000 people arrested in family groups in the month of august, just the month of august, that is a record high. they are all coming to the united states and i think they
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are all going to stay. no idea what we will do with them. >> that's the plan all along. i don't feel sorry for these sanctuary cities are sanctuary states who said come be part of our community. you're getting a fair share of what texas has been dealing with all these years. it is growing exponentially. we bear the cost of new people into your community that we want to have in the fabric of your community. i believe firmly the long-term goal of liberal democrats is to have each and every one of these 5. 8 million people to become citizens and become voters for the democrat party. they are going to give them a christmas tree full of gifts. who's not going to vote for the democrats if that happens? stuart: this is going to be an election issue in 2024. is it minimal political damage to the president, i think it gets worse as the situation unfolds. sorry to be out of time. it is a good subject and i want to talk about it. see you again soon i hope.
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>> thank you. stuart: biden is asking private businesses to help with new york's migrant crisis. what does he want private businesses to do? lauren: they want them to provide free legal services, free language courses, free food, free shelter. you have an extra room in your house. we one put somebody in our house? >> they are asking businesses to pony up there humanitarian aid. think of the taxes that you pay and you lines of people are waiting and a regular patron isn't going to come to your door because you go through a lot of people waiting for shelter. stuart: what about liability? america is a nation of lawyers. the immigrant in your house, you did something wrong you are going to get sued. lauren: governor hochul hatter meeting wednesday at the white house. that was one of the suggestions that came out of it.
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the biden administration asked congress for $600 million. it is a drop in the bucket. food and shelter and educate and help him get work permits, you name it. 107,000 migrants passed through new york city since last spring. 600 million is the request. it is a fraction of the $5.2 billion already spent to care for the asylum-seekers. stuart: this has got to be an election issue. lauren: aoc told the new york times that it is the weakness in the administration. the border. stuart: she should know. got to go. look at this. markets showing green as we head to "the opening bell," up 160 for the dow. look at the nasdaq, up one hundred 9 points. "the opening bell" is next.
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and prevent breaches before they happen to keep your business from becoming history. we stop cyberattacks. we stop breaches. we stop a lot of bad things from happening. crowdstrike. protection that powers you. the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com stuart: i see green up one hundred 66 on the dow jones average. nasdaq close to 100.
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mark mahaney is here. what is wrong with chewy? >> they provide a wonderful service. i've been a customer for many years. they have run out of room to grow new subscribers. they have new growth initiatives. for now, they, the number of new customers are unable to add more. why is that? it is a relatively mature market with lots of competition from walmart and amazon. chewy is a good company but doesn't have the growth it once had. we downgraded a little too late but the right call was downgrade the stock, and stepped to the sidelines. we need some training that is what we will do. stuart: you are an honest man and that is a fact. some weeks ago you said the was
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your top pick. off i go, it hasn't moved. >> you've got a tough car for me. we just came through on august with a solid 3% correction. two reasons for that. it is august so you can look at the trading volume. the other one is a spike in the 10 year. now it is starting to look like it is moderating, one of these things were moderating growth is good for tech stocks, you start to see that reverse but i'm sticking with uber. margins are improving, revenue growth is consistent. added to the s&p in the next 12 months. you want to be long as the market comes out of this. stuart: you could be added to
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the s&p 500 next year or later this year. >> it will be a handful of candidates. airbnb could be added. the company has the scale and size, consistent gap earnings to be added. this is an $80 market company. it is a very likely candidate. stuart: you got me. i'm not selling. staying on your recommendation. if you are wrong, lunch in the studio again. hope to see you again. they are going to threat the button. the stock market is about to happen. the trading they of the month, it is september 1st.
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right from the fog get go down industrial top 206 points, 0.6%, the dow is 34,900. the s&p just opened. it is up 0.60%. pretty solid gain. it is the nasdaq i am always interested in. tech stocks, here we go, up 2 thirds of one%, almost one hundred points, 14,131. show me big tech. are they all up, met almost at $300 a share. microsoft 330. apple one hundred 89. apple 136. a closer look at apple. it has been on a wind streak. >> reporter: with this gain of one% it is up 6 days of the past 5, up 7%. lots of anticipation, the new
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iphone 15 we could see the first price increase for the most extensive modeling four years. goldman sachs says it will start at $1200 for the pro and is worth the money. they love the new features in it. positive commentary from goldman sachs. stuart: do we have more price cuts for tesla? lauren: how much does the costs is the most confusing story of the year because it is constantly changing. right now tesla has cut prices for its high end model x by 14% to 21%. in the us and china, why? they lost, they launched a new model, model 3, in china. they are launching a new car for the first time in china in the united states. more miles to the charge then it looks like. costs more than the previous model 3. speaking of price cuts. ahead of an anticipated launch in the us they are cutting model 3 prices as well.
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these are more affordable cars. in some cases, $5500. stuart: sounds good to me. stock is up again, 258. i see you this morning a huge pop, still down, 16%. in the prompter i see the words ai. always explained. lauren: will uses servers for generate of ai application. the first half of this year those ai servers are served revenue. that's impressive. it is growing. investors are hoping dell gets included in the s&p 500. stuart: here are the result. that is what people are looking to see. everybody says i am into ai but the next progress report, how much are you making? lauren: also seeing a recovery in demand, $10 billion cash. the stock goes way up.
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stuart: lululemon. i have no comment on yoga pants people except it is up 2%. lauren: they increased full year forecast for the second time. huge demand from rich americans and chinese shoppers. us sales at 11%. i read this seven times. i thought the chinese economy was softening. sign up 61% in china. they say the third quarter, the current quarter off to a solid start. stuart: what is the dance studio jogger? lauren: all the rage. more jogging pants are fitted, $98. this is why lululemon does well. stuart: broad.com reported earlier today. lauren: they are down. they are not nvidia.
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there is no wow factor. they reported strong earnings. the ceo said they are facing supply constraints from generate of ai products. they are number 2 to nvidia nai chips but they are not nvidia. they go down because they didn't blow past expectations. stuart: that is fascinating. lauren: i would be so annoyed if i was broad.com. stuart: before we go further i will get to intel. the right hand corner of the screen, the dow is up 250 points. now let's get to intel. the ceo has been sounding positive, stock is higher. lauren: the company is on track to meet financial forecasts. they receive a large order for their most advanced technology yet, that points to two things, recovery in the pc market,
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execution on their turnaround plan, the contract chipmaker, making chips for other companies. i am surprised for a friday ahead of a long weekend. stuart: let's check all the markets. dow industrials up 225 points, 34,946. we've got the dow winners. lauren: they are coming the. . there they are. intel. stuart: 3. 5%. gap, chevron, s&p 500 winners. lauren: graphics is on vacation. stuart: whatever, intel is on that list. nasdaq winners, intel, et cetera, et cetera. that we 10 year treasury yield heading down. it is up a little bit now. you are at 411. that is lower than it has been.
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price of gold 1976, up $10. bitcoin 26,000. just $26,010. oil is at 8477. that suggests gasoline will go up in the future. that gas changed. gasoline, 381. i predicted goes up significantly over this holiday weekend because oil is $84 a barrel. diesel $4.45 a gallon. that is up $0.45 in a month. coming up, two years since biden's afghan withdrawal. the 13 american soldiers never had to die at the kabul airport. did our intelligence services know the bomber in advance? i will ask the author of a new book about the botched afghan withdrawal. a washington sheriff it should a scathing morning to smash and
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grab thieves. watch this. >> if you come to thurston county and decide you will do tens of thousands of dollars to one of our businesses, we are going to chase you. the state rcw was no longer going to protect you. stuart: will more sheriff's follow his lead? following a three year payment pause, students will have to start repaying their loans in mid-october. what impact will that have on consumer spending? peter morici after this. ♪ ♪
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stuart: student loans with a 3-year pause. hillary vaughan is with me. is biden looking for ways to forgive student that? >> reporter: he is. they are not giving up on the idea they are trying to bail out as many people as they can from having to pay off debt
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they took on to go to college. back-to-school means back to reality for a lot of people who have not made payments on student loan debt for the last three years. after president biden spent his presidency promising he would forgive yet, here is president biden just one year ago. >> president biden: in my campaign for president, i made a commitment that i would provide student debt relief. i am honoring that commitment today. using the authority congress granted the department of education, we will forgive $10,000 in outstanding federal student loans. >> reporter: that turned out not to be true. uncle sam is coming to a collect interest accrued for millions of people who owe federal student loans. payments officially start in october. the white house not giving up on sweeping forgiveness just yet. the department of education says they are recruiting people to a special committee tasked with figuring out other ways to
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pay off people student loan debt than our legal. >> reporter: president biden violating federal law, the same guy who ignored the fact you can't pass through a student loan bailout, his supreme court slapped him down and now they are trying to find a new way to do this proposal. >> reporter: payment start back up in october but some may be shocked or surprised that president biden did not issue another extension to postpone that. there's a grace period over the next year, you miss a payment or two you will not going to default. stuart: hillary vaughan, thanks very much indeed. peter morici joins me now. when student loan repayment to begin in october, what impact will that have on the economy? >> it is not going to be used. people caught in the net, it's a difficult issue but the president is implementing some reforms on his own to stretch
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out payments to provide lower monthly payment and forgiveness after 20 years. the real problem they are having is implementing it. it is the obamacare website all over again. try to get someone on the phone or get some help. stuart: parental rights in the schools, a hot topic. elon musk has joined the debate, accuses his daughter's high school of brainwashing his trends got a, turned her into a communist. do you have any comment on that? >> why wasn't elon musk paying attention to what they were teaching in school? i went through this in washington dc when there was a lot of indoctrination in the schools as there is now and i was careful about where i enrolled my children, what they would learn. i didn't want them to be taught to be william f buckley and as conservative as i am but i wanted them to think for themselves and i think i was pretty successful in
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identifying schools that did not have a strong ideological bend. with his resources he should have just done better. stuart: what gets me about the size of student loans kids have to take out is that they are paying a lot for a bloated educational bureaucracy. it's all the administrators at all these schools, hundreds of them. >> we go to lots of meetings or i did when i was still working there, these woke requirements that we have, these diversity offices multiply all over the place, get you filling out forms and going to workshops and things like that. higher education had more rapid inflation than healthcare. how is that possible? in addition universities like to keep doing what they have always done. enrolling you in sociology, you borrow $200,000 and then have a
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worthless diploma. you can't think of you don't know anything useful. as a consequence, you end up working at starbucks. those are the people that owe the money. stuart: i don't think this is going to last. i don't think they will be prepared to pay that amount of money, you borrow that amount of money and keep going. i think it will change. >> more people are enrolling in these apprenticeship programs. there is a lot of decent apprenticeship programs that will pay you 60, 70, $80,000 a year. you take sociology and get a job, and universities are in for a reckoning. i was heavily criticized at my university for the statements i made here that i wrote, and the faculty voted against me. my comments about these issues were unhelpful.
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resistance to the softest criticism. stuart: sorry to hear that. >> didn't matter. i am and emeritus professor but i'm pointing out you there's a system of retribution in the system. a mechanism. stuart: peter morici, thanks very much, see you again soon. inflation is still a problem. sobering numbers how it's affecting people. lauren: 61% of americans live paycheck to paycheck. that comes from lending club but. 44% making over $100,000 a year say they live paycheck to paycheck. 78% of those, $50,000 are struggling. everybody is squeezed by higher prices no matter how much money you make. stuart: that is a political problem. people squeeze like that because of inflation. lauren: the easiest thing is to lower the price of gas by allowing us to drill.
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stuart: a big summer for pop culture. taylor swift, beyoncé's tour, they all boosted consumer spending. what is morgan stanley warning about? lauren: when the tours are over at movies out of the theater we won't spend as much money. those events, pop-culture economy held up the overall economy. morgan stanley estimates they added $8.4 billion to the third quarter. that was the amount of consumer spending that goes into gdp in one quarter. when this fades, morgan stanley. stuart: maybe she has been the beatles. lauren: that's the female economy. is going to taylor swift concerts and disney bar the? stuart: i've not been to any of them so i don't know. it's not too late to be on the show. don't forget to send in your friday feedback, the good, the bad, the ugly, the questions, the critiques, send it all in,
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varneyviewers@fox.com. labor day weekend, one of the busiest holidays of the year especially at the airports. jeff flock has the report on what the government is or is not doing to keep things going. ♪ from big cities, to small towns, and on main streets across the us, you'll find pnc bank. helping businesses both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's financial goals forward. pnc bank. ♪ is it possible to fall in love with your home... ...before you even step inside?
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and it stays off. (soft music) stuart: flying blind, the faa says this holiday weekend will be one of the busiest of the year and what a mess it has been this year so far. jeff flock at o'hare airport. transportation secretary pete buttigieg holding a news conference which how do you think that will go? jeff: he will probably tap the progress they have made. he says they hired more controllers. have they hired enough? it is a busy weekend. take a look at the numbers. 20 million people to fly this labor day holiday, that 14%, the usual suspects are the busiest airport including
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chicago and dallas and atlanta. the good news, it is cheaper to fly this labor day. $226 for the average ticket, now 11%. as you report, secretary pete buttigieg will be here in 15 minutes to answer questions. he will tout the fact there were fewer canceled flights this year than last year, canceled flights are down to half of what they were last year but a lot of delays and look at this number. near misses when it comes to air travel. up 25%. it is a factor perhaps among the air traffic controllers. he is going to get a question on the question of whether they have enough controllers to staff the towers. stuart: i think that is the key question. have you got the controllers you need? good luck and have a great weekend, see you later. still had new york city demands
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biden fast-track migrants work permits. tammy bruce is not happy that americans are competing with asylum-seekers for jobs. lionel messi mania hits the road. a ticket into los angeles is going for $800. steve hilton on that. jaco willingness shares 5 tactics for investment leadership. the 10:00 hour is next. ♪ ♪ ♪
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♪ stuart: nice upbeat music. deserted midtown handout hat tan. good morning. it's 10:0 eastern. we're going to go to

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