tv Varney Company FOX Business September 7, 2023 10:00am-11:00am EDT
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that is new york city anna very hot day. 46 yesterday, 95 today. 10:00 eastern straight to the money. plenty of red ink especially for the nasdaq. the dow is up, s&p down 28, nasdaq down nearly 200 points, well over one%. that the selloff. the 10 year treasury yield is going down a little bit this morning, the elevated level, 4. 28%, that's a problem for big tech. oil, we had it $87 a barrel yesterday down a fraction of this morning but still at $87.23. bitcoin 25. small change, 25,600. that's the markets. now this. with with harvard? supposedly the most prestigious university in the country. it has hired the former mayors of failing big cities to teach
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the elites how to run a city. lloyd lightfoot ran chicago for four years. during that time crime rose 42%. morale in city government printed. he she thought with everybody including the media at one point saying she wouldn't take questions from white reporters and eventually she stopped holding press conferences altogether. reportedly she will lecture on how to handle the media and how to run a city. bill deblasio was the mayor of new york city for 8 years. it was not a great time for the big apple, riots, escalating crime, failing schools but at the end of his term he was practically run out of town. his efforts to run for the presidency collapsed within days if not hours. what does he do? he goes to harvard to teach leadership and public service. let me take the cynical view. perhaps harvard hired lightfoot and deblasio to teach how not to run a city, how not to handle the media. why else would they hire
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failures, it could enlighten their students about the failure of far left woke policies were defined the police. that would be their real value, teach the lessons of failure. i doubt harvard sees it that way. maybe the students will. after all if harvard is to educate our future leaders they ought to have a good idea what went wrong in the past. the left will always claim to be on the side of truth and justice even when they obviously are not. second hour of varney just getting started. stuart: jason schaefer to joins me now and i did not know that you are a harvard grad, apparently a resident fellow. what's wrong with your alma mater? >> i didn't graduate there. i just for six months was a
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visiting resident fellow and they have instituted a politics roll. to their credit they hired a pretty controversial from their standpoint person on the right side of the aisle, but students will not get a good education if they don't put it in contrast to what bill deblasio at lloyd lightfoot were doing, two of the worst that were ever out there but i did have a good experience, did interact with a lot of students and gave them a lot of credit for bringing in a very conservative republican to counter what some of the others that were there, five others and me, glad they did it. stuart: i went to the london school of economics, probably the most left-wing college in europe and look at me now. let's move on. >> following your footsteps, yes. stuart: trump says he will, quote, absolutely take the stand in his trial. is that a good move for him?
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>> no more dynamic personality to passionately -- the heart of what their case is, what was the mindset of donald trump, they are going to give a subpoena authority because they are going to dig up all the documents and he should personally look those jurors in the eye and plead his case and i think it will be very compelling. stuart: so far this year the media has spent 751 minutes discussing trump's legal issues but largely failed to mention the prosecutors investigating trump are either democrats or appointed by democrat. the bias is always there, isn't it? >> fail is an understatement. the major conflicts of interest in any other case would be the subject, the lead subject, how incestuous this is and how wrong, what the department of justice is doing, the fact that
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we have a special counsel that was appointed in the hunter biden case who's a member of the department of justice, the statute says that the special counsel shall be outside the government, not even supposed to be an employee and they flaunt that and do it because nobody will hold them accountable or prosecute. stuart: yet on the issue of the president's agent's ability to do the job i since the media is beginning to look more closely at that issue and be more critical. how do you see it? >> i think you are right. they are starting to do that but they are about two years late to the game. it's just undeniable at some point. that is why two thirds of democrats at this point agree with republicans. talk about bipartisan support. there's a bipartisan consensus the overwhelming majority of people know this man doesn't have the cognitive capability to be president. stuart: 75 of americans can't agree on anything except that.
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i'm just rising you. hillary clinton headed to the white house this week for what? >> to present an award known as the nobel peace prize for the arts, international award also significant because it would be hillary clinton's first public event in the biden white house ever, she would be with the first lady jill biden, assuming no one else gets covid. stuart: she wasn't there in the biden administration, she certainly wasn't there during the trump administration, has not been in the white house for six years and now she's back. moving on to the markets, the dow has turned negative $0.54 but the nasdaq is getting hammered 211 points.
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we've got gary here on the show, tell me again, china possibly expanding its restrictions. do you think other american businesses, disney, are they at risk as well? >> anybody is at risk. china is fighting our restrictions on them. the way we go, just remember we had a big move in check, valuations are up in the trees and you get some negative news and you get trouble like this. if apple is heading lower, the rest of the tech usually follows and that is what we see at this junction. stuart: we've got google on trial for monopolistic practices, amazon threatened with antitrust action. should we frankly avoid all big tech? >> going out the year, two years, three years tech will lead again but these moments in
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time where they don't lead, they get whacked because they get overowned, overleverage and when they turned south they concern south quickly but realize this. the strength and growth of earnings and sales is in technology. there's going to be major winners over the next 10 years whether it is ai or security software, it will be out there will. we are in one of those moments that has to do with the fact that interest rates of spiked up. oil prices have spiked up. that's a 1-2 punch that takes away the tailwind of growth stocks of putting head winds and away you go, seeing it in droves and it's a rough going recently. stuart: a quick one on treasury securities. i noticed this morning, 6 month bill, 5. 5%. %. 30 seconds, what's wrong with that?
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>> there's nothing wrong with that and i can tell you i used to have a great income business, then it went away because of 0%. my and come business is flourishing big time again because this -- riskless, that's the important little word. riskless income investment, that type of return which i do believe will be around for a while, not having to deal with the day today craziness of markets and what we hear out of washington dc every day, more people are going towards it and you see numbers on money markets skyrocketing, the amount of money that has gone from markets to money markets will continue in the competition for money could be tough on stock markets as we move forward. stuart: thanks very much, we see you again soon. lauren is looking at the movers and we start on the left-hand side, c-3 ai down 16%. lauren: up one hundred 80%. does ai mean automatic
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profitably? can you just capitalize on a i just like that? no. c-3 ai, software company scrapped its quarterly forecast for profitability because it is investing so much money in more ai because of that expense of pushing back their timeline. stuart: to zlatan in a downtrend. lauren: i would say so and the china story down 2.5%. tesla launched the universal wall conductor to basically connect, the investor, connector to install 20,000 of them at 2,000 hotels mostly near a highway or something but they are making the bed but i found this astonishing, people broke their property because of the ability to charge their evs easily. stuart: tesla gets a little bit
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every time someone else charges, milking it basically. nike down again. lauren: going with china tensions, separately, in memphis, tennessee but they school for $200,000 for merchandise, >> taking on the entire truckload. vice president harris says she's ready to take over if president biden is no longer up to the job. how does the country feel about president harris? kennedy will take that in the next hour. the education agenda, time parents took back control from the teachers unions. mike emmanuel tells us about haley's plan. three weeks from the second republican presidential debate. got to give you a preview of what is to come with co-moderators dana perino and
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my physician referred me to a hand specialist. and i'm glad he did, because when i took the tabletop test, i couldn't lay my hand flat anymore. the first hand specialist i saw only offered surgery. so, i went to a second hand specialist who also offered nonsurgical options - which felt more right for me. so, what i'd say to other people with dupuytren's contracture is this: don't wait —find a hand specialist trained in nonsurgical options, today. i found mine at findahandspecialist.com. stuart: look at the market go, especially the nasdaq. when i say go, i mean go down. nasdaq 176 points. dow is negative. s&p also negative. nikki haley taking shots at governor the santos and vivek ramaswamy over what? >> he calls them trump light and doesn't think that is what voters want right now.
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her team thinks trump is not the ticket to the presidency, she's distancing herself. what she also needs is the rhonda santos donors to come to her side and they are starting to. political looked at the big donors to the gubernatorial race for governor desantis, 16 of them have given money to his pack, never back down. the former governor of illinois, huge desantis donor for governor, switched to nikki haley so she's trying to get desantis's war chest. stuart: i'm not surprised. lauren: she's coming different path, more moderate path. stuart: in just a moment we will be joined by dana perino, we are going to simulcast with fox news, waiting for them to appear miraculously on screen. they are close. a little tap dance, there we go.
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>> would love to welcome you to the team, you are more a veteran then we are, you've done this before. how do you approach getting ready for the debate? >> thank you so much for the warm welcome, very excited to be working among the experts and great teams that are supporting us. i've done it once before but it was without audience so it's one of the things that will be challenging for the three of us but we are going to be a team and we are going to do it together. >> what's on your mind? stuart: i'm with fox business. everyone thinks i will be talking about the economy. i'm determined to make the economy interesting to every one. for example i get the impression the economy in america has been almost class divided, 20% of the population doing well, the rest paycheck to paycheck which i want to investigate that. what will the candidate to do to make it less of a class-based economy.
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what about tiktok, available to everybody at the moment but some people want to ban it outright. i am wondering about that, what kind of business movies that? banning that kind of communication device for everybody in the country? i don't think that flies what we are going to get into it. >> you live in miami with an amazing background, your career is quite fabulous and we will learn more about that and everyone here can check out your instagram page. sound like you are good cook as well. when you are talking to people in your community or around, what are the broad buckets of topics you want to get into in the debate? >> first of all, for all politicians and public servants to look at the hispanic community not as a monolith. we are more like a mosaic. we are completely different, we have different backgrounds
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coming from different countries, different cultures, different views of our own language so we hope for the candidates to look at us, to really understand the hispanic community and the issues that affect us. a topic that affects our community, housing, jobs and economy for the hispanic community. >> one more question here, i just read about a subject called the liberal patriot. basically the headline is it's official, democrats have a nonwhite voter problem. republicans have made some inroads in trying to earn the hispanic vote and i understand it is not a monolith but do republicans have an opportunity here in 2024 to take votes away from the democrats? >> yes they do have a great chance to speak directly and
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understand the hispanic community. we all come from different backgrounds. a lot of hispanic immigrants are conservative or republicans when they come to the united states. a great chance for both parties to analyze and understand our community and do the best to solve the problems that affect us. stuart: i want to say it's a great honor and a surprise for someone like me. i lived in america for 50 years. who would've thought that a guy with a voice like this and a background like this would end up as one of the moderators in the second gop debate. it's a great honor and it speaks volumes about the warm embrace america can give people like me and i'm thankful for it. >> it's going to be wonderful, thank you for joining me today and i will catch you in the zooms as we prepare for the
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second republican debate. i will keep working on it. thank you so much. >> good luck, guys. september 27th. stuart: all right. back alone, here i am. education become a make a big issue for 2004, nikki haley just unveiled her plan. 's she committed to protecting the rights of parents, forefront and her policy? >> no question about that. nikki haley argues parents don't want to give custody of their children to the teachers unions. >> this is a fight, you're fighting every mom's fight. every mom's fight because it's that important, parents need to know they have support with that so as we do this, what my hope and prayer is is that every parent realizes, use the power of your voice. >> the group mom's for liberty
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is praising haley for standing up as a mom fighting for kids. haley signing organizations parent pledge promising to advance policies that strengthen parental involvement in decision-making, securing parental rights at all levels of government. >> we are seeing parental rights being usurped all over the country and it's happening in manchester so we will shine a flashlight on that. this story is not unique unfortunately. parental rights are under attack across america. >> the biden campaign is taking aim at haley saying the education platform is a retread of the same extreme policy points the other republican candidates are echoing, reminding americans how out of touch 24 republicans are. haley campaign spokesperson says the president is in a world of hurt if nikki haley is his opponent and the bold new generation of conservatives who stand up for parents, children,
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taxpayers, biden and harris's worst nightmare, haley talking about her record, what she would do if elected president. stuart: thanks very much. a judge orders texas to remove those floating barriers. governor abbott is not giving up. details on that coming up. the clock is ticking for hunter biden. federal prosecutors plan to indict him on gun charges by the end of the month. john tom fitton on that next. ♪ (sfx: stone wheel crafting) ♪
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stuart: the standout on the markets is the sharp decline in the nasdaq composite, 1.27% off 176 points. lauren is looking at the movers, ford motor company. >> one week from today the union says they will strike, united auto workers, if there is no deal on their contract. ford has offered a 9% pay raise last week. we will see but the demands from the union are expected to cost each of the 3 automakers $80 billion each.
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not in total. >> then we have t-mobile. >> they plan to return $19 billion to shareholders through next year including the first-ever dividend the annual yield of 1.9%. stock is up 3%. that is what i was thinking. of the one mcdonald's got an upgrade? >> wells fargo overweight, the price target stays at 310. wells things the quick service restaurant will struggle but mcdonald's will outperform. and digital initiatives. stuart: special counsel is expected to indict hunter biden on gun charges by the end of the month. lucas tomlinson joins me now. the latest please. >> reporter: hunter biden hoped to put his legal woes behind him in the delaware courtroom, that didn't happen. the judge pulled on the thread in the plea deal fell apart. special counsel david wise in the new court filing says indictment for the president's
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son is coming later this month. a speedy trial act requires the government obtain the return of an indictment by a grand jury by friday, september 29, 2023. the government intends to seek the return of an indictment in this case before that date. hunter biden's attorney says his client has artie been investigated for years, that changed the politics. >> they know everything there is to know about the gun possession. hunter had a gun for 11 days. it was never loaded. it was never used. it has never been a standalone done charge like this brought by this office ever, so what changed? not the facts, not the law but we've seen over the last 6 weeks the politics have certainly influenced the outcome. >> republican in the house oversight committee whose chairman is asking the national archives for past communications between those
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than vice president sent hunter sent hunter biden's business associates agree with his lawyer saying this is all about politics from the white house. >> the concerns of money laundering where it appears funds are coming from romania, ukraine, perhaps russia and china, unexplained sources, all of these issues were not being dealt with by the attorney general's office with the department of justice because of influence. >> no question the white house and biden campaign released this hunter saga behind them and congratulations on moderating the next fox news debate on fox business. stuart: thanks, good to hear from you, see you soon. judicial watch president tom fitton is with me now. please give me the big picture here. what is the significance of this possible indictment? >> it further highlights the corrupt justice department handling of the hunter biden investigations, the only reason we are here is the
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unprecedented nonprosecution of the gun deal was exposed essentially as corrupt as lucas described as a result of a court inquiry here. and wise needs to be investigating the fbi and the secret service's intervention reportedly is judicial watch has been trying to do, the gun was dumped into a dumpster by his then girlfriend and sister-in-law, haley biden and the report is the secret service and fox news reported this out and the fbi went and vacuumed up documents way back 5 years ago. we were just in court yesterday, in federal court, the fbi telling the court they can't even tell us because it is a secret how many documents they have about this scandal and i tell you wise is compromised.
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he can't be trusted to investigate hunter and hunter biden's lawyers i suspect will say we had a deal and want to hold you to it. i think hunter -- in terms of the justice department trying to protect its rear by targeting him on this gun charge which is substantial despite what his lawyers say. stuart: it is gun charges, not tax charges. is that a deliberate strategy to help the biden campaign, stay away from the tax idea? >> certainly it is a beneficial distraction in the sense that we know these prosecutors ditched and allowed to lapse he charges related to his taxes. they seem uninterested in being a foreign agent or joe biden
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being a foreign agent so the question, is the special counsel going to be diligent in investigating the panoply of biden scandals? no reason to think he will be given his misleading of congress about what he was supposed to be doing and how the justice department interfered with and obstructed this investigation. not only the bidens should be investigated but the justice department, the fbi, the irs and others who tampered and suppressed evidence and investigations into biden family corruption. blue one last one in real fast do you think hunter biden will see jail time? >> he may see jail time as part of a plea agreement. if there's a substantial case and prosecution is pursued. i don't see this as leading necessarily to jail time. may not even lead to a conviction. stuart: thanks for being with us. this is a weedy subject but you
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kept out of the weeds and gave us the big picture and its significance, thank you. come and see us again please. a federal judge has ordered texas to remove those floating barriers on the southern border. good morning. why did the judge ordered their removal? ashley: david ezra ruling the floating barrier obstructed the flow of the rio grande river and would require congressional authorization and federal permit based on legislation passed one hundred 24 years ago. the judge cited the barrier's threat to human life and its impairment to free and safe navigation. that floating barrier made of roughly 1000 feet of four foot spherical buoys connected by heavy metal cables, roughly half of the barrier also contains anti-dive net below it. texas meantime says the barrier is necessary to try to stop the flow of migrants but the judge says there's no credible
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evidence this floating fence has significant a curtailed illegal immigration. texas governor greg abbott fighting back, texas lawyers immediately filing an appeal to the ruling saying they will fight this issue all the way to the us supreme court. stuart: got it, thanks very much indeed. the head of the united auto workers says the union will go on strike against the big three automakers if a deal isn't reached by next week. the latest on the negotiations coming up for you. the administration canceling trump euro oil and gas leases in alaska. senator dan sullivan from alaska because this devastating for his state. the senator is next. ♪ ♪
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stuart: i'm going to focus on apple for a moment, tech stock of the day, $6, over 3%, there is speculation the asian authorities will extend the prohibition on iphones beyond the just government workers. that would hit apple and apple iphones hard. the biden administration is canceling several oil and gas leases in an alaskan federal wildlife refuge you should under trump and supported by state officials in alaska. if we are tailoring supply does that mean prices go up? >> we will see that. what experts are saying. this is it. another signal by the biden administration there should be no more investment in the oil and natural gas industry. that message is being received. oil prices are hovering just over $90 a barrel, move to
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cancel 7 oil drilling leases and ban drilling in the arctic national wildlife refuge would limit the future supply of oil. we see reaction to gas prices, $1.41 a gallon more than the day president biden came into office, is now more than we paid a year ago. >> when you add up the cumulative effect of all the biden administration's actions they do have an immediate effect on oil prices. we see prices going higher. it is not only local jobs and economic about want to show but to bondage but also national energy security issue. >> no oil is being drilled yet in alaska. estimates in that area of alaska shows 7 to 8 billion barrels are waiting to be tapped with current usage that said comply the entire globe for the next 77 days. the alaska industrial developer and export authority plans to
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sue the administration and discover what it calls a coordinated effort against the fossil fuel industry and depose the interior secretary. the administration argues the transition will mean energy independence eventually. >> i want to thank our nation's champion, president biden, for your leadership and commitment to lowering costs for working families in every way. thank you to all the members of congress for the work that you've done and continue to do to help us achieve this type of progress. >> president biden goes to the g 20 later today, one of the top priorities is his climate goal. stuart: thank you very much. senator dan salon, republican from the state of alaska joins me now. what is the impact of this on your state. >> it's an outrage and it's going to have a negative impact on my state in terms of investment, in terms of workers.
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especially in terms of the alaskan native communities who are very strong supporters of research and development, this administration talks a lot about racial justice, environmental equity but they have a big times, they go out and attack alaska natives all the time but it is not just alaska, the point being made earlier in this segment, this is a huge issue for the united states of america. we are in a serious battle against authoritarian aggression with regard to the chinese communist party, the dictator in moscow, dictators in beijing. one of our great american strengths is energy dominance, energy security and we have the highest environmental standards in the world, from day one, this administration driven by their radical environmental allies focuses on undermining this great strength of america. it is crazy, going to hurt our
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country in alaska. we one why are they doing this? i take it this is the result of the green that hates any and all fossil fuels. at they behind this? >> exactly right. they are beholden to the far left radical environmentalists but here's the issue. whenever you pose this question to the biden administration, i opposed to this directory to the president of the where are we going to get our energy, we need energy. these guys lifted sanctions on venezuela so they can now import one hundred thousand barrels a day. the president goes on bended knee to saudi arabia to beg for more oil but in america where we have incredible resources and the highest environmental standards in the world, they shut us down. they've never been able to answer that question where are we going to get our energy if they shut it down here and again, it is an issue that undermines american strength driven by the far left
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environmental allies of this administration. stuart: thank you for being with us on a very important issue. appreciate it. hope to see you again soon. the head of the united auto workers union issued another warning, labor deal isn't reached soon there will be a strike. how soon are we talking about? ashley: when the contract expires on september 14th, in other words one week from today the union's demands include 46% across-the-board pay raises, 32 are week with four hours of pay, traditional pensions for new hires, union representation, for workers, new battery plants and restoration of the traditional pensions. there's a lot on the table. uaw president sean fain told the associated press the workers demands are not unreasonable. in the last four years the price of vehicles went up 30%, wages went up 6%. there were billions of dollars
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in shareholder dividends, so wages are not the problem. negotiations ongoing with gm, ford and so lantus which was fiat chrysler. saying a strike by 146,000 members is a real possibility, the union doesn't want to strike and would rather reach a new contract by next week but those are some steep demands. stuart: it will be a big weekend. now this. from a fashion mecca to crime central. startling video shows transformation of beverly hills thanks to high-performance ice. a restaurant owner in florida sick and tired of dine and dash takes matters into his own hands. 's tactic is working, the owner of rick's on the river will tell us how he is getting these camels to pay up after they have eaten. we will be back. ♪
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dine and dash, people who eat and run off without paying. security cameras caught them in the act and the restaurant owner posted the videos to shame them on social media. the honor is can bracken who joins me now. how successful has this tactic been? >> very. we have successfully collected on 11 of the last 12 incidents open a successful. neil: stuart: you've got security cameras focused on the parking lot, you can read the license plate, they run off, then what do you do? >> then we take the time to get some film where they walked in, paste it altogether, sometimes put it to music and post it on facebook, seems to be very popular, then somebody will inevitably recognize the people, give us a call or e-mail or tell us who they are so we find out who they are,
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give them a day or so to come in and make it right, generally they will come in and pay. stuart: i have not heard of this before. is this common? you see it a lot? >> it is a common thing over here in the states, dine and dash, steel a meal, drink and slinked, you name it, that's what they do. it has been going on since restaurants were -- stuart: what is your average check size if i may ask? i want to know how much people are walking away from? >> we are very inexpensive here, we are talking anywhere from $30-$50 generally. sometimes a large group will sneak off, generally 30 to $50 range. stuart: did somebody run off in a mercedes and then come back that was recently. i happened to be right out next
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to her. she knocked her picture over and she said the picture was full. it clearly only had a few ounces. we gave her another draft, that still wasn't good enough, she tried to sneak out, the waitress alerted the manager, went out, tried to collect the money, she said half of the picture was full but we just had hurricane come through here last week and there were no pictures blowing off the tables. stuart: you appear to be having a real good time. i am sure you are. come and see us again if it happens again. see us again. new video shows how many high end stores have fled beverly hills, california. take us through it. ashley: beverly hills synonymous with luxury, opulence, glamour, but a new video doing the rounds on social media painting a different picture that shows
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the growing number of high profile stores that have closed their doors including the former barney's location, brooks brothers, all saints and high end women's fashion boutique, both filed for bankruptcy in recent years, physical stores have seen an economic downturn especially for those marketing luxury products. beverly hills, la in general also continue in a major spike in crime that left many stores defenseless against those robbers. taking its toll in places like beverly hills where the iconic 9 oh 2 one oh 90210 is more like 9021 -- stuart: nicely done, nicely done. i like that. thanks, see you in a moment. indiana senator micron pushing for a federal ban on new mask mandate. kennedy on vice president harris saying she's ready to take over if biden is unavailable or unable to finish the job. clay travis on the nfl season
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that kicks off tonight and stephen moore says biden is crushing the american dream of owning a home. the 1:00 hour is next. you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence.
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