tv Varney Company FOX Business October 2, 2023 9:00am-10:01am EDT
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patriot. were 30 minutes away from the opening bell, liz and michael market have turned negative as interest rates have popped in oil prices remain elevated. that is the story of the morning. >> we are an inflationary super cycle because of access spending. with tax revenue falling off a cliff, six month ago c.b.o. was to get a trillion a half dollar deficit. that's off by a trillion dollars and that means next year i think the economy is going to get worse. were looking at a number close to 3 trillion next year. that gates taken a lot of heat but there's something to it. >> that plus wages going through the roof because of the union settlements. i think a lot of pressure right now. maria: a lot of strikes on the horizon as well. liz peek, michael lee good to see you. "varney & company" picks it up. stuart: good morning, everyone. there are times when you have to
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shake your head, the chaos and bitterness among house republicans. six holdouts voted against a spending bill. speaker mccarthy needed help from democrats to pass it and keep the government open. now matt gaetz says he will move to dump the speaker. mccarthy to keep his job may need democrat support again. where is the win in this? politics california governor newsom will report butler to the late dianne feinstein senate seat. it looks like identity politics. butler is female, black and gay. according to gavin newsom should be the first black lesbian and lgbtq senator from california. to the markets, no government shutdown no bounce for stocks as we start the new month of the new quarter, the dow is going to be down 70 at the opening bell, s&p and nasdaq on the downside. a rotten week last week as well,
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little change for interest-rate the ten year treasury yield 4.6% is up this morning. the two year treasury the last time i checked was 511 on the two-year period pick one back to 28300. here is something i got completely wrong. gas prices i thought with oil around $90 a barrel gas we get close to $4. it did not happen. gas is down slightly to an average of $3.81 for regular and diesel down 1 cent at $4.55. on the show were daca have taylor swift in the studio but we have pictures of taylor swift at the jets game last night she was cheering on travis kelty playing for the kansas city chiefs. a huge tv rating jump packed crowd, the nfl is happy and they reportedly left separately. monday october the second 2023, "varney & company" is about to begin. ♪ ♪
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♪. stuart: the action is picking up in new york city. a beautiful day in sixth avenue is crowded at 9:00 o'clock in the morning. that is a monday most people take mondays off. >> fall in new york is the best time to be here. well said, let's get to this, the house gop in turmoil, for the congressman that gates wants to oust speaker mccarthy and as matt gaetz tries to make that happen, some gop members are trying to expel matt gaetz. charlie hurt with us this morning. i think matt gaetz and the holdouts are making this a laughingstock, can you tell me if there is a win in this? >> of course that is the exact problem there is no win. i think a lot of republicans, mccarthy included would agree
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with many of the stated aims that matt gaetz is talking about. the problem mccarthy has to deal with getting things through the house and we may not like that and i suddenly be critical in the way that the leadership has handled a lot of the things in the house this year. the problem for matt gaetz, he does not have a solution just like when mccarthy got elected the first time there is no alternative. if you don't have an alternative to replace speaker mccarthy then all you are doing is disrupting the half wins or the quarter wins or whatever and aiding democrats. i was kind of surprised to see the democrats step forward to try to help smooth out the situation because they generally enjoy this so much, the reason that they did is because it's all the polling in a rare turn they were getting, despite all
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the efforts to blame the republicans they were getting a lot of the blame. stuart: that makes all the difference when it switches sides. president biden thinks that trump's maga movement is on its last legs. watch this. >> is the threat to democracy be smaller than you think? >> i think the obvious thing happens. i think this is the last gasp or maybe the first big gasp of the mega republicans and i think try as concluded he has to win. you see what's happening in terms of what the maga republics are doing in the house, they don't make up a majority of the house with her bring it into a screeching halt. >> maga republicans really on the way out. >> i think that the terrible misread, not only the republican party but the american people at
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large. i love how he talks about donald trump past to win. when you look at all the stops the joe biden has pulled out in order to protect his family were to protect his son and donald trump is a guy that has to win. the guy that has to win is joe biden. we are seeing a real time, i think the desperate to win and as these investigations in congress pick up and expose more and more of the dirty dealing that this family has been doing for a long time but worst of all recently i think is definitely talking about, but it's not donald trump. stuart: charlie hurt, thank you very much. now this trump is on trial in new york city this morning this stems from charges that he overvalued assets to secure business deals. there is good news a new poll reveals he's gaining more ground with voters after the last debate. todd piper with me for the morning. how comes trump still gaining
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ground. >> has something to do with answers that were given at that debate. i am aware you were at the debate. trump up five points following your debate on wednesday, think about that everybody else down or holding certain i thought ron desantis had a spectacular debate, he lost three points. he appeared presidential, answered every question, combative when he needed to be combative and he lost three points. i have one reason why i think this happen. despite you and dana giving them ample opportunity to inject bidenomics and how disastrous it is into every single answer, they whiffed on every single opportunity. this was a debate on fox business they should've taken the opportunity regardless of what the question, answer the first 45 in the last 15 talk about how it relates to the economy because everything does. at the end of the day when you
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look at the polls, what do americans care about, it's always 38 and the next is always in the teens, they need to pay attention people's wallets are on the line. >> people said he won the election by not being there. governor desantis called out trump for copying president biden's campaign strategy. i guess it was a basement strategy. >> with all due respect to donald trump we are not going to beat the democrats by adopting joe biden's basement strategy. you cannot be missing in action yet to show up, earn people's votes and if you're not willing to do that voters will take notice. >> missing the debate is like campaigning from basement. >> not a strong argument. he has a lot of strong arguments this is not one of them. you see cameras with trump on the campaign trail, he has not attended the two debates. we got them there but he's been out there shaking hands, kissing babies, desantis needs to focus on the policy at this point it's not his personality, desantis
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has any chance, policy, policy, policy. >> gavin newsom has named laphonza butler to replace governor feinstein in the senate. i said this is identity politics do you want to take that on. >> i don't think you can look at it and say it's anything other. gavin newsom lagged this and said if dianne feinstein passed away, obviously we saw last week, i will point an african-american woman to the seat. he did in his hands are tied because karen bass is running for senate against porter and shift so we did not want to take the hand and get somebody advantage but what is curious about that he then said i'm not going to tell this individual laphonza butler that she cannot run. pick elaine gavin. all of these are a kind of a pick on me to remain open. she can be the greatest senator in the history of our republic. stuart: that's right. good to be with you. check out the markets, it's a monday morning. i see some red.
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the first thing this morning a few hours ago we were green now it's looking like a hundred point loss at the opening bell. an interesting headline from the page of the wall street journal, americans are still spending like there is no tomorrow. jeff sica, do you think things will take a downturn as we head toward the holiday. >> they have to, i think what is happening you are seeing all the headlines come out about world war iii, the end of the world what consumers have become. they have become nihilist preparing for the apocalypse. what they are doing, they are spending like their party and i 1999. and what now is a trillion dollars of cut card debt and interest rate is 22% pretty talk to anybody that runs up a credit
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card balance, they don't realize because we are in a culture that believes in instant gratification. stuart: starting today student loans have to be repaid. the average borrower of the student loan owns 400 month. they have to be paid back to. stuart: a quick question about mick jagger my old pal. is he really going to give his $500 million fortune or thereabouts to charity rather than to the eight children. >> saying that you went to the london school of economics like mick jagger, i would consider you to be the mick jagger of business television, that is a great complement. >> i love mick jagger, he is saying this you know from years of following mick jagger he plays with the media, he knows how to get there goat, he is saying this but ultimately he
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knows a lot about taxes and he knows about his eight children and what type of people. keep in mind inherited wealth is not always the best wealth. warren buffett is giving away his money he might be looking at that same good to be rich ligon have a lot of money regardless they don't need an obscene amount of money to make them worse people. stuart: you like the rolling stones because last week you bash the beatles. lucky to be back. moving on we will see you later. the migrant crisis is so bad in new york the democrat governor kathy hochul is calling up order policies. >> we wanted to have a limit on who could come across the board. it is to open right now. people coming from all over the world are finding their way through simply saying they need asylum and the majority of them
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end up in the streets of new york. >> the president ignored the border crisis when he was here in the city. the nfl went full taylor swift for the chiefs jets game last night, the nfl has never seen anything like this. we will be back. ♪ we're traveling all across america talking to people about their hearts. ooh, take this exit. how's the heart? i feel like it's good. you feel like it's good? how do you know when it's time to check in on your heart? how do you know? let me show you something. it looks like a credit card,
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current levels through mid-november it does not include extra funding for ukraine it also does not include extra money for the border but the president signing over the weekend already preparing to do this all again a month from now. >> stop playing games, get this done. this agreement today with a crisis ending in 45 days now is already moving down just before thanksgiving. i am sick and tired, i've never quite seen republican congress or any congress act like this. >> house speaker kevin mccarthy had to get help from democrats to get this temporary spending bill passed to avoid a shutdown something that he was forced to do after republicans voted against a more conservative package that had spending cuts and boosted border funding.
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>> i did not want to have to do that the day before we had the most conservative stopgap bill to secure the border and cut wasteful spending the sad part i had 21 republicans vote no, the government was going to shut down it was not hakeem jeffries wanting to have this, he tried to adjourn. >> even one democrat took a page out of an elementary school handbook pulling the fire alarm trying to buy democrats more time, democrat from new york jamaal bowman said he was trying to figure how to get out of the building so he can vote. >> thank you so much let's bring in stephen mark, come on into the show in my opinion conservatives lost big time that's where i'm coming from, can you tell me if there is any win for conservatives after the debacle yesterday. >> listen there has been 21 government shutdowns over the last 40 years this is happened a
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lot, one thing that has been similar about every one of them, republican president the democrat congress is in democrat presidents and congressmen but the one thing that's always been the same in every government shutdown, the media always blames republicans, i don't think a government shutdown would be a wise idea, this was a way to get us through the next 30, 45 days, i'll tell you this will be talking about this budget issue until probably christmas or maybe new year's because two sides are not close. one other point when president biden says i'm tired of playing games, this is not a game, were borrowing to trigger dollars a year under biden the debt which is $33 trillion is headed to 60 trillion, that is not a game this is as serious as a heart attack that we do something about the massive government spending and debt.
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stuart: this is a defeat for republicans, this is a defeat for conservatives we will go on taxing and spending and running up the debt to 40 trillion because of the activities of a small group of people who want to blow up everything, that is not a wind that is a major-league loss. >> here is the thing you and i have known each other for 35 years there's nobody that wants to cut the budget more than i do, i think we should be taking a chainsaw to the budget, you have to be real too. the republicans have a very, very slim majority in the house of five votes they don't control the senate they don't control the white house, the idea the republicans are going to walk away from this with a major victory is unrealistic i think that to get the best possible deal that they have. >> if you want to see the budget cut and a return to financial sanity you have to get rid of the president. stuart: they rejected that bill which would have cut spending
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which would have given border security some money. they rejected it, kicking it aside. >> i was in favor of that i think most people watching the show. stuart: five or six turned it down. >> 218 votes to get the bill passed and even if i had been passed that would not pass the senate because chuck schumer would not bring it up for a vote, come on we have to be realistic of what the problem is it's not kevin mccarthy is chuck schumer and joe biden and prickly some republicans that don't want to cut spending that is a real politics of what is going on. >> or close it out with this, there is no point in pushing out another speaker in making a way for speaker gaetz. that is ridiculous. stuart: thank you stephen. pause for an agreement. >> to think joe biden wants to cut spending. >> he has increased spending over the last two half years.
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this is someone with the most financially reckless president in history, we have to get change in the 2024 elections if were going to do something. you and i agree this is a national catastrophe. you are alright, we'll see you again soon. last night the kansas city chiefs took on the new york jets on sunday night football. the big story was not on the field, taylor swift was there. >> they can write angry letters for stephen moore going over time. they get mad. kansas city chiefs take it home with a star-studded crowd, taylor swift cheering on travis kelce and she brought some of her friends blake lively, brian reynolds, i believe they are married. aaron rodgers cha cheered on his team and there was still a game to be played. the chief starting hot out of the for 17 points but the jets crept back up tying the game with two touchdowns zach wilson,
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were not seeing the images now, crippled man walking on the field until patrick mahomes sealed the deal with the late scramble. >> escaping the game patrick mahomes before the touchdown that will end the game. >> the chiefs securing an unrelated story if i go to metlife and i don't want the giants to play on monday night football all i need to do is pull the fire alarm. stuart: i knew that's where you were going to recheck the futures, a little red on the left-hand side of your screen, the dow down 60 points. the opening bell is next. ♪ ♪
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>> it is like watching a ping-pong match, uptown, uptown. i wish this stuff would calm down. stuart: it's all about the fed are they going to raise rates, keep them where they are. it is enlist federal reserve speculation. >> that's exactly what it is. the budget is almost as egregious as was happening to the budget. it is a sideshow compared to the fed. the big traders are gas on gas off trying to get situated. the early think about 2024. my mind is in the same place i want to go oregon hunting but i also want stability. stuart: why are you pulling back on technology stocks. >> i want to let the stuff that were seen this morning play itself out. i think there will be great purchase prices ahead, company like nvidia and apple that we talk about all the time both of which i own i think we will see great buying opportunities but in the interim i want something to give me the freedom to pursue those choices so i'm going to go for the stability and income.
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stuart: a 5% treasury security perhaps? >> i thought about some of the things but i have a five or ten year horizon. if i put my money and 5% as safe as that seems that prevents me from seeking the companies giving me ten, 15, 20% over the next decade or five years or three years. i'm not keen to lock it up even though the temptation is there. stuart: you think i have a 5 - 10 year time horizon, do you? >> yes, i do. you're very healthy you're going to live longer thanks to modern medicine. were probably going to be having this conversation in five or ten years. stuart: my twin ran daughters have a 50/50 shot of living to be 100 years old. >> isn't that amazing. >> it's a wonderful thing. >> they pressed the button, the
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whole logic launching the market off this morning. were starting with the dow industrials down about 60 points in a go nowhere day so far, can we see the dow 30. let's have a shot. move on the s&p 500, where is that the very early going, down 5.414%. not much movement, but the nasdaq composite, a tiny fraction not much price change, how about big tech i saw apple a loser earlier up 6 cents, amazon is a loser down 46 cents no huge winners, meta 302 starting with apple the rollout to the new iphone has been bumpy we heard complaints overheating apple is responding to the going to fix it with the software update. jeff sica still with us, do you think the heating problem releases the minor leagues complaints, that's not good her
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iphone cells. >> they have fragile hands and that's the issue but i don't think they're going to be hurt by their phone there to be hurt by china pna and iphone use for government officials. that's where they will be hurt. stuart: apple is at 171. look nvidia. goldman sachs added this to the conviction buying, what does that mean. >> conviction by is a very excited by. inspired with an exclamation point. they happen to love and will see what happens. stuart: you're doing a good job. microsoft chief executive will take the stand in court for the government's trial. what is the significance of him being on the stand. >> it's a massive significance because it's about antitrust and whether the government can prove that google is using their power to monopolize the search market and this is an adversary so he is going to have important things to say. stuart: that reminds me of the
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late 1990s and early 2000 with microsoft on the stand and bill gates on the stand hammering him. they hurt microsoft or ten years. >> temporarily. when you have seven stocks driving the whole economy. if they hurt them and has global impact. microsoft at 316, there you go, disney struggling to hold onto $80 a share. disney+ is following netflix footsteps the good crackdown on password sharing. that did not hurt netflix, it would not hurt disney+. >> disney is a desperate company i'm a shareholder it will not hurt them but the password sharing has been good for netflix. >> why do you say there desperate. >> disney has destroyed their brand, they destroyed their brand, they are not getting the subscription growth in disney+. they are mired in controversy.
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they are not able to put out the content that they once were. i been a disney shareholder for a lot of years. i thought bob iger was going to bring the back i'm disappointed with him because he is not doing that. stuart: $81 a share, tesla they released an updated version of the model y in china. it has improved configurations in the same starting price apparently which they kept unchanged because of the competition. i want to move on to this. taylor swift has a movie coming out this month, the errors to to her, i understand beyoncé is doing the same thing. that's a huge increase in revenue leveraging off of the concert performance. you can charge a fortune. >> imax, what i see not only your going to get the people that went to the concert. i've been to both of them and i went to the counter and experienced it in the people who went to the concert and
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reexperience in the imax technology nothing like being there, nothing like being an outdoor and feeling the energy of the crowd and when you're in an imax theater the technology captures the feeling of being surrounded by sound. you can have a lot of people that cannot afford seven or $800 to go to taylor swift in a few hundred dollars to go to beyonée and those people will want to be happy and it's a great thing, the going to make hundreds of millions of dollars. >> i don't wish to divert attention to much but you produced. did you ever solve the seasickness problem. when i go to imax i don't feel good. >> i'm so bad with seasickness in the first time we were experimenting i can't sit in here and deal with it.
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technology has improved i think there's a percentage of the population that can't deal with that. that is going to be a i created the whole experience that makes you present somewhere. if you normally get seasick you will get seasick in that format as well. stuart: it interesting disclaimer. >> my interesting last word when one of the women goes i have not felt this sick since i had to sit to the ronald reagan movie, that's what you sound like. stuart: a terrible line to quote. >> nothing wrong with dragon is a president but the acting. >> i saw one in the ocean and i cannot swim i don't how to swim and i honestly was gasping for air clawing to get to the top of the surface. it was bizarre.
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>> you just took a trip to negative town. stuart: did you know i cannot swim. i did not know about you. >> raise your hand if you can swim. >> we can take lessons together. >> even if you saw the movie airplane. the producers are dying. thank you jeff, see you later. business six and a half minutes, the dow is down a mere 26 points. the dow winners we have a list. i'm sure we do, the top of that is cisco and caterpillar, intel, ibm the s&p 500, the list discover financial. no cruise line on the list. the nasdaq composite, the winner the top of the list is is the scaler a terrific. nvidia, meta and charter communications. coming up bill maher is begging
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joe biden to step aside in 2024. roll tape. >> somebody has to convince prep biden if he runs again he cannot enter the country back over to trump and go down as ruth paid biden. the person that doesn't know when to quit and does great damage to their party and country. stuart: bill maher seems to be most worried about president harris. sharon osborne stopped taking as epic. what happens when you stop. i'll ask doctor marc siegel. the toy industry of the holiday season. the north international toy fair. she reports right after this. ♪
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stuart: 12 minutes into the trading saxon, green for the s&p and the nasdaq. the dow down 60. toy sales on track for a significant slowdown this year. they need a stellar holiday season. lauren simonetti athetoid fair. can you show me the toys that will bring in new customers. >> there is no hot toy this year but there is a lot of options that could become a hot toy because sometimes industry is surprised that that was popular because it happens organically. social media, word-of-mouth. as expected for this holiday season, squish mollo very popular, i just bought this for my son. it is a vending machine ice cream surprise claw you move these buttons and can pick up your toys and win every time. legos always hot. a new movie dream comes out next
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month this is a lego set inspired by the movie, one string guitar, the string does not break this is great for young kids in your life. a lot of toys are inspired by pop-culture like the rainbow. >> if you've ever seen a young girl or swift is going to a concert there covered in braces. if you're showing these off in addition to your outfit that has gotten the interest back into the category and people back into things like rainbow loom i would make my own and be very different and unique. >> i got taylor swift he does not make any toys that we know well into this report. during the pandemic we have seen astronomical 32% growth in toy sales at the point of checkup last year more than $29 billion that is expected to slow this year because of the reasons why
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student debt payment resuming, the labor strike in the price of gasoline would come to the holiday spirit the industry is hopeful that americans keep the toys under the christmas tree. the average toy, they will sell 3 billion toys in the average is $13. when you think of it like that it is affordable to somebody people. stuart: you did a great job, bringing taylor swift into this report so we can boost our ratings, that is really cool. were back to you later. well done. look who was here the retail man gerald storch, he knows anything on this planet. shrinkage i gotta talk shrinkage. retailers are leaving the city's creating food and grocery deserts urban areas and losing big time, i decline nothing retailers can do about it. >> people have to accept this is not victimless petty crime and
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we need to go after it, this is violent organized crime violence and the threat of violence, store employees to customers and the consequences go far beyond the value of what stolen not like they stole bread or lipstick they close and it destroys the communities that they were in and it cost the retailers tens of millions of dollars when a flagship at nordstrom's closes in san francisco. it's not petty crime and is organized. stuart: again the short term there's nothing you can do about it you could try to organize a security of some sort but this is a losing issue $112 billion after shrinkage last year. what retailers are doing our closing stores in locations where they can't make any money. people say it's not that bad it's no big deal the retailers can absorb it that no retailer is going to close the store if
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they spent multimillion dollars building just for no reason at all on a whim this is a very serious issue. some of my store friends i know a lot of people in the industry are putting off duty armed policeman in stores and that tends to work but you can only do that if you're a very big store, even then it is a stopgap measure. >> you're the former chief executive at toys "r" us and i believe the opening 24 stores across the country but a lot of them in airports and cruise ships you don't have smash and grab on cruise ships, that is the solution you've come up w with. >> unfortunately toys "r" us is a fantastic brand initiative never gone bankrupt they love toys "r" us and private equity like a lot of retailers and they could not take it when there was a little bit of tough times those stories never should've close, people love it meanwhile
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the volume that they do on a ship or airport is not very much to be honest. >> airports seem to be developing more. you don't have a serious shrinkage problem and you don't have a security problem if there's not any guns around, i kind of like it. >> you would hope it's a secure location, the volume does not compare with one of the older giant toys "r" us, you look at 24 stores of less than 5%, i wish them well they never should've advantage in the hope that they do succeed. >> thank you, sir, always appreciate it we hope to see you again soon. some retailers have become so concerned with the spike in shoplifting they are giving their employees body cameras, who is doing that. >> folks in the uk major retailers giving employees body cameras fashion chain
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supermarket and stansberry in the move the increase measures occur as businesses like target mentioned footlocker in dick's sporting goods all were that the prophets have been under pressure from loss of inventory due to thefts in the whole segment. jane john lewis department stores shoplifting had reached epidemic levels in britain this is not just an american problem it seems i started here and spread overseas. this cannot happen in a civilized society. stuart: thank you. coming up what do the gop holdouts actually win, nothing at all except the house republican caucus a laughingstock. that is my taken the top of the hour. today is 18 days of the order union strike is expanded to 25000 workers. grady trimble on the ground with the latest after this. ♪
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michigan. any new developments? >> we got an economic report from anderson economic about the losses to the suppliers in the automakers from the strike, the losses in total nearing $4 billion on day 18 of the strike. the ceo of ford and general motors the latest target and the expansion of the strike they are publicly feuding with the uaw's president shawn fain over the weekend general motors ceo mary barra said there's no intent by the uaw to get an agreement and said shawn fain is out to make history from himself. jim farley is criticizing over holding hostage over battery plans for ev's and for the frequent appearance on tv. >> they are scaring our workers by repeating something that is actually not true, none of our workers today are going to lose
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their job due to the battery plans during the contract. or even beyond the contract. sean has been on the tv more than jake at state farm at this point. >> in a statement shawn fain quipped back that like a good neighbor he is available 24/7. he joined picketing workers at the stellantis plant in toledo over the weekend. >> this is a false narrative that they keep putting out were not willing to meet we've been there every day i leave right now and go back if they wanted to my phone is not bringing. around 7000 workers at a ford plant in the southside of chicago and a general motors in lansing michigan is the latest walk off the job. stellantis was spared in the latest round were the uaw has expanded the strike for the second week in a row. that might indicate the talks are going better with them but ford was spared a week ago
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another expanded the strike against them. week by week at this point. stuart: that is the truth of it. thank you very much indeed. from what you just heard you think automakers will get back to work at the auto union workers will get back to work anytime soon. >> despite shawn fain, i think they go back to work when joe biden puts the pressure on them and the white house pollsters see is adding a new fall in the overall poll numbers not just the last three and half years, joe biden more or less destroying the country when they see it chipping away based on the auto workers strike their going to say we have to do something we have to do it now. thank you for being with us it's always a pleasure. gerry baker takes a very divided house, joe concha on the media
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being convinced that taylor swift will be a huge help to democrats in 2024, bill maher says biden should step aside. arkansas governor mike huckabee takes out on house republicans looking to expel matt gaetz the party is in shambles, where is the when all asked the ways and means chair jason smith. the 10:00 o'clock hour is next.
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