tv Varney Company FOX Business October 5, 2023 10:00am-11:01am EDT
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stuart: sounds like bob dylan but it's not. okay, good morning, everyone, 10:00 eastern, straight to the money. a bit of red ink, not much, dow is down 30, nasdaq down 68. the 10 year treasury yield, the good news it is it has fallen but that's not had an impact on stock prices, we are down two basis points, 471 on the 10 year yield, close to 490. the price of oil down $83 a barrel and gas prices have also started to come down. bitcoin, 27,000, almost 20 a grand on bitcoin. that's the markets on thursday morning at now this.
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when you look at the republican party today, what do you see? civil war. not an attractive image for any party 14 months before the presidential election. republicans are not very good at politics. president biden is vulnerable. very few people believe he's capable of being president another 5 years, voters are worse off financially, middle america can't afford household rent, there's a lot of political negatives to hang around the president's, worst of all some polls show biden losing to donald trump and income matt gaetz. he blows up kevin mccarthy's speakership, bitterly divided house republicans and tried to come across as the great savior of conservatism. by the way, another spending height coming soon so republicans can put their divisions on display all over
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again. voters are watching and matt gaetz's he ask him a change the election outcome. the president was out there giving another $9 billion of student debt relief, that's popular. today he announces he's building 20 miles of border wall. now he can say he understands the migrant and fentanyl problem and will take action. the democrats are very good at politics. they will take advantage of the republican debacle, they love matt gaetz. second hour of varney just getting started. ♪ stuart: david, does this hurt, the matt gaetz fiasco, does it hurt republicans in the 2024 election? i think it does, what say you? >> it doesn't. we will have a speaker in place
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and voters will have much more to focus on but i must also say, i heard your take before i left the house today, might have just stayed in bed. you laid out quite effectively as to where we are. we have many months to tell voters why and how we can make things better. stuart: you do agree that the matt gaetz fiasco was embarrassing for the whole party? you agree with that? >> it was unnecessary and we are moving in a good direction. each of these congressional districts will be decided by candidates who are running so quite frankly the only race matt gaetz is going to impact is his own. candidates have to make their case in their particular district and think about this, we think it's the ninth-inning and they 2,024 presidential election, the reality is many voters think we are just
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getting warmed up, just starting this election process. they haven't started tuning in as attentively as we are doing. we got a long way to go. we have a president who has given us every opportunity, thing about this, in the history of gallup polling we have never had a 14 point lead in who voters think will better handle the economy. can we focus on that for 10 months? we have some stuff for 2024. stuart: all good, now this. new polling shows nikki haley overtaking ron desantis in a new hampshire poll. she is now in second place in south carolina. haley and desantis trail donald trump. is it time for some of the third tier candidates to start dropping out? >> we think it's the ninth-inning. for most voters this campaign is just getting started but here is who should drop out.
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if you can't keep funding your campaign, if you are not getting donors to give to you to say we support you and want to get your message out those are the candidates that need to drop to the wayside. if you are raising money and connecting with voters and moving up in the polling you should stay in the race. stuart: the next debate is in miami. i don't know what the criteria are getting into that debate, probably going to be you move up in the polls to 3% or 5%, don't know for sure and have more than 70,000 individual donors, that will probably cut out a lot of the third tier candidates. would you welcome that? >> if you are not at the debate you have to figure out another way to get your message out and the only other way to do that is through advertising which goes back to if you can't fund the campaign, it's time to get out. if you can fund the campaign and get your message out you are giving yourself a chance to
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earn votes from voters. stuart: that is the way of the political world, is it not? thanks for being with us, please to see you giving some encouragement to the republicans today. next case, we have a report on the political donations made by the judge in trump's trial in new york city. lauren: donations over the past 25 years, the judge donated exclusively to democrats but mostly local committees in 2018. not a big deal. stuart: in my personal opinion. check those markets please. some red ink, not that much. the dow is down 80 points, the dow and nasdaq down a hundred on the nasdaq. let's bring in gary, rates up, congress in chaos.
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what does that mean for the market going forward? >> if rates keep going higher, the market is going to continue to suffer, that means the cost of capital is going up for the consumer to the biggest corporation will affect profits which affect margins which affect stocks. i'm watching as close as close can be and stuart, you mentioned president biden is giving away $9 billion of our tax dollars. here's the problem. president biden has made $9 billion of footnote now. i want you to recognize $9 billion is less than two days of what they are adding to our debt on a daily basis, $5 billion being added to our debt every day totaling 2 trillion in time just worried what yield will account for all this debt. economics one hundred one states lenders will demand higher yield as debt goes higher and our debt isn't just
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going higher, it's going vertical, it is skyrocketing, they are taunting markets, taunting the economy, taunting the bond market and i'm worried we will hit a point where bond market will crash and rates will skyrocket even more and then look out below. i hope i'm wrong. stuart: there' s been talk of a debt crisis, our debt bomb always in the future, not just you and i put people on wall street have been talking about this for 20 or 30 years. are we about to see the debt bomb burst? how close is that? >> closer and closer. i don't know a thing. all they keep doing is taking out another credit card with a higher credit limit to pay for the last one and what president biden just did. i think it is a sin. he has taken government from 2019, the year before covid and increased it 50% in just that
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short period of time at every dime of that increase is debt. it is unimaginable what's going on and i can understand some republicans finally standing up. i wish they did under trump and hopefully they can get something done going forward. we will not be able to stand this trajectory. i can tell you of $400,000 mortgage two years ago cost $600,000 over the life because interest rates were where they were. it is now over a million so affordability is skyrocketing for the consumer and that is bad news as we go forward, let's keep fingers crossed rates start to come down. as of right now they are elevated. stuart: to sum it up this is not a time you would be piling a lot of money into the stock market but you might pile money into treasury securities at 5%. is that right? >> all i have been getting for the last few months is 5% and that is where i am staying.
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bad markets able to isolate the greatness and strength of the market, those other companies that are doubling and tripling their business over time those of the big winners but they get held back because the market is bigger than any one stock but this is the time to focus, work harder and i'm all over it. i will be ready when it does but i don't see it yet. stuart: i like my 5%. see you again soon. looking at the movers, lauren seminary, excellent. lauren: did you see oil today and yesterday? exxon is down 1.5%. why is oil falling? some is seasonality. the summer driving season but did you see the gasoline index? they surged by 6.5 million barrels, that is the weakest seasonal demand since the early 2000s. and because higher rates a slower economy.
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people are pulling back and the oil companies are feeling it. stuart: show me carnival cruise line again. lauren: oil prices good for them? they are up 1.5%. i want to duck out carnival unlike other cruise lines does not hedge its fuel but bernstein is saying it's a surcharge up to $9 per passenger per day if oil stays above 70, oil said 85 and change, a surcharge. stuart: rivian. lauren: bond sales, stocks down 17%. investors could convert bonds and need more shares out there with a move to the share price and also issued relatively disappointing guidance for the current quarter. stuart: take them to the cleaners, 17%, that hurts. meta, partnership with ray-ban, the sunglasses people, what
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that about. lauren: smart glasses that use artificial intelligence, 150 different features. glasses are cool. they look like regular ray-ban sunglasses which are very trendy. they can make calls, they can record video, tap to pause, forward back-and-forth for volume control but if i'm walking down the street and you see me wearing ray-ban's, i could be recording you. apparently there's this pulsing white light to the public knows my eyes are recording. hey, meta, that the ai command for the digital assistant, tell me where i am going and they can tell you where you are. stuart: that isn't sunglasses. lauren: $299. stuart: it is expensive but interesting, can tell you all about it. >> the cool factor. stuart: thank you. the surge is on to find a new speaker.
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house judiciary chairman steve scalise and jim jordan announced their bids. who has the most support, we have a report on that. florida republicans furious with matt gaetz, calling him disrespectful and selfish. florida congresswoman kat cammack is fired up next. ♪ hi, my name is damion clark. and if you have both medicare and medicaid, i have some really encouraging news that you'll definitely want to hear. depending on the plans available in your area, you may be eligible to get extra benefits with a humana medicare advantage dual-eligible special needs plan. all of these
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we know scalise and jordan are in the ring. wealth? >> republican from oklahoma angling to get in which the key right now is to put those who oppose kevin mccarthy, matt rosendale of montana is one of them. >> kevin mccarthy failed the republican conference by not putting any pressure on the united states senate to consider this historic piece of legislation. >> it's about the math, it is unclear who could command an outright majority of all members voting for someone by name. the magic number is 217 f 433 members vote. jordi whip tom emmer would like to become majority letter if scully's -- scalise wins. candidates are trying to lock in support. >> listening to a lot of members and having a lot of good conversations with them,
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how we can keep focusing on the things we need to do to get our country back on track. it is important we get this right. and get back to work. >> reporter: scalise has a big fundraiser. conservatives could opt for jim jordan, he may be preferred by mccarthy. there is a rivalry between mccarthy and scalise. >> steve scalise is a friend of mine, we came into the same congress. steve is an american hero but i am better equipped to unite the conference, bring the conservatives along that i'm close to with the moderates. >> one thing to watch, scully's's health. he is suffering from cancer. some conservatives are concerned especially since they often talk about the health of president biden. if it takes a while, look at patrick mchenry. possession is 9/10 of the law. larry: good stuff. thanks very much indeed, see you again soon.
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congresswoman kat cammack. what do you do with matt gaetz? >> good to see you. i know there's a lot of talk around town here on capitol hill but the fact remains that matt gaetz is a duly elected member of congress and it would be un-american to deny his constituents there right to be represented and heard in our nation's capital. this is the people's house so that is nonnegotiable as far as i'm concerned. stuart: at the moment it looks like these 8 holdouts are going to be the ones with all the power in the gop. they are the ones who will decide who is the next speaker easily. >> no, i disagree with that. every member of the people's house has the exact same vote and we are entitled to vote how our constituents would like us to. i think that the people who are running for speaker and
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subsequent other offices in the house have turn every single vote and as we have seen in the past if you take someone for granted the margins are too thin to assume you have something in the back. we are in a tough situation and this is calling for tough leaders and tough conversations with tough decisions to be made. i disagree that 8 controlled the fate of the country. stuart: okay. we disagree on this. secretary mayorkas did a complete 180. he now says there's an immediate need to build a border wall. why is he saying that now? >> we've been calling on secretary mayorkas at this point for three years to get with the program. we talked about the force multiplier the wall gives to border patrol agents. you can pick up the phone and call any agent and they will tell you they need the wall.
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this 180 of now we are going to construct the wall. i'm glad for americans and our agents. it does tell you they are panicking in the white house. the number one issue for americans is border security because the biden crisis turn every town in america into a border town. they see the writing on the wall. they do nothing that isn't politically advantageous for them and they are losing on this issue. stuart: are they making this announcement, we will build it, make the announcement now to capitalize and, make hay while the sun shines. >> like when they announced the job numbers friday afternoon, they want to go by without a whisper from the media. they are hoping they can do this with no one paying attention. this was part of the campaign biden talked about. he would not construct one more
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foot in his words of border wall. he called a rule what we all know the cruelty exists in this administration because they allow little girls and little boys to be trafficked, raped, abused, they allowed us trafficking of humans to persist. that is why this is not a commander in chief down the street from me. this is a trafficker in chief. stuart: thank you very much for joining us. matt gaetz is getting ripped apart for his feud with mccarthy. gaetz is being accused of compromising our border security. tell me more about this. stuart: congressman carlos jimenez of florida since his fellow florian gaetz and his actions will hurt gop efforts to secure the border. gaetz and other conservative republicans previously voted against a stopgap funding resolution. that, by the way, included a border security package. the continuing resolution the
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did pass did not include the border provisions. that's what jimenez says, quote, i said those crossing the border right now should have on their chest a big sign saying thank you, matt gaetz because matt gaetz and his gang effectively blocked efforts to control the border. meantime more than a dozen senate republicans calling on majority leader chuck schumer to cancel the senate's october recess and get to work on passing spending bills before the november 17th deadline, chance of that happening, slim to none. stuart: i hear you, thanks. healthcare workers continue to strike nationwide. that means a disruption in medical care for many people. jonathan hunt has our report from los angeles coming up. voters in the san francisco bay area forced to fight off pirates trying to steal their boats. is this for real? we are on it.
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76, s&p down 15. reading. lauren is back with me, what are they doing? >> leading the s&p, they sell frozen potatoes to big customers like mcdonald's and they raise their annual outlook, they hiked product prices on average by 23%, that protects their margins. raising outlook as a result. stuart: looking for a potato manufacturer, potato grower, it faster is doing well. lauren: manufacture frozen potatoes? is that manufactured? stuart: yeti downgraded? downgrade -- >> down 6%. they had a soft cooler recall and went to neutral, they said demand is slowing plus the recall, they brought their price target down by $12. stuart: it is the easy present for grandchildren.
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>> you can engrave it which makes it more personal. good for teachers. stuart: i've got four of them. stuart: i have a whole cabinet full. it's a good father's day present. stuart: pellucid. anything on this? stuart: lauren: they have inherited and starting at $77,000 an ounce, sounds like a good president. stock is down 7.2% and the reason is even at the cheaper price tag is more expensive than tesla model-plaps -- tesla model s. stuart: i was randomly thinking about something else. jonathan hunt following this, are both sides actively negotiating? ashley: the short answer amid
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the noise here is there are no talks ongoing. as far as we are aware there are no talks scheduled between the healthcare unions and the kaiser permanentee executives. hundreds of workers out here right now on the cricket lines for second day running in what of what is kaiser permanentee's biggest medical facilities it has across its entire network that is nationwide, 13 million americans depend on kaiser for healthcare. these workers say kaiser is putting patient care at risk because their staffing levels are dangerously low and wages are not keeping up with inflation so they can't attract more workers to work or kaiser. workers say it is time for kaiser to do something about that. listen here.
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>> we want them to bargain in good faith, come to the table and help us solve this short staffing crisis. >> reporter: it's all about wages and the end? >> it is all about patient care. >> reporter: kaiser also says it is -- their priorities patient care. in a statement they said, quote, kaiser permanentour industry and employees are operating in a new cultural, labor, post pandemic environment but we are all working hard to understand, we are committed to to finding workable solutions. with this strike ongoing what is the impact on patients? kaiser says its hospitals and emergency rooms are and will remain open but nonurgent procedures are in some cases being postponed. the medical offices are closed and some pharmacies too are closed. this strike scheduled to go
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through 6 am saturday morning. these workers say they will then be back at their jobs which is where they would prefer to be, but if there is no deal, they are prepared to walk out again next month, that strike is likely to last longer. at this point, we are not aware of any renewed negotiations tween the unions and kaiser permanentee so a deal looks far off. stuart: jonathan hunt in the middle of it, thank you. now for something completely different. pirates, we are told, are wreaking havoc in san francisco bay, pirates. a former harbormaster in san francisco joins me now. what is going on? are they actual pirates? tell me more. >> reporter: there's an extreme limit on available affordable housing in the bay area and the group of people, and house, who
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have chosen to live in old boats and are illegally anchoring on the oakland estuary. not all of these people are criminals, but there's a subset, an element that has been stealing boats and equipment from marinas and created a great deal of public concern. stuart: how many people live on boats in san francisco? it is expensive to live on land so some go to a boat. how many do this? >> reporter: only on the order of 20 boats are floating on the oakland side of the estuary. alameda has nine. the problem is these boats are not registered. they are not insured. they are something breaking the law by anchoring in the estuary. in the winter, when there are storms, they break loose and sinks, then it becomes far more
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expensive to salvage the boats. as i said, there's a subset of this population that's definitely criminal but i wouldn't call them pirates per se. that tends to carry a romantic notion of johnny depp and pirates of the caribbean. these people are something criminals. stuart: there's a sailing school in alameda that might have to close, half of its boats were stolen. that is how bad it is. >> that's correct and it is just one of the impact on the estuary. it's a beautiful bar -- body of water, there's nothing like it. in the waves of central bay, there's sailing, paddleboard, kayaking, it's a tremendous
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resource for people of the bay area and deserve to be protected. the problem is oakland marine patrol unit only has one dedicated officer. alameda marine unit has no dedicated officers, they rely on pulling officers off the street to patrol and the alameda county sheriff's department recently disbanded there marine patrol unit. it's a problem of lack of enforcement and it is incredible this is going on when you have the port of oakland at the mouth of the estuary. this is the fourth largest port on the west coast so what really is necessary is more vigorous on the water enforcement of the law. stuart: okay, i wish you the best of luck with that. it's hard getting new resources in san francisco, thanks for joining us this morning. do something about that. the new york post uncovers more
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excessive spending by the federal government during the pandemic. several department spent $3 billion or more on furniture while everyone was working from home, details coming up. and empire built on lies, that's what the prosecution is saying about sam bankman-fried. kelly o'grady has the latest from the courthouse next. ♪
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now of this. look at the cover of the new york post today, it reveals the feds as the federal government spent billions on furniture during the pandemic. most employees working from home. where there any outrageous purchases? i'm reminded of shrimp on a treadmill. or -- i'm sorry, ashley, this is for you. are thought it was lahren. lauren: i am sitting here looking at ashley. stuart: shrimp on a treadmill and it is there. ashley: i love the shrimp on the barbie, that's better than the treadmill. federal agencies spend an eye watering 3. $3 billion on new office furniture according to watchdog group called open the books.com who found some real doozy expense items, the cdc spent
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$237,000 on 30 solar powered picnic tables while most of the workforce was at home during the pandemic and the weather looks healthy too. state department spent 117,000 on luxury recliners, building in pakistan and fema spent 284,000 just to spruce up their mostly empty conference rooms, they look great but don't want to use them, watchdog group says bank robbers bankrolled billions of dollars in desks, chairs, couches and more, all while workers clock in from their own living rooms. that's your government at work, folks. stuart: thanks very much, that's a good one. it is day 3 of the ftx trial. prosecutors say sam bankman-fried's empire was built on lies. kelly o'grady at the courthouse, tell us about his close friends taking the stand. >> they will factor in the
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prosecution's case. we will hear from sam bank superman-fried's cofounder and continuing testimony from his college roommate. he lived in the penthouse in the bahamas in alameda. spf was arrested at the mansion and luxury lifestyle is feeding heavily into the prosecution's case that his wealth was built on lies. this is an opening statement, hung out with celebrity like tom brady, bill clinton, the money he was spending to build his empire is money he was stealing from ftx customers. the liberty connections used to bolster false credibility. the prosecution says sam bank superman-fried played the commercial in court and multiple witnesses cited them
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as underscoring safety on the platform. one witness called yesterday was a victim of a traitor who lost $100,000 in the ftx downfall. he argued he never would have invested if he had known his money would be used for other things but his friends pressed him. you can see how they are trying to bring doubt into the doors mind. a lot of evidence from the prosecution's financial documents, codeing, a lot of stuff steeped in the block chain on crypto, they have to be careful to be very clear they don't confuse the jury. back to you. stuart: thank you very much indeed. please do not forget to send in your friday feedback, you can e-mail your questions, comments, critiques to varneyviewers@fox.com. listen to this winners. portland police are telling people not to call 911 unless it is a life-threatening emergency. don't call unless you are dying. deal with that after this. ♪
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stuart: the market down 119 on the dow but the nasdaq selling off 1%. los angeles, this is fascinating, los angeles is using artificial intelligence to prevent homelessness. spell this one out. how does ai stop people from becoming homeless. ashley: the city is hoping this pilot program can help with escalating homeless crisis. the program is being used to predict who is most likely to land on the street so the county can step into offer help before that happens. how? ai has been tracking data from seven county agencies including emergency room visits. crisis, arrests, sign ups for public benefits like food pair, then, using machine learning, it comes up with a list of
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people considered most at risk for losing their homes. absolutely fascinating. in chicago mayor johnson says the co-efforts across the city and department will provide shelter for all people. according to data from this summer chicago had 68,000 homeless people, the city is proposing a change in real estate transfer taxes to help pay for the shelter program. property sold between one million, one. 5 million will pay a 2% transfer tax, nearly triple the current rate. property sold for $1.5 million or more, four times the current rate. the tax hike will create $1 billion in annual revenue but for all this to happen, voters would have to approve a referendum. ashley: fascinating. of the one portland police are telling people not to call 911
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unless it is a life-threatening emergency. how are the people of portland reacting to this? >> they are concerned. only 297 patrol officers in portland, 537 total officers which is well below what it was, not only do you have homicide prices but 10,000 stolen cars every single day, and drug overdose crisis, monday morning there were 8 overdoses. a mass overdose. a couple days before that a 15-year-old kid overdosing on tinfoil. that is how bad this crisis had become and kudos to the leaders
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who have recognized the crisis they created and trying, they have a little more than that. stuart: what are people supposed to do if they have an emergency, they are not dying, what are they supposed to do. >> they do not consider it an emergency if someone is taking it apart. if you broke into a home and you are not there, that's not a priority one phone call. a potential loss of life. if you don't need an officer there, there will be a mass overdose, it will take up the resources. stuart: to the people in portland have a voice? anyone to speak to? >> they do. you have some who are stepping
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up, city councilmembers stepping up, the mayor changed his tune pretty dramatically. don't know if this has the politics of it all or if you are seeing what the city has become. beggars can't be choosers, they are addressing the crisis but they are competing with some issues at the state level that wants to legalize all homelessness. measure 110 was passed a few years ago, legalized drug use. hard to compete with that. stuart: talking about portland, let's move to seattle. the hard rock cafe in downtown seattle is closing. i don't know if they put out a statement as to why. i presume it is because of rising crime. >> probably not just due to rising crime but this area is filled with homelessness, drug addiction, and there's a target that put everything behind. when you are going in for
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laundry detergent or shaving cream, to call someone to open the door so you can get it, it has become untenable for a lot of these businesses and unlike portland and seattle, so many people refuse to accept that we have a crisis. they think this is one corporation leaving seattle. next door was a shoe store. stuart: jason rantz, our west coast guy, see you again soon. democrats taking advantage of the division among republicans. former border patrol piece wanda scott on mayorkas admitting the need to build a border wall. the sam bank superman-fried trial, the 11:00 hour is next. ♪
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