tv Varney Company FOX Business October 17, 2023 10:00am-11:00am EDT
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the nasdaq coming way down, 174 points. here's why. the yield on the 10-year treasury going straight up. a huge move today, 485 is the yield on the 10-year treasury, nasdaq stock does not bite back. the price of oil 8692 per barrel and bitcoin coming in around 28,000. we have the latest read on homebuilder sentiment. lauren: october number fell for the third consecutive month, down four points to a level xl, the lowest since january. mortgage rates well above 7% of a 23 year high and inflation still a problem. we've got the cpi report, shelter inflation, half the increase in consumer prices. stuart: thanks, now this. president biden will arrive in
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israel tomorrow in a show of solidarity and a last-ditch attempt to avoid a full-scale invasion of gaza. he will meet with jordan asking abdulla, palestinian authority president mahmoud abbas. they will discuss aid to the palestinians trying to flee gaza. was two with two aircraft carrier battle groups in the region plus the secretary of state and defense secretary this is an all hands on deck wartime situation. biden is taking his presidency on this, he wants to limit the casualties on gaza without interfering in hamas, he's talking about who runs gaza when hamas is out. he wants to avoid a wider war with iran. that's why american military power is on full display and biden lays down a redline, don't interfere. in of this will be easy but all of it is necessary. we can argue this wouldn't have happened if biden hadn't shown
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weakness in so many areas but this is where we are, i anxiety time. biden leads a divided party, college campuses, showing anti-semitic, and always the risk that yet again iran will append an american president. judgment on president biden comes this week. second hour of varney just getting started. guy benson with us, is the president doing the right thing going to israel. >> i think so. this is maximum solidarity in american president can show at a time like this. there's some risk going over there, politically, physically, he's doing it, it's the right thing to do. without absolving him of some of the policies that got us here, you made that point in
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your opening monologue, you can't wipe that away, he said some good words, doesn't make everything else disappear but given the circumstance in front of us, trying to make as clear as possible the united states stand with israel as strongly as possible is the commendable thing. a when the objective is keep iran up. >> iran reportedly helped plan the lethal attack of hamas over a week ago. the fact that iran is making threats to get involved, they are already involved. they are involved in the region from anti-terror and biden's administration, they empowered and enriched the regime at every turn. they are trying to keep this from exploding more widely.
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that's the correct move if you are the president but this administration and the obama administration set the stage for what we are seeing and we can't just ignore that political piece of this. stuart: just interviewed ron desantis about his charter and rescue flights to bring america back to florida but why is he banning palestinians? >> he is saying we should not in the united states accept refugees from gaza. his argument, a point of wide agreement among republicans, desantis's argument is it is a toxic culture in gaza. even the children are brainwashed to hate jews. no one wants to to see kids and denison people in trouble. there's an argument where to put these refugees, send them
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to pro palestinian and pro-hamas arab and muslim states, don't bring them here. that's a fair point. the other point, the state of florida in charting flights from is really increase, that's where americans have gone, he's not charging, florida isn't charging american citizens to come home out of the war zone. the biden admin a straight he says is saying we will pay you back, thank you for getting us out and we will send you a check for your trouble. desantis made the point how many illegal immigrants has this administration flown to every city in the country at taxpayer expense but citizens caught up in a war zone stuck with a bill. that's wild and we are not doing that in florida. stuart: it is a popular move and trumpian, banning immigrants.
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>> saying we will not take refugees from gaza because how could we vet these people and separate folks out? get innocent people out of harm but given the culture in gaza it doesn't make sense, especially the problems we have in this country. importing that mentality from gaza into the united states he thinks is unwise. we've seen on college campuses, challenges being faced. stuart: a popular move by the governor of florida. senator tom cotton is calling for foreign nationals to be deported. lauren: for supporting hamas's terrorist activity. he wrote to secretary mayorkas, suggesting start with the aliens on college campuses because they have student visas like 30 groups at harvard who
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signed a letter endorsing the violence. senator cotton wants these supporters not only deported but barred from ever entering the us again. stuart: there's a free-speech issue, say something he doesn't like, what do you think? >> it is a bit different in terms of disagreement on policy to openly celebrate the murder of jews and celebrate a terrorist organization and you have a visa and you are guest in this country, you are celebrating death and a genocidal terrorist group, maybe you shouldn't have the privilege of studying here. stuart: fair point. nice addition to your interview. i've got reading, the nasdaq down 130 points. that housing industry is a mess. mortgage rates are closing on 8%, retail sales are strong,
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interest rates are rising. make sense of this. >> which of these things does not belong? retail sales. that came better than expected. if prices generally rise people are paying more, that is what happens, inflation can affect retail sales. retail profits, want to see if they are making money. that number was seasonally adjusted, down 5%, seasonally adjusted, 0.7%. back to talk about housing, there's going to be a day of reckoning and i tell you from my personal experience, i own a place in nashville and i'm going to wait. a lot of stock on the market,
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no one is going to pay 8% mortgages, there has to be a reckoning for those houses to come down in price sometimes drastically to move them because people will not leave their 2% loan to get that house. maybe if you don't need a mortgage you can purchase that house but not a day of reckoning where those prices come down, now you are out your own cash, 10% or 20% lower than you pay. it is the prudent thing to do is wait. you don't want to push the boat to get the corner office, you want to make sure things go your way. the stock market is precarious if you ask paul tudor jones or jamie dimon. they both came out with comments saying this is the most dangerous precarious geopolitical time they have ever seen.
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why get the corner office and be a hero investing when you could get over 5% for two years. kind of paying out and see how it happens because i have to remind folks all the time the historical return on stock market is 7% or 8%, with some good tax indications and no risk. don't see why you want to swing for the defense right now. stuart: that's what i did the other day, some fresh money, 5.07% treasury operation. i was looking for some approval and got it from you and i appreciate that. see you soon. i see nvidia. lauren: president biden will cut china off, to stop them
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from getting cutting edge technology so they can straighten their military and that does include the 800 chips, stock is down 5%. stuart: dollar tree. what's with that? >> goldman sachs says by it, they see strong earnings growth potential, stock is up 2.8%. stuart: do they make shoes? >> yes. north base and some other companies too. there's a report that engaged capital which is an activist investor, one of the biggest shareholders has built a huge stake and want a slew of changes like cost cuts, stocks up 10%. stuart: for years, young people have been told if you want to get ahead you need a college degree. is that the case? lauren: i will give you a hard
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-- the college, the degree that you got. companies from walmart to bank of america to ibm are dropping the requirement of a 4-year degree to apply for corporate jobs. and they don't see college degrees in the next 5 years. stuart: that's interesting. they are over credentialed sometimes. lauren: it is a tight labor market. with everything changing they can't keep up with that. stuart: the pentagon is increasing military presence in the middle east, they will hold the us accountable if it gets involved, richardson will have the story coming up. president biden will be in israel to avoid a wider war. foreign policy expert james carrafanoh coming up with that.
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are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. stuart: the markets are still showing a red, nasdaq is down a hundred points. the pentagon increasing military presence in the middle east. richardson is with us. what the pentagon's plan? >> the pentagon is boosting the us presence, you've got aircraft carriers, more planes and a couple thousand troops on standby to leave in 24 hours notice. this went out with the pentagon this morning, secretary austin placed 2000 personnel and a
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range of units at heightened readiness through a prepared to deploy order which increases dod's ability to respond to the evolving environment in middle east, no decisions have been made to deploy any sources at this time. it could help with israeli forces. >> this gives us the ability to reinforce israel with munitions and things of that nature. these are designed to expedite the flow of equipment and other things they need for this fight. >> centcom's current commander announced a trip to israel today to meet with the israeli defense minister who says he briefed him on operational buildings in the fight against hamas. us defense official says the marina could addition every
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unit, 2000 marines and sailors is closer to israel via the red sea. the unit, special operations rapid response force, pentagon says austin expended the carrier strike group deployment, nearing the end of its six month assignment. in the eastern mediterranean, the eisenhower strike group in the eastern mediterranean after the attack on israel. stuart: james carrafanoh, president biden trying to stop the war from spreading. is that why we have a massive military presence around his real? israel? to send a message to iran? >> it is an odd situation where the president is not driving the train. he's doing both things simultaneously. he is pressing the israelis, at the same time as the us is
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laying down the logistic base to support the operation. the us is sending, putting capacity to sustained air operations, and the us is sending strong signals. if a campaign started they would pummel the supply lines in syria going into support that. the israelis are hesitant moving into gaza too quickly. once they do that it will trigger the second front. the israelis make strategic decisions. they are caught in the middle and would like it to go away but also they have to support israel and lay the foundation to do that militarily.
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stuart: the president said don't interfere. that's a redline obviously. do you think the rainy and is believed people follow through on making sure the sticks? >> they don't matter. the uranian this, i personally think the uranian's are behind this. the palestinians, the uranian's saw all the gimmes, this is the perfect time to screw them over so you start one front and the second front, the israeli military, the united states is humiliated walking into a presidential election. that's where iran declares a nuclear break out. what will biden do? probably nothing. a new president is stuck with of this. i think the iranians want a
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second front, can they push it to happen. the israelis don't want a second front started until they got the situation in hand. there's lots of people pushing here. what i am saying, the president says he's not driving the train. he helped set up this catastrophe it is trying to figure out how to plow his way through it. stuart: it occurs to me yet again it is the iranians are upsetting in american presidency, jimmy carter in the late 1970s,. 43 in the early part of this century, obama even and now president biden. the uranian is always at our throats. it's a function of history. >> it is a function of the uranian regime, has always sought a goal of dominating the region.
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all the radical islamist groups under its banner, but they never relinquished that goal because they believe in the perpetual revolution. they are always going to do this. what president biden did, the classic mistake he made was to buy them off to get through the election and all he was doing was giving them an opportunity to stab him in the face. you have hostages in gaza, you might have an uranian nuclear breakout. you've got americans fighting each other. we see the ugly anti-semitism of the united states coming into focus. iran loves this and president biden set himself up with this. stuart: you called it right. thanks very much. senate minority leader mitch mcconnell emphasizing how
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important american support for israel really is. what did mcconnell say? ashley: mcconnell had strong words for hamas calling for unwavering support for israel. >> the surest way to stop violence against israelis and oppression of palestinians is to wipe terrorists like hamas from the face of the earth. the united states must provide maximum support to israel's counterterrorist operation for as long as it takes. just as importantly, we have to reestablish deterrence against the uranian regime. adam: polls show that a majority of americans believe the us should publicly support israel and provide help. stuart: coming up the house
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could vote on speaker, can jim jordan get the gavel. wealthy parents have a tendency to spoil their children. watch this. >> the golden goose as soon as we get home. >> i want one of those. >> how much do you want for the golden goose? >> they are not for sale. >> name your price. stuart: the young lady in that clip is valukas which is the british name for a planter zwart. a record number of younger homebuyers are turning to their parents for a down payment. gerri willis after this. ♪ is it possible to fall in love with your home... ...before you even step inside?
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lauren: re:color for 55,000 model xs. simple software fix separately. tesla is urging the feds to finalize tougher fuel economy standards for 2032. what nerve especially when there's the uaw strike. stuart: tupperware. i love tupperware parties. lauren: the stock is $2 and change. lori goldman, they added three board members to the board. stuart: is whirlpool moving up? >> quarterly dividend of $1.75 a share, 130, 57. stuart: i would like to know the dividend yield. lauren: i could look it up for you. stuart: more young people are turning to their parents to purchase their first home a.
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how many buyers are getting a loan. >> almost 40% of buyers under 30. you've seen this in the past, you've seen mom and dad step in, that's what is so surprising, they are using cash as a gift or inheritance to afford the down payment. they call that the rise of the nepotism buyer that more people are choosing this route. the american dream becoming unobtainable without a leg up. >> the rising costs of daily life really made it hard for these people to make those payments. i been in the industry since 2,005. i've seen prices double, triple, quadruple. >> we don't know how much these
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kids are getting but the us median down payment for a new home is $30,000 so you need to have a significant nest egg to secure your first home. look at this. a dwindling supply of homes and historically high interest rates driving up the cost, mortgages in the short term doesn't look like prices are coming down but one thing people are not considering, the irs limits how much you can gift to 17,000. over that threshold you are supposed to pay taxes. is anyone paying attention to this when they give money to their kids? stuart: i have no comment on that. >> the dividend yield on whirlpool, 5.5%. stuart: we will take that.
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38% of youngsters under 30 get family money to purchase a home. we call that the privilege of family money. >> demand is high for first-time homebuyers. only way they can afford a home is the bank of mom and dad. for them to save for their own document. stuart: i remember many years ago, back in the 70s when i was buying my first home, the bank wanted to know where did you get the down payment from? you weren't allowed to go to mom and dad for the down payment. >> today anything goes. whether underwriters are looking at that, you get a down payment to make that more affordable. lauren: our parents likely to give their adult children a down payment because they don't want them living with them?
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>> parents know that homeownership is the road to wealth, not the stock market. homeownership is a gateway to the middle class. they will do everything they can. stuart: that the american tradition. good stuff. we had a report at 10:00, homebuilder sentiment dropped for the third consecutive month. >> lack of supply and interest rates. that the end all be all, the 10 year treasury up high and the fixed rate mortgage pegged to that. 8% is looking more likely. we've got to get the fed to publicly say out loud we are going to stop rate increases. the national association of realtors, time to pump the brakes. stuart: are they going to do
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it? >> the housing market goes hard into the runway. stuart: in the financial times, the british newspaper say housing remains america's biggest supply-chain problem. >> home prices are high because as much as our builders are building what they can, not enough to keep up. interest rates are tougher demand, we need more supply. stuart: why can't they build more? >> the government is worried about foreign wars, not focused on housing, we have an affordability crisis in america, policymakers have to do more to get more housing supplies on the marketplace. in the house of representatives, that's the challenge. the government needs to be
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helping hand, not a hindrance. stuart: congress wants to block any money funneled to hamas, freeze the $6 billion to iran and find out how the terror group is using crypto. the liberal media has been equating the blue terry response by israel to the terror actions of hamas. we hear from a senior researcher at tel aviv university whether they are losing the pr battle.
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hillary vaughan on capitol hill. why can't we just cut off funding to hamas? >> is complicated because they are getting money from other countries like iran but also anonymous donors around the world, the crypto currency but the first step is formally freezing the $6 million president biden made available to iran, it would do that. the top republican tim scott introducing a bill that would knock up the $6 billion and take steps to review what uranian assets they could target with sanctions, scott saying in a statement the biden administration's decision to release $6 billion to iran was a grave mistake that created a market for american hostages, emboldened our adversaries and put credit on the balance sheets of one of hamas's biggest backers. it is not just iran that funneled funds to hamas,
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thousands around the world have been backing the terrorist group using crypto currency and an analysis from bit okay found that hamas received $41 million from august 2020 in july of this year, israel says they managed to freeze these accounts but lawmakers are eyeing this as a dark side to crypto. the top democrat on the senate banking committee, sharon brown, will review financing and look at the role that crypto played in it. stuart: now this. some in the media and in the government are equating the military response by israel to the terror actions of hamas. a senior researcher at tel aviv university joined me now. it seems like that a pr problem for israel. >> it's a hard battle because we are fighting against i don't
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know how many boots and people that are active online trying to offset the legitimacy of israel against the barbaric genocide of hamas by creating a false equation between israel's legitimate response. stuart: we have people in america, students we interviewed who don't believe hamas committed terror acts, that it is a fake. how do you do that? >> it is a tough one. not surprised you gave this example. today, yesterday an ivy league
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professor said that he was, quote, exhilarated and energized by the massacre in the south. how -- the students minds were poisoned, such professors. he is not the only one. online, it's a whole new battle for such a small country like israel, fighting millions of people activating. stuart: what do you make of the president's trip to israel tomorrow. will it help you? >> as far as i know, he will. here in israel, we appreciate his very warm talk, and speech,
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the way he talked loud and clear, but i think there is much more than that in that visit and coordinating with israeli officials, to what extent and how this war, it's not an operation, come through, actually we know less than we would like. stuart: in what way? you are not sure what the president is going to do? is that it? >> that is true. it is not just a statement. not just to show his support. we appreciate the american support which comes from all over the place.
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i think this is one goal. the other one is something more intimate, between our prime minister and president biden and something there would be interesting later on, we will know details about it. it's not just a statement which is important by itself. stuart: i'm out of time but thanks for being with us this morning. >> thank you for having me. thanks a lot, much appreciated. stuart: four irani ends on the terror watch list were apprehended at the southern border. agents say they are seeing an uptick in special-interest aliens for middle eastern countries. we are on it. donald trump getting backlash after calling for tougher immigration restriction, he wants to block people who are anti-israel. brian kilmeade on that next. ,0
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brian, donald trump calling for tougher immigration restrictions, he wants to -- the travel ban. a lot of pushback on those comments? >> governor desantis said something similar. they shouldn't come here. he says they have this anti-semitic approach to things, we can't take the risk. this is a version of what president trump has said the war on terror is raging and seems to be kicking back into gear, especially through the southern border, he looks at sanctuary cities, that's a little over-the-top, now how does that look. they sutra sanctuary status, now the sanctuary status thing is going well for us. what trump is trying to do is
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say can we get control of immigration laws and look out for people here and the horror outside the gaza line. that's what a lot of extremists are capable of, let's look at this. the way he did the travel ban was terrible, he said it and all of a sudden, what is going on? hopefully he knows how to implement things better now if he becomes president again. stuart: two weeks into october, we have 16,000 known got aways, four irani and scott at the border. if there is a terrorist incident linked to the border, politically president biden is toast. >> he should be. what he has done at the border is worse than any policy i
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remember outside afghanistan. it should destroy the candidacy of any party. that's why the mayor of new york city is divorcing himself from it. the governor of new york is running from it. the governor of illinois is running to the hills and you won't see anybody in pennsylvania doing anything different. people say governor desantis in florida has cracked down effectively. in oklahoma they had don't have these issues, that to me is the proof what policy is effective. 60 minutes did immigration story. you know what they did on? how dare you lower people to martha's vineyard 18 months ago. what was really behind that. that's the immigration issue people care about? rich people forced to deal with 39 people from another country, a private jet ride to a luxurious island vacation? that shows how warped people
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are, how detached they are. stuart: thanks for input today, see you again real soon. residents of staten island won a big victory, a controversial migrant shelter in the area shutdown. tell me more. ashley: some staten island residents are plotting as dozens were removed from a school building being used as a shelter. the fire department has declared the building a fire hazard. it's the topic of protesters and city councilmembers who claim it didn't belong in the neighborhood. 200 asylum-seekers were taken to the roosevelt hotel back in manhattan. new york city mayor eric adams announced he's limiting shelter space for migrant families with children to 60 days but they can reapply for housing if they can't find a new place to live.
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the mayor limited adult migrants to 30 days because of overcrowding. stuart: still ahead, new york congresswoman claudia tenney on jim jordan's chances of getting the speaker's gavel. companies illuminating college degree requirements. the consequences of biden's open border. the 11:00 hour of "varney and company" is next. (sfx: stone wheel crafting) ♪
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>> jim jordan is as anathema to the democrat agenda that as anyone in the house. jim jordan was matt gawts ten -- matt gaetz ten years ago, they hated him x. he's been very smart about about how to wield house power, he's very wise about it, and now he's opposed to become speaker. [laughter] >> we have a mission on our mind, and that's to eliminate hamas from the root. we want to make sure this can't happen again and that our children never have to fight this fight
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