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tv   Varney Company  FOX Business  November 30, 2023 10:00am-11:00am EST

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stuart: a great guitar, smooth by itself. >> i have always wanted to play the guitar. my dad actually. stuart: good morning. 10:00 eastern, straight to the money because we have a rally especially the dow jones industrial average up 276 points, the nasdaq 25. the 10 year treasury yield 4. 3 to 4%. going 34%. going up a little bit this morning. lauren: down 60 basis points. stuart: thanks for finishing my sentence. the price of oil going up almost $79 a barrel, bitcoin 37,631. just got the numbers in from the latest read on pending home sales. >> pending home sales contract that is signed but not closed. they felt one.
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5% % in october to september, the lowest level since the national association of realtors start compiling this data in 2001. not much to buy. that's the issue. in places like the northeast which did better you had more expensive homes, more expensive homes on the market so that would be the one bright spot but for everybody else good luck. stuart: a tough real estate market. now this. it was a powerful and heartfelt speech by the leader of the united states and, chuck schumer. he followed up with an editorial in the new york times. the senator is jewish and he told the story of his great-grandmother dan -- gunned down by the nazis along with 30 family members. anti-semitism is something chuck schumer has lived with. he said for centuries what is good for everybody else has been denied to the jew. jews could live here but not their. 's could have this job but not that. in in a very dignified way,
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senator schumer said i implore every person in every community in every institution to stand with jewish americans and denounce anti-semitism in all its forms. well said, sir. what a contrast with what we saw in new york city at the tree lighting ceremony in rockefeller center, the demonstrators were clearly pro-hamas, anti-semitic, deliver the interfering with a traditional christmas event. a swastika was displayed. the same on thanksgiving day when the macy's day parade was disrupted. and ugly crowd cheering on the atrocities of hamas. senator schumer delivered a powerful and dignified answer. second hour of varney just getting started. douglas murray joining me this morning. i don't normally support chuck
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schumer's policies but what he said yesterday in my opinion was dead right. how about you? >> absolutely right. i have the same view of chuck schumer but he used the necessary moment to say the necessary thing. there has been, speaking to you from israel, the outpouring of not just hatred but just vial against the jewish state and jewish people in america has shocked people in israel even. the outpouring of hatred on campuses and this with a tree lighting ceremony. i have said for years one of the things that makes israel so important to the world is that it is the canary in the democratic call mine. whenever people hate israel,
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you can guarantee that they hate america, they hate the west, they hate liberal democracy, they hate all of these things and one of the reasons they hate israel is that epitomizes all of those things. we could have had no clear demonstration of that than these thugs and anti-semites and racists think they have the right not just to stop jews practicing their tradition but christians practicing our traditions. these people would have the gall to come for the christmas tree in new york but remember these are the same people who decided on remembrance day in the uk when those of us from britain commemorate our forefathers who fell in the first and second world wars, these same allegedly pro-palestinian, actually just anti-israel thugs organized a so-called million man march to
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desecrate our holy day and desecrate our holy places. we've heard so much in recent decades about sensitivities and much more. perhaps it's time to say we have sensitivities to. we would like to commemorate the dead in the world wars without having this event trampled on by thugs and anti-semites. we would like to light up a christmas tree without you throwing your file politics in the way. we have sensitivities too. perhaps we should assert that a bit more. stuart: well said and thank you for joining us. always appreciate it, see you soon. back to the markets, it is a rally for the dow industrials, some dow stocks doing extremely well pushing the average up 260 points. not so on the nasdaq, down 50 as we speak. does this rally, the november rally, doesn't have legs that carries it through to the end of the year?
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>> interest rates have come down from 5% to 4.3. they decide to start backing up again the market will start hitting the head wind and you can see the nasdaq coming under a little pressure. the 10 year yield is bouncing back up. there's been a 1-to-1 direct correlation with yields and markets from july to october. we were out of the market because yields were skyrocketing. november 1st we saw yields coming down markedly. we started buying november 2nd, putting points on the scoreboard but i don't think we are in a big gargantuan long-lasting bull but we are in a sweet spot here and we will go with it as long as it wants to keep going. stuart: did you purchase microsoft and if so, what price did you get? >> 3 weeks kobe told you the one we didn't own was microsoft but we did see if it would
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break out to new highs. we did about 368, we were up a few% at this time, keep fingers crossed. it could keep going up. we love the fundamentals of the company but we still need the market to have a tail went to have these caps keep going. stuart: is that part of your strategy, you purchase stocks that are going up? >> you want to purchase the leading stocks in the leading groups with the strongest earnings and sales growth. we believe in investing in greatness. we don't ever purchase hunks of junk, stocks - even though they are of value, we purchase greatness, the companies with lines around the street to purchase their products. i say on my radio show taylor swift was a stock it would be skyrocketing by now. that's the type of thing we want to get into and technology, we have retail
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stocks also we are hiring right now like lululemon and some others and hopefully more show up. stuart: what is the outlook for 2024? >> i would like to get december right first. bottom line this -- there are 2 things at hand, valuations are high, interest rates are coming down. i believe the market is a direct correlation of interest rates, if the real market, the free market stays down we have some tailwinds but you've got to own the right things. software stocks really stronger. some great actions, sales is a force.com was the latest one right now, those are the places we are watching and following. these are the companies with 40%, 50% earnings in sales growth and that usually leads the day. neil: thanks for joining us and see you soon. back to lauren looking at the
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movers, start with exxon mobil. lauren: look at the oil names. up 4%. reuters is reporting they are agreeing to cut another 1 million barrels a day led by saudi arabia and smaller curves by other members. stuart: how about snap? lauren: the stock is going to $16 a share. they like the potential revenue sources coming from their ad integration with amazon. they like pes of the interest which is going 40 one on user engagement. stuart: big loss. >> costco competitor burlington competitor, stocks urging today. they did report a loss but it was a lot narrower than expected as the stock was almost 14%. long way to go. if you look at the quarter, falling 13%. if you look at the stock on the year is down almost 70% whereas costco is up on most 30% so the turnaround has a long way to go. stuart: i understand the united auto workers union has launched a bid to unionize more than a
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dozen automakers who are currently not unionize. which ones? lauren: 13 including tesla, bmw, toyota, honda. why? the uaw president, shawn fain, is emboldened after a huge labor win with detroit so he wants to expand uaw membership beyond the paygrade and he's eyeing 150,000 new members. uaw membership has been have in the past 20 or 30 years but the recent mobilization effort gained traction. part of me wants to say yes but i listen to what elon musk said yesterday in the deal book conference and he said if tesla gets unionized it will be because we deserve it and we failed in some way. let the workers speak. stuart: i want to know how this works. there's an airline that's going to test self-serve snack bars. which airline? lauren: united. stuart: has worked?
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lauren: the flight attendant does the initial pass and when we get the all clear, get out of your seat and go to this kiosk and take the snap you want for free. stuart: a kiosk? on board the plane or before you get on the plane? lauren: on board the plane. free food makes people happy, happy passengers mean happy flight attendants. it won't be that easy. and the fruit bar and parents want to go to the kiosk where everything is free. blue and dying to see this. nearly half of american companies plan to laminate college degrees as a job required. which are cut ditching these degrees. tonight tonight desantis goes head the head with governor newsom of california. primetime debate only on fox. is this a set up for a president will debate next year? we are on it. president biden claims to have
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grown the economy at a faster pace than trump. americans need $11,000 extra just to maintain their standard of living. former reagan economic advisor art laffer on the state of the economy next. ♪ ♪ giving traders even more ways to sharpen their skills with tailored education. get an expanding library filled with new online videos, webcasts, articles, courses, and more - all crafted just for traders. and with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. trade brilliantly with schwab. rsv is out there. for those 60 years and older protect against rsv with arexvy. arexvy is a vaccine used to prevent lower
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at hellomedicare, it all starts with a few simple questions so we can get to know what's important to you. then, we'll match you with plans that fit your needs, from well-known names in medicare. compare benefits. compare costs. it's easy. and when you feel good about a plan... we'll sign you up. done. and. done. the annual enrollment period is here. so, let's do this. give us a call today and speak with one of our hellomedicare licensed insurance agents. and say hello to an easier way to do medicare. stuart: a nice rally for the dow, s&p is up 6, nasdaq down 16. take a look at this. people now need to spend an additional $11,000, $434 to keep their standard of living the same as when he took
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office. grady trumbull with me now. what is the white house saying about this? >> the white house is touting bidenomics pointing out wages are up more than inflation. >> reporter: we've dealt with inflation in a better way than most advanced economies, wages have surpassed inflation in many ways. we've seen great progress and the american people know what on some level. for many, americans prices are too high and we have work to do to address that. >> it's true that wages are up more than inflation now but the fact is that has not been the case for the majority of the biden/harris administration, real wages rose during donald trump's time in office, they are down 3% since the start of president biden's term. republicans are piling on the
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president blaming his policies for the higher costs. senator joni ernst, one of the many gop lawmakers to post something like this, 11,400 more dollars in additional costs to make ends me, that's bidenomics, folks, she says. americans can't afford joe biden period. the biden administration keeps pushing bidenomics despite poll after poll showing americans are not at all happy. stuart: art laffer joins me now. americans need an extra $11,000 to keep their standard of living, we are getting less well-off. is that accurate? >> it's accurate. i don't know if i trust these types of polls and surveys very much but the point is we need a lot more incomes to have people keep up with standard of living in america and that is not happening. it was pointed out quite correctly.
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wages have increased under biden by less than inflation his increased. what they don't mention is many taxes, not income taxes necessarily but many taxes have increased so that's worse than it looks. they are correct on that. stuart: president biden touting his bidenomics agenda in colorado. listen to what some of what he had to say. >> our economy grew 5% in the last quarter. that's more than a grow under my predecessor in any quarter outside the pandemic despite promises of massive tax cuts for the wealthy, and corporations which they said would supercharge the economy and trickle down to working folks. not a lot trickled down to most kitchen tables. we have more work to do. inflation is out, let me be clear, many corporations stopped passing savings on to the consumers, they need to stop the price gouging.
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stuart: our companies price gouging? >> it is just sad to hear him say that stuff. it's just plain wrong. the year before the pandemic hit under trump, real wages were going up very rapidly, median incomes were rising, poverty levels dropped to the lowest levels in history, to say this is trickle down is just plain wrong, he says he has one quarter of gdp rose, that's the whole answer, that's also wrong and then he impugns the population by corporations are bad people that are gouging, it is wrong all the way across and it is embarrassing to listen to him talk like that. lunar reminds me of president carter in 1970s when oil prices -- >> exactly the same. carter on steroids to be honest and he says it in such an
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offensive way as though he knows how to do economics. it's just not true and this administration has not been successful when it comes to economics. inflation, real growth, none of those things have been good under biden and i don't expect they will be. stuart: that was back in the day, the late 1970s when you were advising ronald reagan, didn't you write out a theory on a napkin in a restaurant, supply-side economics, cut taxes, raise output, that was you, wasn't it? >> it was our, yes it was and i did do it back then as well and i have continued to do it forever. you and i worked together for a lot of years. it's the right thing to do. economics is all about incentives. if you tax people don't be surprised if you find a lot of people not working. i become optimistic about the
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political changes needed to change the trajectory of the us economy in the next 10 or 20 years. stuart: you think biden loses and trump wins and brings back the policies he had? that is what you're looking at? >> that's what i'm looking at and so many policy issues, trump did so much on transparency, tax cuts and jobs act, that paid off, deregulation. all of these things, the one that is amazing to me is operation warp speed, what he did on that was phenomenal and i benefited from that. my daughter, one of my daughters got metastatic melanoma fourth stage, the new immunology from you operation warp speed literally save her life. these are things that make a difference in society and i couldn't be more grateful for his economics.
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stuart: you are champion, you've done well for america and that's a fine thing. >> thank you very much. lovely to be with you. stuart: see you soon. new data show that millennial's in particular are hurting the most from higher mortgage rates. ashley, give me some detail on this. ashley: millennial's face more on housing. experiencing a 20% jump in mortgage debt is the end of 2021. by comparison, gen x has seen less then 10% increase in baby movers haven't seen any increase in mortgage debt at all. in 2021, homeowners were looking at an average 30 year fixed mortgage rate about 3%. fast forward two years and it has more than doubled, 7.3%. baby boomers and the generation before them jointly on $146
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trillion in household net worth while millennial's have roughly 10 trillion in net worth. mortgage rate makes a huge difference. stuart: remember when we got our first mortgages and i paid 12. 5% in 1970s, you paid or teaming the 80s. ashley: 16, nineteen eighty two. stuart: not exactly the good old days, is it. laredo, texas, has seen a 33% increase in fentanyl overdoses this year. what is the city doing about it? madison alworth is speaking with the mayor of laredo, her report,. dhs secretary alejandra mayorkas met with border agents, those who were falsely accused of with inge migrants two years ago. the secretary gave no apology, secretary john thune on that next. ♪
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starting with salesforce. it to dow stock. lauren: stocks at a 22 month high, it is up 74% this year. they make customer relationship management software. that software uses artificial intelligence, customers are liking get a i is integrated across all salesforce apps including slap, bitterly quarterly are members raise their forecast for your benefiting from cost-cutting all around. good news. stuart: they do no wrong. immunegenerali and. in. lauren: 81%. they are being bought, $10.1 billion cash per share, that's 3126, 95% premium. it makes cancer drugs, its blockbuster drug humira faces more and more competition. stuart: victoria's secret. >> october was the strongest month yet moving in the right
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direction up 15%, stock goes today but i want to point out they reported terrible numbers and still expect sales to fall between 2% to 3% this year but things are getting better for the company and that is why investors are overly optimistic. stuart: run news and goes up 43%. deadly drugs poor across the southern border with laredo, texas, seeing a 33% increase in fentanyl overdoses this year. madison alworth is there. what are officials doing to stop the flow. >> reporter: focusing on education and enforcement. the mayor here is a doctor and has made it his mission to teach kids the real threat of fentanyl. >> one thing i tell students what close are you going to wear today because those are the last close you might have when they find you dead.
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that is morbid, sounds kind of crude but that is reality. >> reporter: the enforcement piece is challenging. this sport and laredo is the busiest in the united states. they 16 to 18,000 trucks each day and while there are protocols in place, drugs still get through, the mayor tells us some have been redirected to other parts of the southern border to deal with the migrant surge we are seeing but the problem is these two types of crossings are intimately connected. >> we are talking about eagle pass, migrants going through their. we need to think about how to regain to cross new items through the ports, how that is functioning. >> reporter: the chief of explains that is the chief of police extending how the cartels are intentional with what they do and as we been
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discussing the fentanyl that gets to the rest of the country passes through laredo first. they've seen drug overdoses here increase 3 times in 5 years. stuart: ethics ordinary. let's bring in senator john thune. are republicans making border security the top priority? >> we are indeed. there is an effort in congress to try a national security appropriations bill that addresses issues we are dealing with that affect our national security interests, israel, indo pacific but fundamental to that, absolutely fundamental to that is dealing with the southern border. it is a national security issue. the numbers we are seeing on a daily basis last 3 days has been 9,000 a day apprehended, trying to come into the country illegally and that doesn't count got aways and it is absolutely stunning and we know
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now they are catching people coming across the southern border on a regular basis, on the terrorist watchlist, chinese nationalists, people from the middle east all over the world, used to be this was an issue defined by people from central and south america, people have figured out that our southern border is a portal to get into this country and with that comes all kinds of national security risks. this has to be addressed and the administration has got to acknowledge that and senate democrats have to work with us and house republicans to get this done. stuart: you have some leverage your surely. the border crisis makes president biden look really bad politically. that gives you leverage to get something done. what exactly do you want done on the border? >> got to slow the flow. the things they talk about, they throw money at problems. you see the mayor of new york saying he will cut services like libraries and education
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and things like that to deal with the migrant crisis. they like to throw dollars at it but the way to deal with this is to slow the flow. that means you with the asylum process, paroles, withholdings, these are all mechanisms that are used to release people into the country and these are policy changes we been working on for some time now taken the use to senate democrats in the white house and said if you want a national security bill that addresses ukraine and israel and other things you've got to deal with this issue of the southern border so to your point we have some leverage, we need to exercise it. this is of vital national security interest and at some point we will pay a price if we don't deal with it. stuart: alejandra mayorkas traveled to the border yesterday, he met with the horseback border patrol agents who were falsely accused of whipping migrants into thousand 21. mayorkas offered no apology for
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these false claims. what do you say to that? >> the people on the border are the heroes. every day we are asking them to do an impossible job, they don't have enough resources, enough manpower and when they get singled out by their leadership up the chain with accusations like this it is indefensible. what we need is a serious attempt which includes border security barriers, walls, technology, manpower, more manpower, changes in policy that enabled him to do that job and an administration that will allow them to enforce the law. these things could be fixed right now if we had an administration that was committed to it but we've got an administration and a lot of people, democrats in congress who believe the southern border to be open. it is unfathomable to me. it is insanity. that is where we are.
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stuart: is it deliberate, deliberately open border, that is what they want and that is what they've got? >> that is exactly what they want. a big welcome sign, big green light, come here, get into this country and we will introduce -- release you into the interior, this is so wrong on so many levels but most important the right now it is a national security crisis. stuart: thanks for joining us. always appreciate it. listen to this. 94-year-old veteran in new york city was evicted from his nursing home. was he kicked out because of migrants? ashley: there's a bit of time in between but ultimately yes. the veteran was asked to move to make way for migrants who have moved in free of charge but let me give you the story. 94-year-old veteran frank cameron lived at the senior center home for five years but
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last year he and 52 other residents were told the facility was shutting down. tomorrow he moved into his daughter's home but three months ago he found out that same senior center had magically been reopened to house migrants. as you can imagine that's not sitting well. the veteran, lifelong new yorker and his family say it is unfair that after serving his country and paying taxes all of his life he has to make way for migrant families who receive all services for free including the home where he once lived and liked a lot. the facility, one of 200 buildings that have been converted into emergency shelters to house migrants in new york city. that's not sitting well and understandably so. stuart: understandably so. now this. south dakota governor christie noma wants to block china from buying us farmland.
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an army veteran founded in american grilling supply company that gives back to veterans. jason mark will be on the show. i will ask about those feral pigs that come down from canada, if they taste good grilled. we will be back. ♪ (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf
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stuart: our next guest is an army veteran who found that an american grilling supply company that gives back to veterans. jason mark is with us now. you have to be the one who tells me and says the name of your company, say it please.
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>> it is -- i will take you straight to the website. stuart: say it. we will that you say it. >> i operate blow your ass off. stuart: everything you put out is made in america, correct? >> yes. everything we manufacture is made in the state of texas which is where i found the company and once i left military service. stuart: are your prices competitive with cheap imports from china? >> they are not. they are competitively priced with american-made goods but because we use and source all american-made, all of our stuff. stuart: tell me about your partnership with sailor jerry's. a rum brand, isn't it? >> yes. founded by a navy veteran and they reached out to us last year and said we love what you
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are doing with the company. we are heavily militarily influenced, let's have you make a barbecue sauce and one of the agreement we came to in those meetings was let's make it to where it gives back to the community and what i said we are going to do this awesome partnership with sailor jerry and get back 50% of every bottle back to that. stuart: 50%, the price of every bottle goes to veterans, gives back. that is pretty good. >> look at it holistically, it is one hundred% going back to veterans and first responders, 50% to the independence fund and the other 50% coming back to grill your ass off, first responders, great americans. to be able to produce these products and sell them. stuart: i do like the name. glad you pronounced it too. i'm going to shift gears, just forgive me.
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i have to ask you about this. we are told on the left-hand side of screen, feral pigs that could be coming down from canada into the united states, hard to eradicate, causing concern for ranchers and farmers. i happen to think feral pigs are very tasty when grilled. is that accurate? >> yes, they can be. typically any of your medium or smaller size feral pigs will be the best eating. a lot of people go with sows or piglets, personally my favorite and as well, grilling it up, highly recommend a dry rub. and dairy barbecue sauce. stuart: was that infidel what? >> infidel pork rub. after i left the military and we were coming up with ideas for names, you're going to do pork season, we have to do it right.
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a when i will give your promotion here, grill your ass off is the name of the grilling company, well done. more made in america, thanks for being on the show. all good stuff. >> let me know when you are ready to come down. stuart: you've got a deal. nearly half of american companies plan to limit college degrees as a job requirement. which companies are ditching degrees? ashley: how about companies like walmart, ibm, bank of america, google, very big names, 55% of 800 companies surveyed say they already eliminated degree requirements this year. among those, 70% did so for entry-level roles, 55% for mid-level and 45% for senior roles. it is a trend. last month walmart a laminated college degrees as a requirement for hundreds of its
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corporate positions saying it is getting rid of, quote, unnecessary barriers that prevent career advancement. supporters say this growing trend of cutting degrees is a requirement is essential to reducing inequity in the american labor market. it is a trend that is spreading. stuart: got it, thanks very much. now this. new york governor kathy hochul rejected a new bill that would have created a retail crime task force. she said it cost too much. new york congressman mike law is not having any of that. congress and lawler joins us after this. ♪ ♪
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hello is friendly... hello is welcoming... it's everything we want to be when helping people find a medicare plan during the annual enrollment period. so, say hello to hellomedicare... a one-stop shop for medicare plans... including a range of “all-in-one” medicare advantage plans. learn, compare, even enroll - all in one place. give us a call now. we'll guide you to a plan that fits your needs. at hellomedicare, it all starts with a few simple questions so we can get to know what's important to you. then, we'll match you with plans that fit your needs, from well-known names in medicare. compare benefits. compare costs. it's easy. and when you feel good about a plan... we'll sign you up. done. and. done. the annual enrollment period is here. so, let's do this. give us a call today and speak with one of our hellomedicare licensed insurance agents.
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and say hello to an easier way to do medicare. stuart: 400 macy's workers in washington state have a 3 day strike over the weekend, the store's shoplifting policies are unsafe, some were disciplined for calling 911.
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dan springer, what is this about? >> retail employees are worried about their safety at work due to a steady stream of shoplifting and that issue is starting to work its way into contract talks starting black friday, 400 workers at several macy's stores in western washington held the 3 day strike demanding better pay and better safety measures to deal with in-store crime. the workers have been out of contract and student. the company offered a $0.50 per hour increase and no changes to the shoplifting policy which bans employees from calling police, nearly all workers voted no. >> you are hearing economics is always going to be a protocol workers dealing with the cost of living but safety is an important part of that or they are asking their employers what are you going to do to keep me safe at work?
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>> reporter: retail theft is exploded across the country since covid and according to forbes washington state has the biggest problem with it in the us. for every resident, $347 worth of merchandise is ripped off, the washington retailers association says $3 billion in goods was stolen last year. we spoke with a macy's employee 15 years who said her department calls loss prevention about 5 times a day. one day when they didn't come she called police. for that she was suspended without pay. she and other coworkers want the company to have their backs as in-store crime spirals out of control. >> not many smash and grabs but that happens as well. a lot of them are repeat offenders. that didn't used to happen but now they come in regularly. some just walk in, pick something up and walk out and they do this multiple times a week. >> reporter: macy's declined to answer questions but issued a
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statement saying safety for employees and customers is their top priority. stuart: the governor of new york, the hochul would have created a retail crime task force. a spokesperson for the governor said it cost too much. commerce unlike lawler from new york joins me now. how does new york state address organized retail theft if they won't create a task force? >> they are not. last year, $4 billion in retail theft occurred across new york state. what kathy hochul has done is basically say if you are criminal we are going to coddle you, we are going to do everything we can to make your life easier, we are not going to enforce the law and we are not going to hold you accountable. if you are a victim or the general public, screw you. better position. stuart: what can you do about it? >> we need a new governor but second of all the laws have to change in new york, cashless
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bail was an absolute disaster, look what the city has done, they don't enforce petty crimes, don't enforce quality-of-life crimes, the state is facing a $9 billion budget deficit. look at all the challenges new york faces and there's a reason people are leaving the state in droves. it is unsafe, they cannot afford to live there. we have to change the laws. cashless bail has got to go. nypd needs to be allowed to do its job, enforce petty crimes, hold people accountable. when you have over $4 billion in retail theft, that is absolutely outrageous. stuart: thank you for allowing us to present an accurate picture of what's going on in new york state. sorry it is so short but we will have you back again another time to expand on this because it is a serious situation, thanks for being here, appreciate it. there will be more varney after this.
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