tv Varney Company FOX Business August 23, 2024 10:00am-11:00am EDT
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fed, right now the dow is up 250, nasdaq up 280. the 10 year treasury guild is down 3. 82%. price of oil $74 a barrel and bitcoin last time we checked was 61,000, still there now. edward lawrence is in jackson hole, wyoming. you have seen jay powell's speech. what is in it? >> reporter: this is the most upbeat speech i've heard them given a long time, the closest i have seen to mission accomplished when it comes to inflation was long-term inflation has stayed anchored at 2%. as they make their cuts he does see inflation going to 2%. in the cuts, this is interesting, it is important, the time has come for policy to
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adjust, the timing and pace of rate cuts depend on incoming data and evolving outlook in the balance of risks. we heard the methodical path since september. in the speech powell makes the pivot, sees inflation as a lesser risk but more of a risk to employment rising. unemployment caused by more people coming into the workouts, they are limiting hiring. not so far seen layoffs and the undertone in that section of the speech, watching to see if those layoffs materialize. if he does make a nod to the transitory comments about inflation, he does say this, quote, the good ship transitory was a crowded one with most mainstream analysts and advanced economy special bankers on board, he admits the federal reserve miss charged the time it would take to untangle the supply-chain's, he laid out why inflation started
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saying it started with government spending and consumer behavior at the beginning of the pandemic. it was made worse in early 2022 by the russian invasion and covid disrupted supply-chain that is hinting today that inflation is under control and it is important to guarantee we are going to have rate cuts in september but feels like from this speech, a methodical path down is going to happen for those rate cuts but a very upbeat speech. stuart: we've got it. look at the reaction of the market, investors, dow industrials up 300 points, again of 100 points, nasdaq composite up 272 points. we are on it all day. we have the latest read on new-home sales. lauren: 10.6% in july,
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seasonally adjusted annual rate 739,000, up from a june level revised higher to 668,000 and up 5% from last year, price goes upcoming median price $429,800. the fed was foreplay for the markets. are you cutting interest rates are not? we know the fed will cut but we don't know how much. probably 25 basis points. how is the economy? that's the question jay powell has to answer. what is the state of the housing market? stuart: i don't know but it is a methodical path lower interest rates. how the market closes, no idea. at this moment they love what jay powell said. that's powell, now this. when those political spin become a lie? last night's speech showed the difference between the two is a
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fine line. harris delivered a series of what are politely called falsehoods. of it serves the purpose of defeating donald trump, so what if your state with are not accurate, trump would cut medicare and social security. that's not true. point number 14 on the trump to do list says fight for and protect social security and medicare with no cuts including no change to retirement age. they keep repeating these falsehoods. why do they do that? social security and medicare are bedrock issues for seeing years. they vote in large numbers, what would harris do about social security and medicare and don't you dare ask. that would tell too much into policy. is another falsehood, trump wants to pass a ban on abortion, absolutely not true. directly responding to her, trump said that won't be a national ban, he said repeatedly let the states dayside.
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they repeat the falsehood because it slimes trump on an issue that's important to democrats. they don't care if it's true or not so long as it hurts trump. harris is light on policy but jumps quickly to make policy statements about trump that are not true. won't stop because the guiding light of the harris campaign is beating trump. to do that, nothing is out of bounds. what is your take on the speech last night? >> reporter: vacuous, false, it was a remarkable thing to watch because as you pointed out they have to perch things that way because they -- so many catastrophes. can't speak about what they have done. she also even more importantly refuses to speak about what they will do. the implication is if she's condemning what she says trump is going to do, it implies she
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will do the opposite. what we've always seen as they project, they projected. this is about look at what someone has done, not what they are saying. this is like an arsonist who swipes a firefighter's uniform, goes out and says i am your savior. it is up to every american but we need to look at the condition of the country. this is the biden/harris administered in. we won the media had a different take. the media fond over the speech, they couldn't get enough. >> it was a remarkable address. one that i have never seen her give quite like this before. a very powerful speech. >> this magical charismatic quality, a lot of politicians, people say that about hillary clinton. >> she's doing something about fixing some problems on the left. we've gone from talking about justice which is wonderful but doubts about freedom.
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>> you will remember where you were when you heard this speech tonight. it's an infection point in history. >> it confirms it is a religion. it is a tingle up their legs. we've seen this before. americans look at this and americans have been gas let for years. it continues. the media is complicit in this, shame on them and rely on the media to at least tell us some truth so we can determine the decisions we need to make. this is a next upland drives us further into an obscene environment where americans are at a loss for what to do because they've been lied to for so long. stuart: should have seen them at the convention. tammy bruce, thank you very much. in the speech last night harris vowed to pass a middle-class tax cut. she says trump isn't concerned about the middle class. >> doesn't actually fight for
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the middle class. instead, he fights for his billionaire friends. he will give another round of tax breaks that will add $5 trillion to the national debt. collate a trump tax that would raise prices on middle-class families by $4000 a year. we will pass a bill class tax cut that will benefit more than 100 million americans. stuart: what is the class tax cut? brian: i have no idea. she is making stuff up. you've got it right. she likes the sound of trump tax hike so she starts with the word and makes up policy around it. this is insane. trump cut middle-class taxes. she has vowed to raise
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middle-class taxes, when she repeal the trump tax cuts. that the reality. she has no fact checkers. lauren: she strings words together and hope to have a thought. neil: brian: no nutritional value when it comes to policy. a lot of dressing on the salad but no tomatoes and no cucumbers. i through my patent. stuart: you got news from the federal reserve and you didn't like it. brian: powell these declaring victory. such revisionist history, the good ship transitory have a lot of people on it. politicians and people at the fed who didn't believe inflation was happening when the rest of america said this is real, it's going to be a problem. fix the economy. that appears to be what he's doing.
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stuart: the dow is up 338 points, paul across the board which powell has indicated interest rate cuts are just ahead. to analyze the market. >> i'm focused on the nasdaq, and it is up 7/10 since the speech, and aaron by road right now. >> it is an important report. >> reporter: double digit growth, triple digit growth, it is the fifth quarter in a row. it consequential for the market. talk about nvidia next week.
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and other key test for the market for the artificial intelligence theme. the reaction is ripple effects across the market. i am bullish on this stock but we will see what the report is like. expectations are high so investors should keep that in mind. hopes are very high here. stuart: hope the rally continues. all good stuff. you are looking at the movers. there's a lot of movers big time. how about intuit. lauren: the turbotax people, still down though the market has come down 6%. revenue forecasts for this quarter with half of what they previously said. investors are discounting that. ai is working for them for bookkeeping and such. stuart: hard to find a loser on a day like this but you found one. i want to talk about fast food, up 16%.
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lauren: traffic up 9%, revenue up 35%. during the sweet spot customers trade down from dining at the restaurant and trade up from fast food. i called them the chipotle of mediterranean food, thought they. napoleon europe and they are like supposedly but right over there. stuart: they keep going up 3%. lauren: the hunt for value, raise their full-year forecast by 7%. they are increasing the price target. stuart: observe the bottom right-hand corner of the screen, looks like it is going up 400 points. coming up a migrant accused of beating up two nypd cops and he's back on the streets.
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you've got to look, all of them up. nvidia reporting august 22nd, 2 blocks making a nice result, up $35. apple 227, amazon up, microsoft, they are all it. brian brenberg with me. this is an a close of rally. brian: jay powell said we are going down. you can agree with him or not but we do our job, we think we've got it, rates are going down to the question is how fast and how soon. the market says good. is giving us the definitive signal. rates are down, tech and anything interest-rate sensitive, the good days according to jay powell are here again. >> consumer price inflation on september 11th. stuart: so what? lauren: those are two data points that will tell the market how strong the economy is and how low-inflation is. brian: powell is saying we think they are going to be good.
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the jobs numbers get revised every month. they are not even real-time data anymore. stuart: he says we are on a path article math, the trend is your friend on wall street. lauren: it is a hundred basis points by the end of the year. brian: with article means a heavy bed blowing down a hill. that our market reads that. stuart: stuart: the market read it as a plus. got to move on. kamala harris accused donald trump of playing politics with the border. last night she was touting her success on the border. role tape. >> after decades in law enforcement, i know the importance of safety and security especially at our border. donald trump believes a border deal would hurt his campaign so he ordered his allies in congress to kill the deal.
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i refuse to play politics with our security. here is my pledge to you. as president, i will bring back the bipartisan border security bill that he killed and i will sign it into law. stuart: we need to begin carlos jimenez from the great state of florida. how do you rate kamala harris's performance on the border? >> f, f plus, f minus, do it around, f minus i think i would rate that. she's been an absolute disaster. the border was under control under donald trump. on the first day with the same resources, same number of personnel, the border started to explode and went out of control because of policy. 94 policies of the by demonstration and fermented on the border, all an abject failure and kamala harris is
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saying fix the border, she was in charge of the border, 10 million migrants have come into the united states, apprehended or at the border, 2 million plus got aways in the united states right now and those numbers may be small so it is an abject failure and she's going to fix it. stuart: you can't look back to failure. if you're starting your candidacy mounting your campaign for the presidency you can't turn around and say we made a mess of it for the last three years but we will fix it, you can't say that in politics. >> you can, she does, that's what she did last night, like i think, donald trump still the president because all these things that are problems of donald trump, what happened the last four years, now you're going to fix it when you become the president in january, you've been in power for the last four years and haven't done anything about any of the things you said were problems,
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you made this world or by safe place, made america less safe, high prices, high energy costs, the border is completely out of control and the world is a flame. good job, biden/harris. stuart: you could say she was a success on the border if you start with the premise that they wanted to open the border. they wanted millions of people to come in. they are a success in that respect. >> absolutely and i always said this is on purpose. you can't be this dumb. you can't be this stupid because border agents told us all they need to do is xyz, starting with remain in mexico policy and those other policies they discarded so they know how to fix the border, they just haven't wanted to fix the border because it has been on purpose. the unity thing, they are united. is that what president biden said? look how that turned out to be.
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it is all a bunch of lies. i'm not falling forward and i don't think in the end the american people will fall for, she could get a sugar high because we are watching a new and shiny object but her words will come back to haunt her. we need to define who kamala harris is. she was rated the most liberal senator in the united states senate, left of bernie sanders, that is what she is, she's an extreme socialist radical and that's not something america needs right now. stuart: we will ask some questions. great senator of florida, appreciate it. donald trump says this is interesting, donald trump says he is refusing to receive intelligence briefings. why is he doing that? ashley: a preemptive strike, trump says he doesn't want those briefings so no one can accuse him of leaking the same information. briefings are offered to
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nominees to help them understand and prepare for the national security challenges they could face. trump already knows what the job entails. he also faces federal charges for allegedly mishandling classified documents and in 2021 president biden withdrew trump's access to classified briefings citing his predecessor's are addict behavior but now that he's officially the republican nominee, trump is back in the loop. you know what he is saying? thanks but no thanks, don't set me up. stuart: now this. harley-davidson pump the brakes on its dei policies. no critics are blaming the woke back lash, good story, we got it for you. jay powell is speaking at the fed's annual symposium in jackson hole, wyoming. he sees a clear path to lowering interest rates. edward lawrence has the highlights as the market goes straight up. we will be back.
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(husband) we just want to have enough money for retirement. (wife) and travel to visit our grandchildren. (fisher investments) i understand. that's why at fisher investments we start by getting to know each other. so i can learn about your family, lifestyle, goals and needs, allowing us to tailor your portfolio. (wife) what about commission-based products? (fisher investments) we don't sell those. we're a fiduciary, obligated to act in your best interest. (husband) so how do your management fees work? (fisher investments) we have a transparent fee, structured so we do better when you do better. at fisher investments, we're clearly different. stuart: call this what it is a, a rally, down the street is up
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430 points. that is one person. look at the nasdaq, 318 points, that's 1.8%, glean across the screen. lauren is with us. what's with apple? lauren: the billionaire hedge fund manager daniel loeb says he see room for apple shares to grow. doesn't say how much but he now has apple up 5%. stuart: qualcomm. lauren: they want the 4 g technology to use. stuart: we told you about peloton and we are talking about it again today. lauren: the stock was down 3% after the pop yesterday. it to downgrade today, jpmorgan going to the sidelines, the return to growth and connected fitness is challenging and it is limited.
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stuart: jerome powell indicated rate cuts are on the way. edward lawrence is listening. what did he say? >> they haze behind me is from a wildfire nearby, powell has lit a fire under the markets today with an upbeat speech saying it has been anchored at 2% since the pandemic. he also says he believes inflation will get to 2%. listen to what he says about the rate adjustments that are going to happen. >> the time has come for policy to adjust. the direction of travel is clear, the timing and pace of rate cuts will depend on incoming data and the balance of risks. >> hearing about the math article pace down, 25 basis point cut is the most likely
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scenario, to move this down so the market can die just what going on. the federal reserve chairman sees unemployment has greater risk than inflation caused by more people coming into the workforce and companies are limiting hiring looking to see if any layoffs materialize but he's not seeing that. he did talk the transitory comment. this is what he said. >> the good ship transitory was a crowded one. with most mainstream man lists and central bankers on board. >> they misjudged the length to one snarl supply chains. they blame that as a government in the system and response by the consumer to get goods.
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russia invaded ukraine in early 2022 and covid as supply chains take a long time to get and snarled and this is what he says. he saying inflation under control is what he's hinting and employment risks, with inflation is what we are hearing. stuart: inflation is under control. we got some insight into kamala harris's economic policy. and the wealthy plus, massive green spending. she watches the market, what would tax and spend do if elected and gets this through? >> speaking since it became clear, wall street's outlined grievance.
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even currencies, regardless what candidate it is coming from, he had an administration before. in the lead after the first presidential debate, going into financials and renewables. they are controlling price gouging. investment banks are saying we are underweight in the staples. that's these companies and a lot of investors exit that when it comes to bonds, the big question is will the end up in government debt and bonfires are reluctant to take on those bonds. they've been on the phone for weeks.
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stuart: if kamala harris gets what she wants that is bad for the market and bad for the economy. as simplistic as that. >> scary too. things like unrealized gains, i'm not in the hundred million dollar, a lot of volatility because of everyone else in the market. we know how people will react at the end of the year. stuart: we've got a rally going on, dow is up 370, nasdaq up 289. is the rally going to last? >> stock market is running on momentum it is really rich especially in the big tech names. we expect volatility because the data will come in back-and-forth but the market is at ease. rate cuts are coming, fund
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managers are waiting to get in small-cap and mid-cap value stock, some piled in in july but that didn't last and right now as we get that easy and get confirmation of a job market that might not be as bad you will see the sector rotation so respect volatility. stuart: thanks for joining us. i want to check harley-davidson, he's not popular. lauren: he is the german ceo. harley-davidson diehards, regular americans bought his elitist european and woke culture with him when he came to run harley-davidson. so concerned about sustainability that he once stood before group of luxury ceos and told them to think of him as militant taliban and
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when it comes to sustainability. that is tone deaf. the question is harley-davidson pooled back on complete dei portfolio. does he stay on as ceo. stuart: i am a recovering european. coming up, a new wave of dementia diagnoses may be linked to covid. doctor marty makary joins us next. daughter: hey, dad. dad: hey, sweetheart. daughter: what are you doing? dad: i'm gonna clean the fence. daughter: it's a lot of fence. dad: you wanna help me? dad: aim at the wall, but get closer. daughter: (gasps) what the?! daughter: alright. dad: side to side. when you work with someone who knows a lot and cares even more...
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take charge of your health care today. just use this...or this to call unitedhealthcare about an aarp medicare supplement plan. stuart: we are coming back a little, the dow is up 347. the nasdaq holding on one. 43%. the 10 year treasury yield coming you down helping investors down to 380 one on the 10 year right now. we have a report which claims a new wave of dementia diagnoses
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may be linked to covid. doctor marty makary, has there been a rise in dementia diagnoses and is it linked to covid? >> hard to say wages linked to but it has been going up and many environmental and social factors. someone is more likely to have dementia when they are in the hospital for any reason, more likely to have dementia when going through grieving. it has been described after heart surgery. people can have mood swings and that contributes because people have a level of cognitive reserve in their brain. when you are stressed it tapped the cognitive return. stuart: reliable tests and measurements for declining cognitive ability. is there a way to test it and say how far down you've gone? >> there are imprecise tests, questionnaires, but not frequently used because there's not a lot of intervention.
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we have hormone replacement therapy for postmenopausal women, that reduces cognitive decline. not a lot of things out there. stuart: this is not good news. move on from this. results from a recent trial shows eli lilly's weightless drug can cut the risk of diabetes, this is a wonder drug. how does it work to combat diabetes? >> reducing excess body fat we call insulin resistance. probably one of the molecules in your body we should be tracking more than anything else is the level of insulin in your body, when it is hide is bad, correlated with prediabetes, diabetes, metabolic syndrome so this study is one of many that is slowly revealing the benefits once you get excess body weight down and insulin levels below normal levels which these drugs do.
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stuart: we've had reports this drug is useful in all kinds of applications. it is a wonder drug. is at all because it reduces body fat that sets everything else off? >> we've seen a ton of benefits, renal failure, heart disease and stuff and learn about a lot more in the short term but long-term survival, longevity, may be reducing muscle mass, it may accelerate frailty. muscle mass is number one indicator of longevity being developed that will block receptors on the muscle so it will spare the muscle wasting known to come with these drugs. stuart: we better have you on more often.
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i want to know more about this. appreciate it. a former advisor to kamala harris is the vice president deserves credit for the decrease in illegal migrant crossings. we will ask arizona sheriff mark daniels about that, donald trump ending with a campaign event in nevada, when in arizona. trump will be joined by a special guest at his rally in vegas. could it be rfk junior? mark meredith has the story next. ♪
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stuart: we are getting information, new information about investigation into trump's assassination attempt, five secret service agents have been put on leave, one from trump's personal protective team and four from pittsburgh's field office, more on this as it develops. we had been up 400, now it is up 226, we had been up 200 on the nasdaq, now is up 136. moving down there.
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donald trump wraps up a battleground blitz with events in arizona and nevada. what do you know about the special guest coming to trump's rally tonight? >> reporter: a lot of guesses who the special guest will be but the campaign insisting the audience will have to wait until the event in arizona. the rally in the phoenix suburbs, we are seeing the former president and western states for the final stop of the battleground blitz, harris may be getting out of the convention. trump will be speaking at mexican italian fusion restaurant off the vegas strip in an effort to talk about the effort to block the federal government from being able to tax tips. trump's team is coming out with new messaging labeling harris as a far left liberal and not a centrist candidate despite what
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they are seeing out of the convention. to outline how she would govern if elected president. overnight trump spoke to fox and said he believes the polls showing him either trailing or losing are simply wrong. >> she's not having success. i'm having success. i'm doing great with the hispanic vote, with black men, doing great with women because women want safety. >> reporter: trump will be making his second stop in arizona this week. he was at the border yesterday, in the phoenix suburbs tonight, the same spot harris held a rally which was a packed house. as you mentioned, there's talk of a special guest. a lot of speculation it would be robert f kennedy junior in arizona for his own event. maybe he will join trump on stage. breaking news about the secret service, we hope to ask trump about it in las vegas later. stuart: thanks very much.
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former senior advisor to kamala harris is the vice president deserves credit for the drop in border crossings. >> border crossings are down because mexico is enforcing their border. do you know who's in charge of migration and working on that diplomatic effort? the woman who will be standing on the stage tonight. you don't get to this moment without the first three years of this administration and the vice president doing that work. stuart: sheriff mark daniels joins us this morning. is that accurate? have border crossings come down? should kamala harris take credit? >> good morning. you can tell your and political season, political rhetoric matches that. for three years, this is something the vice president needs to address and she fails to because she can't, for 31/2
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years we had a crisis and she act like she's not been in charge of that, she's been in charge of that, her and president biden. we have historical numbers out there and in my county we've seen no decrease, we are seeing got aways which is not addressed under executive order. it's the give ups. have they come down? yes they have. i was with victims at the border that had horrific stories based on senseless policies that allowed criminals in the country. what i didn't hear vice president harris say was anything about these victims. if she did i stand corrected. a lot of people are dying in this country whether it is drugs or violent acts. it is the best let's not tolerate early. we have a lot of work to do. stuart: in a speech last night, you really wouldn't expect the vice president to say we made some mistakes but we are going
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to correct them. politicians don't say that. she couldn't say that. >> i disagree with you. as leaders you want to be a global leader in this country, take response ability. that would go farther than acting like she had no responsibility for it. take response ability, be a leader, leaders make mistakes, we need to take response ability. that would be a cell all. we've made the invite for kamala harris to come to the border, that is something she's still not done is prioritize the border and acknowledge and engage us. we appreciate donald trump coming yesterday. stuart: don't hold your breath on kamala harris. see you again soon. thank you. a college in miami wants to make it easy for immigrants to become teachers. why are they doing that? ashley: there's been a teacher shortage, schools are getting
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creative like miami-dade college in florida. it gives immigrants with a bachelors degree from another country permission to work in the us and improve their english skills through courses. organizers say give candidates a financial incentive and also helps diversify pools at a time when latinos makeup 30% of public a-12 students. even immigrants whose degrees are not an education can enroll to teach their subject of expertise. accountants could become math teachers. organizers say the application process could be completed in ten months. stuart: brian brenberg with us. are immigrants the answer to the teacher shortage? brian: talking about a system that for years apparently nobody wants to teach. maybe we should change a system dominated by teachers unions and dominated by public schools. we will plug immigrants into
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this and somehow that is going to make the system better? there's a more fundamental problem in nibbling around the edges. is it going to cut it? i'm not against teacher training. i'm against a system nobody wants to work in because teachers are disempowered or they have to get on some ideological bandwagon which is really the problem. stuart: thanks for joining us this morning. appreciate it. we will be watching you on big money. that's the show at one:00 eastern right here on fox business. still had, maranda devine on hunter biden's lawyers accusing prosecutors of turning his tax trial into character assassination. lieutenant general james carafanno on playing both sides on the gaza situation. the last two years have been difficult but gavin newsom blamed it on trump. the 11:00 hour is next.
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