tv Varney Company FOX Business September 10, 2024 11:00am-12:00pm EDT
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>> when people vote, i have a hunch that all the hope and feelings are going to be subsumed to how your wallet is feeling. >> why are the democrats so opposed to making it illegal for non-us citizens to vote in elections? makes you wonder. >> if your google and you are one of the most powerful companies in the world. >> asking for four years, advocating for amnesty solve the current border crisis. >> the eu engaging in predatory practices. these businesses are not going to want to work. >> the media insisted kamala harris is a centrist, a change agent and polls show that voters don't believe that.
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stuart: all right, i love toby keith. it is tuesday, september 10th. happy birthday to my youngest son, max, who 40 today. how about that, i have a 40-year-old son. getting to the markets, down for the dow, modest split market this morning. a look at big tech and same situation applies there. microsoft, amazon, nvidia up and down and microsoft up at 412. my goodness. back to 3.67%. now this no what ther who's in
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the white house, rules and mandates must be rolled back. the cracks are appearing and electric vehicles, they're not selling people don't like or find them too expensive, doesn't matter. we don't buy them, the government electrification program dies. as a senator, kamala harris demanded we go all electric by 2040. as a presidential candidate five years ago, her target for going all electric got closer: 2035. thanksgiving not going to happen. then a problem of supplying electricity when the government phases out fossil fuels. lights out in la la land. blackouts hit los angeles as climate policies wilt in the heat. utility pushed green energy at expensive new equipment. it couldn't supply the juice. blackouts and outages all across california and it will spread because green power mandates are in effect all over surely a
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limit how long even california voters are putting up with all this. wait till the new taxes arrive. wait till they start taking your gas stove. in my experience, americans don't like being pushed around and especially bilabe rale elites i think voters are on the verge of saying get off my back. third hour of varney starts now. jimmy failla is raring to go at this. do you think voters are finally done with the green new deal? >> yeah, spot on except one thing, when people don't like to get pushed an. i do pay a lot of money to get beat up on craig's list. i'm kidding. here's the reality, okay. the government forced this on us
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and we can start there in terms of green energy and that's why biden needed a sneak a green energy move into the inflation reduction act and trojan horsed it on to the books and support was there and needed a cosigner and most people at this point have been around enough to know it's not the marketplace speaking and market riding towards hybrids and something more pact c practical and don'tt green cars because of limitation and veganism on wheels and, working into the conversation i've got an electric car. nobody wants to be around that guy and it's too much after awhile. it's the biggest challenge and compound it with the impact on the climate, which is that china is outpolluting the rest of the centralized nations combined and combining most of the infrastructure off them and this is like trying to quit smoking and buying the patch off a guy with a cigar in his mouth.
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that's us coming to green energy. craig:t that's very good. next case >> there's two forces colliding here and one is if you walk an inch in any direction in new york, you'd assume weed has been legal for as long as weave had a country. a cop stopped me in time square asking if i smoked marijuana i said no. here you go. it's a whole different world. it's a bit of a pivot by trump. but this is not four years of meaning measuring the flip notary publics and political expediency moves in the election, i don't think trump has anything to feel bad about. stuart: a radical switch for
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florida at the moment and medical marijuana is all you can get in florida. it's not open recreational. >> i want to say this though, when it's available at medical level, they're getting it at recreational level. as a former new york city cab driver, i mean that . i'm not saying that injust. if it's out there, they're going to get it. so i think when they're pivoting towards with the justifyification is revenue going to the black market anyway. like what they did with gambling and pemberton were gambling and betting billions of dollars and at least at this point we get to tax it a bit. the only tradeoff is you've got to watch it in every single commercial for a football game. show me the suicide hot line. stuart: we'll watch you on saturday night called fox news saturday night, the full name. >> yeah. stuart: i got it. 10:00 p.m. eastern. >> you're the best. stuart: i am indeed. that's true. getting to the markets, please,
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a split decision here. a chunk of the dow loss is accounted by goldman sachs and it was down 4% and that's taking about 100 points off the dow industrials. now move onto google and apple. they owe billions in fines and back taxes after losing their appeals to the european union. jacob sunshine joining me now. will these fines and interference of the europeans in the big tech companies, will that have any impact on big tech stocks in the future? >> in the future, absolutely will, yeah. i think it's going to be -- not like an explicit impact but a pretty implicit impact. there's going to be overhang because there are going to be a lot of legal hearings and an life-threatenings are talking about this the last few days, they're going to drag on for maybe a year or more than a year. it's going to be overhang to see what kind of earnings impact there'll be.
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i will say with google, when you look at like historically like, you know, google not being able to do as much search and losing between 2-15% market share in a given geography and the revenue impact there is to the tune of billions, not a lot for google, but then they have like more than $10 billion of traffic acquisition costs that they don't have to pay. there's actually earnings that don't get hit. with google, you want to look ad that the earnings impact may not be terrible and may be like a little bit and earnings maybe and there's going to be a valuation overhang and when the stock gets down, you want to look actually to get in a bit. stuart: i know that interest rates are coming down, mortgage rates are coming down a bit. does that open up opportunity in the housing market? housing stocks i should say? >> totally does. you want to be patient. there's a lot of stocks, stuart, in the market that you have to be a bit patient with.
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millions in loans are two of my home improvement stocks growing a bit faster and growing earnings faster than most over home improvement stocks and they've had nice rallies and looking at 2025, and i know that mortgage rates will be down year over year in 2025 relative to 2024, you'll get a bit of resurgence from what was a bad year this year for home improvement spending and a company is saying we're on track, sherwin williams taking market share because kelly moore paint is not operating anymore and lous is ramping -- lowe's is ramping up the higher earning ands next year will be good for stocks. stuart: thank you for joining us. we'll be watching you on barron's round stable 7:30 p.m. eastern on fox business. thank you, jacob. lauren is looking at, look at ronald reagan oracle up 12%.
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lauren: that's the largest business is cloud and ronald reagan criminal won 42 new -- oracle won 42 new contracts and it's an ai play and announced a partnership with their rival, amazon web services so nice game for that -- a win win. jp morgan and fed vice chair for supervision, michael barr, unveiled the plan for bank's capital requirements and biggest lenders have to put aside 9%. not 19% that was required and banks wanted less. yet the banks are down today. we have that goldman sachs warning with the ceo said about them not doing so well this quarter because of weakness in august. but this is a serious drop for the big banks.
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stuart: they've put aside less capital and tacks are down. lauren: jacob said maybe the banks are more favorable. it's like expectations game. stuart: get what you need. wal-mart, new high. lauren: yeah, this is the new high for wal-mart up 1.5% and it's coming on the same day that amazon says they're launching an even cheaper private label and offering discounts on like 3,000 grocery items to reel in customers. wal-mart is up. stuart: lauren, thank you very much indeed. new york times is admitting harry honeymoon phase is over. >> public is still hungering for a little bit more about kamala harris and she hasn't provided it yet. if that's hurting her a little bit among some critical constituencies. stuart: is this debate make or break for harris. thousands of californians are being forced out of their homes, wild fires have burned hundreds of thousands across the state. we'll bring you the latest.
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strategy will be tonight? reporter: welshing the trump team has maintained they're confident and he doesn't need to prepare but we know he has and we'll get into that. speaking of confidence, to debate trump or try to practice doing so, would be like trying to prepare to go against floyd mayweather or mohammad ali and that's something that the vice president opted out of training. >> we had a big huge press conferences and unscripted questions from many of you and long form interviews and shorter poll aside and rally speeches and done town halls. you can't prepare for president trump. and there's no way to do it.
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reporter: tulsi gabbard facing off in the 2020. >> she's talented on a debate stage. there's no question about that, but she's going to have a tough time trying to defend this record that quite frankly on the american people is indefenseable. reporter: harris campaign spent a lot of time working through talking points and mock campaigns and it included a trump stand in. >> when she is preparing for her debate, she wants to try and ensure that she understands the kind of things that the former president may say, the proposals he's going to outline and attacks he may try to land. reporter: one thing many
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republicans are advising the president to do is give harris plenty of room to talk and allow her to fully explain her policies or try to because she's really going to struggle at that. stuart. stuart: alexandria hoff. thank you indeed. a study by media research group, one of the moderators on tonight's debate, david muir, has given nothing but positive coverage to harris and meanwhile 93% of his coverage of trump has been negative. brent bozell joins me now. that doesn't sound like a fair debate. what do you say? >> this is abc, not dave muir. this is abc and 93% negative and donald trump 100% positive to kamala harris and the campaign agreed on abc, i don't understand. it's the worst but the question is can david muir be fair, tough, and even handed in the
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debate? an example of how easy it is to do it. everyone is focused on immigration right now. if i were david muir, i would turn to donald trump and say, president trump, you have advocated returning illegals back to mexico. explain yourself. when he did, turn to kamala harris and say vice president harris, what's your response. then say you've advocated de-criminalizing people crossing the border illegally, explain yourself. then turn to donald trump and say president trump, respond. this is very simple and that would be a fantastic debate if they were to do it that way. un-fort fatly t not going to happen. stuart: you can skew the debate by the issues you choose. i'd expect abc tonight to skew heavily in favor of abortion. several abortion questions because they think that's a strong suit of kamala harris and
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skew the debate like that. >> if you want to address what the american people and voters care about and look at issues where the american people don't have a clear understanding 73% don't know she endorsed the green new deal and 81% don't know she wanted to eliminate private health insurance and issue by issue by issue. she's a radical liberal and if they were established and the democrats and american people were to say, good, because we are too. she wins the presidency and that's democracy or the american
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people let them know where they stand. >> that's my opinion. come back and see us soon. all good stuff. thanks very much. stuart: fox p.m. simulcasting the debate live at 9:00 p.m. eastern. washington bar scene setting up harris and trump debate specials. ashley, what are they offering? ashley: well, they're offering pretty much everything from drinking games to patriotic themed jell-o shots, got to have one of those, to cocktail show downs inspired by the matchup between harris and former president trump. now unoffer for the union pub
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and add vodka and orange soda drink sipped from orange shallow cups. you're getting the jazz here and orange for trump. and the more popular of the two drinks declared the debate watch party winner. another bar offering the $7.50 harris shots or one for trump and handing out bin koenen cards with campaign buzz words with harris' we're not going back and donald trump's make america great again. stuart: the bars i know, you're not allowed to talk politics at the bar and politics and news
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never on tv sets and that's a good rule. ashley: this is dc. stuart: that's different. that's true. stuart: dow town 150 and nasdaq picking up ground at 67 and let's look at goldman sachs, please. it's down 3.9% and they've run into trouble with the credit and that shaves 130 off the dow jones industrials and without goldman, the dough would be down only about 25, 30 points. that's it. u.s. lawmakers are warning companies that chai these companies are exposing them to potential data theft and coercion tactics. california plagued by power outages this summer and democrats blame the heat and wall street journal says no, failed green energy policy. that's to blame. she's next. ♪
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lyric look at in stock tank and cfo said the credit challenges they're face willing intensifying and stock down 16%. looking at net charge and the debts they'll likely never recover in the business. is that hurting the lest of the bank. the job marketing is weaken in many aspects. stuart: tesla up 2 or 3%.
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lauren: they're a technology platform attempting to reshape multiple industries. stuart: that's a fair line. not bad. lauren: i've heard that before. robotaxis and love cars and optimists. stuart: starting on california now. raging wild fires jonathan hunt with us from san bernadino. jonathan, is there any progress in getting these fires con taked? i want not a whole lot right now, stu. this san bernadino line fire responsible for 26,000 of th 100,000 acres burned throughout the state and that's about 40 square miles and a different planet and every bit of vegetation in the entire area charred by those flames threaten
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ago lot of home big concern now, stu, is a small town known as big bear. that is a popular ski resort here in california it's a very popular summer vacation spot and big concern now that in the direction this fire is moving, big bear could be next in its path in the moment or only 5% containment and it's a real battle for fire fighters and a lot of people have been evacuated. some families have refused to go and we even found fox affiliate and kids out enjoying this sort of fire watch party last night with a mixture of excitement and fear.
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reporter: that was supposed to be the kids that fox affiliates saw last night. they've all been out wondering what the sheriff said to people but, stu, get out and don't try to protect your home and leave it to the professionals and fire fighters that have done a pretty incredible job here at line fire and biggest one burning currently in california. not a single structure as far as we know and not a single home burned down yet. you can hear behind he a lot of fire trucks heading up the mountain this way now. the tire fire burning probably 90-100 degrees here, today. winds have picked up yet. if they do, it's going to be another long hot day for these fire fighters. stu. stuart: jonathan, we'll take it. thanks very much indited. staying on california, look at this, op ed in "the wall street
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journal". "california's lights are out and gavin newsom isn't home. allysia finley wrote that and joining me here in new york. who's to blame for the blackouts and power outages? green policy? >> yeah, those and in la and those that are suffering the brunt and had to cancel a concert because of blackouts in la. this wasn't because of power shortage and they've tried to shore up the grade by getting more natural gas plants firing and do keep the one remaining nuclear plant open and the problem here is that they just neglected the rest of the grid whiled building out all this green energy and haven't replaced a lot of aging equipment and get periodic blackouts when there's mildly bad weather or for in apparent reason. stuart: did you think it's time to draw back some of these green energy mandates, you know, that utility companies must get a
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certain amount of power from wind or solar? do we need to pair them back? >> it's not working period. not just pair them back. what's starting in california is you're seeing this nationwide in other areas of the country that also have more modest renewable mandates and they're already starting to have power squeezing in the midwest and there was a power outage on christmas a couple years ago because of green mandates forcing retirement of a will the of nuclear natural gas and coal plants and the wind just isn't reliable. stuart: all kinds of things go wrong in california: crime, migrants, electricity supply, blackouts, you name it. why do californians continue to vote democrat? >> maybe they're blinded by the wonderful weather and sun. those missing information from democrats is blaming climate change and public schools have
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done a great job of indoctrinating people in liberal policies and climate it on climate, these things on climate change or some other things outside of the political or political policies that are a corporate. stuart: whole generation overgang sterling heightses believe every single problem is related to climate change. >> right. and even with my niece in california public schools and start at a very young age indoctrinating them. stuart: amazing. you're one of the greatest columnists in "the wall street journal". i mean that sincerely. see us any time you'd like. >> thank you. stuart: the president of the catholic league says democrats have become the anti-christian party? is that a fair criticism? i'll put it to our resident theologian, jonathan morris. israel taking out three hamas officials. i just don't see israel giving up until they stamp out hamas completely. we'll see if security expert victoria coats thinks that is accurate. that is next.
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ashley: two dozen iraqi banks are using front companies and invoices to circumstance come vent economic sanctions placed on teheran. the banks were actually set up a couple of decades ago under u.s. occupation and gave those institutions access to u.s. dollars, but a recent audit shows as much as 80% of the transfers flowing through the banks on some daying were untraceable and some portion of that amount went secretly to iran's revolutionary guard. not good. u.s. has now taken action to
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block the suspected iraqi banks from using the fed system to transfer dollars and part of the crackdown, iraqi central bank announced plans to do away with the current system for wiring dollars overseas. that'll be stopped by the end of the year. they've been giving access to a lot of cash in teheran. stu. stuart: got t thanks, ash. u.s. lawmakers accuse china of embedding spies in u.s. companies. hillary vaughn on capitol hill. what's actually happening here, hillary? reporter: stuart, it's a new chinese law that requires companies with more than 300 workers based in china to have a worker representative from china on their local board. this new law is drawing concern from lawmakers on capitol hill about a rule they say could put spies inside american companies. and the chairman saying "there's
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no private company in china and i caution all american companies doing business in china and the communist party settling for nothing less and worker representatives are a blatant attempt to ccp to embed in american companies". china having eyes and ears on the board of major u.s. companies is a huge national security concern saying it would be both an intelligence gathering tool for the chinese communist party and potentially a disciplinary tool where the worker representative could exert a huge amount of pressure on the china-based work force to bend to their will. a spokesperson for the chinese embassy is denying all these accusations and possibilities saying "this is to better protect the participation of employees and democratic management and supervision of the company and has nothing to do with so-called spies. this provision applies equally to domestic and foreign invested enterprises and urge the relative media and politicians to stop making groundless
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accusations and smearing china. this chinese law went into effect on july 1 and how american companies are responding and microsoft is one company that has a huge footprint in china, over 10,000 employees and it's unclear how they're addressing this. stuart. stuart: hillary vaughn, thank you very much. vice president of national security is victoria coats and she joins me now here in new york. how do companies protect themselves from the chinese communist party? i notice that ibm took most if not all people out of china. is that what you have to do? >> that's the situation china is creating and that's critical that the chinese government is putting the draconian laws in place to force the unit expenditure to reveal all of its state secrets and give them all their technology if we want to do business in china. hong kong as well. so there's no longer that kind of gateway to china that hong kong used to represent. and this is
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ibly1 it seems like they old soviet union days with complete separation of the west and the soviet union, china looking towards complete separation with america. is it that bad? >> it is. last year we published the new cold war for precisely that reason. americans need to wake up. we wish it were not the case. we would like to see china liberalized. under xi they are going in the opposite direction and it is dangerous to american businesses. stuart: they just didn't come through. i will change the subject. the israeli military says it took out three key hamas officials in an airstrike in a gaza humanitarian zone. i don't think israel is going to give up and stop the military campaign until they have smashed hamas. >> they can't give up. we can't be back here again.
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we are about to mark two anniversaries in the next couple weeks. we've got on 14 september the anniversary of abraham accords. we were all on the south lawn of the white house, then three weeks later the anniversary of october 7th which is what happens when you fund the money to iran and try to domesticate hamas, they gather together and attack israel and america. we lost an american citizen two weeks ago in gaza, executed by hamas. it can't be tolerated. we can to do this again and that is what i hope to hear from donald trump tonight, that stark contrast. what record do you prefer if you want to support israel. stuart: we won't hear it from kamala harris. >> he has been very permissive to the palestinians, supportive of the money flowing to them over the last three years, well over a million taxpayer dollars have gone into the so we are
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paying them to attack. we went how far as the thomistic politics? >> very much the vote in michigan but even more important, this 18 to 29-year-old generation that's been educated in our colleges to support the palestinians and view israel as illegal and immoral. stuart: the oppressors. great to have you with us today. especially in new york. here's where we check the dow 30 so we can have a sense of the market. it is 50/50, winners and losers and the dow was down half a percentage point, 40,500. goldman sachs down 3% or 4%, dow stock shaving 150 points off the dow. pope francis calling out the lack of parents in the world. jonathan morris is here to take
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stuart: during his visit to indonesia pope francis expressed concern over the lack of parents, people choose to raise pets instead of children. jonathan morris is here. i know why the birthrate declines. anywhere in the world you've got educated population, mass middle-class and available he of birth control regardless of the ethnicity, race or geographic location the birthrate comes down. that's the problem. >> life gets easy it is easy to make easier decisions which means not having children. it is hard to have children. i have a 3-year-old and one-year-old. it is hard. pope francis is saying, i don't like that he brings in pets because pets are wonderful. would be better just to say there is a reason why family exists and family allows the
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new generation to come up in an environment to make an impact on the world. i'm glad someone is coming up. i don't always agree with pope francis and some of his social and political statements but i'm glad someone is standing up for family, and saying have children. as hard as it is it is also most rewarding thing that exists. what an amazing thing to love somebody unconditionally. stuart: i think you are right. i think the pope is right. why are people having fewer children were not having children at all? >> in very prosperous countries birthrate goes down, when life gets easy, i can live for myself and pope francis is saying that's not healthy for society. stuart: people saying i can't afford to have children. it's not a financial decision.
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>> my parents had seven children, very middle-class salary. it is hard for me to have children while my wife and i both have salaries. it's a question of what is my objective and what do i consider normal. children don't know if they are rich or poor, if they are loved unconditionally. stuart: at my age, my children are everything. you know how old i am. where would i be if i didn't have my children? what is my life about without my children and grandchildren? >> a lot of people do not have children who are making amazing impact in the world and society but when we have an opportunity, it makes sense of our existence. stuart: don't talk about childless ladies. that's a mistake. >> he makes a mistake when he
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starts criticizing people with cats. lauren: elon musk has been saying that the low birthrate is a problem economically for the world. there's not enough people. >> what a massive lie we bought into, nobody talks about it anymore, the booming population that's going to destroy the planet. it's not having people who are able to have an impact and grow society and grow business, 220 years ago malthus was wrong, was he not? you don't know what i'm talking about. >> it sounds familiar. maybe he's not middle-aged. stuart: senility, it is time for the tuesday trivia question. when did people first set foot in antarctica, 1798, 1806,
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1813, 1821, jonathan morris agree to stick around and play. >> 1821. absolutely. i'm thinking the psychology of the person who made up of this. 1821. obviously is the right one. ashley: i will go with number one. lots of people were traveling around the world, 1798, number one. we when i think he's right, i'm going with 1798. lauren: 18 oh 6. stuart: morris is right. you looked it up. >> i didn't even know i was playing this game. stuart: 1820 by british commercial expeditions but not until a year later the john davis became the first person to step foot on antarctica. time is up. thanks for being with us. in five seconds you will see david asman on coast-to-coast. david: the dow taking a step
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