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tv   Cavuto Coast to Coast  FOX Business  September 11, 2024 12:00pm-1:00pm EDT

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ashley: not to doubt you but just to be different, john glenn. lauren: i don't know what to do because you said it in the break so definitively. alan shepard. stuart: what have you got? >> i picked alan shepard before you. stuart: thank you. i am correct. it is alan shepard. he was a navy test pilot. on the astronaut test program in 1959, pilot a mercury spacecraft, freedom 7, on a 15 minute, 300 mile journey into space. he was the second person ever in space. who was the first? don't you know? it was yuri gagarin who was subsequently killed in a car crash. >> i remember alan shepard on apollo 14 golfing on the moon a
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stellar career. stuart: shepard didn't go on the moon. i stand corrected, you are the space expert and i stand corrected. neil: it is because i am an honorary astronaut, jean --gene cernan gave me an honorary pin. great job, thank you, great job. we pick up with the selloff and again some are looking at that, anything to do with the d debate last night and things not looking good for donald trump. was it because of the inflation report that showed tame inflation but not quite so tame that the fed is going to make 1/2 a point cut when they gather next week, hard to say. let's go to kelly o'grady,
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scary september continues. >> reporter: markets are in the red today. investors primarily digesting that cpi report, core cpi, every thing other than food and energy came in higher-than-expected, wall street doesn't like that. the dow down 487, the s&p down 44, the nasdaq down 37. 5. i want to highlight this is off session lows. we were down more today, the dow was down 650, the dow has dipped below its 50 day moving average, the first time we've seen that since mid-august. the 50 day is seen as an indicator of short-term asset momentum. if we close before that, a big reason for this selloff is rate cut hopes after the cpi showed inflation is stickier than hoped, the market is pricing in an 83% chance of accorded point
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cut half an hour ago, 17% of 50 basis points. there were hopes for the reduction but most are writing that off. i want to double-click a few areas that are hurting, small caps, russell 2000 is down 1%, bigger rate cut helps these companies get breathing room and cash so uco pool back on the rotation trade, the bank stocks are getting hit hard, jpmorgan shared more cautious commentary on their net income outlook. then on monday, goldman sachs looking for an uptick in dealmaking, it sparks a bit of that. we've been all over the place today. they moved higher after the initial, just above will even and in that d debate, all this
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as you alluded to in the context that september is a tougher month. you are battling that and election uncertainty with larger rate cut hopes being tempered. neil: such a month, the biggest sellers are occur, september is the toughest month of all. thank you. charlie gasparino looking at the d debate. as we read the trump median technology group stock, about 15% based on the debate last night, what do you think? charles: there is one reason markets trade off and trade up.
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the inflation report shows that inflation is not cured totally but i think it is the notion that trump may have lost the election last night is one of the drivers here. there is, i've been talking to a lot of people. they -- trump may have lost a chattering class vote last night, journalists weighed in on twitter, kamala harris got under his skin. i am hearing from pollsters, i don't think they moved the needle on independence. kamala harris didn't come out with a plan, nothing substantive she stated last night other than reprising what president biden has done. one reason markets came back is there was a realization so
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what? trump could still win this and may be easily given although sort of talking points out there. immigration, she owns the immigration problem. inflation is still sticky, still have an economic issue, might have an economic slowdown. rattling off, those out there in the markets are definitely off their lows right now, people coming to the realization trump could have put it away last night without allowing kamala harris to get under his skin but what he did wasn't so bad and still has a shot at winning. i'm hearing that more and more even from people in the market the track this stuff. neil: this is the country's first chance to see kamala harris up close and personal four years into her vice president see but it's the role of of vice president. she comported herself well, she was clear and prosecutorial and
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i wonder if republicans damaged themselves by always framing her as a cackling idiot, the expectations were so low for her that all she had to do was show up and it might be a good night. charles: some of that. much of the media is on her side. they think donald trump is an x essential threat. if she comes and doesn't kool-aid joe biden, she wins automatically. clearly trump missed an opportunity. i watched the whole debate. he let her get under his skin. he could have comported himself with a smile more. then again you got to ask does this move the needle in battleground states? does it move the issue on issues? we are debating the nutritional benefits of eating geese and cats in springfield, ohio. i am on twitter.
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people forget the issue in springfield, ohio. the biden/harris border policy dumped 20,000 immigrants on a small city of 60,000 without any additional federal-aid, without any warning that helped integrate these people into the school systems, the health systems, that is what the immigration policy is, not eating dogs but the sort of influx of people. neil: that is what he should have focused on what you articulated just there. great job, love catching up with you. i want to explore this in more detail. megan, i understand what charlie was saying, single the bait not going to move the needle much but i could probably be your grandfather so i am thinking of ronald reagan
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the debating jimmy carter. there debate in 1980 and a lot of people said a few weeks before the election it is not going to move the needle but that single debate sort of flattened democratic attack lines on ronald reagan that he was a bomb throwing actor who wasn't up to the job. he comported himself well, came off reasonably articulate, he was off to the races. i am wondering, it is a different race, we are understating the importance of what happened last night. >> it is interesting that we are having this conversation when we are going with crazy market day. i think kelly made the point that we did get interesting inflation data this morning. the market is reacting to that but i think it is more than that and the inflation data is being paired with the volatility of the election season and people are digesting
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the debate issues that came through last night. neil: the inflation report showing 2.5% year of the year increase, very stable. you could argue as the administration argues the trend is our friend and people are feeling better about things, the financial times today started focusing on southern states where the inflation, i don't know what is accurate but i do wonder if the worst is behind us because like you said some of these price increases remain substantial since the biden/harris administration came to power. how much of an impact will that have? >> we are looking at this election through the lens of the economy.
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swing state economies in particular, and pennsylvania, arizona, the carolinas as well. it is not the pricing data but labor market conditions as well. the latest on friday, we see payroll gains coming down a bit. there's a cooling trend overall, not in recession. i want to be clear. we are seeing the pool back, this is something the fed was engineering. it is interesting to see the market reaction to this and rate cuts next week, we are moving a little more towards 25 basis cut, inflation data seem to point to that but we have seen a milestone.
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headline inflation was 2.5% year over, over two years ago, a big interesting conundrum, markets market with. things are looking good on the price side of the equation. neil: i was thinking get mortgage rates plunged to the lowest level since 2023. some activity has picked up better than 100%. mortgage activity is tame if not outright flat. >> when we get inflationary ports particularly consumer price index so today's a report was not good on shelter prices. we see a surprising uptick which is home costs taking into account rents and a lovely calculation that the labor
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statistic does with us, seeming to traffic what we get from the markets and so i do think most economists believe we will see shelter inflation. we see this persistently stubborn, this was something that contributed extensively to the core inflation number that they are reacting to. neil: 3.2%, as expected. >> thanks for having me. neil: the impact of that with a prominent republican. patrick murphy, undersecretary of the army, patrick, to you first.
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they are telegraphing a harris when. is that a jump? if that's the case they are not happy. >> that is the case. she clearly beat him. she took it to him, shook his hand and said i am kamala harris, nice to meet you. i thought it laid out on the economy, we are tied to national security, we talked about this, highest rate of oil production in american history, highest rate of natural gas production, fracking in pennsylvania where i am from, that is the all above approach
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has worked for the american economy and national security, there was a clear contrast with donald trump. neil: let me write that down. >> i'm a fan of donald trump. neil: i know you are close friends, he botched it last night, took her bait and it killed him. >> i wish he had stuck to the economy. my biggest frustration, there was no discussion of the economy. two of the biggest financial issues, this is a financial show, is number one, $30 trillion national debt scheduled to go up $2 trillion a year, and it never came up,
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$5 trillion tax increase on investors. by my calculation if you put in place higher taxes on capital gains, dividends, who raised the corporate tax rate you probably see a 30 to 35% reduction in the value of stocks, one of the biggest meltdowns we've seen. neil: something did come up on that. this was one study that shows it will get $5 trillion in debt, that is the trump plan under the harris plan, it would be 1 to 2 trillion and it is not worth the paper it is printed on but what do you think of that? actually on either side. >> what's interesting is both candidates have records. what happened when kamala
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harris and biden came into office they took a trend on the debt which wasn't good to begin with. i won't depend what republicans did, they added $7 trillion, how could anybody say a trump is going to be worse than biden on the debt when already have a record. neil: he was worse than biden. >> he was much worse. the facts are the facts. i let you speak. let me tell you something. $8 trillion in debt, $8 trillion under donald trump's four years, 4 trillion in debt under biden's. neil: does it bug you, it's not a top line issue for a lot of folks. you are arguing the same coin, just different sides of it but the debt is a big issue, we got to pay for that. >> it should be a big issue and
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when we pay interest on this debt, rand paul yesterday on twitter said i'm not a fan of trump, he increased the debt and that the republican talking about donald trump before the debate. julie: real quick. let steve answer, let steve answer. >> you are never going to get back to prosperity by taxing the economy. >> raise taxes for four years. neil: let him speak. >> the only plan is to raise the debt by 5 trillion and there is not a single spending cut in that whole plan. not one reduction in spending. neil: i want to thank you both very much. you are real gentlemen and that is hard to find.
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it is not all that tension between the two presidential candidates at ground 0 today for a ceremony remembering 9/1123 years ago, shook hands and and all that, that was the scene earlier today but it is still a touchy convention between the two and talk of a debate that might not happen even though it was teased last night.
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neil: whoever committed this heinous act today, the just was not only to cause tremendous physical damage and obviously tremendous loss of life but also cut the financial capital of the world before. we have no word from morgan stanley dean witter, cantor fitzgerald, these huge institutions which play a vital role in world capital markets are not being heard from you always fear for the worst. >> we develop friendships for people who work in those towers many of whom i now fear are dead. neil: with all the pain and suffering going on this is a pretty good country. >> president bush urging americans to head back to work today and return to normal life.
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>> wall street is up and trading in the most hellish of environments is as yankee doodle dandy as you can get. >> our heroes will now open the marketplace. neil: september 17th, 2000, when the markets finally opened, they never opened, the attacks occurred in the morning, 23 years ago today. let's look at that and where we've come with one of my players on the street because he's a lot more than just the street as family members continue to name their loved ones who were lost in that tragic attack. peter, you remember that day well and sometimes we have to put in perspective not just what was financially lost that day but so many vital friends of both of ours and colleagues caught up in something senseless and brutal. what goes through your head?
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>> such a powerful day, not many people left on the floor who were around that day. my memory is vivid of the day i came out of the subway on george washington's statue, it was snowing, we got locked down in the exchange until 11:30 when we got evacuated by new york city police. i had a clerk back then, his father ran the desk set can't or fitzgerald and his father said we will be evacuated, we will go to the roof, they will come and get us, and never heard from him again. we heard from him. it's powerful day to be here. we lost so much but as we always talk about you haven't aged a day since 2001. the resilience of the human
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spirit could not be more evident on the floor of the exchange. we lost back is then. how much we gained and we are in the markets and the economy as a country. it is a superpowerful day. neil: tragedies in the moment have you thinking tragically. when it came to the markets, the multi year recession to come, when i look back at the day, 10,000 on the dow got as low as 7 something on the dow, look where we are today, 40,000 with the selloff today. i'm framing that in the fact that inexorably the law markets whether these things just like human beings. >> you were talking with
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charlie gasparino and other people, a spicy conversation you had going get for a minute but look at where we are today. need to look at where we were a year and change ago, we were at 9%. whoever is responsible you got to give kudos to this administration because we got from 9% down, in the eyes of all that's gone on, we had a banking crisis, 18 consecutive interest rate raises, now looking towards cutting them. with all that's going on globally, economically, still at 40 one thousand on the dow, 5600 on the s&p in the eyes of everything going on globally and economically still trading at record highs. all indices, we had more
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fragile weeks and a little selloff. i'm not clear where this is coming from. people's expectations about 50 basis points is a lingering problem but net net we've already taken back half of the losses we saw earlier today. the dow is off 350 but looking at the s&p, look at nvidia, these days for me are more opportunities, to reflect the economy is in worse shape than it was three weeks ago. has anything changed from a month ago when trading at record highs? i don't think so. neil: you said it more than i ever could.
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(man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is. (vo) the key to being rich is knowing what counts. neil: still a steep selloff for the dow, we were down 700 points, the nasdaq is in positive territory, could be the prospect of a quarterdeck
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and not half point hot, a lot of possibilities. hillary vaughan on capitol hill where they are trying to find out what happened to cause inflation to be a big issue hitting a 9% higher. that was then, different story but trying to get to the bottom of that. >> reporter: house democrats on high prices applauding biden and harris's economic policy saying this shows it is clear it is working. >> costs are high, canted tonight that but the fact is inflation with food is going down and we need to continue the trend. energy prices went down, great for the american family, not great enough yet but the right trajectory and need to keep going with this team. >> reporter: even though prices did not increase they are up
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from where they were before biden and harris took office. house republicans hearing from farmers and industry experts, an economist today pointing the blame at biden and harris's fueling inflation with their economic policies combined. >> how do we get to a place working mom is choosing between energy bills and rent as raking chair rogers mentioned. high prices, consequences of unsustainable spending and burdensome regulations on energy. >> new clean resources are the cheapest, affordable, interesting to me to subsidize to the tune of 3 trillion federal dollars if they are already cheapest. >> reporter: the biden/harris team is taking the inflation report as a sign their battle with high prices could soon be over. national economic council director saying in a statement
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today the inflation number shows they are turning the page on inflation. neil: coincidentally, mortgage rates are coming down in the latest period, rates move down to levels they have not seen since february 2023 with fixed rate averaging 6.29%. this trend continues. whether people are refinancing, mortgage applications, no. let's go to mike aubrey of berkshire hathaway, an expert in all things, lucky to have you. the trend is the friend for homebuyers, the cost of getting mortgage from homeowners, but not much movement in the
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housing arena itself. what's going on? >> we still remain in low inventory condition and that is keeping prices up. with rates coming down we have not normalized yet. say rates went down to a low handle. do you think we would not see a gangbusters, rates are down but at a 45 degree angle. more nuanced than it has been in a while. neil: what if prices keep going up? it will be more difficult for buyers to come in. >> exactly right. that's the conundrum of what is going on in real estate. we are seeing some pockets. florida, the dallas area in
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texas starting to move a little more toward buyers. in dc, new york not so much. what we really need is not only low rates but more inventory. we won't get that unless the builders are putting more product out there and that is not going to happen quickly but will take years to do and the alternative is home sellers, how do we get more home sellers in the marketplace. the boomers, 85% of boomers plan on keeping their houses and no more going to scottsdale or west palm beach retire in place. that makes it tough. the next two or three years will be interesting to watch. neil: i told my kids your mother and i are keeping everything. that is a shakeup.
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in all seriousness let me ask about that environment because i heard about homeowners many of whom have low rate mortgages they have to move somewhere to come out of their condos and they will face higher rates and don't want to. unless that math changes, nothing changes. >> knowing i was going to see you today the last thing i did was talked to my mortgage lender on my way to the studio. talk about what your refi business looks like and what he said to me is he's way up meaning it's not those people who cashed in on 3% rates we saw at the beginning of covid but people who have been buying in the last 18 months doing quick turnaround on refis so we are seeing something there and we are also starting to see people are back in the job market again.
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generation x and below likes to go where the money is an tend to be job hoppers. to that end everybody got a little scared during covid now we are seeing movement from that. i'm looking under every rock i can look under trying to find great inventory for us because that will really heal us. neil: very well said and well put. good seeing you again. in the meantime, which is more beneficial for kamala harris? the debate performance last night or a certain popstar saying she is all for her? right after that. ♪ ♪
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that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. neil: even republicans are saying it was a good debate for kamala harris but this might be the more telling develop and, it was good enough debate for taylor swift to say kamala harris is my candidate. i support her for president as i did joe biden.
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whether that tip to the election four years ago is anyone's guess but our rockstar bud you sack here to weigh in on that. that's a big endorsement. tens of millions of followers all over the world, some not old enough to vote but it will influence those older who are, by what she says and thinks. >> endorsements are overrated. i don't think the endorsement of dick or liz cheney will move the needle or change many votes, when you have 280 million instagram followers that moves the needle. federal reserve reports, with young voters it will make a big difference, trump is worried about it and her timing was interesting after the dba. neil: this message she sent out
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was prewritten assuming she, kamala harris would have a good debate, we don't know. we are old enough to remember the star power hillary clinton enjoyed in 2016, it didn't help her win. i am wondering whether there is a distinction of someone with taylor swift's fame and global reach. >> democrats have to be careful as far as cozying up to hollywood and other performers but i think taylor swift is in her own category, something the harris campaign loves and will be touting. a lot of these hollywood endorsements are whatever. this one is not whatever. neil: i wonder where you see the race. it's about trying to win over the other side voters and
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whether the debate did that. it caught donald trump off guard. whether you like him or her or vice versa, she was ready, he was not. she took the battle to him and he took the bait and therein lies what was a bad debate for her. now it becomes, should there be another debate? >> the details have to be ironed out, she laid the debate out. how many trump rallies has harris been to that she can say people are leaving out of boredom, that was completely false but it was a trump trick that played on trump and it worked. remember, everybody reacts to the week's news and the day's news trump over performed in 2016, over performed the polls in 2020. you can't count him out but he
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had a rough night and i expect her to get a bump. neil: i am wondering where it goes in this race particularly in battleground states. if it's a single debate and it is over i remember that time in 1980 when ronald reagan and jimmy carter had their debate it moved the needle. in retrospect it was moving to ronald reagan at that time but it didn't hurt that he presented himself as affable, in control, not the wild cowboy bomb throwing idiot they presented him to be. do you think the same worked in a reverse cents for kamala harris? >> i do. she had to be presidential, dodged a lot of questions. pressuring on the details, good at dodging, trump has got to say let's have not only one
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more debate but multiple debates, it was smart for her campaign to say let's have more the bait, you can't coast to 1600 pennsylvania avenue. you need to be aggressive and that's what she did and she will take him on again in the debate, that's a good move. trump has got to accept it really quickly. neil: the first time in six presidential debates am a this one at least, you are the expert here, he decisively lost. he might have made good presentations on where the economy was but it was all over the map. this is the first occasion where, not just a close call but sideways. >> the first 10 minutes he did okay, he was calm but as it went on he got more and more defensive, mentioning the cats and dogs, that's not good. this was his worst the bait. he did not have a good debate about and biden in 2020.
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this was his worst debate. he's got to rebound and if trump doesn't accept the debate he can't criticize her for not doing media interviews because he hasn't accepted her debate offer. that will happen soon. neil: thank you, good seeing you again. to my buddy craig, fox weather meteorologist following hurricane francine. all of a sudden this has become a monster. what's going on? >> i tell you what, the warm waters of the gulf of mexico have been fueling francine, category one at this hour, sustained winds at 90 miles an outcome against to 96 we have a category 2 storm on our storms. that's a possibly but the storm is starting to elongate. having said that it is getting bigger. it means more in the way of rain and winds but it is not a compact storm. it was compact and spinning fast, we would probably see a
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little more in the way of intensity. we wait to see if it becomes category 2 or not. we say prep for a grade above. if it is category one, prep for category 2. in new orleans we are in a bowl. a lot of it below sea level. the city has done a great job removing debris from storm trains, businesses open, no one has boarded anything up. they've been through these storms before. what we expect is 5 to 8 inches of rain. notice businesses behind me, the doors closed, they are closed for business but above that the crowds produce more in the way of rain. it could bring 12 inches of rain, some parts of the louisiana coast to mississippi and portions of alabama as it moves up into the interior locations adding lots of rain into tennessee and kentucky. what they have done is 1400 miles of pipes to get rid of
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this water so they are ready for it but they are surrounded by lake pontchartrain to the north, the mississippi to the south and the gulf of mexico. to the north, we are in a lower from the heavy rain, once we go into it this afternoon it will probably last a good 9 to 12 hours where we've gotten the rain and consistent wind. that does mean power outages. everyone is getting ready. fill the car with gas, when we lose electricity and power we can't -- getting water, getting food supplies, medication, taking care of pets, the neighbors, out here yesterday from newark to new orleans, the plane was a third full, talking to people on the plane, most of them were from new orleans or from the region saying they will come home, and help people out. the next 24 hours will be tricky and storm surge a big
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concern in lower lying areas. neil: we want to make sure you are safe. in new orleans, they could be getting a broadside hit from this monster. in the meantime we take a quick break, the dow down 259 points, well off of its lows of the day. stay with us. protect against rsv with arexvy. arexvy is a vaccine used to prevent lower respiratory disease from rsv in people 60 years and older. arexvy does not protect everyone and is not for those with severe allergic reactions to its ingredients. those with weakened immune systems may have a lower response to the vaccine. the most common side effects are injection site pain,
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fatigue, muscle pain, headache, and joint pain. arexvy is number one in rsv vaccine shots. rsv? make it arexvy. when you're in the military you're really close with your brothers and your sisters that are in the military with you. and when you get out of the military, you kind of lose that until you find a new family. we can talk about our struggles and the things that we did overseas and not everybody can do that. adam! how's it going, brother? we live pretty close to each other. so he's always coming over. when i go to jack's house, we watch a lot of football, hang out. we go outside the friendship has kind of grown into a family i was overseas on a deployment. i got separated from my marines and i got hit in the neck, and it broke my neck and paralyzed me. 14 years ago, i was on a training mission. did a military freefall, and i had some faulty equipment. ..
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i hit the ground. going, 30 to 40 knots and was instantly paralyzed. i met jack fanning when he invited us to park city, utah, through his foundation. i was able to actually get on the mountain and ski with my family, i can't put into words what that meant. i got paid in the military to do crazy fun stuff. and after my accident, i'm still that same guy. and when i was able to jump out of a perfectly good, helicopter, at 10,000 feet, i did it. i was talking to some vets last week amazing how we have these houses where they can come over because they■re in chairs too. carpet and wheelchairs don't mix very well. tunnel to towers, they got rid of all that. they redid my whole bathroom. that's probably the favorite part of my house. i thought they were just going to do the upgrades. but the surprise to me was they paid off the entire mortgage. when they told me they're going to pay off my mortgage, i cried.
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please contribute $11 a month by visiting t2t.org now can i have another pancake? from full house... ...to empty nest... ...to free birds. vanguard personal advisor can help you prepare for every chapter. we got this. that's the value of ownership.
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new projects means new project managers. you need to hire.
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i need indeed. indeed you do. when you sponsor a job on indeed, it's easier for talented candidates to find it. which makes it easier for you to hire them. visit indeed.com/hire vizsla silver has consolidated one of the largest high grade silver projects in the world in mexico. we've just released our pea and that's the first step to production. we're massively undervalued, with less than 9% of our known veins having been drilled so far. neil: the market isn't all debate centered. but milder than earlier, stocks, clean energy stocks, invesco doing just fine based on the leading presidential candidate. let's go to brian brenberg and "the big money show"

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