tv Varney Company FOX Business March 10, 2025 9:00am-10:01am EDT
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fire, this is when you have to take advantage of the chaos when it appears. great advice. >> i second that trump is looking long term in his interview with you maria in the market are looking very short-term there is turbulence, get over it. >> great point, he made the point to say china looks 100 years quarter by quarter, the absolutely do. >> elon musk is would be out with very couple tonight at 4:0g to the 2024 jal report improper payments, medicaid $50.3 billion in a year's that is one year improper payments only, there is so much there i want doge to dig into medicaid. >> we will see they need to dig in to the improper and fraud and waste and abuse to get doge to do the job. thank you everybody, great show liz peek, kenny polcari, cheryl
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casone have a great day. >> congratulations on a great interview and good morning to you, good morning, everyone and a groundbreaking interview on fox the president told maria the economy is in transition which could mean the pain of recession before we reach the golden age. he also said tariffs may go up. secretary lot in excess there is no chance of a recession. in canada mark carney a former central banker when the leadership of the republican party and will replace justin trudeau as minister, he says he will stand up to trump's tariffs that suggest there's no quick into that dispute. uncertainty hangs over the markets and investors do not like it the selling continues. look at this, the dow industrial premarket looking for a loss over 400-point s&p down 75 the nasdaq down within 300 points, that is the selloff. bitcoin back to 83200
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disappointment that the crypto summit didn't produce a plan to buy up a lot of bitcoin with the crypto strategic reserve. interest rates the tenure around four and a quarter% that's exactly where it is the two year below 4%, you're looking at 395. politics the president brought elon musk and secretary of state rubio together for dinner at mar-a-lago they reportedly had a falling out last week over who would take the lead in cutting government jobs. the new york times said trump settled the feud by raining musk and get press secretary levitt says there's no such feud. oversees high level meetings will start tomorrow in saudi arabia getting a cease-fire in ukraine pressure on zelenskyy may have brought him back to the table, president trump said about her to the iranian mullahs suggesting a nuke deal the iranian suggested it. on the show five years ago as of tomorrow march 11, covid-19 was declared a pandemic we look at
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what happened and what affects still linger. my opinion a public of policy failure. and today a national napping day, why today yesterday we lost an hour of sleep as we put the clocks forward we have a recommendation on how to not successfully, some of us are experts. monday march 10, 2025. "varney & company" is about to begin. ♪, here we go with the selloff on the market in the big thing this morning is uncertainty. you're starting out the week with a lot of red ink. listen to what president trump in the commerce secretary about the possibility of a recession. >> i hate to predict things like that. there is a period of transition because what were doing is very big. were bringing wealth back to america that is a big thing. there are always periods of it
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takes a little time. >> there's going to be no recession in america there's going to be global tariffs that will come down because president trump has said do what it charges one 100%, we will charge you one 100% you will see over the next two years the greatest set of growth coming from america i would never bet on recession, no chance. stuart: president trump is also teasing higher tariffs on canada and mexico if they fail to cooperate on his assault on fentanyl. listen to this. >> tariffs could go up as time goes by and they may go up and i don't know if it's predictability. >> that's not clarity. >> i think they say that, for years the big globalists have been ripping off the united states and taking money away from the united states. all were doing is getting some of the back. burgum intruder country fairly this country has been ripped off
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from every nation in the world every company outside in the world we're going to get a lot of the back were knocking to let people take advantage of us anymore. >> is also worth noting governor mark carney the new leader of the liberal party in canada putting him in line to replace justin trudeau prime minister, he says he will stand up to trump. the markets, look at them heading seriously south this morning down over 400 for the dow premarket, s&p down 81 that will be 1.4%. a bigger percentage for the nasdaq had 1.6% this is premarket, no idea how we will close today, david bahnsen joined me in new york city this morning, i think this is about uncertainty you agree. >> last week throughout the week there was a lot of uncertainty and now i'm starting to think it's not just uncertainty but actual pricing in a bad news the secretary lot nick in particular seems to be messaging not just
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negotiation or were getting into a deal but were here for a little malaise that we accept some pain i think that's problematic for markets. if we get more certainty there get a reverse course that would be good for markets but not on the table right now. stuart: do you think the tariffs could lead to a recession. >> they certainly could but is not just the tariffs at the tariffs surrounded by retaliatory tariffs surrounded by companies pulling back on their activity. that's the issue that were seen some companies don't know what to do that compresses economic activity. stuart: economy is definitely slowing we have the tariffs we can call it trade where whatever you like, inflation is not beaten, this is not a good environment for stocks at this moment. >> it is not, what's worse evaluations were so high in stocks going in southernmost grenoble that's why technology has not been so much more, the nasdaq has losses those of the dow and that's plated the market
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is there bad news but good news with tax reform. >> i'm optimistic on that but it's not a sure thing, stay there you're with me for the hour. trump issued a new warning to democrats. listen to this. they lost an election on the landside and talking about men plated women sports. when i looked the other night and beat a speech, the republicans are going wild and the democrats were having their little signs out little tiny signs is unbelievable that they don't get it now and i think they're going to end up being a minor party if they keep going like this. people don't want to hear about the stupid ideas that they have. charlie here joins me another guy on the right-hand side of the screen.
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the democrats don't seem to be able to mount a serious political challenge to the president, do you agree with that. >> i do agree and i think is exactly right, it's because of the issues they keep grabbing onto the silly issues the 8020 issues it was really funny when peter doocy asked him last week whether or not they would take up the effort to end daylight savings time trump said why would i do that that's a 50/50 issue. the reason he has all the 8020 issues it is absolutely destroying democrats on him whether talking about the border or the economy or men plated women sports. i see no evidence whatsoever the democrats have no intention to distance themselves from that and seriously run away from it. secondly i don't see the democrats have any kind of leader, trump or obama or anybody who can kind of stepping to a leadership position and lead them out of the wilderness.
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stuart: governor tim walz, he thinks he and harris may have plated to safe in the campaign to be trump. he says they should have rolled the dice and done more townhouse to give voters a chance to call them out, what do you say that. >> going back to your first question this is the problem right here. i could not disagree more with his analysis although it is kind of funny whenever you have a failed politician explaining their failure to win, the answer is always there was not enough of me and i would argue had the election had the campaign been longer had she actually started with a normal campaign would have instead of getting plopped in at the end of a rigged primary that was rigged for joe biden on the democratic primary,
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had that campaign been longer i think they would've lost worse, that was their problem, she did great out of the gate. everybody loved her, the press got behind her, her number shot up but the longer it went on and after she picked tim walz, the numbers cratered because every single day that more voters listen to them more in more, they like them less and less. donald trump didn't win the landslide based on everybody loving him as much as some of us love him he won because a lot of people that don't particularly like him listen to his arguments about the ideas, he's right about these ideas. despite not particularly liking him in a personal way they voted for him because they cared about the issues and, here's an tim walz are over there talking about the crazy stuff. stuart: the election was only
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four months ago doesn't seemed like four years ago how quickly we forget america could have had a harris walz presidency. i just seems like light years away. >> it sure does. if you don't wake up every day wondering about that what it would be like if they had gone differently i think it's an important thing to do. it's always good to start your day with gratitude but also when you have trump speed everything seems like light years. stuart: i don't think you need a nap even though today is national napping day. relax and stay wide awake. we will see you soon. congresswoman jasmine crockett says migrants across our borders illegally are not committing a crime. >> is not a criminal violation to enter the country illegally. it's not a criminal is not a
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crime. >> i know tom homan will be fired up about that. he will be here to respond a little later, president trump has embraced the plan for crypto reserve congressman byron donalds running to be governor of florida. he wants the same thing in the sunshine state, the congressman is next. leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management (♪) (♪) voltaren... for long lasting arthritis pain relief. (♪) they get it... they know how it works...
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joining us from the white house, take us through this. >> good morning, happy monday, the controversy stems from something last week when elon musk and multiple cabinet members and the president all met here at the white house. the cabinet members were upset how elon musk in the doge efforts urging the president terrain doge n. secretary of state marco rubio trump is denying there was any clash by elon musk said is eager to work with rubio who posted on x that me and elon musk just had good conversation my friend and colleague lucas tomlinson and tried to ask where things stand. >> you can see elon musk opened up his t-shirt right there but protest around the country here in washington democrats say the effort to cost waste while noble is not being carried out in the right way. >> when i was at the pentagon i
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can tell you places i would've cut if i had the power to do it but this willy-nilly approach makes us less safe. lawmakers from both parties as you mentioned are also worried about the potential cuts coming to the department of veterans affairs the va expected to lay off 15% of the workforce we heard from va secretary doug collins, he tells fox is only trained to ensure that va is focused on his core mission. >> a better question are we using our resources wisely and making sure our department is taking care of the veteran which is our only responsibility. some of the biggest concerns the va veteran under veterans themselves they could be cut off which are expected to happen few months from now. stuart: we have a very important program for everyone elon musk himself the man will be on "kudlow" today at 4:00 p.m. eastern you can see the full interview on fox business. take a look at bitcoin down this morning 827 is the price,
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president trump has a plan for strategic trip to reserve, congressman byron donalds wants to do exactly the same thing for the state of florida. he's here now, congressman byron donalds. what do you think of crypto reserve would do for the state of florida. >> it's great to be with you, i would be very clear on this what i'm proposing imported is a bitcoin reserve not just crypto as a lot of different currencies and a basket bitcoin is a holder of value over the long term. i remember back in 2015 when bitcoin was the noon each thing that was starting up you could've picked up a coin for $500 a coin now 82000 and the current level. it was at a hundred and over than that last year bitcoin is proven it can be similar to gold in the holder value over the long-term especially considering
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the fact that her current federal reserve system the dollar actually is diminished over time the way the federal reserve prints dollars because of congress reckless inability to control spending over the long-term. having a bitcoin reserve as a part of your portfolio actually helps to provide value for the state long-term. >> is a point of principle involved, why should the government support a particular asset class. you could have a national s&p 500 stock reserve and the government would be back in stocks. what you have is a crypto reserve so the government is backing the asset what happens if it goes down, no guarantee it'll go up. >> there's no guarantees and everything, there is a reason we also have strategic petroleum we do hold in the states portfolio a basket of securities and the pension fund in every state in the country a basket of securities to uphold the pension fund why do we do that, there's a generally held belief that
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securities over time will outstrip inflation and they will outstrip tax policy. it's an ability for people to increase their portfolio and anybody who has a 401k they put in a security there's no reason the state can bear that with the bitcoin reserve also add with you look at the wood over the last ten years without a doubt and included the u.s. dollar and the bitcoin will be able to stabilize itself over the long-term, last thing i will say, no new bitcoin that is going to be issued. it is a fixed amount, that in itself creates evaluation that could be very beneficial to the state of florida and the united states. >> last one before we move on would use for the taxpayer dollars to buy bitcoin for your your 40 reserve.
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>> that part remains to be seen it could be a portion of taxpayer dollars that we have a ready in surplus these are not new tax dollars going out as part of the surplus reserve that we already have. it could be a portion of what we do with respect to the investments that we make going forward when it comes to pension. at the end of the day is florida going to have the residual asset value for potentially in the future and being issues with federal spending there to be limitations in the next governor it will be my duty in the states balance sheet. >> only one minute, is it a big question are we going to get a government shutdown friday the cr on the table is going to pass overwhelmingly and we get back to the budget reconciliation and were getting get the president's agenda done and is a stopgap and a pathway to achieving that.
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stuart: byron donalds' always a pleasure, thank you for joining us we appreciate it. david bahnsen with me now i know what this guy thinks about crypto, let me ask you this question. you don't support strategic crypto reserve at all ever. >> of course not it's not because i'm not a bitcoin enthusiast. by the way i support the congressman and his government race he is a fine elected conservative but those arguments, just because something has limited access, a fixed number doesn't give us a value, there's nobody hunter biden paintings does not make them more valuable it has to be rare and useful and volatility it's come down 70% three times in the last ten years. when he's talking about 401k analogy those are used for future liability, assets that you use for future spending he's talking about reserve fund for the state to hold in the federal
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government, they don't have a positive net worth they have $36 trillion of debt. if they get extra money instead of buying bitcoin, go pay down the debt. stuart: we know how you feel. >> i'm holding back right now. david, stay there another half hour, check features, the red ink remains, the opening bell is next. ♪ (fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) how so? (fisher investments) we're a fiduciary, obligated to act in our client'' best interest. (fisher investments) so we don't sell any commission-based products. (other money manager) then how do you make money? (fisher investments) we have a simple management fee, structured so we do better when our clients do better. (other money manager) your clients really come first then, huh? fisher investments: yes. we make them a top priority,
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stuart: check features, the red ink is still there down 500 on the dow, almost 350 on the nasdaq. a big fella, keith fitz-gerald joining me, uncertainty rules the market, that's my opinion at this moment, you tell us how you play the market? >> i agree number one, number two this is never comfortable, number three this is a time where we decide if you're an investor or a speculator. if your speculator yet to be in fat city if you're an investor focus on quality particularly dividends. stuart: when you see the uncertainty ending. >> that is a tough call i've seen numbers as low as 5500 on the s&p 500 if we don't what the
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57 or 5800 now it's going to end when the uncertainty gets off the table and tariff narrative is a bad or good until this result traders are good to be what they do best which is create the volatility. why do you like chevron. >> dinosaur juice will be with us for a long time is a very dependable and if you need it. so for me it's a very simple equation into david's element yet to preserve value. what did you call oil dinosaur juice. you like chevron you also like walmart why. the same thing applies, only slightly different the consumers are still strapped you're talking about a company that is
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going on the hunt against amazon and high returns to scale to the digital, brand loyalty every dollar goes further at the store. i think that's good for something and same thing long dividend history, growing the dividends it's good to be a good place to hide out. you're growing towards david bahnsen the dividend i. >> i don't know if it's sharp if it's on this point it's a good track record, he said that contradictorily. it's good to see a smile on your face on a day like this, who knows where the selling is going to in today. we shall see. transfer your attention to the big board and the nasdaq. they are clapping and cheering we can work on the downside big time, there's the bell ten seconds before trading actually begins on a monday morning
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trading has begun negative for the year with this calendar year 2025, now the dow is 500 points, 1.1%, let's have a look at the s&p let's look at the protect into percentage drop the s&p is down 1.46% significant loss, the nasdaq composite, pretty much the same story under a bigger box, down 2% there 17.8 is a level for the nasdaq that's where the money is and that's where it's coming out of today apple is down $3, microsoft is eight apple but google, 3.2 percent as well, serious losses there, and minister with tesla, good morning they wiped out the
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postelection, there down trading to the lowest of november 5 the election that they fallen for seven straight weeks with some fundamentals declining vehicle sales all around europe and china and a lot of analysts are looking at the fully self driving competition in china and seen tesla not falling behind but there is a lot of competition there. elon musk is not popular in many circles, a lot of investors think you should spend more time on his companies then chopping the government bureaucracy. , moving onto bitcoin. what's the latest quote 828 what's the story. >> this is your classic risk off trade with the big declines the
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equity market and it continues in bitcoin to despite the hype around the preserve of the stockpile on the risk off day it's in selloff mode. wait a minute are you going to comment. >> i thought it was a store of value, the nasdaq. >> i'm not going to engage in that debate, there is a risk off and that's how it treats risk on risk off. >> crypto plays across-the-board big time top chipmakers like nvidia, broad, it went up on friday and they lost the gains. why. >> we know trouble meet with the heads of the big chipmakers today to talk a lot about tariffs from hp, intel, ibm and qualcomm with the tear conversation, what is on showing a near shoring story, how much of these companies going to be talking to the president about how much tariffs may or may not impact them. >> apple says that some aic
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re-teachers may be delayed in the stock is down 2.6%. what is the problem. >> great question they are delay after delay when it comes to a.i. some of the a.i. related apps when it comes to siri they're not ruling out just yet a lot of this is around customization and personalization of siri and how it's able to work in and across different apps. apple not giving a reason for saying it's taking us longer than expected to put this out with siri more conversational and they're trying to integrate it with openai chat gpt. again i think concerns about apple in terms of the race to a.i. if apple is one of the slower movers. >> you would love to see apple pay more out in dividends to its shelves when you. >> i sure would sit with the shareholders they obviously have the free cash flow to do it i really wish they would but they fought this for a long time.
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stuart: you think it would make a difference to the stock if they said we would shop more out. >> absolutely in a significant way. doordash there going to join the s&p 500 so that only god wouldn't have%. when are they joining. >> all effective march 24, mark your calendar, they're not going to be a group of other fine companies that are joining as well as williams-sonoma, wwe parent tko group holdings and not gas producer expand energy those for our replacing other smaller companies that are being booted out of the s&p 500, warner teleflex, celanese and fmc the first four names going and maybe a little bit more well-known at this moment. >> the mortgage company rocket agreed to buy out the real estate brokerage redfin. we gotta be talking about a money. redfin is up 72% it's almost a $10 stock and they said they want to buy out 1250 a share puts evaluation of the deal at $1.75 billion it's a 63% premium
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to the closing price that you had on friday. you're getting a huge bump up in the rally today. rocket said that redfin's models on how they model all of this stuff is going to be a good place for how rocket can determine whether customer is serious about purchasing and closing in on a home and a seamless operation between the two. stuart: why are you laughing david bahnsen. >> was seen as so many times were the mortgage market so bad for so long then you start seeing one company by another entity there done late in the cycle or early in the cycle. it's very interesting it's funny the déjà vu i've seen this three different times in my 25 year professional career. you only been at the 25 years. >> it feels a lot longer. novo nordisk has released the trial results of the next generation weight loss drug. it didn't do too well. >> missing expectations that were high they said the new generation diabetes drug only
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had a weight loss of 15.7% patients and 68 weeks, they had previously forecasted they wanted to see a 25% weight loss a similar drug trial that was completed in december showed patients lost 22.7% of their weight. missing expectations in terms of the% of the weight that was lost. we'll see you later on "the big money show" at 12 noon. david has brought his dividend pics with him, brookfield infrastructure. >> i'm looking at a couple of names that are down but not down because everyone's worried about tariffs you into repricing with good value that i'm excited about for the future. a big for now% dividend yield in their making all kinds of infrastructure assets that we need a lot of free cash flow, this is a great store of value. it pays for now percent. >> right now and growing every year. you brought this before, what are they doing and how much do they pay.
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>> investment bank with the only does advisory a lot of mna and i believe the trump administration will be good about financial deregulation a lot of private equity firms need to buy and sell this year and they're one of the leading investment bankers and those types of deals. again afford have% yield that is growing every year they pay one 100% of earnings in dividends. at times like this dividend plays very important. >> are up 5% on the year the dividend portfolio in the market is down over 5%. >> audit, becoming a president trump opening up about the issue he has with ukraine's president zelenskyy. >> he is a smart guy. he is a tough guy. he took money out of this country under biden like candy from a baby. i don't think he's grateful. >> clearly is a strange relationship we have news on this special envoy steve wycoff says he is helping with the minerals deal with ukraine this
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♪ that's convenience from chase. make more of what's yours. stop bring stuart: into the trading session this monday morning and we have sharp selling. at this moment the dow is down .8% it was down a bit more than a couple minutes ago the nasdaq is down almost 2% the serious selloff that affirmative justice opening investigation into the price of eggs madison alworth joining me from the restaurant in new york city. how is the restaurant dealing with a crisis. >> they are increasing prices take a look at the sign right
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here they said because of the fluctuation in a crisis they are adding a surcharge of a dollar 50 for every exam which an omelette we have some of them bacon egg and cheese which is a new yorker is favorite breakfast this is going to cost you $10.45. you understand when you look at the egg prices. take a look what you're talking about in december a dozen eggs cost you around $4. at last check you're paying over $7 for the same dozen of eggs we went out and talk to new yorkers about how they feel about the increases in egg prices and what they're doing but because every breakfast food has eggs in them they don't feel like they have any options. take a listen. >> a simple breakfast for the prices were used to pay. >> up i notice his images more expensive i will skip on a coffee, getting a breakfast image for an extra dollar i'm loving it, what can you do.
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>> what can you do, the u.s. government is trying to do some stuff as you mentioned off the top the justice department is now opening investigation looking into whether major producers are violating antitrust laws by sharing information about supply and pricing conspiring to keep prices high. the american egg board says that they lost 70 million chickens to this virus sent january of 2024 this is an issue of supply and demand. >> with 24 consecutive months of record high demand. when you have supply that is impacted that is very, very tight in your record high demand and what you get is high prices. assuming or reading everything else into the fax is just a simple misread of the reality of the situation. real quick another way if if they're willing to export the
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play. and a day and a half economist say a billion eggs on the market to make a difference. until then your bacon egg and cheese is going to cost a bit more. stuart: payout, that's the way it is will get back to you in a later on. listen to what president trump had to say about a recession. >> i hate to predict things like that. there is a period of transition because what were doing is very big were bringing wealth back to america. that is a big thing. there are always periods it takes a little time but i think it should be great. i think it should be great. >> economist stephen moore joining us now. our tariffs worth the risk of a recession. i ask because i know you are not a tariff guy. >> i am not. although i understand trump is a great negotiator and i think the
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idea recent will tariffs that could work, here's my frustration right now. we are seeing a blizzard about news on the economy in the last week or two is unsettling for sure. 90% of what donald trump wants to do on the economy is very positive the tax cuts, drill baby drill, you just are david bahnsen talking about the value of financial market dereg deregulation. all of these things are so bullish for the market and yet all were hearing unfortunately in the last ten days to two weeks from the white house stressing the tariff agenda. markets do not like tariffs, you know that. i think the messaging is wrong right now and i think the sequencing is wrong. in other words what i think the white house should be doing right now is selling the tax cuts, why this is so critical in the economy that we don't see a 4 trillion-dollar tax increase next year why it's so valuable
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to have a 15% business tax rate, that should be the message. once we get that done then you can shift to the tariff message, the problem is trump is even acknowledging the tariffs are short-term pain for long-term gain. we don't need short-term pain right now. we need to get the economy back moving again right now in the stock market as well. one other quick thing. if you look at something called the bloomberg tariff uncertainty measure it is off the charts. in other words wall street is having a hard time figuring out what they will have tariffs the next delay them and the uncertainty is bad for markets. stuart: that's what we have right now. thank you very much indeed, good to see you. thank you. coming up wall street is selling off now but if trump it's a win on tariffs and taxes the uncertainty selloff becomes another term probably. that is my opinion and my ticket the top of our. do you remember this a test
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flight going at supersonic speed but without the sonic boom now the ceo of boom supersonic, that the company he is in d.c. to convince the administration to legalize supersonic flight. i did not know it was illegal to go supersonic. the ceo joins us next. ♪ (background sounds) investment opportunities are everywhere you turn. do you charge forward? (background sounds) freeze in your tracks? (♪) or, let curiosity light the way. (♪) at t. rowe price, we're asking smart questions about opportunities like ai. and how the industries born to support ai might better support us all. better questions.
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the ceo of boom supersonic is in washington today is pushing to legalize supersonic flights for commercial use, he joins me now. great to have you on the show. i gotta tell you i did not know supersonic travel was illegal and to break the sound barrier is really to say 1970 through put in place the worst regulation. over the u.s. what they shall say thou shall not make bad noises. that's why it's bad. you're in d.c. you're asking administration how to make it
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legal potatoes who do you see the end administration transportation secretary sean duffy? >> i think one of the great things about supersonic something everybody can get behind recent strong bipartisan support and the president can choose to do it tomorrow by executive order in the faa can do by rulemaking and congress can do it by passing a bill. >> if they did that made it legal how soon will you have a supersonic commercial jet line in the air? >> within four years, it's really exciting, the technology is ready we can do it without any sonic boom, we can do 75% more affordably than concorde we can do it the american way we can do this with 50 years. and with the united states. supersonic carolinas every year, everybody wants to play supersonic. we can get this incredible capability to passengers.
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>> if you fly for example from new york to california it takes five or six hours now if you can do that in four hours you would still have a boom sound all customer when you. >> it's better than not it's three to half hours no audible sonic boom we have proven that with her test airplane a few weeks ago over the mojave desert lifeline at the right speed at the right altitude we can do something the scientist called mark, flying with the sonic boom makes a u-turn and atmosphere and it never touches the ground that means anybody can buy a ticket green half hours "coast to coast" nobody in the ground is bothered. >> i'm glad you're on the show i would like to fly on the plane read when you get in the air and bite me. thank you for being with us we will see you soon thank you. >> one more check of the market were down 450 on the nasdaq.
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thank you very much for being with us for the hour i do appreciate it what we have in front of us, still ahead orders are tom homan on dhs running out of funds to carry out deportation, montana attorney general wants to ban china's deep-sea from all u.s. government devices. california congressman darrell issa on iran refusing to negotiate with president trump on a possible nuclear deal, now what, joe concha reacts to the media telling elon musk to get out of the government affairs and focus on his businesses. 10:00 o'clock hour next. ♪
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