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tv   Varney Company  FOX Business  July 13, 2021 9:00am-12:00pm EDT

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oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! maria: thank you to ryan pain and lee carter. have a wonderful day and thank you for watching. see you tomorrow same time same place. "varney and company" begins right now. stuart: inflation running hot, profits very strong, blockbuster numbers this morning, this is what wall street has been waiting for. let's deal with inflation. at the consumer level prices are rising at an annual rate of 5.4%. this is the inflation you and i feel in our daily lives and those price hikes are running hot.
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the federal reserve think this inflation is transitory. investors not so sure about that. look at the yield on the 10 year treasury moving up to one.37%. that is an inflation indicator. let's deal with the profit situation coming in strong at jpmorgan, $3 trillion under management and they took in $30 billion in 3 months. the stock already of 20% this calendar year, down just a fraction this morning after that runoff. goldman sachs the same story, very strong profits. they made a lot of money in the booming ipo market. these two banks started the earnings reporting season and so far it is off to a good start. as for the market reacting to all of this the dow industrials going to open down may be 100 points. that is a reaction to the inflation numbers. the s&p down, the nasdaq also down. i suspect this is a reaction to the inflation numbers and to the profit numbers.
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political farce. in texas. how else do you describe it? excuse me. democrat legislators loaded into a couple of private jets and fled the state to stop republicans passing voter reform legislation. they were all smiles as you can see but they say they are sacrificing their personal lives for the sake of voter rights. president biden addresses that issue later today. demonstrations in cuba, president biden says he supports the protests. his press secretary says they are the result of economic mismanagement, not a word about the abject failure of 60 years of communism. a very big day. we will cover it all. money and politics. that is what we do. july the thirteenth is thursday all day, 2021. "varney and company" is about to begin.
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♪♪ tell me something good ♪♪ stuart: good news on inflation surging at the consumer level in june. the consumer price index up 5.4% from one year ago, the biggest jump since before the financial crisis all those years ago. lauren simonetti, dig into the numbers. >> used car prices up 10% in june from may. airfare up 7%, energy up 0.8%, clothing of 0.7%. inflation is here. the monthly and annual increases of the highest since summer of 2008. is this real or part of the rebound? what is the market reaction to
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it? on corporate balance sheets came up in earnings. stuart: those numbers are from june compared to may. >> you want the annual numbers for gasoline, 45%, used cars up 25%, appliances up 14% in one year's time but it is transitory. stuart: we need any economists. the fed says this inflation is transitory, going to go away. is it? >> it will go away. something very important, regardless what the fed thinks or the markets respond, the hard reality is in the month of june that 5.4% year-to-year
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increase by the cpi was significantly greater than the 3.6% year-to-year increase by the average wage. in other words inflation is now running so hot that the purchasing power is shrinking. stuart: will this 5% increase in prices year-over-year continue into august, september, and october, and november? if it is not transitory is it sticking around through the summer? >> it will hang in here, we had a survey from the nfib and they claim 47% of respondents, since january of 1981, rapid
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inflation, i don't think it is about to disappear in 2021 unless we have drastic decline in business activity. stuart: this is inflation at the consumer level. this is price hikes everybody feels, at the grocery store, the gas station, we feel this inflation. that is why it has a bigger impact. >> economists will be proven guilty, this latest rise in inflation, lower-than-expected consumer spending is the actual purchase of goods and services taking out prices and that will come up. the consensus says real consumer spending is going to
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grow by 6%, i don't think it will happen. we will be lucky to get 3% growth in the third quarter for real consumer spending. stuart: we will leave it at that. thanks for being here, appreciate it. we will deal with it throughout the 3 hour show. let's turn to profits. goldman sachs and jpmorgan reported second-quarter profit, they call it earnings but i like the word profit. you have the headlines. >> let's start with jpmorgan, profits more than doubled, freed up $3 billion they had set aside for pandemic related loan defaults. they freed that up. revenue rose to $31 billion. strong m and a, dealmaking but less trading. customers increased spending on debit and credit cards by 51%. we are back at pre-pandemic levels and corporate clients have an increased spending yet. they haven't taken out loans. you need that for the full
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recovery for the banks. goldman sachs, $15.39 billion, the trading revenue is light. fees make the difference. training revenue down 3.2% but fees up 36%. that is how they circle that. stock is up higher, goldman is up. stuart: that is the big winner at the moment, goldman sachs. let's bring in mike murphy who covers the market on a daily basis. blowout earnings from those two banks, those spectacular earnings are built into the market already, are they not? >> you see goldman sachs up 45% you today, jpmorgan up 25% year-to-date, great reports from each of these companies but stock price anticipating them, that is why you see a
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muted reaction. stuart: you have to keep going with terrific earnings before you see big-name stocks keep going up. >> let's differentiate. it is right for the big banks, unless they have a way to innovate, we see a lot of them and a activities but is there enough rope to expand the multiples, to hit fresh new all time highs, we see big bounces on earnings because there's not enough to tell a new growth story. it comes from both of these banks to acquire private companies because that is where the real disruption is. if this is as good as it gets i would stay away from them but to acquire some real growth, some real disruptive businesses then there is more upside.
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stuart: big tech surely have to come in with absolutely fantastic numbers to justify their current stock price and has the better than that to move higher. >> look at last quarter, look at the last 5 years. with very few exceptions big tech has innovated, big tech has found new ways to make more money to have stronger quarterly earnings to support stocks as they go higher. big tech continues to innovate, that is where you want to put a new dollars work even though you are paying historically high prices because on a continual basis they come out with earnings, apple, google, earnings reports that are
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supporting the current stock price in newer highs, big tech is the place to be. stuart: you have been right for 10 years. i hope you are right again. i am having a coughing fit but i'm okay, i will continue the program. let me get out of this by turning it over to lauren who has the latest on pepsi. >> pepsi race for your earnings forecasts because people are going to the theaters, bars and stadiums, north american beverage sales up 24%. overall sales of 20% to just about $1922 billion. people are going to go out and gout, not going to stock up the pantry as much, frito-lay snacks 7% increase and stock if it opens here, totally
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different story, they cut full-year earnings forecasts because sugar, meat and soy cost more, inexpensive to shift healthy choice and duncan hines cake mixes and slim jim so that is your inflation down 3 and one third. stuart: you got me out of my coughing fit. futures on the down side, the dow off 75, nasdaq 40. instead of showing up work texas democrat topped on private jets maskless and fled to washington dc to block a republican voting bill. the left calls it an act of bravery but governor greg abbott called them quitters will be arrested when they return. the majority of democrats want to spend $3 trillion on a new bill but not senator bernie sanders. he wants to go as big as we can, he wants $6 trillion.
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stuart: to be on the beach, carolina beach in north carolina, 82 degrees. there is some red ink, nasdaq down 30. president biden and senator sanders met to discuss the infrastructure deal but sanders wants a package with a much
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bigger price tag. >> are you one board with that? >> we are fighting right now, we are in the midst of serious discussion. i introduced a proposal for $6 trillion as robust as it can be and quite frankly a strong majority of members of the democratic caucus want to go as big as we can. stuart: senator rob portman from ohio, you want bipartisan infrastructure deal, you are part of that. can you say bernie sanders will not? >> i hope not on separate tracks and the bipartisan process, that is about real core infrastructure with no
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taxes. donald trump signed the 2017 tax, that is the bipartisan proposal that is 500 over the next five years the reconciliation package by democrats and american families plan is what senator sanders is talking about, a lot of tax increases if they get their way and see what the number is, this one $3 trillion but all of that is more spending which helps on the supply side to build more bridges and roads and so on. he's talking about more social spending which put more pressure on inflation. after the numbers that came out today i hope they are not successful because it increases legislation. stuart: the way i see it right
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now, your bipartisan bill has a much greater chance of getting through in its entirety than the reconciliation deal proposed by senator sanders. do you see it that way? >> i hope so. the differences we have to get 60 votes where they can do there's with a special procedure for budget items and for us to get 60 is a bigger left. i hope no republican would support that because it will hurt the economy, working families all over america because when you increase taxes you increase taxes on people and the congressional budget office tells us 70% of the tax cuts and tax increases go to workers wages and benefits. i hope no republican will supported. they've got to get all
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democrats and they are a little skeptical about the level of spending and the level of tax increases. stuart: hold on for a second to lauren who has news from senator sanders. >> he was asked by peter doocy if he supported some of cuba's communist policies. watch what he said. >> during the campaign you said it is unfair to say everything is bad in cuba. you still share that sentiment. >> throughout latin america and cuba and every place else, for a decent economy and political freedom. >> the answer wasn't limited to cuba or anywhere else and aoc notably silent to these rare protests by the people in cuba because they need food,
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security and struggling with the pandemic. stuart: could you come back to this? should we intervene in cuba and how should we do it? >> this is historic. not since the 1950s, these people are brave, being harassed and mistreated because of demonstrating and speak out about what is found in cuba. there is an opportunity for america to support those taking to the streets and it is about the economy and food and security and so on and politics because they are saying we want freedom and you hear that in these protests as well. stuart: always appreciate it. the mayor of miami, francis
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suarez, will join us, calling on the us to intervene in cuba. i will ask what kind of intervention he is talking about. before we start trading down across the board but not by much. ♪♪ that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange.
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stuart: futures show minor declines for all 3 averages. ray wong is with us. let's talk big tech earnings. in my opinion they've got to be fantastic to justify the current high stock prices of these big tech companies. tell us how good their earnings will be. two weeks but i think it will be tremendous depending on what you are looking at. off the bed and amazon, what they are seeing is strong cloud growth, a lot of activity in the cloud computing segment, amazon continues to add workers, 100,000 workers and
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military families over the next 3 months and also you are seeing growth on facebook which people weren't expecting in the post pandemic return. apple is interesting because what we are seeing on the apple side is strong growth for the mac lineup and we are in refresh for the iphones and the service business is good as well. stuart: are the earnings going to be so strong for big tech to move higher than where they are now? >> earnings will be strong and not just the consequence of last year but of 2019 you will see that continue to grow but the other factor which is the contrarian view on regulation is what regulation will do is make it impossible for any big tech company to merge so the restrictions and regulations that are about to come will make it harder for anybody so these folks will be in that position for some time.
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stuart: microsoft, amazon, facebook, google and apple, good buying opportunities now? is that right? >> amazon and google are the two, facebook i would be hesitant going forward but apple has room to grow on the services side so microsoft made an acquisition for 500 million for their new security offering and microsoft is continuing to grow their cloud business. stuart: any of them really disappointed or don't come through with blockbuster earnings do they tank? >> we rotated out of inflation trade, people are not betting on the cryptos, it still the
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engine of growth despite regulatory pressures and advancements, if you look at 30% or 40% growth rates, right now if you look at sector wise there is nothing but big tech. stuart: one of these days we will move away from big tech but we will see you again soon and check the big tech earnings. the bell is ringing and in 3 seconds we start trading expecting minor losses across the board and here we go. we are down 40 points, 34,900. we are close at 35,000 level on the dow and that is where we have opened, just a fraction. the s&p 500 hit a series of records, backing up a fraction this morning down one.3%. the nasdaq composite, hardly
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major losses, goldman sachs and jpmorgan, goldman the seller earnings report, a very good earnings report but down in the early going. all of them down except microsoft, 277-66, the rest of them are down. virgin galactic is down again another to quit -- below $40 a share because they are going to sell an extra $500 million worth of stock diluting existing stockholders, they don't like it. tesla on the upside, elon musk defendant his $3 billion for city deal in port yesterday. the airport says it is not what he said about that but got everybody going but what did he say about tesla? >> he was asked if he controls the tesla transaction because of his deep commitment to tesla
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as its ceo. his answer, i rather hate it and would much prefer to spend my time on design and engineering which is what i like doing. the ceo of tesla hates being ceo. it is up for the stock day and up one%. blunt and honest statements. it is a managerial headache and get his hands dirty and design. stuart: it is what he is treat tweeting about dogecoin. boeing down again 2%, stock is off, the delivery target for the dream liner has been cut. the faa found manufacturing issues on the nose of undelivered dream liners.
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the deficit is not posing a safety risk but it is another delay and boeing is back $5. this could be a big deal, mastercard and verizon, on 5g contactless payments for consumers and businesses. it is a big deal. >> disrupt spending of turns your wearable into a cash register. it really helps small businesses, small retailers compete with large players when it comes to doing everything fast and seamless. stuart: they are applying 5g to pay for things like washing my phone again. neither one of us where one. stuart: look at the dow winners, the dow is off 50. amgen is there. the s&p 500 with us.
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electronic arts, pepsi, one.2%. nasdaq winners, electronic arts, pepsi, activevision up again and amgen on that, disney raising the monthly price of its espn subscription. i will call that inflation. >> the final cost is $7 a month, 70 a year. the reason, espn just inked a slew of sports to bring in new content, archival content. espn live streaming activity on all the courts, full replays. stuart: i enjoy watching. >> disney plus will go up too. after 4 and a half minutes with the business down 36 points. the treasury is significant, one.34%.
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it went up when we got strong inflation numbers. now that yield has come back to one.34%. the price of oil $74, more interesting the price of gasoline. the national average is $3.17 per gallon, if you live in california regular still averages $4.31. stuart: check the price of gold, inflation numbers helped gold up $6, $18.12 an ounce. we are now 35 into the show and this is the first time we mentioned bitcoin or ethereum. >> there hasn't been much volatility. stuart: trading volume is down. >> the coin base, prices have come down but investors got a little scared when china cracked down on the mining and
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many people playing with 64, 65,$000 and some of those guys got burnt. bitcoin has been at that level for weeks. stuart: it was before i went on vacation and there it is. i had no impact on bitcoin's market. thanks. the message is loud and clear from burger king workers. they all quit, the kitchen was understaffed, they have to work 50 to 60 hour weeks, workweeks that is. we've got that story for you. i am seeing inflation everywhere i go. the problem is so bad some supermarkets are stockpiling on goods. we will talk to the ceo after this. ♪♪
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stuart: upbeat music to get us going. phoenix, arizona it will reach 105 degrees later today. what is this about supermarkets stockpiling goods because of inflation and maybe causing inflation? what is that about? lydia is in yonkers, new york, what is the connection between inflation and stockpiling? >> reporter: the connection is if grocery stores think prices will continue to go up they might try to stockpile or to buy extra goods to get the best price before the prices further increase. we are getting insight from the
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man himself, the ceo, stew leonard. thank you for joining us. >> hello, stuart, how are you doing? >> reporter: shout out to stuart varney. grocery prices are going up. how are you seeing those prices going up at your store and how are customers reacting? >> you can see over here abide stakes. he would never see those over $10 a pound. we are seeing them come down, $80.99, we are seeing relief in the meat prices, lobsters really high also. that is driving some of these numbers up. milk, eggs and butter, all the staples. >> reporter: stuart, you told me you were absorbing the prices to protect your consumers from this but also stockpiling certain goods like wine and cheese is. why are you stockpiling? >> we are getting them from europe and trying to get ahead of the curve, get as many
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lobster tails as we can and put them in the freezer. we are seeing cheeses, wine, wants to get them in-house. our warehouses are loaded. >> reporter: your biggest tip to your customers as we see grocery prices go up, how can they protect themselves? >> buy on sale. everyone has sales going on all the time. bring those items home and freeze them. >> thank you for being here, stuart varney, a lot of eyes on grocery prices. 7 out of 10 people say this is financial hardship. we appreciate the insight. >> they are telling me how happy they are they won the game over this. stuart: he had to get that in stuart: i went into when i
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first arrived here 48 years ago. it. me away and that is a fact. thank him for me. a good man. moving on. larry kudlow is with us listening to my stories about my early days in america. i want to talk about inflation. 5.4% at the consumer level. the fed says it is transitory. do you believe that? >> i am not sure. how is that for a complete catch because in all seriousness what interests me is the market price indicators, markets are smart, they have only available information. they are not showing
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information concern or panic that a lot of analysts are and the treasury market the inflation protected market, the breakeven running under 2% which is an increase, no question, there's a slight rise over the next five years but it is a small increase, the bond market, the 10 year trading under one.5%, no big problems there. the dollar exchange rate itself, inflation would wreck the dollar or crashing dollar would cause inflation. it has been steady as a rock. gold prices also have been fluctuating in a narrow range. i see the data, a lot of this is a faster recovery going back
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to the vaccinations, back to trump's operation warp speed if you ask me. long-term inflation, not quite there yet. stuart: let me explain why i feel the way i feel, i feel this way because we are plowing money by the trillions into this economy. a great experiment because i don't think we've ever done this on this scale before. i don't see how inflation can calm down when you are piling in trillions and trillions and trillions of dollars into the economy on a yearly basis. >> one definition, gets us to the fed, the fed is a weird story, $120 billion in assets,
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mortgage backs, they shouldn't be by mortgage-backed bonds, that is $40 billion in my book, and and the fed knows it is too much money, and it accumulates like they're offsetting. putting in permanent reserves and mitigating it by taking temporary reserves. that tells me they have a guilt complex and that tells me they have to taper down. one problem is gasoline prices, that's not a function of the fed but of the biden administration stopping
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production of new oil and gas, they ended and warren alaska, here's the hypocritical thing, our gas producers are being told green new deal, don't drill and having a chilling effect on drilling, only doing 11 million barrels a day, used to be 13 million. having said that, they are saying to opec, saudis and russia you go ahead and drill oil and put more oil supply on the market and the us could be the swing producer, we could cut gasoline if the bidens would let us do that. that is bad policy. stuart: don't hold your breath on the biden administration reversing. 4:00 this afternoon, at 4:00 pm eastern, larry kudlow talking about inflation today.
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here's what is coming up on the show. he's not getting vaccinated before he heads to compete in tokyo, the gold-medal favorite, why did he say no to the jab? he's on the show at the 11:00 hour. pfizer officials say they need more data to decide whether booster shots are necessary. todd siegel is here to straighten it out for us next. ♪ ♪ ♪ ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪
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golo helps with insulin resistance, getting rid of sugar cravings, helps control stress, and emotional eating, and losing weight. go to and see how golo can change your life. that's >> the debate over booster shots growing, fisa working on a booster, a third jab was needed. dock siegel is with us. will we need a booster? >> at pfizer pushing this, why is pfizer flatter going down a little when they produced this incredible vaccine? i am scratching my head on that
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in use at the same but pushing a booster shot, looks like it might have an ulterior motive. don't want good too far into the conspiracy but here's the point. by constantly talking about boosters they send a message maybe your vaccine isn't working as much as you thought it and that is wrong, the data is showing these vaccines keep you out of the hospital, keep you from dying even with the delta variant and at worst you will get a very mild or a systematic case. that is the focus pfizer should have, getting people who haven't had the vaccine yet to get it. this is very premature and i'm not sure what motivates it but in very high risk groups they think there might be a fall off to some extent in the immunity. in israel. they were very premature to go to this. stuart: very bad news if people think you have to have an annual booster like a shot. that's not a good case to make. i want to turn our attention to moderna which will start studying the vaccine for
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pregnant women, women will be studied over a 21 month period. what is your take on vaccines for women while pregnant? >> moderna's stock price is up a little bit. pfizer did study this in january. i didn't go to the london school of economics like you but i am trying so pfizer studied this in january and it looks safe and pregnant women. now moderna is doing a comprehensive study of 1000 women but my take, you know what is really dangerous if you're pregnant? covid. covid leads to miscarriage. covid lisa complications of pregnancy. not to the fetus but to the mother. so far it looks like these shots are safe during pregnancy and here's another round of study from moderna. so far the data look good on this. i encourage women to get the vaccine before they get pregnant but i'm okay if they take it during pregnancy. stuart: always good stuff.
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appreciate that. on the same subject the fda has issued a warning about j&j's vaccine, it could lead to an increased risk of a rare neurological condition. officials have identified 100 suspected cases among vaccine recipients, 95% of them were considered serious requiring hospitalization. still ahead, charles hurts, mike huckabee, ohio senate candidate jd vance and the mayor of miami francis warez wants our country to interview in cuba. a second hour of varney's next. ♪♪
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♪. lauren: i like the other songs throughout the show better than this one. electric light orchestra. stuart: all right. thank you, lauren. lauren: really ugly shot of new york city. stuart: it is actually. lauren: get it off the screen. stuart: get rid of that. put me on. there you go. lauren: there he is. stuart: 10:00 eastern. straight to your money.
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nasdaq doing okay. 21 points. not so great for the dow. look at that level, 34,904. we have this morning, inflation. annual rate at the consumer level up 5.4%. biggest gain since i think 2008. that is a big gain indeed. look on the left-hand side of your screen. surely that is an inflation indicator, a 5% inflation rate but the inflation indicator, the 10-year treasury is actually down in yield, 1.33%. larry kudlow was with us moments ago. he said inflation looks to me like it is transient. it will go away and diminish. maybe he is right because that is what the 10-year treasury yield is telling us. on the screens, goldman sachs, jpmorgan, they had their profit reports early this morning. both did well. both stocks actually on the downside. later in the show more details on big banks earnings.
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lauren has run-down on goldman and jpmorgan. as of right now, now this. get ready for something we have not seen in a very long time, a new entitlement program and the checks start rolling out this week. exempt for the most affluent, all families with children get cash. no strings attached. $300 a month for each child under six. $250 a month for each youngster 6 to 17. you don't have to apply. you will automatically enrolled. as we said, the money starts flowing this week. however, to keep it flowing, to extend the program, the president needs a yes vote in congress. here is where politics comes in. question, which politician is going to say no to money for children? the parents of 70 million youngsters will be getting this money, that is a very large group of voters. when they get used to the checks
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will they vote for the politicians who cut it off? probably not. when the government starts to give something, it is imimpossible to take it away. this is very big part of democrats plan to make america much more like europe. we're along the road to socialized health care. why not cash for kids. this is exactly what this program is. the democrats plan to pay for this by raising taxes on big business and the rich. that is not going to work. there is not enough tax hiking money to pay for the green new deal, infrastructure and new entitlement plan. we'll have to borrow it, go further into massive debt just like europe. remember, please, the bottom line is, democrats are buying votes. second hour of "varney & company" about to begin. ♪. stuart: charles hurt is with us.
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he is not smiling right now. he will in a moment. charles, would you like to see america become more like europe with this entitlement program? >> good grief, we have enough problems already. you're exactly right, the truest thing about politics, you introduce an entitlement program it never ever, ever, go away. biggest lie in politicsing nothing is free. none of this stuff is free. people will pay for it. you step back, you look at two of the biggest problems we have right now. one is unemployment or worker shortage. you look at inflation. what is this going to do to help either of those problems. absolutely nothing. larry kudlow is smarter about this. maybe inflation will go away. the guaranteed way to make sure inflation is here, here to stay, to introduce an entitlement pam that requires massive borrowing
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that who is on hook for the borrowing. not just the rich. it is everybody. we're all on the hook. if you want to talk about a political issue that everybody is talking about right now, it is the price of gasoline and it is the price of at the grocery store right now. that is what voters are talking about right now. while a couple hundred bucks a month might seem like a really great deal coming from the government, it is only will make those problems worse. stuart: i agree with you own that count but i got to say it will be very popular. just imagine it. >> yep. stuart: the checks will start rolling, 300 bucks a month under the age of six. 250 from six to 17. joe, if you have got more than two children that money is coming right at you. some people, low income people will actually have their income doubled with this. that will make it very popular. they will vote for the people who give them that money. it will be awfully difficult for the republicans to turn around say, wait a minute, we can't afford this. it will make inflation worse.
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they will have a hard time saying no to this. >> absolutely. and that is what is so insidious about it. it would be nice if we had two parties that, both parties refrain from playing these kinds of politics because it is very, very dangerous but my question, and democrats dressed this up, well it is your money. we're giving your money back to you. my question to them is, okay, if it is just our money, and you're giving it back to us, why are you taking it in the first place? the answer is because they want to get their cut. the government, joe biden, democrats and government, they want to get a cut before they give it back to you. that is where socialism, that is where this sort of thing really breaks down. every dollar they take they take their cut and they use it to make the government more powerful, more intrusive. then they give you your cut back. so i would ask people to think long and hard about, if it is simply just giving you your
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money back, then insist that they don't take it in the first place. that is a really good way to solve that little conundrum. stuart: you make a very good sense, very logical guy, charles. thanks very much for straightening us all out this morning. chart hurl -- charles hurt. >> great to see you. stuart: stuart: big banks reported earnings first thing this morning. goldman, jpmorgan. lauren, take us through this please. lauren: we'll start with goldman that stock was stronger at the open. shares since turned lower. even though the rush to ipos to market really helped goldman reach second best investment banking ever, $3.6 billion in the quarter, it freed up $3 billion it set aside for potential bad loans. credit card spending back to 2019 levels. much of the good news is baked into the stocks. stuart: okay. lauren: they're up 45% this
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year. you're seeing sell the news reaction. stuart: jpmorgan is up 25% this year. i had a big run-up before the numbers. >> they have to navigate low interest rates. stuart: what are the other big movers you're looking at? nokia, it is on your screen right now. lauren: yeah, look at that gain. stuart: a meme stock? lauren: but they also have fundamentals. investors are impressed with the relatively new ceo. he is looking to regain the company's 5g potential and slashing costs. that is paying off. the company says it will raise full-year outlook when it reports at the end. month. stuart: tell me about pepsi, please. i'm sure the snack division did well. lauren: new high for the shares. it is doing well and snacks are doing well. even though we're going out around about, drinking at the bar and movie theater, we're putting frito-lay chips into the pantry. stuart: have you been in a bar recently? lauren: does a restaurant that
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has a bar count? i've been to a bar. i sat at the bar. stuart: was it packed, shoulder to shoulder? lauren: around the bar, it was packed. outside the seating it was not. it was my first outing. i won't lie it, was a little strange. stuart: what about hanesbrands. lauren: what i drink at the bar. apple fritzer. i got made fun of because it was in a big girlie glass. hanesbrand, they see a clear path to growth. they like the champion brand. the stock is up more than one quarter of a percent. stuart: cryptos, not way down, but 32 grand on bitcoin, trading volume, that has come way, way down. why is that? lauren: with the price. volume is down 42% in june looking at major exchanges like
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coinbase. i'm going to argue this is stability. look, volatility is down. that shows that institutions and some individual investors have not regained confidence in crypto currencies? or is this encouraging a new entry point for them. look, bitcoin can actually hole 32, $33,000. or 30, 35,000. where it was all over the place back in the spring. stuart: whether it stops going up, all over the place. stablizes, people are not so interest i guess. lauren: they're not. but that might say something for the stability of the investment. stuart: i guess so. lauren: that you can, i don't know, i'm not in bitcoin yet. lauren: me neither. stuart: thank you, lauren. now this, white house press secretary jen psaki says that the protests in cuba were because of this, roll tape. >> there is every indication that yesterday's protests were spontaneous expressions of people who are exhausted with the cuban government's economic
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mismanagement and repression. stuart: economic mismanagement. hmmm, bill mcgurn is it with us, "wall street journal" guy. you think the protests are the result of economic mismanagement in cuba? >> absolutely not. you and i know these people down there in the streets are singing your song, stuart. they're talking about liberty around freedom. why is that so surprising to people in the united states, people down there might want to claim their freedom? also, let's be clear, the reason cuba is mismanaged because of a totalitarian society. cuba has talented people that prosper everywhere else but they don't prosper at home because of horrible communist system. they still believe in that, taken one of the jewels in the western hemisphere and reduced it to a third world nation. stuart: what are we going to do about it, bill? president bide says he is
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supports the protests but supposing they start really butchering people, that is the wrong word to use, if they confront the protesters, there is real violence, what will we do to support those protests? >> my guess is we won't do much. maybe we'll open up the borders a little to take, to take people in but the first thing i think we have to do is be more clear that we're on the side of the people. the people that are being suppressed, not their jailers who are sending thugs out into the streets to beat them up. you know, this isn't the first time. they had group of woman called ladies in white, who wear white and attend mass each week. they're the wives, the daughters, the mothers of dissidents that have been jailed. you know, again people down there wanted their freedom for a while. we always seem surprised. when every couple of years they tell us people are happy what they got. like in tianamen square.
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they gee, put up a statue of liberty there, chinese version of statue of liberty. people want their freedom. cuba is a particular bad case and also a menace to us on our doorstep with the alliance with iran and venezuela and mischief it causes. it's a very bad actor. stuart: for what it is worth, bill, i think biden will blame trump and reverse the sanctions which trump placed on cuba, an allah cubans in miami to send money to cubans. that is probably what he will do. out of time, bill. see you next week. >> okay. stuart: you will not believe why one cnn anchor is calling out billionaires race to spares. watch this. >> is it moral, is it ethical to be launching rockets, flying off to space, spending all this money, burning all this fuel in an age of crime mat crisis? stuart: okay. former governor mike huckabee is
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here to take that on. extraordinary moment on camera, as fuel tanker explodes on a highway. miraculously no one was hurt. good video. texas democrats hitching a ride on d.c. on a private jet stocked with beer, to avoid voting on a state election law. so what happens next? a live report after this. ♪. if i could, i'd ten-x everything. like a coffee run... don't just sell it. ten-x it. rush hour will never feel the same. experience, thrilling performance from our entire line of vehicles at the lexus golden opportunity sales event.
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♪. ♪ i'm leaving on a jet plane ♪ stuart: a little john denver in austin, texas. it will hit 89 degrees later on today. take a look at this. you're looking at texas state democrats landing in virginia. they fled the lone star state to prevent a vote own the gop's election bill. casey casey stegall joins us from texas. can the lawmakers be forced to return to texas? reporter: that is a little complicated question. normally the house speaker can send troopers to wrangle lawmakers. they are not in texas, they don't necessarily have jurisdiction in d.c. that is a little gray at this point. however at this point they would be arrested potentially when they made their way back to texas. this is a mess. the house democrats, it is their
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second revolt as you know against the republican-backed overhaul of the state's election laws but instead of walking off the are floor like they did in may, and staying here in austin, this go around at least 51 of the state's 67 democratic representatives traveled to washington, d.c., many by private planes, skipping town four days into the special session. if their plan goes accordingly there will not be enough members present to conduct any voting to pass legislation, which could bring this special session to a grinding halt. >> one word, hypocrisy. they're using a filibuster to flee the state of texas to plead with the president to do away with the filibuster in washington, d.c. that is the example of hypocrisy on its face. reporter: all along house democrats argue that the bill
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texas republicans are trying to pass will disenfranchise low income texans and voters of color. the republicans say this is about voter integrity and they're trying to make sure the elections are secure. shortly after news of this broke yesterday, vice president kamala harris praised the group and congratulated them for standing up for what's right, she said. back in 2003, by the way texans saw a similar situation when democrats fled to oklahoma to avoid the redistricting laws that were going on here in texas that were being passed. they left to go to oklahoma and they ultimately came back and the legislation passed. stuart: we got you. i want to follow up with vice president harris. she is indeed applauding democrats who fled the state of texas. listen to this. >> i applaud them standing for
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the rights of all americans and texans. they are leaders marching in the path so many others before did when they fought and many died for our right to vote. i do believe that fighting for the right to vote is as american as apple pie. it is so fundamental to fighting for the principles of our democracy, so i applaud them. stuart: former governor of arkansas mike huckabee joins us now. the vice president applauds the move. what is your reaction? >> i'm sure the people of texas are glad they're gone. they might want to make sure they stay. where did they go? they went to washington. of course they did. they went to the mothership. it is the vatican for democrats to go to washington, d.c. it is where they feel like they get their marching orders. this absurd for kamala harris talk about this being something people died for. nobody died getting on a private jet flying filled with a bunch
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of beer. they're partying hard. i think greg abbott ought to go to everyone of the districts where these democrats have left, go there and say i'm going to hold a town hall. i'm hoping that the democrat representative here will show up. but if they don't, well, now you know where the priorities of your representative are. and i hope you will remember that at election time. stuart: to me the big picture is, voting reform. the republicans say they want to make it easier to vote but harder to cheat. is that accurate in your view? >> i totally think it is and, if it isn't let the courts sort it out. the political battle over whether or not people are going to be able to vote without a photo i.d., this is an absurd battle. again the vice president stepped in a deep pile of it the other day she insinuated people in your america would not be able to photocopy their photo i.d. because they don't know how to use a photo copper or go to
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kinko's or xerox something. it is so is about sar. they're beginning to implode upon themselves. we want every legitimate legal voter to go vote, even if they vote a way i don't like but we don't want any one person who is dead or who is not legally capable of voting to cast a ballot because that robs the legitimate votes from people. stuart: governor, i'm going to run a sound bite from cnn's brian stelter who has a big problem with billionaires racing into space. watch this, governor and our viewers. you will laugh. roll it. >> on friday in death valley, california, it was 130 degrees, the highest temperature ever. saturday, same thing. today it might set again for the highest temperature on the planet. is it moral, is it ethical to be launching off rockets, flying to space, spending all this money on fuel in a age of climate
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crisis? stuart: why don't you answer mr. stelter's question, is it moral, is it ethical, go. >> i'm sure he thought that was the dumbest question he was ever asked in his life f they want to save power at cnn shut the whole place down. that would save energy. i would like to ask mr. stelter do you have air conditioning in your home? if you do, shut up. if you drive a car, and you do, shut up you're a hypocrite. do you have a washer and dryer? you don't use a wash tub and hang wash on a balcony. shut up. you're a hypocrite. this is virtu signaling from a little guy that embarasses himself when he opens his mouth. stuart: you're trying to restrain yourself. you're doing a noble job, governor. it is great stuff. i couldn't stop laughing. governor huckabee, thanks for joining us, i'm sure we'll see you real soon. >> i hope so. stuart: we will. this is serious stuff here,
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three english soccer stars facing racist abuse after the team's euro cup loss. the country's prime minister, boris, is not having any of it. watch this. >> to those who have been directing racist abuse at some of the players, i say shame on you and i hope you will crawl back under the rock from which you emerged. stuart: colorful language and right. port gees soccer star lopes one the cup in 2016. he will be on the show. we want his reaction to that. next we all quit, that is the message from workers in burger king. we'll tell you where and why. after this. ♪
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stuart: look at that. the nasdaq hit an all-time high earlier. well above, well above 14,770. how about that? microsoft, yeah, i've got a little bit of that stock and it has got a new all-time high. look at that! $281 per share, up four bucks, 1 1/2%. now they report july 22nd, not that far away. that is a huge runup right
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before their key earnings report. investors must be expecting a blowout earnings report later this month. all right, let's bring in -- the president of blue align capital. welcome to the show, bill, good to see you. talk to you about inflation. we got the numbers this morning. 5.4% at the consumer level over the past year. i don't think it will go away anytime soon. my colleague, larry kudlow disagrees. he thinks it is temporary. what about you? is this level of inflation here to stay? >> you know what? a month or two ago i was looking at this potentially being transitory but this is three months in a row. i look at three months being a trend. excluding food and energy we saw year-over-year at 4 1/2%. that is the highest since 1991. we may see a little bit of tapering off here, transitory factors through the july and august, reads, september, i'm afraid this is here to stay for
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a bit, but after that, quarter four, i think we see a lot of inflation. ultimately this gives credence, today's results gives credence to the fed tapering bond purchases sooner than later. stuart: so if we still got, let's say we still got maybe 3, 4% inflation at the very end of the year, october, november, december, time if you're still at that level, what happens to the stock market? >> well, the question is, have we tapered bond purchases yet. you look at a "wall street journal" article this morning from st. louis fed president bullard, one of the more hawkish guys, i'm looking to atlanta fed president bostick who is talking today, he is moving up in the ranks to the fed, that is what i heard. pay attention to what he has to say. i think the hawkish voices will start coming out now. that will force that hand in tapering, coming into jackson hole, maybe even before it, but this inflation number, it really gives credence to it. the bond market, really today you're seeing the 30 year bond
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those yields are lower. they're doubting the fed's ability to be able to taper those bond purchases. you're seeing the yield curve flatten. that means lower crude or alludes to potentially lower growth. you spoke to microsofts an apples, they're at record highs because they love this lower growth environment around the fed is capitalizing on it. stuart: let me turn to cryptos. suppose bitcoin came down to 25,000 bucks a coin, would you buy at that level? >> yeah. i'm long right now. i have been, i got out a couple months back waiting for the market to come into 32,500. it was coming to there, i was starting to buy. i will back the truck up at 25,000. i invest ad third of what i want to. i pointed clients in direction getting exposure. i'm not just looking at bitcoin. i'm looking at ethey are yum and other things like solana. this is a space you need to have money invested in. it is very tradeable too.
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stuart: i'm reading between the line here, bill. a lot of technical stuff coming out of you this morning, here is what i'm hearing, you're staying long on stocks, you're not that worried about inflation because the fed will keep feeding this economy and you're interested in cryptos when they drop below 30,000 bucks. is that basically it? >> you've got it. that's right. stuart: what do you think about microsoft at $281 a share as of right now? i know you don't deal in individual stocks much but look, i own a piece of that stock and i'm interested in your point of view? >> i own it. i'm an investment advisor. i manage money for clients. i was also a futures broker. so i got my hands in, really a lot of things across the board. i own microsoft. it is one of the top three individual holdings we have along with apple and google. i think the stocks continue to make record highs. i think amazon broke out as well. you have to pay attention to that i think the market overall will be heading higher. i'm looking at pullbacks being a
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buying opportunity. one thing i'm paying attention to this week more than anything is the bank earnings. i'm overweight banks. i think the banks will come out of environment right now. i'm less concerned about the earnings right now and more what the 10 year treasury yield is doing. right now the 10-year treasury yield is flat on the day. a little surprised after the hotter inflation number. that number will tick up and give credence to banks this year and i expect them to outperform. stuart: bill, we hear you, thanks for being with us today. we'll see you again soon. good stuff. >> we showed you that sign from burger king, sorry, we all quit. lauren is with me. what's the story there? lauren: it was in lincoln, nebraska. they were working 50 to 60 hours a week. they constantly had new management. the restaurant kitchen had no ac. they were fed up. they quit because they can. because there is a short supply of workers on the market. they don't have to deal with it. they can go work at mcdonald's. stuart: mcdonald's very much in the news. they're offering new incentives.
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i'm not sure what they are. what are the incentives? lauren: this comes from "the wall street journal," higher pay, 10%, tuition payments, back up emergency child care. why? the struggle is real to get workers back. if you look at the restaurant and bar industry it is still down 1.3 million workers since the pandemic. broad battle for workers in a short-staffed economy. i was thinking about that. you know the economy is growing pet fast, 6.4%, despite not all workers are back. stuart: that is rackable. it is hard to get a handle precisely what is happening here. when mcdonald's is offering that incentive you know there is a labor shortage. he is favored for the tokyo olympics but not getting vaccinated for the games. michael andrew is on the show. he will tell me were he is doing it. 40 people shot in chicago this weekend. business owners say that is taking a toll on them. we'll talk to one live from the
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♪. stuart: florida, beautiful morning, sunny, 82 degrees. lovely place. the drone company, teal, going to be acquired by red cat holdings to produce one big drone company. george mattis is the ceo of teal, he joins me now. george, great to have you on the show with us. am i right in saying that you are the only drone company approved by the u.s. government and therefore you will be building a lot of drones on this new platform for the pentagon? is that what you're up to? >> stuart, it's a great day for america, or at least the
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american industrial base. after operating for six years, being the first to produce this category of drone in america. now as you say, one of the only government approved manufacturers of drones, teal is being acquired by red cat holdings, a nasdaq listed company, to fully realize teal's potential, rebuild the country's drone industrial base and become the next great american drone company. stuart: when you merge, it is possible this merged company will go public, would that be a pure play in drones? >> absolutely. we i believe will be the first publicly-traded drone company in this category. we think the combination of teal's technology platform, existing product market fit and strong road map combined with red cat's resources and access to capable will enable massive value creation. stuart: what can your drones do that other drones cannot do? >> since we last spoke, golden
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eagle, our flagship drone offering, fully government approved, has been deemployed across the federal government and many companies in the fortune 500 for cases like reconnaissance, public safety and inspections and one thing i like to say when i started the company i had a fundamental belief drones will improve how we work and live. we designed the technology to be like an android phone where it has a app store, in use cases way beyond calling it texting. we're excited what the technology can do and use it for. stuart: i'm sorry to say, i'm interested in the military side of things. i'm intrigued by the idea of drone swarms, clouds of drones operating almost independently. i have heard about this. is it accurate? do fleets of drones exist that can attack as a fleet? >> i'm glad you bring this up because it is actually one of the large inflection points that drone technology is currently going through. a couple of years ago it took several people to fly one drone.
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today it takes one person to fly one drone. moving forward teal enabling one person to fly many drones. that has amazing use cases for military, for reconnaissance and more. stuart: so, look, do you have plans to go public and if so, when am i going to see it? >> we will be public through this merger. red cat is a nasdaq listed company. stuart: i'm sorry. when is this merger complete? >> red cat and teal have signed the definitive agreement for this acquisition and the closing is imminent. stuart: as of now, if i buy into red cat i'm buying a pure play in drones, that's accurate? >> that is absolutely right, stuart. stuart: we'll take it. that is what i was looking for. george mattis, thanks for coming back to us today. very interesting stuff. we hope to see you again soon. thank you, george. let's move on. chicago recorded more than 2000
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shootings this year alone. businesses there are having to make some changes to deal with what is a crime spike. grady trimble in chicago joining us now. you're talking to business owners. are they making any changes because of what's going on? reporter: they are sort of at a dispatch center for food trucks of the owner of this one, dave, says he just ordered security cameras to install on all of his trucks. he also has procedures in place for employees if they ever feel threatened or unsafe in any way. they take all the cash out of the trucks, any valuables out of the trucks every day. they know other owners had their trucks broken into. it is not just shootings here in chicago, stuart. let me show you other types of crime are up as well. sexual assault, theft up 26% compared to last year. same with robbery and aggravated battery. the owner here says the city needs to do more to protect its people and its businesses. >> it is largely due to just the
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climate here in chicago. i know there is a lot of things going on with the mayor's office and the chicago police department. we just want everything to be done correctly. we want those positions to be taken into account and to be held accountable for their actions. professionally i mean, they're at a job to keep our city safe. we would expect that. reporter: police superintendent david brown met with president biden yesterday on this spike in crime in chicago and other major cities across the country. mayor lori lightfoot says the city would welcome atf, fbi, dea agents to help with the spike as well. they're certainly under the hot seat as well. aztec dave is having a booming time after the pandemic. their corporate events are cog back. they're opening a brick and mortar restaurant. they're seeing great success but they don't want the spike in
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crime to slow them down. stuart: thank you, grady. see you soon. staying on the issue of crime. a new poll finds that black people think violent crime is a problem. lauren: 70% of black americans call it a major crisis. democrats calling for defunding the police are fine-tuning that message as there is support by vast majority of american voters crime is a major issue. 57% of republicans, 52% of democrats, 70% of blacks see crime is a bigger issue than covid. the approximately was conducted by a firm navigator research, the struggle for democrats how do you stay tough on time without alienating progressives. stuart: that is a fascinating poll, 70% call crime a major crisis. lauren: greater than protests. stuart: what is up with the freedom protests in havana? miami mayor, francis suarez says the u.s. needs to intervene in
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cuba. he will make his case in the next hour. three english soccer stars facing racist abuse after missing penalty kicks at the euro cup. he was at the game and is reacting to the fallout after this. ♪. my retirement plan with voya keeps me moving forward. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. that building you're trying to buy, you should ten-x it. ten-x is the world's largest online commercial real estate exchange. and it's fast. if i could, i'd ten-x everything. like our lunch. (laughs) amazing! see it. want it. ten-x it. trelegy for copd.
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and emotional eating. at last, a diet pill that actually works. go to to get yours. >> those who have been directing racist abuse at some of the players, i say shame on you and i hope you will crawl back under the rock from which you emerged. stuart: boris johnson defending england's black soccer players after they were targeted online with racist attacks. that followed sunday's loss to italy. who is here? ed lopes is with us. the portuguese soccer star who joins us now. look, it has been condemned, and in my opinion absolutely right to condemn it, big time, but what action do you think should be taken? >> well, it's obviously everybody starts to talk about it now.
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we have to continue to talk about it. there have been a lot of players standing up, some players are kneeling. i think the players have the right to protest this is something serious. what happened with the english international players was not right and we know that. there is no space for racism in this society and the big guys, they have to do something about it. stuart: what do you think of american athletes, making political demonstrations, maybe at the olympics or in any other sport, political demonstrations in sport what do you make of it? >> i think this is something very serious. so it is, this needs to get attention for people to
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recognize that the situation is not, is not, is something serious, that people have to, to support the cause because racism is something serious and we should end it. stuart: etta, i know you were at the game on sunday and as a black man, did you experience any kind of abuse when you left the stadium or at the stadium? >> no, no. i didn't experience anything yesterday. i just went there, watched the game. was amazing experience. i didn't face any, any racial abuse yesterday. stuart: did you actually present the trophy? >> yes. so, yeah, i presented the trophy in the stadium. i put it on the podium.
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it was an amazing experience to touch the trophy again, being in front of all the crowd. stuart: yeah. i'm glad you were there. i'm glad you presented the trophy, you deserve it and we're very happy on the show this morning, talking about racism in sport. we appreciate you being here. thank you very much indeed, sir. we'll see you again soon. >> thank you. stuart: check the market for you. let's see we have the dow down 76, nasdaq is up 37. lauren is watching some movers including boeing which is really moving. >> it is shaving 48 points off the dow's 80 point loss. design defect, not a safety issue. it affects the bulkhead. it will take them three weeks to fix. boeing cuts production of the 737 as a result. customers won't get them in time for the key summer driving season. let's look at earnings. fasenal is reporting. ing transitioning from making
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all the ppe. that is down. stuart: conagra, food company. lauren: inflation story, they expect their costs to rise 9%. t was 6%. increase is now 9%. sugar costs more, wheat costs more, shipping costs more. this is an earnings and inflation story tied together. the stock is down almost 5%. stuart: that is an inflation story. very important one. good stuff, lauren. thank you. big hour coming up we have ohio senate candidate, j.d. vance. we have the mayor of miami, francis suarez. and we have american olympic swimmer michael andrew all coming up. plus texas democrats fleeing on private jets to avoid voting on a state election bill. some call it political theater. looked more like political farce to me. "my take" is coming up next. ♪
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>> we are seeing a lot of them and day activity, strong quarters, is there enough growth? is this as good as it gets for goldman and jpmorgan, i would stay away from them. >> impossible for another big tech company to merge. >> inflation is running so hot that the purchasing power of consumer incomes is shrinking. >> they are putting in
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permanent reserves and then mitigating it by taking temporary reserves. that tells me they have a guilt complex. >> introduce a new entitlement program and it never ever goes away. nothing is free. none of this stuff is free. ♪♪ ♪♪ i don't want to stop at all ♪♪ stuart: 11:00 eastern time, it is tuesday july 13th. we have a little red ink for the dow industrials down 80 points, slight positive for the nasdaq, a quarter a 12:45%, 35 points fire, close to all-time record high. a couple big banks reported earlier this morning, both stocks are down even though those banks reported strong earnings and profits and revenues.
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we got some inflation numbers this morning that were dire. consumer price inflation, 5.4%, a key inflation indicator, actually went down. strong inflation but a downside moving the yield, very fascinating. now this. some call it political theater, more like political first to me. texas democrats boarded two private jets and fled the state, denied the republicans a quorum so they could not pass voting reform legislation. off they went all smiles, no masks, a case of beer, to help them with their sacrifice. that is what one democrat tweeted. we left behind our families, our livelihoods and our beloved texas but our sacrifice is
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nothing compared to the sacrifice brave americans have made throughout our history to protect the sacred right to vote. the polite word for that is hyperbole. nonsense would be more accurate and comparing the sacrifice of a private jet trip with dying for your country and battle is a bit much, you know what i mean? governor abbott calls them quitters and said they will be arrested when they come back. >> once they step back into the state of texas they will be arrested and brought to the texas a and we will be conducting business. stuart: let's be clear. this is not about undermining the right to vote. it is about timely, accurate and legitimate voting. the most contentious issue is voter id, to do just about anything these days you need id. why not to vote? i suspect the democrats really want to make it easier for illegals to vote so they oppose strict id rules.
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vice president harris dissented into farce when she suggested rural people might have trouble getting there id photocopied. the texas democrats are doing their bit to protect rural voters from the photocopier problem. they are doing their bit for the lawyers who just love to spend our elections but all those smiles and beer, those sacrificing that much, do they. third hour of "varney and company" just getting started. look who is here. jd vance, the guy is from ohio but i want him to comment on texas democrats fleeing the lone star state. what have you got for us? >> i think the problem with texas democrats fleeing the
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lone star state is they will take their politics somewhere else and hopefully not ohio. this is a problem we see with california folks fleeing to texas, fleeing california because it doesn't make that much sense anymore. they are not learning any lessons and i worry what will happen if they start to go elsewhere. stuart: in my opinion the republicans, you're a republican want to make it easier to vote and harder to cheat, this is in line with republican feelings on voter reform, that is where you are coming from. >> exactly right. every country, every civilized place recognizes you need to have some proof of identification in order to vote and it is supported across the political spectrum and all racial groups support it but you have kamala harris pretending rural people can't photograph there id which is a condescending excuse, most what have one of these cell phones and if you have one of those things you can easily photocopy things. it is amazingly rural people
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know how to have photocopiers and i was the vice president believe the condescension to the side when trying to make arguments for what she wants to do when these arguments are not that popular. stuart: you are running for the senate seat vacated by senator portman and inflation is quite a problem we've got in our country at this moment. if elected what would you do about inflation? >> i'm running for senate and if folks want to support me go to, it is a tax on the middle class and one of the problems you have in ohio is grandparents living on fixed income who are taking care of their grandkids because the heroin epidemic is killed their children and those people don't have a lot of spare money lying around, the silicon valley elites who run a democrat party don't care if ground beef goes
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up one dollar and $0.50 but if you're living on fixed income, social security retirement income and taking care of grandkids you didn't expect to take care of this is a terrible thing for you so we've got to get this inflation under control. my biggest view is inflation is a long-term problem in this country so long as we are buying and borrowing more than we are producing. we've got to make our economy long-term more productive, bring more of our manufacturing jobs in china, so long as you are spending more than you are producing you will have to borrow from somebody, that makes it vulnerable over the long-term. >> you are standing for, individual liberty and freedom. that is your stand? >> i'm standing for all those things, but i am concerned about an economy.
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and and buying things, when those things happen, you have real problems with inflation. stuart: thank you for being on the show today, we would love to hear your progress as you stand for the senate in the great state of ohio. i will show you the big banks on the screen, we call it financials, luke lloyd is going to be with me for the hour, glutton for punishment but he is here. >> looking forward to it. >> really strong earnings from jpmorgan and goldman sachs this morning. is this the start of what you've been talking about which is an absolute blowout quarter for profits? is this the start of it?
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>> q22020, earnings growth year over year, we will see a blowout quarter, and 70% earnings growth, after q2 earnings, earnings growth is going to slow, valuations want to compress. all through 2020 we saw the rise so we need earnings to justify these high valuations. after the bank numbers, stock market wants big earnings to move higher not just to come into above expectations, >> and the big earnings miss. the highs where they were.
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>> cryptos, 42% in june, is that because the price decline, 62 to 32,000, what do you think? >> it is a little bit of loss of interest, bitcoin feels like the momentum and hype is faded. what bitcoin needs is a new catalyst, major company accepting bitcoin like amazon. if that happens bitcoin would double in a day. some sort of regulation is around the corner, dollar cost averaging in it these prices extend a portion of your portfolio. it is important for buyers of bitcoin, you shouldn't earn more than you can afford to lose, crypto, over the next few years is going to be very up and down. stuart: you are staying with me for the rest of the hour. i will tell the audience what we've got coming up. and olympic swimmer says he's
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not going to get vaccinated before heading to the tokyo games. i want to know why not? michael andrew was on the show. major league baseball the all-star game in denver, not in atlanta like originally planned, what did georgia lose when it lost the game? $100 million. the mayor of miami standing in solidarity with cuban protesters. role tape. >> before dying, getting beaten and peopl peoreeoufferind ng, th mayomafrr cian ws ts ws he wh intetee retelyreanly the e maxte ma bthyoi'in 'inyingll te- x n-? - ldshou-x tt. te x is t'o'sor srgst onon bthyoi'in 'inyingll mm yo cae with cocial rintyre.intyinty anastwas ft. if anastwas ft.
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>> cuban-americans in miami voicing support for protesters in cuba. phil keating is there. what have you been hearing from the cuban community in miami? >> they have been demanding for many long years change in cuba, getting rid of communism, there's been no results from
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all of the protests, and the authoritarian communist cuban regime nip to those unprecedented sunday protest in the bud, firmly reestablishing a tight grip on society down there. the streets were mostly quiet, noticeably more police on the streets and few protesters in cuba monday. in havana this is what it looked like, a normal monday but with beefed-up military presence and government loyalists, they were shut down and remain so today, a communication blackout to coordinate and gather. there were a few demonstrations that were quashed by police and loyalists. arrests were reportedly made in cuba's president addressed the country saying the illegal protesters got the punishment they deserve. the streck and -- the second straight night in miami
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hundreds of cuban-americans came to support the cuban people chanting cuba, waived signs and demanded change in them with no results. they wanted us delegates to intervene which the us has declined to do since the bay of pigs invasion in 1961. thousand humans marched demanding freedom and the end to food shortages, decades of a rotten economy, chronic and widespread poverty and calling for government change. protests like this in cuba are against the law. last night in miami some cuban-americans organized a small relief flotilla, filling up with water and food to take through the florida straits, to give the supplies away, that is a 250 mile journey from miami
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to cuba and unlikely the cuban government will be welcoming them and their supplies, access to any ports on the northern coast. stuart: that is the understatement of the decade and you made it. thanks for being here, see you again some. the mayor of miami, francis suarez, you are calling for the us to intervene in cuba. how exactly should we intervene and under what circumstances? >> thank you for covering this. this is an issue that matters to the united states. cuba is one of the largest traffickings in the region, state sponsor of terrorism designated by the united states and exporting communism throughout the hemisphere and throughout the world and has been doing it, interest of the
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united states, there's a variety of ways the us can intervene, the humanitarian crisis, number one, they have no food, number 2, they have no medicine and are dying and number 3 the us has intervened in latin america. the number one hope is the cuban people successfully be able to change the system of government from within through some sort of public control of the country or the military itself realizing what it is doing, standing on the history of their lives and we should be on the right side of history. failing that the united states, exercised with panama or panama became a stable democracy for decades and decades, has to be
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an option the united states considers, something that could have ramifications for former nicaragua, in the future. >>, the trump administration imposed significant sanctions in cuba. midway through the administration. i suspect the biden team would like to remove those sanctions and allow cubans in florida to export food and medicine and water supplies to cuba. that would be a way of intervening and helping cuba. would you approve of that? >> that is a way of intervening. the problem they want it both ways. they want to blame the united states for their failed system of government and when remittances are sent they take
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them, they take the dollars, convert them into a worthless currency which is their currency and force cubans to pay for things, completely depriving the cuban people and use them as a means of control because all the cuban government wants to do and demonstrated to the world in the images you display in the last couple days, the authoritarian control. a communist dictatorship to continue so anything we do to help the island becomes fuel for them to repress their citizens. stuart: always a pleasure having you on the show and appreciate you being here on a very important subject. thank you. an extraordinary story. working from home is fueling cyber attacks.
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that is according to the financials to the board, watchdog group. they say cyberattacks grew from 5000 a week in february, there was 2020, to more than 200,$000 a week in april of 2021. luke boyd still with me. cybersecurity stocks have done very well because of this. are you looking at any particular order one particular cybersecurity stock in particular? >> those numbers are insane and that is not good. the thing about hackers is many people think it is just one or 2 people in another country trying to get credit card information or some kind of personal information but the sad truth is many of these hackers are legitimate businesses with hundreds of people in other countries trying to harm the us. the new age of workers and guns and bombs with technology, data and information. the country with the best technology wins, that's why cybersecurity is important in done so well. over the next few decades we like the stock, owned it for a
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long time but took our profits because we rode the wave but we are looking to get back in because of the pull back. stuart: i've not heard of that before. you own it? >> we did own it and look to get 5% or 10% profits, we've got to take him sometimes. stuart: i will take that under advisement. stay there. now show me amazon please. they will hire more than 100,000 veterans and military spouses by 2024. this program a note on that. july 21st making money, charles payne, special our, proud american from the military to the marketplace. charles takes questions from veterans looking for jobs and reentering the workforce. if you are a veteran with a question, email look at this video, a truck explodes in a fireball, we will show you what caused the crash.
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standard lithium debuted on wall street today, the ceo is with us. if we are going to compete with china we need more lithium and fast. the ceo is with us next. ♪♪ let's make lots of money ♪♪ there's an america we build
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stuart: dashboard camera video, a crash on the highway, a ball of fire, 14,000 gallons of fuel on board, a big explosion and no one was seriously hurt. we will tell you about the national average for a gallon of gas, $3.15 inches higher, that is the highest price in 7 years. california, the average price per gallon of regular in california, it is $4.31 and that is for regular. overall the market with red ink but not that much, the dow is down 30 but look at the nasdaq up 0.4%, 64 points at 14,000, almost 14-8. the s&p also slightly higher,
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4391. the ceo of standard lithium which just went public, just started trading, of $7.78. welcome to the program. great to have you with us. tell our viewers who may not know what is lithium used for? >> thanks for including standard lithium on your program. an important milestone, trading on an ic for the first time today. lithium is everywhere in your life. technology, telephone, cell phone, laptop and anything to do with energy storage requires a lithium battery. outside the semiconductor it is the most important technology platform of the 21st-century. stuart: are you the only pure
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play, the only pure lithium play on the stock market, do you have the only lithium plant in the us? >> there are a number of companies pursuing the lithium narrative, what is amazing, lithium project in the united states and 50 years. we are making progress to change that to become the first lithium production our facility in south arkansas and taking a different approach. projects like these are difficult to build, looking at all those issues, we've taken a different approach, technology-based approach and it is paying off as we make significant progress to addressing the disconnect in the supply chain. stuart: what is the technological difference between you and other companies?
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>> the key aspect we've taken is we are not a mining company, with standard lithium, challenging these projects and they are challenging. we look at how to do this in a way that will not just get a project up and running faster than anyone else but also address concerns that the end users, lithium battery companies have which is producing a high purity material that satisfies their qualifications day in day out so we developed a technology that can piggyback off of an industry that exists in arkansas so we eliminate all of those permitting challenges, with a mining project where we developed technology that plugs into the back end of an existing chemical process to pour lithium out of their tail waste, so we can get into commercial production based on
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the existing infrastructure and we've taken that where it is not just a science experiment with a nice power point but an actual operating plant operating 24 hours, 7 days a week, fully out of it showing the process we developed worked. the final change toward a commercial build of this technology and hopefully building extraction units across the gulf coast. the gulf region of the united states hit on one of the most significant lithium resources, the technology hasn't been developed, where standard lithium enters the equation. stuart: you've made a strong case and i noticed since you've been on the air the stock has gone from plus 7% to plus 11%. congratulations. investors like your stock and now it is up 14.6%. congratulations and thank you for being with us. the ceo of standard lithium.
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come again. check out this year's ipos, luke lloyd, you've got some pics for booms among the ipos and busts. let's start with the booms. what do you like? >> we always like to see 2 quarters of growth in earnings before we buy new illicit stocks but roadblocks in zip recruiter, as a kid if i had the option to buy indian purchases like you can now. would be super dangerous for my parents wollack, this is up 20% on the exchanges. two kids in my family obsessed with the game, the virtual world, kids want to buy their way to the top and the number 2, zip recruiter, the strong demand for workers and companies can find enough workers, they go somewhere else like zip recruiter, they benefit from that. stuart: do you own either of them? >> we look at that down the road. stuart: how about the ipo bust?
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>> there coin based's. do you remember the traditional brokerage had to go permission free, the same will happen with crypto, i advised bitcoin directly. having earnings as a positive, they need to pop pay high executive salaries. i will be old-fashioned come with everyone getting out and about, meeting people the old-fashioned way, people don't want to do it but there's nothing wrong with going up to somebody at the bar and asking for their number. when it comes down to it, a ton of competition. stuart: is that a romantic history? >> it is. absolutely. stuart: i have no further comment but stay there. i have this for you. volkswagen. they want half of the vehicles they sell in 2030 to be electric.
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this is part of going carbon neutral by 2050 but half the vehicles they sell they want to be electric by 2030. what do you make of that? sounds ambitious, doesn't it? >> the easy space is the future, then companies like volkswagen and ford that have been around for decades that had years of engineering experience. they can engineer a car lot quicker and cheaper than tesla. if you see company like wagon and ford eat into the market share in the future it will be a slow process with infrastructure going out for electric vehicles but by 2030 will see a lot more electric vehicles down the road, only automakers are easiest but we will get a better return, nvidia is my pick, they run the software, we own it, i like it. stuart: very short sharp into the point. don't go anywhere. we will get back to you later. major league baseball all-star game, denver, 50,000 fans
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packed into coors field, back to normal. a report from the field for you. first look at this. the us olympic committee considering a new logo with a redesigned american flag. i will ask michael andrew what he thinks of the logo. i know exactly what i think. we will be right back. ♪♪
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(vo) singing, or speaking. reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.
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>> olympic fanfare and theme, that is atlanta where the olympics were held in 1996 and we are less than two weeks from the tokyo games with michael andrew is headed there. an olympic swimmer, gold-medal favorite but that's not the only reason he's making news. michael says he is not getting
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vaccinated and michael joins me right now. great to have you with us. why do you choose not to get the vaccine? >> i really appreciate it. i'm not taking the vaccine, the reason being everything we take and put in our body is very calculated with the period going into trials, didn't want to risk any time out of the pool and the fact that the effectiveness of the vaccine is lower than the risk of me getting covid i realized this wasn't quite necessary in terms of preparation going to the games. >> vaccination is not mandated for people going to the games, you don't have to have it but you do face risk of getting covid, you get it and that could deny you the gold-medal
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for which you are the favorite. >> it could. that is a risk i'm willing to take. obviously there is fear involved and there is behind the decision in some thing i don't take lightly but i'm grateful for the freedoms i have as an american to represent the greatest country on earth. going to the game, not only in vaccinated but as an american representing my country and multiple ways of the freedoms we have to make a decision like that obviously going into all of this i didn't think this was what the hype and excitement around the michael andrew name would be but i understand, it is something i will stand for. stuart: you've said publicly you are not getting the jab. >> my entire career i've been used to doing things differently, going against the
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stream and we weren't anti-fax or doing this intentionally. it is an educated decision but this isn't the first time i have received hate messages, instagram, it has been harsh but there's a lot of support, family, friends and those on the same side understanding it is really great. stuart: i want to bring up this issue the olympic committee is considering a redesign of the american flag. the current logo on the right-hand side of the screen 13 stars on the fly, the new one on the left would have 5 stars and shifted stripes. in my opinion we don't need a new flag. we've got a good one, let's go with the good one. what do you say? >> it is hard. i don't know, i don't see why we need to change things all
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the time. our culture and our past is there for a reason, the flags that are put in place to commemorate something special, don't need to be changing things all the time. stuart: glad to hear it. i want to say hi to your father who i believe is a fan of this show and watches frequently. so he knows that i cannot swim so when you get back from tokyo would you teach me -- just joking. many have tried. best of luck in tokyo. and represent our great country. thanks for being here. let's go back to money, the dow is down 43 points, the dow 30, perfectly even split between
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winners and losers, a mixed market, dow down 30 or 40 points. did you catch this? the republican attack ad during the home run derby? role that tape. >> this was supposed to be atlanta's night but we were robbed, democrats stole the all-star game to push their divisive political agenda. stuart: losing the game cost atlanta $100 million worth of revenue. my next guest said small business owners were hurt the most. we will be right back with that report. ♪♪ and twice as fast. if i could, i'd ten-x everything. like a coffee run...
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stuart: springsteen on varney. not sure i approve. in denver the all-star game plays tonight, 75 degrees. don't know what the temperature will be. mcshane is at the stadium.
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who is the biggest star tonight? >> it is his all-star game. the japanese star, one of the great power hitters in baseball, one of the best pictures, the leadoff batter and starting pitcher, university anything like this, brings up a larger point from the business perspective, the game has been criticized for not marketing its stars as other sports to but they are trying to change that with other players as well, younger players who like to express themselves on the field after the home run derby with pete alonso showing emotion on the field and getting fans fired up and we were talking to other players who acknowledged that is not something you would see in the old days. >> they would get shunned if they were too vocal or arrogant on the field but they are promoting more excitement which
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is good for the younger generation. >> a fan base to throw around those guys and tell people about it. >> a challenge for baseball keeping young fans engaged as they speed up the game, rule changes and the like but people on the business side agree the real issue is they don't play enough, strike outs are through the roof. they don't see enough action and try to fix things like this but promoting these young stars, japanese stars or young american stars, that seems to be the way the game is going to get people excited about baseball again in this country. >> atlanta lost $100 million in revenue when the all-star game was relocated to denver.
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janel king is with us, the cofounder of speak georgia has been on the show before and it is welcome to see you back again. besides that $100 million worth of revenue what else did atlanta lose? >> moving the game is another political strategy of the left that has real-world consequences. look at the $100 million that represent so much to a lot of small businesses fighting during the 2020 pandemic and trying to fight the economic struggle. they lost their peace of mind and stability and things they were looking forward to that this game is going to growing to this community. it didn't prove anything. the election bill that was passed, is still available to all georgians and make it where we are able to move forward and have elections with integrity. >> do you think the voters in
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georgia are angry the all-star game shifted out of atlanta? i believe your husband is running for the senate seat currently held by warnock. what is the politics of this? >> everyone is super upset about this and the reason, it was done out of emotion, not any form of integrity, it wasn't done because they were looking out for individual people are voters. it was all political posturing, but rafael warnock, the reason, people want someone who will stand up to cancel culture instead of letting it beat them. one thing we see on the campaign trail is an cancel america. we've got to stand up and fight. stuart: you are saying all the right things, please come back, please come back, see you again
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soon. you can watch the all-star game tonight on fox, start at 7:30 p.m. eastern. luke lloyd with us. what do you make of the all-star game controversy? >> i played baseball my entire life, said to see baseball become politicized. the previous guest mentioned what affect small business most, small business relies on the revenue of sporting events especially that big of an event and over the past year and a half small business has been impacted the most. i'm always about small business. i was in a cobol picture back in the day and you hate to see it. stuart: if you are not careful we will invite you back. you will be back. look at this. the tuesday question. which country consumes the most chocolate per person in a year? i got this right. we will be back after this.
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municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-763-2763. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized
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in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763 stuart: this was an intriguing trivia question. i said, i got it right, actually i didn't. but i'm going to give you the right answer. so which country consumes the most chocolate per year? the answer is switzerland. here is the number. a person in switzerland, this is on average, eats more than 19-pounds of chocolate per year, 19-pounds. i'm told that is approximately 1900 hershey's kisses. my original answer was the
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united kingdom. i was always taught the british had lousy teeth because they eat so much sweets and candy which is apparently accurate. the swiss eat more chocolate than the brits or americans. producers giving a time cue, are laughing in my ear and getting on with it and ask neil cavuto how many cannoli will he eat in any one given year? neil, it is yours. neil: i won't share that. if 19-pounds wins you the biggest chocolate eating country they're pikers. i could do that at a sitting. excuse me? wait to go, switzerland. they have a claim to something but 19-pounds, really, whatever. stuart, great to see you again, my friend. we're following a lot of developments here, we got a what i call tri team coverage. tri as in three. edward lawrence on the inflation fronts with a lot of


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