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tv   Varney Company  FOX Business  July 15, 2021 9:00am-12:00pm EDT

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dagen: mark tepper, thank you so much. i was going to use snack and i tossed to stew, that's not a good idea. throwing the word snack around can get you in trouble. mark tepper, good to see you. "varney and company" begins right now. stuart: what was that all about? i didn't catch that. maria: the new dictionary word for 2021 is calling people a snack if they are good-looking and i was going to do it but not do it. over to you. stuart: you dug the hole. i tried not to do it.
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let's talk stimulus. more checks start rolling out today. bet you didn't know that. the money is going straight into your bank account. 40 million families get the money, $300 for each child under 6, 250 for each child from 6 to 17, no strings attached, spend it on what you like. as of today america has returned to cash welfare. half an hour ago, get back to work indicator, not many people going back to work with 9 million jobs, 360,000, first-time jobless claims. that suggests the economy is not as robust as we thought. the dow industrials will open lower, so will the s&p, the nasdaq virtually unchanged.
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the cryptos are down across the board. no celebrity tweets that i know of. jpmorgan said that investors haven't expressed most interest in cryptos. this is good news, down goes bitcoin, ethereum and light coin. protesters beat in the streets, homes invaded, dragged away, black lives matter blames america, they support the communists. this is a problem for the far left, aoc and the squad closely aligned with the blm movement and where was bernie sanders, monday supported opposition rights in cuba, now they are beating the regime in the streets. where is bernie? what will ted cruz have to say about it? days and thomas, a tick-tock influencer, a crypto minor. let's play wheel of fortune in
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congress, in an inflation wheel. the senator and the wheel are on the show. it is july 15th, 2021, about to begin. ♪♪ stuart: about to show you some videos that might be hard to watch. protesters being been on the streets in cuba in revolt against the communist regime but listen to this. white house press secretary jen psaki refuses to condemn communism. role tape. >> do you think people are leaving cuba because they don't like communism?
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>> we've been pretty clear people are leaving cuba or protesting in the streets as well, they are opposed to the oppression. and to support their efforts, to support their treatment in cuba. >> >> 90 minutes from now. let's get to your money 3 minutes past the hour, looking at red for the dow, the s&p, not much change for the nasdaq and here's kenny. we've got these jobless claims numbers telling me this was not a robust economy. what about the growth rate of the economy? >> they are worried where we are. that is kind of an issue but the market feels tired. we have this great run, jay
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powell on the hill yesterday reiterating a story and the market trying to figure out the next move with inflation and the fed. the robust recovery story or initial jobless claim continues to end that story that people are not looking for a job because they've too much money coming in by unemployment benefits and today off the top of the show, more money delivered into 40 million households today and the welfare state. >> wise the yield of the 10 year treasury down to one.3 this morning. >> a couple things too, seasonal weakness, july can be in the middle of earnings season an interesting month. the seasonal week in september and october, there is concern
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about that. massive buying a by sovereigns, that hasn't stopped. still in that bond market. that is the pressure. the fed is the buyer of last resort and everybody knows that. the fed will stand and support the market and therefore yields will churn one.3 where it is going to stay until we get jay powell, to indicate what the next move is. stuart: a tired market. we will leave it at that. more bank earnings, morgan stanley and u.s. bancorp. good morning to you. >> let's start with morgan stanley. a similar report, trading
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revenue disappointing, it is down 31%, $3.3 billion, m and a is strong but morgan stanley is down one and a quarter%. thanks to an improving economy, credit and debit card revenue allowed it to lower its credit loss provision which we've seen. stuart: the banks are reported, solid profits, solid revenue. >> good news baked into the cake. stuart: vice president harris comparing texas democrats, frederick douglass and others, role tape. >> they took full action in line with the legacy of everyone from frederick douglass to the legacy, to pennsylvania avenue for women's right to vote.
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all those who shed their blood, to make sure in 1965 we pass the voting rights act. in 2021 the texas legislature. stuart: wesley hunt joins us now, the dental and on the right-hand side of the screen running for congress in texas, he's a republican. i just want to ask you what do you say to the vice president and her comparison? >> democrats flying from texas to dc, comparing that to the struggle of frederick douglass is ridiculous and bombastic. there fighting would make a free and fair election, cannot get a id, is absolutely ridiculous.
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to defend this country against all enemies foreign and domestic and in the state something to that, a sense of service, duty to the community. i couldn't imagine telling my commander no, i am not going to do a mission because he or she told me to do it because i didn't like it. these people are a wall and should be voted out immediately. stuart: as a black man what is it like standing as a republican candidate in this atmosphere today? >> we are the party of equality, liberty, the wants to make sure everybody has a right given to us based on the blood that has been shed for this country for generations. that is part of the progress. we -- i'm proud to be a republican and stand for what will be a free and fair election and the laws that allow everyone's vote to count equally and you know it when you step into that booth.
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we support that. stuart: what do they say to you? what you are doing, leading the party which most people are supposed -- you are a republican, not a democrat. what do they say to you face-to-face? >> it is not monolithic. i get a lot of support from black people. the notion of having no black people that are republicans and the 2-party system is ridiculous. we need black representation on all sides of the aisle. at the end of the day we are in this together. i fought for this country, that fought for our freedoms and the color of one's skin is less
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important. i'm more interested in their character. stuart: anytime you want to come back on this program you are invited here and now. >> happy to do it. stuart: we know the texas democrats are hiding out in dc, we reported it. >> in addition to daily stipend of $221 paid on days the texas legislator is in session even though they are not there. texas congressman turner was asked about that, quote, we work harder doing what we are doing than we would if we had stayed in the chamber. no taxpayer dollars being used, donations providing food and travel but a state representative, that sacrifice is costing 43,$000 a day to host, 80,$000 thus far and no idea when they are coming back to austin.
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stuart: but less slight chance of rain later today. and governor tate read. a drum roll please. >> thank you for having me on, but we are going to announce nissan has chosen to manufacture the 2022 frontier
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in madison county, they manufacture parts and vehicles around the globe and they've chosen madison county, mississippi to produce the 2022 frontier. we are excited about this announcement and it shows and is illustrative of the fact that we have a pro-business climate in the state, we are growing manufacturing jobs and people from all over the globe are looking to invest and this is a great place to do so. stuart: is it going to be an electric car? >> nissan along with many manufacturers in the process of transitioning their vehicle fleet with more electric vehicles and that is something that will come in the near future. stuart: forgive me, how much in terms of tax breaks to attract them. >> they've been in mississippi
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since 2013, 5 million vehicles, the initial investment required some participation and cooperation but since that time, in the facility, and if you talk to car dealers around the country, their business is great, a hard time getting products. stuart: a different subject to bring up, a rise in covid cases in mississippi, 641 new cases and 231 with the variant, 7
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children in an icu unit, your state was one of the first to go back to normal abandoning lots of the mandates. are you going to go back to before, change anything here because of the surge? >> we will not change anything at this time, monitor the situation closely. the delta variant is real, highly contagious and certainly affecting more and more mississippi residents. the hospitalization and new cases 90% of both are in those who are unvaccinated. we made the vaccine available to everyone dating all the way back to march of this year and there are some individuals who have chosen not to take it but our responsibility is to make it available to every single mississippian and we have to trust people, continuing to encourage fellow mississippians to take the vaccine.
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we want to continue to grow that but there's some ability to give individuals the right to make their own decision. these vaccines, still under an emergency youth authorization and not fully approved. stuart: have your children been vaccinated? >> i have not yet done that with my wife and i had a conversation, we went to church and had that conversation and we are going to do so. i have three kids two of which are over the age of 12, one of which is under the age of 12 and we will continue to have that conversation before school starts i would expect them to get vaccinated. stuart: thank you very much for joining us, good stuff indeed. congratulations on the nissan plant. told you at the top of the show the child tax credit payments will start to go out to
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millions of families, the cash is starting to roll out today. i call this cash welfare. it is back. >> the first monthly payment of $15 billion has landed in 36 million bank accounts. families will get $300 per month through december, that's 20003600 a year for each kid under the age of 6, 3000 for kids 6 to 17. these payments are part of the american rescue plan and the goal is direct and immediate relief instead available some at the end of the year. you get it monthly so you can spend or save it. this is using the tax system as a device for social change, buying votes or you insert your word. a lot of people need money right now and i feel bad for them but the income levels are relatively high. stuart: relatively wealthy
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people, financially okay people, they get the money. they rolled out the bank account, fill representative today. and and and and this is a good thing for many people. stuart: it is an off a lot of money. cash welfare, back to that. futures showdown for the dow, down for the s&p, not much change for the nasdaq. in the ninth thing of the bull market, sounds ominous to me. he joined me next.
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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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>> look like a downside move for the dow. look who is here. gary, you say this is the last inning of the bull market. that sounds kind of ominous to me because you have always been bullish about the market. you changing your tune? >> we thought the dow was going to 25 and the nasdaq to 15.
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we think we are going higher here first but valuations are in sure yves and leverage with those evaluations in the trees and that's two characteristics in late innings. you add in the bubbles that are out there, and internals for the vaccine opening up trade turned down on that basis but the bigger indices are picking up in the last few days and 1 to 3 negative on advanced decline. i would be wary and air markets do happen. should be normal course of business, the towel keeps up but i think we are getting closer and we will finally get one. stuart: what puts it over the edge? if you think in a couple months we might get into a bear market
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what puts us in that? >> a great question of what if your guests, what is going on with yields, that is indicating softness in the economy to come. if that occurs with inflation, that is real bad news for profits which sends prices down for assets, bear markets do happen, we are over into and getting closer and all the characteristics are there. stuart: this is not a raging bull economy, is it? this is not a rocketship economy. >> we are nowhere near big time and it is a matter of whether it has staying power, i am not so sure. one other thing. president biden is looking at
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the percentage of spending, gdp, 25% that is a ton of money from the real economy into their hands, and if you think that will affect real gdp, what -- i have an everglades plan to sell you. stuart: if any of our viewers hold big tech stocks that they sell now, you have 10 seconds. >> big tech is where the money is slowing. stuart: the market just open straight down from the get go. we are up 100 points and the ton of red among the dow 30 on the left-hand side of the screen. all 30 dow stocks, pretty good indicator of the sentiment of the market. it is down this morning, not huge but down. the s&p 500 is lowered to the tune of one 12:45%. what is that?
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virtually unchanged. we are down 4.5%, show me the big tech stocks. google, amazon, apple, facebook, are up, the big banks reporting earnings, and the pot -- the marijuana stocks. most of them are down. the big loss came yesterday. some of them were down 10% because the move to legalize at the federal level led by senator schumer, the president is throwing cold water on it and when you throw cold water on federal legalization of weed, down to the marijuana stocks and they are down again today. ubs says a new price target for netflix, what is the target?
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>> 620 from 600 because netflix, electronic arts executive, do you remember when reed hastings was asked who do you compete with most? he said sleep and fortnight. it was 2019, netflix was thinking of getting into big gaming business and they are with this higher and if you look at shares of gamemakers or consolemakers sony is down one%. stuart: electronic arts, netflix hired a guy who is good with video games. that is the story. >> facebook and electronic arts executive. >> they have a price target above $600. i miss netflix. some of the earnings, united health. >> dow components, profit fell from a year ago because people
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put off the doctor during covid, didn't want to go to the hospital, making those appointments hitting its bottom line, profit $446 a share from 691 year ago. bank of america stock should be down sharply right now, better-than-expected report card, the board reauthorized the repurchase of $6 billion in common stock down to a half%. >> stock repurchase deal and the stock goes down 2%. take a look at amc and game stop. both have been down very sharply recently, amc up a fraction this morning. these stocks are half the value now compared to their peak in june. obvious question, don't know if you can answer it. is this the end of the meme stocks? >> there's more room for these stocks, that is my personal opinion because if you look at amc, from one dollar $0.91 to $72.62 in one year.
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sold more room to go to 191 which will not go that low but nonetheless what is going on? you look at the company's turnaround plan with all the interest in the stock, those plans are disappointing investors and it shocks me because of black widow, that success of that disney movie amc is not benefiting from that. amc is up, game stop is down 5 days in a row now. stuart: is it worth $34 a share, do underlying fundamentals make it worth that? stock is reacting to the fundamentals. it is a meme stock on the way down. >> the fundamentals are very moment. they are expected to be unprofitable for the period. stuart: i want to see moderna, where is there stock? $250 a share.
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jeffries has raised its target price, $250 a share. they hyped this year's forecast vaccine sales which is why they are predicting this price. moderna's market value topped $100 billion as of yesterday. it is up a bit more this morning up one and 3 quarters%. they struck a deal with blackstone. i own a little bit of blackstone. it is up today. what is the deal? >> they are splitting life in retirement units from its property and casualty operation so blackstone will manage those insurance policies, those retirement plans, helping to become a bigger player in the insurance industry and that is why blackstone is up, the best-performing stock in the s&p 500 today. stuart: blackstone is one of those conglomerates. >> they get 50 to manage. stuart: senator war must be
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apoplectic about blackstone. the dow winners, stocks on the dow, these are the best winners, visa, walmart, procter & gamble and merck. show me the s&p 500 winners headed by american international group and delta airlines, up a bit this morning. the nasdaq winners headed by netflix, up 551, charter communications adp, tesla round out the list. the big board is up 90 points. the 10 year treasury yield is one.32%. the price of gold is $1,827 an ounce. it moved up with inflation reports. bitcoin struggling, 31,$700 a coin, and the price of oil, gasoline, 315, it is up from
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one year ago. oil is $72 a barrel. let's look at facebook. there's a reason to look at this, down $2, 345 close to record high. they just fired dozens of employees. >> for abusing access to facebook and spying on facebook users. mostly male engineers, location data the engineer has and located the women they are interested in. the company is reducing the need for engineers to have so much access to so much data as a result of spying. stuart: that is a shot, isn't it? >> it doesn't shock me. how could you stop someone from doing that? if you give so much data they can do what they want with it. that is the honor code.
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stuart: the one who did it. zuckerberg sold stock. >> not a negative story. the sailors with $2.8 billion, if you calculate it, where is it going to this charitable foundation where he and his wife vowed to pledge 95% over their lifetime. he stopped selling but now he is selling again but he goes to the chair ready. stuart: he's worth 60, 70, $80 billion right now. i can't put a direct number on it. >> the ultimate highs 358. stuart: thanks very much. don't fauci my florida. you are looking at rhonda santos's new merchandise, the left is apoplectic about this. the tick-tock influencer who started mining cryptos in his garage. he's 18 years old and worth a lot of money.
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stuart: village cinema in meridian, idaho. it will reach 100 degrees there. the market has been open for 13 minutes on the downside. 124 down for the s&p. bitcoin is down 31 grand, they are all down. can you figure this out? the cryptos were an inflation
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hedge and would go up with news of serious inflation. >> two para for reports on surging inflation kim jung un prices were down once again. this doesn't make sense to me. higher prices cut americans purchasing power, your dollar doesn't go as far so why aren't they coming back in. bitcoin, that range for eight weeks, and volume nonetheless. is it that it is stabilizing? fears of regulation are hurting investors or is it the fact that bitcoin goes back up and you can buy now? they go back to 65,$000, i am digging myself in a whole. stuart: nobody can give me a satisfactory answer as to why cryptos have been lolling
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around 5, 6, 7 -- >> i like it is an investment. stuart: it is difficult. >> a special guest about this. there he is. i introduce you to an 18-year-old social media influencer. jason thomas has half 1 million followers on tick-tock. talks about crypto mining. days and is the young man on the right-hand side of the screen. a nice smile on your face. i got to tell you our viewers are intrigued by you. you are 18 years old in cryptos. how much money have you made? >> in profitable revenue? in profit i made a grand so far this year. stuart: 8000. and you are crypto minor.
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is it easy to set up as a crypto minor? >> it is pretty easy. >> that is what you do on tick-tock. how much is a crypto minor. >> the lowest one this are $700 or $800. 10 grand or 11 grand. stuart: it is expensive and you use a lot of electricity? >> my electric bill is $1,000 a month. stuart: that took my breath away. you made $8,000, still making more money.
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do you plan to go to college? >> i do not. stuart: why? >> i have a lot of opportunities, before pursuing a 4-year degree, the age of technology pretty much anything i ever wanted to learn or interest in learning through google or youtube. stuart: fascinating. can you explain, my colleague, lauren and i trying to discuss why is it the cryptos are plateaued, bitcoin at 31, 32, 33,$000 for 6, seven, eight weeks. can you explain why they plateaued at that level? >> i can't explain it. assets fluctuate, downturn right now. it is pretty odd especially
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with inflation. it decreases in value. stuart: you sound like a professional on wall street, all the right lingo. did you learn all of this from youtube? >> don't have finance classes. i pretty much learned everything from youtube. stuart: anyone else in your high school like you? >> all my friends invest. >> wait a minute. i your friends invest in what? cryptos are meme stocks? >> all little bit of real estate. stuart: you are having fun. >> a great time.
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stuart: you are a great guest. i said to know how much money you made in the last month or so or how much you lost and what you intend to do with it. stuart: he's a good lead. a critical milestone that only facebook has been able to achieve. >> $3 billion, only four other apps have done that and all owned by facebook. 2 and a half billion dollars globally on par with netflix. stuart: 3 billion, that is a huge market. big tech not only rich and powerful but in my opinion untouchable. here more about that in my take coming up at the top of the 10:00 hour.
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so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress, and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. change along with many manufacturers nissan is in the process of transitioning their
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vehicle fleet to more and more electric vehicles and i think that is something that will come in the near future. as i mentioned earlier, 6000 employees getting products to market. stuart: mississippi governor tate reeves talking about a nissan plant that will be expanded in the state of mississippi of the who is here now, the corporate vice president of nissan, welcome to the show. we will get to the plant in mississippi in a moment. i will talk to you about the chip shortage which i understand is costing nissan 500,000 vehicles. you can't produce them because you don't have the chips. when is the chip shortage going to be over at nissan? >> it is great to see you. thanks for having me on the show. i want to get to the all new frontier in a moment but the chip shortage is really a global impact to all
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manufacturers and quite simply we have to manage that with our supply chain partners through our processes, roll up your sleeves every day, figure out where the right shift goes into the right module, the recently, the right component and get it to the plant on time. if we have been able to do that with our new frontier, we started production on time and on target. stuart: on target to produce the new frontier 2022. it is a combustion engine car, not electric. >> that's right. it is internal combustion vehicle. nissan is all in on ev and our 10 new models being revealed over the 20 months you know we are bringing out the all new 100% suv and we just announced ev 360 which is a partnership with england, sutherland, our battery manufacturer and nissan
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to produce sustainable and renewable energy sources and new vehicles for the future of our globe. brand-new ev suv, 100% renewable micro grid as part of that partnership and create 6200 new jobs. we are all in on ev but today in this market internal combustion and the all new frontier, that is where the market is today and this is a great new vehicle, it is rugged, connected, has all the tech you could possibly want and a beautiful new design. stuart: we understand that and thanks for being here, showing it to us, we appreciate it and congratulations on that. still ahead on this program look at this. lawrence jones, iowa senator jillian's, texas senator ted cruz and sean duffy as well, the second hour of varney is next.
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this has been a most interesting week for the yield on the 10-year treasury. it is down to 1.23%. we had all inflation news but a treasury indicator keeps going down. apple is on track for its third straight record close. right now 149.61. bitcoin still in the doldrums. 31,000hundred bucks heading lower as we speak. now this. big tech it is now so big, so powerful, so rich they have become virtually untouchable. that is kite a thing for me to say when politicians on both sides of the aisle are clamoring to break them up an rein them up. frankly i don't care about their sensor sip of conservatism. i don't like multibillionaires knowing so much about me but i
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don't like power cones traded in so few hands but that is the way it is. for the foreseeable future that is the way it is going to be. the big five have serious money, apple, amazon, google facebook microsoft. they have a trillion dollars in cash. that will buy a lot of lawyers. and buys a lot of lobbyists who will spread the cash to any and all politicians. you can hear it now, well, congressman, big tech employs thousands in your state. would you like to make a contribution, end quote? does anyone seriously question the power of the best on lyle seller, amazon, the best phones, apple, the most extensive social network, facebook, ubiquitous youtube google in they own the most important technologies. they own the future. that is power. it will be used to protect the power they have already got. despite the dali criticism,
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congressional hearings, all the lawsuits, the stock price of the big five continues to rise. all of them are at or close to record highs. they're valued at an astonishing $9.2 trillion, so big, so rich, so powerful, in the i am immediate future untouchable. second hour of "varney & company" about to begin. ♪ stuart: start with this. vice president harris says democrats who fled from texas are in line with the civil rights and voting rights activists. roll tape. >> they took bold, courageous action in line with the legacy of everyone from frederick douglass to the legacy at that includes all the women who marched down pennsylvania avenue for women's right to vote, to all of those folks who shed
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their blood on the edmund pettus bridge, to make sure we would in 1965 pass the voting rights act. and now we have in 2021 the texas legislature. stuart: we need a texan to respond to this. we found one. our colleague and friend lawrence jones joins me now. you are a texan. have at it. your reaction. >> i don't know what she is talking about. did anybody die? did anybody get beaten? did anybody get stabbed? what she is suggesting is isn't true. i don't know what the big deal is. oh, yeah, hr-1. democrats want to federalize our election system. texas has had voter i.d. for the last five years. this is a ploy for democrats to have control. if you look at the private jet on the screen, beer on there,
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catering on there, sponsored by the democratic national commission or private donor paid to the dnc, you it just shows you where the priorities is. it is not what the people of texas and the people of texas are mad about this. stuart: when the vice president says that kind of thing and democrats free what are the people of texas saying about this? not just the republican obviously they will be opposed to it, but ordinary folks see this happening what do they say? >> what happening to unity and lowering the temperature? when i talk to go people back home and there is a lot of moderates in texas as well, they want politicians to get back to the bread and butter. it is okay to debate issues and philosophies of today to incite in this way, to suggest this was the next self rights movement or the civil war i think it is distasteful. stuart: i will talk to you about marijuana. >> okay. stuart: introduce to you like this. stop laughing.
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white house press secretary jen psaki says president boyd is lukewarm on marijuana legalization. watch this. >> does president biden doors senator schumer's bill on marijuana? >> i have spoken in the past about the president's views on marijuana. nothing has changed. there is no new endorsements of legislation to report today. stuart: surprised, lawrence. i am surprised. i thought this would be a vote winner for democrats. i would suggest that the republicans would want to jump on board especially you libertarians. >> we've been on it a while. here is the problem. president biden will not go against some of the pharmaceutical companies. i think he will continue to be that old joe type of person. if he wants to win new voters, quite frankly, it is not even just a democrat issue. it is a bipartisan thing. i did a documentary on marijuana five years ago, described health benefits and everything like that. people want reasonable -- do people want to go down new york and smell weed in the air, no.
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should people be locked up because of small drugs when you got the pharmaceutical companies that have opioids that are much more dangerous to people's body, that is my position. stuart: let me tell you something, lawrence, every day i walk out of studio -- >> you smell it. stuart: every single day. i have to watch a couple blocks to get to transportation. every single day you can smell that smell. >> every day when you walk down the street you will see people drunk on the street as well. with everything, you will have folks that abuse it. should we criminalize it the way we do in this country. i don't think so. i'm a crazy libertarian. stuart: put it like this, when i walk down the street and smell weed, i'm not that worried. but when i walk down the street and i see a guy coming towards me who is drunk as skunk i get kind of worried. >> you don't know what he will do next. if he asks you for money you better give him. you make the most money in this
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building. stuart: will you stop that? >> i got on the show. you said i have to be in studio. i have got to start trouble if i'm going to be here. stuart: you started some trouble, lawrence. >> i kicked me out. stuart: absolutely. thank you, sir. it is happening now. fed chair powell back on the hill. by the way we understand he just got roasted. edward lawrence has been watching this. who roasted him and for what, edward lawns. reporter: senator pat toomey in his opening statement was going after the federal reserve and as well as chairman powell. he was saying in the opening statement the federal reserve has been miserable forecasting inflation where it would be. was under 2% target until this point. what makes the fed believe they can forecast howe long inflation will go allowing inflation to run hot for a period of time? he says how can they trust the federal reserve to be in front of inflation, if they let it go
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hotter than they think, then they might not be able to catch up. his concern for the federal reserve chairman was the fed would have to take drastic measures. that would severely slow down and hurt the economy going forward. he also says that the new framework for the federal reserve doesn't really work because it favors employment over inflation. he says that new framework which averages 2% allows the fed to have the economy run a little bit hot to get the average at 2%, that new framework then works against the fiscal policy. senator toomey says fiscal policy is paying people to pay home. the federal reserve is trying to accommodate the market and quon my to get people to go to work and they're working against each other. stark criticism for the federal reserve chairman here. that hearing is on going as you see there. back to you. stuart: edward lawrence thank you very much indeed. very timely. look who is with me david lefkowitz, market watcher of the hour. i know you're bullish. i know you have a nice forecast
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of an upside move for stock prices but what do you make of this inflation scare? is the fed right when they say that this inflation spike is temporary and will fade? >> i think they are probably correct. if you look at what has been i have trying the inflation numbers, you look at some of the strong reads we've seen just in the last three months, stuart, i mean you look under the hood, what is driving it, used car prices, hotels, things that don't tend to have a persistent inflationary move, right? so once production in the auto sector gets back up to speed and gets back in line with demand, we're going to see used car prices go down. used car prices are up 30% in three months. that is pretty astounding. it is really distorting some of the inflation measures. look, will inflation be hotter than it was pre-pandemic? i think it will. will it be a problematic level of inflation? i don't think so.
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by the way i think the bond market agrees with this. if you look at long-term inflation expectations they're not signaling any problem in the years ahead. stuart: you are bullish. you're looking for an 8% gain in the s&p 500 between now and june of next year. that is a pretty bullish statement because we've already had a fantastic rally. you're going to add 8% to it. >> yeah. i think the drivers are still really in place. we've got a huge amount of cash in the system. consumers are sitting on a lot of cash. in fact the banks were complaining that you know, credit card spending is up but people are not using their credit cards are not putting debt on their credit cards. they can pay it right off. consumers have a lot of cash. that will power this recovery forward. businesses are responding to that consumer spending. they're increasing investments, whether it be in plant and equipment or hiring workers.
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that just adds to that virtuous cycle. and then it comes back to the fed. if the fed can remain patient in terms of withdrawing its accommodation, that is a really good environment for stocks and probably will drive, we think it will drive upside over the next year. stuart: david, we hope you're right. you've been right in the past. we'll see you again soon, david, thank you very much, sir. see you again. now we have got, thursday morning, 10 past 10:00, 12 past 10:00, you got the mortgage rates. you got them? lauren: 2.88. three straight weeks. give you a comparison the peak was 3.2 in april. so we're down 30 basis points from that. it is not a lot but some relief for borrowers who are seeing extreme home price appreciation and lack of inventory. stuart: unheard of in my day.
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lauren: i know 13%, why don't you leave me alone. report on the movement in morgan stanley's stock. lauren: it is up, okay good. the report card was solid with you they did have a blow to the trading desk. that is weighing on the bigger gain there. i love what james gorman, the ceo, said. he expects 80% of staff back in the office, mostly full time by september. when i walk around this building, we're right buy some of the big banks north of times square i do see bankers. i look. okay. so so-and-so is coming back in. the next thing is, the trains will get more crowded. the traffic will hopefully be a little bit lighter. stuart: traffic is pretty bad. lauren: no matter where you go, whenever you go it is bad. stuart: delta air lines. we're talking about here. they're up 3 1/2%. lauren: ray monday james lifts them them to a strong buy. they say business demand will return. there are so many worries, raymond james pointed this out. yeah, they're coming back the
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airlines. you have high air fare is killing them and labor costs. stuart: we've not got back to business travel at this point. lauren: we might not. stuart: international travel. the stock is up 3 1/2%. consumer prices consumer price p pretty much across the board and senator joni ernst pointing the finger at the biden administration. she is playing the price is right there. senator ernst is next. forget about defunding the police. one college is offering a abolish the police course. we'll tell you where that is taking place. it is her prerogative. new developments in britney spears battle over her conservatorship. eastern senator ted cruz is weighing in on that. the texas senator wei ♪. it is bear country though. hey boo-boo! we hit the jackpot!
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♪. >> to demonstrate just how much costs are spinning out of control i've brought the wheel of inflation. it will tell us exactly how. more biden-nomics is costing hard-working americans. oh, let's see. 8. 8. in the past year the price of bacon is up about 8%. stuart: that's clever. actually i thought it was the "wheel of fortune," the wheel on as in the price is right. nonetheless, senator joni ernst demonstrated spinning out of control inflation is with us right now. that is quite something, senator. how you came up with the idea, but it looked pretty good. let's get serious.
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why do you think president biden is to blame for inflation? >> we call this biden-nomics. democrats continue spending. when you have all of those dollars flowing out there, of course we see disruption in the supply chain management and supply chains there is no where for those dollars to go. it is forcing costs to go up. that is really unfortunate not only for our american families but those businesses that are short workers as well. so we have this conglomeration again we're calling bide biden-nomics. we have to stop spending as we're approaching a 30 trillion-dollar debt. stuart: we're shelling out enormous amount of money. i'm sure you saw this senator. checks are going out today with 39 million families with children. that is 100 billion being passed out for the rest of the year. we're making emergency payments
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until september. the democrats are trying to spend 3 1/2 trillion dollar spending package without republican support. you can't stop that, can you? the money will flow no matter what you do? >> the money flow is continuing. that is what democrats don't understand, they think they will pump a bunch much money into the bank accounts. again it is creating inflation. although the fed is not out there saying it clearly, i think he is concerned it is going to last longer than what was anticipated and certainly as we continue to pump money out there into these checking accounts for individuals, that does stymie those workers going back to work. so we have a multipronged problem within our economy right now. again it is creating a really bad situation for our families. they are simply trying to put food on the table. stuart: but it is going to be politically popular. you talk about families wanting
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to put food on the table. they will get money from the government to put food on the table. when you start withdrawing that money you can't have it anymore. you will lose politically. >> stuart, this is really bad situation. i hope americans wake up, press democratic members of congress as they're trying to pass the president biden's humanitarian struck bill, at a cost of over $3 trillion. what they are doing is establishing social welfare programs that will be very, very hard to reverse. once you have folks hooked on the government spending, how do you get them off of that government government spending? i think we're pushing towards socialism. the democrats are marching along the way. again we're creating biden-nomics situation which is so hard for our american families. stuart: i think you face political risk if you cut off the payments. >> absolutely. absolutely. stuart: i think that is the way
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it is. senator, great stuff on "the price is right." sorry i confused with "wheel of fortune" which i watch every night. thank you, ma'am. now this the child tax credit payments are starting to go out to millions of families starting today. some small businesses have a lot of fear. more free money will keep more people at home. hillary vaughn is with us. she is at a beer hall in virginia. i don't know what a beer hall is. she is in virginia for us. you're talking to the general manager there. he still can't get new hires? can't hire anybody? reporter: he is offering for some positions 30% more than what he was paying. just yesterday he updated the job posting say if you get your friends to apply he will give you a signing bonus on top of that. but this is a program that a lot of small businesses and mom-and-pops are seeing. with this new monthly tax credit hitting millions of family bank accounts, there is a concern
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that could make the labor shortage even worse or prolong it longer than it is expected to be. this is how much an eligible family of five could cash in. if you have three children under the age of 6 you are getting 900 bucks in your bank account from the irs every month. that is a big chunk of money. that extra cash could convince those i will stay home, stay out of the labor market as long as i'm getting the extra money. i did get a chance to talk to labor secretary marty walsh about this. i asked him if he worried small businesses, mom-and-pop shops some having to pay double what they were paying, that is not sustainable and they will ultimately have to close because they cannot make their payroll? >> i don't know if it is double. i don't know if it will be double what normally paid, certainly workers deserve opportunities to earn more money as well. >> you think it is a good thing that --
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>> i don't think it is double. i doubt that is the case. >> but if they're paying more that is a good thing? >> i think it is good for workers. if it works in the economic situation. you know what i mean. obviously you dope want to see businesses go out of business. i'm not taking a side. it is not all about one side. reporter: stuart, that child tax credit is temporary. but the president and democrats on capitol hill are, withing to make it permanent. stuart. stuart: they are indeed. thanks very much, hillary. see you again later. coming up an asian-american challenging critical race theory and the narrative that surrounds it. watch this. >> critical race theory lens whites and asian-americans are oppressors. is this the america that you want? an america divided by race, power and hatred? stuart: that man says his success as an asian-american debunks critical race theory. he is here with his story in a moment. first do not fauci my
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♪. stuart: providence, rhode island. looks nice, doesn't it? 82 degrees there now. and sunny. i will take that. my next guest says the success of asian americans debunks critical race theory. kenny shu is with me right now. welcome, good morning to the program. >> good morning. thanks for having me. stuart: explain it to me. how does your success debunk critical race theory. >> this is not about me. my book, an incon haven't minority is was just released. it tells a story about a long ignored minority group, asian-americans. they don't fit in the critical race theory agenda. there is the privileged and oppressed. how do they deal with
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asian-americans who have been historically open press the but succeed. whoo do white sue sprem sifts allow asian-americans get higher scores and go to college than higher rates than them. doesn't make any sense. the only way they by calling asian-americans white adjacent, that is insulting to asian-americans and the rest of this country. stuart: is that what asian people are called within the critical race theory, white adjacent? is that express actually used? >> the expression white adjacent means that asians somehow benefited from white supremacy in a way that black americans and late are tino americans haven't. this is of course wrong on the face of it. you know, asian immigrants came to this country. 80% of the immigrants didn't even know english. how could they be white adjacent they didn't even know english yet they were able to start businesses at higher rate than
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most americans and their americans are able to go to college at a higher rate than white americans now. vietnamese americans show asians are not white adjacent. they work hard and take advantage of meritocracy. stuart: what will you do about this? critical race theory is here. it is now. it is in some of our schools. certainly not all of them. what do you do about it? >> asian-americans have to fight. they have to fight not just for themselves, they have to fight for our principles. as you outline in my book an inconvenient minority. asian-americans fought in california to save california from race preferences which would have cost the taxpayers $64 million in transportation costs admitting, hiring less qualified people just baste based on their race. we need to stop treating people by race and treat them like merit. that is what my book argues. stuart: are you excluded from
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some ivy league universities on basis of race any understand some keep you out even though you're highly qualified, more qualified than some other groups applying for entry? are they specifically singling you out on the basis of your race? >> this is what harvard does. harvard racially profiles applicants. they assign them preferences based on their race. if you're a black applicant with the fourth lowest academic percentile you have a higher chance of admission than an asian-american at the highest percentile of academic strength. harvard does this justifying, asian-americans have lower personalities. this is found in the harvard admissions data which i analyzed. it is crazy what harvard does, the length it goes to insure racial quotas in the system of admission. it is very sad. it is against the principles of our country. stuart: excuse me lower personalities? is that expression actually
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used? >> lower personality scores. harvard evaluates applicants on three things, academics extracurriculars and personality. asian americans score highest on academics and extracurriculars. harvard makes up for the difference assigns asians lowest personality rating of all the ratings. there is no objective evidence to justify this. asians do just as well on the alumni interview. stuart: extraordinary. kenny xu, thank you for being here. >> thank thank you, absolutely. stuart: own a similar note a college is it offering a hashtag polish the police course. what is that about? -- abolish. lauren: davidson college. it is about race and policing. part of black studies that looks at relationship between blackness around policing in the country. from the course description, it
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says too much emphasis right now is being put on reforming police departments. they're going to look at the root causes of policing and how it could discriminate. that sounds like do we even need a police department, if i read between the lines. stuart: if you have got a law, you better have a law enforcement operation going on but that is irrelevant there is a lot for you today. there is this one. a student club at unc chap pep hill that they use anti-racist awhen white supremacists come to campus. who do they define as white supremacists groups. lauren: the club wants them protect them from, pro-life groups and certain conservatives that come to campus. you remember when the former trump campaign manager corey lewandoski hosted by unc republicans. some groups went to his speech, didn't white what he had to say.
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they walked out. they don't want to sit through a speech. they want protection. college campus is where you discuss different points of view. where you are supposed to. stuart: not now. lauren: supposed to welcome it. not ask the school for protection from it. stuart: we have two more. lauren: i don't like what you're going to have to say so i'm going to silence you stuart. i'm joking. but that is what it is like. stuart: the mayor of washington, d.c., that is muriel bowser, she is being sued for allowing kids to get the jab without parental consent. lauren: i didn't know this. so a law passed last year went into effect four months ago said if you're older than 11 you don't need parental permission to have a vaccination and that includes getting the covid vaccine. so now parents in d.c. are suing the city, suing the mayor. they want that new law ruled unconstitutional. stuart: i can understand that too. lauren: absolutely. stuart: that is one. governor of florida, ron desantis, he is selling merchandise on his website that calls out dr. fauci. he is getting a lot of heat for
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it. what are the critics saying. >> the merchandise you're looking at says, don't fauci my florida. he kept florida wide open for business. a lot of people moved there. the president of american federation of teachers rant did i winegarten tweeted this. disgusting. millions of americans are going to die for ron desantis's ignorance. he is choosing to profit from it. he doesn't choose about floridians. he wants to further his own cruel agenda. stuart: i leave that one to you. i won't go anywhere near that. disgusting. millions of lives? lauren: as millions of people move to florida. as companies building new firms down there. stuart: hyperbole. nonsense. thank you. coming up brittany spears scores a win in court and does cartwheels to celebrate. we'll tell you all about the win. why is the white house so hesitant to call out communism in cuba? i will ask cube ban-american senator ted cruz.
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>> you guys -- >> why are people leaving cuba or what is the process getting here? i can explain either of them what do you tell me? >> do you think people are leaving cuba because they don't like communism. >> i think we've been pretty clear we think people are leaving, not leaving cuba or protesting in the streets as well because they are opposed to the oppression, to the mismanagement of the government in the country. stuart: that is white house press secretary jen psaki. look at that. that is current video. it is happening in cuba, in havana right now. protesters being beaten up in the street. there is a report of one death among the protesters. that is pretty brutal stuff. here is the great senator from the great state of texas, the son of a cuban immigrant,
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senator ted cruz. what should the white house be doing, senator? >> they ought to speak the truth. that is pitiful what you played there. no the people protesting in the streets of cuba are not protesting mismanagement. if you listen to what they're chanting, they're not chanting manage better. they're chanting libertad. they're chanting freedom, chanting down with the dictatorship. whatever reason joe biden and kamala harris are unwilling to speak plainly saying the communist dictatorship in cuba is evil. they are murdering people, they are torturing people and they are oppressing people and the cuban people yearn to be free. i got to say, stuart, it is really powerful to see the protesters as they walk down the streets of havana, they're waving american flags. the same thing the protesters in hong kong were waving because the american flag across the
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globe is a symbol of freedom and the american leadership ought to be standing with those who are oppressed and standing up for freedom. stuart: how is it that our secretary of homeland security can say no cubans, you try to sail over here, you're out, but the southern border is still wide open? how is this possible? >> well, it is rampant hypocrisy. the southern border, the biden administration. they're is an ongoing crisis. we're on pace for over two million people to come to this country illegally. they are simply doing catch-and-release on the southern border. you know it is amazing, stuart. the only immigrants apparently on planet earth joe biden doesn't want coming to america are cubans. i kind of suspect it has something to do with the fact that a lot of cubans vote republican. he decided okay, now we have a crisis. we can't have any of those potential republican voters come. it is really is unfortunate. i think this administration's
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reluctance to call out a communist dictator. and reluctance to acknowledge that cuba is a socialist country that is oppressive and produced misery and suffering and now in the democratic party we have a number of american socialists that are opensocialists that are arguing america should have the same socialist economy that cuba has, that venezuela has. they don't want to admit the miserable failure that socialist dictatorships produced. stuart: should we intervene? if you think we should intervene, how should we intervene? >> so i don't think we should intervene in terms of sending in the marines. it is not our job to send in our sons and daughters into harm's way. but i think there is incredible power speaking up, using the bully pulpit of the presidency. stuart, if you come to my office in the senate, the main future in the office is the gigantic painting of ronald reagan standing in front of the brandenburg gate saying
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mr. gorbachev, tear down this wall. that leadership is powerful and you know, it is the leadership right now that is completely absent from joe biden and from kamala harris. stuart: got it. i hope we've got time for this but i would like to hear your opinion on brittany spears. she won, she got a win in court. she is allowed to hire a lawyer of her own choosing. i know you're cheering her on. tell me why. >> because i think what happened to her is ridiculous and unjustifiable. i'm unequivocally in the free brittany camp. she is a 39-year-old woman. she is a grown woman and yet for a dozen years the california courts have had her in a conservatorship where she can't make basic decisions about her life. she can't access her finances. she can't make basic health care decisions. her father runs her life.
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conservatorship is designed for people elderly with limited mental capacity with something like advanced alzheimer's, conserve tore ship can have an important function. none of that is true with britney spears. she is touring, sold hundreds of million of dollars of records during the time shy has been under the conserve tore ship. i think it is abuse of process. i do every week a podcast, verdict with ted cruz. the last podcast, it was explaining what a conservator ship is and the aspect of this what the least justifiable steps the california court took, they refused to allow her to hire her own lawyer. the california state judge, says i have a report that calls into question your mental competence. i will not let you see the report. it's a secret report but you can't hire your own lawyer. that is an absolute abuse of due process.
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so i'm glad yesterday, finally she has been allowed to retain counsel and choose her own lawyer. stuart: free brittany, free cuba. senator ted cruz, great stuff. we appreciate you being with us. >> thank you, stuart. stuart: thank you. republicans are now launching an investigation into the biden family's business ventures. what are they looking at, lauren? lauren: how these family members could profit or have profited from his presidency. republicans on the house oversight committee, they want documents to show how biden's brother promoted his rip for his law firm. his sister writing a book on growing up biden. his son hunter biden sells half a million dollars per painting in his new career as artist, but the white house says we will never know who buys his paints. we will never know if the chinese and russians come in to drop in some money. stuart: we got to know. if you're giving the son of the president of the united states half million dollars for a painting we want to know who is
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giving you money. lauren: he is not an artist. he is only able to sell the pieces of art because of his name. that is exactly profiting off the presidency. stuart: you got it. quite a few stories. inexplicable today. i've got this. san francisco is notoriously pricey place to live in. just how many jobs do you need to make the rent there? well, of course it depends how much your job pays, doesn't it. we have what is called a shocking number for you, coming up. construction crunch. not enough workers to meet the surging demand for new homes. we have lydia hu with a report on that coming up next.
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new jersey to bring the workers back? reporter: hey, stuart. you know we're with a general contractor, wolfson construction. they're focused an recruitment, aiming at kids in high school and college, get them in the door younger and promote them and train them. some contractors across the industry, like you see behind us, they're paying more, offering bonuses. finding workers like these to dig trenches, fill concrete is getting harder and harder. there was a shortage of before the pandemic he have construction workers. associated builders around contractors says it has gotten work. the estimate that the industry needs to hire 430,000 workers this year alone. a million over the next two years to keep up with demand. we're here with chris evans, the project executive of wilson construction. chris, you're feeling pressure from a tight labor market. you're building a senior living community here. pressure from demand and residential housing. how is this impacting what
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you're doing? >> thanks for having us, lydia. wilson construction, general contractors in general, we're risk managers. it is impact us in terms of both schedule and process. the subcontractor labor shortage directly impacts us as general contractor that owns the rick to deliver a timely project on budget. reporter: harder to stay on time, to keep it on budget. that makes it more expensive. last month the construction industry lost workers rather than adding workers. why is hard for workers to join construction? >> sure. it's a complicated issue with many contributing factors the skill shortage. individuals leaving the industry. older generations. bringing new, bringing new labor into the industry. reporter: why you're doing the recruitment from college and high schoolkids trying to convince them construction is a great industry to get involved
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in. stuart, i can tell you as you know, jobless claims are just out today. we understand first time jobless claims fell in the most recent week. we'll see if anybody joined the construction industry in the next job report. but i can tell you that connor evans here tells us he is focused drying to keep the workers at this site as happen as possible because the labor shortage is really hurting the industry. back to you. stuart: lydia hu in new jersey. thank you. we have another big hour coming up. we have george p bush relative of the bush family. running for attorney general in the state of texas. sean duffy, "wall street journal" avenues dan heninger and that much more. including black lives matter blaming america for protests in cuba. that is the subject of "my take." that will be next. now geico could save you hundreds on car insurance and a whole lot more? cool. so what are you waiting for?
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1-800-763-2763. that's 1-800-763-2763 >> nissan has chosen to manufacture the 2022 frontier in madison county, mississippi. it is illustrative of the fact that we have a pro-business climate in our state. >> the chip shortage is real. it is a global impact to all manufacturers.
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we are on ev, internal combustion, the new frontier, that is when the market is today. >> trying to figure out what the next move is. >> 40 million households today, continuing to known as the welfare state. >> if you long-term inflation expectations they are not signaling any problem in the years ahead. stuart: 11:0 one eastern time, thursday july 15th straight to the markets. the dow has turned around. it is up 3 points. nasdaq this lighting 88 points. the yield on the 10 year treasury moving up a fraction but still at the low level of one.34%. big news among big tech, apple
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hitting the all-time high earlier, now at 14820, close to $150 a share a few moments ago. now this. black lives matter says america is to blame for cuba's troubles. house so? it is those cruel and inhumane sanctions imposed by the trump administration that created the unrest. it is not socialism or communism or repression, it is trump. it is america. blm just loves cuba for sheltering the cop killer known as ship or. those are the headlines. let's get to the news. cuba's authorities brutally cracked down on the protests. one dead, reportedly 100 people who took part in the protests are missing, people beaten in the streets, homes broken into, suspected protesters drag the way and silence from america's far left and some embarrassment too.
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aoc another members of the squad are closely aligned with the blm movement. what are they going to say, as cuban authorities be protesters? where is bernie? a lifelong supporter of castro's cuba. on monday he mildly calling cuba's authorities to, quote, respect opposition rights, the opposition is getting beaten up in the streets. will you ever call out socialist (cuecue what is going on? it is important what happens here, we are debating a socialist plan for america, social networks ramming a set of approved opinions down our throats. we are told that we want to make it easier to vote, we are jim crow racist and in the middle of all this hour secretary of state anthony blinken invites the united nations to investigate racism
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in america was we owe a vote of thanks to those protesters in havana. their bravery exposed the hypocrisy of american socialists and the chaos in this administration. the third hour of "varney and company" just getting started. he is back, sean duffy smiling now, what do you make of black lives matter blaming america for the unrest in cuba? >> couldn't agree with your take more. the fact that you have cubans fighting for freedom, for liberty against a communist oppressive regime, black lives matter would say that is donald trump's fault, it is the fault of communism and socialism. the idea that black lives matter supports the repressive ideas of black-white matter supports looking at what
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protesters, that is why black lives matter can't get on the side of freedom but on the side of dictators. stuart: where is bernie? where is bernie sanders? where are the socialists in america? >> where is aoc, obama, biden, where are all of them standing up on the side of freedom? if they would lend their voices to this cause, it is hard to the protesters looking for freedom. the democrat leftists, this is their ideology, they don't want to see cuba fail, they have that kind of vision of cuba for america. they don't want to chastise it, they support it. uastifst c me ak ak americamerwe wa thil thut. o o o t if tmaif tt ke istheayy stst e re e blice bl.e bl -th - ifif'rouu n n't caca elrate a the tyto whwh
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eedoing odithe dif e e opetti g bte b e snd sg ing have uaus wirs w whe athave in america anicd te left be found. ua : ho ld on, stan,thn, ease. i want tont t segue to the musin pitbull, a cuban-american, speaking out forcefully, what is he saying? >> he's appealing for help for a lot of money and the connections. >> it isn't about politics, it is about saving lives, jeff bezos, cuban-american, graduated from miami, built one of the biggest companies in the world, the richest man in the world, somebody who can get involved and help us. >> trying to create a movement here, regardless of politics,
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people with status and many, jeff bezos's stepfather was a cuban who adopted him to speak out. stuart: didn't know jeff bezos had a cuban connection, that man moves a lot of people. let's get back to sean duffy, the mayor of washington dc, mural yield bowser is being sued for allowing children to get vaccinated without parental consent. you've got 9 children yourself, what do you think of this? >> 11, 12, 13, 15-year-olds that went through my house, to think someone that age can give informed consent to get a vaccine is outrageous. we don't let kids get tattoos or vote or engage in sexual activity. it is a crime because they don't have a mental capability to make those kind of decisions. they don't have the capability to make a decision to get a
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vaccine but this doesn't surprise me because the left, the marxists which is what we talked about in cuba they have a long history, separating kids from parents. they believe the kids should be ideologically in line with the state, not the parents, they see parents and family of threat to the state and want to separate them. kids aren't vulnerable to covid 19, won't get sick, very few of them do and probably not going to die from covid. very low risk. that you are going to offer them whether they are special treats or ice cream cones to get a vaccine without parental consent is 100% outrageous but this is what the left does. what marxists, communists do, the separation. stuart: you will see much stronger push to vaccinate everybody because i am sure
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you've seen the numbers, cases are up 100% in the last 14 days. we have this sharp rise in cases and even the number of deaths is on the rise. you will see a lot of pressure to get out there and get people vaccinated, right? >> the pressure will come but if you look at the numbers those have been vaccinated with the delta variant get covid at a higher frequency than those who had covid originally. if you had covid your kid you don't need the vaccine. those analysis are not made, no matter who you are you all need vaccination. one of the points in washington dc there's a majority african-american, and a resistance and hesitancy for vaccine and simplest experiments, black men were used, was very hesitant, that child can get a vaccine with consent.
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this will not sit well in the dc family community. stuart: always a pleasure. we will see you again, thanks very much. show the markets on the left-hand side of the screen for the nasdaq. we know brian as bullish brian and you are saying trust the fed. you believe the fed was right that inflation is temporary and will fade later in the year. you say they are right on that? >> thanks for having us, good morning to foxbusiness. think of mister powell as both mom and dad and he oversees the market and the economy and a lot of snotty kids not getting
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their way so what happens when the snotty kid doesn't get their way? the end of having a tantrum but in the meantime mom and dad continue to teach them a lesson. it is a lose lose situation. the snotty kids will underperform while the fed has been clear on what their mandate is. i don't know why people are not remembering that. mister paul has said all week long the goal is full employment, a lot of this stuff with respect to transitory inflation and supply chain has been going on the last few years. put that aside. ultimately the fed has to change its course but it will when they are ready so this is old testament stuff. children, obey your parents, pride generates disgrace but humility generates wisdom. we have to listen to the fed and stick with core competencies and remember we have the best companies in the world. let's investing good companies and follow the fed.
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stuart: follow the fed. we will probably do that whether we like it or not. thanks very much. senator schumer just set a wednesday deadline to move forward with the $3 trillion budget plan. dan heninger is coming up on the show shortly, republicans need to put up a real fight if they want to stop it. heninger coming up next. the texas democrats left their state picking up $221 a day while in dc, can texas cut them off? a border agent jumps into a water-filled ditch to catch a migrant, trying to escape, this kind of things happened in the rio grande valley, the border report is next. ♪♪
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turns out i was wrong. so when a hand specialist told me about nonsurgical treatments, it was a total game changer. like you, my hands have a lot more to do. learn more at factsonhand.com today. stuart: no surprise democrats are pushing hard for that $3 trillion budget proposal. they want it bad. ashley webster is with us. i am hearing that that $3.5 trillion worth of spending could benefit some illegal immigrants. is that true? ashley: exactly right. oh yes, you better believe progressives are salivating at the prospect of a massive spending plan that includes
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pathways to citizenship for millions of illegal immigrants that includes the so-called dreamers who came to the country illegally as children and immigrants who are here under temporary protective status or those whose countries are deemed unsafe for them to return. of course the proposal will see significant opposition from republicans and could require an almost complete democratic unity which always means all eyes will be on moderate democrats in the senate such as joe mannchin of west virginia who is in the crosshairs every other day because he is moderate and no guarantee which way he will vote. stuart: a very powerful guy, the most powerful senator of the mall at this particular moment. talk to you in a few moments. six months into the administration and the crisis on the border is not letting up.
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jonathan terry is at the texas border town, you joined a group of lawmakers on the border last night. what did you see? >> many migrants. in this case families, many carrying children like the group you see behind me. these folks are migrants who walked around in unfinished sections of the us land border, 200 migrants, families, many with children. the federal government as yet to release official figures for june but is expected to announce the border patrol had more than 174,000 encounters with migrants along the southwest land border, 5 times what it was in june of last year. these types of migrants, families, usually nonviolent and turns themselves in once they get over the border but processing them ties of limited
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resources while smaller groups of criminals try to sneak in. look at this dramatic video a mile from where i am standing, we saw a migrant trying to evade capture, left into a ditch filled with water, border patrol agent pursued him through the ditch to a nearby road. once the young man realized he was surrounded he surrendered peacefully. republican florida congresswoman brought a delegation of law enforcement officials from her state of the texas border wall. witnessing firsthand the effects of the crisis. she says what happens here affects the entire country including drug activity. >> every man, woman and child in the state of florida could be killed 9 times over on the amount of fentanyl that was seized in this area this year. >> reporter: let's take a live aerial view from our fox19 drone, america's incomplete border wall, very section migrants we've been seeing have been walking around with ease. border patrol agents in the rio grande valley arrested several
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dangerous migrants from this group, including two gang members. stuart: let's bring in george p bush, jeb bush's son running for attorney general in the state of texas. you just returned from the border. what did you see at the border? i asked the question because the crossing of illegals dropped out of the headlines with all the other events around that. >> state acreage, in the rio grande valley with illegal immigration, what i found in the reason i filed a lawsuit, where the biden administration, this administration refuses to finish the trump wall, $5 trillion was appropriate to
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finish 750 miles, you will see from the press conference their still unfinished wall that would secure state lands, standing this legal case with the administration. >> you release them. and it is the opposite of what we propose for the cubans. >> the remain in mexico policy, the border patrol officials are busy with processing with administrative access for handling 200,000 people on a monthly basis when is 19,000 agents not to mention all of
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those got aways, because of the backlog before immigration judges that folks further blend into the shadows and have a notice that appears before federal court, this is the wrong policy, after january 6th but they can't do that on the southern border. stuart: talk about democrats, lawmakers in the state. governor abbott wants to arrest them to texas. and on what grounds would they be arrested? >> there election of duty. it stays with the state of texas to compel them to their job, the constitution is you mentioned earlier allows for these democrats to be paid during special session as they wait out the estimates of $1 million for the taxpayer, to
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walk away and get headline but have no repercussion, arrested and placed in the capital to finish the job. stuart: george p bush, politics is in your blood. great to have you on the show. take a look at the market. the dow down 14, down 63, the s&p is down 11. said chair powell testified as we speak, we will not go into along period of inflation because the fed has tools to address it. looking at some of these big movers. >> they are teaming up in china, launched an e-commerce site, jd is up 2.5%. stuart: that is a nice gain.
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aig and blackstone are both rallying, you've got the story. >> the retirement business of 2.2 billion, blackstone will manage aig's life insurance policies and annuities and blackstone, it had one earlier from 102.89. stuart: i have done very well with it, thank you very much, find report on the stock. lift, are they up or down? >> they brought back shared rides. you share a car with other people and stop the door for safety and they are bringing it back. the market has been up and down. stuart: virtually unchanged. >> there is bad traffic, hard
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to hail a cab. stuart: we are moving on. thank you very much. the child tax credit payment of started hitting bank accounts as of today, millions of bank accounts. president biden will speak about this, a new round of free money and will speak in a few minutes to see what he has to say. senator bernie sanders is not satisfied with that mere $3.5 trillion spending bill. he wants a whole lot more. wall street journal guy dan heninger said the republicans have to fight this and fight hard. dan is next. ♪♪
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>> president biden will meet germany's chancellor angela merkel. he didn't care for donald trump, she likes president biden. edward lawrence is at the white house. we are told this meeting will have a lot to do with china. a hot topic, china. >> one of the topics here. it is somewhat of a farewell tour. she's not running for reelection. because of internal changes it is unclear what long-term issues can be solved with this meeting but they will be talking, there are a number of other issues they will be discussing about the russian cyberhacks, biden is allowing the russian pipeline to go to germany, talking about the
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united front, and around the world and climate change. one of the reasons they want the pipeline closing nuclear plants moving away from the coal plants getting energy from somewhere else. the chancellor with the vice president come a this is what they said here. >> i'm honored to see you. it goes without saying that are two countries have many shared values -- >> the vice president saying the relationship founded on shared values, this marks the first time this vice president hosted a world leader at her residence. in two hours the german chancellor will be here at the white house, the child tax credit. stuart: china is laughing at
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both of them. the natural gas in the standard for climate change the rest of the world has. stuart: they are laughing at us. mister lawrence, thank you very much. i've got this op-ed, wonderland. the gop locks for the $4 trillion. dan heninger wrote it. putting up a fight to beat this. i got this. when you check that around it is popular. it is difficult for the republicans to get rid of this $4 trillion mess. >> to convey to the american people what is going on here
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and what the stakes really are. this is not just politics as usual, it is a struggle between the two parties over the future of the country. if you look at the politicking, something you have to focus on is bernie sanders, the chairman of the budget committee, bernie sanders is now the spiritual leader, heart, soul and mind of the democratic party, not president biden, not the squad, not any of those people, it is bernie sanders. what we know about bernie sanders is he's all left, going back to the new deal, bernie sanders has been about the old-fashioned industrial policy and industrial planning. if you look at the legislation, in the infrastructure bill, in
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the american families plan. the industrial planning in a grand scale, and it is not like infrastructure spending, if the democrats succeed in putting all that permanent entitlement in place. that role in the future is to be greatly diminished, reliance on that bernie said on the in bernie sanders industrial planning. stuart: can you predict for us, will you get half of it or any of it. how do you see this working out. >> they want the entitlement
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and those entitlements, pre-k extended family leave, pre-community college. those were enacted into law. they don't want the money attached to that. on the other hand, it went into this famous reconciliation bill and every member of congress gets there pet project and some of them are very large like the american jobs or pro-act for the labor union, this could turn into a christmas tree to the moon, a congressional pig out that collapses under its own weight. not to overdo it, when was the last time that happens? never. on the one hand they have their eyes on those entitlements.
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the congrats that he -- pigging out the legislation. stuart: congressional pig out, long time since i heard that expression and that is very apt at this moment. california, the most expensive place to rent in the country. what is the most expensive city? ashley: a place you are familiar with, san francisco. we have proof of how painful. according to the low income housing coalition if you are earning minimum wage in san francisco, each paying minimum wage a week to afford the rent on standard, and the worker needs to earn $39 an hour just to cover that rent. nowhere in america is less
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affordable than california. the pay area cities made of the topmost unaffordable metro areas, san jose coming in followed by send and oakland, proof that it is very very expensive to live in the bay area. stuart: a wonderful place to live 45 years ago. that is another story too. thanks. new york giants star converting all his endorsement money into bitcoin. he says crypto will create generational wealth. the price of pizza might be about to pop. we will tell you why. we go to a pizza shop in chicago. we are heading there next. ♪♪
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stuart: keep the mic down. don't let the audience have 73 degrees, and the pizza place. are they expecting price hikes, and if so why? >> the second time in 15 months, menu items go up 3%, the deep dish pizza, the best deep dish in the country, they don't mind that much. the reason is restaurants including this one are dealing with rising costs whether it is food, labor or to go packaging it is all going up.
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>> oil, pork, mozzarella, increases in packaging which included resin and increases in the cost of labor with minimum wage or driving up hourly wages. >> now they monitor rising prices for week futures of spring and winter from 40% to last year, in 33 years. that is the drought in the northern plains and at a restaurant like this they make a lot of pizza and dough which requires wheat and mozzarella so when those go up they have to consider passing along the cost to customers. ashley: we are talking beyond
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meet, going just about everywhere, in fast food operations and getting into chinese food, what are they doing? what's the panda express doing? ashley: they are introducing a dish that is beyond the original orange chicken, it is available in select new york city and southern california locations beginning july 2, '06, the panda express will be the first asian concept restaurants to serve on its menu, and offers other plant-based dishes on the menu including eggplant, tofu, chow mein and vegetables spring rolls. and chicken substitutes with kfc and last week, 400 us restaurants.
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stuart: have you tried anything? ashley: i have. i tried the burgers and not bad, no, i was interested to try it. stuart: thank you very much. not much action today, the dow is up 28. looking at the dow 30 and that even split with movements, up movement and down movements. 34,909, f 45 training, just debuted on the new york stock exchange, is a workout company. they are bidding people are going to go back to the gym. i will talk to the ceo after this. ♪♪
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the sleep number 360 smart bed is on sale now. it's the most comfortable, body-sensing, automatically-responding, energy-building,
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i have a question. f 45 training. what makes you different from any other work out company? >> a great question. we are a class based training business operating with 26 to 36 people. what really separates us is the innovation we deliver every day. we have 6000 different exercises in our encyclopedia, we think training communities is the clutch to success. the hit is high intensity training and we believe that the most effective way to get a great workout and a full body workout, fun and friendly and we want people to get back into the gym and get out of the house and feel they are part of
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a special event. stuart: you create the workout and distribute the work out to jim's and studios run by franchisees. you create a different workout every day then distribute it. this is people going back to the gym. >> to answer the first question we choreograph our work out with our athletic department and the workouts change every day but we don't only ship it out to our franchisees but we are the first company on the planet ever to train soldiers to go into combat. a military base in southern california and in addition the only third-party gym every to go into colleges. folks like stanford, usc, university of texas have of 45 and rec centers, but more importantly, we are the only gym ever to go into a military
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base, colleges and high school. it's not just 45 to 42-year-olds, the current age demographic but we are looking forward to training these kids all the way to 50 or 60 years old. stuart: you distributed around, got your first trade, raised the money and what do you use the money for? >> being a fiscally conservative business we never had an unprofitable quarter. we run into this pandemic extremely low leverage at one time so first thing we are planning to do is pay down our debt and planning on facing our balance sheet to give us some real horsepower. and then third parties, paying down one of the first investors with a $25 million check.
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this is a $100 stock. i'm excited about where we are headed because we never had a healthy franchise inquiring to buy our franchises. stuart: you are australian, right? >> i am australian but i love the us. i feel like i was born in the wrong country. there is a real can-do attitude. new york city is my favorite city on the planet and begging my wife to stay a couple months, we tried living in florida. stuart: stay in america because it is the right place to be. congratulations on your ipo today. him back and see us soon. good to see you. >> thank you for your time. stuart: a player for the new york giants getting to bitcoin big time. what is he doing? ashley: cry key! giant superstar running back
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berkeley planning on having all his endorsement money diverted to bitcoin which is equivalent to $10 million a year, he says he wants to create generational wealth like lebron james and tom brady and he believes bitcoin is the way to achieve that. he has a slew endorsement deals including nike, toyota and pepsi just to name a few. the giant star is not the only nfl player asking to be commentating crypto currency. jacksonville jaguars rookie quarterback trevor lawrence had is $21 million signing business put into a block folio which is a crypto currency apps so the trend is spreading. stuart: or so it seems. what happens if the price continues to go down? are you ready for this? this is the question this thursday. what is the largest county in
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america? can you guess? the answer after this. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. (judith) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. . .
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stuart: laughing there. neither of us knew the answer to the question. the question is what is the largest county in the united states. you knew this. >> i told you. you said i cheated. i guessed correctly. stuart: san bernardino county in california that surprises me. that county, 20,000 square miles is bigger than both vermont and new hampshire combined. you knew that?
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>> i did. stuart: i thought it was going to be a county in montana or up state or new york or something. really gigantic. california. did not know that. don't forget to send in your "friday feedback." send us a video question if you wish. email. we'll be happy with that. email us at varney viewers @fox business cot --.com. varney viewers @foxbusiness.com. neil: i shared some of mine for your salve. i scratched out the name. but yours son -- on. thank you, stuart, thank you very much. we're following action on the corner of wall and broad. they're sort of weighing earnings which continue to be pretty much off the charts, keeping to that trend. they will be anywhere better 60 to 65% from a year

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