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tv   Varney Company  FOX Business  May 3, 2022 9:00am-12:00pm EDT

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first. stuart: working on the decision on interest rates tomorrow 2:15 p.m. eastern time we will watch markets. we have a rally the dow industrials at the highs of the morning up 50 points on the dow. maria: good to see with you this morning. enke so much. "varney & company" begins right now. stuart: good morning maria good morning, everyone. someone has done real damage to the supreme court. someone leaked a version of an abortion ruling that overrules roe v. wade, leaks like this are unknown in recent history, there are profound consequences. how will justices trust each other. any other colleagues or staff could undermine their judgment with the leak. the fbi will investigate, they have not started yet with the democrats see this leak as a valuable issue for november. they're already fundraising on
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it. an obama constitutional scholar ted cruz, there is other news primary day in ohio voting has already begun. this is a test of the value of a trump endorsement, he supports jd, the leading challengers jasmine viel endorsed by ted cruz, in a moment politician ted cruz. in newark amazon workers have rejected unionization on staten island. bernie sanders and aoc has spoken demanding more from unionization. it did not work more than 60% said no union. to the markets, i'm going to start with the ongoing energy price inflation. it is back it is still here another new high for diesel. $5.37 a gallon, up 5 cents overnight, truckers are not happy. gasket would up another 1% to an
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average price of $4.20, drivers not happy. modest losses and gains for stocks in the early go with this morning, the dow was up 40, the nasdaq up about 30. the yield on the ten year treasury hit the 3% level, backed up to 295. this is happening as the federal reserve is poised to start and hike and basis points and more to come, that is confidently predicted by the fed watching industry. believe me this is a jampacked show the charge of head mayor of miami joined as he busted build a soccer stadium to host a world cup. newt gingrich is with us he think the republicans will win 70 seats in the house, will the abortion leak upset the forecast? indicating a business news, larry kudlow will be here. i don't care what he talks about, this man is always interesting. it is tuesday may 3, 2022. "varney & company" is about to
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begin. ♪. stuart: that he is on. >> in ohio, cleveland with a cadet. stuart: it's election day in ohio. break down the big race. >> will start with ohio, seven gop candidates in the primary to fill the seat vacated by the retiring rob portman, who is the leader jd vance you know him as the author of hillbilly agility to trump critic who has got the former presidents endorsement, he is slightly ahead of other games you might know josh mandel and matt dolan this is a tight race to the finish were 263,000 votes have been cast early led
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by republicans. >> 263,000. let's listen to some of the contenders. >> were talking about of democrats were not liberals who are going to support my campaign. a lot of those democrats of the pie by the democrat party and they'll be important one day when this primary. >> on the other side you have be supported by president trump that is a closing argument what kind of argument do we want to spend to washington i think ohio wants to send an american first republican. >> they're all doing good. >> he mixed up the names i'm not sure it matters most of those candidates wants his endorsement they will see if he got the endorsement and can make it a win. stuart: i will not interrupt you. >> his endorsement was 150 candidates for november.
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in indiana that is the other base we are following he has endorsed no one and all candidates in one district for instance which is the key district have avoided taking a firm position on the 2020 election results. more primary challengers in indiana from the right in over a decade. there is a lot of enthusiasm in these particular races. >> let's begin our star guest, senator ted cruz with us this morning. we are going to get to your take on the primaries but i want your take on the big story that broke overnight the leaked documents showing the supreme court voting to overturn for roe v. wade. forgive me for offering an opinion upfront but as a betrayal of the supreme court. >> you are exactly right, good morning it's good to be with you. i've got to say last night when the news broke of the leaked draft opinion. i was flabbergasted, it is truly stunning in over two centuries every nation's history, this has never happened. this is as corrosive and
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destructive to the supreme court as we've ever seen. what it means there were some angry left-wing law click the breached the trust to the supreme court who breached the trustee the making people and took a first draft of an opinion and decided to leak into everyone. this is the consequence of the democrats partisan effort to undermine the court to attack the court, this is part and parcel of chuck schumer standing on the steps of the court and threatening the justices saying you will reap the whirlwind this is part and parcel of the effort by the democrats to pack the supreme court. as part and parcel of the effort of democrats, partisan democrats to try to tarnish and attack justice clarence thomas in particular. they are smearing him. i have to say democrats have a lot to answer for for the destruction that this reeks in the court because it will carry
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on potentially forever limited the ability of the justices to do their solemn constitutional responsibility. it really is an outrage. stuart: to give the democrats and the president a chance to change the subject for the midterm elections. surely this leak is going to be and have a big impact on the midterms, how do you think it'll go? >> what's going to matter is ultimate decision of the court. what reports to be leaked, we don't know if it's accurate but there's no reason to doubt it an initial draft that circulated in february. as you know i started my career as a law clerk at the supreme court. the way the process works the justice he was assigned the majority opinion in this case it appears to be justice alito, they will have voted at conference and that will circulate a draft opinion to all nine justices. what happened to the days and weeks and months after that, there are hundreds and thousands
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of edits on the face of the opinion, nobody joined the opinion yet. every justice has to read it and decide if they agree with it and negotiations back and forth can you change this paragraph and delete this in footnote and take it out and at the same time the dissenting justices are working on their dissent which they will circulate and he goes back and forth and back and forth. whatever the courts decide it's not going to be exactly within this opinion but the reason it was leaked, some left-wing law clerk wanted to put political pressure on the five justices that presumably are in the majority. they wanted to put heat and invoke politics to try to get them to change their vote. by the way, the left-wing law clerk succeeds it'll be the most grotesque politicalization of the supreme court in the history of our nation. we mentioned an fbi investigation. i hope there is a serious one
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and i hope who is responsible not only inspired it instantly but prosecuted and serves real jail time for violating the competence of the supreme court. stuart: quickly to the ohio primary, president trump backs vance, is a party split? >> i think contested primaries and vigorous primaries are healthy for democracy. the energy that were seen on the conservative side is a sign of how bad things are going under joe biden the democrats. i think josh and jd are good men for the reason i supported josh, he is a significantly stronger proven conservative record. primary voters are fed up, they do something else, my philosophy and endorsement that i endorse the strongest conservative who can win in this race, i believe that is josh bendel. stuart: great to have you on the show of all days, we do appreciate it could we hope to see you again real soon.
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new reports show elon musk is looking for additional financing for his bid to buy twitter. why is he looking for more money when he clearly has the cash. >> reuters is reporting the finance will reduce a $21 billion cash portion with selling tesla shares as we see the past week or trimming the 12 and a half billion dollar margin loan money he borrowed with his tesla shares pledged as collateral, dan ives says twitter has a 100-dollar per share overhang on tesla stocks. that is your answer. another option the major shareholders jack dorsey did not cash out and reap a billion dollars but rolled their stake into the deal. stuart: he wants to minimize his financial risk taking over twitter. check the features, we have some green, not much but the dow up 30, the nasdaq up 30, david nicholas joint is now.
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you think the market hit bottom? >> it is tough to tell i don't think just yet, i would say no yet the fed meeting and i think there is room for downside to this market no question. stuart: what is wrong with moving somebody out of stock and into bonds you get a very low rate of return but you do get safety and avoid any downside movement in stock, what is wrong with that. >> to get me started on bonds, i believe that bonds will be one of the worst investments that you could purchase over the next decade. you need to look at ten year rates if you want a ten year bond by a high credit quality company you getting into percent yield for ten years. stuart: it is not the yield that you are going for. it is interested into percent or 3%. it is a safety and the avoidance of risk in the stock market. people of my age like to do that kind of thing.
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>> if you're a bond investor you down 10%. at one point bonds are gone within the s&p 500 when rates rise bonds rise, unless you're willing to tie the separate ten or 12 years and not sell the bond, you're good to get stock because of rates rise, they will need more than likely will then bonds lose money is not just about the yield is about safety and the rates rise and the bonds lose money. stuart: i hear you. i've not moved into bonds yet, i'm sticking with the stocks that i have and will probably stick there for some time. when i change a be the first to know. thank you very much. there is a market opening slightly higher this tuesday morning. the school in d.c., washington, d.c. asked children as young as four to identify the racist family members. it was part of an antiracism fight club for kids, we will tell you about it.
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president biden taking more ukraine aid on the road today he's going to alabama to a weapons factory, isn't the president a little late to the game all asked former secretary of state mike pompeo. he is here after this.
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that city of mariupol, the for months they have been bombing the city that was considered flourishing now it's leveled and charred from bombs and fires. estimated 100,000 people are sheltering trying to survive, hundreds of been seeking shelter in the dark tunnels . >> the houses were damaged, we hit in the basement is a difficult situation with the
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food and there is no humanitarian aid. there is nobody it's very scary there is nothing left invariable, nowhere, nothing. >> dramatic new video claiming to show ukraine destroying russia stake island in the black sea in response to new video shows russia launching missile attacks which targeted the military airfield near the southern city of odessa. president biden is scheduled to address the situation in ukraine and this weekend the first lady is scheduled to visit the block yet and romania and scheduled to meet with refugees who are mothers on our americans mother's day this sunday. stuart: thank you very much, president biden is going to turn alabama's weapons factory. he's asking congress to approve additional aid for ukraine. mike pompeo from the secretary of state joint is now. the president is sometimes accused of being late to the
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game dragging his feet, not leading toward ukrainian wind, let's say you? >> good morning i think that's obviously the case, it is not political but is factual, the president new in the fall that putin had intentions much what we seen over the past few weeks. instead of putting sanctions in place he sat idly and talked about in encouragement being okay, these were the signals that lost the deterrence for the west for the united states and what became clear that ukrainians were ready to declare their own sovereignty we've been slow in late into many meetings and not enough action items. i'm happy he's headed to alabama to talk to a weapons producer, we should do more, we can do more, we should make sure we not only get them the volume of weapons but the right tools so they can defend their sovereignty, this is a straightforward exercise of ukrainians effort to protect their own homeland. we could support them and make sure the europeans are doing the things that they need to do,
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this is primarily in their backyard. they are today underwriting this very campaign. the russian military is getting hundreds of millions of dollars from the european energy purchases which should not only cut them off from selling energy to europe but enforce the sanctions on china and india never the country so they can avoid the sanctions, we cannot let them continue to build its military because it has an energy source. stuart: could ukraine win? drive russian troops out of what is now ukraine? the russian army is not very good, they have congregate troops were not very good. could ukraine win? >> a former soldier, offense is a lot harder than defense digging them out of the places they have been think of crimea were president obama handed crimea to them to the russians in 2015, the southeast parts, i was the director myself pushing
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them out of hard work. we should give them the tools to fight as hard as they prepared to fight in as long as they're willing to continue to engage in if they choose a different path we should be supportive but there's no doubt they can stop further advances from the russians and they are intent on taking odessa and cutting ukraine from the boxy, this would be horrific for the market economy and worse for the ukrainian people. those are the objectives we should set and do it in concert with president zelenskyy and provide them with the tools to make life miserable anywhere inside of ukraine. >> i have 40 or 50 seconds, would you like to, on the leaked document from the supreme court, i call it the under my date and the betrayal of the supreme court. >> out of this experience at the state department, leaking documents from inside the state department it is corrupted to see this happen to this
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important institution it breaks my heart. whoever did this and how this got out to be prosecuted at the full extent of the law this undermines the politicized is the supreme court one of the last institutions that did not suffer the same fate that so many institution suffered. >> mr. secretary thank you very much you can come back soon. a quick check of features we have seven minutes to go before we opened it up, the dow is going to be flat to slightly lower and flat to slightly higher for the s&p and the nasdaq. opening bell is next ♪ ♪ you'll always remember buying your first car.
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if you invest in the s&p 500 your portfolio may be too concentrated in big companies.
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this can leave it imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp, is spread equally across the s&p 500, which reduces potential concentration risk and helps keep your portfolio in balance. stay in balance with invesco's rsp. stuart: just a little bit of red and green the dodge on 20, the nasdaq down 11 of the opening bell. let's bring in mike john murphy sitting next to us in new york, let's get to it dj powell in the fed maker horrendous mistake tightening of credit per good morning absolutely they told us all last year that inflation that we were starting to see was
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transitory, this is going to pass it was not something to be concerned about, now the markets are telling you we are going to get ten hikes 2.5 percentage points higher this calendar year, that is why the market is selling off they went from forecasting is that it's not good to be a problem now they say we made a mistake it's a huge problem i think probably the market is overshooting and a little bit. stuart: have we hit bottom yet? >> if we have a hit exact bottom, were pretty close, but we had this big selloff, down 1e we reversed it the big selloff in the market, opportunity out there but the fed needs to steer the ship is important that they get the messaging right. >> to get a steer the ship toward significant rate increases i don't see how the market could rally.
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the data does not support that, we know where to get 50 basis points tomorrow or should get 50 basis points tomorrow, past that if they have to walk it back a little bit the market is pricing three quarters of a percentage point, 75 basis points in the june meeting if we go everything less than that it'll be cause for a market rally they were wrong on the fact that it was transitory last year and they're probably going to the other side right now. stuart: supposedly change their mind at the fed, they see nasty stuff going on in the stock market and they say wait a minute we better pull back a little bit on the lack of printing money, they would lose all cut ability. >> the credibility that they still have, they would but i think rather than trying to go out and forecast their much better off when they keep it shorter and they say data focused and data dependent. right now we need to rein in the inflation that we have. that's get past tomorrow and see where we stand forget about
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what's going to happen in q3 and q4. >> why should i go out and buy a two year treasury bond and almost 3% for two years. i've got absolute safety for home maturity and i don't have the risk of the market, what is wrong with. >> 's inflation you are losing money. stuart: i'm not losing as much. >> give me the money you're still safe, the point is to get returns for you invested dollar. >> i'm going to reject the offer but there you go. thank you for being here i appreciate it. the market is open we opened on the upside. i'm looking at roughly half the dow 30, a path, uptown we have a 57, 60-point gain from the dow right from the opening bell that is a fraction of 1% even smaller gain in percentage terms for the s&p, .12% on the upside the nasdaq is down opening with a loss of 1.6%, i guess big tech is all over the place mostly
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lower there's only one winner and that is google, microsoft, apple, amazon and now alphabet all on the downside. i wanted to go look at pfizer, this thing never goes anywhere, $40 a share. before the bell. they had a pretty strong report card. what's going on. >> are not done they had been in the premarket they did not increase the sales forecast for covid drug, the vaccine in their pill that is the first of the pandemic i guess people are nervous anymore most of us are vaccinated, to give you the numbers they sold $15 billion, 1 billion worth of paxlovid and then they/learning guidance for the year. stuart: before we got one, would you touch pfizer stock with a 1. >> absolutely not. >> a brewing company. >> they saw the biggest sales growth with gravity topping
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$2 billion. the hard seltzer, those are the standouts in the quarter this it might be why they're probably 1.6%. the beer volume is slow to bounce back in a slow recovery since january. the big stall in the economy because of the omicron surge. >> i know they would not touch the multicourse dock. >> if you look at that company, they have a lot of bigger macro concerns out there and i don't see where the growth comes most importantly. >> how about bp, it is up 5% even though they took a huge hit of getting out of russia. >> $25 billion that is a biggest financial hit for any company that is exited russia. the net profit of six and a quarter billion dollars is the highest in over a decade. now you have to talk intensifying of a windfall tax on energy companies in the u.s.
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and the uk. this is a british company, their ceo told the wall street journal, making money it is good for taxpayers. real people, ready they are getting slack in the uk for this for making a profit. >> a windfall profit back to that. >> they are talking about it today, he was question several times this morning. stuart: i'm going to move on, show me the rental car, i know what happened, they were selling off a lot of the rental cars into the used car market which is very strong because they made a lot of money. >> that's part of it and they have a profit, revenue came in to have billion dollars, 77% and one quarter. also a big demand people are going places and when you fly somewhere you rentacar at a higher price these days to get to where you want to go. >> i would love to know what that stock is as a pandemic it and we all went into lockdown because nobody was renting cars. >> the low was 65, the high was
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545 and now they are in the middle at 295. >> then we have educational people, they are down 35%. >> they are selling fewer and easier courses and customers are prioritizing on quoting earnings overlearning. there's been a shift in what we expect and what were willing to pay when it comes to education or foregoing or the education together because they want to make money, they can make money right now, the job market is pretty good. stuart: doubt 85% just like that. then we have expedia i'm not even looking at the screen they were doing well with some a travel boom coming, now look at the screen, down 6%. stuart: were gonna try to do this. what happened. would you look at the numbers that are coming in, i think a lot of the analysts that are
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following these companies are trying to figure out russia and bake it into the cup's quarters, that's we get a lot more volatility. i think these travel stocks are where people are going in planning trips. weakness on these, you can see growth in companies like expedia. stuart: he has an answer for anything. while demand has come back and is very strong. you some brokerages cutting their price targets on the stock they think these are going to slow down again i guess that is a wishy-washy explanation for 7% decline. how about clorox up nearly 4%, inflation. >> the charging higher prices but their costs are going up dramatically which is because their margins to sink big time in the quarter but also they say margins are going to go and get
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squeezed for the rest of the year, why the stock is up now, i do not know but this is another stock that was indicated one way and has moved starkly in another direction. stuart: they got caught twice, reversing direction, the dow winners on your screen, the top winners are bowing. >> boeing, goldman, j.p. morgan and disney. >> disney, the s&p winners caterpillar? >> catalyst, ipg photonics. you know what that is. stuart: you don't know what that is. >> no i do not. stuart: slacker. the nasdaq composite headed by vertex, pharmaceutical. >> bio bioject, regeneron. stuart: the list does not tell me very much unless i seem microsoft it's as simple as that. >> using microsoft and all the big tech selloff a little bit.
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some had weaker earnings than expected like amazon, some look at microsoft earnings numbers, that got dragged down with the rest of them. stuart: sold off a little? >> we can go up 20% every year than the selloff we get his way to be 80 or 90% selloff with the bubble bursting. you are going to have the pockets where the stocks trade lower, it's always been that way and has to continue. stuart: greed is ugly. >> investors came in late in the session and bought the dip yesterday. the stocks were up buttered up again today. do not see the massive selloff you see the big name saying how russia effects and. bank of america with the small business survey, real america 88% say inflation is impacting their business but despite that two thirds say they're still good to be able to grow, that's optimistic.
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stuart: have we settle this yet? >> i think i rounded it up nicely. stuart: thank you very much indeed. excellent, coming up, can whoopi goldberg fix the problems plaguing the vice president's office, she seems to think so. rotate. >> maybe have a giant meeting saying let's go over how this actually works so everybody is clear because we know that everybody has a little micro- aggression that they may not be aware that they're putting out there. stuart: a jampacked full of micro- aggression, deroy murdock's window, and this. a new day comes covered restrictions in beijing, they are cracking down on jim access. amazon warehouse is no to humanization. larry kudlow is here to sound off, no union at that particular warehouse of amazon. ♪
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stuart: we have a statement from the president on the supreme court draft with leaks, here is part of it. we do not know whether this draft is genuine. it'll fall on voters to elect pro-choice officials this november at the federal level we will need more pro-choice senators and a majority in the house and legislation that qualifies which i will work to pass and sign into law. newt gingrich coming up at the top of the hour. he will have more on this extraordinary story. the federal reserve begins the two-day meeting focused on tempering down inflation, today is starts. who better to talk about that then the king of business the man himself larry kudlow. that is your title king of
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business. a fine title. a good way to start, a good way to start. what happens at the federal reserve aggressively raises rates, doesn't that mean a recession has walked in? >> it'll be hard to get a soft landing under any circumstances. coming down from 8 - 10% inflation rate, cpi, import prices, pc, deflator it could be a tough time. i noticed yesterday roger ferguson basically said he thought a recession with the most likely outcome. even a former dad like bill dudley formerly the new york fed has now turned very hawkish. the fed is behind the curve, et cetera.
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i will say this, the faster that they act, the more aggressively that they act now, tomorrow and this year, the faster they will curb inflation. the faster that they curb inflation, the better off the economy is going to be in the medium and longer run, people forget nixon and the crazy world of monetary theory. price stability is absolutely essential to economic growth as low on employment. the faster the fed can get it back, the price stability, the faster the economy is going to recover. it is a tall order. inflation rate is somewhere around 8%. the target is to. you tell me, it is not going to be easy. >> the era of free money is running over, we have a question, how expensive money is going to get and what timeframe and what that does to the economy. i think it be hard to avoid some
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kind of recession. i want to talk to you about the amazon warehouse in staten island voting against unionization accommodation it's come up bernie sanders and aoc. you got to be happy about that. >> i think this was a free election. i think the national labor relations board under biden has done everything that he can to deny businesses the freedom to make their case to employees regarding unionization. that is a 75-year-old idea. now amazon was able to have a meeting with their employees and employees voted against the union. what are the key points, union dues. i consider that worker freedom. why should union members uniformly have to pay rising dues which then go to finance radical left politicians who
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generate policy that are bad for the economy and bad for jobs. there is a lot of job destroying policies going on in washington, d.c. which is supported by these unions. the rank-and-file are rejecting this, they rejected it down in alabama. i know in the service industry the union organizers are trying to make pay, date 11 in seattle with starbucks but i think the amazon thing is a very important, right to work states, let's go to this, right to work states have been growing in recent years, i think half or slightly more than half of the states in this country are right to work. guess what those states have stronger growth, lower unemployment, faster job creation. no union rules, bond on the wheels of commerce, we all know this. in financing the left-wing politicians with the union dues,
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this is been rejected. we will see what happens, i think this is a big win. very important. there is an act that the bidens wants. they cannot get through congress. they cannot. they are trying to use the national labor relations board, that will not work. worker choice, worker freedom. stuart: if only we could get the teachers union out of our public schools i think we could do that. >> where do i join. stuart: i'm sure you'll be seen as this afternoon. cut the weekdays 4:00 p.m. eastern. always great, thank you for being with us getting back to starbucks, the union accusing howard schultz of violating the labor laws? what did he do. >> they're saying he's firing workers to try to organize, at the same time the company is violating its own complaint against union organizers, accusing them of bullying and intimidation.
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howard schultz is back in the hot seat for a month now. tomorrow marks one month, he's walking the line between the percussive company and also tamping down the union culture and the union movement, they had 48 store elections. the union has 142 of them. starbucks reports tonight, is howard schultz going to say anything about a plan to provide better or newer or different benefits for workers that have not unionized? that is being considered. many workers right now speaking of union dues might be saying this is just a job, it is just for right now, why do i need to pay and when the job market is pretty good and i make more than something else elsewhere. some do not want to be part of that culture. stuart: howard schultz is a liberal but is been hijacked and ambushed i would say from within. thank you, coming up chris launching a massive campaign to boycott disney he is here to
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tell us about it later in the show. canceling student loans, to help the rich? , high income households could benefit the most from student loan forgiveness. grady trimble the full report from capitol hill, after this. ♪ thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back.
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or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. stuart: revealed that high income households could benefit the most from student loan forgiveness. grady trimble has a story from the white house. break it down. >> this report is from the brookings institution, we will get right to the numbers, and found the wealthiest 20% of households oh almost a third of student loan debt. the next for thousands around 29%. that leaves the bottom 20%, those who are least wealthy in this country who only 8% of student loan debt, the report goes on to say the future value of a degree whether it's undergraduate or graduate is often left out of the conversation when talking about student loan debt. it says household with mortgages
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because the mortgage is purchased for now valuable asset, student loan borrowers low wealth because their valuable educational investments are not measured as an asset on the balance sheet. >> the big chunk of that is medical students, they go to medical school for a really long time and they borrow a lot of money to do that. the little town i grew up in all the richest guys with the doctors, everybody in the town suddenly writing checks for hundreds of thousands of dollars to people who are going to be doctors in a couple of years. it makes no sense. >> to further make that point on average, this report says that college graduates make around a million dollars more over the course of their career than those who only have a high school education. stuart: why should they get a loan removal, why should they indeed? thank you very much we will get back to you later. check the markets we are down for they're down, 13 points, same of this the nasdaq, down 15
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points. not that much, price movements so far today. newt gingrich, will cain, former nato ambassador kurt volker and the mayor of miami. the 10:00 o'clock hour is next. ♪ we hit the bike trails every weekend shinges doesn't care. i grow all my own vegetables shingles doesn't care. we've still got the best moves you've ever seen .. increasing your risk for getting shingles. so, what can protect you?
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neil: stuart: bang bang jackson budget is 7:00 eastern. your money please. not that much price movement in the stock market so far today, the dow is down 7. s&p is up 11. the 10 year treasury yield, hit 3%, 291 today. oil at $101, now it is at 104. bitcoin looking at 30 grand. don't make much sense of that.
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get that off the screen please. market check, you've got some green. just past 10:00 eastern. we have the jolt report. the number of job openings probably going to be a big number. >> the number of jobs open hit a serious high of 11.5 million. if you look at the quits array, voluntary separation, i quit, i am done. stuart: 4.5 million. wages are rising, forget inflation, wages are rising and all kinds of jobs all over the place available, 11.5 million. great time to be a worker. lauren: why are 5. 9 million people looking for work? it is also raising why you need to pay dues going into a union
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when you can get a nice job. stuart: not everybody who was not laid off but didn't go to work during the pandemic wants to go to work. lauren: in an office involved the commute. stuart: 11.45 million jobs going to vegas. now this. a blockbuster story of the morning. a leaked draft of a supreme court opinion suggests that roe versus wade will be overturned. this program is about money and politics. we rarely delve into abortion but this is not about abortion, it is about the betrayal of the supreme court, the deliberate undermining of the judicial process at the highest level and done for political movement, revealing the opinion to change their minds. and this is an attack on the supreme court, we will find out and who did it and why. we are fortunate to have newt gingrich.
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i want to read part of president biden's statement. we do not know whether this draft is genuine. it will fall on voters to elect pro-choice officials this november. we will need more pro-choice senators and pro-choice majority in the house to adopt legislation that codifies which i will work to pass and sign into law. the leaker is no doubt a hero, he or she has betrayed america. >> they have betrayed their sense of the job. you go to the supreme court. other people have accessed the paper. it is a great honor. you pledged to be part of the system, they have brought in the fbi taking it seriously, nothing like this has happened in the history of the court and
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it is very dangerous because it means that we 9 justices can't negotiate, talk things through, try to figure out where they are with any sense of secrecy and instead you don't know who might be leaking and we live in an age of cell phones you can tape everything as we learned. this is a very dangerous precedent. the deeper issue is obvious. roe versus wade was decided on really terrible and very weak grounds. it was about the viability of the baby and the fact is the science and medicine moved so far from roe versus wade that the underlying arguments have been destroyed by scientific advance. inevitably it is going to crumble. the employment of the trump justices, the fact that they were approved meant for the first time since the appointment of warren in the
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1950s, for the first time you have a solid conservative majority on the court doing what you would expect. it will be a political issue, not to the advantage of the democrats, the country is going to worry about inflation, the country is going to worry about gasoline prices, food prices, millions of people crossing the border illegally, rising crime rates, don't down the list and the most recent polls, down 7 or 8 or 9 in terms of issues people are going to vote on. stuart: i read your stuff and i believe you expect the republicans to win 70 seats in the house this midterm election. >> what i said was the range of the house where kevin mccarthy is the next speaker the range will be 25 to 70. at the high end it could be 70. if it is anything above 35 given where they are already they are almost a majority it
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would be the largest republican majority since 1920. i would say to any republican out there if you go out and vote, that kind of a tidal wave probably means a four or five seat majority in the senate and the combination of who gives them the chance to i think force biden over and over to choose between the american people in the radical left wing of his party. stuart: i am glad we have you on the program, the perfect person to address it, see you again soon. back to the markets, the bread and butter of the show, the dow is up 6, the nasdaq, up 62 points. gentlemen on the right of the screen below me is scott schilladdy. had we hit bottom yet? >> no, listening to newt gingrich speak that further emboldens me.
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with a lot of government agencies being politicized that is what this leaker tried to do with of the supreme court. we shouldn't be surprised, the fbi, the cia, irs, supreme court and now the fed, we find ourselves in a position where it will affect money. and if it hasn't already. buffet is in a position, trying to manipulate equity prices or asset prices, damned if they do damned if they don't, minus. -. 14% or they can't raise rates. that is politicized. a lot on our plates. i am worried, we have our food and fuel situation like we never had before and i can't stress that enough.
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going over the facts this morning i know you talked about diesel too, if we don't have it our economy will collapse within days. stuart: we have 537, that is the baseline for energy price inflation, everything is affected by this. i understand there is no way we will get a serious decline in the inflation rate when you have energy prices going up like this and food prices going up like this. are we headed for a recession? >> we are one quarter away and i think we are. i wasn't surprised. tongue in cheek i said we are in the middle of a recession and don't know it. things are pretty bad. i was shocked by 1.4%, boats,
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trucks, trains, that is all diesel. we think about gas because we fill up every day and are self-centered and that is what we do. all the things, take it one step further, what about the energy problem with fertilizer and farms and the energy problems with diesel and farms, 70% of farm machinery runs on diesel. this is cataclysmic. i remembered you bringing up a couple days ago, we have a lot of unintended consequences from bad policy and politicization of government entities and nothing we can do about it. stuart: always good. see you again soon. we've got a big investment firm, our major institutional brokerage, just became the first to offer individual crypto trading. who was it and what are they doing? >> first trade. they haven't apps, you can trade crypto, 37 different coins from big ones like bitcoin and either to dogecoin,
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the need or the desire to diversify. to include crypto. why is this a big deal? schwab is not doing it, td ameritrade is not doing it but first trade is. stuart: now i know. bitcoin it at 38 grand. the movers, back to expedia, down big time. lauren: it is down 11%. it is pretty good. the ceo says we are feeling great about a recovery we are seeing the summer. 58% year over year, $24 billion, down 19% from 2019 before the pandemic and that selloff is sparking losses. everyone is writing the pent-up demand wave but it has a feeling. travel boom is not as wonderful
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as we thought it was going to be. what is with estée lauder? lauren: china is 1/3 of their sales and lockdown is sitting that market, they cut their profit forecasts for the full year. that is what you see play out on the screen. stuart: rockwell automation next a lot of factory women. lauren: the bad news is they splashed there for your forecasts but often when companies say demand is not the issue, investors and wall street excuse the problem giving a past but that is not happens now. the stock was hit pretty hard. stuart: it is 10:11 eastern time, we've been on the air for one hour and 11 minutes and about to do our first elon musk siding and headline. he was at the meta-gala and looks good in that talks. . you look so dapper. his mother was a former model named may.
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stuart: did he say anything about twitter? stuart: lauren: no one asked me. >> the goal, everything comes to fruition, and as probably inclusive as possible. lauren: he said that at the gilded glamour event, he is a man of the people. you don't think a little tone deaf twitter is for everybody, you are facing inflation, this is fancy, i am going to be a man of the people. we one was one of the kardashians their? lauren: kim kardashian was. do we have a picture to see if they can recognize the address? the dress? she wore the marilyn monroe dress she wore when she serenaded jfk happy birthday. stuart: i do remember that.
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lauren: she wore that dress. that is happening in new york city. stuart: a big day at the met gala. and nbc host questions, here's the second siding, elon musk's intelligence after buying twitter. >> a petulant and not so bright billionaire casually bought one of the world's influential messaging machines and handed it to the far right. stuart: wait a second. musk fired back and didn't mince words. we will tell you what musk had to say, we will get him back on the program. president biden will flock to alabama to tour a weapons factory. he wants to spotlight the facility as he pushes for more aid for ukraine. mike emanuel will have a report, russian state media says the uk could be plunged into the sea by an underwater nuclear strike. dan hoffman takes that on next.
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stuart: the market showing little price movement, dollars down 50, nasdaq down 20, not much movement. in less then our president biden will head to alabama to visit a lockheed martin facility. is this the factory where they make javelin antitank missiles? >> president biden expected to leave to alabama, the white house said the president intends to give remarks about security assistance the united states is providing ukraine and he is expected to highlight his request to congress to pass
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more funding quickly to help ukraine succeed in the fight against russia. jen psaki offered this preview. >> tomorrow is an opportunity to remind people why we are supporting the ukrainians in this war, the type of equipment and assistance we are providing the united states made here in the united states. >> the president is expected to visit lockheed martin's operations in alabama which is produced 50,000 javelin missiles, that brought 3000 jobs to alabama with economic impact of $900 million. republican veteran says the biden administration must do more to help the ukrainians use these weapons. >> multiple components to the javelin, i'm hearing from veterans on the front lines with ukrainian special forces that a missile shows up, not a launcher or sometimes a launcher and not the appropriate batteries or systems and in this case the
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training component isn't showing up that would make the ukrainians more effective. >> if the president intends to visit ukraine, jen psaki continues saying there are no plans at this time. stuart: do you get to fly on air force one today? >> it is an amazing honor and today i will be here during my live report. stuart: russia, as in state tv, russian state tv threatening britain, they say the uk could be plunged into the sea by an underwater nuclear strike. let's bring in dan hoffman. why these dire nuclear threats. what does it tell you about the russians? >> tells me vladimir putin is growing increasingly desperate and we better take this seriously. not to do so what i think be a
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dereliction of duty on the part of policymakers. stuart: what should we do? the threat comes in, russian state tv says a nuclear blast underwater would soak the brits and overwhelm them. what should our immediate response be to that? >> first thing we need to do is collect intelligence on vladimir putin's plans and intentions. it is important to have those sources as close to putin as possible so we can understand what is behind this, no question russia is trying to deter the united states and nato members from providing ukraine with military assistance and they failed at that but putin wants to make this out to be a proxy war between russia and the west because heaven for bid he loses to ukraine which is what is happening. for the united states it means we need to take policy measures.
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president biden should get on the bully pulpit and message russia that russia shouldn't be saber rattling like this and using the kremlin's state tv to spew this dangerous propaganda and behind-the-scenes, us senior state department of defense and intelligence community officials need to engage with russian counterparts and dial this down. stuart: we've asked you about this before you told us the department of defense, is in a position to get hold of the people on putin's nuclear team, almost call them up and have a conversation with him. does that mean issue a warning? don't do it? >> it means have a discussion about this and emphasized this talk is destabilizing. it will not impact the united states policymaking decision about supporting ukraine but we have that sort of interaction. we highlight reviewers the trade, we gave up russian
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criminal who brought cocaine into our country in return for getting the freedom of trevor reed held without due process and russia. that was an indication diplomacy, we have a talented ambassador, ambassador sullivan, a holdover from the trump administration, that is his job to engage with senior russian officials in moscow. that has got to happen as well, no doubt he's doing that. stuart: do you know anything about putin's state of mind? you are in the cei, you've got have people watching him. is the rational? is he getting out of the way of everybody? busy bonkers someplace? >> he is rational but not necessarily by our standards. he is vladimir putin's definition of rationality. a rational person wouldn't have attacked ukraine. he might have subdued ukraine
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without firing a shot and used 2000 troops on the border to extort us to give russia as much in the way of control over the luhansk region as he has now but after raining helen ukrainian civilians and the pleading his own military and put his own regime at risk, he has finland and sweden looking to join nato and much concerning russia about their economy which is cratering, trying to increase the money supply but they don't have the goods on the shelves so they will see some inflation. we one thanks for seeing us, back to you soon. next case, different subject. many students and employers are turning to trade schools to fill the skilled worker shortage. we have a report on that for you. the federal reserve tackling inflation this week by hiking interest rates at the fastest pace in decades. how close are we to a recession?
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stuart: that is in south carolina, partly sunny, 78 degrees. if you like the music we play you can follow us on spotif he met, search "varney and company". as we usually do, we like to know where we are, dow is up 20, nasdaq is down 2. not much price movement. there is movement in carvana. >> 80%. 79 to be exact, wells fargo downgraded them to equal weight, they took the price target from 150 to 65. they see carvana being more comfortable but the short-term problems are big and they use the word sharply changing
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macroenvironment to describe carvana and another used car website if we flipped the screen, that is down 4%. wells fargo cut them as well. stuart: what is the latest on chloral? lauren: their number is are better-than-expected but they slashed their outlook saying their margins are going to get hit hard. even know they are raising prices is not enough to offset the cost pressure and the stock is up 4%. we when we have trouble with this one. it was down and now it is up despite negative news. lauren: it depends on what investors want to focus on and it is on a better report card. stuart: we need an economist and we've got one. anthony joins us now, interest rates going up, inflation going up, certainly at a very high level. surely we are headed to recession, aren't we? >> the answer is yes, we are.
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we look at it from a historical perspective, we get a recession dating back to 1957. closer to the end of that cycle, but from a stock trading perspective, a stock trader would say we've got a ways to go. i wrote an article that showed two of the components that give you good coincident information and consumer spending, usually is much weaker going into a recession and during a recession, 2. 7% growth in consumer spending in the first quarter even though you had a negative number and business spending because that is business confidence, the other is consumer confidence, business spending usually tanks. in the last two recessions we were looking at numbers that were down 30% on an annualized basis. we've got 15.3% but when you
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have the fastest tightening that you've seen in decades you are in fact going to risk having a recession, that is why i think a year and 1/2 from now we may very well be in a recession because we are doing everything we can to fight inflation. like a cancer patient getting chemotherapy, he wants chemotherapy but they will feel miserable and the economy will feel miserable and that means there's a good chance that we can go into a recession in the next year and 1/2. stuart: 32 minutes ago we got the jolt report, the number of unfilled jobs, jobs going begging. 11 million, never been higher than that. do you explain that? >> right now we have very strong labor market demand, look at initial unemployment claims, i looked at initial unemployment claims as a percentage of the labor force,
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last time we saw one hundred 80,000 we had almost half the labor force oh 180,000 tells you we have a red-hot labor market, a shortage, part of the supply chain situation. even if we get a recession it will be a mild recession because even though we cut back for labor is not enough to pause the an employment rate to go back into 14%, 15%, 10%. a mild increase in the unemployment rate. we want a great time to be an american worker at this moment, jobs going begging, 11 million of them and 4. 5 million people in one month quit their jobs maybe to get something better, climb the food chain, pretty good time to be a worker in america, isn't it? >> it is a great time and study so when you quit your job and get the next when you're more likely to get a better wage negotiation package but still, even with all that, workers are
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still lagging behind the inflation rate. that is why the federal reserve has to come out with a big bazooka and slow the economy down not because they don't like workers, they love workers but they have to break the back of inflation and sometimes that comes with negative side effects. stuart: the longer they delay the worse it gets. see you again soon. we told you about the recent decline in college and romans but trade schools are seeing a boom. lydia, why are more people flocking to trade schools? >> reporter: the lower cost of attendance at trade school with strong demand for these skilled workers, we are at the school of trade where you see students perfecting their craft, teachers tell me it only takes 6 months to become a certified welder and after that they are certified and ready to get a full-time job on a construction
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site or shipyard. >> in a short time. 20 jobs for every person. >> reporter: we know that enrollment is surging. agriculture jobs are seeing 40% enrollment, construction trade is up, transportation and materials, 13% the big motivator is the cost of attendance. if you look at the average cost to attend one year of a 4-year school it is $25,000. to attend a 4-year school and to get that degree at a trade school, $16,000 for one year and many programs require one year of school so the math works out and the students are passionate and talented and
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they wanted to make this for you on a piece of paper varney and company to show their appreciation. stuart: thank you and wish them the best of luck. thanks. miami getting a new billion-dollar park with a soccer stadium. david beckham is making this happen. the mayor of miami wants to bring the world cup to his city and he will be on the show later. experts on the chip shortage contract through 2024 but american based company thinks they've got a solution, refurbishing old semiconductors. that report is next. ♪♪
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stuart: start with the stock market, dow is up 16, nasdaq down 23. the electric vehicle maker rivien will get state and local incentives for new assembly plants in georgia. it is up slightly. the 10 year treasury yield now at 2%, you backed away, the price of gold, $18 and $0.75, bitcoin $38,200 coin down today, the price of oil $104 a barrel. look at natural gas, moving up to $8.05 per million british thermal units, energy price inflation writ large right there. the price of gasoline is up,
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energy price inflation, $4.20 is the average, diesel $5.37 up $0.05 overnight. regular gas $5.74, natural gas and diesel, energy price inflation. president biden wants electric vehicles by 2030. is the white house doing anything about this? ashley webster. ashley: yes, the administration planning to make $3 billion from the infrastructure bill available to companies making batteries used in electric vehicles being given out as part of cost-sharing grants to companies involved in all parts of the battery supply chain as many as 30 companies could receive grants worth $50 million each. the infrastructure bill
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includes billions for electric vehicle charging stations, but remember this. at this point, in china to produce the batteries required for the administration's planned electric vehicle buma. the money being supplied is going to change that dynamic. stuart: apple suing what is called a stealth mode startup, can you explain it? ashley: apple is accusing ribost to trade secrets used develop its chip designs the make iphones more powerful suits, that they hired dozens of apple engineers and began a coordinated campaign to target apple employees who in turn allegedly stole highly sensitive trade secret information, quite a charge.
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the complaint goes on to claim some apple employees transferred gigabytes of trade secret data to former apple engineers, they are named as defendants for breaching intellectual property agreements that they had signed. so far rivos has not commented on the suit. stuart: 3:00 this afternoon eastern time. liverpool plays villareal. experts, whoever they are, are warning the ongoing chip shortage could drag into 2024. when us based company think that has a solution. madison allworth in scottsdale, arizona, how are they filling the chip shortage? >> reporter: technologies, used semi conductor recoupment and reselling it or they bring it
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to facilities like this where the machines are updated and sold for new purposes. they are taking these old machines with a lifespan of 20 years that might be sitting at the title and making them available to new companies, it is desperately needed to be built. think of technologies like this, the ebay of semiconductor machines, a huge opportunity that they are taking advantage of. it is a chip shortage about a shortage of the machines makes those chips and this is big business, estimates show we will see a 10% increase in the sale of the machines that make ships, that is a 90 billion-dollar market at an all-time high and the chips themselves, this is rendered, all these little pieces are individual chips, thousands go into cars, all our technology,
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when you don't have these chips not only does it cost $98 billion but you are losing out on the product, you are held up because you don't have the chip you need, you are losing out on revenue unless you can find one of the machines for great deal. >> often companies if they cannot afford new england were to wait for new week women they need to come to the second end market and we are able to reduce the lead time to a matter of days. >> reporter: instead of a matter of years, interesting thing about that is they moved from california to arizona during the pandemic, the best decision they made for their business. stuart: we have heard a lot of stories like that, move from california, you will do well. see you soon.
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an extraordinary story. an element re-school in washington dc gives 4-year-olds are fist book asking them to identify racist family members as young as 4 years old. we will take on. will be goldberg says she knows why the vice president's office is having so many problems. >> maybe have a giant meeting, let's go over how this works so that everybody is clear because we know that everybody has little micro-aggressions they might not be aware they are putting out. stuart: the micro aggressions will get you every time. deroy murdoch will take that on next. ♪♪
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stuart: the view cohost will be goldberg is calling for the white house to hold a joint meeting to stop micro-aggression against vice president harris. roll the tape again. >> the biden inner circle is
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overwhelmingly white, largely male and for a long time, it is tough to get close to this president and that is the case for the vice president too. >> it would behoove everyone to have a meeting and say let's go over how this works so that everybody is clear, because we know everybody has little micro aggressions they might not be aware they are putting out so let's have this big meeting and if i see you do it again you are out. we will look who is here, deoy murdoch. micro-aggression. is that the problem? >> the big problem with vice president harris is micro dotage macro failures. they should say you need to focus on your job, starting at the border, spent some time with these people and get a handle on this gigantic mess and focus on the fact that among other things 42 people on a terrorist watch list were caught. how many got through?
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how many are making a building go up in smoke? that is big stuff and she should focus on that rather than whether people stand up when she walks in the room. stuart: that is a micro-aggression, don't stand up for the vice president. can you name any others? >> from what we heard the mere existence of white males on biden's staff is a micro-aggression. blue when i think the country has a problem, i a president who has cognitive difficulty in a vice president who is very little confidence, the country has a problem with that. >> it is huge one to punch, if something happened with biden as he couldn't complete his term, kamala harris, i don't think foster's confident anybody's mind. of the one we have this elementary school in washington dc that gave 4-year-olds a lesson on antiracism. they asked students to identify racist in their family. i am appalled. >> you should be appalled, two terrible things going on, going
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after 4-year-olds, they don't think about that, getting some basic knowledge like basic math, what is a triangle versus a square or circle, and the idea of identifying parents as my father is a racist or my mom is a racist, very 1984 brave new world, ratting out your parents, something we see the soviet union at east germany, shouldn't be seeing it in america. stuart: but we are, what can we do about this? >> school choice is part of it, get your kids out of schools like that, teachers unions need to weaken at every turn possible and in november i said before stop voting democrat. we went give me charter schools, vouchers, free choice, please, get me away from the teachers union and the public school. >> don't think most parents want this kind of garbage. stuart: we are in full agreement, extraordinary stuff. a tangential subject, a school
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in missouri, with sexual orientations, the political beliefs of their parents. it did not end fair. give me the full story. ashley: questions included mental health, racial identity and topics on lb gt qi a plus, southeastern legal foundation is investigating whether the webster grove school district is violating the privacy rights of students and their families by having students fill out the survey, the foundation says if that is the case the state attorney general needs to get involved, the school district says the surveys are voluntarily and parents aren't given a notice and have the option to review the questions but parents claim these surveys were mandatory and done without consent. parents say they are sick and tired of schools dividing students and replacing traditional education with curriculum focused on race,
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gender, sex and politics. hard to believe. stuart: join the club, appalling. the mayor of miami, will kane, kurt volcker and former ceo of parlor, protesters gather on the steps of the supreme court after linked documents reveal that high court is poised to strike down roe v wade, the integrity of the supreme court has been betrayed for political reasons, that is my opinion and that is "my take" next. ♪♪ living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven
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>> the faster they curb inflation and the faster they curb inflation the better off the economy is going to be in the medium and longer run. price stability is essential to economic growth and lower unemployment. stuart: i have no comment on the music whatsoever. good morning, it is 11:00 eastern time tuesday, may 3rd. to the markets. down was down 9, nasdaq down 40. show me the price of oil. earlier we were at 104 and now $104 a barrel. the yield on a 10 year treasury backing away from the 3% level which it hit yesterday, down to $2.92. the integrity of the supreme court has been compromised.
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what was a standout institution has been betrayed for political reasons. a draft of an abortion ruling has been leaked to politico. to political. it shows 5 justices voted to repeal roe v wade, the opinion was written by justice samuel alito. it would return a regulation of abortion to the states. supreme court leaks like this are unknown in recent history. whoever did this was trying to undermine the ruling no doubt hoping the revelation would produce an intense backlash forcing the justices to change their mind or at least give the democrats an issue for november's elections, that amounts to the deliberate undermining of the supreme court's for political reasons. the fbi will investigate, we need to find out who did it and why. how will justices trust each other in the future? they risked being ratted on. imagine using that especially in the supreme court, ratted on. this leaked draft is not the
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final version, drafts are regularly commented on and amended. this is an attempt to create that process. attack the independence of the judiciary. good to have you on today. i don't think this is about abortion but the sanctity of the judicial process at the highest level. what say you? >> when it comes to the leak, you are correct, this is the leaker or the person at the center of this operation attempting to marshall mob justice to threaten the court, the point of this leak was to do what occurred to get people standing outside the court, in order to pressure the supreme court into changing its votes before this opinion is published, nothing short of undermining pillars of the republican.
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the past couple years screaming about the threat to our democracy willing to undermine the pillars of the republic, to ensure this issue is not decided democratically. this opinion if legitimate by justice samuel alito does make abortion illegal, it returns the decision to the states and voters to be decided democratically. stuart: in my personal opinion that is a good thing. what president biden released, we do not know if this draft is genuine. it will fall on voters to elect pro-choice officials this november. we will need more pro-choice senators and pro-choice majority in the house to adopt legislation that codifies the which i will work to pass and sign into law. what impact will this leak have on the november elections, the
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november midterms which is what the president wants, he wants impact in november. >> during your take it is impossible for me to climb inside the mind of the operative of this leaker to know if they are trying to sway the opinion of the supreme court are trying to affect the midterm election but democratic politicians like president biden see it as an opportunity to swing the midterm elections. i don't know to be honest what effect this will have on turn out and the outcome come the midterms. i think the most important issue for voters is their pocketbook, inflation, the economy, and the southern border, illegal immigration, and the thing about this abortion debate, very few truly understand the nature of the debate, the moral calculus you and i might have over a beer on
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whether and when life begins but there is the legal and more importantly for the public a process there is the legal question of who should be deciding if this. should between 9 unelected justices in washington dc or should it be the people who can have a serious debate about when life begins and the morality of abortion? stuart: today the governor of maryland will try to convince republicans to move on from donald trump, he has prepared remarks reported in the hill. trump said we would be winning so much we would get tired of winning, instead we lost the white house, the senate, the house, governors, and state legislative bodies. i am tired of our party losing. how do you think republicans will take to that? are they ready to move on from trump in your estimation? >> i don't think so. i think it is odd for larry hogan to attempt to spike it in
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the end zone the day one of donald trump's greatest victories scored. this is a massive victory for donald trump who appointed justice amy coney barrett, brett kavanaugh, neil gorsuch and swung this contentious issue for the better part of 40, 50 years, this today, this decision potentially, we don't know for sure, by the supreme court in an opinion issued by justice samuel alito is a massive massive win for donald trump. stuart: thanks very much for being with us on a very important day. the extra work you do for us. to the markets please. one hundred 6 point game for the dow up 20 on the nasdaq, up 24 on the s&p, luke lloyd watching the market. have we hit bottom? >> i don't think so. there's there is a 75% chance
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for a recession, i don't think we are at the bottom. the damage the recession will cause and how market discounts that, a link on how the slowdown stays, comes down to jobs. as long as people have jobs to keep spending money, the bottom will come once the consumer is exhausted and i think we have a couple more quarters until that happens. if we see the unemployment rate kick up as the fed raises rates we have bigger issues on the horizon. if we stay at will employment and the rate hikes and the slowdown this will be a great buying opportunity. stuart: a buying opportunity for stocks you mean. >> yes. if you look at indices like the s&p or the nasdaq i would say don't buy stocks. there's a lot of junk in the indices right now, the game has completely changed but people claim it is the same way we played in the last couple years. i hear people talking about
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stocks that are down, 70% or 80% and there must be a lot of value, those kinds of people will get themselves in trouble. we've never seen a quantitative tightening cycle of this magnitude so high-growth small names, they will get hammered but there's always opportunities out there. stuart: i will ask the same question i asked market people earlier this morning, what is wrong with going out and buying a 2 year treasury note, the yields almost 3%. i hold it to maturity and might get a tax break and dead save, don't name much money but dead safe and enjoy -- avoid the risk of the stock market. what is wrong with that? >> or do you? there are better alternatives out there. buying bonds is like picking pennies off of a semitruck, bonds are just as risky as the s&p at this point. stuart: it is not a risk, you get your money, you get a tax
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break, get your 2.8% or whatever it is. >> unless you are buying 3-month treasuries or short-term treasuries all of them have interest rate risks. we are seeing this market shift, bonds are no longer stock hedge like they used to be but not too late to revamp fixed income exposures so covered strategies and fixed income in your portfolio makes a lot of sense, you generate more income than bonds on a side ways market, the only time it doesn't work is when the market skyrockets up. i don't think that is the case. there are better alternatives out there to buying and even if you make it 3% you are losing 5% to 6% so you've got to try to get more. stuart: 5% of our audience, whichever invests i would be surprised but that is another story, talk to you later.
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lauren is looking at movers noticing tyson foods is moving down. lauren: they were cut underweight at piper sandler who did a poll and found 42% of respondentss expect to reduce their spending at the grocery store, 50% already happened because items like meat specifically but also serial are too expensive with finances and downgraded catalog. stuart: i am waiting to see destruction of demand because of high prices and just beginning, i can see that. lauren: with the travel sector perhaps. airbnb report earnings tonight down 6%. expedia is down after a decent report card. airbnb is expected to say revenue grew $1.5 billion but may be the economy is not thriving as much as our desire to travel is a so maybe there is no vacation for the broader
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economy even though some of these companies are seeing signs that we want to book but there is belief that something bad is going to happen. stuart: i also noticed that uber brought below $5 a share and caught up in the whole thing too. what do we have on western digital. lauren: they are maker of memory storage devices, elliott investment management said break up your businesses into two so you separate your hard disk drive from flash memory, we think this is going to be profitable, $1 billion to do so but shares see their best day since april of 2,020. we went do this will do this and it is $1 billion. beijing closing gyms and banning restaurant dining, trying to curb the spread of covid. they are on the edge of a full-blown lockdown.
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what to say about elon musk's twitter take over. role it. >> casually bought the most influential messaging machines handing it to the far right. stuart: not so bright. musk responded to it. ukraine pushing russian troops, that city has been under attack, trey yingst will have a report next. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns. (vo) verizon business unlimited is going ultra! get more. like manny. event planning with our best plan ever.
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stuart: ukraine's military claims have destroyed two russian ships in the black sea as russian forces continue shelling steel plant in mariupol. what is the latest? >> reporter: i want you to listen. there are air raid sirens going off in the ukrainian capital of kyiv. you see people telling people to get to safety. the first time in the past several days we heard these sirens taking pl. in kyiv amid some good news that more than 100 people according to the red cross and the united nations have been evacuated from mariupol. this is northwest of mariupol where those individuals had been hunkering down under a steel plant that according to reports is getting hit by russian forces from the air and the ground. i want to show you what it is like outside the capital of kyiv, we were talking with
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civilians who lived under russian occupation. katerina and her friend embraced outside in a distribution center, the first time they met since russian troops destroyed their town. the terror they experienced still fresh in their minds. tanks, armored vehicles were all shooting at us. i was hearing explosions, katerina says, shells were flying over us, this was horrifying. every person here waits for much-needed supplies from organizations like the world food program and the red cross, some riesling returned to find their homes destroyed. others live through the russian occupation, down the road next to a burned-out ukrainian tank, alexei is repairing his windows. he was here for parts of the battle outside ukrainian capital. an airplane bombed the area, five of our guys were killed
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from shrapnel wounds, this is the damage caused by the shockwave from that bomb. all of the towns outside kyiv have stories to tell. each one as terrifying as the next. weeks after russian atrocities were coded war crimes prosecutors still digging up the dead. valentina gives a statement about her brother who was killed in the russian advance and buried alongside of the road. we had three and coming shells in our neighborhood. we know that right now the capital of kyiv still has the alert from the air raid sirens telling people to get underground. another reminder of what is happening in ukraine and every city remains in russian sites. at -- after russia's war a stronger ukraine and west will
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emerge. the former us ambassador hurt volcker joins us. what will ukraine and europe look like and feel like and operate like? >> the first thing we need to say is russia will be a diminished state in terms of its stature and economy after this. they are failing in their initial aim, they will be suffering under severe sanctions for a long time, civilian and military leadership will be hunted down for war crimes. they will not be welcome in international gatherings, russia is significantly down and ukraine emerges as a stronger and more resilient country and everyone in europe and the united states is looking at them as part of our democratic prospering secure
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community in the future, that is a huge change and we've seen the west rally especially with some renewed us leadership in supporting and supplying ukrainians, europeans looking at possible you but he did membership for ukraine. it will be a different world after this. stuart: putin's back is against the wall, in that situation, does he lash out, does he escalate? >> it is possible. we have to always keep in mind the risk that he would use a tactical nuclear weapon in ukraine, this is to intimidate, to kill and destroy and to make sure he can claim some military accomplishment but that would drive russia further to a situation of international isolation and pariah status but that's the only real danger, little else russia could do
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conventionally, we saw them pushed away from kyiv. they had to pull away, they are trying desperately to consolidate the territories they've taken in time for the victory parade in moscow making it difficult. stuart: ukraine and the west may be winning this and putin and russia are losing. always good stuff, thanks for being with us, we appreciate it. i am putting the market on the screen, some green for you today, the dow is up 207 nasdaq up 50 near 60, s&p up 35, very modest rally. pfizer is moving up 3%, first-quarter sales for pfizer up 77% compared to last year. sales were boosted by covid vaccines and antiviral pills, first time we've seen pfizer move in some time, beijing announced a new series of covid
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restrictions. what are they doing? ashley: banning dining in restaurants and closing theme parks in the latest round of covid restrictions during the 5 data national holiday. universal beijing resort closed until further notice, entertainment and live performance venues, internet cafés are closed, major luxury mall says it is temporarily closing because of the covid restrictions, the city has been conducting multiple mask testing in the last weekend weekly tests will be needed if you want to take public transit will go to a public area like a supermarket. meanwhile there are some signs of improvement in shanghai, number of people subject to the strictest stay at home orders has fallen to 2 and half million but that is down from 5. 3 million just four days ago. a little bit of improvement.
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stuart: just a little. listen to this, not your fault for having white privilege but it is your fault if you choose to ignore it. that's the lesson taught to element preschool students in washington dc, we are going to follow that. the fed tamping down inflation, tuesday meeting gets underway today. edward lawrence has a preview from the white house next. ♪♪ if you invest in the s&p 500 your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp,
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stuart: president biden speak off the cuff right now about the supreme court leak. he has set a range of rights is now in question. if states get to decide those rights it is a major shift. earlier in a statement he said we need to elect pro-choice politicians to the senate and the house. he didn't answer questions but making a statement. earlier, chief justice roberts
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said he directed a martial of the supreme court to investigate the leak of the abortion opinion. that wraps up where we stand at this moment with this extraordinary leak from the supreme court. on the markets we have are 200 point again for the dow, 50 points for the nasdaq, 30 for the s&p, the fed focused on fighting inflation, kicking off the two day meeting today. they are going to raise rates aggressively. >> exactly right. the market expects it. the question is how high we are going to go. in a new op-ed, the economic advisor and treasury secretary larry summers said the data, the policies of this administration, behind the inflation curve, recession is almost impossible to avoid. president biden believes we
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will not see a recession in his tenure. to decide how high the interest rates to be, now it is not enough for treasury officials lining up behind larry summers. >> chairman power, great guy, supporting the treasury, has -- a slow and steady guy, sent -- the respect in the next couple days. and we will have difficult times. >> this is pushed by inflation. former president reagan economic advisor art laffer may see it come down a bit but the spending policies will lead to recession.
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>> they are dropping high numbers, and you will see a spike in inflation quite dramatic just before the election but this is leading to a serious recession. >> reporter: it is overcast in washington dc a cloud over the economy. stuart: elon musk firing back after nbc host house on called him not so bright. >> we may look back on this past week is a pivotal moment when a petulant and not so bright billionaire casually bought one of the world's most influential messaging machines and handed it to the far right. stuart: a petulant and not so smart, not so bright billionaire. john matz on the screen, former chief executive at parlor, he said not so bright, you want to go right at that please? >> thanks for having me on.
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that is a ridiculous statement, trying to get us to mars is not so bright i guess, rocket scientists, that being said elon has a great strategy, trying to build brain trust in twitter, the product has had tremendous opportunity but failed to capitalize on it. he ipo, $41, twee 8 years later not significantly higher. 1.5% return on investment isn't great. stuart: to get this to work he's got to fire half the staff, doesn't he? >> the staff, politically motivated or otherwise not in favor of a vision of a profitable and positive company, they will lead on their own. it is a tremendous opportunity to set the direction of the company in a positive direction.
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hopefully everybody can take advantage of this. of the one can he turn it around? twitter is not a well-run company for profitability, no innovation et cetera. it is not a great company. can he turn it around? does he have management ability to turn around what is essentially digital advertising platform? >> he is the man to do it. they have a lot of problems. they've got to promote housing discussion debates. a lot of it is toxic. a little bit of that is due to the design but that being said a lot of things he can bring to the table, let's get this thing going and frankly despite them not innovating heavily and making a lot of mistakes, remains the town square of the world. this is all positive for elon, a great investment opportunity for him as we will all benefit from it if he is able to
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capitalize this directly. stuart: one of your big points is most tech companies or the biggest tech companies are threatening religious free-speech. is that accurate? >> there is a bit of an issue with the social media companies because they tried to enforce terms of service that are very arbitrary and sometimes it feels like they are censoring certain opinions so one of the great things about what musk is trying to do is build trust by saying we want to have free speech, need to have algorithmic transparency. things like this are positive because there is a lot of speculation about what the motivation of these companies are and by making everything more transparent and giving people this message of free speech and let's do some casual discourse instead of everything being so serious this is the change these companies need that is fun branding and transparency. of the one you know what you
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are talking about. see you later. goldman sachs chief executive david solomon has revealed how many workers have returned to the office. how many? ashley: between 50%, and 60% of workers are back in goldman sachs. solomon is a proponent of being in the office, has pursued a strict return to work campaign that has irritated many of the company's junior bankers who threatened to quit saying they are being bullied. solomon says goldman's office attendance is higher outside of the us including europe and in particular asia where he said one hundred% of workers show up when local offices are not in lockdown. goldman not the only bank facing pushback over its office policy, last month jpmorgan reportedly loosened its mandate for some employees to two days a week from 3 days after some grumbling among the ranks.
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stuart: now this. formula one headed to florida. this weekend, the first ever miami grand prix. there's going to be a marina in the middle of the track with yachts on display. more on that for you coming up. a new campaign just launched encouraging people to boycott disney because of their woke ideology. chris rufo is behind that push and joins the next. ♪♪
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wow. when life's doors open, we'll handle the house. stuart: my next guest launched a drop disney campaign, a massive boycott of disney's woke agenda about current chris rufo joins me now. what exactly are you boycotting?
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everything? parks, movies, disney plus, the whole lot? >> that is right. we are encouraging people to drop their disney plus subscriptions but as my work as a reporter i have been reporting on disney for the past year. they are putting critical race theory on employees teaching america is fundamentally racist, asking white employees to sign white privilege checklists and pushing gender ideology into children's programming targeting kids as young as 2 years old, somebody had to start organizing, people who went critical race theory and gender ideology out of kids programming need to start getting organized, need to start pushing back because these companies if left to their own devices will keep traveling further left until somebody puts a check on them. stuart: when i said boycott disney i didn't realize you were talking a lot about disney's own employees who are being forced into this racial straitjacket.
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that is one of your principal objections. they are demanding this wokesm of their own employees, correct? >> that is right. it is horrific, 25 of the fortune 100 companies putting critical race theory in their hr department, disney is the worst offender, the most objectionable, horrific and illegal under florida law content they are pushing on their employees, not only fighting for american families against this indoctrination in kids programming but on behalf of disney employees who are too scared to speak up, putting direct pressure on executive's encouraging people to sign up and drop, cancel their disney plus subscriptions and show there's a price to being a woke corporation pushing this ideology on employees and customers. stuart: next one for you, we got an almond tree school in washington dc teaching students as young as the 4 years of age to identify racist family
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members. it is not your fault for having white privilege, it is your fault if you choose to ignore it. i am disgusted. i have a multiracial family. and my family, three races, two religions, twee 7 ethnic nationalities, ethnic backgrounds. what is this all about? some of my kids are going to make demands on me about being white? what is going on here? >> it is already happening. i talked to a lot of people, giving speeches about critical race theory, dividing families, ripping people apart, the stuff has no place in the education system and has echoes of the totalitarian regime, try to have kids used as political ponds, snitching on parents, snitching on family members, it is absolutely disgraceful, it
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is also widespread. legislators should take a hard look figuring out what they need to do to push back against this because it is un-american, against people of all racial backgrounds and again it is something that is spreading it has to be stopped. stuart: so divisive, chris rufo, thanks for being with us, appreciate your efforts, see you again soon. back to the markets. show me the dow 30. we are in the green, 25 of the dow 30 are going up and the dow is up 204 points. miami just got the green light to build a new privately funded soccer stadium. the mayor of miami calls it the best sports deal in history, his honor joins me next. ♪♪
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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 and see how golo can change your life. that's stuart: doesn't that see look blue nuclear beach pure white. that is miami beach. we are showing it to you
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because miami beach is the subject of tonight's episode of american build. watch the show. i will show you how a mosquito infested swamp was transformed into america's winter playground. that is american build. it is tonight on fox business prime followed by a new episode of billion dollar idea at 9:00 eastern tonight. more on miami. the city commission approved a one billion dollar park with a soccer stadium, retail store, hotels and more. francis juarez is back, makes frequent appearances on this program. does david beckham have anything to do with the soccer stadium? >> yes, he's one of the owners of the team, him and the brothers of george and josé moss who are icons of the city and run a publicly traded
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company, propose a re-envisioning of one of the public golf courses converted into a 60 acre park, soccer stadium without one cent of public financing, 20 acres of additional ballfields and when you consider taxes of fair market value, the city is going to net over 99 years approximately $7 billion of income. when other states give massive subsidies, billions of dollars of revenue for the city. stuart: what are the chances of getting the world cup to play a few games in miami. >> the chances are great, in miami, just a couple weeks ago, i feel great about putting together, we are very accustomed to having large events like the world cup, the
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most super bowls in the history of super bowls. in the history of miami, the second race in the united states, miami is the only city in the world with all -- an incredible week this weekend in miami. stuart: you are positioning miami as the city of the future always looking forward, you and i have spoken many times, the soccer stadium, the grand prix, the vibe, that is where the future was, don't need to flatter you, i think of florida in the same way and you agree with me. >> the future is where people congregate.
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with asset under management companies, by 200%. number one in job growth, unemployment rate of 1.4% and financial times named us the most important city in america. things are looking good in miami and position the next generation. stuart: i never asked you are you are democrat or republican? >> i'm a republican, have been republican since i was 18 years old, proud to be one. it is an exciting time to be a republican, young republican and that is something that allows us to redefine the party you going forward. stuart: making any money out of that crypto business? >> our community is making a lot of money. we have generated a trauma this amount of jobs, hundreds of millions of dollars in sponsorship deals. stuart: your video froze, we could hear what you were saying but the video froze, i presume you were smiling when i
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flattered you. always good to have you on the show, come cs again soon. quick story about the electric car maker rivien, they are getting one billion dollars in incentives to build a new factory. she was giving them one. $5 billion? ashley: i tell you what, georgia, just east of atlanta is where it is going to be set up. once up and running, $5 billion plant expected to employ 7500 workers who receive an annual salary around $56,000, taxes are low in georgia so that goes a long way. rivienhosted an agreement with the state, has until the end of 2028 to beat the 7500 job target of $5 billion investment pledge to receive the full amount of incentives and tax savings, good deal all around but the company which is 20%
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owned by amazon has launched three vehicle models in the us, a pickup, and suv, and the delivery van, but investors disappointed so far with the company's progress. rivian shares dropped 75% since the committee went public in mid november, the stock at one point was up $170, right now at $31.81, slightly up today. stuart: what about that soccer stadium to be built in miami? stuart: ashley: it looks terrific and if the us gets the world cup that will be a venue. stuart: what a place. stay right there. here's the tuesday trivia question. james brown was born on may 3rd of what year? 1919, 1926, 1933, 1940? which year was he born? the answer after this. ♪♪ ll my own vegetables shingles doesn't care. we've still got the best moves you've ever seen
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stuart: i thought we play i feel good, which is a james brown song of course. there is the question, what year was he born? he was born on may the third, but what year. ashley, which year? ashley: go with 1933. i will not say why because my mother would kill me. 1933 i'm going with. stuart: ashley, that is the correct answer. i went with 1933, if it had been 1940, i remember him in the '60s, '70s, he was much
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older. i went with 1933. he died in 2006. today would have been his 89th birthday. i feel good. there is a riff that goes on and on, i feel good. should use that song more often i think we feel good. ashley: we do. stuart: ashley, thanks for all the help. all the times you sat in for me. i appreciate it. my time is up regrettably. having a good time. neil, it is yours. neil: thank you very much, stuart. we're looking at the love disappointed folks outside the supreme court of the united states as we get indication a leaked report it might be poised to strike down roe vs. wade. the big question how the heck something like this happened in the first place and does it really telegraph a decision to come anyway? maybe the leak or leaker would be catalyst to change that decision? there is so much we don't know. but shannon bream following it all in washington, d.c.


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