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tv   Varney Company  FOX Business  May 4, 2022 9:00am-12:00pm EDT

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head. >> you are a terrible farmer. i don't know if i would admit that. you have the can but not much else. >> charlie, you are the best, thank you so much and keith fitz-gerald. what a pleasure to spend the morning with both of you gentlemen. "varney & company" is up right now, take it away. stuart: good morning, everyone let's start with what's new, the results from the primaries as we head to the elections. here's the headline trumps endorsement works. jd vance won the ohio primary senate of the republican senate primary in ohio. trumps endorsement put them over the top against josh mandel. 20 2.2 229.9. enormous turnout of republican voters. in fact according to politico which leans left, the 22 candidates that trump endorsed in ohio and indiana primaries
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are all one. elsewhere democrats mounted a furious attack on the conservative justices who in a draft opinion voted to overturn roe v. wade. vice president harris shouts, how dare they presented a warrant gets very emotional, speaker pelosi and senate leader schumer raise millions of dollars within hours of the news. the using the week to turnaround the fortune in november. we will discuss it. energy price inflation, it is not transitory, it is getting worse. diesel up again, truckers and farmers are paying an average of $5.43 a gallon, up another 6 cents overnight and up $2.34 a gallon from one year ago. gasoline also keeps going up. a 3-cent per gallon gain overnight with average moving to $4.23. gas is up 9 cents in a week. oil is up on the news that the european union will end russian oil imports by the end of the year.
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supply down, prices up you at $1.6. by the time we got to stocks, modest gain in advance of the fed decision on basis afternoon. it is widely assumed they will raise rates have a percentage points which is baked into the market. the dow is up 50, the nasdaq of 18. we've got to get to the elon musk headline of the day. we've got to get in the show, he is talking about fixing twitter and taking it public again. it seems like he wants free speech restored and he wants to make a profit to. we will get into that. look at this, dave chapelle attacked while performing at the hollywood bowl. an ugly reminder of the slab of the oscars. you can't make jokes these days and comedy clubs around the country are going to have to hire security guards. it is wednesday may 4, 2022. "varney & company" is about to begin. ♪ ♪
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♪. stuart: there is a party going on right now. trump endorsed jd vance celebrated the victory in ohio's primary. you can see right there, the left-hand side of your screen,. >> the republican candidates, jd vance 32% of the books, josh mundell, 23%, then we saw jd vance come on stage, he thanked the former president in my opinion sounded a lot like him. >> the president from everything for endorsing, i've got to say a lot of big news media out there and there's some good ones back there, there's bad ones too, let's be honest. but they will provide a story
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that this will be the death of donald trump's america first agenda. ladies and gentlemen,. >> the agenda stands in contrast with the biden agenda, you are poor, likely angrier and scared with crime rising going forward what is trumps swigging to be an upcoming primary in georgia, pennsylvania and north carolina in particular newt gingrich talked about the new republican party that is forming he says it is going to in the midterms this year end come out in force in the presidential in 2024. yes it is america first but it goes a little bit bigger than that. the new republican party is forming. stuart: we have to get newt gingrich back on the show to flush that out. let's begin jason chaffetz. it looks like trumps endorsement
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worked, and on. it looks like trumps endorsement works. >> trumps endorsement worked and his policies worked, that is the key, those embracing the policies of donald trump are going to do exceptionally well in the do well in november. i don't think the democrats have much of anything to run on friday don't know when the world they would actually point to. going into a race you want donald trump endorsement. stuart: the republican turnout in ohio is almost one point to million republicans turn out to vote in the primary yesterday. i think it was only 600,000 in the democrat primary in ohio. what does that tell you about the republican's chances in november? >> enthusiasm wins races, i think there is a huge huge appetite. this abortion fight, that will fire up some of the people on the democratic side of the
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aisle. that is about the only thing. they were all good about for democrats. it's not as if they will change anybody, the challenge for vance, can he rally the rest of the republican field behind him. it is a contentious race, you only when with 32% of the republican vote. you have to get 100% of the republican vote and get democrats and independents as well. stuart: thank you for being with us early this morning, we always appreciate it. we have a new fox poll, what are the most important to voters, which we mentioned that this poll was taken before the supreme court leak, you gotta bear that in mind. >> i think this speaks to the feeling of the nation and voters were asked, what are you very concerned about, 87% said the country's future, 87% said inflation. we keep talking about earnings seasons, companies raising prices and customers accepting
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the price hikes, this shows we are not okay with that. then you can see the future of democracy and political division coming and at over 80%. a lot of people -- i thought biden would turn the heat down when he came into office. a political division of the future of democracy. let's look at the screen at number 11 is abortion policy. 69% saying the word about it again, this was prior to the supreme court drop in roe v. wade. stuart: inflation right up top still. we gotta talk about elon musk. the wall street journal reports elon musk has plans to turn twitter business around it take it public again. i was saying at the top of the show was sound like he wants to restore free speech and make a profit as well. >> it sounds exactly like it, he is talking to private equity companies like apollo to help them find finances cash portion
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of the buyout deal. that's what private equity companies do. six companies return them to the public market, you try to do that in five years, elon musk wants to do it in three. stuart: i'm surprised he did not say three months. david bahnsen is with us this morning. thank you for being with us, we appreciate it. what you make of elon musk's idea of turning this around to going public again. >> it's only way that you can exit by monetizing the position. the size of it will be too large for a private equity company to take on the equity. he's talking about apollo to finance the debt side of it. he wants to be the equity holder. apollo another big private equity companies put debt on. you spin it off into the public. it's not going to be three months. he has to get the earnings empire from where they are now and one thing i gotta say, it is not a great business. you fix free-speech and you bring some of the tax to it that he wants. it could be better but that challenges ahead to make a profitable for wall street.
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stuart: that is why the stock is up $48 a share as opposed to $54.20. vice president harris is good to meet union organizers from amazon and starbucks today. it looks like a full court press for unionization. if it's successful on the business at amazon and starbucks. >> this is one of the most ironic things going on. they are paying more than some of the unionized companies are. they are fighting and winning in most places. amazon has won twice in new york. i think they continue to win the effort. ultimately unionization takes place amazon and starbucks will pay less in wages and hiring less people. the unionized effort is working against the alleged benefit of their constituency. amazon is starbucks pay well. the idea of meeting them with unionized is the silliest thing i've ever heard. stuart: i'll leave it right there. we have comedian dave chapelle attacked while on stage at the hollywood bowl. this is dreadful stuff. >> he was performing for an upcoming netflix special.
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the netflix cameras were rolling but the audience had to leave their phones at the door. that's limited video of what happened. an attacker armed with a weapon that can inject a knife blade. he stormed the stage and tackle by security, taken away in an ambulance. guess who was also there, chris rock. he had dave chapelle and he said will, was that you? as in will smith from the oscar slap heard about the will. we don't know what provoked him to attack chapelle. he came under fire for transgender jokes that he made but he always vowed, you cannot cancel me, we also don't know what charges are going to be filed if any. >> i'm going to leave it there we will revisit later in the show but that is awful. on stage comedy business. >> and netflix special of what happened will be part of the special would they release it. stuart: check the futures, the market opens at 20 minutes. we will see green, not that much however. president trump social media
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platform, truth social takes a job at twitter. watch this. >> what is twitter, it's a global pr wire is not a community like we're building. twitter has been successful for a long time. >> that is the man in charge of truth social. devin nunes is here later in the show. talk about big brother the cdc use location data for millions of felons to find out if we are following covid orders. we will bring you the story. that is next. ♪
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jobs for the little ones. >> it looks like it's going to be three doses for children under five. there is good to be kid size doses, much smaller than what you're giving that adults. an earlier study suggested two doses of the pfizer vaccine, two small kid size did not produce a robust immune response for children in the age group predictably hopes to submit data for the three dose study to the fda, either later this month or early june. last week wilderness submitted data with the federal regulators on a two dose regimen with the vaccine for children under five. the fda has scheduled public meetings in june to review the data and determine whether covid vaccine eligibility should be
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expanded to some 18 million americans in this younger age group. today china's capital city close 10% of the subway stations as part of the 0 covid strategy to halt an increase in cases. most of the 40 states affected are in beijing's down town urban core, the forbidden city and other major tourist sites such as the zoo of exhibition halls are limited capacity outdoors. despite a federal judge's ruling overturning the transportation mask mandate, the cdc continues to recommend people wear masks voluntarily when traveling on planes, trains, buses or inside travel terminals such as airport, the agency says this is because current trends and also a projection, future covid activity. back to you. stuart: we hear you, i want to bring a doctor marty makary who is with us is morning. a quick question, if it takes
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three jabs for children under five, what do you think the uptick, the upper take rate will be? what proportion of kids under five will get the three jabs? >> a recent study showed one and five parents are willing to get the kids under five vaccinated. most have natural immunity so there's many cases. what they should've done with pfizer was increase the dose of little bit. what they did was increase and go to market strategy to say let's get these two doses and will work on a third dose. stuart: i think the uptick rate would be rather small, one in five want to go for it. we have the two new strains across south africa. dave arrived, ba four and ba five. it feels like the stranger getting weaker and weaker. am i right? >> they are for a couple of reasons. the population immunity. they may be intrinsically weaker, were not sure of the latter, south africa has seen an increase, it's an increase in cases, not an increase in deaths
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whatsoever. south africa is 16 of the number of cases of the previous peak. it does appear that ba four and five with prior immunity but not causing severe illness at nearly the rate and we should expect that, we will see that and that's what is seasonal virus does speak what i want to get back to the jabs of children under the age of five, it is an op-ed in the los angeles times, is this covid will not become endemic until we have a vaccine for kids under five. what do you make of that? >> that is a narrative that is going around. when you look at the cdc's own data the number of kids under 11 data pad covid is under 75% and that was data from january, it's much higher, there's never been evidence to support vaccine in kids that already have the infection and the broad population of immunity. for some kids love to have the infection for sure who have a comorbidity, that vaccine is very important, the fda is
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getting criticized or sitting until june to authorize this. they're saying you took a month to review the other version of the vaccine. why are you sitting on this at the fda does not increase the safety profile. stuart: can you see any scenario in which we in america have to submit to more lockdowns or restrictions? >> yes, we have never studied the intervention of the lockdown. it's a must deliberately, if you look at the amount of research on school closures, masks, there is no evidence. evidence is is that they do not work is pretty clear to some but people are reading their own narrative without history. and many of the blue states i think you will see a return to some of that stuff. new york is recommending everybody indoor mask over what appears to be a virus that is circulating at an endemic level. stuart: it's not going to happen. i think america is over this.
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>> people have no tolerance for restrictions, just in case to see what happens with the number. there is no tolerance for that. thank you very much document carry. we have a new report that shows the cdc tracked the phone the people to see if they were obeying and following covid lockdown restrictions, tell me more. >> they paid a company half a million dollars to monitor 20 million phones a day to see if you complied with covid curfews and to see where you went, did you go to elementary school, did you go to church. they were essentially spying on us as they were trying to track adherence to covid protocols and restrictions. stuart: he has his head buried in the computer, coming out of it, do you see this as an infringement on personal liberty, tracking a phone. >> of course, it does something else, in this period of time were distressed and public officials and healthcare and institutions at an all-time high
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and it did nothing to get worse throughout covid. for a lot of the reasons that you are talking about they still can't admit to pandemic and they get let us have our lives back, the fact of the matter is, this adds privacy concerns. infringement on secret parts in the case of are you going to church or not is so over-the-top and preposterous, but it hits at a time that we cannot afford continued just trust, they will not let this go. >> you are an original thinker. that's why you're on the show. we look for originality. good stuff, stay there. checking the futures, the market opens in 18 minutes time, i see the gallup 70, the nasdaq up 20 we will take you to the opening bell next. ♪
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stuart: four minutes to go to the opening bell, we'll get a
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green on the left-hand side in the right hand side about to appear is eddie good board, the man who has been right so far. eddie, is the worst behind us? >> unfortunately it is not, we don't think were gonna see a bottom until late third quarter early fourth quarter, the best case scenario, this is not on gut instinct, i'm hearing about a narrative we believe to be factual, number one is the fed they gone from being our best friend of the market, it may number one, their focus is not good to be on saving the stock market because they can't, they are out of ammunition, their focus is getting inflation down, they get to do anything that they can to do that, that's why we will see acceleration for the downside over the coming months. secondly we've been warning folks that the economy is slowing at historic rate in the market does care about rate of change, rate of change on profits are decelerating, earnings growth is decelerating, gdp is decelerating in an inversion of the yield curve i don't how many signals an investor needs to see to understand this is a bear market, we are heading into a very dangerous time where the
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fed is going to do an experiment that they have never done before. i would argue tightening has already been done and you look at what interest rates have done they want more tightness to the system they will overdo it and the market is way to crash in my opinion. stuart: the word crashes an unfortunate word to use. it seems like what you are suggesting is my worst fear that the market goes down and stays down and there is no bounce for some time to come, that is what you are forecasting. i think the fed will be forced to pivot sooner than what they think the biggest fears they ignore all the things that they see. they decided to raise rates all the way through the end of the year. burger to be looking at a tough scenario i think after they do 50 basis points this month and next month, the good have to
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think twice about raising it again. if they do the right thing in my opinion, then we can look to kick some things until late summer, early fall and hope that it is in a rally. i'm not betting on the making the right decision. that's why the fed causes unfortunately that's been the right call for a client. stuart: i'm gonna repeat the question that asked a lot of people, what is wrong with me buying the two year treasury note, holding it to maturity and getting 2.8% interest for the next two years. i am safe and i don't lose money in the stock market, what do you say to that, what is wrong with that. >> there is nothing wrong with that for a percentage of 70s portfolio. i will tell you i think the set up is going to be this is a very nonconsenting culligan we did the back half, this economy slows down so much the ten year bond starts to go down. i think the tenure could be 2% by the end of december. in my opinion a lot of money that can be made diversifying
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strategy based on the appreciation you can get from the downward spin on the two-year bond that is only the short-term late entrant rate not the long-term rate. >> the first to say i might be doing the right thing, good stuff, eddie deboer will see you again really soon, the market owned luncheon opens in five seconds we are expecting green, the dow, the smp and the nasdaq just up a little. let's see we are up and running this wednesday morning, we're going to open up on the left inside of your screen there is a dow 30 most of them are open it is a split decision about half her up and how far down, not that much movement the dow is up 60 points, the s&p 500 is also up slightly again a .14%, the nasdaq composite is up very slightly 0% 1% higher. boys interested in the big tech that's where the money is the
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microsoft is up, apple is up in alphabet, amazon and meta are down, let me please sealift, the ridesharing people. down 28% that is a huge drop, were getting it from all angles. there is a lot of reason why the stock is losing a quarter of the value, the biggest one i'll give you numbers, they forecast 10 - $20 million and adjusted earnings when wall street wanted 83 million, that is a huge miss. also incentives can get drivers that cost them a lot of money and they only operate right here in the u.s., but contrast that to her, international, they upped their earnings to before the bell, i think you want to get ahead of the lift news and show that we are different were doing a lot better, we don't have a need to offer extra perks to keep and get more drivers, they did report a dip in the monthly active users over the winter not as popular overtime for uber but all in for uber if we could show you how that stock is reacting, $7 billion in sales
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and that was more than doubling the year before but still getting caught up in this pre-down a and a third%. >> want you, on uber down 8%. >> uber's last raise raising money was that is 69 billion-dollar value in 2018, they've grown huge things then and there at a 50 billion-dollar evaluation. these things were so overpriced, even talking about adjusted earnings it's worse than that because the free cash flow is negative they are not making money, they have great brand names, lift and uber but ultimately these companies have not found a way to make money and i stand here on your show saying you still have to make money that is still the rule. good stuff. >> let's move on to the chipmakers they must've solved an awful lot of chips to get a
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gain of 6%. >> despite the supply chain crisis, they see it being strong and they forecast stronger-than-expected revenue for the full year as well and the brokerages are saying it is all positive and they gain market share from competitors like intel. stuart: i'm fascinated by the restaurant chains as they emerge from the pandemic, we have breaker international preview may not know that name but you probably know chili's which is a restaurant chain that they have another chain restaurants with them the international and there down 11%. >> it is labor and wages and the cost to train workers over and over when you cannot retain a worker and overtime. then you add any input cost, the inflation the all of us feel repairing restaurants and everything, the ceo said the most challenging we've ever seen weaker results in the quarter down 12% because the guidance was weaker to. stuart: here's my favorite companies, generac, the generator people i got a generac
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and the coals, what happened to the stock. >> sales rose within 40% in the quarter and they upped their forecast for full year sales by about 40% as well. when you raise except for yesterday which was an interesting day companies we were talking about if you raise you have a nice gain for your stock. >> find out the delivery time, if you order one now when you get it. there might be a bit of a delay, however, airbnb look at that up 5% they must've recovered from the pandemic, as i understand it they have 100 million bookings in one quarter. >> a huge number, it was tremendous, why did this happen, you can travel cross-border more easily now, we're seen people do that, that is good for airbnb, then the whole concept of returning to city, people are going back to cities and going back to work those helping the quarter and looking forward what is summer demand going to be
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like, they see sustainable demand for summer travel, analysts are saying they are reaching their goals a lot quicker than originally thought. stuart: starbucks very much in the news recently they are up at 6% today, they are playing hikes. they are under unionization they are doing wage hikes, not for everybody but those who might be unionized. >> howard schultz one month then officially as ceo says he is boosting pay ribbon with a comedy for two years by 5% starting august 1. only in cafés that are not unionized. he wants to save off the union push, all in do you want to work at starbucks there spending a billion dollars in this fiscal year, billion dollars are you going to get the training and experience in the loyalty from the union, i don't know is this legal, i also don't know.
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the union says he cannot do that, were part of the collective bargaining experience process with the union. we cannot raise pay for you because you want to be part of the union i don't know if that's legal. stuart: i always think of schultz as a liberal and he is, you get a pay raise so as long as you don't go to a union, have you ever heard about that before. >> exactly in line. >> maybe it's economics. stuart: rendered i'm sure there a big one point to 7%. this is vaccine sales written all over it. >> they tripled their sales in the quarter they sold $6 billion worth of the covid shot in the first three months of this year alone. but i think that is backwards looking, the stock is up is not up in a big way, we hit the plateau with the vaccination pushing general.
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stuart: the pfizer stock is bundling around where it has been for a long time. caterpillar is the biggest winner of the dow 30 up 1.9%, not that many big movers on the big movers for the dow 30, the s&p 500. >> starbucks is on the up 6%. >> the nasdaq every single day to be a big tech company on the list of nasdaq big winners. i have not seen one up there forever. >> nothing to see with starbucks, we have the consumer and travel with marriott. >> micro soft, google, et cetera et cetera. move on. >> you know how i felt about big tech, big tech the dow industrials almost dead flat right there, the ten year treasury now yields dust over 3%, 3.008. gold down $4 in 1865, bitcoin is up a fraction.
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389 enterprise, $1000, oil energy price inflation. 106. look at nat gas, keeps on climbing, energy price is very important, 838 british unions, look at a gallon of regular gasoline $4.23. california is $5.75. don't forget diesel $5.43. take that farmers. the mainstream media continues its meltdown over the leap supreme court draft. watch this. >> women are gonna be put in danger with the founding fathers did not reckon i said the founding fundamental right they were racist misogynist jerk face who did not believe that women have any right at all. stuart: there is more where that came from in reaction from sean duffy pd elon musk the twitter might not be free of charge for everyone. will tell you what he saying about that. sales of in fts non- fungible
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tokens are plunging. is the craze over? i really hope it is. we will deal with after this. welcome to allstate. where everyone saves when they bundle their home and auto insurance. isn't that right, frank? sure did. and the frank tank? you know it. and now you're relaxing. i'm working from home. sure you are. alright i see a lot of head nods. let's circle back tomorrow. you weren't kidding. save up to 25% when you bundle home and auto with allstate. click or call for a quote today.
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stuart: in 1960s feel it is sunny and 76 degrees on this wednesday morning. bitcoin 389, that is down 19% from the start of this year. then we have nft sales non- fungible tokens, down 92% with the peak sales in september, joining us the host of the
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podcast, natalie joins us now. is the nft craze over, i'm gonna put it like this, i never understood it i don't know what on earth this is all about, i cannot imagine buying something but i don't know what it is. it is the nft craze over? >> good morning thank you for having me i hope it's over just like you i'm not surprised in fts are down so far they are in a completely different category of investment in something like bitcoin. it is like comparing the internet to a series of art websites, so much speculation when it comes to in fts they require lots of liquidity and buyers who believe the future buyers will pay more for the nft and always caution people with investing in that space, is very different from bitcoin. >> the gambling chips as far as i'm concerned we have bitcoin, elon musk says bitcoin is a
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liquid alternative to cash, is that all it is? is that all you get into it, it's not much of a hedge against inflation, you cannot do transactions with it, is that all that is and alternative for cash customer. we seem bitcoin as a savings technology that's ever been invented, everyone is recognizing the long-term value and short-term volatile but a long-term story value, elon musk is recognizing that joe rogan and i agree with them countries monetary policies are ensuring the collapse in purchasing power of the dollar for the benefit of asset inflation, companies are looking to diversify and especially in these times with the fed trying to navigate hiking rates and also tried to prevent a bus, leaders like elon musk, they seem bitcoin as a fast-growing technology network that is completely decentralized, they cannot be manipulated or controlled by any government or any entity and
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it's also scarce with the digital asset. stuart: i have heard all of that but i am sitting next to a guy who put all his money in the stock market with premier investors in this country, his name is david and he is going to answer that. >> i think the concern when she says the stable store of value, we don't normally think of a stable or something that jobs 40% in a few months. it's done it two or three times every time elon musk treats the thinking of up-and-down, long-term into providing more stability, great but when you start people that bought in they could be trading it there's tons of people warren buffett, very folks to say we don't see it, i think the difference in fts egg degree and not relying on people just assuming worth more later on all you got is relying on people to buy more of it, keep
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the demand going to the price goes up, with the demand stops the bottom falls out, the last 30 seconds to you. i would say this is a monetary network and every monetary technology has gone through a process of monetization which is speculation and moves to story value and then medium exchange in unit of account, right now or in the monetization process it is volatile in the short term i would rather have a volatile appreciating asset then a relatively stable d appreciating asset like the u.s. dollar i see the long-term value when i zoom out in the chart and all the stock over the last ten years a long-term investment but not a short-term trading asset. stuart: the argument continues, thank you very much for being with us. listen to this one elon musk changed his profile picture on
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twitter he made it one of the board apes. he did it then what happened. >> the price of the coin shot up immediately is been volatile sense pretty move the market like changing his profile picture to an avatar from the club nft collection very difficult to say i think it's very weird i don't understand what is trained to do so he can move the markets,. >> he goes up and then we all jump on it is news. >> i don't think we need to worry about what elon musk is doing, do we believe value gets defined by 70 changing the avatar, the reason value is speculative i think jack dorsey and twitter within nft it is down $3 million in value, it is
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silliness earnings, profits and value. the following development out of los angeles were dave chapelle is attack by a man who rest the stage, the man was just charged with assault of a deadly weapon. joe biden is making americans poor, that is the headline, liz peek wrote it, she is here at the top of the next hour ♪ ♪
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is all
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an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... 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: the fed decision comes this afternoon were expecting a half-point rate hike, can the fed fix inflation by raising rates. they cannot fix inflation, helps on the margin the real causes more supply-side driven end of about them to be too little production of gas, the academy opened up and everyone is so surprised. i'm really thinking we need the supply-side solution, the fed needs to tighten, they're resorting to markets, it's not a quick for inflation. stuart: got that, the yield
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slightly above 3% as we speak, the fed raises rates this afternoon. the year our dividend guy, you got high dividend payers first of all let's go with clorox to start with. high dividend picks. >> clorox is a little lower about 3.5% with the great grover. it is down 20% we started buying recently. what's the next one. that is another bank that's come way down, that is a higher dividend yield, great growth, not all the same risks that the big megabanks have. stuart: what is the yield, it is in the high threes and growing quite a bit. stuart: you are right, i always make the same mistake is not the high dividend payers, they are growing. >> you lead that with inflation, you want to keep your income growing with inflation, you want growth and income and growth of
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income. stuart: the last one is verizon, big-name. >> that the 5.5% payer the stock is down to eight times earnings unlike at&t no risk of them cutting this dividend by the at&t they are not buying time warner and other stupid things they've a great balance sheet but it's not a great growth market verizon is a deep value play, 5.5% yield. a great value play. stuart: the stock price i know for a fact is depressed at 40 cents. it's been in the 50s. we had to send a lot of money to build out 5g it takes a little while to see the earnings. stuart: a shot at a 5% dividend yield in a capital gain to boot. >> there has been 70 stories. there is more for you to still to come. check those markets, there is no more for him to come. i am very sorry about that.
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you bailed me out on crypto, well done. the markets, the dow was up 100 points, the s&p is up to but the nasdaq is down 48, the nasdaq is down probably because the yield on the ten year treasury is above 3%. still ahead ohio congressman jim jordan retired four-star general, jack keane, brian kilmeade, devin nunes, the 10:0& company" is next. ♪ ..
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stuart: weight a minute. tell me which music this is, ain't no stopping, i will move on. it is 10:00 eastern time. straight to the money. green for the dow up 78 points but read for the nasdaq. the nasdaq is down possibly because of this, the yield on the 10 year treasury slipped below 3%. it was about 40% earlier. nasdaq big tech stock, don't like that. oil, we see energy price
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inflation one hundred $6 a barrel this morning. energy price inflation gets worse. as for bitcoin still below 40 grand, 38-7 is our price right now. we just got the latest read of an important sector, the service sector. do you have a number? lauren: a surprise decline the month of april, service sector of the economy expanded but 57.1, that was a drop off from the month before and expectation, these are education service companies, arts and entertainment companies, utilities, a big swath of the economy and in april it is a disappointment. blue one didn't make that much difference to the stock market, the dow is down, up, nasdaq is down 90 as we speak. now this. inflation has sure gotten our attention. you buy anything and you get a shock when you see the price.
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last year the federal reserve and the president said it would be transient, transitory is the word. it would fade they said. that was wrong. inflation is still with us and it is going to stay with us. inflation is about to go up some more. today the europeans announced a plan to end russian oil imports by the end of the year. that means oil goes up. it hits one hundred $6 a barrel this morning and rising. just as important we have a new record high for diesel, $5.43 a gallon, that is factored into the cost of everything and it is going up. gasoline up again, $4.23 a gallon, that is the average as of today. the economists love to talk about the core rate of inflation. they take out food and energy so the rate of inflation looks better at the core. but we don't pay the core rate. we would pay the price tag on the item and see what is going up. didn't have to be this way.
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if biden had kept our energy independence, to drilling and fracking and building pipeline, not caved to the green new deal we would have the extreme energy price inflation we have today and i think it gets worse this summer. i think it hurts every day americans and stays the number one concern, the number one issue for the elections this november no matter what happens at the supreme court. second hour of varney just getting started. here is a headline for you. president biden is making americans poorer. you know who wrote that. liz peak, classic critic of a president on all locations. i was just talking about energy price inflation. i think it will get worse this summer, that will make us all poorer, isn't it?
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>> it is and this is a policy driven mistake the biden administration has not only made but is continuing to make. no matter what happens where there is a shortage of oil and gas, promising to send more natural gas to europe but president biden doesn't want to turn around and give more natural gas to americans, stunning development but only a piece of the puzzle. stocks are down. americans australians and net worth because everyone is focused on the fed raising rates and most people think that will throw us into a recession. this didn't have to happen. to your point this is a policy driven problem and it began when biden took office. the economy was growing at 6% and democrats couldn't help themselves, they spent $2 trillion in addition to the $5 trillion we spent on covid
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relief and a different opinion, it is a supply problem we have with inflation driven by the fact that consumers were given too much money, too much gasoline on the fire for a roaring economy, there are other problems, the russian invasion of ukraine is a problem but this started with the american rescue plan, too much money shaping too few goods and the train wreck piled up after that. stuart: you think the democrats could change the subject, change the conversation by moving towards the supreme court and abortion as their issue in november and push inflation down to the second-tier? to the second tier? could they do that? >> i think we will hear a lot, they will make the case inflation is peaking and it may well peak but it levels around 7%, 8%, 9% which will mean the
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fed will ratchet interest rates higher. i think the supreme court decision will be fodder for democrats particularly in blue states and swing states but i take these issues as you talk about what is the core inflation is interesting but what do we care about? the price of food which is up 10%, cost of gasoline is up 40%. that will remain uppermost particularly because voters have from day one attached that to policy. what interesting to me a sentiment and polling shows from the beginning voters knew the democrats were spending too much money, they blame biden for inflation even if democrats are saying it is a host of other issues. i don't think the democrats will walk away with this. as biden pushes his green
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agenda and unionization and other things that ratchet prices higher i think this is what americans are going to be concerned about. stuart: the consistent liz peak. i have some new foxholes. putting a republican against a democrat. >> 7 points, but largest it has been this year. if you back a republican 46% versus 39% backing democratic candidate for a congressional race, the widest margin we've seen this year. it implies 44 seats swing in the house of representatives in november. 11 in the senate. the changes, it will continue to change but right now according to fox news modeling and republican pollster darren shaw that is what it implies. stuart: leave it at that.
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i am flabbergasted. not doing much except the nasdaq, the nasdaq is down 118, david lefkowitz is back, this man is a glutton for punishment, he comes back regularly with a smile on his face. when do i start buying? >> i think you can start dipping your toe in here but markets are going to be treacherous. what gives me some comfort that we could see a bounce in the short term is investor sentiment is really poor. we just conducted our quarterly survey of clients and business owners. investors are concerned about inflation, the war in ukraine and other things. we are not seeing investors make changes to their portfolios but when investor sentiment is this poor weird
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everyone thinking of a recession. when it is this poor often you need a little good news and you get a nice pop and we are setting up for that. if it doesn't get more hawkish, if they say the path of interest rate increases the market is expecting is what they will deliverance not increment we more i think that could be a sign of relief. if we get that peaking in inflation that could be a sigh of relief for markets but this will still be a range bound markets. until we answer the question soft landing or not a soft landing. stuart: fair position to take. your opinion on some thing i have been asking everybody. what's wrong with me buying a 2 year treasury note, holding it to maturity, take my 2.8% increase in both -- both years and sit back and safety and not worry about losses in the market. what is wrong with that? >> bonds have a place in the portfolio. stuart: don't take it all out of stocks and put it all into bonds.
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>> we try to focus on the long-term and structuring portfolios to the long-term goals every investor has. bonds have a place in the portfolio if you are more in the camp of we are going to have a recession, a hard landing that makes sense. it depends on your outlook. we are thinking a soft landing is more likely than a hard landing but i don't think the market has a lot of conviction on that outcome for several months. stuart: thanks for being with us. always a pleasure. looking at the movers. not necessarily stocks but oil at 106. lauren: wow. the european union spelled out their plan to fade out import of russian oil. it will take some time, nothing on natural gas. what it does is discount anything the fed can do to counter inflation because you have these world forces acting
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in other ways to reduce dependency on russia so inflation is here to stay when you look at the reaction in the energy market. stuart: the company on my teleprompter which i've not seen on screen in a long time, tupperware. wait a minute. lauren: as far as i know. a 2-year -- they pooled their guidance, they can't forecast how they will do the rest of the year. they blame the war in russia, lockdown in china. for missing their target so that they have no -- stuart: match the group, tinder's parent. lauren: you know, i am looking at what went wrong that people are not dating as much, numbers for their forecast, stock is down, the ceo, the president will replace her. stuart: people are getting out
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-- talking to each other face-to-face, going to bars and dances the old-fashioned way. lauren: yesterday was the first time nobody wore a mask on the train. that was a change. stuart: one more for you. stuart: equinox accepting crypto payments. lauren: you can pay, all access membership of $4000 and more in some cases. sorry, don't go to the gym. you can pay with crypto and you do that through bit pack, i knew you would have that reaction but if you look at the equinox community or the people who aspire to be and it is a luxury community. the gems are nice, you can buy the year. the community equinox thing thinks that bitcoin and crypto is cool so they are offering it. stuart: when has a gym been a community?
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lauren: when they have classes. stuart: a fox news paul shows the majority of americans want title 42 to remain in place, we go to the border for report on that. european union leaders planning a ban on russian oil imports, we have shown the impact on the price of oil, a lot more on it. explosions rocking the city of lviv overnight causing widespread power outages and damage. griff jenkins spoke exclusively with president zelenskyy. he will tell us what he said next.
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stuart: the war in ukraine. griff jenkins is there. you had an exclusive interview with president zelenskyy. what did he tell you? >> reporter: we sat down with zelenskyy for 57 minutes and covered everything you can imagine, more weapons, harsher sanctions, the situation in mariupol. one of the first things i asked him to respond to were the very outrageous comments from russian foreign minister sergei lavrov comparing zelenskyy to hitler and russia accusing israel of supporting a neo-nazi regime in kyiv. this is what he said. >> translator: chauvinism and nationalism. the using the same methodology. the methodology is weak in the world, phrases of lavrov.
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>> reporter: amazing that this is a president who has been at war for 70 days, many thought he would flee before the invasion. he stayed and fought every night addressing the ukrainian people, uniting them in a way no one imagined was possible and after 70 days the resistance, the russians failing to get any significant victory of sorts, one thing we are looking at is the dire situation in mariupol at the steel plant where a thousand civilians, 2000 defenders of mariupol are stranded, i asked for an update whether the evacuations are continuing and here's what he told us. >> translator: the united nations with the international red cross are doing this, but i told them russia wishes to
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destroy everybody who is still in the steel plant. >> reporter: it seems it is stalled. we checked but the un and the red cross for any update if anyone has gotten out. they haven't. the russians are continuing to attack mariupol and strikes we saw out weston lviv, attending the supply lines. we talked about weapons and he says he's very grateful but he still needs heavier weapons like long-range missiles from what is going to be a dog in the fight in eastern donbas. i asked about the unity of posing russian energy embargo which is going to be pretty much in place by the end of the year. he says sounds great but we need it now, needed it yesterday to have that impact and finally, he also says president biden needs to come to kiev and see it for himself.
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stuart: i wonder if that will happen. i want to bring in general jack keane, always great to see you, thanks for being here today. russia's military not doing well. russia's economy in shreds. the europeans not buying their oil from russia. it sounds to me like russia has a real problem. are they losing this war? >> it is not going as well as they thought for sure. in the second offensive, being it was a much smaller area and they were familiar with the area and supply lines are closer they absolutely believed they would have the upper hand but here they are, attacks on four axes like they did on the north which failed miserably and they are having the same problems on the ground and only made incremental gains. certainly they are occupying the city of mariupol and that is significant to say the least
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despite the holdout at the steel plant and they are occupying the city of kherson. they will politically declare those independent republics or annex them at some point in terms of political statement, maybe on may 9th but certainly this is not going the way they wanted. the ukrainians in the last 24 hours were able to push the russians 30 miles east of the city of kharkiv conducting limited counterattacks in that area that were quite successful. this much we know about putin and the russians, they are determined, they have not given up their objectives. i believe putin at some point, certainly not in the near term but at some point still wants to topple the government of ukraine, his near-term objective is the donbas region, the southern coast, occupy that and do it as soon as possible, ukrainians are challenge them
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them on all of that. blue when ukrainian intelligence looking at russian military planning suggests those plans, the russians think they will end the war by september. what do you think? >> i don't have access to those plans, can't put it in proper context but at this point it seems aspirational. certainly, that i understand but given formidable accusation, the ukrainians are opposing here, that will be challenging. we don't know what that objective is they are trying to achieve by september. is it just the donbas region or the entire southern coast? does it include going back to the north? i suspect not. the russians have major problems in front of us and president zelenskyy is right. we got to continue the flow of
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arms and munitions. he is completely dependent on that for his success going forward given the skill, given the will, given the imagination his forces have. stuart: keep those forces coming. thank you very much, see you again soon. >> great talking to you. stuart: putin is planning to help some exports to the countries he deems unfriendly. do we know which products will be blocked and which countries won't be getting them? lauren: no but unfriendly nations want sanctions on him and these would be considered counter sanctions and he says he will lift the unfriendly nations in time. he wants export blocks of raw materials and products. i'm thinking wheat because together with ukraine this is a region responsible for 30%, it could mean famine for some countries, definitely food insecurity and higher prices. stuart: what that tells me is food price inflation, energy
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price inflation this summer. that is what you have. lauren: using hunger as a weapon. he has weapon iced hunger. blue when north korea launched another ballistic missile, the 14th test. stuart: lauren: kim jong un is showing his country aztec edge and threatening the world and the west in particular. he is saying we can and will use our nuclear arsenal if threatened, the timing of this, more immediately for north korea in just days a new president takes office in south korea. much of his campaign is focused on a tough stance with north korea, not peaceful reconciliation and dialogue. sending a message to the new president. blue when he didn't do this when trump was president. republicans are fighting for
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free speech, a plan to defund president biden's disinformation board. we have that story. the wall street journal reports musk has plans to turn twitter around and then take it public again. where does that leave trump's truth social? i will ask the ceo of that company, devon nunez next. when traders tell us how to make thinkorswim® even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds.
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and now, miracle-ear is offering a 30-day risk-free trial. you can experience better hearing with no obligation. call 1-800-miracle right now and experience a better life. stuart: a fractional gain for the dow. a significant loss for the nasdaq. it is down 136. the main reason i believe is the yield on the 10 year treasury going to 3%. looking at the movers starting with cvs, up 1.5%. >> they benefited from this tradition of covid vaccine dentists. you remember how that was in the beginning of the year, this is how they did in the first 3 months of the year and it will slow down and it has. stuart: starbucks was living up earlier and it is moving up now.
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>> record revenue $7.6 billion and 1/4. >> mode there now, the vaccine people. >> they are preparing for the possibility of supplying covid vaccines through the private markets this fall so pfizer, there might be no government orders so when you put a lot of your revenue on the covid shot and don't have a big order for it from the government, you find other avenues. stuart: this one is for you. house republicans have new legislation to stop the new disinformation board. lauren: senator ron johnson is heading up legislation with 50 cosponsors to defund the disinformation board of administrative truth by taking federal funding out of the equation. janke what's --jankowitz
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discredited the biden laptop among other things. stuart: she will be the government sensor, can't wait a. going to move on. i have had enough of this. the wall street journal reporting elon musk will take twitter private and then go public again possibly making a profit. devon nunez runs trump's truth social. musk turns twitter around. if he does, where does that lead truth social which you run? >> great to be with you. donald trump before elon musk about it said to go and buy it because the goal of the company is to build a community where people are in a family-friendly safe environment. very much different than twitter. that is why we encourage elon musk to buy it because someone has to take on tech tyrants. donald trump wanted to make sure the american people got their voice back and the internet was open and that is
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what we are doing. people like elon musk doing that we are in favor of it. let's focus what we are focused on. where are the users in this country? they are not on twitter. we see that in the engagement, people get more engagement on our platform even though we've barely been open for a week. this is where of a real people are, hundreds of millions of americans, facebook and instagram have hundreds of millions of americans but more concerning is shiny -- chinese's tiktok with hundreds of millions of americans, we are taking the best of facebook, instagram and tiktok, with the been that we can't be canceled because we built this without using big tech. we are looking forward by the end of this month to open up to
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the entire web with the web apps which will be very exciting because we have a growing vibrant community. it is a lot of fun being on the platform. almost as fun as being on your show. we will not quite. you have been in business for a week, tell us how many users you've got. >> i can't tell you how many users we have because we are going to this merger process but you can see the telling part is we have so many people, great content creators that have more followers on truth than they do on instagram already if that tells you anything so we are open, we can handle millions. stuart: just wanted to go to politics for a second. do you think the supreme court leak gives the democrats a leg up in the midterms in november? 30 seconds. >> i tell you what, that leak is the worst thing i have seen and i have seen a lot of bad
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things in washington from the hunter biden laptop to the russia hoax this is the worst thing i have seen. i hope they get to the bottom of this and bring these leakers to justice whoever leaked it. this is designed to inflame the left's base but i think most of those people were going to vote already. what they can't get around is what you talk about every day, high gas prices, inflation, democrats in the biden administration can't get around that no matter how much propaganda or what narrative they push, people are hurting in this country. stuart: thanks for being on the show, hope you enjoy it and see you again soon. >> i love coming on your show. stuart: major companies facing calls to boycott twitter if elon musk rollback content moderation policies. i'm sure musk had a response. lauren: he said investigate the organizations behind this
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letter that went to brands, disney, coca-cola asking them to boycott twitter if elon musk rollback the content moderation on this site. under elon musk's management twitter risks becoming assessable of ms. information so these organizations are telling these brands they will pull ad deals, how you make money, twitter, if elon musk does that, if he rollback content moderation. stuart: a classic thing, go for the advertisers, cover up the money. we now know by the way who these high profile liberal figures are who are urging the boycott of twitter which we will tell you who is leading the charge against musk. not sure how to carry your phone when going for a run? the koala clipper cells that problem. the founder started with $200 and is on track to make $1 million out of that.
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that is how you carry your phone if you are a runner. she joins me next. ♪♪ lemons. lemons. lemons. the world is so full of lemons. when you become an expedia member, you can instantly start saving on your travels.
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stuart: now you 're talking music. the rolling stones. you get off of my cloud. that is not what the rolling stones are singing. that is mackinac island, michigan, 42 °. if you like the music follow us on spotif a mac. those markets not that much price movement.
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by the end of the day you've got big price movement. the nasdaq composite down one hundred 32 points, that is 1% loss. employees at another apple store taking steps to unionize. no impact on the stock but where is it this time? ashley: and apple store in suburban maryland, retail workers formed what they call core as an apple corps or the collision of organized retail employees of the group sent a letter to apple ceo tim cook saying most employees at the store support forming a union. it comes after employees at the store outside atlanta became the first group of apple retail workers to unionize. that was last month followed by retail employees at apple's grand central station location in new york city. apple told the washington post the company already offers very strong compensation and other
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benefits including healthcare, tuition, reimbursement, paid family leave and annual stock grants but the union fever continues to go on. blue will look at this on the screen on the left-hand side. that is the koala clip for carrying your phone very conveniently while you are running. it was invented and created by christina powell in her own kitchen and christina joins us now. what gave you the idea to put a phone right behind you? >> it was on a long run i was public with contraction i was using to carry my phone and i had a perfect space on my back that is about the size of a phone but i needed to create the product that would work to carry my phone with me and it wasn't a hassle. blue when you started in your kitchen in your own home making
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it yourself and i know you graduated to a more sophisticated manufacturing idea so how much do you sell these things for? >> $30 depending on the model you get now. stuart: how much money do you bring in? you started with $200. >> close to making $1 million. blue when excuse me? $1 million? $1 million worth of koala clips? really? >> yes. it is a frequent problem, apparel doesn't have pockets in it for women so your phone, your keys, you need a contraption of some kind to carry it with you and this keeps your stuff out of the way. it's not going to move when you are walking your dog. stuart: that was a good
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commercial for koala. any intention of selling out and making serious money? >> not right now. after my kids went to bed, using a sewing machine that i bought, and like i am the sole investor and don't have investors now. my goal is to solve this problem. stuart: ever started a company before? >> no, i have no background in business at all. blue when you went right in from the start, turned a buck on the table and produced the koala clip. you are a genuine entrepreneur. we love success on this program and christina powell, you are a success. don't have much time but thank you for coming on the show. very interesting product and we wish you well. >> thanks for having me. we one hope you make a fortune.
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still had a totally different story. a man armed with a knife at tax comedian dave chappelle on stage weeks after the infamous chris rock slap at the oscars. we have the latest details. j d vance celibate in victory in ohio's primary, quickly became the republican front-runner after trump endorsed him. will trump help the republicans come november? i will ask brian kilmeade next. ♪♪ if you're a small business, there are lots of choices when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind.
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stuart: the markets, the dow up 30 points, nasdaq down 134. i want to talk about energy price inflation. look at diesel. that is this morning, average price nationwide $5.43 up another $0.06 just overnight. it is up a couple bucks from one year ago, same with gas prices up again overnight. the average price per gallon of gas is $4.23 a gallon as we speak. that is up again.
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natural gas, show me that. that is going up. $8.43 per million british thermal units, show me the price of oil, up $106 a barrel. what i'm getting at, we have a classic case of energy price inflation which is getting worse, all the way through the summer. for everyday people. brian kilmeade joins us. dave chapelle attacked at the hollywood bowl. the attacker was armed with a gun and a knife. he was arrested and charged with assault. what do you do if you are running a comedy club someplace? do you need secured guards everywhere? >> the hollywood bowl with the biggest comedians in the world, jon stewart, leslie jones, jamie fox, dave chapelle is the guy. there is some controversy because of comments he made in
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the special about transsexuals. it doesn't seem offensive. it seems like he is just having fun. not looking to offend anyone. they went through this on netflix. ever since we watched will smith go up and slapped chris rock we always wonder how you are going to do it in a smaller venue, you do it at the oscars or the hollywood bowl the original question what about chuckles in the middle of iowa? what about the last factory in los angeles? what kind of security -- stuart: what about the whole idea of making jokes? sometimes a joke can be hurtful but it is a joke. can't we make jokes any longer? >> you have to and you have to forge your way through and dave chapelle went back out, he was kidding around about it and chris rock said i think that was will smith, not sure. they made some fun of it but if
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you watch the video knowing of the report the guy was armed with a fake gun that converts to a knife, broken arm, broken shoulder, put in a gurney at the end, something happened in between him jumping on the stage, knocking dave chapelle down backwards, he got back up, runs to the back of the stage, what they did is it took everybody's phone away, so many comedians get their act stolen, someone sits and tapes the whole thing and people say i heard this stuff already, they post on social media so they don't have as much video as you normally would have but you have one from the balcony shooting down and get to see him hop on stage and put off the tackle. stuart: a shock to see that all over again. j d vance won big in the ohio republican primary. what does that tell you about the trump enforcement for november? >> that was the biggest one.
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45 points separated him. 11%, 15%, don't worry we are closing the gap, peter teal came in with a lot of support but if you look at the candidate, he goes i was against trump, didn't know where he was coming from and i was for him but if you look at him from a rural background, ivy league graduate, goes and serves in air act, comes back, becomes a venture capitalist, instead of saying -- staying rich and being isolated, i am going to go run. stuart: the trump endorsement brought out a million republican voters in ohio alone, double the number of democrats who showed up for the primary.
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see you again soon. abortion-rights protest in los angeles, turned violent. what happened? ashley: protesters clashing with police after law enforcement were called in to disperse the crowds, one officer was injured, the protest rally began with a peaceful gathering of 30 people outside the federal courthouse building but as you see for the pictures grew into hundreds who flooded onto the streets, began blocking traffic and then some protesters began throwing rocks and bottles at the officers. people in in the crowd to be heard chanting including forced motherhood is fascist violence. california governor gavin newsom released a statement calling the potential supreme court decision and appalling attack on the rights of women. getting out of hand in la and other areas across the country particularly in la where we saw that violence. we went makes no sense to attack the police. just don't get it. still had. ohio congressman jim jordan, sean duffy, mike braun,
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democrats believe the supreme court leak over overturning roe v wade is their key to changing the subject in the november elections. they are underwater on inflation, the border, crime, everything. they hope to get ahead with the supreme court issue. that is "my take" and it is next. i earn 3% cash back at drugstores with chase freedom unlimited. so i got cards for birthdays, holidays, graduations, i'm covered for everything. which reminds me, thank you for driving me to the drugstore. earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. (vo) verizon business unlimited is going ultra! get more. like manny. event planning with our best plan ever. (manny) yeah, that's what i do. (vo) with 5g ultra wideband in many more cities, you get up to 10 times the speed at no extra cost.
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>> americans have lost trillions of dollars in net worth because everyone is focused on the fed raising rates. this didn't have to happen. >> we need more supply-side solutions. it is not a quick fear for inflation. >> third quarter, early fourth quarter. it has gone from being our best friend in the market enemy number one. i don't know how many signals and investor needs to see to understand this is a bear market. >> this will be a range bound market. until we answer the question soft landing. >> those embracing the policies of donald trump will do exceptionally well and they will do well in november.
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stuart: what music is that? guns and roses? on this program? it is 11:00 eastern. it is 11:00 eastern time, wednesday may 4th, check the markets please, look at the nasdaq. down 157 points. the nasdaq down that much across the board on the downside. apple is up all of $0.50. amazon is down $88, meta platforms is down. microsoft down 3, google is down $35. why? look at this. the 10 year treasury went 3% earlier and that is always bad news for big tech. let's have a look at energy
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price inflation, oil at one hundred $6 a barrel, energy price inflation problem. president biden will deliver remarks on the economy and the deficit. any headlines, we will bring them to you pronto. the democrats believe the supreme court leak about overturning roe v wade is there key to changing the subject in the november elections. they are underwater on inflation, crime, the border, the whole direction of the company, just about everything they are underwater. and then long comes what they think is monarch from heaven. the supreme court, the washington post says we are entering a terrifying new era. that is a scare by any other name. listen to how democrat leaders are reacting. roll tape. >> how dare they, how dare they tell a woman what she can do and cannot do with her own body!
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how dare they! >> i am angry this is happening. the united states supreme court thinks that they can impose this on all of the women of this country and they are wrong. >> we have a right -- we have heard enough. stuart: it is a frenzy of opposition designed to scare the electorate and change the election outcome. the democrats are hanging their hat on the trashing of the supreme court, we don't know who the leaker is but who gains from the leak? the left obviously, they will bring the mob to the streets to ask applies maximum pressure on conservative justices, raise money, all kinds of rights are at stake, quite a gamble, isn't it? they are trying to win an election by undermining the independence and integrity of the supreme court. i hope they lose.
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third hour of varney just getting started. continuing on the theme there are some in the media melting down over this leak. watch this. >> the founding fathers didn't recognize abortion is a fundamental right because the founding fathers were racist passionate jerk faces who didn't believe women had any rights at all. >> if these folks believe rovio raid -- roe v wade was so egregiously decided why not say that in their confirmation hearing? they lied which i think his perjury. >> someone on the hard right was really pushed off the justice moved away from alito's really harsh right-wing diatribe on abortion. we got the receipts, buddy. stuart: sean duffy on the
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screen. scarborough thinks it is a conservative who leaked. >> we don't know but to your point i think this is an issue that will help democrats or so they think. we are 6 months from election day and americans have short memories. as we go through months of turmoil and rioting in the streets, hopefully it sticks, people will be confronted with paying more for their food, gas, the southern border, a bunch of issues they are reminded of every day and this will dissipate. if you look at california or new york you will have abortion-rights, live in texas, alabama, mississippi, south dakota you may not. a lot of these major liberals are not going to be feeling any difference in abortion laws. stuart: they are hanging their hats on abortion to try to win
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the midterms but in doing so are undermining the integrity of the supreme court. won't voters recognize that and say not off? >> i don't think the voters care about the integrity of the court, they will not ponder leaks in the court but what they are going to say is you are talking about abortion and i am talking i can't afford my groceries, can't afford the gas in my car and that is the real issue here and if you play this out a little bit i think they have real problems. of chuck schumer does what he says and brings up a bill to the senate floor, make every senator vote on a bill that gives abortion rights to the point of birth that is not good in the races in georgia, arizona, nevada. you could lose those races antirepublican could say i voted against it because i support abortion rights up to 9 weeks or 15 weeks but don't support that. unless a republican place middle ground which i do not agree with but they can play a middle ground where the
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democrats take the most extreme position on this issue, this does not help democrats in the long run, it hurts democrats and look at demographics, hispanics are losing because of the border in the economy, mostly christian catholic people. this does not paul well with them either. it is not a great issue for the african american vote. you have the radical abortion supporters that you are going to animate and come to the polls and give money, a big section of the voting class doesn't give a damn. stuart: am i right in saying some democrats are talking about packing the supreme court to avoid this? it is up there. >> 100%. the only way they stop this is pack the court. i don't think they are going to get that, i think america would howl over packing the court. a liberal court instituted roe v wade a conservative court might take away. the court can do both. it is not written in the constitution.
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maybe should focus on the first amendment, freedom of speech and religion. stick to the issues, not issues created out of thin air. stuart: which people are looking at to this day. >> you play a guitar on guns and roses? stuart: that is an ugly rumor. >> might have been a witness. of the one which we had some time to talk about crypto and what a mess it is. it was unfair. stuart: to the markets please. the nasdaq is down 175 points. a tiny gain for the dow. mark tepper, mark, should i buy this dip. >> i would not, the market keeps making lower lows.
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there is more downside ahead and take a step back for a second. if your time horizon is long keep averaging into your 401(k). your time horizon shorter and sitting on cash flow, i would not be putting that to work now if you are passively investing in the index, and individual stocks, 37-3800, where this thing bottoms, and the biggest contraction system, rates are going higher, these are bad for stocks. stuart: what is wrong with me, you have been watching the show. what is wrong with me. a 2 year treasury note holding it to maturity so i don't risk
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the price, the 2% yield in both years, ignoring risk in the stock market. what is wrong with that. >> you are forgoing a great opportunity to buy into the stock market lower. there's two questions you need to ask, do you think we will be in a recession in the next two years. you want to own bonds, you want to own longer duration bonds like the 30 year treasury because stocks go down, bond rates go down and your bonds would go up in value. the second question is do you think stocks will be lower over the next two years. the answer is absolutely. if you do i would rather have my cash ready, not committed for two years so i can pounce
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on these stocks when the right opportunity presents itself. of the one that was a good answer. that was good. a better answer to the same question i have been asking for a long time. hope to see you again soon. there is one stock that is moving on the market today, start with uber, down 10%. lauren: they moved up their earnings report and are being trashed. they spent a lot of money recruiting drivers. nobody was doing a ride hailing and spending money to get drivers. that is not happening with us. we had a great quarter, raised our outlook. look at them. a third of the value of lift is being erased. what is uber's excuse? more businesses. we one president biden is taking questions that his presentation on the economy. >> what is the next step on
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abortion as this case get settled? >> president biden: don't want to ask about deficits? here we go. i'm going to answer those two questions and then talk the olympians. with regard to the additional sanctions we are always hoping additional sanctions, i've been in consultation, speaking with members of the g7 this week about what we are going to do or not do number one. number 2, what was the second when? looked. >> on abortion. >> >> president biden: as i said when this hit as i was getting on the plane to go to alabama, this is about a lot more than abortion. i hadn't read the whole opinion at that time. this reminds me of the debate with robert bork. he believed the only reason you had any inherent rights is because the government gave them to you. go back and look at the opening comments when i was questioning
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the chairman i said i believe i have the rights that i have not because the government gave them to me which you believe but because i'm a child of god, i exist. i delegated by joining this union here to delegate some rights i have to the government, for the social good. the idea that somehow there is an inherent right that there is no right of privacy, that there is no right, remember the debate, you don't remember, we had a debate about griswold versus connecticut. a married couple could not purchase birth control in the privacy of the her own bedroom and use it, that got struck down. griswold was thought to be a bad decision by work. my guess is the guys on the supreme court now. what happens if the state
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changes the law saying children who are lgbt q can't be in classrooms with other children? is that. budget under the way the decision is written? what are the next things that are going to be attacked. this amag a crowd is the most extreme political organization that has existed in american history. in recent american history. >> on voting rights, mr. president, how can you combat it? stuart: the president has wrapped up his q and a and his session on the economy. let's bring in congressman jim jordan. we just caught the tail end of that -- those questions. that to me made no sense to me at all. i think he confused robert bork, confused the idea of what rights are threatened or otherwise and have at it please because that was a mess.
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>> i agree. to say that robert bork says your inherent rights come from government is just the opposite. our rights -- not true. our rights, the founders understood the constitution, our rights come from the creator and endowed by our creator with certain inalienable rights, life, liberty, and the pursuit of happyness. that's the whole point. everything he said i was flabbergasted, makes no sense but unfortunately most of the time when the president of the united states speaks it doesn't make sense. it is frightening. it is scary. and it is a concern for all of us. lauren: stuart: i am not sure -- do you think this issue, the supreme court and abortion, does this give the democrats something of a winning issue for november? >> i step back and look at it this way. if the decision holds, that is a victory for the sanctity of human life but the precious nature of human life, that is,
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a victory for the constitution, that is first and foremost. second we've got to the get to the bottom of this lease, you can't have an institution like the supreme court where this kind of thing happened and as a political question we will have to see but i do know if this decision holds there's going to be lots of pro-life voters and the democrats are, shawn was talking about this earlier, the democrats are the ones who have the radical position when it comes to protecting unborn children because they want to be able to take the life of an unborn child all the way up until the day the child is born and that is just wrong, we know that. pro-life people will be motivated too if this decision holds to support pro-life people into office. stuart: let's move on to the primaries. jd vance celebrant, won the republican primary in ohio, 3 weeks after receiving the trump enforcement. seems like trump's influence
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worked in ohio. what do you say? >> of course it did. we need to talk to these media who are saying the president, will his endorsement, it is the most powerful endorsement in american political history and you saw that front and center last night in our great state where a few weeks ago, down in the polls, donald trump endorses him and he surges to a comfortable win. the power of this america first movement, the amaga movement and donald trump's endorsement, the most powerful endorsement in the history of american politics and you see it play out time and again. stuart: president biden talked about the ultra amaga agenda, the most extreme political viewpoint in american history or something like that. >> it makes no sense. what we have had under president biden for 16 months is the worst presidency in history and i said so many
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times, if there is a reason 67% of our fellow citizens think our country is on the wrong track it is because it is true, it isn't i would like to meet the 33% who think it is on the right track because there hasn't been anything done right, we went from secure border to chaos, went from stable prices to 40 when your high inflation, we went from affordable gas to $4 gas everywhere in in the country, $6 gas in california, stage iii to record crime in every urban area in the nation and we had all kinds of attacks on our fundamental liberties and haven't gotten into foreign-policy. what we had under donald trump was so good compared to the ridiculous chaotic situation we have had under president biden and when he speaks it only scares people even more. stuart: i want to return to that. i think the countries got a problem. not a political problem so much as a problem of leadership. president biden appears to have cognitive difficulties.
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we saw him i think it completely confused about robert bork and the supreme court and a vice president in whom there is no confidence in this country unless i'm very much mistaken. i think the country has a real problem the next 21/2 years, last word to you. >> you are right and it is sad that we all remember that video a few weeks ago where former president biden was in the white house and after the ceremony meddling around and president biden looks like you can on the playground who has no friends and you feel sorry, you don't want anyone to go through that and it is a sad situation for him but more importantly is scary and concerning situation for our country. one of the key questions i get all the time when i am out and about is who is in charge, who is in charge? you never had to ask that question with donald trump, you knew who the leader was, you knew who was functioning as president but that's a question i get from folks i get the
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privilege of representing. a one glad you're on the show, two important subjects and glad you address them. see you again soon. let's get to the border. here is the graphic. biden's border crisis, border patrol agents found 70 migrants along the border in normandy, texas. 60 migrants were discovered data stash house in laredo, texas. at the border in eagle pass, what is the latest? >> reporter: good morning. another day another warning in which a group of migrants crossed the rio grande illegally in toledo past, texas. this is a dozen of them including a couple children. locals will tell you they are seeing large groups of migrants like never before illegally crossing into the us, dozens and hundreds of people at once daily. in normandy, texas there was that group of 70 plus migrants who were apprehended by border
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patrol, motion sensitive game cameras in eagle pass and other areas capturing large groups of 50 or more nightly like in this photo from two days ago, these groups are guided by a skate that is paid scout or coyote, private property littered with wet clothes and items left by migrants after crossing the rio grande while driving yesterday along the border wall, we encountered a group of 9, this pregnant woman named anna lay, they left on march 9th and came here from nicaragua. she said the situation in cuba has turned dyer and she said she knew nothing about title 42. there is a criminal element to all of this and this unprecedented surge like human smuggling, texas gps found 62 migrants in a stash house in laredo, texas, record about of drugs being smuggled like fentanyl. 60 pounds of meth discovered in a fuel tank of an suv. gps troopers are capturing drug smugglers who wear camo and
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carpet shoes to avoid being caught. listen. >> a fine line and when he crosses the main roads, carpet shoes or whatever, they are putting the carpet on and this is a secondary are crossed the main road, that fine line throws us off. >> gps says they have seized 342 lethal bonuses of fentanyl. stuart: goes on and on. the dow has taken a turn to the south, down 62 points, this is in advance of the federal reserve telling us what they are doing with interest rates coming at 2:thirty this afternoon. we've got energy price inflation really heating up. look at twitter. elon musk says twitter can
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start charging some users. who has to pay and do we know how much it might be? ashley: musk might charge a slight fee for commercial and government users but did not elaborate on what slight would amount to but tweeted some revenue is better than none but it will always be 3 for casual users. last week musk reportedly told banks he would develop new ways to monetize twees and crack down on executive pay to cut costs on the social media platform and told those banks he planned to develop features to grow business revenue including new ways to make money from tweets that contain important information or go viral. earlier this week musk said the reach of twitter has only reached a niche level and he wants a bigger percentage of the country to be using it.
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stuart: some of the most high-profile liberals are calling on advertisers to boycott twitter. do we have the names? ashley: an assortment of dark many groups like george soros's open society foundation, ngos founded by former clinton and obama administration staffers, wealthy democrat donors and their family foundations, labor unions and believe it or not the governments of european nations. a letter, 26 ngos and advocacy groups express concerns from us twitter plans writing in part elon musk's take over of twitter will further talks a 5 hour information ecosystem and be a threat to public safety especially among those already most vulnerable and marginalized. turns out not just those us-based liberals behind the anti-musk campaign. some of the groups are backed by entities in the uk, sweden, denmark, germany, and the netherlands. it is far and wide.
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stuart: i don't know how to express my -- ashley: free-speech is very threatening. stuart: thank you. now this. chris rock was there when comedian dave chapelle was attacked on stage. rock knows a thing or two about unprovoked attacks. we tell you how he responded. the federal reserve could take its most aggressive action 20 years today, talking about our 50 basis point rate hike. edward lawrence has the story from the white house next. ♪♪ meet jessica moore. jessica was born to care. she always had your back...
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on energy price inflation. show me diesel, record high of 543 and i think it is going higher. i say that because the diesel storage level, there's less diesel in storage now than at any time, there's a diesel shortage especially in the northeastern united states. i expect diesel to go up more. energy price inflation goes up more. how about bitcoin. ahead with the fed's rate decision bitcoin at 38,00751 and all eyes will be on the fed later today. we are expecting 1/2 point rate hike from jay powell. edward lawrence at the white house, the latest please. >> reporter: the president just finished the speech, talking about the economy, he touted the fact that he reduced the deficit saying, if anyone after donald trump increasing the deficit with covid spending the us had to do. president biden ignoring the fact that inflation is now at a
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40 year high, instead the growth of the economy as it has been reopening before the pandemic like he did last night. >> president biden: where in god's name is it written the united states can no longer be a leading manufacturer? we created in the last 17 months 465,000 permanent manufacturing jobs in america. we have the best workers, the most competent employees, the best science in the world. >> reporter: problem is you can't separate the growth of the economy from inflation and the number of economists including economic advisor for larry summers says government spending boosted that inflation. a new fox news poll shows america's 28% of registered voters approve of the president's handling of inflation, 36% approve of his handling of the economy in general.
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we expect the federal reserve to raise the federal funds rate by 50 basis points. >> if their goal ultimately is talking about 3% later on at the end of the year, maybe 21/2, and increase in a factor of 10, significant tightening. >> reporter: in addition you will see the balance sheet reduction, estimates of $90 billion by june or july but the decisions made and announced at 2 p.m. we do right here on fox business. stuart: inflation in the headlines. the new fox paul shows 87% of voters are very or extremely concerned about rising inflation and higher prices. 87%. senator mike braun, republican indiana joins me now. do you think this abortion issue if you want to call it that will push inflation off the list of top concerns by the midterms?
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>> i think they are hoping it does because when you look at the miserable litany created from the best economy we ever had pre-covid to what is now they will try to do that. that along with the january 6th commission they will want to taper right into the midterms, when you talk about inflation i remember from indiana, two times, the milton friedman tied, too many dollars chasing too many goods, you may have those memories of the home mortgage, 10% in the late 70s, you waited four years close to 18%.
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look at what volcker had to do to wring it out then. we couldn't even get close to that. the fed is being overestimated and what it can do and what kept the lid on inflation is cost push, the global economy, biden screwed up the supply chain and the economy to boot so he has a double dose of economic chaos that is going to be hard to get back into pandora's box by the midterms. stuart: i want to talk about something that is difficult to talk about and that is the state of the mind of the president and the leadership of the country with biden and harris. don't know if you saw it but moments ago president biden was answering questions about the economy and drifted into other subjects. became very confused. she said out there that robert bork, the man who was going to be on the supreme court in 1980s believed that rights were given to you by the government. the exact opposite of reality. the president went on and on about it. she was completely wrong. are we right to worry about our
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country with two years of biden and harris? >> that is hard to imagine extrapolating everything that happened in a year and 1/2 into the future even on the roe versus wade subject, he talked about aborting children and i am sure his folks were grimacing at that. a lot of it, look at the real measurement of what has occurred. i don't know that you could have on purpose when the fork in the road comes to making this decision are that, more than are bad for the country than the border, inflation, how you handle crime and you are not going to be able to sweep it away through optics between now and the midterms. >> what are your constituents telling you about inflation? >> they are practical people in indiana, we had a great business environment. we are all contending with the. i checked with my kids every
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weekend to see how the businesses doing, the supply chain is screwed up, government did that. a lot of that will be reconciled in terms of what we do in china in the long run but even johns hopkins university recently said lockdown didn't impact mortality on the covid. government has commandeered our lives. it is their it is there cathedral on the other side of the aisle, they have to be held accountable and i will always be knocking backed with comparing it to how good things were pre-covid. we went government is the cathedral on the other side of the aisle. i'm stealing that off of you. thank you very much, always appreciate it. here is a good question. are you still experiencing brain fog after getting covid? the virus could cause your iq to drop. we have the story. shoppers in phoenix with the
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highest prices in the country. inflation rate they are, voters in arizona are more concerned with inflation than illegal migration. that report coming up too. ♪♪ always something there to remind me ♪♪
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stuart: star wars. i know that music. that is star wars music and we are playing it today because today is may 4th, star wars day so you say may 4th be with you, get it? alaska airline syllabi to the holiday by revealing a new star wars themed play on the left-hand side of the screen offering early boarding to passengers wearing star wars costumes or clothes. okay but do you want to be
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seated next to chewbacca? let's get serious. a new fox poll shows 43% of us think inflation will continue to be a major issue for another year. madison allworth talking to people in phoenix, arizona. >> reporter: normally immigration is the top issue for residents but the people i have been speaking to they say inflation is now the single issue they are the most concerned with. take a listen. >> inflation will have an impact when i go to vote, just taking control of my life. at the grocery store. at the pump. >> inflation affects me more by immigration, huge issue out here. >> a pretty close race but i would have to say inflation. >> reporter: it might be inflation. >> because of immigration is sort of subtle, you don't pay more.
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you don't feel it every time you fill up or by food. >> reporter: the nation's dealing with price hikes, phoenix has a particularly bad. the latest data shows meet, electricity and apparel seeing double-digit price spikes and all of them outpacing the national average. the latest fox polling showing inflation is the top concern among voters and we are 6 months out thinking about all these things and i asked people immigration versus inflation immigration is on their mind but for the first time inflation outpacing that. in this state that is indicative of how hard inflation is hitting americans, they will think about it when they go to the polls. stuart: good story, great report. a new study shows having covid
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could lower your iq. maybe that is what happened to me because i had covid. tell me the story. ashley: it is quite disturbing. researchers at cambridge say severe covid cases may cause cognitive impairment you haven't to aging 20 years and losing ten iq points. it is the latest study to suggest coronavirus infections can indeed lead to long-term cognitive and mental health issues. survivors of severe covid infections had cognitive impairment similar to the aging that occurs between age 50 to 70. the results were even worse for those put on a ventilator while they were infected. the impact can be measured, doctors are still trying to figure out exactly what causes those long-term cognitive affect but very worrying indeed. stuart: i don't mean to make a
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joke of it but i did have covid and i had brain fog, i felt it, fuzziness and your lack, of clear thinking. he will pleased to know i do believe it has cleared up. with a smile somehow. the dow 30, about two thirds down, two thirds up, one third down, the dow is off 62 points. protesters planning rallies all over the country after the abortion ruling was leaked to the press. heather mcdonnell calls that leak terrifying. heather mcdonald joins me next. ♪♪
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>> other story, comedian dave chapelle attacked on stage while performing in los angeles last night. take us through it please. >> he was performing at the hollywood bowl as part of netflix is a joke to her when someone jumped onto the stage and attempted to tackle, which he does rate there, the comedian. she was taken he was taken away by security.
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he was identified as isaiah lee. he was carrying a replicant done with a knife blade inside. he was arrested and charged with assault with a deadly weapon. chapelle remained on stage, thanked security before joking about the incident and describing the attacker as a trans man. chapelle make several jokes about the trends community and his standard routine and says he has been forced to increase his security recently following new threats. it is unclear what the motivation for this attack actually was. stuart: let's get to the leaked supreme court draft opinion which overturns roe v wade. i want to bring in heather mcdonald, manhattan institute fellow. you are saying the leak is utterly terrifying, those are your words. is a terrifying for its effect on women or its effect on the supreme court? >> it is terrifying for its effect on rule of law,
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terrifying for the effects on the possibility of a civilized society. the leak is the problem with you are for or against roe everybody should be frightened by what is coming towards us now. this is the democratically version of rioting, looting and tearing down statues. you did not get to leak the supreme court opinion if you disagree with it, destroy the institutional integrity of the court, justices have to be able to deliberate in confidence, in trust. they negotiate with the dissent, now that is broken and this is typical of the revolutionary narcissism of young leftists today who have no respect for the rule of law, the fairplay, who believe their cause of justice, their vision of justice is so important that it trumps the foundations of law and order in a civilized society.
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stuart: i understand what you are saying. i will close an op-ed in the new york post, team biden finally admits there is a war on cops which is in flaming. are they really admitting there has been a war on cops? >> the fbi director christopher ray to his credit on television said we should pay more attention to cop murders. nobody is paying attention to them. that remains the case with the justice department generally under biden and merrick garland to continue this phony narrative that white supremacy is the threat facing america today. it is not. inner-city crime is, has taken thousands of additional black lives and taken cops lives at a greater rate. 59% increase in cop murders last year, near record rates. a police officer is 400 times
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more likely to be killed by a black criminal van a police officer. this is another sign of the breakdown of law and order in our society. we have to be concerned and be ready to defend the integrity of our basic institutions, criminal justice system is one of them. the supreme court is another. stuart: why is it that you are one of the very very few people saying this? some people are intimidated. >> terrified to talk about the reality of the crime. the reason we are dismantling the criminal justice system, prosecutors are not prosecuting, police chiefs do not enforce laws against turnstile jumping because the, law inevitably in a colorblind fashion has a disparate impact on blacks. we are terrified of the black
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crime problem, don't want to acknowledge it so instead we are blaming the wrong source, the problem is not the police, the police are not racist, the problem is not the criminal justice system. when you allow anarchy you take black lives, the lives of law abiding blacks, we have to be ready to, we have to incarcerate criminals, we have to arrest them and we cannot be deterred by the charge of disparate impact and somehow if we arrest looters or arrest drive-by shooters we are racist, we are trying to protect lives by enforcing the law. stuart: heather mcdonald, we admire you and what you had to say, appreciate it. back to the market. green for the dow industrials, not much, two points higher, nasdaq still down 130. diesel. keep going back to this because this is a big headline. up $0.06 overnight to a national average of 543, a
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record high for diesel and i think it is going higher because we've got this report that in the northeast diesel inventory levels are the lowest level in 32 years. gas prices, $4.23 is the national average, that is $2.34 a gallon more than it was a year ago. more on energy price inflation, natural gas up 4% today. it is $8.28 per million british thermal units. price of oil going up $106 a barrel after the europeans said they would phase out russian oil imports by the end of this year. lower supply higher prices. what you've got here is energy price inflation and i think that's the headline of the day and tomorrow. 11:55, the trivia question. ashley and i should know this. in 1979 on this day, margaret thatcher became britain's first
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female prime minister. what year did she resign? 1982, 86, 90 or 1993? ashley and i will guess at this and get the answer after this. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence.
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stuart: this is a question ashley and i should know the answer to, and here's the question, in what year did margaret thatcher resign as britain's first female prime minister. ashley, you first, what do you
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think? >> i was in the u.s. then, 1990 i believe. stuart: i do think you're right. 1990. yes it is. 1990. >> yeah. stuart: margaret thatcher, eye rohn lady, served three consecutive terms. she was succeeded by john major. i misser to this day. >> many do. stuart: neil, it is yours. neil: the iron lady, thank you very much, stuart. we've been focusing on what you are focusing on the last few hours, what the federal reserve will do in the next two hours. we're expecting a half-point hike in the overnight lending rate known as federal fund and a lot more rate hikes to come. half-point would be the largest we've seen since 2000. we gotten used to see quarter point moves up or down. telegraphing some say to come. some say seven hikes remainder of the year, cou


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