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tv   Varney Company  FOX Business  May 13, 2022 9:00am-12:00pm EDT

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was saying and i don't think we are doom today a recession and i think the key for the mismatch that he's talking about is raise supply. that's why we need washington to have deregulation and allow people to produce more. maria: all right, we will leave it there. have a great weekend. have a great weekend, everybody. i will see you tonight on wall street. varney & company begins right now. ashley webster in for stu. ashley: good morning to you, i'm ashley webster, indeed, in for stuart varney. let's get to the big headline. deal is on hold, elon musk tweets his 44 billion-dollar takeover of twitter is temporarily paused. he's got to do something with spam accounts. we will explain and have all the details ahead but that tweet sent twitter shares plunging down more than 10, 11, there you go, 11 and a half percent under $40 a share.
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meanwhile take a look at this, pallets of baby formula, no, it's not headed for store shelves, congressman kate says they are for illegal migrants crossing our border, she's on the show to explain more on that story. meanwhile store shelves are remaining bare yet the white house claims they have been working on the baby formula shortage for months. now the market was set for mild, i say mild rebound. the dow, s&p and nasdaq, look at that, it's all in the gene. in the -- green, in the premarket we will see how it turns out. take a look at the ten-year, 2.9% what the yield is, up 7 basis points. what about bitcoin? well returning above the 30,000 mark, we can tell you that barely. the crypto market losing $200 billion in market value just yesterday.
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my, my. no relief at the pump. national average 4.43 and then there's this doozy the house of representatives is planning to give all of their stuff free peloton memberships, hillary vaughn broke the story. she's got all the details coming up. forget about inflation, have a peloton membership. a big show ahead as always, rachel campos-duffy, tom homan, congressman michael wolff, it is friday, may 13, 2022, don't be afraid. varney & company about to begin. ♪ ♪ ♪
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[laughter] ashley: superstition, one of my old-time favorite songs from stevie wonder. you know that came out almost 60 years ago. we are not surreptitious. there's a major update on elon musk twitter takeover. we know that, good morning, lauren simonetti. lauren: happy birthday stevie wonder. he's 72. ashley: oh, my goodness gracious, all the planets are aligning. let's get to the twitter story and elon musk -- i guess the plan is on hold. lauren: this is the tweet early this morning that kind of rocked the stock. this is what elon said, twitter deal temporarilien hold pending details supporting calculation, that's spam fake accounts do, indeed, represent 5% of users and then he linked an older reuters article from may second. clearly he should have known about this. that tweet taking billions off of the twitter stock price and he's right now playing with real people's money. then he tweeted this, still committed to the acquisition,
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what is going on on this freaky friday? you know, musk realizes his twitter ambitions have hurt his baby tesla too much. i think we could agree with that. if you look at tesla stock, it's up this morning which tells you something. it's down 27% since the twitter deal was announced. elon musk is also willing to pay that 1 billion-dollar breakup fee to walk away but my gut says he wants a better deal. 54.20 is the target price, it's too high in this market. he's already lined up the financing, does he just walk? credibility is an issue right now because i think investors, regular shareholders, you name it, people financing the deal. what is this guy doing, right? do you think he loses his credibility in a way as he sees investigating his share declosures, people have quit the company and investors thought he could turn this around, can he, will he? ashley: that's a good question.
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yeah, he's using the very platform that he wants to buy to send the stock up and down. anyway, we will follow over the course of the next 3 hours. let's take a look at bitcoin. it's rebounded, up more than 22,000 off recent lows but the crypto lunar which is associated with stable coin, i think that's right, has completely lost its value. lauren: yeah, luna is at zero, zero actually. luna is linked to that the terra usd which lost stable coin. it lost its dollar peg and the two linked through the complex system of minting and burning coin to stabilize one another, it failed. binance halted trading on both of those. all part of the stable coin squeeze that we saw play out this week, it has completely shaken the crypto market. the value of crypto currencies is down 30% this week but today you have many of them higher, bitcoin up sharply, smaller
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tokens like doge coin is up today. aishah: stable coin squeeze. that's something that we would have never thought about 5 years ago, what the heck is that. exactly. [laughter] let's get back to twitter, bring in greg smith, trying to make sense of all of the nuttiness. greg, elon musk is putting the deal on hold as you just established. weeks ago you had doubts about this deal, how do you feel now? >> hey, good morning, ashley, happy 13th. starting back in december on your show i haddia crazy prediction that twitter would be acquired this year and weeks ago when elon emerged as twitter i predicted he might be doing an irish exit. ashley: greg, greg, we have to fix your mike. we put your mike on hold. let's -- is he good now?
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>> let's come back -- good morning, ashley. ashley: we could hear you. lauren: it is friday the 13th. ashley: sounded like you were in a bathroom in australia. let's get back. you think, this still think deal is risky. you think musk is playing, is that your take? >> i don't buy the excuse for looking at spam accounts, it's common knowledge that every social media site has fake or spam accounts. i don't buy that as legitimate excuse for pausing the deal but conversely or in addition, i think there's no shortage of investors that are willing to finance this deal. so i question against the backdrop of the current equity markets today, performance has been catalyst and americans are not opening in mail, they are living in denial. they don't want to look at how much their brokerage accounts
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are down. as we were sitting weeks ago, we might have speculated that there might have been better buyers for twitter than elon, many people in big tech. we have seen big tech lose so much equity value that it might be challenging for them to step in. i think it's a bit of a pause to give them time to fully consummate the deal. it has been a little bit rushed or if you were to press me for another prediction sitting here today, maybe it's an effort to actually renegotiate the price of the deal and if we want to have a little fun sitting on friday the 13th knowing elon and the sense of humor maybe a price of 42 emerges, he likes -- markets are pretty smart. we have seen twitter trading at significant discount to 54.20 bid and trading sub 40 maybe he walks in and wants to renegotiate the price of the deal against the lousy equity markets. i don't think he's -- >> ashley: stay tun. we will have to cut in there, the gremlins to have microphones are being fixed but we have to
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move on. thank you very much, 42 billion. 420. apple is preparing store managers for pushing for unionization, i can't even say it let alone thinking about it. lauren: they are giving their managers talking about should employers say let's start a union. 3 apple stores have filed for union elections this year. there haven't been any votes yet. the talking points say, look, if you join the union you reduce career opportunities within the company. less time off, less flexibility and you raise the team togetherness sort of feeling and apple hired the same law firm that starbucks have hired as they deal with unionization in their stores. the aim here because workers want more, companies have been giving more, the aim here by the big corporates is to push off unionization as best they can now that it's come for the consumer sector.
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ashley: thank you very much for explaining that one. all right, the white house says it's going to cut red tape, cut price gouging and increase import to address the baby formula shortage, however, white house press secretary jen psaki claims the administration has been working on this issue for months, take a listen. >> president biden has directed the administration to work urgently to ensure that infant formula is safe and available for families across the country. this is work that's been underway for months. >> when was the president -- >> i'm not going to get of internal briefings, he's been made aware. it would have been, yes. ashley: okay. rachel campos duffy is here, jen psaki doing her job to deflect but do you really believe psaki's claims that the administration has been working for months because if they have they failed miserably? >> absolutely.
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why are the shelves empty? empty shelves biden and why were they so eager to make sure that there was formula going down to the border and filling up the warehouses there. they must have known when they sent these pallets that there was a shortage. so, look, they are -- their priorities are totally wrong. $40 billion went to ukraine, that was done like that. those are their priorities. they shut down that plant, they knew it was 43% of the formula that was produced in this country that came out of that plant so they should have been working overtime with the plant to make sure that the plant could be reopened and -- and remanufacturing this formula or they should have been sourcing it from other places, abroad or what not. they weren't doing that. and it's not just joe biden, look at pete buttigieg. he's really the person at the tip of the sphere.
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he's a man because he's presumably using formula, there's no such thing as chest feeding and i assume they are using formula and they either have some special source we don't know about. i don't want to make jokes about this, ashley, because this is very serious. my last child could not get breast milk. had to have milk certified. i've been thinking about what could have i don't and she might not have been able to have a life-saving surgery. this is serious stuff. the priorities are wrong, this is turning -- our country is turning into venezuela and cuba. this is a disaster. this is an administration with absolutely wrong priorities. our priorities are here.
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the war is here on inflation, our economy, not in ukraine and we are on the path of some nuclear war there where our money by the way in ukraine, i think, is preventing a peace negotiation which would be a better use of our state department's time and our country's money. ashley: all right. rachel, we have to go but you got a lot in in a short amount of time. >> i tried. ashley: you did very well, rachel, thank you very much. let's take a look at the futures quickly as we head to the break, how about this? surprise, surprise, green across the screen. will it last when we get the bell underway in 15, 16 minutes. pallets of baby formula but they are not headed to store shelves. >> the border patrol took in pallets, pallets of baby formula for all of the illegals crossing
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into the united states. ashley: congressman kat uncovering the story and she's here to tell us about it in the next hour. talk about political spin as americans spend just more about anything, capitol hill aides are getting more, they are getting peloton rides for free. hillary vaughn has the full report after this. ♪ ♪ ♪
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and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 ♪ ♪ ♪ >> ashley: free ride, very
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clever, indeed, as we look at a cloudy somewhat rainy day in the nation's capital. while americans are dealing with inflation, staff in capitol hill given peloton subscriptions, free rides. hillary vaughn has the story. hillary, how much do the subscriptions cost? >> the peloton all access membership cost 39 bucks a month right now. that's not the rate that congress will ultimately pay because they have a corporate contract with the company but the bottom line is, if everyone signed up that was eligible the fair market value, the expense of this is half a million dollars a month. the real contract we are told is much less but still a chunk of change and it's taxpayers money at the end of the day that's footing the bill while american families are struggling to pay their own bills.
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we can confirm that the u.s. house of representatives is extending peloton corporate wellness to all house staff and capitol police. so that means that 10,000 staffers employed by the house of representatives and around 2,000 capitol police will get to take advantage of the perk. the contract is a 10,000-dollar deal with peloton up front and then an extra 10 bucks for every person that takes advantage of the free peloton membership. the idea, though, is getting blowback from some lawmakers who were stunned to find out this was happening when we asked them about it. >> i don't have one of those. you know, i go do walks or other things to get my exercise but, you know, i don't think -- i'm not for giving free peloton memberships but i don't think that that's the relevant issue in my district. >> that's crazy, yeah. >> is that a good way to spend government resources? >> not a good way to spend government resources, no it is not. we should be taking care of the
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american people. >> it's unnecessary, it's the first i've heard of it. i got the same look shocked as you do. >> if they don't pull the plug on this contract, it's getting a lot of criticism on the hill, ashley. ashley: as you found out, hillary great stuff, thank you very much. congressman barry, republican from georgia joins me now. congressman, good morning to you. what do you make of this free peloton subscriptions as people out there across the country are struggling with sky-high inflation? congressman: this is one of the most crazier things that happened in washington, d.c. but telling aspect of this this is the first time i'm hearing of it. i heard little word about that last night and i've asked my staff, they've heard nothing about it so i'm wondering is it only the democrats that are being offered this, how is this only days away from happening and none of our folks know anything about it and i have
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staff member that is go to the gym continuously, so this is not something that should be a priority of congress dealing with the inflation, dealing with gas prices, dealing with baby food shortages, this is what people care about, they don't care about peloton memberships and i don't know why we are spending time or resources on it. it just boggles my mind. ashley: yeah, thanks to the taxpayer. all right, congressman, i want to change subjects, billionaire george soros throwing $1 billion to stacy leadership pack, it's your home state, what do you think of this, he's the richest candidate now, right? >> well, absolutely. it just shows the -- the attention that this race is going to get nationwide. this has to be one of the most important races to the democrats and it also is a great concern to georgians because if you look at what george soros did in previous elections as he went out and funded progressive
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socialist da's, district attorneys, which are part of the problem that we are having such a crime wave going throughout the nation is because of him funding these races. now you take that to the governor level in a state like georgia which is already having a crime issue in the democrat-run areas of the state, this could be a problem for georgia across the board. and so i also say it indicates how concern they are about their -- their chances in november. ashley: very true. we are out of time but great stuff. congressman, thank you, sir, appreciate it. >> thank you, ashley. ashley: thank you. let's get a check of the futures. the opening bell is coming up next and guess what, the premarket says we are going to be moving up, we will find out after the break. ♪ ♪ ♪
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ashley: all right. let's get back to twitter again and bring in mark mahany, mark,
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as the stock is down in the market 11%, elon musk says he will put the deal on hold. what do you think? >> i think he said he would put it temporarily on hold but will continue the deal. at one point the stock was indicating 20%. what he wants to do is get assurance as to how big the -- the spam problem, the bot problem is on twitter. it's a little unusual. you would have thought more due diligence would have been done prior to the bid but this is musk's operations style. ashley: seems to be. let's move on. let's talk about big tech, big-tech stocks getting slammed recently but you like alphabet, parent company of google a lot, tell me why. >> well, actually this is a rough market for tech stocks.
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we are deep in the bear market, nasdaq, close down 30% from highs and there's no escape here. apple is underperforming, microsoft is, amazon, google, so i want to set this up correctly. you want to be cautious in your approach to tech docks. google is one of the best assets out there. it's trading at 16 times earnings. if you take out cash it's 14 times earnings, you can buy google at discount to the market. you want to be doing that as long-term investors 9 out of 10 days, maybe you wait a day or two, because it has search and cloud, two most evolved technology, that's google. ashley: very quickly, mark, obviously we are expecting this volatility to continue at least in the short-term but when do we come out on the other side in your opinion very quickly? >> the answer is when are we going to be in a recession or not. if we are not in a recession you
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should be buying google hand over fist today. if we are going to go into a recession, you need to wait. i don't know the answer to that question. nobody really does. ashley: i was going to say, yes, or no recession? >> less than 50% of happening. i'm buying google today. ashley: i will take it. thank you so much, mark, appreciate it. [bell] ashley: you too, shouting, cheering, pushing the button. the confetti is flying and maybe we will be in the green. let's take a look and boom, there we go. dow 30 stocks, all of them in the green except for merkc, home depot in the red. up 265 points right out of the starting gate so up eight tenths of a percent. take a look at s&p, up more than 1%, 39.72 on the s&p. what about the nasdaq, the big tech index up 181 points, more
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than 1 and a half percent on the upside. at least getting back a small fraction of the big losses that we've seen. big story of the day elon musk putting twitter deal on hold, not permanently but good morning, susan li, i'm sure you have been following with a lot of interest. do we have any more details, yeah. susan: so look at the stock price action, you have to really just feel it for people that are invested in twitter. they were down over 20% in the premarket, you recovered half of that and this is, of course, riding on what elon musk tweets and he says that the deal is temporarily on hold and linking the story that said that less than 5% of 229 million daily active users were spam bots and musk says that his team needs to do more research but then, of course, he says he's still committed to the deal. i want to know that the spam bot story is not new. a lot of investors are thinking, okay, this is musk trying to
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renegotiate a better price. twitter is trading at least 10 billion, maybe 10 to $13 billion less than that 44 billion-dollar musk bid, right, so 54.20 might look a little expensive in a premium and you also report musk is getting more money somehow from private equity investors so he can avoid putting up more of tesla stock and margin loans. two execs being fired. this deal is not done until it is done. that looks cheap especially when your offer price is ten times more or at least $10 billion more than what twitter is trading at right now. i don't think it's done until the ink is dry on the contract. ashley: it's not done until it's done.
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this time tesla the company opened in the united states for the tesla semi, how much is this thing going to cost? >> ly -- i will take a victory lap if this doesn't go through. now, as for tesla itself, hey, it's a bounce today, right, we are back above $700 and it looks like tesla is finally taking orders on the long-awaited electric semitrucks. start at 150 grand, 350-mile range. this is another part of the business that could, again, take tesla stock up to 3,000, 4,000 levels and it would get to if they continue to dominate the electric car future. ashley: okay. that's the musk segment for now. i know there's going to be more. [laughter] ashley: we talked about -- i know. he dominates, doesn't he? it's been a rough week for big tech, how rough?
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susan: yeah. well, look, i mean, we have the s&p 500 teetering and really close to bear market territory which is down 20% from recent given the 5 cap stocks, big tech games account for roughly, what maybe 15% of the entire index as they go, so goes the broader s&p and i would say that apple and those big tech names are probably the last to turn in terms of the negative sentiment. apple is down 22% from the year, recent peaks at least, tesla, i thought tesla and amazon, they were down roughly over 40%, so i think we are looking at google there was down maybe by a quarter so that's more as you talk to mark about but, look, i would say look at the business and the underlying fundamentals when it comes to apple losing its crown as the most viable company on the planet. still, look at the cash return, $90 billion in stock buybacks, 5% in dividends and they are only going the guide and lose maybe up to $8 billion in sales
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in the springtime given that they make $100 billion in sales and they will make less because of covid lockdowns, that sounds pretty bullish, i think. ashley: i'd say, pocket change. let's take a look at robinhood, way up today, they got a new major investor, right? >> vote of confidence, right, one of the richest crypto billionaires on the planet. 30-year-old founder of ftx, one to have largest crypto exchange in the world and i was hosting at their ftx bahamas event and i can tell you sbf, he has a broad mind when where he wants to take ftx in the u.s. he paid up around $650 million for that stake. third largest stakeholder in robinhood and you have to remember that ftx still doesn't offer its trading, crypto derivatives, trading services in the u.s. and i know and we know that he wants to get into stock in crypto trading in the u.s. so
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it all makes sense especially if you're getting in at a decent valuation. robinhood is down 90% from record highs and if sam can buy into the u.s. market with an already established footprint and young users that own crypto and stock, that might be an easy expansion and cheap expansion for ftx in the world's largest market, right? ashley: well, sbf, he's a smart dude. 30 year's old running the world. susan: $20 billion. ashley: i know. i'm such an underachiever. micro strategy, major boost for them this morning, what's got them up so high? susan: well, okay, so i think you have to think about micro strategy as bitcoin proxy because most of their value comes from bitcoin holdings. i will get to that in just a bit. crypto currency in the markets, they've lost around 275 billion in the past 48 hours but that's the -- but look, that's the stabilization that we needed
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especially the coin crash, ust by luna pretty much zero, has gone to zero but the good news is that's gone to zero which isn't the largest stable count out there, tether is the largest and stable coins help currency traders move money across different exchange to trade crypto currencies and the fact that have stablization, bitcoin, that's a positive. micro strategy as i mentioned to you, the majority of their business, $4 billion is held in bitcoin and they bought that at an average price of $30,000 and now we are imping closer back up there they might be breaking even. if you want to own crypto, own crypto. don't try to buy in stock proxies. you might as well own the risks the ups and the downs yourself. ashley: wow, susan li covering 506 stocks in under six minutes.
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impressive. thank you very much. >> thank you. ashley: the administration safe smoking kits that don't include crack pipes but despite new reporting to the contrary. roll the tape. >> the washington free beacon reported that they -- all of those facilities had crack pipes in their kits. >> i would just note that this is a bit of a conspiracy theory that's been spread out there. it's not accurate. ashley: well, doesn't look like a conspiracy theory, though, does it, peter doocy has the full report from the white house coming up, interesting story. one former obama adviser has a warning for democrats ahead of november's midterms. listen to this. >> the president has been blaming everything obviously except himself on the democrats for the inflation. that's what's coming home to roost. it's the number one issue and tough on the democrats. ashley: not looking good for the left. we are on that story. bitcoin as we have shown back in
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the green after erasing more than $200 billion on the entire market in one day yesterday. i'm talking to a crypto investor after this. is she nervous, we will find out next. ♪ ♪ ♪
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ashley: there you have it. san francisco, such a beautiful city no matter what angle you take a look at it. it's sunny and 50 degrees right now. late-spring chill but what a beautiful city it is in the haze. the recent selloff in big tech might be making these companies question their support for president biden and other democrats.
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kelly o'grady is here with the story and kelly, some companies have been largest donors to the campaigns, do you have some of the numbers. >> according to open secret, alphabet, amazon, meta and microsoft were five of the top 10 contributors to president biden's candidate committee giving more than $10 million in total, but it's not just president biden, take a look at the 2020 midterm spending. heavy spending for democratic campaign some exclusion --ly and history repeating itself when you take a look at the current midterm cycle. much of the same you see there. i wouldn't be surprised if they are suffering from a little buyers remorse given how much the big tech stocks are down this year. but this is the economy they put their money behind. over the last 5 days the stocks combined have lost half a trillion in value. some pandemic darlings and concerns over missing earnings, rising interest rates and recession, investors are pulling money from growth stocks, meta down over 40% just this year.
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amazon down roughly 34% and the list goes on. this comes on reports also that meta is expected to announce layoffs to metaverse division amid the slowing performance. the campaign support is confusing given the antibig tech push from the biden administration. last year biden approving the ftc push to review previous mergers putting meta at risk and with recent push for more content moderation online, social media could be in their cross hairs as well. big is starting to see effects of policy in stock price. if stock prices sink too low the enterprises could become vulnerable to a take over like we have seen happen with twitter. netflix is down over 70% this year. ashley: yikes, kelly, interesting stuff. thank you very much. let's take a look at the cryptos and bring in nicky, bitcoin investor nicky, good morning to you. bitcoin hitting a 16-month low, coming back a bit today.
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is this a buying opportunity for you or are you jumping ship? >> hi, thanks so much for having me. right now i see this as an opportunity to dollar cost average and buy small amounts. i think we are entering like a bear market so i'm being as cautious as possible and looking at the economic trends and what's happening in the market. ashley: do you think extreme movements like this, we have seen it in the equities markets as well. so much value wiped out in the day of trading, does that frighten people from the crypto currency sector, do you think? >> i think it can be frightening to someone who is new to crypto because there's such a downward swing especially this time, however, if you've invested in crypto in the past several years you know that this is very common and it's actually a great opportunity to buy so it should be seen as something where
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you're frightened by it. ashley: yeah, it's interesting because someone said it's like in situations like this you get rid of the tourists and you keep the true believers and although that's kind of -- i don't know, that's probably true, would you agree? >> yeah, i definitely agree. i think investing in crypto similar to investing in any security, you're doing it for the long term because there's so much long term growth and in the short-term cycle there's definitely going to be ups and downs. ashley: it's interesting because at one point people thought this was going to be a safe haven but we have seen the crypto currencies bitcoin in particular just move in step with the nasdaq so it's behaving in a way that other people thought it would not, do you find that interesting? >> yeah, i do because i think it could be because crypto is becoming so much more mainstream but now it's actually in direct correlation with the nasdaq market whereas like several
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years ago it wasn't, it was actually not affected by it and i think going forward, i think, it's going to correlate unless something halls where there's something new in crypto. ashley: you do in the appear nervous at all, calm and collected. good for you. nicky, appreciate your time. staying on bitcoin, remember this, el salvador was one of the first countries to roll out a major bitcoin initiative, so how has it been going, laura? lauren: it's been eight months, ashley, that bitcoin has been considered legal tinder in el salvador. it's not widely used or accepted. i think people are confused by it. some say they don't see good things happening because of it, because crime has gone up. it has brought in foreign interest, but for the locals many just say the experience has fallen flat. it's like last night i had to go to t t tic uicenic ctare care
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mwi son h fin ashle tohohatto btotottde arongc angnw rkikik canik c yououaie of of pd i anwillwillut,ututut it's at of tisomemes time w is w er ll: , i: g ila: young you word sat day w don't youissue just write it down butut i'm olr en, tenhankhaou vha much.ucucuc eptakpt lookk at a this. carmax is hoping to get $8,000 above sticker price for the mitsubishi. it's not baby formula, supply shortages are plaguing hospitals across the country forcing doctors to ration supplies of a crucial drug used for things like mri's, lydia ho will have the full report after this.
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ashley: healthcare workers struggling to find crucial medical supplies. lydia ho is following the story for us. lydia, this is all tied to china's lockdowns, right? >> yeah, that's exactly right, ashley and now some hospitals are being forced to delay care for some non-emergency medical issues and iodine solutions used in ct's and x-rays, this has been caused by the covid outbreak most recently in china, specifically in shanghai, forced ge healthcare to temporarily shut down a factory there. it means the solution need today diagnosis blockages it's harder to come by. it's the university of california san francisco medical center that has delayed non-emergency appointments, fewer than 5% but also asking doctors who order ct scans to
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rate them as urgent or low priority and hospitals across the country are working on conservation strategies as the american hospital association says it has raised the shortage with the biden administration and i talked with some medical device suppliers who say this proved american production must be prioritized. >> we have to diversify base of manufacturing out of china and southern nations. we have to do more domestic manufacturing and near-shore manufacturing of the critical products. >> now the shortage on iodine solution follows shortage other medical devices being tracked by the fda, gowns, products all made in china. now for ge healthcare's part it tells fox business that it has expanded production of the iodine solution at manufacturing facility in ireland now, expect to be up to 50% production
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capacity by the end of the week and also flying deliveries to expedite access to the supply, ashley. ashley: wow. another example of the supply chain mess. all right, lydia, thank you very much, interesting stuff. still ahead on the show florida congressman mike waltz, attorney general and steve hilton and tammy bruce all-star lineup, 10:00 a.m. hour of varney & company is coming up next. ♪ ♪ ♪ usaa is made for the safe pilots. for mac. who can come to a stop with barely a bobble. .. and sgt moore. who leaves room for her room.
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ashley: looking like london and new york, in midtown, can't even see the empire state building but sunny at times. good morning. coming up, 10:00 eastern. it is friday the 13th. the markets, the major indexes are all moving higher, look at the nasdaq up 2 and 3 quarters of one%. of one%. let's look at the 10 year treasury yield, that too is up 8 basis points, 2.93 but as
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that goes up you would think the big tech would go down, not so in these crazy days, amazon, medela, apple all up, look at amazon up 3.5%. let's look at oil, the energy sector doing well, doesn't mean great for us on the pump but crude, up $2.33, oh 2% gain. check that out. $108 a barrel, no relief at the pain of the pump anytime soon. we got the latest reading on consumer sentiment, interesting number. lauren: the lowest level in quite some time. it took out the march reading which was an 11 year low and it fell over 9% from the prior month so between april and may consumer confidence goes down, the declines were broad-based, visible across income, age,
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education, geography, political affiliation, consumers assessment of their current financial situation at the lowest reading since 2013, more than a third of consumers don't feel good about things because prices are too high. ashley: not a big surprise not having a huge impact on the market but hardly surprising. back to your money, let's bring in kenny, interesting, we know consumers can't be too happy right now but what is your assessment of the markets? we are having a rebound but even if we do get a rebound and we don't know if this will hold until the closing bell but feels like a small stop on the way further down. >> reporter: i think it is a bounce, a relief rally, stocks have been under lots of pressure. last night when jay powell said
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i am not sure i could engineer a soft landing, something we have all known although suddenly he's not only holding but that offers clarity to the markets, the markets want clarity, they can take bad news but not uncertainty. he said he's not sure we can manage it, the market knows he can't manage it which is why he sold them off and getting a little relief, the sentiment number is not very good. there is turbulence ahead. enjoy it while you have it but i think the path of least resistance is lower, we are close to the bottom but not there yet. ashley: it is a little encouraging but to power will not guaranteeing a soft landing, he is saying we may be putting on the brakes too hard and that could cause a recession. >> he basically said that, it will be difficult to navigate
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it. he has conceded that a recession is coming. the question, how deep is that recession? can he manage a shallow recession or will this fund a deeper recession? that will be on investors minds. ashley: what do you think? if we do have a smaller recession, everything was in place, we go through so many head winds but overall i feel the economy can recover quickly. >> i think it can. i'm in the camp that i think it is going to be shower than what some people think. the only reason it may not be is if we continue to see the price inflation effort and cpi remain elevated which i think they are going to. i think it will remain elevated. if that forces them at some point whether it is july to go
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75 basis points the recession gets deeper, the policies are not working and he has to get more aggressive. ashley: sorry to cut you off but you made me feel a little better. i will go with your shallow recession and stick with that. you made me smile on friday the 13th, appreciate your time this morning. you are looking at some of the movers, let's begin with the cryptos. lauren: bitcoin above 30,000. everyone breathing a sigh of relief, you are seeing huge gains, coin base recovering today the worst week since lifting last year. in the opposite direction got to find a loser, the uniform people down 24%, lower earnings, fewer than expected,
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cutting guidance, they blame inflation, analysts warn about persistent supply chain disruption. you have a firm, the buy now pay later people, relief rally, turned in better sales, do all those things, stock goes up and they added one, extending their relationship with shopif gmac. ashley: elon musk is criticizing a pitch by president biden, disinformation governance board, is this about verified users. lauren: it comes from the head of that truth board who said this on a zoom call. >> a lot of people shouldn't be there who aren't legit. verified people, essentially start to edit twitter, the same
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way wikipedia is so they can add content to certain tweets. lauren: that sounds terrible. elon musk called it disconcerting and this morning elon musk has been lining up financing to take twitter private, to make a public forum, he dropped the bombshell, twitter deal temporarily on hold pending detail supporting calculation that scam our counts represent 5% of users, later admitting he's committed to the deal but that is a bombshell for many people with money on the line. ashley: yes it is. another one for you. look at netflix, they are warning employees how to company money -- lauren: a memo about netflix culture, a section called judgment and under that workers will arrive with our company if
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you send our members money wisely. they are worried about costs. they lost 200,000 subscribers and born about more subscriber losses, a report that advertising is coming, going after people who share passwords but it is part of a larger shift in silicon valley. it has gone from growing at all cost, don't care about your profitability, just grow, to we care, cut costs. i wanted to show you this. we have hiring freezes at twitter and meta, layoffs at carvana, robin hood, and treating hiring as a privilege and it changed fast. ashley: content is so expensive, when losing subscribers you see why they are cutting costs. look who is here. tammy bruce.
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you saying democrats have failed every single woman in this economy and the left continues to manipulate female voters. explain. >> reporter: we have been watching the last several days where democrats in congress, on streets, there are protests saying our bodies, our lives, the same thing they were chanting in the 80s, trying to position themselves as the champions of women, whereas in fact every single policy, every single action of the democrats across the country let alone the biden administration have destroyed women's lives like everyone else's, when you are looking at the economy every american relies on having enough in their pocketbook, enough understanding of what the future looks like making decisions for themselves and their families. having enough money to know you
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have gas in your car so you can get your kid to school the issue of baby formula dealing with the health and safety of your own children, whether you want to join the military after the debacle in afghanistan especially if you are a woman or a minority moving into that kind of an arena. the daily quality-of-life has we wake up and wonder what fresh hell is brought on us today and then use abortion as the manipulative tool to exploit women once again as they have been for half a century and they think my generation and our children won't notice or call them out. women understand this. we are going to vote, we are not going to be manipulated because we've seen what the democrats have been doing not just the past 16 or 17 months
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but the past two generations. ashley: next topic, look at this headline by james friedman titled garland versus parents. he goes on to ask beyond the question of mr. garland's candor in testimony to congress can is there any way to look at reengineering of justice priorities as anything other than threatening to liberty? what do you make of that? >> that will be my column that hits today, a am ac, the doj focus on parents calling them terrorists and jim jordan and others, whistleblowers, saying of the doj targeting parents. the parents at school board meetings defending their children and families.
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the biden attorney general using this pretext for the national school born, saying upset parents, parents have been contacted. parents have been harassed and intimidated for expressing their rights, their feelings about their children and their curriculum. what have we got? terrorists coming across the border, no bail laws in all these cities, criminals wandering around, crime spiking and parents are the ones receiving visits from federal law enforcement. what does that tell you about the priorities of this administration? ashley: you got a lot in on always, thank you so much, thank you. a new report claims crack pipes
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are being given away at safe drug sites, that qualifies for funding from the biden administration. that report in the next hour, the treasury department investigating governor abbott's use of covid funds for his border mission but what about the pandemic relief spent on golf courses and luxury hotels, we will take it on. a federal judge will determine the fate of title 42 as president biden looks to lift the order. migrants said they are waiting for the policy to be dropped before they make their move across our border, he files a report next. meritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support.
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ashley: the fate of title 42 may be decided today, what are migrants saying about title 42? >> reporter: the migrants will tell you they are waiting for title 42 to drop before they cross illegally. fox news has learned from multiple sources that four migrants are presumed to have drowned after they went into the river and never resurfaced and we are told that includes a 3-year-old nicaraguan boy. take a look at our fox drone, near the international bridge in eagle pass, same area where fox news cameras witnessed a man drowning two weeks ago, where two children drowned last week and texas national guard soldier drowned last month. there were 2 dozen in eagle pass in the month of april alone. we want to show you this video,
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what you are looking at our suspected smugglers escorting a group of migrants across the rio grande so they could walk in and take a life jacket off of one of the women before they start walking, waiting back through the river into mexico, very brazen, broad daylight, rare to see these guys in the river like this but happens in front of us law enforcement, they can't do anything unless these smugglers come to the us side of the border. i want to show these mugshots, border patrol reporting in a 7 hour span they arrested these two convicted child sex predators, both are mexican nationals, one convicted of aggravated sexual abuse of a child in austin 2016, the other convicted of felony sexual assault of a child in arkansas, both men were previously deported, both men trying to come back over, thankfully border agents able to stop them.
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one single massive group of one hundred 50 illegal immigrants entering into eagle pass and as we look at the video, explain what is happening in louisiana, the fate of title 42 could be decided, there's a federal court hearing with a federal judge in louisiana, that judge may decide whether he wants to implement upper luminary injunction to block the biden administration from getting it of title 42 on may 23rd, people in the courtroom, we will keep the was updated but in the meantime news went up across from yuma, arizona, there are migrants waiting for title 42 to drop, they want to cross then, some have been expelled via title 42. take a listen. >> translator: they told me they can't take asylum cases due to title 42. until that title is lifted, they will be able to grant us asylum again. >> when it came time to come down border patrol was telling me to hurry up and come down and because i listened to them
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i fill. >> reporter: there has been talk about border patrol having baby formula on their shelves as american families are struggling to find it, cvp responding they have a legal response ability to ensure the safety of migrants in their custody, that includes feeding babies and young infants and they say it is part of the humane process and they comply with regulations when it comes to purchasing their baby formula. back to you. ashley: utter chaos crisis no doubt. tom homan knows much about this is anyone else. you are part of a new border security coalition providing congress with a roadmap to end president biden's border crisis. >> border experts, it has
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basically given gop the roadmap to secure the border. to reinstate many of these policies, the crest of the document is to make some changes, close loopholes, asylum loopholes and to the judge, we would solve 80% of this crisis, they could fix these loopholes, spend a lot of time and effort. roadmap to success, roadmap to securing the border and saving lives. ashley: as we wait for those plans, we are watching complete chaos, complete crisis, two sex offenders recently arrested. this is an unmitigated disaster, is it not?
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>> biden administer ration policies, just a lie, under the first year of president biden or migrants on us soil. 112,000 americans die from drug overdoses across the border, 700,000 in the same, we are working on a story now, we are going to talk in the next couple days, billions of dollars of cartels, the criminals come across the border. they are killing people. ashley: we have to leave it there. i hope someone listens to your plan and put it in place. thank you very much. the treasury department opened an investigation into the governor of texas, greg abbott, does this have to do with
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abbott trying to close the border? >> it has everything to do with that comes hip and $4 billion for border patrol, border barriers, arrest. $1 billion of that came from the federal covid relief money. dc doesn't like that, treasury investigating. i love the comment from governor abbott's office, we had to use $4 billion for operation lone star, to do the federal government's job and there you have it. covid relief money has gone to other issues like crt, ballparks, you name it. ashley: thank you very much. the governor of florida is fighting biden inflation with the tax relief bill, a slew of items, we have details on that.
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a baby formula found in a migrant processing facility as many us stores go bear. they first broke the story. ♪♪ since i left for college,
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ashley: let's look at these markets, the rally up there, relief today, 500 points. the nasdaq up 300, nearly 400 points, good for a 3. 5% gain. can we hold it through the day. lauren, you're looking at other movers. lauren: they are expanding with a new pricing model for their chips, all is stabilized, prices have been very volatile like everything else. that is helping the other chipmakers out there. focusing less on smart phones and more on cars and the cloud and they announced the first ever dividend hike so they are me doing a lot today. united airlines has a new
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contract deal when they sent to the review. they have been negotiating for a while, this is seen as a win, stock is up 2.7%. on monday uber is testing food delivery with robots. if you live in certain areas you can have a robot instead of a human driver deliver your ubers meal. the ceo said drivers are expensive, robots are cheaper. ashley: you don't tip them, give them a squirt of wd-40. let's get onto this. not a funny issue, the baby formula shortage which will take months to be resolved as retailers ration supplies to restock shelves, grady trimble is outside the abbott plant in
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sturgis, michigan. >> this plan is close, no word from the fda, which runs it on when it will reopen. to try to get more formula on store shelves president biden spoke with ceos of major retailers and formula makers, the administration announced steps it is taking including encouraging manufacturers to simplify the varieties they make to boost production, increasing formula imports and cracking down on price gouging, the defense production act is on the table. >> when you look at the defense production act to ensure it would achieve what you are trying to achieve, we have been working, the president called ceos of these vital companies to determine what more can be
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done. >> the white house says it has been on top of this issue and formula companies have made more product in the past month compared to before the plant in sturgis shutdown. the administration couldn't say when parents could see that on store shelves. >> when i reached out in february, we received no substantive response, president biden has no plan. >> reporter: we know from abbott that once this factory restarts it could take up to two months, the formula from here ends up on store shelves so this could be a problem for some time. ashley: thank you very much for that. i want our viewers to take a look at these two photos. on the left is a photo of a fully stopped shelf of baby formula at the us border. the ride was taken at a store
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in florida almost bear, something many americans we know are facing across the country. the congresswoman who first broke this story, a republican from florida, good morning, what is going on here? >> parents across the country are asking the same thing. what is going on here? parents panicking, kids that are getting sick because they can't get the formulae they need. look at those processing facilities and they have pallets, tractor-trailer loads of baby formula at the ready, they've been stocking this for months. it is frustrating, infuriating and heartbreaking because not only are americans being put last in this situation but because of the biden administration and their broken border policy, putting migrant
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children in a position they are putting people against each other. it is heartbreaking, no one's fault except for biden, he is to blame for this. ashley: apparently working on it for months which has been a failure up to now but the next one for you, former obama official says inflation is here to stay. listen to this. >> inflation here to stay? >> inflation is here to stay, the president blaming everyone except himself and everything, the number one issue and it will be a tough one for the democrats. ashley: tough one for the democrats with the midterms coming up. agree with that? >> the biden administration is a disaster start to finish and when he said last year we need to lower our expectations we had no idea how low he could go. doesn't matter if it is a crisis of his own making at the border or the inflation or
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crime, if it is the baby formula shortage or the fact he left americans behind in afghanistan take your pick, no one republican or democrat can get behind the america last agenda the biden administration is pushing, there are consequences this november, we are taking our house back. ashley: since the leak of the abortion draft from the us supreme court democrats believe that is an issue that could help sway things in the midterms but if you ask anyone out there the economy is number one. how do you think it will play out in the midterms? >> glenn youngcan's race, the issues at the kitchen table, when you get in the way of mama bear and papa bears and their kids, their schooling, the fact there is no baby formula on the shelves, rent skyrocketing across the nation, dangerous streets because of the defund police movement, all this adds
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up to a lot of working-class families, and parents that are angry and will do what it takes to get things right and they will vote vote vote and they will vote for the party that represents their values, the ultraliberal progressive agenda that is all about dependency and control is un-american and that is not want people want, they want their freedom and their liberty and to make decisions that are best for themselves and their families, the left will distract with these crazy issues, this is a pro-murder party, let's get real here and they want to say they care about the kids at the border, they haven't even showed up, the people who are showing up are the ones that karen that is republicans. ashley: we will leave it on that note. thanks for joining us this morning. a new monmouth paul outlines the top concerns of voters talking of which we will run through that. what are the top issues?
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>> reporter: the economy and abortion according to the latest university poll, voters are split on this. the economy affects everyone but women's rights issues galvanize some voters, a lot of voters. healthcare fell to 16%, much stronger motivating issue in the last midterm but heading into november, what is going to get voters to go to the polls? inflation is a major concern but democrats avenue issue with abortion. ashley: yes they do. thank you very much. 18 states and the district of columbia have legalized are a for recreational use but banks are reluctant to work with dispensary saying they are afraid they will go after them for breaking laws, a group of bipartisan lawmakers going to change that and we will show you how.
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call the number on your screen. coventry direct, redefining insurance. ashley: look at these mark -- 429 points, s&p up 2%, the nasdaq up 380 points, good for a 3% gain. investors might not be betting on faster economic growth but that's not stopping consumers from gambling with their money. jeff flock is in atlantic city, has not lost his shirt yet,
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casinos are crashing in. >> reporter: i have been married three times. i am walking the boards here, a beautiful boardwalk in front of tropicana behind me and stock market casino, look at these numbers. the all-time highest revenue for the casinos in this country in march, $53.1 billion up 21%, obviously the big ones, vegas, atlantic city, and chicago nipping at the heels of atlantic city which is number 2 on the list and the casino plan in the city of chicago coming up. this is also been good news, usually you don't like taxes but attacks jackpot,
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$11.69 billion up 75%. the chairman on fox business, in some ways gambling is an inflation proof business. >> our casino business, no ability to raise prices. obviously this whole percentage based on people gambling at the machines and tables, certainly in that category we have to absorb, the economic challenges in front of us are real. >> reporter: instead of a dollar you can put a nickel in the slot. other thing that has driven this, leave you with this number, sports betting. people not so much on the table but slot machines, betting on teams, it is coming huge, the number is up 64%, sports betting in q1 compared to last year, 800% compared to three years ago.
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stock market casino, stock market casino, marriage. 3 time loser. ashley: unlucky in love but not on the crap table. good luck to you. pulling for you. he makes me laugh. 20 lawmakers joined the growing bipartisan push to include marijuana banking legislation. give me the details on that. lauren: 24 senators signing on to a bipartisan push, to protect legal cannabis, and the bottom line is, banking services and many financial institutions looked into transaction with cannabis businesses even those that have legal marijuana. the regulatory risk, federal
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and state laws differ and the senators say this is all on the same page and make it easier and safer. ashley: seems to make sense to me but who am i? one senators introducing a bill that would create a federal watchdog for big tech. lauren: this is being pushed by senator michael bennet, democrat from colorado. he wants a federal digital platform, you do investigations and implement rules, but this is a bipartisan issue. everybody wants to moderate big tech's power, democrats proposal expands the regulatory reach of government, republicans don't want to do that. it is bipartisan, rain in the big tech players but how to do it, the devil is in the details, they can't do that. ashley: has always. let's look at soft bank group
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reporting at last more money last year than it ever had, $13.32 billion, to cut back its pace of new investments, may be a good idea. investors like it, the stock is up 15%. still ahead, could elon musk's takeover of twitter be in jeopardy? we have the latest details at the top of the 11:00 hour. a self driving truck just completed its first autonomous driving test in heavy winter conditions, is this the key to alleviate a supply chain crisis? i will ask the ceo of m bark trucks. he joins me next. ♪♪ ♪♪ they need customized car insurance from liberty mutual so they only pay for what they need. woooooooooooooo...
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ashley: 21/2 hours now or whatever it is we are up and up big and a little bit of a relief rally, the s&p and nasdaq up, the nasdaq up 3%. click check of the 10 year treasury.
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earlier that was headed up 6 basis points at 2.91. normally when that happens the big tech stocks, the nasdaq goes down but all bets are off, big tech across the board higher, amazon up nearly 4% at 22 for amazon. it says lauren, thanks. we always give thanks to lauren. am bark trucks completed their first self driving test in heavy winter conditions. let's bring in alex rodriguez. how did the test ago? you put it through the snow and ice. how did it go? >> we took self driving truck technology to montana during the first winter testing done by that so this is exciting, it
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is one of those problems that is famously hard, the snow is challenging, the driving environment all at once challenges the apps and great results and mark a great alternative to that, worked very well, the vast majority of winter conditions you expect in the northern united states. ashley: that is a true test. we lost 80,000 truck drivers, that could grow to 240,000 drivers by this year and those trucks move 72% of american freight. do you think your trucks could solve the supply chain problem calls from major carriers because of this.
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last week we started working with us express, to start working with them. the reason this is so exciting as we can partner with drivers and allow a single driver to operate in the city and a driverless truck goes between the cities and that dramatically improves efficiency and you can see a driverless truck more than double the utilization of what you can get under federal hours of service. that is a huge opportunity to improve and fix for the long-term the supply chain problem. ashley: but you still need a person inside at all times. >> today when we are out on public roads, we have somebody monitoring it inside the truck. the partners we are working with and everything we are doing is focused in the near term, having trucks operating when it is on the highway without anybody and it is where
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were they are headed and where it gets exciting. ashley: how soon will we be able to see these on the road? >> m bark has a fleet of trucks, small-scale today but we are on our way. ashley: very good, we wish you the best of luck, fascinating stuff, thanks for joining us and thank you. switching gears, which seems to work in this case, the public has been missing queen elizabeth in the public eye. she just made a surprise appearance. lauren: she showed up at a horse show that takes place on the private grounds of her castle and video of her smiling, and in the stand, she is 96, mobility, missed the opening of parliament and she's looking forward to her platinum
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jubilee, four days of national celebration next month, good to see her and she looks beautiful. ashley: she does, 96 years old. truly amazing. i'm not going to talk about me. florida congressman mike walsh, arizona attorney general mar brnovich, the 11:00 hour of "varney and company" is next. ♪♪ just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. ... starting your buick enclave.
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>> excuse about looking at spam accounts, no shortage of investors willing to finance this deal. >> going down to the border and filling up the warehouses there. they must have known when they sent these pallets that there was a shortage. >> it's a little unusual, you'd thought that due diligence, a little bit more would have been done prior to the bid, but maybe this is musk's operating style. >> opportunity to dollar cost average and buy small amounts, i think we're entering like a bear market, so i'm definitely being as cautious as possible. >> how deep is that recession that's coming? can he manage a shallow recession or is it going to end up plunging the country into a much deeper recession? ♪
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ashley: and yes, those streets have a name that's sixth avenue, as u 2 is aware the streets have no name, it is, well it's friday, a lot of people don't come into the city, they work tuesday, wednesday, thursday, these days so friday not as packed in new york city as you would normally expect. hello, everybody it is 11 a.m. on the east coast, on this friday the 13th of may but no spookiness here i'm ashley webster in for stuary varney, in fact the market certainly not spooky they are up across-the-board take a look at big tech leading the charge amazon up 3.5%, meta is up so are microsoft, apple and alphabet. let's take a look at the 10 year treasury you'd expect the treasury yield to be going down with the nasdaq going up forget about it all the rules go out the window the 10 year at 2.90% up a little over five basis points, and take a look at
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bitcoin, that's been on a huge downward trend, but now coming back just a little bit, up more than 2,000, above 30,000 at 30, 644. now let's get to the top story of the day, again, elon musk right in the middle of it. he says his twitter deal is now on hold. give us the details. lauren: yeah, when the market is flying high you've got twitter stock selling off. at one point, it was down 20%. this is why, musk wrote, twitter deal temporarily on hold, pending details supporting calculation, that spam or fake accounts do indeed represent less than 5% of users and then, so strange, he linked to a may 2 reuters article that had that information. we saw the stock sell-off, because investors thought all right, maybe this is his excuse. maybe he's trying to bail on the deal, but then, musk tweeted this. i'm still committed to the acquisition. all right, ashley, so let's just say he's trying to get a better price, right because 54.20 seems
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expensive in this market. he's playing with real people's money and i've got to imagine that regulators are going to look into this , using that platform, to say things, and move his stock big time. ashley: i think the sec has a full department that just follows musk on a daily basis. let's be honest. all right lauren thank you very much. elon musk criticized biden's disinformation czar, nina jankovich, after she suggested that verified accounts should be allowed to edit and add context to other people's tweets. what? take a listen. >> verified people can essentially start to edit twitter, the same way that wikipedia is so they can add context to certain tweets. ashley: well, mr. musk responded by tweeting, "disconcerting i think that's being underplaying it a little bit" but let's bring in our good friend steve hilton.
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steve, you know, my goodness, i mean, where do you begin. what's your reaction to that? >> i agree with you, disconcerting is a little bit mild. i mean, it's just, it actually, i find myself saying this so often these days, that it's unbelievable. unfortunately, it's sadly too believable. it's completely believable, because of this completely ludacris bubble that these people live in, these elite establishment types like scary, nina who jankowicz, who hangs around with the lobbyists and think tanks are there with the journalists they think they are better than anyone else with the verified people, so of course verified people should be allowed to go in there, and well she says add context. that's the new term for putting information out there that they don't agree with, doesn't fit their narrative. you've got to add context, in
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other words, put our world view as the dominant one, and anything that counteracts that, that undermines it that disagrees with what we think, that needs context so like it's disinformation or misinformation, so it just goes on and on and on. again, overused term, it is ridiculous, but the most important thing is that there are plenty of people that see it for what it is and they aren't going to accept it. ashley: i wanted to move on quickly, because i wanted to get into the baby formula situation, because the narrative now from the white house, which makes me smile, is that oh, we've known about this for months, so what that tells me is you don't know what you're doing because you haven't done anything in months to get us to this point. >> exactly. it's very important everyone understands that this is an entirely government-created crisis. the fda shutdown a major source of american domestic supply, made no plans to try and provide some kind of alternative to fill
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the gap, and banned imports. that, together, created the crisis. all of that is government action , and they, the fact that they're now saying they have known about it for months compounds the shame that should be, that should attach to them over this. how absolutely horrific that they let this happen, and we need to focus on real accountability here. the people who are in charge, so the fda had robert calib, an agriculture secretary, tom vi lsack, what were they doing? we need to get to the bottom of this because this is not some natural disaster it's yet again a biden regime-created crisis. ashley: we'll have to leave it right there, steve, by the way i love the revolutionary bear over your left shoulder in the grass. >> [laughter] thank you very much. we're fighting back in california. ashley: it's perfect. yes you are. one bear at a time. all right, steve, thank you very much because we'll be watching you on the next revolution sunday night at 9:00 p.m., it's a great show eastern time on fox
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there he is, smiling. all right, let's get back to the markets. jonathan hoenig joins me now, jonathan i read your note this morning, and you got me a little concerned. you said well these are concerning times. there was definitely some melancholy in your notes today, maybe you can expand. >> not melancholy actually great to be with you, just honesty. we have to, as they say, learn from history, hopefully not to repeat it and i'm harkening back to something i remember from the early days of the financial crisis and that was essentially a run on a bank. it was called the reserve money-market fund, one of the largest money-market funds of the time and it broke the buck during this period of financial strain. the federal reserve ended upcoming in saving all the money-market funds with regulation and we saw not a dissimilar thing happen this week. one of the so-called stablecoins , the cryptocurrencies that are supposed to maintain that dollar -for-point price peg, actually broke the buck.
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it's called the terra coin that went from a dollar to essentially zero just this week, so we're seeing some similarities, ashley, despite today' bounce back in stocks that this is a systemic period of great risk for the markets at -large. ashley: so where is, if there is such a thing, a safe haven or do you look at the top long term treasuries? where do you go here? >> well i think ashley it depends on your own context. we have to make that important point but these days, cash is not just king, it's what's required and what's wanted. the most stable currency in the last six months hasn't been the euro, the yen, or certainly not bitcoin. it has been the u.s. dollar, so i think as they say, when the party really gets breaking up they are going to sell everything and that's exactly what they are doing, ashley, in the last couple weeks. even gold, a lot of the commodities that have held up are getting sold so cash ain't trash, when markets are selling off that's what's
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required. ashley: and of course then we have the fed head saying look, i can't guarantee a soft landing which i guess we interpret as yeah, there's probably likely going to be a recession. the question is, is it going to be a deep recession or a shallow? what do you think? who knows? >> keep in mind it's not that the fed can't guarantee a soft landing. they are the ones that create the hard landing. ashley, there's no such thing as a free lunch. all those months and years of free money we're paying for or already paying for it and look the best indicator of a recession of the economy is the market itself. everything has been destroyed in the last couple months. stocks, but also bonds and a lot of commodities as well so i think at this point we already might be in a recession, ashley, as usual, the regulators and the fed are just late to the party. ashley: all right, so not melancholy just being a realist. i get it jonathan hoenig, have a great weekend. thanks for your insight today we appreciate it. all right come back in, lauren. you're looking at some of the
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movers as always let's begin with starbucks which i could use one right now. lauren: yeah, i know, it's almost quitting time, ash, you're almost there. hope it's a good weekend. the ceo of starbucks howard schultz back for the third time just bought $10 million of the stock. the stocks down 40% this year, he paid about $72 for each share that he bought. it's a vote of confidence, starbucks is up 6%. all right, carvana, what a story remember yesterday they were halted and many times because of volatility? the stocks up 7% it was up 20-30 % yesterday too. there are a lot of shorts against carvana, so it's rising in the market rally. doesn't mean it's out of the woods, analysts cite deteriorating market conditions in the used car industry and one said this. if carvana can't turn out cash now when customers are willing to pay an arm and a leg for a car it's hard to see when they ever will, ouch, yet the stock is up again and sea world, the
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orlando park is testing a friday the 13th deal. it's a flash sale, so today, if you want to go to their big fall event, you can buy two tickets for $66.66. kind of spooky. ashley: 6,666. very spooky, thank you lauren very much. yes, they do, the white house says the baby formula shortage is a top issue. roll the tape. >> president biden has directed the administration who work urgently to ensure that infant formula is safe and available for families across the country. this is work that's been under way for months. ashley: months? well, if that were the case, we wouldn't be in this situation, right? anyway, while baby formula might be hard to come by, a new report says those were found in those white house safe smoking kits, that were given to addicts across the country. we'll have a lot more on that story believe me.
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jen psaki explaining president biden's use of maga king, listen to this. >> what did he call president trump? big maga? i don't know. the king of maga? this is all. he is having a good time being out, drawing the contrast and you'll see much more of that. ashley: all right can't wait for it i bet, congressman mike waltz has a thing or two to say about it and he's on the show, next. ♪ ♪ we believe there's an innovator in all of us.
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ashley: as parents struggle to find enough baby formula to feed their young children, the
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washington free beacon is reporting the government-funded crack pipes are still being distributed in smoking kits across the east coast. peter doocy is at the white house. peter, good morning. the white house is facing some major backlash over this , can you break it down for us? reporter: yes we have this piece of tape where you will see that the white house is denial of that taxpayer-funded harm reduction centers giving out crack pipes doesn't match up with what's out there. >> this policy does not allow for crack pipes to be included. i would just note that this is a bit of a conspiracy theory that's been spread out there. reporter: well, not a conspiracy theory according to these five smoking kits picked up by a reporter with the free beacon in five u.s. cities, new york, d.c. , baltimore, boston, and richmond, virginia. some of these organizations have applied for taxpayer funding, it is unclear right now which of them got it, and how much they got. the white house is also finally addressing a baby formula
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shortage with the president talking to stakeholders about surging production after an abbott formula factory closed , even though abbott reps were not included on yesterday's call. >> we were aware of this from when the fda had to take its action back in february, with abbott and with the steps in the michigan facility. reporter: but if they knew about this in february, why was the president just briefed about it this week? >> not going to get into the internal briefings he's been made aware of it through the process and there's been steps. reporter: so jen psaki there, the other big story here at the white house, it is her last day, her final briefing will be at about 1:00. ashley? ashley: well i'm sure you'll get a special card from her as she leaves the door. all right, peter doocy, thank you very much, peter great stuff as always. white house press secretary jen psaki talking of which explained
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why president biden's using the term "ultra maga" quite a lot these days to describe the gop. take a listen. >> people have asked where do you come up with ultra maga, where did he come up with what did he call president trump? big maga, i don't know the king of maga? this is all. he is having a good time being out, drawing the contrast and i think you'll see much more of that and that, i think will be helpful for the public in what the choices are. ashley: he calls it an extreme group. let's bring in congressman michael waltz, republican from florida, great to see you, congressman. what do you make of that? >> well look, let me just state , if middle east peace, tax reform, justice reform, a secure border, roaring economy and taking on china means ultra maga put me in that camp so i don't know what the heck she means, but you know, president trump was focused on results and he got them for the american people , and that's why so many
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of us support him. ashley: i think you're absolutely right and it could backfire, next one for you, congressman. interesting, governor of florida , ron desantis, says your state will be ready if president biden's economic policies plunge the united states into a recession. i'm a resident of florida. what are you doing to prepare, do you know? >> well look, you know, it's always worth noting that the state of new york has double the state budget that florida has. ours is half as large as there's with the same population, yet new yorkers are leaving to come to florida by the rate of about four to 500 a day, so look, we have a state surplus. we have a low tax pro-growth approach. we believe in allowing families to decide what they're going to do with their kid's education. what they're going to do with their money and importantly, both governor desantis and many of our mayors have been diversifying our state economy away from just tourism and
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agriculture to things like high-tech, and crypto, and we are seeing them come in droves, not just from new york, but from california as well and we're in a neck and neck competition with austin to be the next silicon valley down in miami. ashley: it's amazing. also talking of governor desantis, he's just signed a $1.2 billion tax relief bill. it's the largest relief package in the history of the state. your reaction to that. >> well look we've been doing everything we can to stop the democrats from taking more of your money at the federal level but again this is why federalism matters and this is why a thousand people a day were coming to florida. we're a no income tax state with a pro-growth approach to small businesses. small business owners and individual family members can best decide what to do with your dollar, not bureaucrats in a state or federal government. as long as we have that approach
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we'll be in good shape. ashley: and very quickly, congressman, all of these newcomers to florida from the northeast and california, they're not bringing their politics with them, are they, because there are concerns here that they could turn the state a little purple. what do you say to that? >> well, look, from 2016-2020 we tripled president trump's margin. there are now more registered republicans in florida than democrats for the first time in the state's history and republicans grew in every demographic, every hispanic demographic, african american, african american women over the issue of school choice, jewish voters across-the-board. we've increased our margins because frankly, the policies are just better, and have better impacts on people's lives. we're seeing opposite when the democrats are in charge in washington and that's why you're going to see a backlash come this november. ashley: i think florida is booming. there's no doubt about it. congressman michael waltz, great
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this morning. >> come on down. ashley: yes, indeed, all right, thank you. house republicans, thank you, are demanding that the biden administration immediately address the baby formula shortage, so what are they saying, lauren? lauren: they want action, do something about it. listen to this sound from congresswoman stefanik who has a nine month old. >> today house republicans are here to push for action from the fda and the biden administration, who should have had a plan for this shortage months ago. instead, bare shelves biden has continued to pass the buck. babies have been put to bed hungry while parents are desperately trying to find alternative formulas that are often difficult to procure. this is not a third world country. this should never happen in the united states of america. lauren: here we are another instance, ashley, of the administration on their back foot. the main formula plant in the nation has been shutdown since february, okay some so its been months, and now look at this , baby formula is out of
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stock at a rate of 43%. bare shelves, hungry babies, nervous parents. ashley: and getting worse. all right, lauren thank you very much. quick check of the markets here before we go to the break. seeing some nice green on the screen. the relief rally, if you like, the dow up nearly 500 points, 1.5%, nasdaq the biggest star of the day up nearly 3.5%, s&p also up at 4,000 back into the 4,000 level. now show me netflix if you can or you already have you guys are good a new memo shows the streaming giant is advising their employees to be more careful with how they spend company money. this comes after their customer base fell by 200,000 subscribers during the january-to-march period. that's in an up day is up 4% for netflix. all right, coming up speaker pelosi ramping up her attacks on major oil & gas companies. listen to this. >> when the cost of oil goes,
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drops, oil prices drop, and price gouging needs to be stopped, this is a major exploitation of the consumer. ashley: well, when will democrat s ever take responsibility for energy price inflation? we're going to take that on, and remember these dropping off migrants in d.c. on the buses? there they are, i'm going to ask arizona's attorney general about it, next. ♪
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♪ coming up keep it coming up ♪ ashley: great summer song, it's hilton head, is that stuary varney, no it's not. i thought that was stu for a minute, hope he is somewhere enjoying this beautiful weather, 71 degrees though there in south
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carolina, not bad at all. let's check the markets we're on the way up. we've seen the nasdaq come back strongly today, of course its gone down a long way but its got back about 400 points today. let's bring in susan li, following some of the movers today. let's begin with tesla, susan. >> yeah, why not? so tesla rebounding on reports that musk might be getting some other financing for his twitter bids so he doesn't have to put utility that much of his tesla stock as collateral. now that's good news as musk tweets the twitter takeover is on hold temporarily and most of wall street thinks this is a negotiating tactic to get that lower price, lower than 54.20 which is what he's offering and in the meantime, tesla is putting its india plant on hold after a deadlock on tariffs according to reports but they have started accepting ordersric car makers have been staging a pretty good comeback the last two sessions. i also want to show you
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robinhood getting a big lift today thanks to one of cryptos richest billionaires, sex's 30- year-old founder sam bankman fried, he paid up around $650 million for more than 7.5% stake, and then you have to remember that it is one of the world's largest cryptocurrency exchanges but they still aren't operating here in the u.s. , so this is probably a strategic investment to get into hood, which already has a large young investor footprint in crypto and stocks in the u.s. , and why not get it cheap since the stock price is down 90% from those record level s, and then finally buy now pay later company affirm losing 50% less in the first quarter, better sales, always good also guiding for stronger business thanks to the extension of the partnership with shopify, and this is a relief for wall street which had been nervous so they may have been short so this maybe a bit of a squeeze here. ashley: could be, but it's nice to see some green instead of red , susan thank you so much.
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now this. arizona is now following texas' lead. they've begun busing migrants from the southern border to washington d.c. mark brnovich is the attorney general for the state of arizona and he joins me now, good morning to you, sir. why are you doing this? why all the way to d.c.? >> well i think the governor made this decision because he's trying to send a message to the biden administration that their failure to secure our southern border is having an impact not only on arizona but the entire united states, but let's remember, the job of the federal government is to secure our border, and the biden administration has failed miserably and as a result of that, americans are dying, the cartels see southern control and we are paying a cost, not only in human lives but a cost in treasury and increased strain on our financial resources, and you know, these safety nets that are paid for by hard working american taxpayers are now using to subsidize illegal immigration
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ashley: exactly. all right, the next one for you, a federal judge will hear arguments on whether title 42 can end. you're suing the biden administration over lifting title 42, on what grounds? >> well we are leading that lawsuit and literally right now as we are speaking that hearing is going on and our lawyers from our office are arguing that what the biden administration did was essentially caprecious and arbitrary by rescinding title 42 and they didn't follow the law and they cannot rescind title 42 at this time and practically speaking everyone knows, even democrats are finally recognizing that title 42 is one of the last tools we have left in our tool box to save our system from being overwhelmed. we're literally it's anticipated that 18,000 people will illegally cross our southern border in every single day if title 42 restrictions are lifted so i am do everything i can to prevent a further or bigger
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tidal wave from crashing on the shores of the united states of america. ashley: and you care for the residents of arizona, you are elected to represent them. what kind of threat does an open border, a chaotic open border represent for those people who live in southern arizona and deal with this everyday? >> well i've talked to the ranchers and the farmers and the sheriffs along our border and they will tell you they've never ever seen it this bad and these are sometimes farmers and ranchers that have lived there for four or five generations, so it is overwhelming the system not only with migrants coming across, littering the destruction of the desert but it literally is empowering the cartels because the cartels make money off every single person or every single drug that crosses that border. we've seen the price of methamphetamine, and fentanyl dramatically decline not only in arizona but throughout the country as a result of all of the drugs coming in and we're seeing that cost in the loss of lives. we're seeing that when you have
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folks that are teenagers now, the leading cause of death is drugs and fentanyl overdoses so this is having an impact on us. it's straining social services but make no mistake about it. arizona is a border state, but every state in the united states is soon to become a border state as a result of the failed policies of joe biden, secretary mayorkas and cartel kelly. ashley: and it's a crisis that the administration just chooses to ignore and say nothing to see here, we're handling it. they are not. attorney general mark brnovich, thank you so much, sir, for joining us this morning, and bringing us up to speed on title 42. we do appreciate it. thank you. >> thank you. ashley: you know, thank you, migrants are now being found inside brand new cars, trying to make their way to the border. come back in, lauren what's all this about? lauren: so yeah, six honduran migrants are being detained now they were found hiding in new cars with the seats reclined. those cars were in a trailer that was carrying a bunch of cars so they were in some of
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them. they crossed the border into mexico and they were headed to the u.s. for customs and border patrol says about 8,000 migrants per-day are currently crossing illegally. obviously all this is ahead of the lifting of title 42. that's expected the monday after monday coming. more than 20 states have joined a lawsuit seeking to block the administration from ending it because that's going to open the illegal immigration flood gates right? we'll see what happens may 23 is the date. ashley: like they aren't already open, yeah, all right lauren next one for you. we've just got an update on wnba star britney griner. she's been detained in russia since february what's the latest lauren: three months now so her pre-trial detention is extended by a month that suggests the trial is coming soon. she was detained back in february at the airport in moscow for allegedly having vape cartridge with cannabis oil in her luggage. that conviction, if she's
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convicted, would get her 10 years in a russian jail. something has changed in that the state department now says she wrongfully detained. they changed the way they are categorizing this and that suggests it my play for a more active role in getting her home but in a russian jail nearly three months. ashley: yes, let's hope we can get her out. lauren thank you very much. used car prices have gotten so bad, how bad? well, some models are going for $8,000 above their original sticker price. we've got that story. president biden found a new scad lawrence is here to explain that next. ♪
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ashley: all right, we see the markets moving higher, you can see the dow, nasdaq, and s&p firmly in the green today, after such a long period of selling off. take a look at big tech very quickly if we can, just to give you a sense the nasdaq doing very well today and so are the big tech names apple, amazon , meta up 4% amazon up more than 4% at 22.26. all right, now this. president biden is ramping up his inflation blame game. he's now blaming fed chair jerome powell, why not. edward lawrence is at the white house. okay, edward, why does mr. powell get the blame? reporter: yeah, well you know, inflation does fall within the perview of the federal reserve, but the strategy here at the white house now is to shift that messaging and say that the inflation is on the federal reserve. now, in a streamed interview yesterday fed chairman jay powell finally admitted it is behind the curve. >> if you had perfect hindsight , you'd go back and
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probably would have been better for us to have raised rates a little sooner. i'm not sure how much difference it would have made, but we have to make decisions in realtime based on what we know then, and we did the best we could. reporter: but you have to remember the situation at the end of last year, president joe biden sat on the decision of if he would renominate powell until after the fed's december meeting , raising rates might have led the president to make a different choice, for fed chairman, so here we are. just look at the energy inflation. i want to show you this right there. if you think buying an electric car will help, well electricity is up 11% year-over-year, now president biden has been calling for more spending, the fed chairman telling me last week that the fed's actions and government spending led to inflation, now powell did say during that interview that the americans will feel some pain as they raise interest rates as he tries to avoid a recession and get inflation under control. ashley? ashley: all right, edward, thank you very much. edward lawrence at the white
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house. house speaker nancy pelosi is blaming gas companies now for rising fuel prices, come in, lauren what is she saying? lauren: she's not just blaming them, ash, she's pushing a bill that congress might vote on next week that would bar excessive fuel prices, so the big oil companies can't raise prices during what's declared a national emergency, because she blames those companies. listen here. >> oil & gas companies are recording record profits when the cost of oil goes, drops, oil prices drop, and price gouging needs to be stopped. this is a major exploitation of the consumer because this is a product that the consumer must have. again, putin tax hike at the pump is a part of this. lauren: so she blames theissue s
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are doing the every blame game possible song and dance here and look at your screen, again, another day, another all-time high for the price of gasoline, 4.43 today and it's only going to get more expensive as we head into summer ashley. ashley: yes, you are right. the busy driving season, one more for you, lauren. car max is looking to sell a used 2017 mitsubishi lancer, there it is, how much is it going for? lauren: ain't it a beauty, don't you want that car? ashley: yes. lauren: tongue and cheek. it's going for a comical $29, 998, for a 5-year-old car, that costs more than $8,000 less when it was new in 2017. do you think carmax actually gets that? do you think somebody is going to pay that for that car? ashley: i wouldn't think so, but these are crazy times. i mean, my goodness, i don't understand that, but interesting thank you, lauren.
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let's look at the dow 30 stocks now, if we can on a day where the markets are giving some nice upward momentum. you know, there you have it. mostly green, led by boeing, merck and amgen, but that's the screen we haven't seen too much of recently a nice little relief rally, the dow itself up 442 points, the question is, can we hold it between now and the closing bell at 4:00. we shall find out, and guess what? don't go anywhere, friday feedback is next. ♪
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ashley: st. augustine beach, ain't that a beauty, sunny, 75 degrees right now, life is rough, especially for those folks enjoying friday at the beach. all right, time now for friday feedback. we always enjoy that. let's bring in lauren and susan. there they are, smiling away. let's get started. we're going to start off with some viewer photos, the first
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one is from barry. that's great. he sent us a picture of his dog fiona watching the show. lauren: no. ashley: that's my wife's name and she be honored because she's such a huge dog lover. stu is being serious there, and fiona is taking it seriously as you can tell from that photo isn't that a great shot? lauren: it's a great shot. it's a terrible story do you want to know why, ashley? i hate when people use amazing names for animals, because, you know? if you want to name a kid fiona which is great i'm always going to think of that dog now instead of your wife. ashley: awww, well it's okay. she will be honored i know she will be. let's move on. we just showed it briefly. this is from luiss in florida, an rv with a flag that reads " desantis island, land of liberty" i can not read that but it says it on the prompter. it's kind of like, what do you
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think of that? it's a new flag for florida. lauren: i've never seen that before. that's kind of cool, right? there's so many people coming to where you are, ashley, in florida, that you've gotta keep your culture the way it is. can you do that? ashley: you do. lauren: it's going to be hard. ashley: you see a lot of new york plates down here i'll just say that. let's move on. an e-mail comes from bruce, he writes this. could you lead the movement to use the terms "people or citizens" and not call us ordinary, regular, or any other terms determined. all right, susan, is that stu, does he tend to say regular folks? >> yeah, what's wrong with saying ordinary folks? folks like you and me, that's the term i use, because, you know, at the end of the day aren't we just all average people doing the same things, buying the same groceries paying the same high prices? ashley: you are absolutely right no ordinary than me that's for
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sure, let's move on this is from spartan dave. hi, ashley, are you, stuart, lauren or susan, superstitious on friday the 13th? all right, susan? are you? >> yes, i would say that. i do believe that there are powers of the universe and you do have to be careful in certain days. ashley: would today be one of them? >> yeah, well i'm not going to be, look i'll be looking over my shoulder for some black cats, yes. ashley: what about you, lauren. lauren: i am superstitious, i try not to think about it because if a black cat crosses my path on friday the 13th i might freak out so i try to treat it like any other day but i know it's not. ashley: do you have any lucky items you want to bring with you at certain times? lauren: no i don't go that far, sorry. do you, ashley?
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ashley: yes, lucky socks and anyway, let's move on. this one is from bob. lauren: wow. ashley: bob says what if there was a world where everyone ignores the view? it be wonderful, still suggesting at some point that mr. webster explained to mr. "varney" by david bowie isn't boring as claimed when "changes" a great song was one of the best b owie songs, lauren, i mean it's a little maybe before your time. lauren: that's why i want to see my time to you, ashley, to express your great love of david bowie. you know a lot i'm always impressed. ashley: i love music and it was the music of my youth, david bowie. what about you, susan? >> i love david bowie. i prefer sometimes over the beatles, i can only name five songs, really. ashley: is that right? yes, well we didn't have any
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beatles since stu is off but i do love the beatles too we have one more, let's do it from steve in the 18th century, when told the people had no bread, marie a ntoinette famously replayed "let them eat cake" en the 21st century people people can't afford gasoline, joe biden famously replied"let them buy electric cars." they are a bit expensive right? >> yeah, there's a premium you have to pay more than 20% than the gas powered one but i think you'll save more at the pump. ashley: don't go anywhere, ladies, because it's time for friday's trivia question. today is national apple pie day, everyday is apple pie day for me how many pies, of all sorts, are purchased in america each year? 186 million, 221, 272, 300 and 500 could be any one of them we'll let you know after the
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ashley: suddenly, i feel like a pie. we asked you before the break how many pies of all sorts are purchased in america each year? all right, lauren? your guess. lauren: 272 million and i say that confidently. ashley: you do? how about you, susan? >> so i'm going to say 305 million. ashley: very good. all right, i was going to go
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with 221 and guess what? we are all wrong. lauren: [laughter] ashley: we are consistent it's 186 million pies. all right, well now you know at the next cocktail party you can just throw that out there. as we head -- >> i already forgot. ashley: the markets are up, we're feeling good, it's friday the 13th, neil cavuto, he's not superstitious. take it away. neil: you keep this going right we just got to keep it going thank you, my friend, have a great weekend ashley, ashley webster on all of that great job all right at the corner of wall and broad we're seeing buying haven't seen that in a while here i was just discussing with charlie brady our stock senior editor all number, all the time, genius, and one of the things that we see when we see a gain is we don't see back to back gains. you don't get a chance to see traction, of course that's going to be very hard to do today because the next trading day will be monday but my point is, you love to see days like this or at least to sort of sh


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