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tv   Varney Company  FOX Business  July 15, 2022 9:00am-12:00pm EDT

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ask maria street edition" whether it's fun or business or politics, i'm here. dagen mcdowell and ken mahoney its been great with you this morning. thank you so much. dagen: thank you, maria, always. >> thank you. dagen: hope you have a great weekend. maria: have a great weekend, everybody. we end the show on a big rally up 312 points, citigroup better-than-expected earnings, pushing markets higher this morning, right from here we go to "varney" & company stu take it away. ashley webster in for stuart. ashley? ashley: thank you, maria. when i wake up ♪ but my all-time favorite song and clearly i don't know the lyrics but thank you very much, maria great stuff and good morning, everybody, indeed i'm ashley webster the one who can't sing in for stuary varney today. senator joe manchin dealing a big blow to the democrats. he says he won't support climate spending or tax hikes for the wealthy in the economic
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package, so get ready for democrats to unleash their fury on mr. manchin. president biden lands in saudi arabia next hour. he's going to be asking the saudis for help with our energy crisis and while biden is overseas, california's governor newsom is spotted looking pretty cozy at the white house. is he setting up a run in 2024? we'll get into that issue, and there's this. since the administration has called inflation "transitory" we've seen 13 straight months of soaring costs, don't have to tell you that. let's take a look at the markets we do have retail sales in this morning. they are higher than forecasted for the last month and as you can see the dow and the s&p and the nasal up strongly in the pre -market the dow up 321 points. last month, jpmorgan jamie dimon said brace for an economic hurricane. well, he just added a new warning. he's full of good news isn't he? we'll tell you what that is all
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about. let's take a look at the price of oil. it had been coming down and then started to creep back up. it is now at 98 bucks just under a hundred up another $3. how about this? tesla asking drivers in texas to avoid charging their cars during peak times. this is apparently to avoid over loading the national grid. you just don't drive anywhere i guess. a big show ahead congressman mike waltz, lawrence joan, tammy bruce, steve hilton, so many more. it is friday, july 15, 2022. "varney" & company is about to begin. >> good morning. this is bob bushell from tucson, arizona, and you're watching "varney" & company. good morning, good morning ♪
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ashley: talking of arizona, there is a shot of phoenix this morning, a little hazy but good morning to you all, it is friday. we made it through another week. let's get right to it. let's get to that story about senator joe management saying he won't support a bill with any provisions on energy and climate , or tax hikes on the wealthy. todd piro is here this morning with us. todd, good morning to you. this is obviously a major blow to democrats. todd: it's a huge blow, because as of 48 hours ago, it appeared that this thing could possibly happen. i think there was definite enthusiasm within the democratic party that they finally had something economic to hang their hat on, going into the mid-terms well, now, they have nothing between now and november unless there's a shock that we're not aware of, some huge bump in the market or inflation somehow plummeting. that's not what they needed. this is going to really hurt them big time. ashley: next one for you, todd. president trump weighing in on a
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possible 2024 run. he said this , "well, in my own mind, i've already made that decision, so nothing factors in anymore. in my own mind i've already made that decision. do i go before or after" that will be my big decision. also trump insisting people want him to run, saying i think a lot of people would not even run if i did that, because if you look at the polls, they don't even register. most of these people and i think that you would actually have a backlash against them if they ran. people want me to run. making it pretty clear. todd? you talk to voters around the country. is donald trump who they want? todd: i think there's a split. i think there are people that no matter what donald trump does, they are going to support him regardless, and there are a number of people out there you see them at rallies. they are hard core trump to the core, but there's also another group that loves the trump policies. don't get me wrong. they want the maga policies.
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they just don't want all that goes along with donald j. trump and so who is next in line? who brings maga to the table with a little bit more normalcy that i think some americans want to see and that's your ron desantis. that said, ron desantis is a flame-flower of his own but i think when looking at it they like the fact that desantis is a little bit younger, significantly younger and he's not going to bring all that donald trump brings to the table in terms of excess baggage, but regardless, it's trump policies that people who are voting republican by and large want in 2024. ashley: well it's interesting, todd, though is that is the case and desantis throws his hat in the race, what does the republican party feel about that? would that split the party? >> yeah, again, i am not a pollster but just logically speaking, following this , i think that republicans worst case scenario. i don't think that helps anybody , because when trump goes after you, he goes after you
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hard and desantis quite frankly has a chance to win if it's desantis versus i don't know, biden or that really powerful bench that the democrats have, w ink wink nod-nod, they don't, so if it goes trump- desantis i think that could be that scenario that party leaders fear because they are going to beat the you know what out of each other and potentially hurt each other so much. why did desantis have so much rope to do what he wanted in florida? because nobody really challenged him, and so that's why he's crushing it, according to many republicans in florida, and that , as you know, and i think that if i were the republican party i would really just go down one lane trying to add both people. ashley: very good. it's going to be fascinating either way to follow. todd thanks very much. let's take a look at the markets before the opening here we're about 23 minutes away from the opening. the markets looking strong, the dow up 300, s&p and nasdaq up more than 1% but against this , the backdrop of this is
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the ceo of jpmorgan doubling down on his warning that economic risks are nearer than before. all sorts of doom and gloom let's bring in kenny kenny polcari to cheer us up. good morning, kenny. is jamie dimon being too marose about all of this? what say you? >> i think he's actually being realistic, right? i think everyone else is trying to sugar coat it and tell you it's okay and everything is fine and don't anybody worry. meanwhile, as you said at the beginning, we've now 15 months into consistently higher prices with no end in sight so i think what jamie is trying to do is just slap a little bit of reality into everybody's view. ashley: so the question being, how do you cool off inflation at this rate and not wreck the economy or the talk of course that the fed, you know, opening the door to 100 basis point hike later on this month. can we handle that or is that just going to create a hard
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landing? >> well, listen. i think i've always been in the camp that it's going to be a hard landing. i've never thought they are going to be able to navigate it and look they are well behind eight ball, it's clear they are cpi, the ppi was the one that shocked them yesterday because that was even much higher. they really expected that to start to pullback, and in fact, it didn't, and so now, that 100 basis point conversation is very much on the table and i think that's now fed fund futures are actually pricing that in. i think what's interesting is now they are talking about an inter-meeting hike in august, which is a month they usually take off because they are on vacation and so there's usually no fomc meeting but if there's a hike in august, all that's going to suggest is jamie dimon's right, and we better get out in front of this because it's only going to get worse, right? now that doesn't mean like the place is going to hell in a hand basket. it just means stand where we are ashley: right. well, you know, what does this
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mean for the market outlook , if you foresee this hard landing from an investor's point of view, what do you do? >> well, so i think you have to , again, that question is great, but it kind of dependings on who you're talking to, so broadly, you should understand that if we continue to, i think we're going to continue to have potholes ahead, it's very much a stock picker's market versus kind of a passive market. you've got to be a little bit more strategic, you have to do your homework, you have to understand the story and whether or not the fundamental story behind your pick are changing based on what the economy is doing but look, we've got a lot of damage in the market, some stocks are down, really good quality stocks are down significantly but it's down 30%, city bank 33%, morgan stanley down 30%. these are big u.s. american banks that are on sale and i think in a rising rate environment even if the economy
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starts to slow a little bit, these are going to be places where you'll find some opportunities. ashley: very good. kenny polcari always bringing his a game. aren't they terrific? any one of them. kenny polcari, thank you so much >> see you. ashley: they are great. no doubt about it. let's leave it there. let's check blackrock while we're talking about banks, they're slowing down hiring for some roles, executives there say the move is due to "economic uncertainty." okay, we get that, but, define the tech lay off trend amazon is hiring more than 4,000 new employees in the uk. interesting, amazon up one and one-third in the pre-market. let's bring back in todd. we just got the retail sales numbers for june. how did they look, todd? todd: okay, sales rising in june about 1% that's higher than the estimate which was .8% year-over-year and 8.4% rise in retail sales in june, shoppers showing some resilience, of
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course in the face of the record inflation. sales at grocery stores, restaurants, bars, all up last month. so you know, if there's some positive it we take into this weekend hopefully markets are rewarding us right now but again it doesn't discount the fact that inflation is here and here to stay. ashley: yes, indeed. todd, thank you very much and let's take a look at the futures as we head towards the opening on wall street, we are higher, the dow up some 372 points, gaining some more upward momentum, the s&p and nasdaq also up about 1%. all right, coming up, a harvard professor says the supreme court justices, who overturned roe v. wade should "never no peace again" meanwhile senator elizabeth warren literally slams the door on our reporter when she was asked about activists targeting the justices. watch this. >> senator, an activist group is offering to pay people if they send in the locations of justices. do you think that this has gone too far at this point?
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>> [door slamming] ashley: well there you go, there is the answer, slam. no answer, we'll have that story but a try, hillary vaughn. next stop, by the way, president biden landing in the saudi capitol, anyway, he'll be there in the next hour or so. my next guest says the president must show strength. it's the only thing they respect , and he would know. he has served all over the middle east as a green beret , florida congressman michael waltz is here and he'll join us next. right at the border right where i'm going away, for you ♪ money managers it'sl are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades.
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ashley: president biden will soon begin the most anticipated leg of his middle east trip in saudi arabia. peter doocy joins us now this morning and peter, what can we expect? reporter: ashley, we can expect to see a big change of heart from this president because we've got a copy of his schedule for when he touches down within about two hours and on there, it's advising us that president biden and his team will have a working session with crown prince and saudi ministers. that is completely different than what the president told us was going to happen a couple weeks ago. >> i'm not going to that i'm going to an international meeting and that's like there are people part of the discussion today. reporter: president biden is also now heaping praise on saudi leaders for opening up the air space to flights from israel,
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including a press charter this morning, air force one right now pledging now to engage with the saudis even more in the future. he says as we mark this important moment, saudi arabia's decision can help build momentum towards israel's further integration into the region, including with saudi arabia. i will do all that i can through direct diplomacy and leader-to- leader engagement to keep advancing this groundbreaking process. on his way here to saudi arabia the president followed up days of meetings with israeli leaders to huddle with palestinian leaders and in the west bank he talked up two-state solution but said right now, may not be the best time for peace talks. >> we can't allow the hopelessness to steal away the future, that so many have worked toward for so long, so even if the ground is not right at this moment, to restart negotiations, the united states and my administration will not give up on trying to bring the pal its in palestinians and
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israelis and both sides closer together. reporter: so no peace talks, as a result of the president's visit to the middle east, and bloomberg is reporting within the last hour or so that the president's not going to have any big announcement while he is here about an increase in oil production, which means that it's not clear what exactly he thinks he's going to be bringing home. ashley? ashley: yeah, that's a very good question, peter doocy in this morning, let's bring in congressman mike waltz the republican from florida. good morning to you, congressman i think peter said it all right there. i was going to ask you what do you think is going to come out of the president's trip, apparently, not a whole lot. >> yeah, you know, i have to admit my bar is low at this point, while he did it, obviously he doesn't have the deliverables that one would expect from the president's first middle east trip. i'm also looking at what didn't happen. he didn't exactly rollout the
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red carpet for the palestinians. there were no, i guess, kind of fatal gafs so to speak from a policy perspective and he didn't take the military option off the table, like he did with russia, so i'd give it a c at this point. ashley: and this relationship with saudi arabia, i know its always been complicated, but you know, he describes saudi arabia as a pariah state when he was on the campaign for president back in 2020. now he's going there to try and make nice. they say he's not going to ask them to pump more oil but it seems a very interesting and scattered strategy to me. >> look. the moment air force one lands on saudi soil, the saudis have won. the entire region has gotten a signal that the president is there hat-in-hand. i don't care how they try to spin it and what is so incredible to me is that rather
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than take on the progressives here at home and actually move us back to energy independence which we've demonstrated we can and should do, he's going to go hat-in-hand to the saudis to beg them to pump more and they aren't even going to announce it while he's there and meanwhile, they're still reaching out to iran, venezuela like let's de fund dictatorships. let's not pour more of our funds into embolden them and let's get back to energy independence. it just beefed els me that we won't go there and finally, we remember just a few years ago, the saudis were colluding with the russians to drop oil prices, to knockout our energy production and to knockout our fracking industry. they weren't successful but now we have the president over there basically asking them to do that because he wants to knockout our fracking and our energy independence. it's just asinine. ashley: you couldn't make it up.
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congressman mike waltz of florida, congressman thanks for joining us on this friday. >> all right thank you. ashley: thank you. all right now, you know, italian politics infamous for their volatility. rome facing more political uncertainty, italian prime minister mario drage resigned but guess what that resignation was rejected. todd, what's going on? todd: ashley, every time he tries to get out they pull him back in and i can say that because i'm italian. italian prime minister being urged to rethink his resignation just a day after he said he would not quit as italian leader his attempt to resign rejected by the italian president. now there be a vote of confidence in parliament to make this all come but let's see what happens and i tried researching and understanding italian politics, very confusing. ashley: that was your first mistake. now another one for you, todd. sri lanka, we've been following what's going on there, facing a wave of unrest as it grapples
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with its worst economic crisis in decades, the crowd stormed the presidential palace, but now , there's some sort of celebrating going on and they're dancing and happy. what's going on? todd: yeah, the news of the resignation of the leader there, it was sent by an e-mail, keep in mind, triggering jubilation in the streets you can see , the crowd setting off fire crackers shouting slogans and dancing and the resigning president's family dominateed sri lanka politics for two decades this all came last weekend, hundreds of thousands of people took over government buildings blaming the president for inflation, shortages of basic goods, and corruption. ashley: i guess they got what they wanted. all right, thank you very much, todd. let's take a look at the futures again pretty strong on this friday, before the bell rings. as you can see the dow, s&p and nasal up rather forcely i'll say that the dow up 367 points though, the opening bell, next.
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ashley: all right, let's take a look at twitter if we can. they're up about one and one- third percent in pre-market suing elon musk to hold him to the $44 billion deal to buy the company. mark mahaney joins us before the bell. mark? how do you see this whole thing playing out? >> there's no precedent for something like this , ashley , or there are very few precedents. i think this is going to drag through the courts for sometime. we think we'll probably get some sort of decision at least in the december quarter about a potential breakup fine that musk will have to pay. i just think the whole incident is unfortunate. i think at this point, it's probably best that twitter revert to being an independent, a publicly traded company. i guess is that that's what's going to happen whether or not they can actually force the sale to musk, i think that's going to be a hard shot. ashley: he could even pay the billion dollar breakup fee, and then come back with a much lower offer and still be better
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off than the original offer, right? >> he could. now one issue there is going to be he got public shareholders, large stakeholders to agree with hiation bid initially. i think he's going to have a very hard time getting large shareholders to agree with another bid given what's happened, where he made an offer and then retractedded it, and for reasons that seems kind of speciouses in my mind having covered twitter and social media for a long time, i don't think bots are the issue. that's always been the cost of doing business in social media. it hasn't stopped advertisers from spending 5 billion a year with twitter so it's unfortunate how all this has played out. ashley: very quickly, mark, tech earnings kicking off next week, with netflix. what are you looking for there? >> netflix, my fear is that the news is still going to get worse before it gets better, that we're going to start seeing recessionary pressures limit the number of new subscribers that get added and the limit the
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ability of the company to raise prices again. i think the good news is some were on the horizon. i'm not a buyer of the stock now but somewhere on the horizon will be an ad-supported business. they announced their partnership with microsoft this week. it's going to be a big win for netflix in 23 or 24. >> [opening bell ringing] ashley: very good. perfectly done, mark mahaney thank you very much for your insight, as you can see , we are officially up and running now. the opening bell, everyone is clapping and cheering and boom! push the button, let's take a look at how we start and look at the dow, off to the races right out of the shoot up 438 points that's the dow 30 screen, all of them in the green except for amex and chevron but they are starting to trade, come on chevron 30 for 30, boom there you go we're up across-the-board on the dow. let's take a look at the s&p, up 47 points, that's for about 1.25
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% gain, 38.36 on the s&p and take a look at the nasdaq, up 131 more than a 1% gain, 11, 382 on the nasdaq. a strong opening we can say. let's take a look at big tech as we look at the nasdaq gaining all up across-the-board, apple, amazon, meta, apple up 1%, amazon up a couple of percent, but also alphabet and microsoft all firmly in the green. we know more bank earnings have been rolling in. let's start with blackrock, bring in susan li. susan? what do they say? >> yeah, well they're no longer a 10 trillion-dollar money manager, and that owes more to the stock market sell-off and access being marked down in value. they still brought in around $90 billion in new investor cash during a spring time and that's why the stock is up 1.5%. look we saw the worst half to start the year since 1970 for the stock market and that means less money for blackrocks bottom line so yes profit did fall. there was a mention by the way just on the earnings call literally in the last few minutes they did confirm and the
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cfo confirmed that the firm is delaying some hires next year , but they are still looking to add headcount into 2023 most of those being junior members of staff. also, citi, this is probably the best report card so far amongst the banks and financials and they benefited from higher interest rates, which then translated into higher profit and sales, trading off of the better for cit i'm as well and then wells fargo this is pretty disa in politico ing but still on a higher rate environment, they did see profit fall by almost 50 % missing on both top, bottom lines, and wells is kind of different from the other two because it's more of a mortgage consumer loans-type of bank and they said the higher rates has meant a 30%-plus drop in mortgage demand during the usually strong spring buying season. ashley: stocks still up though. let's talk about google, yeah, higher rates. google about to get much cheaper , thanks to a 20-for-1
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stock split, right? >> so this is the summer of stock splits i think alphabet will cap it all off. it's going to be the last time for a while that you'll see google, alphabet worth over $2,000, so starting on monday, you're going to get google for a whole lot cheaper 100 bucks plus and the cheapest for google stocks since at least 2005 can you name the number one hit back then? i can't. probably no doubt or something like that. ashley: nope. >> google adding healthcare leader chavez to its board and set to announce earnings on jull be a headache for google and other social media stocks and also we had meta by the way rolling out some of those new features and i'll talk about that in just a bit. ashley: all right, let's take a look at pinterest if we can. >> social media right there. ashley: yes, social media. what's behind this? up 13 or 14%. >> the wall street tough guys, elliott management, activist investors, they have now built up a 9% stake in the social media company, according to the journal. so they are the single largest
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shareholder now in pinterest and as you know, stu calls pinterest the "ideas board" so it's more of a picture book-type of site that boomed during covid so you got your recipes there, home improvement ideas, but its popularity has been slowing after covid. monthly active users were falling by 6%, 431 million that visit each and every month and elliott management we know has a pretty strong track record of getting their way and turning around companies so you have to remember that the last social media company they bought into, twitter, a few years ago, and they wanted to get jack dorsey out eventually dorsey did leave last year, the company, not sure about its tie to elliott but they also forced twitter to buyback $2 billion worth of its shares, and that's when twitter actually hit some pretty strong multi-year highs. now speaking of social media talking about meta and trying to fend off the tik tok competition so new features rolling out on instagram and that includes a subscription model, subscription features for content producers, so they can group chat with 30
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or more of their followers also get exclusive and first content before other people but you have to pay a monthly fee, of course. ashley: a-ha. let's take a look at netflix, ubs just gave them a huge price target cut, right? >> i think it's probably more realistic 198 is what ubs is calling stock. remember that netflix and this might blow your mind but it was worth close to $700 at its peak last year and now trading at 178. so look, you mentioned that netflix is set to report results on tuesday and they have already guided for another 2 million subscriber loss in that report card after they loss close to half a million the first quarter of this year, first subscriber loss in over 10 years and that's why now they are rolling out that ad-supported tier later on this year with microsoft firing workers and stag and releases now, stranger things was in two packages two volumes instead of their traditional and pioneer binge model so you can tell netflix is trying to do different things to get its
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business around. ashley: yeah. no doubt. all right let's have a look at amazon next. reducing its private label selection. i guess what, sales are down, is that right? >> it's not working out for them which is interesting. so you have the journal reporting they are going to reduce the number of items they sell under their own brands, and that's because of weak sales so you see the amazon basics, and those basics line on the site itself. now the company has also, by the way, discussed the possibility of just exiting the entire private label business entirely. first of all because of regulatory pressure, also you have supply chain woes, add in higher costs and amazon is trying to get that under control right now, and they've considered closing the entire private label section. now, they are also coming off a pretty strong i would say successful amazon prime day. close to 12 billion being sold up 8.5% from last year according to adobe and 300 million items that were bought by prime members during that two-day sale ashley: i would call 12 billion a successful event. >> yeah.
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ashley: susan li, great stuff lots of topics covered thank you so much. let's check the big board if we can as we're just underway, we've been open for all of six, certain minutes. as you can see the dow up 413 points, good for one and one- third percent gain. let's take a look at the dow winners if we can, whose leading the way. we have united health up three and one-third percent, sales force, american express, walt disney up 2.5% at $94, visa also on the up. take a look at the s&p 500 winners, citigroup, bank of america, ebay, wells fargo in there as well up nearly 4%, citigroup up nearly 6% and the nasdaq winners, ebay again up more than 4%, paypal is on there, auto desk, strong performers across-the-board in fact it's green across the screen. let's leave it at that. all right coming up, lebron james faced all sorts of criticism for saying this about
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wnba star britney gri ner. roll it. >> britney griner, she's in russia. she's been there -- >> over 110 days, now how can she feel like america has her back. >> i be feeling like do i even want to go back to america? ashley: nba player ennis freedom has something to say about that. he's here to respond to lebron in the next hour. don't miss that. california governor newsom looked very comfortable at the white house earlier this week. is he already measuring up the drapes? we'll see. california guy steve hilton will be here to talk about that and other things but first america is not happy president b biden. from the east coast, to the west coast, down the highway ♪
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♪ i feel good, today ♪ ashley: that is a view of lake travis in austin, texas, beautiful shot, beautiful morning. it's going to be hot, no big surprise it's july in texas. high of 97 in austin today. well, president biden is expected to ask saudi leaders today to open up the oil spigots , although now they seem to be downplaying that but what do domestic oil companies think about it? lauren simonetti reporting from the oil-rich permian basin of west texas this morning, and lauren? what are the oil producers in this country saying right now? lauren: a lot, ashley. they're sick of being vilified and demonized. they want to be part of the solution and the transition and as the president there, in saudi arabia, instead of here in , you know, the oil basin of
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the world, we decided to come here. we spoke to five oil ceo's and presidents to get their take on the situation and essentially, it's adding insult to injury that we have more oil in the u.s. than they do in saudi arabia. >> west texas is blessed with billions of barrels of american oil with billions more waiting to be extracted. >> they talk about energy independence in america, and we have all the resources to be energy independent but we're not >> what frustrates me is that you're really throwing the baby out with the bath water. lauren: on the other side of the basin in new mexico, they are bogged down with red tape. >> the permits are 12 months. we've talked a lot about that. how do we navigate this when we have been demonized and nobody wants to put new capital in and all of a sudden it's not flipping the switch especially when it takes 12 months. lauren: the industry is already dealing with labor shortages, massive delays for crucial products like sand for fracking and casing for pipelines. major suppliers say they are nearly impossible to get.
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as president biden travels to saudi arabia to ask for increased oil production, u.s. companies say that the solution to our crisis is right here at home. >> our president is over there today, sucking up to the crown prince, and, you know, he's going to be asking him for more oil i'm sure. if i'm a betting man, i'm saying it's not going to happen. >> i can not believe they are going to other countries and asking them to produce more oil when we've got those reserves right here in the ground. right here in the permian basin. we produce them cleanly, safely, we pay american taxes. lauren: a billion dollars in the month of june, in tax revenue went to the state of texas from the oil & gas industry. okay that last guy, he's who we visited when we came here four months ago. in the past four months, ashley, the price of oil is down. his production is up 14%.
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his costs are up 40%, and i think his headaches are up along with that. so, all in all, they feel insulted and they want to be part of the solution, and ashley , i asked one guy, the first guy you heard in the piece, steve. i said well what can the administration do to help you and his answer, um, it resonated. he said well, this is texas. we're not asking for anything. we just want you to get out of the way and let us do what we know how to do in the cleanest way possible. so they aren't asking for anything, just to help. ashley: and they made that point very clearly. lauren simonetti in midland texas, thank you so much , talking oil. by the way, bloomberg is reporting that the president will leave the middle east without actually announcing any increase in oil supply. here now with me is former state department official christian widen. christian, i thought the whole purpose, even if they weren't going to say it of this trip was
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basically begging for oil. what do you think about all of this? >> it definitely was begging for oil. originally this was going to happen last month and then they realized it might not look great since biden said that saudi arabia was this big human rights abuser, called it a pariah state and then to go hat in hand begging, well you have a situation where they just aren't going to give more oil. it's also, you know, been conflated with this trip to israel that was sort of just to paper over the fact that this was to go to beg for oil but it's an odd time to visit israel, their coalition government is falling apart going into elections in november you'd ordinarily go after the new leader is apparent. ashley: it's always complicated dealing with the saudis. they have had conversations with china and russia. the crown prince apparently is on pretty good terms with vladimir putin, so it's important for the u.s. to show strong leadership with the
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menace of iran but do you think this president is doing that? >> no, quite the opposite there , also. he is attending the meeting of the gulf cooperation council that's how he's got around having a direct meeting with mohammed, the crown prince of saudi arabia. they are all terribly upset with the united states, going soft on iran, trying time and time and time again to revive the 2015 iran nuclear deal. iran has been saying no, and actually, iran is already getting what it wants partially without the deal they have exported nearly doubled their oil exports, and as for russia, you know, the report we heard from texas is absolutely true. u.s. production is way down, largely because of a capital strike, and but it's more than 1.25 million below the all-time trump peak of 13 million-barrels per day in the united states but the other big factor is that reduction of oil exports. ashley: those are the days. well christian, i'm sorry to cut
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you off we're running long. i'm sorry we're so short today so much to talk about but as always thank you very much for joining us. want to get to this story if we can. thank you, christian. republicans claiming james biden , the president's brother, had access to the highest levels of some foreign governments to enrich himself. let's bring in todd piro again, todd tell me about this one. todd: yeah, ashley in a letter to treasury secretary janet yellen, congressman james calmer accusing her department of stone walling republican investigations into biden family foreign business transactions that were flagged by banks as suspicious. notably, james comer seeks information on a reported 2017 promise from james biden, the president's brother like you mentioned, for a middle east business deal, quote, and this isn't me "based on his political connections because his last name was biden and could open doors" the kentucky congressman citing possible national security implications. the funding in question said to
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come from saudi arabia all as joe biden meets with the saudi crown prince today. ashley? ashley: always interesting. thank you very much, todd. now, remember this? president biden caught shaking hands with the air after a speech back in april. there it is. well he's done it again on the world stage. we'll have the video of that. it's hard to watch, isn't it? but first, how to survive the summer's travel tensions. grady trimble live at chicago's o'hare with that report, after this. it■s hard eating healthy. unless you happen to be a dog.
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that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. ashley: summer travel is still booming, but, getting from a to b can be a nightmare frankly especially if you're using an airline. grady trimble is at chicago's o'hare this morning. grady, what is the best advice for travelers this summer? reporter: ashley, talk to a couple of travel experts and they both had the same advice for their number one tip, and that is to book direct flights whenever possible. avoid layovers if at all costs you can, and if you absolutely have to book a connecting flight , give yourself plenty of time between those two flights. upwards of two hours. another piece of advice is to take the first flight out of the
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day. that makes it less likely that your flight will be delayed or canceled already today. you can see there as of 9:30 almost 250 cancellations, more than 1,200 delays already. i can guarantee those numbers are going to grow as the day goes on. we've seen it all summer long. there's been growing demand this summer for travel insurance , because of these mass delays and cancellations. keep in mind though, depending on how you pay for your trip, you might already have it. >> we love our travel credit cards. if you use the right credit card to pay for your flights, you can actually access trip delay insurance, where if your flight is delayed you can submit for reimbursement for some meals in the airport, if you're forced to spend the night in a hotel you maybe eligible for reimbursement. reporter: and if that's not bad enough, the cost of your vacation is way up this summer,
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with airfare, hotels, and gas, all way more expensive than a year ago, only thing that's gone down ever so slightly is the cost of a rental car. make no mistake though, travel demand is still strong right now , but experts are saying they're hearing from people who are putting off their trips because of high prices and because of the nightmare stories that they've heard at airports, so they say that could buy airlines a little bit of time to ramp up staffing and frankly, ashley, get their acts together. ashley: indeed. that be a good start. all right, grady. thank you very much. also, i'd like to thank todd piro for joining us for the hour the hardest working man in tv. all right, thank you, todd. just as you wrote it. i've got it, thank you, sir. texas congressman august fluger, steve hilton, tammy bruce and enes freedom, the 10 a.m. hour of "varney" & company is next.
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♪♪ ashley: it is david bowie. look at the empire state building man 10 - downtown manhattan. i am ashley webster in for stuart varney. take a look at these markets optimal strong start in the
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first half-hour of friday session, the dow is 532 points, the s&p up one. 3% and the nasdaq up one%. look at the 10 year treasury yield if we can, this often dictates which way the markets and equities react. it is under the 3% level, what about bitcoin? crude oil up $1.78. it is lower than it has been of late. let's get to bitcoin if we can, up $335 around 20,945. the latest read on consumer sentiment, what does it say? susan: lowest we've seen in the consumer confidence survey, 50 one. one is the mid july read and that is surprising given the
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latest retail sales numbers which were better-than-expected because inflation is trending at 40 one year highs, those numbers are translated from us dollar, the consumer still feels the pinch. ashley: thank you very much. off the record low but still low nevertheless. senator joe manchin pulling the plug on climate and tax talks, just isn't going to go there. lawrence, that is a major blow to democrats, right? >> yes, we are talking a political -- love or hate manchin he is never going to go against what his voters are saying in west virginia. the west virginia folks i talked to, you like your approval rating are not? you start dealing with
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progressive policies, it is going out of control and the new green deal approach he tried to label as moderate you will see a hit so i think he did the right thing but it is a big blow to the democrats because he's the only hope for the democratic party right now. ashley: there are those who say he should become a republican or independent but to your point he does speak his mind and votes his mind and vote for his constituents, pretty good thing for a lawmaker, the president, trying to shake hands with the air again. always painful to watch. stuart calls him a leg look -- lame-duck president, he has two more years to go, this is on the world stage, do you see them running in 2024? >> former president obama will soon convince him not to run
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again. he is already a liability. only one person can convince him not to do it, the same person who tried to convince him not to do it the first time or the second time, told him, it was hillary clinton, last hope for the democratic party at that time. they knew he wasn't the best at the time but the only moderate in the field. the former president will have a conversation with president biden and say enough is enough, get your library bill, go on the public speaking circuit but it is time to step aside. i can't speak on his mental health but i can say president biden, was known as the greatest retail politician, you wanted him in the room to wheel and deal, he had a lot of experience but he always had
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gaffes but he was known to be the guy who can close the deal, relatable, now the same thing made him a liability. you never know what he is going to do and not in a good way. ashley: 30 seconds, we know the democrat bench is pretty slim. who could take over the mantle from president biden? i am not sure though vp is up to the gig. >> don't think i have a candidate. they will use gavin newsom to go against ron desantis. an opportunity to hop into the race and say i told you so, should have elected me the first time but they have a heavy hill to climb. you talk about inflation and crime and the border and all these issues i don't think they can have a candidate who can answer those questions. ashley: i think you are exactly right, thank you for taking
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time to check with us today. thank you. ivana trump, first wife of donald trump, has died at the age of 73. do we know what happened? >> reporter: there's an investigation on the cause of death, new york city police investigating. if she fell down the stairs at her upper east side townhouse or did she have a heart attack, a health problem, new york times saying there were no signs of forced entry and the death appeared to be accidental. ivana is emeritus one half of the quintessential power couple, she helped donald trump manages real estate empire and also embarking on her own entrepreneurial endeavors including books, makeup, beauty items, and the trailblazer as a
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woman taking control of her career into her own hands. ashley: let's get back to the markets, the markets are up, the dow up 416 points, mark, are we in a recession do you think? >> we are in an economic slowdown and the data will tell us how deep as soon as we get quarter end numbers but inflation is here and the fed is fighting it, the objective is to slow the economy. of the fed is successful we have a slower economy and that is happening now and we will see when the data comes out of it is a recession. ashley: you think the fed will manage not to hit the brakes too hard, you expect a mild recession. what is that based on? >> a couple reasons for that, the political angle you can
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hear from fed governors, the biden appointees are more sensitive to the other side of the dual mandate, the fed has two objectives, one to maintain price stability which they do by fighting inflation and the other is to manage full employment and when they get affected fighting inflation they do that by pulling down demand, slowing the economy. the fed presidents will say we need to be mindful of the impact this has on people and that's why i think the fed will raise rates this summer but by september they will slow it down and read the data and the data will reflect a slowing economy. ashley: there are indications the supply lines are starting to get better and with that in mind which is a big driving force of government spending, are we close to the bottom than a top and we see the light even if it is dim on the other side?
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>> supply disruptions work themselves out in a free economy, the marketplace will work that out and we see that with delivery times as the economy slows there will be more product available. there will be several head wents. the european economy is slowing and that will drag down the global economy, and the lower the demand, china shutdown, the lower the demand for product the more readily available within the marketplace is going to be shift, that is lowering prices because the greater the supply the lower the price of the same goods so we expect inflation to moderate. saying this is peak inflation is not saying low inflation. even if it drops by a third we are in the mid single digits which is too high and above the fed's objectives.
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ashley: another sign of tight labor market, let's bring in susan. americans could see the largest pay bump since the great recession. lauren: the largest pay bump in 15 years according to a new survey from hr consulting firm, the average plan increased 4. one%, higher than you saw in 2,008 when the average wage hike was 3. 5%. %. 2 of 3 companies will hike wages but you have to remember inflation is running at 5%, highest in 41 years, if you do the math, household real wages will be down 5% squeezing household budgets, they have less to spend at the grocery store or other items. ashley: looking at some of these movers and a strong start to the session let's begin with united health.
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susan: multiply it by 7, only 30 stocks, adding to the rally on this friday, unh quarterly earnings, revenue profit beating forecast, raising for your outlook, the strength for united health is helped by strong performance and optimum health care services which allows you to bank money on one of those low deductible plans. ashley: you are going to look at twitter, what's the latest on the twitter musk saga? susan: it will be a long one. we have the trial appointing a judge who has a reputation for no-nonsense to twitter lawyers, it will only take four days for twitter to prove their case and start the nonjury case, the
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judge will decide and it will take four days for them although legal experts say the entire travel will take two weeks, saw her stocks, if you look for some red across the street, look at those severe declines, joe manchin would not support new climate change funding, no more or less government subsidies like the solar panel maker. ashley: they are down for sure. tesla asking its drivers in texas to avoid charging cars during peak hours because of the heat wave so you don't drive. an instructor at harvard law school says conservative supreme court justices should never no peace again. a message for lebron james, i don't think james will like it, she is here next.
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neil: a nice rally to kick off the friday session, dow up 530 points, the s&p up one. 3%. check the financials helping to help today's gains, some are okay, some not so great. citigroup a 8%, morgan stanley, goldman, jpmorgan showing nice gains. i say games but i was going to
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go on to the wba, wnba star brittany griner, she returned to one quarter we could go giving a guilty plea. what happens next we are not sure. susan: her doctors recommended she is medical cannabis to treat her athletic pain and permission position on behalf of the department of health, her defense submitted tests she underweight as part of an anti-dopeing check which didn't detect prohibited substances in her system so she pleaded guilty to possessing the canisters but said she has no connell intent and were just in her luggage because she had to pack quickly, this is scheduled on july 26th. her 26. her legal team says they might be able to finish her defense by the end of august, russia
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has permission to detain her until december so this could go on for months. ashley: thank you very much. lebron james questioned the usa had her back. >> she feels america has her back, i would be feeling like do i want to go back to america? ashley: he tried to backpack, claim his remarks were not meant to knock on our, quote, beautiful country. in us can't or freedom --ine kantor freedom joins us. >> thank you for having me and i'm not buying it. i called hannah walker back. getting so much backlash, tried to apologize but no one will buy it.
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ashley: do you think people like lebron, he has a big athletic star, doesn't understand what the us is, what it represents and the freedom that we all enjoy. >> breaks my heart when people take freedom for granted. he earned everything in america, his money, his respect, his fame, america gives him everything here and right now and still in unappreciative billionaire and that breaks my heart but the situation, she wrote a letter to president biden, who wrote a letter back to her after she considered not to play the national anthem the rest of the year, people need to understand, trying to do everything they can to bring her home. ashley: i want to get onto the subject, you say colin
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kaepernick started ignoring you if you could size the nike in china but i thought he respected protesting and activism. >> the whole world knows now i have so many problems with the turkish government, and i reached out to him, we had a good conversation how to bring more awareness and a year later i started to criticize things that are happening in china, started to criticize nike, they are modern-day slavery and then our conversation, no response but that breaks my heart. it is what it is. i can do nothing about it but it breaks my heart. ashley: a new golf tour backed by saudi arabia, there's been tremendous outpouring and a lot of people criticizing golfers
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for taking a lot of money from a regime with questionable human rights record and yet to your point we have the nba who treats china as someone important to the game. is that about a double standard? >> this organization, bowing down to dictatorships and if you are a player, dealing with these companies make sure you do research because you are not just putting your signature but your name on those papers. it is important to do that, companies and organization to these dictatorships. ashley: do you have family in turkey and are you able to communicate with them? >> it has been almost 9 years and there's no communication. the dictatorship in turkey is
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still abusing people's rights, political prisoners but it is what it is. people have to sacrifice for what is going on in the world. ashley: have you been well received in this country for the stand you've taken? >> from day one this country gave me a warm welcome, people, i remember my first day here, took me to get some food. people are respectful and nice and from day one can't take america enough. ashley: we are grateful to have you here, thank you for taking time to talk to us today, thank you very much, appreciate it. democrats are desperate to pass a bill to take on china and bolster us production of chips wouldn't that be something? chad program on capitol hill, what's the latest on this
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effort? >> the goal is to finish the bill before the august recess, came to capitol hill twice this week to appeal to lawmakers. >> you know as well as i do early august becomes early september and early october, the process is up to them to figure out, members of congress need to figure out the right process, the art of the possible, we want the most robust bill possible. >> reporter: making more chips is essential to compete with china, she says it is a national security issue. mitch mcconnell threatened to hold up the chips bill if democrats use a special filibuster exempt process to pass a new social spending plan and now the effort has stalled. >> i have been reluctant to say it's a great idea to add two
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more spending bills on top of what they have already done which creates the number one issue in the country, this record inflation which is the reason this is in the dumps. >> the chips bill is stuck in conference committee where they try to blend the house and senate versions of the bill together, house and senate bills very significantly but can't resolve the impact. there's talk of scaling down the bill to the bare essence and just moving the chips part. >> we have been working constantly on the chips bill and we need to have the transformative nature of search and education and the rest to make us preeminent in the world. >> opponent of the bill contend this is a handout to the semiconductor industry, there could be a test vote next week. ashley: very good.
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chad program on capitol hill. could going solar harm the environment? we bring the result of a new report on that. alexandria ocasio cortez belated the harassment of syrupy import justice brett kavanaugh but has no problems complaining when she gets harassed on the capitol steps. tammy bruce all over that hypocrisy next. ♪♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech.
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ashley: as we look at these markets and our into the session the dow up 600 points up for a 2% gain. you are looking at some other movers, let's begin -- susan: we are in a rally to end on friday but chinese electric carmaker neo, local tesla competitors, they nearly escaped the negative quarter of growth for gdp while we do covid lockdowns in shanghai and the rest of the country because of record number of cases but
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they could be closing factories once again because of what we see on the mainland with neos and other electric car players, a strong june quarter of deliverys, tesla saying a record month for production after all those factories reopened, the financials. ashley: yes please. susan: no longer $10 trillion money manager not because people aren't giving them the money but the stock market selloff is marked down in value, they brought in $90 billion in investor cash, we look at the worst have to start the year since 1970 meaning less for blackrock's bottom line but they confirmed in the earnings call they are hiring next year, probably the best report card among banks and financials city but anchoring
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from higher interest rates trail leading to high sales and it was an anomaly so far with wells fargo missing on the bottom line and the mortgage lender said mortgage loans went down 30% despite the spring buying season. ashley: those mortgage rates are going up up up. appreciate that. alexandria ocasio cortez facing backlash after she complained about being victimized by heckler on the steps of the capital. this comes less than a week after she mocked supreme court justice brett kavanaugh run protesters forced him to leave a restaurant. tammy bruce jointly. this is hypocrisy with a capital h. >> bily people that matter to the democrats are themselves,
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democrat leaders are not thinking of anyone else, it is always what matters to them, these are transactional experiences. it suits alexandria ocasio cortez, sandy as she is known in new york to be happy when someone she doesn't like as harassed or intimidated but she is supposed to be beyond and above that. is nothing new with people who believe they are better than everyone else and deserve special protection and they are above being called out or criticized, it will be racist, sexist or homophobic and in her case she is -- for the democrats victimhood for them is something that is part of their identity, it is a romantic thing, we know that is a lie, victimhood ruins people's lives but if she's going to be consistent, how it affects other people and for her, this is the key issue of character and decency, people
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she doesn't like deserve to be harassed and intimidated and that is the infection people like her are infusing with democrats across the board. ashley: couldn't have put it better myself, recent polls show demographic of voters in both parties is changing ahead of the midterms, republicans attracting more working-class voters while democrats gaining more votes from wealthy americans. what you make of that? >> what we noticed is americans have realized the establishment have is abandoned them, we got lied to, no matter who you are you are affected by things like inflation except for the superwealthy can get by when it comes to increased prices but the average person who, people affected who are poor or struggling and the middle class in general, we don't have a few
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extra thousand dollars to deal with gas or think about if you have as much gas in your tank or what protein you will have on the table for your children that is what this government has done. what were publicans have to be aware of if they don't screw it up, people moving to the republican party, remembering what donald trump did, he is the one that made the republican party open for everyone, especially the forgotten man and woman, that was the theme when he was running and it worked, suddenly americans even if you had dirt under your fingernails and weren't wearing hair gel that you mattered, what you did when you came home mattered, you needed to relax and take a shower and fall asleep, your life made this nation run, you were part of the engine of this country, those people remember that and that is the republican party they are looking to and the republican leadership had
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better remember that and what americans in general want and even superwealthy individuals are above these issues and think about it is climate change or these other dynamics that make them feel like they are better than the rest of us, everyone should wake up and we have a chance in november to make a difference. ashley: perfect place to leave it, thanks for joining us on this friday. an instructor at harvard university calling supreme court justices who overturn roe versus wade pariahs. >> >> see the 6 justices who overturn roe versus wade should never no peace again. it is our civic duty, she says to accost them every time they are in public, they are pariahs, women don't have their rights, these justices should
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never have a peaceful moment in public again. supreme court justice brett kavanaugh met with pro-choice protesters when having dinner outside in downtown dc and demanding supreme court brett kavanaugh that he should be forced to leave, from a tech perspective google maps to remove a live map of where these conservative justices live to protect their privacy from these pro-choice protesters. ashley: that is a good thing. thank you very much. confidence in public schools hit an all-time low, we will dig into those numbers. more cities looking to ban the construction of new gas stations. how will that help alleviate record high gas prices? kelly o'grady has that report next. ♪♪
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ashley: let's look at the markets. we are in rally mode, the dow up 72 points, the s&p up 1.5, the nasdaq up one person, better-than-expected retail sales, citigroup, lots of bullish sentiment on wall street. a rising number of cities in california are banding of the construction of new gas stations, los angeles could be joining that list. kelly o'grady is here. what is going on? >> reporter: good to see you. this is all about the green push in california. if you can't build new ones and close down old gas stations that will nudge drivers toward evs even if there's no economy
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option on the market. i'm in los angeles, there are two gas stations here, a big boon to drivers here, no but someone says it could be economically crippling to certain groups, this is about equity, what happens as more suburban locations atop that push had no affordable housing communities are built, the fears the population that can't get an electric car will be searching for gas and burning more fossil fuel in the process to get to work, these policies are born out of optics. >> you take away control from the customer and giving it to somebody with an advocacy position that may or may not fit with the community but -- >> reporter: that is part of the larger push for draconian deadlines with little time for execution, officials predict the climate plan could increase
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electricity by 68% by 2045 which would put immense strain on the power grid that cannot handle heat waves. i talked to folks in the energy industry and they support the green push but the sentiment is change needs to be gradual so from an infrastructure and financial standpoint we don't hurt businesses and consumers alike so bands on new gas stations don't change driver behavior. it is an optic. ashley: i think you are right. thank you in los angeles, an interesting story to back that up, tesla is asking texans to avoid charging their cars during peak times. why are they asking that? susan: they are dealing with record heat wave, triple digit so asking avoid charging their cars during peak hours from 3 p.m. to 8 p.m. pm, from the state electricity commission. tesla owners have been told to
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ease up for the next few days and telling bitcoin minors in texas to stop using electricity during the afternoons when they needed. a lot of office buildings etc. but when i was there in texas they had a point because if you look at the charging stations and infrastructure buildout in austin, texas, they were packed and lined up with electric cars like tesla. ashley: it is always hot in texas in july. next one, the los angeles times is warning about the environmental danger in the transition to solar. how? susan: they have limited means of disposal so expired solar
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panels not good on the environment because of toxic chemicals but the problem in california, it is home to the largest amount of solar panels in america, 20 years, one. 3 million rooftops that have some of these solar panels, generous state government subsidies to buy them. they only have a 25 year lifecycle and contain toxic heavy metals like selenium, cadmium which could contaminate groundwater if not disposed in the right way. that the headache for california. ashley: the ironing, thank you very much. a new report says young voters are fed up with older politicians sending a clear warning to democrats ahead of november. my next guest says we are only beginning to see the damaging effects school lockdown sent mask mandate had on our children pointing fingers at the teachers union, freedom
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ashley: take a look at the market off to a strong start to end the week, the dow up 557 points, 2% gain, the nasdaq up 1%. it is a rally. a new gallup poll shows republicans confidence in public schools has plummeted to an all-time low, what is the number? susan: 20% as a whole saturday have a great deal of confidence in public schools and that's the second lowest figure on record according to the gallup poll but the republican side is even lower, the lowest on record, 14% and that is down significantly from the 30% we saw in 2,020, they'll low confidence on the gop side stems from the controversies over critical race theory and the florida bill on what should be discussed for young kids in school but contrast to the
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democrats where you have 43% have confidence in the us public schools, that is a wide gap between the two sides. ashley: i would say you are absolutely right. 43 to 14%. %. and of course it is on party lines. susan: it is still pretty low. ashley: good person to talk about this, the ceo of the freedom foundation joins us and now, you say organizations like the national education association are focused on pushing new radical policies instead of the needs of the students. what makes you sad that? >> the national education association, the teachers unions have their conferences this week and what are they
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discussing? critical race theory, sex ed, masking kids, the shopping list of liberal ideas coming out of the left is coming from teachers unions. that is their priority, their agenda is to be political organizations, not to educate our kids and that is why you see people not trusting public schools anymore, these unions have gone and politicized it, the american federation of teachers released a poll that 9 of 10 teachers think their schools are too political and 40% of teachers are thinking of leaving the profession. ashley: it is interesting because in florida the bill dealt with what kids can be taught, young kids, k through fourth grade and it was called the parental education rights bill allowing parents more say over what their children are taught and that created a huge outcry, they called it the
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don't say gay bill but it was the point parents wanted to take more control and pushback was significant. >> it was significant from the teachers unions, they had a monopoly having control on the school system for decades but what we are seeing is parents and teachers waking up to the agenda of the teachers unions, polling suggests trust is significantly down on teachers unions but parents are going to the ballot box and voting, teachers are opting out of their unions, we've seen that 2% decline among the top 2 teachers unions in union membership, one of the largest declines we have ever seen of teachers opting out of their unions taking 1100 year back in their pockets rather than unions campaign coppers and
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funding candidates like joe biden. ashley: not only is confidence in public schools down but on the other side the rise of homeschooling. is that a trend you think will continue if the situation continues as it does in the public schools? >> absolutely will, public trust is down in public schools because they are failing ultimately and if you are a capitalist and want the ability to take your kids and put them in a system that is going to eventually enable them to have a quality education whether it is private schools, charter schools, homeschooling, seeing a big uptick, these are all situations that allow parents to take control of their kids education, not send them into failing public schools which i think is a good thing. ashley: we are of time but thank you for sharing your thoughts with us today.
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and that's where our strategic investing approach can help. t. rowe price. invest with confidence. >> the president will have a conversation, enough is enough, joe is known to be the guy who could close the deal, relatable, loved the people. the same thing has made him a liability. >> saudi arabia was a big human rights abuser, called a pariah state and to go ahead and hand begging to israel, that was paper over the fact, kind of an odd time to visit israel. >> that 100 basis point conversation is very much on the table but if there's a hike in august that will suggest we better get out in front of it because it will get worse. >> inflation is here and the fed is fighting it and the fed's objective is to slow the economy.
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♪♪ ashley: lady liberty, new york harbor on a beautiful friday morning, it is 11:00 a.m. on the east coast on friday, july 15th right in the middle of summer. let's take a look at the markets if we can. on top of this cheer we have a rally, the dow is up 574 points, the nasdaq up one%, let's look at the big banks if we can, reporting their latest quarterly earnings and the banks have been pretty good, citigroup is up 11%, $49 and they are all up today, bfa up 5%, wells fargo up 7%, look at the 10 year treasury yield down 4. 4 basis points, 2.92%, tends to
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be more equity friendly when we see the yield dropped. president biden has just arrived in the saudi arabia, the first time a president has flown directly from israel to saudi arabia, he will meet with the saudi crown prince while he's at a conference later this hour. i went there in 2,008, it's the most liberal or least conservative city in saudi arabia, they had chuck e cheese, cheesecake factory, chilis, shake shack, very westernized but it is in the saudi arabia. that said the governor of california gavin newsom visited the white house while president biden is up way overseas, there he is waving, happy and his shirtsleeves, met privately with the first lady, toward the white house, even as you can see strutted in front of the cameras.
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steve hilton, good man to talk about this joins me now. i think it is possible to go into the white house a little more quietly so it is clear that newsom didn't do that. is he measuring the curtains and carpets for 2020 forbid? >> and then some. he brought a crew with him, did a deal with alex michael, that footage of him walking in was exclusive footage of a private film crew so that no one would be any doubt where he was this week. the whole thing is ridiculous because it is obvious that he is now wanting conversation about 2024 to involve him. that's the point of that ludicrous add in florida for his reelection campaign, his visit to the white house, the placidity surrounding it and it succeeded beyond his wildest
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dreams because every conversation now that is speculation about 2024 now includes gavin newsom so mission accomplished. ashley: if he was only talking to the californians in florida who had gotten away from his state but i will move on. los angeles, this is always great in la, considering bringing back mask mandate as covid cases begin to rise, are they going to put their masks back on? >> even the last time people were sick of it and you go around los angeles during previous mask mandate and people had them flapping around urchins because they could see how ridiculous it was even in very democratic los angeles and the thing is what is outrageous about this, the public health director paid half $1 million a year while ruining the lives of careers of small businesses and others struggling los angeles. as a result of her tyrannical closures.
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we said she's not going to give a, they don't want to give their power. they have their ludicrous metric for their pseudoscientific passenger to all of this, the metrics show we need to -- it is absolute rubbish. we had as they say into, and a b test in the bay area where i live just recently where alameda county, neighboring -- two counties next door to each other, one with a mask mandate, what with another, an enterprising journalist of the san francisco chronicle mapped the rising covid cases in both counties, absolutely identical, totally identical mother mask mandate make no difference because people know they don't stop the transition and they are still at it after more than two years, so infuriating. ashley: it it is indeed but talking of rubbish, los angeles
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district attorney george gascon facing backlash after announcing he will disband the so-called lifer unit that notifies victims of their assailant upcoming parole hearings, nice to get a heads up, why would he want to disband it? >>'s argument is it to be an opt in the system where the victims should be able to choose it. the whole thing is part of his clear strategy. he was a public defender before he was district attorney and he is pro-criminal, there is no other way of explaining it. what started as a perfectly legitimate, reasonable and important conversation about criminal justice reform, too many people in jail, conway to the far left extreme and even in the face of the recall which
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looks like it is going to happen with the recall campaign collecting 700,000 signatures, well-known a couple weeks whether they have succeeded. even as that is going on, he's doubling down on this pro-crime, pro-criminal far left extremists strategy that has seen crime rocket throughout los angeles. ashley: we say this a lot, we notice in the numbers barrett out as you just proved but doesn't make a difference in california when people go to the ballot box? >> one interesting a race to follow this year is the race for state attorney general because the guy who emerged from the primary there, very interesting guy, very well-qualified, very serious campaign and the point about the state attorney general as i learned when i talk to the
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candidates in my podcast focusing on california is the state attorney general consume in on cases they believe are mishandled by district attorneys in places like los angeles and san francisco and intervene and start to turn things around, it is a very important race and there's a possibility that you might see a republican voted in state wide for the first time in that race and another one, the state comptroller, people are fed up of the far left extremism you are seeing up and down california and i think i see from democrats all the time, i am a democrat but i can't stand george gascon, i am a democrat but got to do something, your hearing that more and more. ashley: maybe the tide is turning and steve hilton is leading the revolution, great stuff as always, have a great weekend, thank you very much and as always we will be watching steve on the next revolution sundays at 9 p.m. eastern, a great show only on fox, make sure you catch it.
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back to the markets, nice rally, good time to bring in jonathan honecker, nice day. we are not at the bottom, can we see it from here, we are closer to the bottom of and we were before? >> we are and the best example of that is the notion that investors are so bearish. susan talked about the consumer sentiment number not an all-time low but near the all-time low and most investors are selling stocks but the bottom doesn't matter. what you want is not the bottom but a blue market and i don't think we have one. the dow was flat for 16 years from the late 1960s to the early 1980s, 700 to 1100. that's my fear. great day today but we are in a
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new sustainable bull market? don't think so. ashley: what does that mean for the investor? no strong leaders in the market? >> that's frustrating about inflation, investors should be angry for causing it. it forces you to think short-term. how can you invest 30 years out knowing inflation has such an certainty, inflation promises you to think short-term. as investors we have to trade shorter-term, that means not messerli buying for the long haul but getting in, getting out much more quickly than you otherwise would in a non-inflationary environment. ashley: you say how about long-term bonds, make your case. >> sounds unbelievable considering inflation is going up, interest rates have been going about long-term bonds, the tlt funds, it is down 17%
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year-to-date, this is for us government bond funds so it is due for a big rebound and this is a short-term play, inflation thriving but investors looking to take a contrarian position, we are not dismissing inflation but the story is out on the front page of every newspaper in america. if you're looking to be in a contrarian in a small position long-term bonds could be a good bet. ashley: i think that is fascinating. great stuff as always bringing your a game on a friday. let's look at the movers now. let's begin with boeing. jpmorgan cut their price target from $190 to 188, the stock essentially flat right now. let's look at southwest airlines, the carrier planning on adding and training thousands more employees, that stock up close to $40.
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let's take a look at amazon, the company will delivering packages with drones. we talked about this for a long time, the prime air drones will launch in college station texas later this year, they can carry packages up to 5 pounds. the stock itself up 3% but that will be interesting to follow. playboy heating up the meadow first launching a virtual playboy mansion, bunnies and all. rural america is getting crushed by inflation. a new study shows new expenses are consuming 90% of rural take-home pay, 90%. congresswoman ashley hinson is here to respond. there is a bright spot amid this inflation taught, cost of
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shipping is coming down but it will take time before you fill that relief. madison all worth will have that next. ♪♪ r, the dribbler, and the day-dreamer... the dribbler's getting hands-on practice with her chase first banking debit card... the drummer's making savings simple with a tap... ...round of applause. and this dreamer, well, she's still learning how to budget, so mom keeps her alerts on full volume. hey! what? it's true! and that's all thanks to chase first banking. freedom for kids. control for parents. one bank with tools for both, all with no monthly service fee. chase. make more of what's yours. [whistling] when you have technology that's easier to control... that can scale across all your clouds... we got that right?
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ashley: the wall street journal reporting the chief security officer at tiktok will step down from his role in september. the company says it is not related to concerns in washington of security risks but told he will be replaced by tiktok's global head of security risk, that news just in. let's move onto the story, the price to ship goods from china and east asia to the us down
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62% from their high last september. madison allworth is in new jersey and you are talking to shipping industry officials, how close are we to pre-pandemic rates? >> reporter: these rates have started to come down but unfortunately we are still way off pre-pandemic rates, still about five times above what we were paying pre-pandemic so doing some context of where we stand in jersey city, a 40 foot container traveling china to hear is currently going to cost 10,000 for that unit, pre-pandemic it was 2000 so we have a way to go but we will celebrate any good news we can. let's start first with of that increase, finally see rates come down, what is driving that? >> various reasons they are coming down, one is more competitors coming into the steamship line market, we have
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more capacity, year over year demand is up a we are seeing more capacity. i personally believe spot rates for present a smaller portion of the overall freight movement, usually caused by contract rates that are fixed agreements, the steamship lines doubled them last year so they have more flex ability to take additional containers, the main thing is the revenue curve, higher margins than last year overall and that is what you got to look into. >> reporter: you explained that important spot rate which is down to 10,000, contracts preset last for a year or two but we are seeing interesting movement in the contract and stock market when it comes to shipping companies trying to hold on to profits, we've seen this decrease but you are telling me we shouldn't expect this to go down more, why do we expect rates to stay here or go up? >> don't think it will go down more because steamship lines never want to see the bond market go below the contract
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bonus which is usually 70% of their movement so i believe in order to maintain their margins and utilize equipment they will take vessels off the lanes and that could raise rates, you have to remember steamship lines are business entities that may $200 million collectively last year and on pace to make more next year, can't go to the board of directors and say we felt bad for someone or something and we are going to make half as much, just does not work that way. >> you take ships off the market there will be more demand and less supply and this is just one piece of the supply chain puzzle but we will take any good news when it comes to the interest rates we are feeling in the market, just need more good news than this. ashley: we will take it. thank you for that. meantime a new study shows current inflation wave is hitting rural families more than urban families, expenses
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are consuming 90%, 90, of all rural take-home pay. ashley hinson, republican from iowa joins us now, congresswoman, good to see you. my first question is why our are rural families getting hit so hard? >> look at inflation haying this country, 9. one%, when you look at rural america these are the farmers feeding and fueling the world, fertilizer costs are up, transportation costs are up, families have to drive further to get to work or to run those errands and they are driving every single day each way to get to work in rural america so when you look at the cost of the burden on our families it is tremendous so i am fighting to make sure the administration realizes they are failing the american people and direct result of the biden policy agenda in washington dc. ashley: what particularly about
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that agenda is hurting constituency in iowa do you think? >> a couple things, look at the 9. one% inflation rate, the administration's answer is to spend more money and double down on the bbb planet raise taxes on ohio small businesses, their plan when we have record high gas prices is to double down on america last energy policy censorship barrels of oil from the strategic reserve to china. don't know how much more out of touch they could be than they are right now but those policies are hurting families, you think about families, working 12 months of the year they have worked for free a whole month of the year because that take-home pay is torpedoed by this administration to drive those costs down, good america firstenergy policy and national security policy and it will drive down inflation as well for american consumers.
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ashley: can't talk about iowa without talking about corn, your state produced an estimated 2.3 billion bushels of corn in 2020, corn production at 5.3 million pounds, that's a remarkable amount but the question to you is you mentioned these high prices, that must take a tremendous slice of the bottom line for these farmers. >> i had calls from the iowa corn producers and they were lamenting how much things have gone up, we must drive those down for the people who feed and fuel world, the administration seems to be delivered early working against these people who are trying to get by and make sure they can produce a product they then ship around the world as well to other countries so corn is a big part of our agriculture economy in iowa. that's why i've been pushing for increased use of biofuels in the discussion of biofuel and how to lower the price at the pump and we got legislation passed to the house a couple weeks ago and i hope the senate will take it up as well because
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it provides choice at the pump for consumers and that is what we need as we are looking at energy policy in the united states. ashley: or we could all just purchase an electric car, thank you for joining us today, really good information, thank you. let's take a look at the markets if we can, good news on friday, nice rally going on, the dow up 637 points, up 2%, the nasdaq and s&p also up nicely indeed. what about crypto currencies, let's take a look at those. crypto trading volume tumbled 28% in june falling to its lowest point since 2,020 but all the cryptos filling up with momentum, bitcoin up 20,809. now this. open sea, the world's largest nft marketplace cutting 20% of its staff, the latest in a
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series of layoffs at crypto companies. after the layoffs 230 people will remain at the company but we are seeing more and more of this even as the crypto collapses, parts of that world, more companies jumping into the meta verse. skateboarding star tony hawk is still going strong building a virtual skate park with a game called sandbox, also working on a collection of 3d avatars that will be sold as nfts and now this, take a look. playboy getting into the meta-verse, opening a new virtual playboy mansion, also a collaboration with sandbox, there is. not much more i can say about this, let's move on. the beer guys about to buy their first super bowl ad in 40 years, what took them so long and take a look at this. by the time the next inauguration day rolls around
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ashley: this year coors will air its first super bowl ad in 33 years. it comes after anheuser-busch ended their deal is exclusive alcohol advertiser for the big game. patrick m ahomes will play even though players cannot endorse beer. watch how they skirted the roles. >> it is a flashlight. >> at the flashlight, nada year. introducing the cors light, the coors light is 100% flashlight and 0% adult beverage. ashley: pretty funny, the flashlight costs $15 but is already sold out. cores back in the super bowl after 33 years. nice rally to finish the week, the dow is up 625 points, the s&p and nasdaq also up more than one.
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5% on the s&p, up 1.5% on the nasdaq's strong buying today, let's look at tesla if we can. elon musk says the company could reduce car prices on one condition, if inflation columns down, we can lower prices for cars, that is from elon musk. there you go. we will hold him to it. a group of republicans warning about a climate cartel amid accusations black rock could be involved in a scheme to reduce drilling. hillary vaughan is on capitol hill. what exactly is black rock accused of doing? >> reporter: senator tom cotton wrote the ceo a letter asking them questions how far they are willing to go to make sure their clients are safeguarded against climate risks but democrats and biden's own nominees, top jobs in his administration called for wall street to d invest in oil and
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gas, something the fossil fuel industry should be d banked altogether so republicans on capitol hill want some answers, senator tom cotton writing a letter to the ceo blackrock who is a part of climate action one hundred, an investor led group that tries to make sure large corporations are taking necessary action on climate change writing your anti-drilling coercion threatens our national security, hurts american struggling to buy a tank of gas, investor participants appear to be running conspiracy to restrict the supply of fossil fuels and impose various other unlawful restraints on trade by collaborating with other investors, you and your fellow participants appear to be acting like a climate cartel, blackrock is pushing back saying they made it clear before they joined the group that black rock acts independently and makes its own
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investment decisions telling fox business we do not coordinate investment decisions with any members of climate action one hundred, we do not buy or sell or hold our shares together with any climate action one hundred signatory. as fiduciaries to our clients we prioritize long-term economic of our interests, not required by law but that does not mean they are not trying to protect clients from climate risks. they joined the group and pledged we the institutional investors that are signatories to the statement are aware of the climate risk present in our portfolio and asset values in short, medium and long-term, and engaging and working with the companies in which we invest to communicate need for greater disclosure around climate risk is consistent with fiduciary duties. the argument is they think it is good business to make sure they are protesting their
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clients investments from climate risks down the road. ashley: interesting, thank you very much. i want viewers to look at this headline from the new york times, quote, young voters are fed up with much older leaders led by politicians often three times their age, many voters under 30 are hungry for new blood and new ideas, rob smith jointly now. what new ideas do millennials want and i will get into the age thing? >> a lot of people whether it is millennials origin z1 a change to the system in which people go to dc, get elected and live in the bubble of these he completely divorced from the reality of real americans for decades and decades and decades and one day, become president
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of the united states or something like that where they are literally talking about ideas and have ideas that are so out of touch, we are talking 30, 40, 50 years out of touch, we are seeing this with joe biden and an interesting point that was made in that piece about the fact that generation z has not seen american come together in a moment of pure prosperity like other generations have. they have gone from the divisiveness of the trump era to the delusion of the biden era and this is not giving them any sort of incentive to have any trust in our institutions and the people leading this country. ashley: so much more i can say on that but i want to get to another subject, the president of the american federation of teachers, randi weingarten wants democrats to be more aggressive against republican attacks on critical race theory, she argues republicans are the ones trying to
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politicize education but are republicans at fault? >> i don't believe so and interesting she accuses republicans of trying to politicize education when the left and the democrats have been politicizing education for the last 30 to 40 years. the uprising we are seeing right now of all of these parents standing up against critical race theory which these are not all republican parents, some of these people are democrats, some are independents and the uprising we have seen is because the teachers union shut down the schools and parents were able to see some of the stuff that was being taught in schools via zoom education they had the kids learning, you have stuff like this far left indoctrination, stuff like far left sort of idea there are hundreds of genders and other stuff that is so far removed from reading, writing, and arithmetic that people started standing up, this push against
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critical race theory is not republicans being mean, it is parents of all political stripes standing up and saying you need to teach our students, you need to teach our kids the basics and not indoctrinate them. ashley: very quickly, that to me says the republican attacks are starting to have an impact, getting pushback from weingarten. >> absolutely and this is why a lot of people are scared because this is not just republicans, this is a pretty broad coalition of fed up parents that are partnering up with politicians and some of these people are actually running for school board positions across the country, they are fed up with all of this stuff, this isn't some republican bogeyman or republican witchhunt against critical race theory, this is parents that are fed up that are waking up and taking action. stuart: we have to leave it
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there, thank you so much for joining us today, much appreciated. this now. a group of republicans demanding answers in the wake of the foiled terror plot against george w. bush. congas on august pflueger is helping lead that charge and he will be on the show. ford's new bronco raptor sold out for the year before it hit the showrooms. car guy gary took a test drive and will tell us what it is all about, that is a big car next. ♪♪ ♪♪
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ashley: you are looking at interstate 75 in bertrand, michigan. nice day, 82 °, the beatles, come on, baby, drive my car. show me oil if you can, oil has come back. oil and crude at $98, up today $2.36. national average price of gas stands at $4.57 for a gallon of regular down from last month when we were paying an average of $5 and one cent. i want you to take a look at this, talking of gas and guzzling, the brand-new ford bronco raptor already sold out for the rest of this year and hasn't hit the show room. gary joins me now. you could test drive the beast,
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what is special about it. >> when i was test driving in california i was paying $6 a gallon. and in the meantime the bronco raptor hitting showrooms in a couple weeks. $70,000, twice the base costs 18 horsepower turbocharge v-6 engine, 37 inch, the biggest tires you can get on any suv and this advanced suspension system lets you drive this through the desert, jump it at high speed, armed good rock collar. driving as fast as i could on the highway. and luxury stuff like adaptive cruise control but it sold out, reservations are taken what the
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dealers are and might find the dealer, they are marking them up $35,000, what you would pay for the base logo people will pay extra to get their hands on one of these, the hottest vehicle on the market even as ford launches its electric truck and those sorts of things. ashley: i thought that was the push of ford pushing behind gas gobblers and focusing on electric. >> gas guzzlers will pay for the electric, they will launch a new raptor that will be the most powerful pickup truck ever made. i guarantee it will not fuel economy. this is built for the desert, you might look into down there. a winch on the front and get stuck. ashley: always looking for a swamp. we have to move on.
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ashley: nearly 1 million pills laced with fentanyl receives in los angeles, let's bring in bill melugin. with this link to a mexican cartel? >> reporter: they believe it was linked to the sinner lower cartel. this is pouring through the southern border to the country and last night a delegation of republican senators got a look at the situation. texas senator ted cruz and ron johnson, wyoming's john barrasso, joni ernst, james lankford and john hoven meeting with border patrol union, didn't take long to find migrants crossing illegally
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including unaccompanied minors, two little girls traveling alone from honduras and el salvador. the numerous human smuggling, the wristbands littering the ground all over the crossing area in la jolla. i caught up with senator ernst who responded to the claims that the border is closed, take a listen. >> i don't see how you can be here and say the border is closed. they are overtaxed, they are heartened by the attitude of the administration. >> reporter: also in the rio grande valley, border patrol encountering a group of 288 migrants in stark county, mixed with that one hundred 9 unaccompanied children and the
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fentanyl bust, remarkable photo, and it happened south of la, the largest dea fentanyl bust. they believe this bus was associated with the sinaloa cartel and they were worth $20 million. a major issue in texas, governor abbott, 70 pounds of fentanyl last year, shot up 964 pounds, more than 1000% increase in one single year. ashley: thank you very much. republican from texas joining me, drugs are pouring over the border.
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we have these reports every day. how can the administration not recognize this as a crisis? >> letter might everyone this is the party of lawlessness, the party of chaos. 900 pounds, throughout the district, affecting all texans and all of the united states. when you consider the tragedy these children are put through, the most vulnerable being trafficked, the biden administration has abandoned texans. ashley: i don't understand how on earth can you look at this and ignore it. next one for you. this is another issue that makes no sense to me. republicans on the house homeland security committee
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demanding answers over why dhs won't provide information until congress gets waivers from the actual accused noncitizens. explain that to me please. >> it to to the category of you can't make this up. i've been sounding the alarm bells, the number of terrorists coming across the southern border. affiliates with isis, a number of people across the southern border in an attempt to assassinate former president george w. bush from midland, texas. when they arrest this man the committee on homeland security which i serve as ranking member on intelligence and counterterrorism wants to know more about the situation and won't let us understand issues and give us details until this alleged terrorist signs are released, a consent form. you can't make this a. imagine on september 10, 2001,
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can you imagine if we had actually gotten in touch and learned the details of those that plotted to commit the atrocities on 9/11? would have been a much better world. ashley: what is the rationale for fat? for that? i don't understand. >> we have to keep digging. if the trump administration had done this democrats would be screaming at the top of their lungs. some calling on democrat colleagues who need to step up the second and call this out, stand with us because this is for national security. this is an american thing, not political. ashley: we have to leave it. a real head shaker, both issues. we do appreciate it. thank you.
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♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? ashley: which year was the wri tht brothers first flight? here is the answer, 1903 that's
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right. the brothers took off from kitti e hawk, north carolina , on december 17, actually, in 1903. there you have it. let's take a quick check of the markets before i hand the baton, and i've done my best , the dow up 567 points, a nice rally to end out the week, the question is can we hold it all the way through to the closing bell. i'll pass it on to my good friend neil cavuto, take it away neil: i wonder if they knew some day they be responsible for delays at the airports, and people shouting, and cursing each other. ashley: [laughter] neil: way to go, brothers way to go. ashley: i hope not. neil: thank you, ashley have a wonderful weekend. we're having a wonderful day, at the corner of wall and browed the dow jones industrial moving along because we are continuing to buy and that surprised a lot of folks retail sales coming in surprisingly strong centrist echoing the numbers with prime day sales up 8% year-over-yea


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