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

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was born in mexico, she has family who wants to come here from mexico, you know? this is a great person for him to talk to -- maria: yeah. >> i fear that, unfortunately, politics will dictate nothing happens. but -- maria: yeah. >> -- we need the president's leadership. maria: no, they're attacking her. yeah. they're attacking her. dagen mcdowell, james freeman, great to be with you both. "varney & company" begins right now. stu, take it away. stuart: hardest working woman in television, more ya. good morning to you -- maria with. speaker pelosi ended her visit, and china has released a new threat. the ambassador says the u.s. must pay the price for its own mistakes, and we mean what we say. china will conduct live fire mill a tear exercises encircling taiwan starting tomorrow. my opinion? speaker pelosi has successfully faced down china's bluster and
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has injected some backbone into america's foreign policy. that's an editorial from me. the market likes it. a selloff yesterday over the taiwan tension. this morning, pretty good gain. the dow's going to be up about 170, nasdaq up maybe 80 points. green on the left-hand side of your screen. look at this, interest rates going straight back up. the 10-year yield hit 2.50% tuesday, hot money was pouring into the safety of treasuries. we're back up today, all the way back up to 2.78%. that's a huge move. have you noticed the relative stability in bitcoin? trading in a narrow range, holding this morning at $23,300 a coin. gas still coming down ever so gradually. the average for regular has dropped to $4.16 is per gallon. that is 98 cents a gallon more than it was a or year ago. on your screens -- i don't know where that 5.23 came from. it's diesel that is $5.23 gallon, and that is $1.74 above
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a year ago. farmers, truckers, delivery vans, industrial machinery still getting hit with much higher fuel bills. all right. big meeting of opec+. let's see if the saudis plan to produce if more oil as president biden begged hem too more -- them to last month. $95 a barrel. in tuesday's primaries, two big wins for trump-endorsed candidates. in arizona, blake masters. in michigan, juda dixon, trump backed her, and she will join us at 10:00 this morning. a surprise in kansas. voters rejected an amendment that could have paved the way for the state legislature to ban abortion. later, i'm going to editorialize about pipelines. you can't build a pipeline these days because the greenie lawyers won't let you. it is wednesday, august 3rd, 2022. "varney & company" is about to begin. ♪ ♪ these are the days when
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anything goes. ♪ if every day is a winding road. ♪ i get a little bit closer ♪♪ stuart: every day's a winding road. lauren: we're struggling. finish a little bit slow. to the weekend, perhaps, hump day, halfway through. stuart: yeah, not wild. what do you think? >> i interviewed sheryl crow. she's a nice lady. stuart: here we go. speaker pelosi wrapped up her visit to taiwan. next up, south korea. beijing's not done. they've issued a new threat to which pelosi replied -- they didn't say anything when men came over. pelosi has left her mark, meeting with taiwan's president. that's a definite no-no for china. what did she say to the president? lauren: she pledged solidarity
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and america's unwavering support for democracy in taiwan. and, as you know, that is something that china views as unacceptable. beijing not taking that lying down. in addition to the live fire exercises around taiwan this week, china is putting out propaganda videos showing missiles and fighter jets ready. this is posturing. the u.s. is standing firm. pelosi's visit to taiwan, in my opinion, symbolic victory. stuart: i would agree with that. i think she put some backbone into our foreign policy. yesterday -- let's move on to the primaries yesterday, packing the news today. todd piro's here to break it all down. how did trump-backed candidates do overall? >> i would say if i'm just going with a gut feel from an overall result, i'd say he had a good day. not perfect, but good. start in arizona where the republican primary for governor still yet to be the called this morning. kari lake surging ahead of karen
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taylor robison, you see it right there on your screen, robison had a real big lead. that lead nonexistent anymore. blake masters, who was endorsed by the former president, is projected to win his primary against solar power businessman jim layman and current attorney general mark brnovich. in michigan, in about an hour, dixon securing her spot as the gop's candidate, freshman michigan congressman. peter meyer conceding to trump-endorsed conservative challenger john gibbs. now to missouri where torn general eric schmidt if beat out another former governor and a packed field of republicans to win the senate primary there. donald trump endorsing eric, still don't know which won. finally, jamie herera butler, who voted to impeach the form orer president, is lagging behind democrat marie we perez mt. primary there, another -- in
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the primary there. dan newhouse is holding on to a slim lead in his washington congressional race. that's why is there a democrat and republican, it's a jumbled primary. i think he should be happy. stuart: thank you very much. check futures, please. i see green. dow's going to be up about 170, nasdaq up about 80 points right there. eddie ghabour is back with us. yeah, the star himself. all right, eddie. you've been saying get out of stocks because you think the market's going to go down more. look, we've had a pretty solid rally recently. do you still think we're going down more from here? >> absolutely, stuart. look, this isn't the first bear bounce we've had. this reminds me of the one we had many march. and with every one of these bounces, when it corrects, we make a new lower low in the s&p, and i think we're going to test that again and go lower. and here's the reason why. in my opinion, we're coming off of the largest bubble of our
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lifetime, and we're only seven months into this bear market. we now have folks trying to convince investors that just after seven months everything's going to be fine. we're not going to get off that easy, in my opinion. fundamentally, the economy is decelerating at a historic rate. revenues are decelerating, profits are decelerating, manufacturing is decelerating, real estate is in the early innings, and the consumer on spending. on top of that, consumer debt at record highs and, oh, by the way, a fed that's going to continue to tighten in that environment. someone needs to to convince me why that is a bullish signal. so i'm doubling down on the fact that investors that want to reduce risk and haven't all year, you're getting another golden opportunity to do that because this fed is not going to be dovish.
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stuart: so you are going to be semiing -- selling the rally today. >> we've already sold, stuart. we raised cash well and before this major leg down, as you well know. and now, because we were fortunate enough to sell early, we can be patient. so if i'm wrong and in the the beginning of a bull market which i don't think it is, i'm okay getting a little bit in late so i don't hurt my clients because these rallies, you have to learn from past history. 2000, 2008-9, we had rallies of 20 plus percent on the way could be to -- down to a 53% crop. this is very typical in a bear market, and i just don't believe the fed telling us we're going to have a soft landing. stuart: okay. we'll have now back soon, see how you do. eddie ghabour, thank you. senator manchin has been talking with senator sinema trying to sell her on the
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democrats' big tax and spend bill. what is manchin saying? lauren: well, they're exchanging documentses and texts about the bill. manchin says he's willing to consider changes to it should she want to make any. is he willing to scrap closing the carried interest loophole? that that helps money managers lower their tax bills. st expected to bring in $14 billion, but sinema likely does not want to tick off her big donors that benefit from it. not sure he's going to cave if she demands that. overall, though, the tax and spending provisions have senator manchin on the defensive. >> this is a balanced approach that everyone's been talking about, but everyone's upset for whatever reason, because they're afraid it's a political bill. this is not a democrat bill, this is not a republican bill, this is not a green deal, this is a red, white and blue deal. if you think i'm going to roll over, i've been at this for 40 years, i have never, ever, ever been pushed into doing something i didn't think was right for my state or my country. lauren: but it hits americans
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and lower income americans too with higher bills. stuart: yes, it does. lauren: it taxes them. he can say whatever he wants, penn wharton, joint committee on taxation, they've all said that this bill raises taxes. stuart: okay. todd piro's here. any idea what senator sinema will do? >> i mean, just guessing -- stuart: speculation? go ahead, speculate. >> i think she'll ultimately sign on because at the end end of the day she does have a d at next to her name, and man country was the one -- manchin was the one that was always obstreperous. i think at the end of the day, she's going to be purchased to give -- pressured to give her party a win. is it going to matter going into the midterms? no. this is baked in. nobody who's struggling with $5 gas -- excuse me, $.25, it's cheap now according to the president -- nobody is going to be like, well, the democrats passed something that's going to
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impact me in 2030, it's not going to matter in the midterms but, nevertheless, she's going to feel that pressure. stuart: meanwhile, jill biden defending her husband's performance. lauren: it's a long quote: i don't want to sound like a political ad, she says, but we have e done so much. and then she referenced vaccines, health care, reopening schools. she continues: gas prices are a huge issue, and is every single day on the town phone talking to leaders about gas and oil. these problems are coming so fast and furious, and certainly a lot of it ises dark, as you said, but i wish people could see more of what joe has accomplished and how hard he's working. so she acknowledges the problems are coming fast and furious, and bottom line, love is blind. she is a loyal wife. stuart: she has no alternative. she's the first lady, she's got to back up her husband, the president. she's not going to go out and say he's doing a rotten job.
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laura: -- lauren: nor should she, in my opinion. stuart: check futures, please. i see green and i like it. up 160 points for the dow industrials. coming up, senator joe manchin still refuses to discuss who he will back in 2024. watch this. >> i'm not talking about the 2022 election and 2024. i have no control over hose elections, and i'm not going to talk about them that'll skew one of the greatest pieces obviously legislation. stuart: okay. we'll get into it if the president -- if the senator does not want to. the the issued a terrorism threat alert warning of higher potential for anti-american violence after the death of al-qaeda leaderrer ayman al-zawahiri. senator joni ernst takes that on later in the show. and there's this, it was primary day for several states, but did former president trump's endorsements hold water? we'll go through them all again after this. ♪ ♪ applause, applause, applause.
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♪ stuart: that is a hot air balloon, or is it? if anyway, life is beautiful. >> was it a hot air -- lauren: [inaudible] stuart: let's not let this get in the way of serious broadcasting here. that is warsaw, virginia, and the dow is going to be up 150
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points at the opening bell. that's the futures. let's get back to the primaries. david avella is with us. do you think that former president trump will be pleased with yesterday's results? >> every republican should be pleased because we have nominees going into the fall who can all be competitive, including in washington state. keep an eye on that washington state race as a late developing. but, stuart, two of the biggest developments as we look towards november if happening many michigan where democrats spent $2 million against dixon, and the messaging clearly didn't work because she won. so if dems want to hold that governorship, they're going to have to find better messaging or, who knows, maybe we should just invite them to the victory party in november. and then you move to arizona where senator sinema is going to make it challenging for her colleague, senator kelly, as he gets ready for the november election against now blake
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masters. if she votes for this alleged inflation bill, you're going to lose count the number of ads where blake masters and republicans are going to tell folks about mark kelly voting for something that's going to raise taxes. bad day for democrats overall. stuart: okay. what about a -- the results in kansas which overwhelmingly rejected a ban on abortions? i would have thought that rejection was a plus for democrats because kansas is a deep red state. >> certainly, dems will be emboldened by. the key is we move to november if so to look how did that ballot initiative impact primaries? did it elect a different candidate than would have won had that, had the ballot initiative not been on the ballot? because, as you move then to november, you have ballot initiatives in california and vermont and kentucky, and the
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big one in michigan where voters will also be voting on this issue in the language used in their particular ballot initiative. so to really understand the impact,st going to take a day or to -- two to look at the kansas results and see did that initiative on the ballot impact who won primary races. stuart: david avella, thank you very much for being here. >> thank you. stuart: i think we're going to see you at the cpac conference week, is that right? >> not going to see me, but i hope you have a good time there. stuart: oh, i'm not to going to be there. [laughter] it's for conservatives, and and i thought you'd be there. david, we'll see you later, not at cpac. senator manchin once again pressed on whether he will support president biden in 2024. what did he have to say? >> the people who aren't going to -- [inaudible] joe manchin adamantly refusing to answer andrea mitchell's questions over on msnbc about
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whether he would support joe biden's re-election campaign. watch the fireworks. >> i'm not talking about the 2022 election and 2024. i have no control over those elections, and i'm not going to talk about them that will skew one of the greatest pieces of legislation. and i'm very appreciative9 that the president has seen it, he's approved it, he supports it. god bless him for that. it's great for america. can't we do something for our country without having to bring politics into it? [inaudible conversations] >> i'm not going to talk about it. >> i'm just asking -- >> i'm not going to talk about -- >> -- if you would support the leader of your own party. >> quoting owen wilson from "wedding crashers," talking about the so-called inflation reduction act which he referred to as a red, white and blue american bill earlier in our show. stuart: more for you, hispanics abandoning the democratic party. >> welcome to the party, msnbc.
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the democratic presidential candidates lost 17% of their margin from 2016-2020 asking, what's going on here? his guest had this response: >> democrats have lost track of the fact this, as i put it, hispanic voters are concerned with upward mobility, jobs, health care, their communities, their kids, schools, public safety. >> the latest poll shows if the midterms were held today, only 45% of hispanic voters would choose the democratic candidate, that is just 3 points above republicans and, stuart, that tracks what we've been seeing. that's why they're going to the gop. stuart: tests a huge turn- it's a huge turn-around. thank you, todd. check those futures again, please. why not? dow's going to be up about 150 at the opening bell, nasdaq up 76. we'll be back. ♪
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♪ ready, set, let's go. ♪ ready, set, let's ride ♪♪
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♪ stuart: look at those futures, i see green. dow's up 160.
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dade, is this -- david, is this rally, is it for real? does it have legs? is it going anywhere? is it going to last? tell me. >> hey, great question, stuart the, and always great to be with you. you know, there's five things that really move the markets. we've got interest rates, inflation, what the fed's doing, corporate earnings, geopolitical events. there are so many different crosswinds that are taking place right now, it seems like there's a lot more that could happen negatively than more that could happen positively including different things like what if we have an issue with oil production or at one of these refineries. that would, obviously, be horrible. stuart: wait a minute. so your answer is when i say does this rally have legs, does it have staying power, your answer is maybe, but then again maybe not? >> yes, sir. it seems to me like there's a lot of fear, uncertainty the, doubt, a lot of different
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geopolitical things specifically this year as we look at midterm elections and, you know, very likely a big shift -- stuart: so how should i play this market? if i'm an investor, i'm going to invest, how do i invest it today? >> so today cash is important. you and i talk about that every time i come on. we need dry powder for tomorrow. look at the u.s. dollar in comparison to even hinges like gold, that -- things like gold, that's an interesting outlook. i was just in europe, that's down a lot. so i think the dollar's smart. i think that we need to be looking at turns to bonds right now. specifically, things that can hedge. the average person has a challenging time doing that, but it's really important that we look at our protected assets today. and finally, the risk assets that we're looking at, we need to be really idiosyncratic if we are going to be taking a risk. i think cash flow is one of the more important things to be paying attention to right now as well as understanding how our
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economy's changed since 2020 and what are some of the companies that are going to be strongest long term. david: -- stuart: that's all well and good, but if i had gone to all cash, i would have missedded a very big rally this many some of the stocks like microsoft and blackstone is, which i happen to own. i would have missed it. >> exactly. this is why we need to have the right balance of risk and return. really good, diversified portfolios are going to remain allocated through the times that we just don't foe. -- know. you're exactly right, stuart, you can't go all into cash can. what i was saying though is we need some cash in order to be able to to deploy when we do find ourselves at a bottom, when we find ourselves at the beginning of a bull market here again. i, personally, am cautiously optimistic. i think we need to see a few things play out. our recent gdp numbers here tells me a story, although i know there's different interpretations out there. but, no, our outcomes need to be
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a little bit more cautious right now if we're going to be able to have enough cash to deploy and really capitalize on the opportunities ahead of us. stuart: all right, david, you make your point. we'll see you real soon. 15 seconds to the opening bell on wall street. here's the background, the edges over pelosi's -- the tension over pelosi's visit to taiwan, that's largely over because she's left taiwan. it put the market down yesterday, but we're back up again this morning, and that tension decreases. there are other factors. lauren: the hong kong market actually rose almost 2% today. i thought that was astonishing. stuart: all right. the opening bell has rung, and we're off and running as the dow industrials are up a half percentage point, 168 points. about two-thirds, almost three-quarters of the dow 30 are in the green. wills some buying this morning -- there is some buying this morning. the dow's up half a percent, s&p up half a percentage point, just better than that. the nasdaq composite also up
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two-thirds of 1%. show me big tech, i bet they're all on the upside, yes, sir, they are. apple, amazon, pet that, 162. -- meta. microsoft back up to -- 2 the 77. some big names reported before the bell this morning. they include moderna. it's up 5%, lauren. lauren: their sales rose 9, they're still selling covid vaccine. it's not all positive, their profits fell because they made too much vaccine, then doses expired, and it cost them half a billion in the process. all in, a good report, and the board authorized the new $3 billion share repurchase program. that always helps. outer stuart $3 billion? oh, that'll help. under armour, they cut their profit target or -- lauren: yes, they did. stuart: but it's the up 3.8%. lauren: isn't this amazing? they actually came out and said we had a lot of inventory, we had a customer that wasn't shopping as much, so we cut prices in order to move the
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items, get them off the shelvings. at the same time, they're paying more to ship these items and get them to their stores. the stock was down in the premarket, but investors are going through this report, and they might see something encouraging. stuart: it's a pretty broad-based rally, and under armour gets some advantage out of that. cvs, they're up as well. lauren: they lifted their full-year profit forecast. you always want to see the lift. they see a strong demand for -- they're starting to offer and test kits for covid. the management said, look, 4 million if sold in the second quarter and going forward 19 million is what they expect. so people are are still going in and buying -- stuart: really? i don't see many people testing these days. lauren: i think a lot of people just don't want to know. if you feel fine, no problem here. stuart: here's the one that i really want to see, that is airbnb. now, i know they have a huge jump in revenues.
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can you explain why they're down 6%? lauren: i don't have conviction in my explanation -- [laughter] because there was a terrific report card. the reason that they're down is the record growth that they saw in this past quarter, it's tepid for this current quarter. they can't keep increasing the growth rate. the report card was amazing. the number of nights booked hit an all-time high, right? their revenue that they charge per night went up a little bit, 1%, $154. that's cheaper than a hotel, so you'd think you'd continue to bring in demand, and they turned a profit for the first time since 2020. it was a great report card. a slew of analysts cutting their price targets on the stock, hay don't like the forecast. i would parallel to what with we saw from marriott. good report card, but investors say, well, can you really keep up this rapid, record growth? maybe they don't think with a slowing economy that we can. stuart: oh, those analysts.
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[laughter] moving on, match group, another dating operation, huge drop. lauren: yep. stuart: 21 -- lauren: oh, wow. stuart: not me, but other people are not dating so much? lauren: well, maybe not paying to subscribe to these apps, match, tinder, o.k. cupid, so, yeah, the stock is losing value. there's a couple of problems. the is -- ceo of tinder is suddenly out after just a year, they had a down beat forecast for this quarter, and they're cutting back on their marketing, cutting back on their hiring. so these big plans that they had for stuff like dating in the metaverse and paying for it with virtual currencies, maybe that won't happen. [laughter] i know, that's so exciting to so many people, to date in the metaverse. stuart: everybody knows why i'm laughing, why are you? >> i'm laughing because you're laughing. dating in the metaverse, that is the highlight of my august so far. stuart: dream on, son. the activist investors known as
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elliot management, heavy got a big stake in paypal. lauren: yeah. stuart: i want to know how big and what they're going to do with it. lauren: a few million dollars, i can give you some ideas, they can beef up venmo, which is very popular, cut costs, right? if you look at paypal's expenses, they're almost double that of their peers. but what about buying pinterest? and i say pinterest because elliot is the largest shareholder in pinterest. is there some way that these two pandemic winners that both start with p, elliot management as a huge investor, can they come together? stuart: investors want to know the answer too. then we have starbucks, i know they reported late yesterday after the bell, i know that. how did they do in china? lauren: not good, down 44% -- stuart: whoa. lauren: what do you expect? you can't do anything in china. plus, their u.s. numbers were fantastic. what are people doing? they're getting in the car three
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days a week with, driving to work and stopping by the starbucks drive-through. seam-store sales up -- same-store sales up 9%. morning coffee, the morning breakfast menu is half of their overall quarterly menu, and cold drinks are responsible for three-quarters of that. stuart: we are drinking starbucks. lauren: you will never go out and buy $5 drinks, but ore people -- other people are. the return to normal. expensive coffee. do you do that,? >> i do not. by the way, i'm very impressed by this is how you drive. lauren: i buy my starbucks every day at the drive-through -- >> i'm like stuart, i'm cheap. stuart: do it at home, it's free. >> free here too, yeah. lauren: it tastes better than other cough pee. stuart: it's still got -- coffee. lauren: 1.25 to add a sweet cream, outrageous.
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>> we've got to train her, stuart. [laughter] stuart: i'm trying. check that big board because we're up 200 points. prettied good rally after yesterday's selloff. the tension around taiwan has eased a little. up goes the market. dow winners, who's the leader there? i'll tell you when we put it on the screen, it is nike. up 2.25%. disney's up there too. american express, salesforce, home depot. s&p 500, the top story there is unum group. paypal is on that list, # 1% -- 11% gain. and moderna. nasdaq winners, any big tech the on there? paypal, regeneron, gilead, o.k. that, microchip. no big tech. how about the 10-year treasury? there's a headline for you. this time yesterday when there was all that tension around taiwan, the yield on the 10-year treasury was down to 2.51, 2.50%. now it's all the way back up again to 2.78. haas one of the biggest moves in
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bonds that i've seen many a long time. gold is at $1800 an ounce? no, 1784. bitcoin, has it reached $24,000? no, it's 23,400. oil, has it go -- got to $100? no, 94. nat gas, 7.66, and gasoline that's down two, a couple of cents lost every day. $4.16 is the average for regular. california, it is $5.56. all right, coming up, michigan gubernatorial nominee tudor dixon, did the a last minute endorsement from trump help her? i'll ask her because she's on the show at the top of the 10:00 hour. in an effort to attract gen-z workers, more companies are offering perks. we'll tell you what they are. senator bill cassidy says the manchin-schumer bill is going to lead to a worse recession. he joins me next.
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stuart: those markets still in the green. we've been in business for 12 minutes. the dow is now up 200 points and the nasdaq, solid gain, up 145. take a look at ford motor company. electric vehicle sales up 168% in july. and ford f-150 sales were up 21. that's a solid performance, and the stock is up nearly 6%. where's the price of oil this morning? i tell ya, $96.60 per barrel. the o -- opec+ meeting is today. president biden begged them to raise oil production. are they going to raise -- lauren: in a significant way, no. a small amount, sure.
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i'd say the president consumed more fuel flying to saudi arabia to ask for more oil than they're actually able to supply -- stuart: ah, sarcasm. lauren: this is for september output. there's not much spare capacity the, and the only nations that have any is saudi arabia and the uae. i was looking into a report that was brought to my attention from someone who works in the industry, and our own government says by the year 2050 oil and gas will remain the most used source of energy. we're still using it more than any other form of energy through the year 2050. we're going to use renewables too, so we're walking and chewing gum at the same time, but four time more oil. stuart: three decades from now -- lauren: so take the right steps to make it more affordable and easier to get. stuart: you're not talking to the right people. new studies do, however, reveal that the president's climate agenda could force fuel prices to rise. we have jeff flock in pennsylvania. any idea how much gas prices
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could go up, jeff? >> reporter: you're going to buy an electric f-150, why do you care? you shouldn't even care about the price of gas. stuart: but i do for my fellow americans who still have combustion end engine cars. [laughter] >> reporter: in answer to your question, the heritage foundation did do a study and sort of modeled out what it would be like if the biden administration succeeded in reducing emissions by, you know, roughly half by 2030. here's the numbers: job losses, 1.2 million jobs lost from oil and gas every year. lost economic growth in the millions, perhaps billions of dollars. electric bills up 23% and gas prices, get this one, $2 a year of increase. yikes. right now we're actually on a pretty good trajectory. according to andy lipow right now, we're looking at continued fall in gas prices, down, perhaps, to $4.09 by next week,
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below $4 by labor day although considerably higher till than last year. we talked to the conservative hudson foundation about all, they said it's simple, more oil, more gas for the market. listen. >> we in the united states should be producing more raw material. we need to take a looked at our refining capacity which has been stagnant for the last 30 years. and we may end up importing a lot more refined petroleum products if we don't. >> reporter: i leave you with the numbers on refineries, stuart. you know, now we've got about 130 refineries in the u.s. when you and i were young reporters back in the '80s, it was 300 refineries. eight closed just since the pandemic with 1.2 million barrels per cay of production lost -- per day of production. stuart: i was middle-aged in the 1980s, okay, jeff? we'll see you again later.
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>> reporter: you look mature for your age. [laughter] stuart: let's get serious. senator bill cassidy, are republican from the great state of louisiana, joins me now. mr. senator, a 50% cut in emissions by 2030, that's the target. is it doable without a huge gas price increase? >> the first thing about this is it's going to be 40% relative to 2005. we've already are reduced emissions by 17% since 2005. so we're already almost halfway there. now, that's their claim. they've not shown us subjective evidence. there's an analysis that said they could get down to 35% in u.s. emissions. i'm skeptical because initially least and into the period they're going to drive products coming from asia here. if you make a car battery many asia, it is incredible process. global greenhouse gas emissions may increase even if we're able to continue to decrease u.s. he
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missions. and -- emissions. and global is what counts. by the way, under current law we could reduce emissions by as much as 34% relative to 2005. the improvement in this is marginal, once more offset by global increased emissions. stuart: don't we need to change the targets and realize that we're going to be using fossil fuels a lot for many decades to come? >> absolutely. the international energy agency says that we will continue as a world to to continue to use increased fossil fuels lu 2050. now -- through 2050. now, we in the produce fossil fuels in a much more environmentally responsible way than they would in russia, than they would in iran, etc. so if we're going to produce oil and gas, let's produce it where we create american jobs, where we use american environmental standards and where we strengthen our economy and and not the economy of our enemies. i think the folks in the white
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house have it all wrong. stuart: mr. senator, thank you very much for joining us this morning. from the great state of louisiana, an emergency state. you know what you're talking about, and we appreciate that. thank you, senator. >> thank you. stuart: yes, sir with. the white house claims they have a duty to families everywhere. what about landlords? landlords are calling to enthe the eviction moratorium that has pushed some of them into bankruptcies and foreclosures. kelly o'grady has the report after this. ♪ won't you save me, san francisco ♪♪ welcome to allstate where the safer you drive, the more you save like rachel here how am i looking? looking good! the most cautious driver we got am i there? no keep going how's that? i'll say when now? is that good? lots of cars have backup cameras now you know those are for amateurs
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look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist stuart: langless has extended the eviction moratorium. that means you can't kick renters out even if they don't pay the rent. it's been in place since spring of 20. kelly o'grady reports, landlords can't be happy. >> reporter: no, they aren't are, stuart. and, you know, property owners see that their homes are being stolen from hem by these democratic policies, and it's a bit of a complicated process. home prices are skyrocketing, the city has pretty much returned to normal operations now. these landlords pushing back,
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they're small mom and pop owners who argue not only is the process broken to prove when tenants have real hardships, but the emergency measures are unnecessary. >> we are operating regulations on rental housing since march of 2020. those homeowners lose their properties or have to sell. >> reporter: and, indeed, the landlords say not collecting the rent may push hem into foreclosure, a sentiment echo by one council member. he says, quote: policies that we put in place to protect people are now affecting rent owners that have not been able to run their businesses as usual. now, it's important to note that last summer supreme court struck down the cdc moratorium on evictions, but l.a. is representative of a larger push. the white house now claiming they, quote, have a duty to protect families everywhere to insure covid-era eviction protections are permanent. yesterday the doj applauding effortsed to do so.
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efforts to do so. >> the court initially acted many response to the pandemic e, but now courts around the country are considering how they can take what they've learned about eviction diversion and make permanent, lasting, transformative change. >> reporter: but critics are pushing back saying that this creates the perception of free rent, something that the landlords here are dealing with. they're highlighting some tenants that they feel are taking advantage of the situation and, of course, the white house, you know, considers student loan forgiveness, some critics are wondering if that's next. and, stuart, what happens to those small landlords if that does, indeed, happen? stuart: they'll go out of business, i think that's the answer. kelly, thanks very much, indeed. changing subjects for a second, all those people who changed jobs during the pandemic, switchedded jobs, how much was the average pay increase to get them to switch? >> interesting number. the typical worker who changed jobs between april 2021 and march 2022 saw earnings jump by
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9.7 from a year earlier. but listen to this, the typical worker who stayed saw wages fall 1.7%, both of these adjusted for inflation. u.s. department of labor issuing data that suggests worker bargaining power may be cooling. job openings, an indicator of employer demand, fell to 10.7 million in june, that is the third consecutive month of decline even though that number is pretty high. stuart: don't have to pay your rent, don't have to pay your student loan and maybe you get a raise to move --? >> i'm out. see if they'll pay me more at fox business. stuart: thanks very much for being with us for the hour, todd. you're all right. still ahead, michigan gubernatorial mom anemia due -- tudor nixon, sean duffy, jerry basic. the 10:00 hour is next. ♪ ♪ don't you give up, let me love you ♪♪ ♪ you know how to spend a little less
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stuart: the statue of liberty in new york harbor, 85 °, not much humidity, kind of nice, 10:00 eastern. look at what is happening to your money. it is getting up, going up. the dow is up 186 points,
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nasdaq up 161, now look at the 10 year treasury yield, yesterday at this time, 250, this morning, 276, that is an enormous move. the hot money has come out of treasuries and that pushes the guild up again. price of oil with opec plus meeting today down slightly at $94 a barrel and bitcoin not much change $23,300 a coin which this is important, the latest read on the services sector, valuable economic indicator. lauren: services remain strong rising better than expected, 56.7, surprise increase to 56.7. stuart: you still gotta 200 point again for dow industrials. now this. who runs america's foreign policy? the past couple days it seemed like speaker pelosi runs the shell, not the president, it is
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the speaker who went to taiwan despite biden's objections and the speaker who face down china's bluster, she was met by curing crowds who obviously liked her comments about the thriving partnership between the two nations and she has put some backbone into america's foreign-policy, she forced the issue. speaker pelosi did not allow china to dictate what our senior government officials can do. the speaker is now on her way to south korea, another foreign policy flash point and north korean president kim jong-un is making the same threats china made, she will face them down too. speaker pelosi has toughened up america's foreign-policy and also exposed the weakness of president biden. our enemies remember the afghan debacle almost exactly one year ago, the president has not been able to establish credibly, he's pushed around, he is tested. the speaker met the challenge, passed the test, she deserves a round of applause from both sides of the aisle.
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liz peak is with me. welcome back. are you prepared to give a round of applause for speaker pelosi? >> exactly. i think it was a good thing she went and did this, had she backed off in light of threats from the chinese communist party which were over-the-top and bellicose it would have been an embarrassment and acute allegation. it's not a good look for our president to throw cold water on this visit beforehand which he did do saying he didn't think it was a good idea that the military didn't think it was a good idea but it wasn't just the visit, she had a really ripping op-ed in the washington post calling out china on human rights abuses and reminding them of the time she went to tiananmen square and unfurled a big banner which got her chased out by cops so china there are people in the united states who will not be walked on. stuart: you agree, round of
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applause. >> i do. stuart: you've got a new op-ed and the title is the manchin schumer inflation reduction act as a fraud. we are back to the normal liz peak backing away at the president. >> it's not a reduction act, it will not reduce inflation, nonpartisan groups of said that. it will cost jobs, national association of manufacturers is all cost a couple hundred thousand jobs and why are we bashing manufacturers while a few days earlier we passed a bill that gave them $280 billion, this whole thing is a complete mess, the deficit reduction which they are talking about, ask your self if they don't take ridgemont ability for inflation because of spending one. $9 trillion american rescue plan how to they think reducing the deficit is going to bring down inflation, those things don't jibe. by the way, half of the deficit
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reduction they are claiming from the medicare, capping prescriptive drug prices is a total fraud, $122 billion of that $288 billion comes from not implanting a trump policy that no one expected to be implement it anyway so this is look, kirsten sinema stands in the way of a good for her, she should and just another sort of democrat checking box. stuart: a mishmash of bad policy. check it out please. a little more on this, the wall street journal editorial board is warning democrats about the tax-and-spend bill, this is all about the irs and funding for the irs, going into beast mode. >> wolverine beast mode. this is what they say, the bill earmarked $45.6 billion toward enforcement including the negation, criminal investigations, investigative technology, digital asset monitoring at a new fleet of tax collector cars, the results
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will be more audits, civil suits and criminal referrals, the main targets will by necessity be the middle and upper middle class because that is where the money is. take an escort, small business that files under the individual tax code, they don't have big budgets or time to fight the irs. they will just pay up. the bottom line for the wall street journal on this piece is irs is here because democrats have to pay for their spending, not because they need the revenue. stuart: did you say in air funding a new fleet of tax collectors cars? did you say that? >> will be easy. >> someone in naples, florida once told me an irs agent who is coming to his house so he decided instead of summer to turn off the air conditioner and say it was broken and the
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agent quickly left. stuart: that wasn't -- lauren: it was not you. i have always wanted to share that story. stuart: i like that. back to the markets. why not? we are seeing a lot of green, the dow is up 240 points, did very well from that strong service sector report at the top of the 10:00 hour. mark avalon, do you think inflation has seen a peak? >> i think it has. doesn't mean inflation is low but inflation is measured year over year and we are looking at the april may june july period when it first burst on the scene from the government spending liquidity rush that we had so i think the numbers year over year will start to moderate and that may help the fed relax its tone and that is why stocks are moving positive.
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stuart: you believe this will be a moderate recession. make your case. >> i say that because of the low starting point with unemployment. former fed chair bullard said that he has similar thoughts, that we may not be in a recession, recession is in the eye of the beholder, that is similar to the point i am making, with moderate or low unemployment how do you have a severe recession? that is why i think the slowdown will happen, is happening but won't be as catastrophic as people are fearing. stuart: i read your analysis as fairly positive, thank you for for, see you again, out of time. tutor dixon emerged victorious in michigan's crowded gubernatorial lineup, she will be facing off with incumbent democrat governor gretchen witmer in november. tutor dixon joins me. thanks for scrambling on the air with us this morning, that's terrific, you have the
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backing of donald trump. do you think that put you over the top? >> i think it helped quite a bit. we were rising in the polls but that was our rocket launch at the end of the campaign. we are grateful for him coming into the race and seem to seal the deal at the end and excited about where we are going. stuart: the democrats running ads against you in the lead up to the primary because they thought you would be easier to defeat because you are a trump person. they did that which are you going to be easy to defeat because you are trump person? >> i don't think so, don't know if that is what they were thinking, they came out hard against me and talked about policies i am not for whatsoever, defunding the police which gretchen witmer said is what she wants to do so they are a little afraid of me
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going against her. she is the most vulnerable governor in the country, or policies of shutting down the state hurt people and they've not forgotten and i traveled across the state for the last 18 months i have heard people say we will not forget we were robbed of our livelihoods, our children were robbed of an education and she refused to answer questions, refused to hear the people's voices and i think the democrats are nervous, we will see what they do but we are in it for the fight and we will win. stuart: what is your main issue heading into november? >> the main issue is education but that's a combination of a few different things in the state, education is key, we are 38 in the nation, the data shows by 2030 if we don't make a change will be in the bottom 5 states in the nation, it is could call that our kids get the right education but also get back on track so this is something when we look at 2,020 what gretchen witmer did she kept her kids out of school and
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had the opportunity to give them reading scholarships to get them back on track and she vetoed that. it is important that we improve our education system as a whole and get our students back on track and make sure we are providing that to parents. stuart: sounds like you are taking a page from glenn youngkin who made education the issue and won, are you following him? >> i am a mom of four school-age kids so i know what is important, those are the folks wondering what they are going to do in the fall. we are going to say we will take care of you, we have a family-friendly message not just education but safe cities, supporting rule of law and making shower job creators are treated well by state government. we want a different looking republican policy outlook. tutor dixon, thank you for joining us and congratulations on your win, see you later. back to the markets.
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we have met up 4.6%. what is the story? lauren: there's a report, for corporate bond sale, spending in and out of money investing in the meta-verse, apple raised $5.5 billion so maybe they are looking to do the same. stuart: can you put up solar edge technologies on the screen? they are an israeli company down 18%. lauren: they sell solar inverters and get a lot of them from china. the lockdowns have cut off so much of their supply, they are downbeat. stuart: got to tell me about tesla. >> tesla stopped taking certain orders in europe and electric is reporting they will take those orders and deliver again in the second half of the year two years after stopping some production of cars that go to
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europe. that the moneymaking area for them. stuart: now we are up 260 are points. i call that a rally this wednesday morning. a senate committee says inflation will raise taxes on all americans. senator joe manchin denying that report, watch this. >> the joint committee on taxation, that opinion was only written by my friends on the republican side. it was not done by the joint committee. stuart: nonpartisan staffers serve on both sides of the aisle, we will deal with that later. the state department want there's higher potential for anti-american violence after the death of an al qaeda leader. iowa senator joni ernst the first female combat veteran in the senate, she will deal with that in a moment. speaker pelosi on her way to south korea after having a successful trip to taiwan. the latest on the high-stakes trip.
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neil: stuart: speaker losey is underway to seoul, south korea. >> saying a lot and doing a lot. speaker pelosi is not gone but taiwan's troubles getting worse. going to taiwan a short while ago. you want to i want to have, quote, freedom with security and will not back away from that as upsetting china, perceives the island as its
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own, claims to have conducted as miss pelosi was there, continuing for four days, around taiwan, circling the island, beijing says armed forces will participate in live fire exercises. in some places this action comes 10 miles to the taiwan coast and could violate taiwan's airspace and will disrupt its shipping and increased possibility of potential dangerous run in. 1995 according to the experts, in that case us naval assets quickly deployed, they are already there including the huge uss ronald reagan aircraft carrier strike group, washington continues to warn beijing not to turn this into a crisis.
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she goes on to say places that should seem to be safer bets, close to and threatened by beijing. neil: stuart: both countries will be pleased to see her. senator joni ernst, republican from the state of iowa joins me now. what is your response to china's threatened what should our response be to those threats? >> speaker pelosi and i rarely agree but kudos to the speaker, time that america show leadership and let china know they can't tell us who we will speak to or where we will travel to so thank you for taking this step forward and sharing this. stuart: the danger is this
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encirclement of taiwan with chinese naval forces will create a clash with shipping in the taiwan strait or american forces. what should we be doing when encircling the island? >> continue with freedom of navigation throughout that area and making sure lines of communication are open with the chinese and a strong diplomatic presence throughout the south china sea and other areas where we can influence friendly nations to assist us in pushing back against china. stuart: has the speaker put backbone in america's foreign policy? >> a lot of us have a lot of backbone and spine made of steel but what a lot of countries see is weak
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leadership emanating from the top, and their decisions like china as they continue military exercises around taiwan but so many of us want to do the right thing, and we have president biden at the helm of this ship and he signals to everyone else, a doctrine of appeasement and thankful the speaker chose to do this and just know that there are many others that want to emanate american strength around the world. stuart: what about al qaeda in afghanistan? is that terror group making afghanistan a terror haven all over again? >> of course it is. a landing spot for extremist organizations, terrorist organizations and if you remember august of 2020, the withdrawal under president biden, that he had set al qaeda
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is no longer present in afghanistan, here we are a year later performing a strike against al qaeda's leader who was not in a cave in a remote location, downtown couple in his porch or patio having coffee in the morning, the taliban knows al qaeda is there and we handed afghanistan to the taliban and. weak leadership coming from the top, very glad we did this strike. it was absolutely necessary but al qaeda is not gone from afghanistan. stuart: senator manchin meeting on this bonanza, any hope that senator sinema will help us all out and kill the whole thing? >> there is always hope. senator sinema does have her own interests in arizona to
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watch out for and i know she will be listening carefully to her constituencies but i am telling you there is a lot of pressure emanating from chuck schumer to make sure, make those democrats get in line, joe manchin will ask for a little bit of help, he got in over his head and is looking for cover but again she will do what is right for her in arizona so hard to know how this will shake out. stuart: thank you for joining us, always a pleasure. what is the white house saying about al qaeda's presence? >> even though the taliban and provided safe harbor in couple, listen to this exchange with peter doocy. >> we know the taliban and was harboring the world's most wanted terrorist, gave the
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whole country to a bunch of people in the fbi most wanted list, what did you think would happen? >> when you ask that it makes it sound like we owned afghanistan a year ago. it wasn't our country. we are going to keep vigilant and stay ready and not going to let afghanistan become a safe haven for terrorists who threaten our homeland. >> year ago when the us pulled out of afghanistan president biden said what interest do we have their with al qaeda gone? stuart: it is not gone. thanks. listen to this. how to sell your home fast, that phrase, one of the most frequent he searched on google last week. jerry howard will look at the housing slow down in a moment. all eyes on arizona senator kirsten sinema. some are urging her to walk away from the tax-and-spend bill. ♪♪
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stuart: business owners focusing on senator kirsten sinema who has stayed silent on whether she supports the inflation reduction act. grady trimble, as a small business this bill has small business seriously worried. how will they get hit by it? >> reporter: they are concerned that if big corporations pay more in taxes their costs, small business's costs will go up as well. small business owners are worried the irs gets the $80 billion in funding that is part of this bill, the taxman will go after those making $200,000 a year and underreported income including certain small businesses because they are easier targets with expensive lawyers. arizona chamber of commerce and industry along with the us chamber of commerce launched an ad in the senator sinema's state against the bill. >> will raise taxes, a tax analyst, you are hearing from
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companies themselves. these are mainstreet companies telling you this. >> senator joe manchin tells us it will not raise taxes and republicans should be on board with it. >> in a normal situation, this would be a wonderful bipartisan bill. hopefully they will look at it. >> talking about senator manchin's meeting with senator sinema yesterday the arizona chamber of commerce and industry also met with senator sinema, they have two up goals in their meetings with the senator. we are waiting to hear from senator sinema, she has remained quiet. trying to track her down on capitol hill, no luck yet. stuart: more on the inflation reduction act. the ceo the national
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association of homebuilders joins me now. you are not happy about the inflation reduction act. what is missing from it? >> it is not what is missing but what is in it. you have a housing affordability crisis caused by a supply shortage. there is nothing in it that will increase housing supply and the change in the interest rules will suppress investment and the imposition of the left-wing building codes will increase the cost of single-family housing. housing costs will go up and be inflated for renters and buyers. i can't understand how a senator from one of the highest housing cost states get together with the senator, raises the cost, and into their constituents.
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stuart: i've got something more, talking about pending home sales which fell 9% in the month of june and down 20% from a year ago. madison allworth, you see in the slowdown? >> they are seeing a slow down. during the pandemic, going for tens of thousands of dollars above the actual value, no more. >> katella cardboard box under a bridge and have a markup. the condition of the house matters, pricing the house matters, how you market the house. with home prices falling sellers are slashing prices at
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a record rate, 7. 5% % of home sellers cut their asking prices weekly over the past month, that is a record high as far back as the day-to-day track which is 2015. those are bringing prices back down to earth but do not be mistaken. we are far from a balanced real estate market, 9% year over year and household debt is climbing, the biggest contributor, that debt stood at $11.39 trillion according to the federal reserve bank of new york. $10.10 trillion, rising mortgage rates are adding to this slow down, slimming down the buyer market. the fear is they continue to go up with fed activities. that is playing into this market. we are far from balanced but starting to see that slow down.
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stuart: jerry howard, you are in the homebuilding sector. is the housing market in your sector slowing down? >> most definitely. we are seeing reductions in traffic for new homes, cancellations of contracts, building permits going down and we are seeing it very definitely. stuart: google has seen a 3000% spike in the searches for sell my home fast. that implies homeowners want to get on and take a lower price. >> homeowners that need to sell. the recession might stick around a while. stuart: you can sell anything you brooke and reproduced but might put the price down.
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>> i'm not sure they would say that. for new homes it is tough. to make a profit on it and they won't building if they can't. we are not at that. stuart: i have asked about this before, the long-term trend is for smaller houses. new houses. is that trend still on track? >> after covid, we saw for the first time in many years a trend in larger houses as people wanted a home office at a place they could put physical fitness equipment. these are things we've not seen for a while. if this kind of trend and inflated prices, inflated cost of construction stays the same we will go back to smaller house demand but larger houses are more popular than they were pre-covid. stuart: 4 years you appeared on
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this program with a smile on your face now it is not like that. thanks for being with us. i've got more on real estate. rental prices for single-family homes soaring in major cities. take me through the numbers. >> mostly in california. take los angeles. the average rent over $4,600 a month, san diego not far behind, bridgeport, connecticut number 3, 4300 but then san jose rounding out the top five, nationally much less, $2495 is the average rent nationally more than we saw in california. even that is up 13% year over year. everything is going up. shelter is part of cpi. of the when the average rent in jersey city is 5005 under dollars a month. a small pl. in new jersey. highest in the country.
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derek jeter's rookie card could sell for half $1 million. iconic sports memorabilia in our next our. desperate employers offering all types of perks like a house in the hamptons for a weekend, they want to attract jen the staff. stuart: that is from a movie. we will tell you what other bonuses companies are offering next. ♪♪
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stuart: more companies offering perks to keep and attract young workers. apart from a house in the hamptons what can they get? lauren: when you say young workers this is jen z, just graduated college, teenagers and up to 25 years old which they are young, this is their first job, a 4-day workweek, not talking hybrid schedule, you work four days a week, you can bring your dog to work, state hospitality, free mental health, you are spoiling workers before they had a job. think of what you did. and working your way up but companies are desperate for good workers and to retain them and willing to do all this. blue and you are hard on these youngsters. >> i'm jealous.
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stuart: another survey, big on surveys, new survey that shows how many millennials are $100 in debt. >> non-mortgage debt. millennium is 30s, age 40 or 41. 70% of people in that age group, $100,000 in debt and not concerning mortgages. lauren: there is some mortgage debt but mostly credit card debt and student debt is a big one. do they expect to pay? 6% say never. stuart: significant debt load. if you add a house that they buy or the rest of it that is real debt, not good.
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let's get to student loans, how much federal student loans costing the government over the years? lauren: over 25 years, 195 comes from the government accountability office. and $114 billion with season interests. $300 billion, the student loan moratorium doesn't help and some people take out loans the change depending on income level, when you factor in those changes, you expect to have a profit from the government but now the cost. stuart: think of the repercussions of the pandemic, student loan moratorium costs the government an arm and a leg. addiction moratorium costs
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landlords an arm and a leg. students in school and colleges shut down cost their education an arm and a leg, not where they should be. lauren: they were temporary measures that aren't temporary in the end because once you give someone something it is hard to take it away. we might see student debt forgiven any day now. a one the longer you keep forgiving at the more costly it is for the taxpayer the bigger the deficit. >> give them those perks to work will they do hard work? i will get beaten up on twitter for this. stuart: are they ever going to do hard work? lauren: can't give and take it away. stuart: good moves for the markets, dow industrials close to 200 points, nasdaq, 1.5%. looking to score a deal on a holiday flight? we will tell you when is the best time to book a plane ticket in thanks command texas, saudi arabia will ask to increase oil production.
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president biden begged them to raise output. ♪♪
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stuart: the dow is up 214 points. to increase oil production during the big meeting today. was opec plus going to raise output at all? >> a source with knowledge of the meeting between president biden and the king and prince of saudi arabia, they got assurances that saudi arabia would push opec to increase production. they voted to put 100,000 barrels a day additional in september and the hard sell was on. >> potential sale for patriot missile to saudi arabia lasting a month, between the king and the prince, tomorrow opec increase production or not. how confident are you that it will push opec to increase
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production? >> i wouldn't speak to that. we had good discussions with them on the president's trip to include productive discussions on the energy security but this is a decision that opec has to make. >> reporter: the discussions work but oil experts say an increase of 100,000 barrels a day in september is an insult to the fist bump agreement. the president went around the world and got what amounted to a rounding error that analysts tell me, republicans say the president didn't have to go around the globe to get more oil, just needed, to suck up to the prince or talk with saudi arabia. all he had to do was go to texas and oklahoma but that's not what happened and opec according to analysts raised 100,000 barrels a day but kind of an insult. stuart: still instruction -- construction going to the background, one day they have to move it.
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great stuff. stephen schalk is with me. good morning. biden went to saudi arabia asking for an increase in oil production, the saudis will ask more oil for opec. will opec give them a boost? >> they will try but there are capacity limits with lots of speculation that they are unable to meet current production needs especially out of libya which has been on-again off-again for the better part of a month. to your point, the president is yet to go to houston which could certainly if you drop the rhetoric and embrace the production could easily make up that deficit. clearly 100,000 barrels increase, the impact, it is a rounding error, the smallest increase in production opec has announced since 1986, second
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lowest ever. what opec is facing is tight supplies, we got this increase in asia and europe we are seeing that in the spread but concern for opec, three factors when it comes to seasonal demand. this is an outlet for september. demand falls in september and october there is economic demand, concerns about recession in the united states and economic downturn around the globe and third and most important the strength of the dollar at 20 year highs so hard demand for oil in non-dollar-denominated economies so that is three factors that opec has to consider about demand and all point to a more hawkish view on oil production. stuart: in your business, your line of business what you do for living you have to make forecasts on the future price
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of oil, that's what you do for living, analyze now, project to the future. are you projecting hundred dollar a barrel oil anytime soon? >> i don't think right now, we are in a downturn, looking forward, demand has veered into the right lane and heading to the offramp as we move into september and october so certainly based on how we do our forecasting is quantitative modeling and looking at the results, a new paradigm of oil dropping where we were from 100, $125 a barrel, we are now in the 80-$100 range. what we are walking forward into the third quarter, 80 to $100 a barrel, we will get our next uptick assuming demand doesn't completely fall off and
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towards one hundred dollars by the end of this year. stuart: thanks very much. a quick check of the markets, dow is up 200 points. the nasdaq is up nearly 200 points. still ahead, sean duffy, mark tepper, jerry baker. it is tempting to say you can snap your fingers and build a pipeline and open it and run it. environmental lawyers won't let you. that is "my take," it is next. ♪♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it!
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>> i think democrats are nervous, we are in it for the fight and we will win. >> let's produce where we create american jobs, american environmental standards and strengthen our economy is not the economy of our enemies and folks in the white house avenel wrong. >> coming off of the largest bubble of our lifetime, investors want to reduce risk and have it all year, you are getting another opportunity to do that. >> if they don't take responsibly for inflation because of spending $1.9 trillion in the american rescue plan how to they think reducing the deficit will bring down inflation? those things don't jibe. ♪♪ if you close your eyes
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♪♪ stuart: there we have the empire state building, the ugly brown building on the left-hand side. lauren: what building is that? we need to look that up. stuart: it is a clear blue sky on wednesday august 3rd. look at the markets. the dow is up 200, the nasdaq is up 200, s&p up early to points, significant gain across the board, oil is down $92 a barrel, look at the 10 year treasury, what a turnaround. this time yesterday you were down 2.51, 2.2% on the 10 year treasury yield, now all the way back up to 2.81%. you rarely see such a huge move
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in bond prices in such a short time but you are seeing it now. now this. it is tempting to think you can snap your fingers and build a pipeline and run it and open it. you can't. environmental lawyers won't let you. take the mountain valley pipeline which senator joe manchin wants to open, four years behind schedule and its cost has doubled because of endless legal challenges from the greens for example the fourth circuit court of appeals said mountain valley pipeline failed to protect the roanoke log perch, considered endangered species, development was held up in the cost went up some more. doesn't matter how valuable a project is to the country, if it mines or moves fossil fuels the greens go to the courts and shut it down. it reached the point some developers walk away from
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pipeline project. why put money and time into something green lawyers could hold up forever. the environmentalists have an agenda, keep all fossil fuels in the ground, and their tools the courts. they litigate, you pay high prices. it is possible the back lash will reach the point where environmental laws are overhauled but we are not there yet, you have to keep on paying. third hour of varney starts right now. look who is here. the crypto man himself, sean duffy. will be ever see the reform, the serious reform of environmental laws? >> it is possible but you need people dedicated to make sure we have laws in place that allow us to explore the great american energy reserves, two
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things you have to do, you have to reform the laws but also the unions and federal government, you have to clear out the radical leftists and agencies including the epa, you've got to fire them. donald trump wanted -- brings people in and they can't accomplish the goals on which he ran because all the labors in these agencies will fight them and thwart them. in essence you don't have a democracy, you have this deep state running government and fording elected officials who are trying to implement the agendas they ran on. change the laws and get rid of the union, fire people who don't follow the mission of the executive which is the president. stuart: we are going to need fossil fuels, need to produce them and the lawyers and environmentalists get in the way prices go up. it is as simple as that. i know you keep a close eye on
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the primaries, how did trump endorsed candidates do? >> throughout the primary season, the donald trump endorsement is better than any endorsement a candidate could receive. that might have been better but donald trump's endorsement means people win. take people from the bottom of the pack to the top of the pack. we talked about this. he hasn't won every race but the success, to have them endorse them. the ideas he ran on, the america first agenda, workers first, america first, doesn't mean we screw the rest of the world but focus on our people come our country, our wealth, our jobs, our salaries and that agenda resonates with so many
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voters across the country and the thing that is important is donald trump has credibility, stuart varney is my guy and will put america first, they believe him when he said that because he did what he said he was going to do, he did it as president as most politicians don't do that. it resonates with the american voter in his base which carries people over-the-top in a primary. that could be a problem in a general election, you try to win independent voters who didn't like trump, didn't like the tweets and the tone of the fights he got in and navigate once you get to the primary and endorsement, and play that correctly. stuart: complicated deal. you have 30 seconds to tell us if you sold any crypto recently and if so why or have you bought anymore recently and if so why?
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>> i have been buying, and here is my deal. i have a 10 year horizon and not looking at her 1-year investment. i'm long-term on this, so i can't be leave, i was able to buy that, and investments in a lot of places. this could go to $10,000. i have to stomach that but if you have that kind of philosophy and it is massive for investors who can got it through. you can stomach it and you can buy more, you will be rewarded because this is the wave of the future. this is your opportunity. you missed it four years ago -- stuart: we invite your wife
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onto the show. is that okay with you? >> it may not. she is a little sketchy. stuart: you described your wife on live television as sketchy. >> settle down. this is the retirement fund, the big winner. and unless this hits, wave over the future, i keep telling you don't regret it, don't regret this time. stuart: you brought a lot of life to the show and for that we thank you, investment advice not so much. you are all right. here is somebody else on the show who has real life and energy it is with me for the
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entire hour, mark tepper. how are you doing? the administration taking a victory lap because of the 20% drop in gas prices, do you think a victory lap is justified? >> not when they caused most of this, go back to where gas prices were, they were substantially lower, gas prices have come down but it still costs a couple days to go one hundred dollars to fill up the tank so it is still pushing a dent in consumers wallets. inflation running across the board, not just gasoline but the loaf of bread you need for your kitchen, everything is more expensive but they should not be taking a victory lap. we don't remember what they did to us for the last 18 months. is it 3 or 4? who knows?
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stuart: the question for most investors is the federal reserve omma are they going to back off from their hard-line stance? >> last week powell got a little swirly with his comments, likely become appropriate to slow the pace of increases a, no kidding. you are not owing to do 75 basis points forever. the market read into that that may be the fed is getting more dovish but then you heard from four fed presidents say we are far from done. bullard wants to go up 4% by year end but in the same breath he said not in a recession so i don't think they will pivot. they have to keep hiking rates longer than people expect, the
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terminal rate will be much higher than 3.5%. stuart: that is a slight negative for investors. we have movers, miracle grow. lauren: the lawn people down 7%, quarterly loss but they have a cannabis subsidiary called hawthorne. it fell 60% because they too much weed, marijuana. retailers aren't ordering it. stuart: they had a huge rally a year and a half ago when lots of folks suffered to grow weed at home and used miracle grow to get growth going and the rally -- lauren: our lawns were very green because we were home 24/7 looking at them. >> no supply chain issues. stuart: that is true. smoke local. regeneron, the pharmaceutical company. lauren: the best performer on the s&p, better earnings,
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strong demand for blockbuster drugs like i leah and covid antibody therapy, no sales in the us for four straight quarters. stuart: alta, beauty chain. lauren: call they may tech company too, they invest $20 million in beauty and retail startups. when you are in retail to innovate and you guys wouldn't know this, when i purchase makeup i like to use virtual technology. >> put a picture of your face on their and put that on your face. stuart: i have a mirror, tv camera. lauren: how much do you get? $2 million? stuart: tiffany and company getting crypto, they want to
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turn your nfts, try to explain that. inflation reduction act is an insult to used car salesman. jerry baker wrote the line. house speaker pelosi heads to south korea after this historic trip to taiwan. was the visit worth the risk from china? we will deal with that next? ♪♪ is overwhelming. but i never just found my way; i made it. and did all i could to prevent recurrence. verzenio reduces the risk of recurrence of hr-positive, her2-negative, node-positive, early breast cancer with a high chance of returning,... as determined by your doctor when added to hormone therapy. hormone therapy works outside the cell...
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>> speaker pelosi and south korea after wrapping up her high-stakes visit to taiwan, peter doocy the latest please. >> interesting to see this play out today because officials are careful to say they do not support taiwan's independence but when you listen to speaker pelosi's remarks she talked about democracy something that the chinese completely reject. >> the world faces a choice between democracy and autocracy. america's determination to preserve democracy in taiwan and around the world, grateful to the partnership of the people on this mission. >> thankfully chinese propaganda about lobbing
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missiles never became a reality but the chinese are acting out by conducting military exercises surrounding taiwan. >> we might see activity across the taiwan strait or to take economic messages, they announced a few so we are watching this closely, we expect the chinese will have some show of force, even a muscular reaction. >> nobody will say whether we are facing the pelosi trip but they keep telling us they don't control her trail, she arranges her own trip but they had to sign off on travel because speaker pelosi does not control the military aircraft she took to taiwan, president biden controlled that plane, he did have to give the okay.
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stuart: you are all right, see you again soon. china continues its threats. china expert stephen mosher. after the pelosi visit has the us/china relationship changed at all? >> i think these exercises were planned for a long time, they have been going on starting tomorrow april 3rd through april 7th, firing exercises outside of taiwan's major ports north, south, east, west so the student happen, the pelosi trip provided a pretext for xi xinping and the global times, china apparatus, blame it on the united states and they have been encroaching for a long time, they said the taiwan straits were not international waters, they belong to china,
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us ships should not traverse there, they said the exercise will take chinese forces up to within 12 miles of taiwan's coast, don't know how taiwan can allow armed aggression that flows to its shores. stuart: that's my point. stuart: live fire exercises around taiwan outside their main points or ports, we have not seen that before, does that shift the us/china relationship? >> it has to shift the relationship if we defend the first island chain which starting the philippines and australia. otherwise if you give taiwan to china it has open access to the pacific ocean and the next stop is hawaii, it is a fundamental strategic shift in power and it wouldn't stop with taiwan just as it didn't stop with hong kong.
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china is on the march, has territorial disputes with japan and okinawa as well, territorial disputes with the philippines, australia, indonesia, vietnam, all the countries in the region are concerned about japan's military buildup and increasing aggressiveness, xi jinping is going into a leadership conference hoping to be appointed to 1/3 term, it is in his interest to be tough when the chinese economy is falling on hard times, hundreds of thousands refusing to pay their mortgages in china, they are unemployed outside of major cities and people who can't find employment demonstrations in major cities against banks shutting down and refusing to pay depositors their deposits, lots of things going on in china, xi jinping welcomes a distraction and i hope it doesn't break out into a
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shooting war. stuart: is that a possibility? >> it is always if you're going to central transport within 12 miles of taiwan's coast and quality military exercise how can taiwan allow armed troops that close to their ports? their beaches without responding so the chance of an accidental escalation is certainly there. will you allow armed troops to land on your beaches as part of a military exercise? get they could start shooting at any time. blue one thanks for being on the show, pointing out interesting material. speaker pelosi met with the chairman of the world's biggest chipmaker. while she was in taiwan she conducted that meeting, do we have any idea what they talked about? >> the chips act was passed by the house and senate.
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pelosi's trip was short but my argument is it is very effective, she made time for the chairman of taiwan semi, they make the chips for everyone including apple. they are also planning a $12 billion chip plant in the us in arizona and benefit from the subsidies from the chips act but the chairman warned a war between china and taiwan is a losing scenario for everyone because of everything out of that region. stuart: it would be awful because tsmc, taiwan semiconductor is the world's biggest and most important chipmaker, they go into all kinds of computers. if an invasion or military action temporarily shut them down in taiwan you are talking serious stuff. >> the last few years if you wanted to purchase a new car people have been complaining because they would get the car and the seat warmers wouldn't work.
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if something happens we will be cranking our windows manually again. they provide chips to apple, qualcomm, nvidia, everyone is getting chips from taiwan semi. lauren: they have 100,000 cars waiting for last-minute chips. stuart: good stuff. rookie baseball card, derek jeter could sell half a billion dollars, can gold will be here with millions of dollars of cards and show them off. treasury secretary janet yellen says the inflation reduction act won't raise taxes for families but investing in 400 grand and will pay in other ways like higher prices at the store. jerry baker takes that on next. ♪♪
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stuart: hot stuff appropriate because you are looking at austin, texas, 104 ° today. scorcher. the markets, pretty hot markets, dow industrials up 300 points and the nasdaq composite 231. i will call that a solid rally. look at robin hood. the stock is down. it is up. it is up 13%, just announced big layoffs. lauren: they are laying off 1/4 of their staff. got to figure out why. 22%, marketing and management, got your news by email laura slack message that in april they were cutting 10% of their staff so clearly robin hood overhired when everybody was as
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you say gambling in the markets, revenue fell 44% in the past year, monthly active users fell 44%, trying to diversify, offer retirement accounts as another stream of income but stock is down. stuart: i only refer to gambling in crypto, not the stock market which is an investors market. how about tiffany, the jewelry people jumping into nft. here is something you have to explain. lauren: they are turning it into a necklace, and expensive one. an avatar becomes dependent, there is, each one will have 50, 30 diamonds or any stone you like in the chain is 18 karat gold, $50,000. everyone is rolling their eyes.
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can't explain, don't think there's interest in this, chevrolet tried to option it with a free corvette with 0 bid. don't think -- stuart: what proportion can define and nft, 2%? 3%? 4%? lauren: they were more than that. >> with the nft, captured the sheer speculative mania people feel grouped with. stuart: treasury secretary janet yellen responding to the spending bill saying legislation would reduce or have no effect on the taxes due or paid with will and come less than $400,000 a year. is it true? i believe it is true that tax rates will not go up for anyone
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but prices paid by poorer people will be going up because of this inflation reduction act. >> democrats and media like to pretend you can raise taxes on corporations and doesn't hurt anybody, nobody ends up suffering or paying more in taxes because corporations are abstract organizations that can be 3 money 3. when corporations pay higher tax, profits are lowered. people like you and me and pension funds, we suffer and lose out that way or they raise prices and maintain their shareholders and everybody is a consumer so everybody, you can't raise taxes on corporations without affecting people. stuart: one of the best lines i've read for a long time referring to the inflation reduction act you said that is
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an insult to used car salesman. i like that. i wish i could write like that. explain your self. >> i don't think even used car salesman would have the nerve or shame or shamelessness to sell you a lemon the way they are selling the $700 billion tax increase as an inflation reduction act, the most dishonest dishonorable piece of -- that i have ever seen. you talked about this on your show, the idea that it may not reduce inflation but the fact that this bill doesn't reduce the deficit, the first 5 years it increases the deficit and that's where we have the inflation problem within a year or 2 and this will add to the deficit. all this is is a big smash and grab as we have just said.
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the worst time to do that, we can have on argument what a recession is, the economy is weak and getting weaker and if you raise taxes at that point it will hurt and it will make the economy worse. stuart: can't see them getting all this, $700 billion enchilada, get pits in pieces out of a, you would end up with a slimmed down version which will not do the damage you are talking about. >> kirsten sinema is the standout, manchin did this turn and goes around with tax increases, we are living analysis in wonderland, words mean what i choose them to mean so it's not a tax increase and will reduce inflation so he is on board when he wasn't previously. the other one who wasn't was kristin sinema and a report this morning she's holding out
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against partly minimum tax on corporations. the minimum, lower, number of companies subject to it would not be subject to it would be raise, some way she can do that and the other thing is interest being taxed as income for hedge fund but you are right. stuart: and everything else stays. so the other thing we point out in the wall street journal, extraordinary expansion of the irs, tens of billions of dollars double the size of the irs and we point out, democrats are dressing this up as heating the wealthy, the wealthy have accountants to ensure they don't get caught but this, for the kind of money they expect to raise does not affect middle-class families. they will be many audits,
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people subject, much more nervous about filing their taxes or pay more taxes than they shouldn't that is how they propose to raise it. stuart: they write editorials for the journal? they never put a name on it. thank you for saying that. stuart: the best writing i have seen. you are really engrossing. once i read your stuff, can't put it down. wall street journal at large, 7:30 eastern time on fox business. we have one seinfeld actor could help you wake up relaxed and not like this. >> you know all night long things are cracking in the red light is burning. >> you look a little stressed. >> i am stressed.
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stuart: which hotel just teamed up with a seinfeld star. we've got inflation and that is causing more families to turn to discount and dollar stores. lydia has that story from new jersey next. ♪♪ ♪ ♪ ♪ ♪ we believe there's an innovator in all of us. ♪ ♪ that's why we build technology
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yeah... ♪♪ kardia mobile card is available for just $99. get yours at or amazon. stuart: talking in your sleep. that time talking in your sleep will be germane to the next story. days in, they are rolling out a new talking pillow voiced by a
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seinfeld actor. >> created complementary pillows that sounds just like me. we are going to wake up to gather and you are going to save the day. stuart: you can hear his voice, he plays party apparently on their new pillows. all they have to do is press a button, record a complement and start to play, days in the says they do it to keep guests happy. nice gimmick, but it is not going to make me go to a days inn. >> i wonder if mike lindell is making of a pillow. do you think they are coming from him? you never know. i am more interested in white noise, waves in the background. i would feel weird if it told me my pjs were incredible.
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>> just want are comfortable pillow. sometimes your room service to your door, i have 0 interest in all these gimmicks, don't want any of them, nice remand a cheap price. stuart: staying on travel, show me the airline stocks, travel expert saying now is the time to book your thanksgiving and christmas plane ticket, the cofounder of the vacationer, booked by late august it the latest after november, prices shoot up 40%. the way to go is a morning flight, direct flight, don't check bags and books soon. that is my rules. i know you've got a story to tell. my rules for flying, don't check bags, get on the first flight out in the morning and make it a direct flight. >> i follow two of those rules but i get enticed, you get to check three free bags, why
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inconvenience myself and carry it around the airport. i learned hard in portugal. i was there last week for 7 days, got my bags on day 6, brutal experience, ruined the enjoyment of the trip because every day we had to go shopping for our dinners and stuff. it wasn't united's fault per say, they got the bags there a day after we landed, they were stuck at lisbon airport the rest of the time. stuart: that back problem is a crazy thing. they chartered an entire plane to bring bags from london to new york. what is your story? lauren: you forgot a rule, stuart says he gets annoyed, see where i am going with this? he said he gets annoyed with families that bring the kids on the plane and don't give them anything to do when they are on the plane. stuart: your responsibly as a parent to give the child a
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device, book, game, not -- don't give him sugar. i've got to move on. higher prices are forcing more families to buy their groceries at discount stores. lydia is outside of dollar store new jersey. what are shoppers telling you? >> they are saying it feels like americans need to work more than one job to make legals meet and are growing increasingly frustrated by the skyrocketing price of groceries, to look at groceries, among americans considered high income earners. average spending increased 71%. to june of this year, during that time period spending at traditional grocery stores declined by 5 person.
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a survey by numerator found people earning more than $80,000 a year are shopping at dollar stores, that demographic is up by 33%. >> definite the go to dollar stores when i can, just to cut the cost. >> reporter: shopping at club stores like costco or sam's club up also as shoppers look for bargains, club stores show 9% increase in traffic spending, up 15%. >> gave us better value and better offer, we never go there for anything anymore. >> dollar stores and discount stores are being gained some big retailers seeing losses, walmart says the high price of groceries is forcing their customers to pull back on buying clothing. they are projecting earnings will fall next year at walmart between 11%, and 13% so there
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is a shift in consumer spending. stuart: i see it, thank you very much. show me the dow 30, a sense of a market, solid rally, dow 1% and 27 of the dow 30 are in the green. now this. it is a triple logo man basketball card. ken golden, join us and tell us how much he will get at the auction. we will be back. ♪♪ mamá, growing up... you were so good to me. you worked hard to save for my future. so now... i want to thank you. i started investing with vanguard to help take care of you, like you took care of me.
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stuart: we love doing this. some iconic sports memorabilia up for auction. ken golden joins me. he brought the stuff on set. item 1, the triple logo man with lebron, kobe, and jordan. >> it is only one issue. it is one of a kind. they took the actual logo from
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lebron james, michael jordan and kobe bryant and all three on the same jersey and it is a one of a kind card like the golden ticket in 2,006. this card is currently up at golden and we expect the bids to exceed $3 million. stuart: exceed? >> we sold three logos of lebron but you have to imagine with jordan and kobe bryant and lebron should be better than just lebron. stuart: should get $4 million. i don't understand this but you will explain, bobby bonilla's metz contract. >> one of the most famous contracts in sports history. if you were in new york you need to own this. every july 1st the mets celebrate bobby bonilla because they pay him one. $2 million even though he has been retired for 25 years, the old management of the mets,
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they owed him $5 million. instead of the lump sum of $5 million they negotiated the deal to be him $1.2 million a year for 25 years starting in the year 2,011. stuart: they didn't think he would survive? >> this is the actual contract and with the contract you get to attend the mets game with bobby bonilla, get a zoom call, certificate of authenticity, sign the ball, it is really remarkable everything you get with this one contract. stuart: how much? >> anywhere from 25,000 to 100,000, the biggest mystery in the auction. stuart: derek jeter's rookie card. >> this is issued in 1993, the difficulty here is 21,000 cards submitted to get graded, only 21 got the ten which means
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getting in this grade is one of a thousand and that is why we expect this card to go in the range of $500,000. stuart: i've got to get this one in. ladies injectable, we have 76ers jersey some time ago. >> 1966-68. it is rated 9.5 on a scale of 1 to 10, it comes with a letter of authenticity that means they fingerprinted to a specific game, this one, estimating only a $250,000 plus, probably the steal of the auction to get a legendary item like this. the auction is available right now at and it is ending on august 6th. stuart: you are a genius.
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a lot of money on this. quickly, the wednesday trivia question. missouri and which other state border the most states, tennessee, kansas, utah, nebraska, the ne! (nurse) wait... did you say verizon for just $30? (mom) it's their best unlimited price ever. (cool guy) $30...that's awesome. (dad) yeah, and it's from the most reliable 5g network in america. (woman) for $30 a line, i'm switching now. (mom) yeah, it's easy and you get $960 .. (geek friend) we're already here! (vo) the network you want. the price you love. only from verizon. . .
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stuart: okay, missouri and which other state border the most states? mark, you first? >> utah. stuart: lauren? >> tennessee. stuart: ken.
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>> tennessee. stuart: i'm going to say nebraska. the correct answer is tennessee. borders eight states. kentucky, virginia, north carolina, georgia, alabama, mississippi, arkansas and missouri. i still got 15 seconds left. to get out on time. i have got 10 seconds. the gentleman here counting me down. we're down to six, five, i think i jump the gun. hey jackie deangelis my time's up. jackie: are you ready? i said nebraska also. great minds think alike even though we were wrong. good to see you, thank you so much. welcome to "coast to coast," everybody. i'm jackie deangelis in for neil cavuto. taking a look at markets. stocks are hoping for a comeback after a two-day losing streak. big tech leading the bounce. we're following all of that. we have a big show ahead with texas congressman kevin brady. he will be here. he says democrats are crushing american families and their businesses with the new 700 billion-dollar spending plan. we have


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