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tv   Varney Company  FOX Business  September 22, 2022 10:00am-11:00am EDT

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ashley: it is the first day of fall, midtown manhattan, partly cloudy skies in new york city, it is 10:00 houston time, i'm ashley webster in for stuart varney, picking up where we
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left off the dow down half of 1%. take a look at the 10 year treasury yield that continues to edge higher and higher, 3.567%, a sign of rates going up, oil $84 and $0.63, up nearly 2%. bitcoin has moved moving higher but still $20,000 there it is. 18,655. i heard more impact. the latest rates for mortgages continue to go up. >> reporter: 6.29%, the prior week, a year ago do you even
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want to know? 2. 88%, that is an astronomical increase and jay powell acknowledged it yesterday people cannot afford homes and he says it is headed for correction. higher rates. ashley: there you have it, tough for the housing market. our next guests those biden's expensive malaise is here to stay, that doesn't sound good, david bossi wrote that piece and joins me now, good morning, what do you mean by that? >> i mean we either have a -- we are going to see hi hi -- interest rates for a long time go up and that is the pain powell was talking about or we are going to see this incredible recession and i think we will see a little bit of both. we are back to jimmy carter economic policies and jimmy carter numbers and this is
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going to be a long time, we are going to see you this for several years to come and if we don't get it corrected this november with a policy change in the house of representatives we are going to be in this for a very long time. ashley: that is not good at all, the stagflation, the malaise as you put it. less than a week after president biden said the us defend taiwan of china invaded he is reaffirming the united states's one china policy, listen to this. >> we seek stability across the taiwan strait we are committed to our one china policy. we continue to oppose unilateral changes in the status quo by either side. ashley: the white house had to walk those comments back and they are constantly walking back president biden's comments.
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who was calling the shots? >> certainly not president biden, we are having an elected white house staff making major policy decisions in this country, a dangerous thing, we've never done it before, we have presidents will near decisions, don't think this one does, let me say about the united nations we have russia and china making the decisions, they have veto power over everything, russia has invaded their neighbor ukraine and they can veto anything the ukraine does, what does the un stand for, president biden made it sound like it is the green new deal united nations yesterday. it is a wandering, feckless, no leadership, here in the united states clearly the united nations as well. neil: a packed show today but thank you for your input, appreciate it. republican senator josh halley introduce new legislation on student debt hand outs.
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>> it is called the make the universities pay act and he wants the schools to pay half of the loan balances that are in default and also wants congress to make other changes like requiring the university to report earnings of graduates and their loan default rates. he says it is time to hold colleges accountable. for decades universities have amassed billion-dollar endowments while teaching nonsense like men can get pregnant all while charging extortion area tuition. don't know if he will get far with this but he tapped into how a lot of people feel. ashley: i think he made his point very well. let's get back to these markets, the dow fell 500 points yesterday, down 1.7% on the s&p and nasdaq and picking up the same sentiment, the dow up half of 1%, the nasdaq down
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more than 1%, s&p $37.62, great time to bring in gary, i know you are huge fan of love fed, tongue firmly in cheek, are we getting too aggressive, jay powell yesterday left no doubt as to what he was going to do. >> i'm worried they are still in business. i want to look backwards a couple weeks. at jackson hole the dow dropped 1000 points, one of the central bankers had the nerve to say he was happy the dow dropped a thousand points, a central banker saying average americans lost some money in your 401(k)s, sorry, we can't help ourselves and now you have jay powell straight out saying yesterday, housing prices will come down, sorry, you will lose
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your job, sorry, the problem is these are the people that created the housing bubbles, the stock market bubble, the everything bubble and they don't want to be doing what they are doing, they are forced to be doing what they are doing because of everything they created with printing of $9,000,000,000,000% interest rates and i have to tell you on my worst fears are coming to fruition. the market knows it, you see it on a daily basis and i think we are going to break the june lows and i would not be surprised for another big move down. ashley: feels like all the planets aligned to because you have the fed not only being super aggressive with the raising of interest rates but also pulling tens of billions of dollars out of the system every month, the uk and europe and recession with skyrocketing energy prices, record high dollar.
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all of these things combining. we could see some hard-core economic downturn here, could we not? >> yes and that is what i called for, bubbles turned into busts. to think that one man -- pardon? ashley: how long does it last? >> i think we are here for quite a while. don't think we can turn around a supertanker. one man and a few others can engineer what they want with a $20 trillion economy and $40 trillion market scares the living will use out of me and we may just be in the start of all this. that is the problem. remember they just put so much money into the system to keep markets afloat. i was yelling and screaming about it. europe is worse than jay powell. they are at 0%. at least jay powell is on the
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move but you can see again today the bond market, i expect the 10 year to go into the fours, the capital going up and lose the wealth effect, we are losing the stock market, the bond market and now it will be housing and it is a big worry going forward and not just recession but a long-winded and probably deep recession. i hate saying this, i would rather say otherwise but when you let a select few people try to control markets and the economy this is what you get. ashley: you have been saying this for some time but i think you are being proven correct every step of the way. thank you for joining us this morning. it is reality. let's bring lahren back and looking at the movers. lauren: down 10%, jpmorgan cut them to underweight and they took the price target to 27 down from one hundred 32.
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here is why. recent covid vaccine dynamics in the us and in europe they say suggest further guidance cuts are in the offing. let's move in the other direction. robin hood surging up 2.3%. it was higher, bloomberg is reporting the sec will not ban payments for order flow and that is the compensation to process retail stock trades under regulatory scrutiny following the meme stock frenzy. another winner for you, eli lilly, the fti has approved one of its cancer drugs at ubs upgrades them to a buy, up 3. 5%. %. it has a new weight loss drug that is considered very effective and ubs says it could be the biggest drug ever for the company. ashley: wow. i want to get into this. retailers getting a head start preparing for the holiday season. what are they doing? lauren: my kids already started their lists. you know what? i am fine with it because
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things are expected. what retailers are doing is making it as convenient and as cheap as possible to shop this year. walmart is now offering curbside returns, stay in your car and return your item. if you are a walmart plus member you can call a delivery person to come to your doorstep, hand them the item, don't need a box, label, nothing. amazon is rumored to have another prime day perhaps in october 2nd juice sales. inventories are surging, lululemon inventories up 85% from last year, look at these numbers, footlocker, kohl's, gap, no merchant wants that stock in the new year so they will cut the prices and they also know that we are buckling under inflation and might be more willing to spend on experience over a product. that is what they are forecasting, holiday sales will rise 5% this year to $1.5 trillion but that is 1/3 of last year.
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this is because of inflation, although shoppers out there. just wondering. ashley: 94 and your kids are counting every one of them. jpmorgan's jamie dimon certainly didn't hold back when asked about the democrats green agenda. he says stopping oil and gas production could be the road to hell for america. 's meantime meantime the white house claims for public governors who are busting and flying migrants to blue states are putting migrants lives at risk. roll tape. >> don't know why we would reach out to a governor or governors, it is something they are doing not to find a solution but to literally put people's lives at risk. ashley: it was okay when the white house flew migrants around the country in the bill of the night. hypocrisy i would say. president biden condemning
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russia after putin made a nuclear threat against the west. former intelligence officer rebecca koffler will be on the show. we should take those threats seriously, we will be right back. ♪ ♪ ♪ ♪
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first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. ashley: now this. fox was able to get a look at technicians clearing areas in ukraine of unexploded mines and tripwire set grenades left behind by russian forces. jeff politician he of this morning. tell us what you saw.
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jeff: despite his major announcement regarding the prisoner swap between ukraine and russia, the fighting is continuing throughout ukraine and even in spots where the battles offended. we are seeing firsthand retreating russian forces are leaving behind all sorts of unexploded ordnance. one of the most dangerous jobs in the world but each day these brave women and men strap on their flight jackets and head year in the search for explosives. >> i feel a great response charles: i'm doing. >> reporter: ukrainian screenwriter before the war, she now finds herself doing something most only see in the movies. >> translator: i want to do something specific for my country here and now. >> reporter: she had many others with the nonprofit halo
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trust are working to find and eventually remove any unexploded ordinances left behind by russian forces. everything on the side has been cleared but beyond that into this forest there's an untold number of dangers that have yet to be discovered including grenades attached to tripwire and antitank mines put a couple weeks ago a farmer hit when here on the side of the road. fortunately he survived, but others aren't so lucky. >> devastating and indiscriminate, even in areas where the conflict has left and people are trying to get back to normal life they can't when they see these underlying threats. >> reporter: mary cunningham says when russia invaded this year they still had teams the mining from the 2014 conflict in the donbas region. now it will take years upon years to clear the country and until that happens the innocent will continue to die. as devastating as the impact on the food supply, acres and
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acres of farmland left to sit and rot because potential mines and explosives that are yet to be found and this is just one piece of farmland in an entire country. their focus is on clearing liberated areas like the kyiv region. their hope is to move east one day when the war is over. >> translator: the sin we free the area from explosive objects the better. >> reporter: as the weather takes a turn here in ukraine, the technicians we spoke with say they are trying to clear as much land as possible but once winter hits, the ground will be too hard for them to do their work, they will have to stop that for a couple months. ashley: terrific reporting, fascinating stuff. thank you very much, jeff pauling ukraine. russia is dropping 300,000 reservists to support its monetary efforts in ukraine.
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put in hopes it will reverse his recent setbacks in the war. rebecca koffler joins me now, good morning. i guess you could argue this is a good sign for ukraine if putin has been forced to do this. >> reporter: it could be interpreted as a good sign for ukraine but on the other hand putin just delivered a very dangerous warning and yes, he has pronounced those warnings before but this time is different. my intelligence assessment is that we have to treat this threat very seriously, over 30 but under 50% chance of putin launching a low yield nuclear strike in ukraine to reverse the dynamics on the battlefield, and prevent his loss of war in ukraine.
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ashley: president biden denounced putin's recent nuclear threat at the un general assembly yesterday. listen to this. i will get your comments. >> president biden: putin has made nuclear threats against europe in reckless disregard for the response abilities of a nonproliferation regime. this war is about extinction ukraine's right to exist as a state, plane and simple. ukraine's right to exist as a people. whoever you are, wherever you live, whatever you believe, that should not, that should make your blood run cold. ashley: we know putin is under pressure, we are seeing demonstrations across the country, people being arrested lychees getting painted into a corner, do you take his threat seriously? >> very much so.
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we are exactly in the situation right now for which putin has prepared on his orders, a special way to de-escalate doctrine was prepared in which he would detonate a low yield nuclear warhead. it is not a strategic value, it's not going to cause a massive fallout but the idea is to make the united states stands down and stop providing weaponry to ukraine but putin is gambling that the united states and nato would not respond, and judging by president biden's word it is possible we would respond in which situation based on wargameing the war would escalate very rapidly into the nuclear realm and russia holds advantage in tactical nuclear weapons, one to 10 ratio, we
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have 200, the russians have to thousand. ironically, president biden canceled the program that donald trump initiated authorizing development of more yield tactical nuclear warheads for our forces and president biden right now is gambling too that putin will not do it and zelenskyy is gambling that if putin were to do it, the mighty nato forces will unleash their full wrath on russia so all three sides are on a dangerous escalatory path right now. ashley: we have heard the warning, thank you so much for joining us this morning, we really appreciate it, very disturbing situation as well. white house has a new enemy when it comes to exposing the border crisis and it is our very own bill. and.
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>> reporter: hundreds upon hundreds and hundreds of migrants crossing the rio grande in broad daylight. the city of el paso which is being inundated by illegal crossings. border patrol doesn't have other agents to process these folks, they are complete we are overwhelmed, the situation is deteriorating. ashley: politico says bill's reporting is, quote, getting under the skin of white house officials and leaving them increasingly frustrated. good. guy benson takes that on next. ♪
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vizsla silver's panuco project represents one of the highest-grade silver discoveries tin wheldorwi. athar lge resource base and over one hundred and twenty thousand metres of drilling planned for twenty twenty-two, vizsla is on a clear path to silver production. vizsla silver. ashley: let's look at these markets. about an hour into the session, pretty much where we started, the dow off 0.2%, the s&p down half of one%, the s&p down one%, let's bring lauren back in, looking at some other movers, let's begin with block. >> payments processor, they get downgraded again this week, cutting to neutral more than half the price target, 57, competition with other buy now
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pay later companies and bitcoin, the analyst says is a distraction for management, boeing is looking to outsource finance jobs as it shifts its focus to manufacturing. they want to hire engineers and factory workers, stock is down 2.5% and this is the worst performer in the s&p 500, downbeat profit outlooks so financial services data company, even they are being hit by higher costs for labor and technology, now almost 5% actually. ashley: thank you very much and new dhs watchdog report reveals cpb, cbp agents got orders not to assign registration numbers for migrants to help clear overcrowded facilities, this as the governor of texas labels mexican drug cartels after organizations. alexis mcadams live in eagle pass, what is the latest?
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>> reporter: we see migrants coming in every single day at the southern border including in eagle pass, texas which is the busiest in the country and they are not just bringing in people but also fentanyl which is killing so many americans every day, giving the cartel everything they worked for, to get right across into the united states. a lot of the time people being smuggled in in the back of pickup trucks. >> it is loaded, come on over here. >> reporter: you can see in a new video just released by texas dps a dangerous trend we are seeing in this state. people coming from all over the country to smuggle migrants because they are paid lack of money by these cartels, 10 migrants in the back of that pickup truck, the driver who
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came from california arrested and charged. now we go to the stash houses in texas, migrants make that dangerous journey into the us, they end up in places like this, this week texas dps found these migrants including small kids at two stash houses in laredo, people were from mexico, honduras, and guatemala and also kids that were staying there are 200 stash houses have been found in this stage, and 2,000 migrants and counting this year, these are all examples of the mexican cartel's look at event deadly human smuggling business that runs 24 hours a day at the southern border. i talked to victor avila, retired special agent who says one of the main questions is who is in these groups. >> they are completely being smuggled and avoiding detection, why avoid detection? because you possibly have a criminal affiliation. >> reporter: these groups are running across in the dark of
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night after they pay 9 grand to the cartel. fox cameras were rolling as the 6 mexican men were arrested after they paid the money, they got caught, then they have to dish out that cash again, they get 3 attempts to get into the united states, if they don't make it they have to try again. and a live look at this drone camera here in eagle pass, texas with a large investigation at the southern border where they found one dead body, trying to figure out if it was a migrant who tried to cross but live this morning we saw lots of migrants crossing, they told us venezuela, that is a trend we are seeing, not really people from mexico anymore which is right across that river but people coming from venezuela traveling thousands of miles to get here and it is not slowing down out here, people tell us they feel the cartels are in charge, not the government. ashley: a full-blown crisis for sure. great stuff, thank you, appreciate it. politico reports the white
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house is apparently irritated about bill melugin's reporting. several officials expressed their increasing frustration with his on-air coverage arguing there is an alarmist quality to it designed to feed political narratives rather than illuminate the actual issues feeding the migrant flow. guy benson joined me now. they are mad that we are the only ones reporting on the board, we are the only ones actually documenting what is going on. we are not making it up, we are reporting what is happening. right? >> exactly right and the thing is the rest of the media has been asleep at the switch, deliberately month after month after month, they pop up for air occasionally when there is the whipping smear against border patrol agents, they were all over that and then went dormant for 9 months, 10 months, now we have the republican governors with the
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bussing and flying of migrants to low jurisdictions in martha's vineyard, they are back to covering it briefly but one of the only outlets that faithfully covered this day in and day out is ours, leading that coverage is bill melugin. he's doing his job and doing it well, shining a spotlight on a crisis that is deadly, dangerous, shattering records on their watch because of their policies which they would prefer no one noticed or talk about this. what happens in texas and arizona stays in those places and voters don't have to think about it. he has made that more difficult, caused them a political problem not because he's grandstanding or an alarmist but is telling the truth about what their policies are wreaking on those communities and this country and that is on them. it is not on him but it is revealing they have to whisper to other journalist allies to
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attack him. ashley: that was terrific, we have to leave it but you hit every point, thank you very much. bill is doing his job showing people what is going on. california is about to send inflation checks to residents struggling with rising prices but isn't that just a temporary fix? i will ask california congress woman king -- kim young in our next and it are. john federman missed 33% of pennsylvania legislative sessions while serving as lieutenant governor but he made sure to attend every pardons board meeting. i will ask bret baer if his soft on crime policies will sway voters. brett is on the show next. ♪ ♪
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ashley: education is an issue in pennsylvania's senate races a new report shows john federman failed to pay tens of thousands of dollars in taxes to his local school district. brian, has federman responded to this? >> reporter: she did respond saying he will do everything he can to invest in his community, he will go to washington and fight for public schools to receive more funding but according to the washington free beacon, as mayor of braddock, pennsylvania he failed to pay $10,000 in property taxes between 2006-2019. that is money that would have gone to funding his local school district which is one of the poorest and lowest performing in the state.
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the school district reportedly placed 3 dozen tax liens against federman during that 13 year stretch and he was sued twice. he paid off the liens but in some cases took 6 years. in 2016 federman said liens were never substantial and some of the taxes were not paid because of clerical errors. doctor dr. oz. >> he's got properties, didn't pay taxes on, they didn't file documents and in and they said it slipped through the cracks. what are you talking about? you are not above the law. >> reporter: on the issue of education federman received the endorsement of teachers union saying they are the first law in publication -- education policy. dr. oz says loan forgiveness is unfair and he supports school choice and charter schools, the pittsburgh post-gazette editorial board is calling on
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federman and dr. oz to release their full medical records as questions continue about federman s recovery. candidates are set to debate on october 25th the editorial board says federman needs to redo debates given many people who have cast a ballot. ashley: thank you very much. data shows john federman failed to provide 33% of pennsylvania legislative sessions while he served as lieutenant governor. bret baer joins me now. good to see you. is he going to serve in the senate as fully as he has as lieutenant governor? is this an issue? it is a fair question. what say you? >> he's not taking a lot of questions on the campaign trail or interview questions. he only agreed to one debate on october 25th. he stepping up his appearances, one in scranton the other day, when in philadelphia but it the same pitch that he has made, a
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12 minute speech and doing more to counter the narratives that he is somehow impaired after the stroke but he has not answered the tough questions. the key policy issues that the oz campaign is hitting hard, we will see if he takes questions. on special report, he has not expected that. ashley: don't give up. also, i want to say the democrats believe the abortion issue will be critical in the midterms. we know the president has gone after trump supporters calling them semi-fascist, republican say it is all about the economy. should the republicans be putting out a stronger message as we head towards the midterms do you think? >> republicans are getting
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ready to unleash the gop agenda which will be like newt gingrich when he took over as house speaker and a contract with america on the key issues, economy, inflation will lead the way as will crime, immigration. those are if you look at google search, immigration and crime has spiked up as far as searches people are interested in more than abortion, the fbi raid of mar-a-lago. that will there will be a battle of what is more important for voters and we will have inflation. ashley: next one for you, senator joe manchin spoke out for the first time since his permitting reform bill was released yesterday and i will get your comment. >> what about republican support? >> i will talk to you later. >> did you vote against the cr? >> that is the drive.
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ashley: he is speaking as he walks down the hallway but the question is will he get the support he needs? >> it is on a knife's edge, republicans are disappointed in how it all went down, they are not that into helping manchin get this across the finish line even though it is something they have been for. there is a bill from west virginia that does exactly what joe mansion's deal does, it is a separate bill that is different from his deal so manchin may have a tough time because he's not going to get all the democrats to sign on. ashley: i agree. you have a new fox nation series called the unauthorized
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history of socialism volume 2. tell us more about this. >> we did the unauthorized history of socialism, a 5-part series and it goes into the heart of how socialism comes to be, you look around the country, around the world, and countries where socialism has worked. this looks at how the principles and ideological focus of socialism has turned into what we see today, cancel culture, different organizations on the far left, how that factors in today. it is interesting to watch, people who are into history will see and learn a lot and it is on fox nation now. ashley: fantastic stuff, thanks for joining us this morning, appreciate it. now this. fortune magazine is catching some criticism over an article explaining why people should be happy about rising inflation.
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we will try to explain that one. a business owner in los angeles sounding off after homeless man hurled feces at him. >> reporter: why are you throwing feces at people? you through feces at this gentleman? >> another adventure one flew over the cuckoo's next. ashley: we are going to talk to that business owner next. ♪
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neil: an article in fortune magazine says people should be happy about record high inflation. please tell me it is a joke. lauren: it was written by a professor of finances, used to work in the clinton administration, writing you should be happy about inflation and worried about something else.
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happy about inflation, it is required in the transition to the digital economy, tech jobs and something else you should be worried about, entrenched inflation and stagflation. he said that is possible but one causes the other. you can't be happy about inflation and still worry what it causes. you are worried about both but can't say that 2 people. neil: another example, thank you very much. now this. a homeless man was caught on camera defecating on the street in los angeles, he then took that bag of feces and hurled it at a small business owner. watch this. >> why are you throwing feces at people? you through feces at this gentleman. >> have paralyzed and blind, i have no car for 9 years. >> reporter: do you need help? the city is offering help.
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>> the business owner, the owner of blue dog, where do you begin? will you leave los angeles with conditions like this? >> i don't want to. i made this place my home for 37, 38 years, built a business. i employ people. all i want to do in this world is employ people. covid took a lot of that away from the. i had no intention of leaving. i have every intention of fighting for my business and the rights of business owners up and down the strip and in los angeles. ashley: you reached out to la city council and this was what
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they told you, quote, in the future we request you don't send these photos to our staff, we will not be able to respond if they contain inappropriate content such as a person indecently exposed. it's not right that you and your customers were confronted with this it is also crossing a boundary to send these photos to our staff unsolicited. in other words we are not going to do our job. it is okay for people on the street to be confronted with this but don't tell us about it or god forbid show it to us. what is your response? >> frankly, thank you so much for helping me shed light on this, all business owners are in with me thanking me. the problem is not homelessness. the problem is not people going to the bathroom on the street. the problem is the government overlooks it. the problem is the government who says, who will not pass a judgment call on bad behavior like that. my city council member whose office sent that email tells me
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i am crossing a boundary. they are the ones crossing boundaries. i can't -- he is sick, he needs help, he needs to be pulled off the street and that is the problem, giving people a choice as to whether they want housing or services. this is reached a level where it is no longer a choice. i think the government should go back to and consider compulsory housing for these people. if you run up and down this stretch of ventura boulevard it is not even a mile-long stretch, it is worse than downtown los angeles at this point. ashley: we have to leave it there but we wish you the best of luck and we will stay in touch with you because we want to know how this works out. very difficult situation with the homeless. still had california congressman young kim. katie pavlich, dan heninger and larry elder, the 11 am hour of "varney and company" next.
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