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tv   Varney Company  FOX Business  April 18, 2024 10:00am-11:00am EDT

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stuart: lady gaga. not heard much from her recently. applause is the name of the tsonga. 10:00 eastern, thursday, april 18th. the dow is up nearly 200, the s&p is up a fraction, nasdaq turning south, 30 points as we speak of the 10 year treasury yield had been going up, still going up some more. the price of oil, low $80 a barrel, $82 to be precise and bitcoin last time we checked with 62 grand, it 627 now. attention realtors. we have important numbers for you and your profession, existing home sales, the latest read on that. lauren: they fell more than
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expected, seasonally adjusted annual rate is 4.19 million. that's down sharply from an revised 4.38 million in february. lieb stuart: how many existing homes will be sold on an annual basis from those figures, 4.1 million. brian brenberg is with us. that seems to me a very low number and suggests upset and housing market. brian: mortgage rates are near 7. 5%. the data i saw today, 70% of mortgages are more than 3 percentage points below what you could get a mortgage for today. that's why nobody sells. they are absolutely stuck because their mortgage is so good compared to anything else out there. stuart: 4 million on an annual basis. in the good old days of the real estate boom, 5 or 6 million sales per year.
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now to 4. brian: it's a seized market if you ever saw one. stuart: there's no stock market reaction, the dow is up close to 200 points, no change elsewhere but this make a difference to the housing market. stay there, got more for you later. finally management get a backbone after sit in and disruption its offices in california and new york, google fired 28 workers. activists in the company had been angrily protesting google's project numbers, a cloud computing contract with israel. to the left any contact with israel is forbidden. tuesday workers refused to leave the office of thomas hoodin, a disruptive sit in. some were arrested and led away in handcuffs. wednesday google said this. physically impeding other employees work and preventing
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them from accessing our facilities is a clear violation of our policies and unacceptable behavior. google fired them. they laid down a marker watched by others who face similar disruptive behavior. netflix told activist employees if you don't like the content go work someplace else. what will happen at columbia university? last night an ugly anti-israel near riot just off campus. hard to see, 4,700 jewish students will feel comfortable going about their business after that. university president told congress what she was doing about anti-semitism. what will she do now? in my opinion hats off to google for standing firm. they stated what will not be tolerated. second hour of varney getting started. stuart: brian brenberg with me.
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will google set a precedent? i hope they do. brian: when you have fools you got to tell them you need to be fools on your own dime, not on shareholders dimes, not taxpayers dimes, on your own. google said if you can't behave in the workplace we have policies, you're out of here. columbia needs to do the same with the student, if you can't come and learn if you're going to burn flags, do that on your own dime but not on taxpayers and not the people who funded this institution. brian: the jewish students who feel uncomfortable attending that school. stuart: there are 4,700 jewish students at columbia university. how do they feel this morning? how did they feel, what gum billet -- club you going to do? brian: they don't feel it is a university. one thing you come to a university force to have conversation and debate, not watch bonfires against you and that is what they are watching on campus now. stuart: anti-semitism writ large is what is going on.
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we are going to watch you and talk about this. monday, april 22nd you will be live from the leadership summit in dallas, texas at 1:00 pm. brian: business owners across the country are saying whatever economy i get, whatever policy i get, how do i make money? how do i serve my customers? how do i get through this and that is what they do, with dave ramsey who knows how to make money and help people manage. it's like the disneyland for financial discipline and i can't wait to go and see how they deal with it. we will interview dave ramsey business owners and others. watch at one p.m. on monday. stuart: good to have you with us today. president biden touted the economy on the campaign trl. in pennsylvania but how do business owners feel about bidenomics? lauren: they call it a bust and the commentary you are about to hear helps explain why we pay
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such high prices in any store. >> are cost of double, tripled and increased drastically over the last four years. business wasn't readily difficult. >> costs to stay in business from a to z we didn't have this four years ago. the economy was doing great. costs were down, jobs. the economy was better. that is what it is. liz: speaking up high prices, the median existing high price in march was the highest ever in the month of march ever. at 393,500 up nine months in a row, highest price for march we have ever seen, these are the things people are complaining about. he's trying to contrast is
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humble at bringing to the mar-a-lago rich trump but the message doesn't land on the ground. stuart: class warfare can be successful. he is saying we are going after the billionaires and supporting you guys who work for a living. income any quality. it is a powerful force that will work well for biden. jealousy is alive and well. >> is it aspiration or jealousy? i know tons of people struggling but they admire the person who's not an want to know how they did it and want to do it also. stuart: let's see how it all turns out. let's look who's here now. the man himself, gary, i understand that you are expecting a correction like a 10% drop in stock prices. is that accurate? >> we called on march 8th with the big gargantuan reversal to the downside so we are in the sixth week.
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i suspect we will have more to the downside, not sure how much but let me be clear and get your viewers happy, corrections are my best friend because wipes out the bullishness, gets rid of the froth and put some doubt in the market and during earnings season we are going to watch companies that have the striding strongest earnings and revenue growth that hold up best during the market correction and when they start popping out to the upside we will jump all over them like we did on nvidia in early january, when it broke out of a 6 month trading range. we are on notice, we use it and as our best friend, not our enemy. stuart: it's a correction. if you've got some spare money that comes along, what's wrong with a 5% treasury? >> two words are important with 5% treasury and that is risk adjustment. there is no risk in that. you are getting 5% with no risk when being in the market can be a pain in the rear at times
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which i've no problem, that's where a lot of my money is, in money markets, we are going to be ready. we don't think this is a bear market, we think it's a correction that may last a few more weeks and we will be ready for to turn up and again we will find great companies with the strongest earnings and revenue growth, avoid the names, we been telling about tesla for a while and hopefully they show up sooner rather than later because we don't like sitting on our butts watching things. stuart: i'm worried about one of the big tech names coming in with disappointing earnings. some guys are saying that could bring the market down. what say you? >> if they get mega names that are holding up we will have 10% or 15% on the nasdaq yesterday, one it's not well-known, a xml holdings was trashed, this was a dutch
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semiconductor stock and took down the rest of the equipmentmakers, that's going to be very important and the goal is to avoid them. they are hitting taiwan semiconductor pretty hard on their numbers. they hit jpmorgan hard on their numbers. it changes and as we start to see some good reactions on big numbers we will be ready and take the action but now we are sitting on a couch and relaxing. stuart: okay, see you later at some point, thanks for joining us this morning, appreciate it. i want to know what's going on with tesla because it down again, one hundred 50. lauren: it had 149, 15 month low. deutsche bank downgrading them, they go to hold and cut the price target to one hundred 23. the only reason deutsche bank said they had a by was because they were really hopeful about that $25,000 card of the model 2. they expect that to be delay. elon musk going to address any of this with investors when
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they report earnings tuesday? you need a growth catalyst. the robot taxi, great, but seems a far way off. stuart: next case is dr horton. neil: raise the revenue forecast for the year, set up 3%. it had been up more than that, the largest in the country, they say home closures grew 15% in the quarter and those homes combined valued at $8.5 million. stuart: what's wrong with las vegas sands, down again today, 9%. 9%. >> 3 brokerages cut their price targets and all of a sudden weakness, not the tourism isn't bad but it went under recommendation and things are not where they need to be. that's a harsh reaction. stuart: thank you. throw out -- i'm getting confused, we throw out $68 million worth of coins every year. where that money winds up.
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time magazine published the most influential people in the world, trump special counsel jack smith, are you kidding me? we will tell you about it. dave portno dagen: on wingstreet, $5 million of winnings in the last four months. he calls himself one of the hottest gamblers on the planet next. ♪ ♪
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her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. stuart: the markets up 223 points for the dow, nasdaq is
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up a mere 8 points, small game for the s&p up 11, actions in the dow at the moment. one nba player banned from the league for life. what did he do? stuart: the nba says he disclosed confidential information to sports bettors, limited his own participation in actual games for betting purposes and bet on nba games. the icing on the cake, last month he told the better he would underperform in a game. he then told his coach he felt sick and sat out after 3 minutes. that that landed one. $8 million, the payout has been frozen but that was it. stuart: and he's out forever. look at this. barstool sports founder dave portnoy placed massive bets on this year's biggest sporting events. he joins me now. we all want to know which sporting events did you bet on to win that money?
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>> it has been a good 2024. michigan beating alabama, rose bowl, washington, kansas city chiefs, super bowl, you can't win the national championship and the masters so i am red-hot. stock market is down, got to make up for it somehow. stuart: everyone wants to know you have been so successful, what's your next bet? >> i will probably pick somebody very shortly for the stanley cup. i haven't revealed the pic yet. oliver vegas, all the sharks waiting with baited breath to see what i do. stuart: you are laughing at your self, i know you are. questions about caitlin clark's salary, $338,000 for a 4-year contract which i find that to be a very low number. what say you? >> it is low but it is built in based on the past, not the
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future. she will hopefully change that structure but that's what the wnba draft picks to serve. i love caitlin clark, she will make hundreds of millions of dollars in enforcement. her salary for the team is low but she's got nike, gatorade, state farm, she's going to be one of these, tiger woods, men, serena williams, women, she's going to make plenty of money. stuart: what about the fairness issue. 40% of the revenue in the nba, 40% of the revenue is shared with the players, 40%, the wnba it is 10%. seems like a fairness issue to me. stuart: there's a couple things that threw me off guard. i'm pretty sure up to this point wnba is a losing proposition. the nba is a lucrative proposition. i think the players probably
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have more bargaining power where the women if you're working for a company that's making no money is harder to say give me a bigger share of nothing. hopefully that changes, hopefully caitlin clark changes that but it is all supply and demand, she's waiting for demand so see if it changes. stuart: congratulations, barstool sports, raising money for the fallen lieutenant, one of the officers gunned down in the line of duty in new york over the weekend, your goal is $1 million, how much have you raised so far? >> over 800 grand, still matching every penny we make i am personally matching, we will make a million but i would like to get to a million and we are doing too many of these stories, we did this two weeks ago and it is sad. stuart: do you have any political views on this, police officers are under attack across the country.
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is there a political viewpoint you want to put on that? >> got to support the police and first responders. we moved too far, we need law & order in this country and the stats backup that police officers are under attack, seemingly something a lot of people turn their i too, criminals get back on the street, i support the police officers. stuart: you've been doing a lot of this. good causes. stuart: it is nothing new. probably anybody knew who we were, in a position to get bigger and raise more money. it something if we can help we are glad to help. stuart: we are congratulations, before we leave here, one last one. you have a dog, miss peaches. this show, we've been discussing time off work for pet bereavement, you want to get into this?
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where do you stand on it? days off for pet bereavement? >> we talked about pets versus humans before. i think dogs are far superior to humans. i have no problem lodz if you don't want to grant pet bereavement fine, but don't come claiming your kid. kids in humans, same treatment. if anything, give the dogs better treatment, more days off but as long as they're equal i won't complain. if it is 0 for humans, 0 for dogs, a week for dogs, a week for humans been among. blue one suppose it is your pet goldfish, where do you stand on that? >> goldfish, no. cats, no. only dogs. stuart: you will get a lot of headlines for that. any company that imposes a pet bereavement situation will have lawyers come in because you have to define what is a pet? you can't say goldfish out, rabbits in. >> i had a very famous goldfish named randolph, he died.
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i didn't take a second off of work. of something have to miss peaches, is a test. is your goldfish going to swim to you if you call it, probably not. is an eagle like a cat? cats are evil, probably not. stuart: your make headlines with that one. will you give pet parisian days off to any of your staff? >> yes. dogs only. stuart: we've stretched this one out as far as we can. it was all good stuff. stuart: dogs one week, a real sad thing. stuart: no time off for. >> 0. stuart: okay. >> i don't want people working for me. i'm serious. stuart: at a lawsuit. see you later dave portno dagen:. next case. it's official, prince harry will no longer call britain his home. good morning, has he renounced his signature?
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stuart: yes. according to new paperwork reported by the daily mail that indeed shows prince harry has renounced his british residency and claimed america as his home. the documents were obtained from one of harry's company filings showing he declared his new country was now the united states, the prince and his wife meghan markle relocated to america in 2020, they were also evicted from their uk home which leaves them with no official uk residents. a major indicator that harry doesn't have any plans to live in his native country on a permanent basis at least for the foreseeable future, not i should point out that anyone is asking him to come back. stuart: got it. new york city isn't just giving squatters rights but providing free lawyers to protect those
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visit indeed.com/hire and get started today. stuart: on the markets more marine for the dow industrials up to hundred 32 points. earlier we received notification that in the month of march the annual selling rate for houses was a mere 4.1 million on an annual basis, that's a very low number the same time meetinghouse price is the highest ever, 393,000, not good news. lauren is looking at the movers. snap. >> it is income house speaker mike johnson wants to package a group of bills together to fund is ukraine and the sale of tiktok into one bill, scheduled for saturday banning:00. it is up 5. 4% it is good for facebook and
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instagram up to and 2 thirds% and it is good for youtube. stuart: ebay. lauren: morgan stanley double upgraded from sl to buy with a price target of 62, 35, they love that it is using generative ai to sell more. stuart: jetblue. lauren: they got an upgrade almost 2%, they expect when jetblue reports next week a bullish forecast like we've seen from alaska and united. stuart: i'm interested in netflix this afternoon. we will see what happens. the imf just issued a warning to the united states over its growing deficit and ballooning debt. edward lawrence at the white house. are they saying we are on the brink of a debt crisis? >> reporter: they are not going that far but a dire warning from the international monetary fund, the imf says huge deficit in the united states pose a significant risk to the global economy. there are four countries on this list that should, quote,
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take immediate critically needed to take policy action to address imbalances in spending and revenue. the us, china, united kingdom and italy on that list, president biden signed $7 trillion in spending into law under his presidency, the deficit this fiscal year's $1.5 trillion crossing $2 trillion in 2030. >> the service is more expensive, interest rates have increased. in a world where prices keep coming, countries must urgently build fiscal resilience to be prepared for the next shock. >> with the growing federal debt, faculty director for the budget model put the fiscal path into a timeframe. >> fiscal policy in general, the budget model, under the
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most optimistic circumstances 20 years before everything comes crashing down. >> he says the debt would eventually cause and inflation spiral where the federal government would print money to pay for the debt and the federal reserve at have to accept 3% or 4% inflation, bond yields would go up based on that. >> people say that's for latin america, asia, zimbabwe, germany, hungary, that is for here too. >> reporter: the fed chairman has been saying the us is on an unsustainable fiscal path. stuart: thank you. peter morici is an economist to answer the following question. when will the debt bomb actually explode? >> the next five years, the national debt is one hundred% gdp. the end of this decade likely
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sooner given who is running for president on both sides the debt will get to 120%. at that point with the kinds of 10 year bond rates we are facing, the government will have to be borrowing at a rate that is faster, new debt that's faster than nominal gdp is growing. this is like for example the varney family borrowing at a pace of 20% when the income is only growing at 10. last november we saw a preview of this. the borrowing of private treasury had to jump as we came out of the crisis over the debt ceiling and when it did that, the treasury jumped to 5% real quick. what they did was shifted to short-term debt and borrowing requirement in the fourth quarter or less, next year they will jump again and we may get another preview but when we get to 120% we will not jump to a 5% interest rate. people will start losing confidence and start seeing the
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scenario you just heard, that the fed absorbs too many bonds, print too much money and so forth, inflation will start to take off at that point and we could have a crisis of confidence in money itself and the foundations of our civilization start to crash because when the pound became no longer viable as a reserve currency, we were standing there to take its place, china is not. china's problems are worse than ours because so much of it is eventual debt where we don't have a high state debt. it's not necessarily that close to beijing's control or ability to address. americans could pay a lot higher taxes but i don't think it will be easy to sell. stuart: i understand, doesn't seem there's a way around this. >> there is. americans are demanding the kind of social safety net, you hear the drumbeat on the
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bloomberg website, the kind of social safety net europeans have, the difference is an american schoolteacher maybe pays 15% or 20% of her income in federal income tax, not so a dutch schoolteacher, for all that security she will pay 30 or 40. go to a restaurant in norway during tourist season, try to find one the locals go to. it is hard because locals can't afford to go to the restaurant, they pay all their money in taxes. the american middle class wants european style social safety net but in 1850s income tax structure. it doesn't work. stuart: raise taxes to the level you can provide social security and social net worth would wreck the economy, something couldn't grow, they would probably going to serious recession. >> we built a system where people have to essentially consume less and the global economy is kind of dependent on
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americans consuming a lot to absorb all that we can produce, one of the problems we have is our manufacturing sector globally, no matter who is playing market games this week is more productive than we can handle, much like the problem we had in agriculture when it became superproductive. there is not much we can do about that. add to that, who should be buying the stuff? people in the third world, people in the third world, africa, black america, they are run by dysfunctional governments that can't develop. stuart: there' s no way around it. the debt crisis is coming and you say in 5 years. >> neither of these guys is interested. stuart: no american politician is going to raise taxes or cut spending or get to the point you can deal with the debt, nobody can do that. i'm out of time but thanks for being with us, good story. did you know americans throw
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away as much as $68 million of coins every year? don't know if we throw them away but what becomes of all that money? stuart: doesn't going to my bank account but amazing how much change people ditch. many americans treat coins as trash believing it is more trouble than it is worth to carry around. especially now as buses, laundromats, tollbooths, parking meters, they all take credit and debit cards but as the saying goes, one person's trash indeed is another's treasure. a waste management facility for example in pennsylvania separates out coins in the landfill and incredibly in the last 7 years it has collected at least $10 million worth, there is also a growing campaign to 118 the penny which costs three times its value to make. we should point out canada, new
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zealand, australia have already removed their one cent pieces from circulation so it is incredible, people don't want to be bothered with change anymore and you want to get on your hands and knees and go to the landfill, you could get rich. stuart: $10 million in junked coins in 7 years in a landfill, that's astonishing. great story, thank you very much indeed. now this. administration will re-impose sanctions on venezuelan oil and gas, punishment for failing to guarantee free and fair elections, another biden deal in itself. donald trump back in court, just learned that one of the seventh-seeded jurors is being excused, doesn't think she can be fair and balanced. the latest from outside the courthouse right after this.
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stuart: interest rate, markets showing a 200 point gain on the down just reels, smaller gains for the s&p and the nasdaq but we do have green. day three of donald trump's such money trial underway new york city and adjure who was already selected and sworn in tuesday now being excused. eric shawn at the white house, what happened? >> reporter: adjure had second thoughts. she was picked on tuesday and went home but because of all this has second thoughts about serving, told that to the judge and she's out. this judge wanted to ask the media not to describe adjure so thoroughly. this juror was a woman, an oncology nurse and she went home tuesday night and her friends and family started questioning her because they could figure out who she was based on the facts about her life. since those were made public
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she now says she has concerns about being fair and balanced and those public revelations about her identity and there are concerns about another juror and that juror may not have reveal an arrest from 1990s for tearing down political posters that were for conservatives, people on the right, that juror will be questioned to see if it is true. alvin bragg's offices demanding donald trump be cited for contempt of court for 7 more social media posts he made about this trial in addition to the previous post tacking stormy daniels and michael cohen. he post an article about cohen last night, his lawyers argue reposting what others say is not a violation of the gag order against him. trump charges that he is being unfairly muzzled with the gag order. >> there shouldn't be ago quarter. the gag order is unconstitutional. judge should not be there. the judge is highly conflicted. he should not be there.
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>> reporter: the batch of 96 new potential jurors arrived in the courtroom this morning and came face-to-face with the defendant a few moments ago. the judge asked people to raise their hand if they feel they could not be fair or impartial to donald trump and we are told about 48 of the 96, you are dealing with the same odds. about half say they cannot be fair or impartial and they are immediately excused. that leaves us with 40 plus who now would be randomly selected or questioned and given that 42 question questionnaire about 42 questions they will fill out and be asked about that but with this juror gone that means they have to get 6 more jurors and eventually 6 more alternates before they can get opening statements next week. stuart: perhaps next week, we
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will see about that. thanks so much. two people involved in trump's legal struggles just made it onto the list of time magazine's most influential people. ashley, who made the list? ashley: that would be special counsel jack smith who is overseeing trump's case related to efforts to overturn the 2020 presidential election and his case involving the alleged mishandling of classified documents. also making the list of the most influential people is advice columnist eugene carol whose legal battles with the former president resulted in a jury ordering him to pay her $80.43 million for defamation. the list includes is meeting the legal challenges with an aggressive and decisive approach befitting his position while carol is described as heroic and someone who embodies the me too movement. there you have it, two names, time's topless.
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stuart: got it, thanks very much. the chief executive of npr under fire after the editor singled her out in his resignation letter. more details on this. >> he did single her out. is she going to be bud light it? conservatives dig through her long paper trail, pretty liberal positions. here's chris. >> he left an incredible paper trail. she said that she's against the idea of objective truth, said she views the first amendment as an impediment to censoring disinformation and bad information she would not like to see on the internet and she's anti-truth, anti-merit, anti-first amendment to the core, the taxpayers should not be subsidizing someone who hates conservatives and hates the truth. lauren: thanks very much.
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the president will reportedly block a major copper mining project in alaska. this project would help us go green. alaska senator dan sullivan not happy about this. he will respond next. an elevat, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. spring into savings this moving season with pods. save up to 25% now on moving and storage... and see why pods has been trusted with over 6 million moves. but don't wait, save up to 25% now. visit pods.com today. hey you, with the small business... ...whoa... you've got all kinds of bright ideas,
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stuart: drastic news for alaska, the administration plans to reject a copper mining project in the state. senator dan sullivan joined me now. how big a loss is this for the state of alaska? >> tomorrow the biden administration is going to announce plans, illegal plans in my view, to shut down two of the most prominent energy and critical mineral sites in america. the first is the national petroleum reserve of alaska, the most prolific oil and gas site in our country, and shut down the ambler mining district, a part of alaska that has more critical minerals than any other part of the country. they will shut them down through illegal rules they have promulgated to appease the far
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left, this is american power, american energy. what makes us stronger. the biden administration will sanction alaskans tomorrow and they won't sanction iran when it comes to oil and gas. blue when they are doing this in the name of saving the planet. cutting off fossil fuels and the mining of copper in alaska to satisfy the greenys and they don't care about alaska because you only have one or 2 electoral college votes. they lose alaska it doesn't really count. >> alaska counts for america's strength, american energy, american critical minerals. this is hurting the country. which place has the highest environmental standards on the planet in terms of producing oil and gas and could go minerals? alaska. all this is going to do is outsource production of oil and
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gas to machines we hate, that hate us, venezuela, iran, and in terms of critical minerals, guess who dominates that section of the world? china. this is tomorrow morning when they announce of this, guess who pulls be smiling, the far left radicals who biden takes orders from but xi jinping and vladimir putin and the terrorists in iran, that's who is going to be smiling about this announcement. stuart: there is some good news for you. the president will reinstate sanctions on venezuelan oil, that's good news for you, i take it. >> a number of senators wrote a letter to the president. i read that letter and said mister president, you lifted sanctions on venezuela if they promise to hold free elections, thumbing their noses at you in terms of free elections.
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you can't let them do that if they don't hold free elections, need to shut down the ability for venezuela to send oil to the united states. it looks like the biden administration will take the advice from me and other us senators. we will see. i am a little skeptical. if they do that, that's good news, just took too long. stuart: dan sullivan, thanks. thanks, the biden's new claims about building a successful economy. the rising tension between israel and iran bless kansas senator roger marshall on the failed effort to impeach homeland security secretary mayorkas. the 11:00 hour is next. ♪ ♪ ♪
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a healthy weight can help dogs live a longer and happier life. the farmer's dog makes weight management easy with fresh food pre-portioned for your dog's needs. it's an idea whose time has come. >> donald trump walks in to a place like a bo day bodega, het reated like a rock star. joe biden is sitting president of the united states and

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