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tv   Varney Company  FOX Business  April 19, 2023 10:00am-11:00am EDT

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stuart: the four tops. that takes me back. they play these deliberately, the four tops go back to the 50s and 60s. lauren: are you calling the show producers ageist? stuart: yes. 10:00 eastern to the money. some red ink for you, dow is down 120, the nasdaq has recovered. it was over one hundred but now it is 77. we have three quarters of the dow 30 in the red. the 10 year treasury yield kind of dictates market action, going up again 360 one. the price of oil, $80 a barrel, dropped a bit, now it is 78, sixty five. bitcoin below $30,000 a coin. the market, wednesday morning, now this.
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are you better off now than you were two years ago when president biden took office? it's not a question president biden wants to answer because most americans are not better off and are letting everyone know it. only 38% of voters approve of botnet handling of the economy. that the poll from npr which twitter calls state affiliated media. according to the labor department real wages dropped every month for two years. it kills your buying power. you feel it every time you go to the grocery store. climate policies having their affect as well. that's on biden. democrat run states pay on average 37% more% more than residents of republican run states for electricity. over 1/3 more juice in blue states. what happens when they force us to do electric cars?
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this contradicts what the president is saying. he insists he is building the economy from the bottom up. not happening as long as inflation cuts wages, not as long as massive layoffs take job security and high interest rates clobber first-time homebuyers. don't expect a serious discussion of the economy, he rarely answers questions on anything. he will send out the hapless karine jean-pierre to insist everything is fine. voters go to the grocery store and the gas station. they pay their utility bills and make their mortgage payments. they know that everything is not fine. in almost every respect america is losing ground. second hour of varney just getting started. look who's here on wednesday morning.
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lose peak -- liz peek. you are on the other side of domestic policy, biden's foreign-policy experience has led to this accomplishment. i suspect sarcasm. >> the accomplishment is he's done nothing. we are at the trade deals, the outreach to our allies, president biden ran on many dubious claims, that he was a moderate, that he would govern from the middle etc. but also that he had vast foreign-policy experience that would undo the damage trump had done. where are we? americans don't even know, he has instigated a trade war with europe through the inflation reduction act which put subsidies and tax credits for products made in america, europe put forward their own green new deal which basically also begins to subsidize their industries.
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they are furious, we never get this reported by the new york times but this is a turnaround in our understanding of europe. president biden cares about that. what was trump's big failure in biden's view? he demanded nato up their share of spending. i think every american agrees germany pay less than the 2% of gdp they paid $0.50 was an atrocity and they are still lagging in terms of ukraine and so forth because it is a commercial state. everything in germany revolves around business. it isn't just europe. think what is happening in the middle east. we have saudis meeting with iran. there foreign minister is in syria. syria, the reigning revolutionary guard has been bombing ust pro-plaps and camps. this is going backwards because the north star for president
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biden's undoing everything donald trump did. that is all he cares about. we had a good relationship with saudi arabia. now we have a terrible relationship with saudi arabia. that is costing americans, back to your comment, are we better off, this has import. the fact that he has screwed up our relations in the middle east means oil prices are higher, they announced another production cut, twice the saudis have done that because president biden has offended mohammed been salmon and i want to add one more thing. you didn't talk about the fact that americans are getting poorer. stocks were down 20%, iras down 20%, the bond market had the worst year in american history. get your head around that. consumer net worth declining dramatically for several quarters and we all feel it. this is something president biden has done. stuart: don't need to be
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sarcastic but can you think of one thing biden has done right? either domestically or foreign-policy? >> i don't have that much imagination. i don't think he has done much right but on foreign-policy. stuart: where is the wind? >> supposedly voters don't care about foreign-policy. where is the wind? in asia? seating ground to china, france is getting closer to china. give me a break. this is an embarrassment and americans don't like to be embarrassed. stuart: you have a week to think about something. biden's family, the trip to ireland. lauren: it was not a taxpayer-funded vacation for valerie, his sister and son hunter, they paid their own way. >> since we just got back,
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highly personal trip, did -- and hunter biden, did they pay for airfare? >> it is consistent with other presidents, and every port of call that every president has taken when they traveled so they paid their way. lauren: biden didn't hold a press conference when he was there. our allies want to know the intel leak, the documents leaked. stuart: did hunter have any business meetings? lauren: ancestry trip. dow is down 136, down 71. david, i hate to say this but
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looks like my worst nightmare is coming. a lot of folks headed towards retirement with a dead flat market for years and years. is that what you are forecasting? >> being that we have all these things in front of us including many geopolitical challenges, we have a real banking crisis on our hands, likely to see another lost decade. a lot of people have this narrative backwards, that we will be in a significant downturn the might last a few quarters. we will see more of a rolling recession that will play out over time. the price of everything increasing for homebuyers, corporate earnings, will be a big challenge as we head into the summer. as we look at things i agree with you.
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we have some big fears given the fact the spending case is different than the saving case. stuart: are you putting money into bonds, is that where you are shifting your money? is that you? >> bonds have significant bubble, i pray this bubble does not burst the way it could. there's three things people need to pay attention to, the personal income plan, their personal cpi is an arbitrary number. your personal cpi is the most critical thing to under -- taxi drivers are having a hard time figuring out whether they are buying food or the utility bills. we need to have different strategies as we approach our investment horizon. stuart: you don't think there's
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much money to be made in the stock market in the immediate future? >> the goal is 70% to 80%, avoiding 70% to 80%. the pain part of this will happen, bear markets are bear markets, it's critically important we get that right and the tax advantage planning strategy, everyone agrees the debt ceiling is high, this is critically important as we understand how to move forward. we have two years, 8 months, 11 days, we must act quickly. stuart: watch out for estate taxes, see you soon. lauren is looking at the movers, microsoft is down.
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lauren: german artists, performers, authors, trade groups. and and faster in regulating. stuart: they take the hit. and >> >> total is down, competitors are down, 5%, 7%. because i gained market share. stuart: i got that. what about travelers? they are up 5%, dow stock. lauren: profits down, hit by pretty big storm damage, wise
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their stock up? a buyback. they authorized additional $5 billion. stuart: works every time. senator warren hates stock buybacks. bernie sanders never met a tax he didn't like. this time he is going after your inheritance. current wait time in new york city, ten years, it is even longer before the case is resolved. they come, they are here, got to work and stay. this administration is streamlining the border so more migrants can come in. roger marshall has seen enough, secretary mayorkas impeached. watch this. >> we have enough failures from the department of homeland security and believe the secretary is not safe to carry out the duties of his office. stuart: even with mayorkas,
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biden's policies stay in place and got to be replaced. senator marshall is here next.
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stuart: this popped up on the screen. the yield on the 6 month treasury security, 5. 09%. how about that? as for the markets, to some degree they are responding to this spike in interest rates, nasdaq down 72, nasdaq down 113 points, higher interest rates on treasuries, not going down well on wall street. the surge of migrants crossing
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the southern border causing major back logs at migrant court cases across the country. how many cases are pending? ashley: it is unimaginable. the immigration system is creaking under the record number of applicants nationwide. there are 2. one million pending cases. the department of justice says to hire 150 immigration judges to ease the pressure that backlog is growing every day. case in point new york city where the wait time is already the worst of that nation. thanks to the surge of illegal migrants you won't believe how long the wait time is now. how about through march 2033? the latest data suggests new arrivals may have to wait a full decade just to get a date for judge. it takes four more years to
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complete the legal proceedings. the massive back logs makes the big apple the ideal place for migrants with dubious asylum claims to settle as they are entitled to work permits while their claims are pending, 10 plus years, the backlog in new york city. stuart: they are not going back. senator roger marshall wants dhs secretary mayorkas impeached. >> you were derelict in your duties. i would be derelict to not do something about this. that is why i have a draft resolution that i intend to introduce in the coming days that would require the senate to take a vote of no-confidence on secretary mayorkas. stuart: senator roger marshall joins us now. if he is impeached and removed nothing really changes, does it? he will be replaced by somebody carrying out biden's policy.
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>> this would be a huge message to the white house, we have a president who thinks he's running for reelection. he will have a tough time running for reelection when his secretary of dhs just got impeached. he's implanting the policies of the white house. this would be a huge message t country from enemies domestic as well as across the ocean and we are not doing that. talk to any american family they are concerned about the price of gas and groceries but the safety and security of their family. i'm obligated to go after the secretary. i hope the house would introduce impeachment of him and go through the trial. stuart: mayorkas is doing what president biden wants him to do. they get an appointment at the border, get an appointment at a city for a court date, wait for
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years, they've got the open borders, they are streaming in and they won, not much they can do until the next election. >> we need to do something about it. president biden wants this. the secretary broke all records. 5 million people across the border illegally under his watch and president biden's watch, 400,000 convicted criminal aliens that need to be deported and they are planning on doing nothing about it, makes our families less safe. we need to do everything we can, put pressure on this white house. if there was an impeachment hearing, even president biden's white house will stand up and listen, this is a tsunami in the house and senate this next election. stuart: your up to speed on another big subject, you released a report on the
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origins of covid. any doubt the virus came from the wuhan lab in china? >> there's a preponderance of evidence that supports there were two lab leaks from laboratories in wuhan, china, the first, september 2019, a small leak and when they were developing the vaccine in november of 2019, another bigger leak. all the evidence points to that from intelligence, epidemiology, the science of it and a significant amount of evidence to support this virus was made in that laboratory. no one will doubt they had the ability to make this virus. we were experiencing in viral security on viruses just like this. stuart: you are telling the energy department biden's gas stove regulations would harm americans. spell it out. how does it harm americans?
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>> biden's environmental demagogues coming after hard-working americans, the rules this white house is putting out would cause 96% of the current gas stoves to be outlawed and put this in perspective. gas stoves account for one% of the greenhouse emissions from this country. the same demagogues in their private jets burn enough carbon in one hour to equal an average american does in an entire year. what's good for you is not good for me. americans say that is not fair. there are other opportunities to embrace environmental issues and that will be through american technology and innovation. stuart: senator roger marshall, please don't be such a stranger to this program. >> i am honored to be here. a new study finds residents of blue states are paying more for electricity than those in red states. how much more?
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ashley: 37% more, according to research by texas electricity provider pay less power, 76% of the least expensive states were red states. states with the highest costs include hawaii, rhode island, massachusetts, california, connecticut, the usual suspects. hawaii the most expensive state, new york and alaska as well. hawaii is the most expensive state for electricity with a $0.44 per kilowatt hour cost at -- far higher than the least expensive ranking which is idaho with a rate of $0.10 per kilowatt hour cost. there you have it. red states another example of higher costs. stuart: i live in a blue state.
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ashley: blue states i meant to say. stuart: i live in a blue state. president biden's interpretation of title ix could force colleges to our biological men to participate in women's sports. former education secretary betsy duvos is fired up about that and will be here in the next hour. elon musk warned about inflation wreaking havoc on the economy. >> these covid stimulus bills were not paid for. there's no free lunch, nobody to issue money and not have inflation. we won there is no magical cure for inflation. professor brian brenberg comments on that next. ♪
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and i remember we could be sisters." because i think we looked... yes. right. yeah. and i don't think at that time- i think you're the one to tell me that we had the same birthday. yes. it's really unbelievable when you think about it, because it's been, like, really over 20 years that you were my mother and father's banker, you became my banker and now fran is in her third year of college and you're her banker. it's so unbelievable because i'm just 20 years old. [laughing] stuart: the yield on treasury securities is rising. some red ink on the left-hand side of the screen, nasdaq down
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64. we have found peloton. people are still pedaling away at home? lauren: not many. we hope you are using it. there is an initiative for sector weight but their commentary is unkind to the stock. financial distress and the uniqueness of the brand has been diluted. shares are down. stuart: i see a few pelotons outside. lauren: that is unkind. the commentary is unkind but now it is closing rapper. stuart: tell me about abbott. lauren: better profits thanks to stronger sales than diabetes care that offset lower sales of finance, covid test kids and they were able to offset that.
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the stock is up 6%. stuart: what is with intel? lauren: they will discontinue manufacturing of chips focused on crypto mining and it will do so in one year. it isn't as popular anymore. there are competitors. it's not profitable to do so but look at these numbers. coin base down 6, 5%. they are following the price of bitcoin which is below 30,000. no reason for that. stuart: and ethereum is below. president biden continues to tout his long economy but consumers can't keep up with their loan payments. edward lawrence at the white house, the latest on this. >> reporter: it is a change in message from what actually happened in the economy to scaring voters about what could happen in the economy. it's part of the same message democrat used in 2016 elections against donald trump.
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president biden is trying to shift the focus from sticky inflation, you see where it went from the month he took office, he previewed his new message from the rose garden. >> president biden: kevin mccarthy went to wall street, he did not tell the wealthy or the powerful that it was time to start paying their fair share of taxes. that didn't come up other than the saying they would renew the $2 trillion tax cut. >> reporter: he will speak at a union training facility in maryland. white house official tells me he will say kevin mccarthy's plan for spending will got programs the president says americans rely on. the president will call for more taxes to increase revenue to pay for his spending. bank of america's ceo sees a
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recession, the largest us bank saw 70% increase in loan right offs because of defaults in the first quarter, an easy fix to all of this. >> let's produce more energy. when we had the fed chairman in front of the banking committee i asked that question. if we produced more energy would that drag down inflation? he said yes. >> reporter: president biden refusing to change energy or economic policies. back to you. stuart: senator bernie sanders looking to tax the rich. his new legislation put a 45% tax on estates worth 4. 5,000,065% tax on estates worth $1 billion. brian brenberg it, this is legalized that from beyond the grave. brian: there should be no estate tax for everybody. they paid taxes on that money.
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this is the government stealing something it didn't already get. i hate the we have senators in this country when we are in an excess to show battle for world economy talking about this. stuart: all they want to do is tax the rich. doesn't matter which year it is, that is all they want to do. brian: when kevin mccarthy tried to find a solution to the debt ceiling and repeats the same stupid words fair share, fair share, this economy will crumble if all he can do is tear at those words. stuart: i pay 50% of my income in income taxes, is that a fair share, take happened they want more? brian: estate tax, gone. we one elon musk on inflation. watch this. >> there is not a magical cure, except increase the productivity. these covid stimulus bills were
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generated more currency. if you could issue massive amounts of money without negative consequences why not take that to the lawyer and make him a trillion air? how did it work out in venezuela? it is not good. there is no free lunch. nobody to issue money and not have inflation. stuart: he is right. you print office money you get inflation. brian: it was magical thinking called modern monetary theory, that printing doesn't matter so magical thinking, we need a more productive economy. we need growth, dynamism, stop talking about fair share, stop talking about estate taxes, start getting people back to work. stuart: president biden took a shot at speaker mccarthy over the plan to raise the debt ceiling in exchange for budget cuts. show that to me.
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>> president biden: kevin mccarthy went to wall street, the first one to default on the debt which would show us in gigantic recession and beyond. that is what he wants in the budget. you've got to ask your self, what rmaga republicans in congress doing? this is not your father's republican party. it's a different deal. stuart: you deal with this because i can't. brian: he has to protest because the plan is reasonable. rollback spending how far? last year. growth at 1%? wasted covid funds? so obviously a good solution that he has to stand up there and say amaga republicans. it means he doesn't have an answer. stuart: i will be watching you. brian: you raise my blood pressure when you bring me on the show. we one that is a good thing sometimes. "the big money show," one p.m. eastern today right here on fox business.
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new data shows the federal government wasted billions in payment errors. last year this is. ashley is with us. how many billions are we talking about? ashley: how about $247 billion in payment errors during fiscal year 2022? a report from the government account ability office defines payment errors as overpayments or payments that should not have been made like those issued to deceased individuals or former beneficiaries who are no longer eligible. the agency added incorrect payments are a long-standing issue which cuts the federal government, $2.4 trillion just over the past two decades. the report says 51% of payment errors, totaling a combined $127 billion. ford estimated at another $60
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billion. is it any wonder the national debt is approaching $31.7 trillion thanks to these payment errors. stuart: well said. okay, take a look at this. christianrun although put an opponent in a head lock, only gotta yellow card, if you got a red card they sent him off, $200 million a year, gives him leniency from the ref. we are on it. we told you about china buying up american farmland, north carolina wants to put a stop to it. the report coming up next. ♪
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so it's decided, we'll park even deeper into parking spaces so people think they're open. surprise. [ laughs ] [ horn honks, muffled talking ] -can't hear you, jerry. -sorry. uh, yeah, can we get a system where when someone's bike is in the shop, then we could borrow someone else's? -no! -no! or you can get a quote with america's number-one motorcycle insurer and maybe save some money while you're at it. all in favor of that. [ horn honking ] there's a lot of buttons and knobs in here.
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stuart: north carolina may soon ban chinese companies from buying farmland in that state. lydia, good morning. north carolina is not the only state considering a ban. >> reporter: we have four states that have passed bands according to the national agricultural law center. arkansas, idaho, utah, virginia, they have passed, not yet and acted but this scrutiny is shining a spotlight on one particular company, smithfield foods that operate in 29 states including north carolina. the world's largest pork processing company and there is a spotlight on it. it was acquired ten years ago by a chinese company known as
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wh group. in smithfield, the chinese communist party exerts no influence from american production despite the ownership, 40,000 workers, 2100 local hog farmers, the us and china over taiwan i asked them what is the chinese owned pork producer doing to protect american operations. >> if there's conflict or growing tension between china and the us. >> that something i'm not going to speculate on. we focus on doing what we do best which is raising affordable, nutritious, healthy protein.
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>> reporter: local lawmakers in north carolina say they appreciate smithfield, with lot investment in north carolina, will impact smithfield. local hog farmers say they still have concerns. one example is the world's largest animal processors located not far from me, this chinese company, wh group, has access to that technology. they worry about that. stuart: very interesting, thank you very much indeed. janet yellen will get big big speech tomorrow. the topic, economic ties between china and america. do we know the highlights? liz: national security likely
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address chip manufacturing, how to protect human rights, climate change and the debt. she has to strike this delicate balance between we compete with china but have to confront them and the evil things they have been doing but do so to keep the lines of communication open. not easy to do. tomorrow's speech is billed as the most extensive comment on the economic ties between two countries. a lot of people calling for decoupling. they can't just a couple when china puts sneakers on the feet and bones in the pocket. stuart: on climate change we sacrifice and they pollute. i wonder if the treasury secretary will say a word about that. if you are on the jersey shore and you see what looks like
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bird droppings on a car, look again. it might be a prop for a job application. we will explain. watch out, desantis, disney's people are trying to regain their power over the disney park, a report on that next. ♪ ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality! the ink business premier card from chase for business. make more of what's yours. ♪ i'm gonna hold you forever... ♪
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that's 1-800-217-3217. stuart: florida's new board is an oversight board that oversees disney's special district. it met this morning. is disney world back under governor desantis's control? ashley: not yet but the process is going on right now. one year ago today, florida governor ron desantis asked the legislature to revoke disney's special district and lawmakers complied but before the newly appointed central florida tourism oversight district took control, the previous board at the last minute handed control back to disney leaving this
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board coming in today's meeting, the board chairman had plenty of criticism, and he said disney left the district with a shortfall in reserves. >> we are going to have to raise revenue and there is no two ways about it. the expenses we are having to incur to deal with these illegal agreements disney entered into at the 11th hour. ashley: at some point the board is expected to pass a resolution bringing back the authority from disney and while that goes on, ron desantis and the new board planning to avoid the eleventh hour legal maneuvering. the new board will look at the superior authority resolution
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which covers disney world's 57,000 acres. the governor believes the actions violated florida law and ordered an inspector general to investigate. disney disagrees with all of this claiming it was that all agreements signed between disney and the district were appropriate and discussed and approved in open public forums in compliance with florida's government in the sunshine law. also an amendment filed in the state legislature would allow the board to disregard the previous agreement but this fight could drag out and legal experts say it could end up in court with both sides claiming they have the law on their side. a real knock them down good old-fashioned stuart: welcome to america. disney will hold a pride night
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event in june of this year at its disneyland resort in california. the ceo of brave books joins me now. you are saying disney is, quote, surrendering to woke values by doing this. what is wrong with a pride night? >> the latest example of disney taking the opportunity to cater to the woke left audience. as a business owner it bothers my mind they keep doing that. if you look at the latest. stuart: i interviewed bob iger 20 years ago when he started these gay nights or pride night, 20 years old. >> they are inviting kids and it is -- stuart: it is a ticketed event. >> if you look at christian
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conservative parents that are out there they feel like their values are not being respected. stuart: the parks are jam packed full, one hundred $20 a ticket. >> it is costing them money. if you look at the latest movies, bomb after bond, lightyear, strange world, turning red, losing over one hundred million. you would think disney would stop and evaluate the situation and realize i need to stop catering to these childless left-wing activists and instead look at my customers, the conservative parents that want high quality, wholesome entertainment. stuart: we will follow up on this. thanks for joining us. see you later. dhs secretary mayorkas doing with the biden team wants, streamlined the migration
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process so more can come in. that is what "my take" is all about and it is next. ♪ ♪
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