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tv   Varney Company  FOX Business  April 1, 2024 11:00am-12:00pm EDT

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>> the other part that does anger me is the idea you can't express your religious belief on an easter egg. this is a nation based on
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religion. >> we need to respect law enforcement. no family should endure what the diller family is going through. no wife should have to bury her husband at 31 years old. >> when energy prices go up, agriculture prices go up and mineral prices go up, that means the prays of everything, that's a forward looking indicator and i don't think we've turned the corner on inflation at all. >> israelis will quite rightly absolutely not just ignore what jamal boman has to say but maybe the opposite of what he says because his loyalties are quite clear and quite disturbing. stuart: it is monday, april the first. yes, it's april fool's day. not had a april fools played
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upon us that we can hear. let's continue. checking the markets, the dow is way down. a drop of 229 points and now the s&p and the nasdaq also joining in the red tide. all of them lower today but the dow especially. show me big tech. mixed picture right there. we have alphabet, meta, microsoft up, amazon, apple down. look at apple dropping below 170 right there. yield on 10 year treasury is rising and rising more and 11 basis points is quite a bit jump for that interest rate, 4.32%. now this, perhaps they thought we wouldn't notice. the biden team released new rules on electric trucks. there's a new mandate and the wall street journal breaks it down for us. here we go. by 2032, 60% of urban delivery
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vehicles and 25% of long haul trucks must be electric. now, that's going to be a big lift, isn't it? 1.4 million new chargers will be needed and 15,000 a month have to be inscalled for the next 8 years. installed for the next eight years. a big rig uses seven times and does anyone believe we have new juice to go around? it'll cost more than a trillion for trucking companies. we're looking at disruption of the entire trucking industry. that's dangerous. don't mess with a established distribution system every singing one of us relies on every single day. ev truck mandate would "avoid, that's their word, avoid a billion stops of co2 emissions in the next three decades. that's as much as china and india's emissions rose last year.
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we sacrifice they don't. as for the journal, it says the truck mandate will do nothing to reduce global temperatures, but it will surely rile up voters. in my experience, americans don't like being told what to do. the third hour of varney starts right now. stuart: perfect time to bring in leo terrell. leo, americans don't like being told what to do, am i right? >> you're absolutely right. you know, stuart, i'm not in the same level or expertise as you are, i did teach economics, but it seems to me that biden administration is circumventing congress and all the ev mandates and consumer, american public is not demanding this. this is government at its worst, pushing down these mandates that are virtually impossible to basically make established by 2032.
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it's impossible. >> the question is is that the country is not capable of having it up to speed and biden administration at its worst putting down mandates that are basically impossible to meet. stuart: okay. let's move on. stuart: governor newsom diploid a plan to send 50 surveillance cameras in oakland and track cars and catch criminals on the road s. that going to be enough to stop crime in oakland? >> no. i want to be very clear. career criminals are not afraid of cameras. you know why? they get arrested and they'll be released. you cannot stop crime unless you put bad people in jail. they are not afraid of a camera taking their picture. this is a failure. ask people, oakland is a
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disaster and they're losing businesses because they can't keep up with the crime that is basically taking away business. stuart: why oakland? synergy home is oakland in such trouble when neighboring towns don't seem to have quite the same problem? >> well, i'll tell you right now, oakland is the capitol of soft on crime prosecution. they don't support the police. i mean, if you support the police, you are playing the race car. if you support the police, if you want to put criminals away, you're racist. that city of all the cities in california is the worst regarding trying to put criminals away because crime apparently has a color attached to it, stu. stuart: okay. starting today, fast food workers in california will be paid at at least $20 an hour. some restaurants having to hike prices and cut staff. $20 an hour for fast food workers is that sustainable, leo?
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>> absolutely not. my first job was at mcdonalds and i made $1.45. that tells you how old i am. the problem is the newsom admin vagues is trying to make minimum wage job career jobs and minimum wage jobs are transitional jobs. who pays for that $20 per hour? the consumer. it's a tax. you know what's going to happen? small businesses are to be kristin out of california. this minimum wage law is insulting to the average mom and pop store because it cannot afford it, stu. i tell you right now, it is again trying to de-prioritize career opportunities. they're basically saying you can make a career off minimum wage but you cannot. it is wrong. stuart: it's popular with those that suddenly earn $20 an hour. politically popular. look, california has got the highest poverty rate in the nation. i would imagine that a measure like this, you pump everybody up to $20 an hour. that would be popular. that's a vote winner, isn't it?
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>> yeah and the elephant in the room, guess who's happy, the unions. this is what's going to happen. these employees at these restaurants will be unionized and guess what happens, they contribute money to the union. guess who gets the money? the democrats. this is the long run plan of trying to put more money in the democratic party's pocket. it is basically a fail policy and california has not hit rock bottom yet, stu, we have a long way to go and make room for me in new jersey. stuart: the room is always available, leo. we'll see you soon. leo terrell, everyone. see you soon. check the markets, please. nasdaq up nine, dow's down 200. jason katz joining me this morning. the first quarter of this year. that's a really nice rally. we did very well. can he continue into the second quarter? >> yes. stuart: thank you very much
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indeed. >> you got it. path of least resistance to the upside and frankly i think that'll continue to be the case aalbeit a much slower pace and t would be april foolish to get scared of new highs and look back historically, this is lost on most people, the market historically trades within a 5% high. 60% of the time. stuart: really? >> yeah. in fact, since 1960, if you look back one year later after making a new high, the market's on average up around 12%. we're in this new paradigm finally that good news is good news. everyone was rooting for bad news so we get elmore nathanial hackette rate cuts but the narrative is flipped. we're now emigressing that earnings are betting expectations or the economy is growing at a decent clip or the fact that unemployment is hovering around 4%. we're in the paradigm and you can get long and you want to be in the market and not time the market, but it's imperative that
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you're long and invested in the correct places. stuart: all right. now "the wall street journal," get the headline and this is from "the wall street journal" and says the stock market's magnificent seven is the fab four and nvidia, meta, microsoft and amazon. is the market really concentrating on four stocks now? >> well, it has been. i mean, i've cited the statistics countless times in terms of heavy lifting that those constituents have brought to the table and they're not doing the heavy lift on a growing basis and look at industrials where there's a renaissance here in the united states and there's a problem with it now and ceos and political leaders know they realize you can't be reliant on the enemies for semiconductors and coming to food and energy, we're still relying and beholden to others that really don't have our best interest at heart.
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so i would invest in the mag 7. i wouldn't divest but not where you're going to make your money but making it in the modernization of the infrastructure and blackrock spends $13 billion building with supply chains and economically independent and don't go with the school of what's worked and go with what hasn't worked and contingent and no recession for industrials and we're going higher. stuart: jason katz, you make a lot of sense. thank you very much indeed. what's going on with app and will just dropped below 170. lauren: apple's revenue and earnings both fall this calendar year for the first time since
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2016 and that's from analyst channel checks and that's what he's seeing and stock's down 1.1%. stuart: show me united and boeing, please. lauren: the delivery delays because of all the issues with the jets will hurt their aircraft utilization this year and offering voluntary leave and unit's up 1.25% and offering pilots voluntary programs for the month of may to reduce excess staffing. stuart: other planes and the pilots don't fly them. unpaid time off. lauren: they did not say that and that's how it appears. lauren: down 46. reddit priced a week ago at $34 a share and never traded at 34 and opened at 47 and reached a high of almost wall street very skeptical on old, unprofitable unicorns and a 19-year-old
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company that's never been the profit. data is training large language models and big ipo and suffered since. stuart: never made a profit in 19 years. ouch. younger people looking for ways to afford buy ago home that includes splitting the cost with friends. good story and we've got it. democrats in illinois pushing to give summaries don'ts $1,000 a month in guaranteed income. can illegal migrants in the state qualify for payment s? you might not like the answer. you can reportedly expect to see more presence of obama and clinton on the campaign trail stumping for joe biden. david weber takes that on next. ♪
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stuart: with the president losing support from deputies over the war in israel, he's looking to help flip republican voters. jack jim jordan heinrich at the white house. he's going after nikki hail lee supporters in reporter: that's right. they went to the easter egg roll and optimism for 2024 and sounded pretty energized but in a new fox poll last week shows that his chances are a little bit dicey especially in the case of third party candidate in the mix. that showed if the election were right now, biden would lose to former president trump 38-43% and in part because robert f kennedy jr. claiming 12% of the vote and 12% of democrats and 8%
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of republicans back him and this morning the president didn't seem too concerned about that. >> look, we have tens of thousands of people contributing $5, $10 a pop. we've opened up a headquarters and i think people are so tired of negativity that they just want to get engaged and they want to change things. reporter: stuart: do your best battling president biden and congressman saying prepare to see a lot more of president's clinton and obama on the trail.
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>> showing unity and unity of purpose. to show defense of democracy. that's what's going on here. three former presidents, all three of whom had their challenges, but every one of them stood for what is right in this country and that is to protect this democracy. and putting themselves below the needs, the dreams, aspirations of the american people. stuart: bring in david webb for coverage of this story. this is a unity strategy. is it going to be success. ? >> i don't know. more of a k k neanderthal becaui didn't vote for president biden.
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half of nikki haily voters and evangelical supporters and base not very big and christian and considering where the white house is and easter egg roll and no christian symbols allowed on eggs and it's a tough one to convince and idea of unity ticket, you balk up six avenue in garbage trucks and bring in bill clinton and barack obama were at least lucid when they were presidents and surrounding the guy not lucid anded a led as the current president to get over the hump. if biden is the most vigorous and vivacious and said he was ready to go durck the state of the union, why isn't he out leading the charge to counter us neanderthals in the country? he can't. jim clyburn hoping blacks come home, which they're not and latinos move away and proclaim cesar chavez day and talk about the left wing catholicism and
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marxism and i didn't say that. they're all playing in game as if we're supposed to be gas lit into believing whatever they tell us today. stuart: trump's search for vice presidential candidate is getting serious and that's their words. why don't we speculate. who is trump going to pick? >> can't be you or me. stuart: that's true. >> we're to the leaving our jobs. >> on the left we could run for vice president but the speculation is what's going on. stuart: who do you got? >> i don't have one, that's the thing. we've been through this for years and really you can make a case for vivek-style approach and a desantis unity, but then you run into an issue with both candidates from the same state. i think what the think trump needs is someone that's going to be there with the experience to take on congress to take on the
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system and the different departments. he needs a team and in order to govern, it's not just about one person or another. my advice did not just trump to the rep party and real unity in the team out of place. place and the key issue and bringing in vice president becomes a second perp handling the data day and look forward. doesn't mean you're the next automatic presidential candidate if you're the vice president and our challenges are more immediate if we set the stage in one term in four years for the next level of work and the next body of work because liberal progressives in the bidens have been at it for decades taking us to where we are now. stuart: just think, sarah huck by sanders. >> possible good choice. i would say that. i'm not saying they're good choices but not into the whole vip state and we're not hearing one till probably july. be honest about it. it's a game and fundraising game
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too. stuart: thank you, david, for taking time out of a busy day coming on the show. >> i always come before i'm ambushed. >> thank you, mr. chairman weapon. thank you. stuart: president biden lapping donald trump when it comes to campaign cash. ashley, how much has each campaign raise sod far? ashley: according to the latest data, going into the start of march, biden had $71 million in cash on hand while the overall war chest stood at a whopping $155 million. in contrast, the trump campaign and republican national committee had over 44 million on hand at the end of february. now, the trump campaign hoping to make a dent in biden's lead this week looking to raise up to 33 million at an event in palm beach and biden had a big ground game advantage but analysts quick to find out that trump
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wasn't quick to win from 2016 and trump by the way earns limitless free meteor attention wherever he goes and we know that. joe biden continues to struggle to cut through the noise his own message. >> thank you, ashley. stuart: check the markets and nasdaq is now a little lower and was higher but now lower. dow's off 250 and nasdaq down 23, s&p down 16 points. very different from the first quarter of the year when things were going pretty strong. 10-year treasury yield going up and you're 12 basis points higher now at 432. that's the yield. 4.32%. being asked to tip everywhere seems to have gotten out of hand people are tipping much less. we have the full story. chicago starts to relocate migmigrants from temporary shelters. where do they go? we'll dig into that, next.
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stuart: it's all red on the markets and dow's up 250 and
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nasdaq down 13 and s&p down 15. going 18 moving up this morning, 2.6%. lauren: yeah, this is bad news yet. they were hit with a lawsuit four years ago alleging they tracked millions of users without their knowledge when they were using their private mode. google settled the lawsuit and will delete the web browsing history of millions of users and update disclosures. bad news but the stock is still up. stuart: yep, go figure. super micro. lauren: ai server maker that $1,032 a share and best performing s&p 500 stock in the first quarter triple in price and starting second quarter much like they ended the first quarter. if you look at tesla on the flip side, it's exact opposite and worst performing s&p and down today too. susan: super micro straight up. thanks, lauren.
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democrats in illinois push ago plan for $1,000 per month guaranteed income program. kelly seberrj is with us in chicago. reporter: stuart payments go to provide care for child or another specified dependent and those that recently gave birth or adopted a child or those that are enrolled in an educational or vocational program and this is regardless of immigration status. the author hasn't addressed the immense cost to fund a plan like this. >> i estimate it could be greater than $10 billion a year and they could be far better utilized investing in the crumbling infrastructure, improving education, and supporting public safety that benefits all of the residents of the state of illinois. reporter: there's also concern on what the money could be spent on and stanford's basic income
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lab starting over 8,000 people receiving money from guaranteed income pilot programs around the country and found 4% of the money was spent on non seq.s and down in texas, republican state senator paul bettencourt asked the state attorney general to declare a program at unconstitutional. harris county home to houston where one in five children are in poverty within the county. he call this is a "no strings attached lottery socialism". this is important because if he is successful, it'll set a precedent for others to block similar programs in their states. six other states banned, placed restriction or in the process of preemptively banning programs in their state. stuart. stuart: kelly, thank you very much indeed. i want to bring in former gubernatorial candidate, dan
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proft. welcome back to the show. i call this vote buying, what say you? >> it's vote buying and dependency and gendering. this is what the democrats figured out a long time ago. whether you're an indigenous member of the population or foreigner invited to be part of the population in illinois, the governor wants to make you dependent. you want to vote a different way, you want illinois to go a different direction, well, you're going to pay a financial penalty. they basically want everyone on the state payroll and it's another measure in that direction. stuart: do illegal migrants qualify? >> they do under this, of course. illinois makes no distinction between people who are illegal american citizens or illegally in the country and those that have come thanks to the open
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skoal frampton from pol poll politicians from joe biden down. illinois is a death cult and sanctuary city, state, county, status combined with the pretties purge law, no bail and there's no defense and pay the payments or it could get worse or you better get out. one of the two. this is their path, dependency protects their political power and they want more people that they have their hooks into. it's as simple as that. stuart: chicago started relocated hundreds of migrants and taking them out of temporary shelters and they were in park building ands they want to reopen them for kids in the summer. where do all the migrants go and second question, are they still arriving on a daily basis on all the buses? >> well, the rate of arrivals slowed during the winter but
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it's going to pick up and not to mention we're sending clarity of call across the world come to illinois, we'll pay you to come here illegally in perpetuity. it's the old dire straights line, money for nothing and rent is for free. that's the call worldwide for illinois and in terms of where they're going, they're not going anywhere. you've heard congress people say, we need them for the census. these are ultimately going to be voters. they want to normalize a vote of local elections and residents in the neighborhood and complaining about migrants and shifting that population somewhere else. they're flying by the seat of their pants and making due as long as they can. but they're permanent illinois
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residents. stuart: thank you, dan. see you again soon. migrants in new york city could soon get free mental healthcare. what? ashley, give me an idea. how much will that cost? ashley: yeah, going to cost taxpayers at least $15 million a year and that's conservative estimate. a new bill proposed giving newly arrived migrants to the five boroughs access to mental health coordinators at every one of 218 city migrant shelters and same bill by the way was introduced last year but failed to pass. many city migrant have been living as we know hotels at full taxpayer expense. it's unclear if therapists have to make house calls. sounds ridiculous but, hey, we're talking about ridiculous things. but the minority leader from staten island is dismissing this mental health bill as "more free
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stuff at expense of taxpayers". he's absolutely right. stuart: got it. thanks issue ash. coming up, president biden cracking down on diesel trucks all in the name of climate. we'll ask a driver that's been in the business for 25 years what he makes of the new rules. california democrat proposes a new way to pay for reparations. of course he wants to introduce a new tax. we'll tell you what might be taxed to pay for this. that's next. ♪
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dittbitcoin down a bit today. home ownership not just for couples or families anymore. gen z started buying homes with their friends. tell me more, ashley. ashley: yeah, it's interesting and one option as younger americans are looking for ways to try and buy a home in a very challenging market. a survey found more than a third of non-homeowners, 35% will be quite willing to split the purchase of the home with someone other than their partner like a friend or even a group of friends. that number by the way jumps to 59% among gen z respondents and the survey also showed younger home buyers are looking to save money for home ownership by cutting back on nonessential spending. 35% reducing travel and dining out, 28% working more hours, 27% postponing other major purchases and 16% even moving back in with mom and dad.
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stuart: starting today, fast food workers in california paid at $20 an hour. william la jeunesse is in los angeles. is this applying to small businesses or just large chains? reporter: stuart, any restaurant brand with more than 60 outlets nationwide but of course it's going to impact a lot more than just fast food because now everyone is going to have to compete for low skill labor at $20 an hour. that is in 20% increase from the current minimum wage for fast food workers thanks to governor gavin newsom and bill supported by labor unions and critics say it's going to raids prices no doubt and fueling travel passing on prices to consumers and it's located within some of the governor's largest contributors and casinos and theme parks.
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>> unfortunately california is really expensive and earning $20 at any job, fast food or not is really helpful. >> franchise owners say they'll have a choice and either cut employees or cut hours. some have in fact two pea soft and average franchises let go 1200 drivers and turning to door dash, you canner and lyft, which are not covered by the law. >> a lot passed onto consumers and my fear over the next few years and the wage pressure driving prices up and i see burgers go up by 50-cents or a dollar and seeing the expense. reporter: this is about equity and your state could be next. >> we're fighting racism and we're working people. have it here first.
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ed stuart: thank you, william. one california democrat says he's figured out how to fund reparations all right. what's he doing? lauren: proposing a tax on, are you ready? gold, tobacco, cotton, wine, rice. here's the scroll. basically any item at one point related to slavery. you'd pay a tax at point of purchase and the tax rate is unspecified but the money could go into a fund that black residents could tap if they wanted a home loan, school loan and governor newsom commissioned a task force looking into
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reparations and more than half of californians impose cash republican races but what about a fund? would that be more popular? take out a loan if you meet the criteria to do certain things. i don't know. stuart: he wants to be president of the unit. that's vote by. that's what it is. thank you, lauren. show me the dow 30, please. sense of the market, i see a lot of selling. dow's up 250 points and home depot a big loser down nearly $10 right there. biden team released new rules on electric trucks and costing the electric and trucking companies over a trillion dollars and a driver that's been in the industry for over 25 years and he'll hell us what he thinks about the new rules, that's next. ♪
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stuart: the white house is rolling out the strictest climate standards ever on heavy duty vehicles on buss and trucks.
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grady trimble at the white house. grady, truckers are pushing back. what are they saying? reporter: they are, stu. they're not happy at all saying it's going to be really, really expensive and probably unrealistic to transition to electric trucks. this rule is pretty similar to the epa's rule on tail pipe emissions for passenger vehicles and applies to big semi-trucks and might come as no surprise to you and environmental groups like it with the sierra club saying that truck manufacturers getting to the fast lane with zero emission trucks and climate health and benefits we deserve and all applies to semi-trucks but also city buses, box trucks and garbage trucks starting with 2027 and getting more strict through 2032 and tractically what it mean -- practically it mean as lot more trucks and buses on the loads by then. the groups are representing the trucking industry and the bus industry saying the new rules are unaffordable and that means higher prices for you and me.
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>> milk, eggs, bread, fuel we put in our cars and the medications and everything we rely on every day will cost the transportation to go up and cost of other things we pay for. that's when reality sets in. reporter: the trucking industry points to these numbers from the clean freight coalition and going all electric will cost about $1 trillion and that's for charging infrastructure and grid updates and doesn't even include the cost of electric trucks themselves and two, three times more expensive than diesel semi-trucks and the environmentalist, stu, argue that those numbers in the methodology in getting those numbers are flawed. stu. stuart: grady, thank you very much indeed. joining me is louie pew spending 25 years as a trucker and joins me now. will these new rules put me out of business?
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>> yeah, i work for id a and we represent 150,000 small business truckers out there and, yeah, this is once again, this office in the white house is completely not listening to the trucker or end user or buyer and they want to do what the extreme environmentalists want and what it's going to do is put lots and lots of truckers out of business and no one wants to talk about all the challenges and operational challenges that come with the trucks. stuart: they want by 2032, they want 60% of urban delivery trucks to be electric and 25% of long haul trucks to be electric. that's by 2032. you're laughing. you don't think you can meet those standards? >> we're going to charge them and there's a company in joliet, illinois, the city says you can't do it and going for
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joliet, illinois. stuart: let me jump in for a second and i read numbers in the wall street journaling that said to achieve the goals they need 1.4 million new charging stations, which will have to be installed at a rate of 15,000 a month for the next eight years. i think you can laugh at this one. that ain't going to happen, is it? >> no, our highway trust fund paying for stuff like this is already on the brink of going bankrupt. where is the money going to come from? we can't take care of the infrastructure we have now and put all this in and hope it works? then of course like i said, 70% of freight out here is all moved by trucks. when all the trucks are charged he'll have to bring more trucks out stuart: a rising tide saying this is more impossible and you can oppose it? what are they telling you? >> my membership represents
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150,000 members and 225,000 pieces of equipment across the country. they're all saying there's no way they can work. they're going to do it and they're concerned about lives and livelihood. what happens in the wintertime getting stuck in a snow blizzard along the highway for two or three days and your battery goes dead. these people could freeze to death and die. stuart: you're saving the pl planet. i'm being sarcastic and facetious. lewui p pugh joining us this morning and hope you can join us get again. state of america you later. i love this part of the show, the trivia question, when was the first annual white house easter egg roll? 1822, 1854, 1878, 1900? you're laughing, why? i was there for one of them. we'll be back. lauren: lord help us all.
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and away we go. before the rake we asked when was the first annual white house easter egg roll? as usual we have the joy of you being first. >> it is a joy, believe me. i will go with number four, 1
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1900. >> 1878 and you told me that was correct. >> i think i'm ready this morning what is doing the easter egg white house. 1878. [laughter] implemented the annual event that takes place easter monday in 1969, the administration nixon was the first java staff member dressed as an easter bunny for the event. president nixon did not trust as a bunny no way he did that. [laughter] 's staff said. a tradition. okay. we are almost out of time. thank you for being here. we had a great long weekend, at least i did. thanks, everybody. see you tomorrow. coast-to-coast starts now. >> thank you, good to have you back. ahead on caboodle coast-to-coast, it's a new month

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