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tv   Varney Company  FOX Business  March 22, 2024 10:00am-11:00am EDT

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d. - [narrator] to find peace. - because i've experienced firsthand that anything is possible. (inspirational music)
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ashley: a little less conversation on this friday morning. looking down sixth avenue in midtown manhattan, the sun is out, streets pretty empty in midtown manhattan. good morning, 10:00 eastern. i'm ashley webster in today for stuart varney, straight to your money, we are down across the board but very modestly so, the dow up 48 points, s&p essentially flat, same story for the nasdaq, 10 year treasury yield has been lou moving lower, down 5 basis points, 2.1%. let's take a look at the price of oil, gas prices have been moving slowly, crude oil essentially flat, $80.88 and look at bitcoin, bitcoin has been moving lower, 74,000 last week, $2242, 63,293, that is it.
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digital world acquisition is about to hold the shareholder vote to approve a merger with donald trump's media and technology group, stock is up 4%. lauren: this is a deal that's three years in the making. the shareholder vote is considered the final step where this blank check firm digital world, a shell company will merge with trump's media company taking his truth social platform public. the valuation, $8.6 billion in estimated trump's taken it is worth 3. $5 billion. bottom line, this is trump campaign's cash cow. ashley: so money pouring in with that in mind perhaps. thank you very much. leo kelly joins me now. picking up what lauren said. is this another meme stock.
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it is up 3. 5, $44 with money pouring in, what do you say? >> what we are starting to see across this entire platform, just had the reddish ipo go up, we are seeing some characteristics similar to 99-2000 where valuations are sky high, ipos getting hot again, this one particularly with its background story is interesting but nonetheless i think it is a moment where it is time to start looking at these valuations in these ipos and similarities to prior markets that got very very hot. stuart: let's talk about reddit. it's been around 19 years, doesn't make any money, the moderators on its platform are not happy with the company and yet here we are, what was the valuation? 9 billion?
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what do you make of reddit? >> we are in full fear of missing out. that's where we are at the moment. investors are clamoring for the next hot idea. i will say this is starting to look a little bubbly. when we look at the valuations, a hot ipo market, companies losing money and going for astronomical values and ipos, we are getting to that phase where investors are starting to get a little heated and trying to grab return. be careful in a market where investors are not buying the asset, they are buying the return on the asset. that creates some interesting risk in the market. ashley: i've asked a number of analysts the last couple days are we in a bubble, some say we are headed in that direction. others say no, there's so much cash on the sidelines if it
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were true bubble there would be more money pouring in. >> in every bubble before any bursts there are experts, many nobel prize-winning who say we are not in a bubble, this is great, you don't get prices elevated to extreme levels without extreme optimism and enthusiasm so there' s no question bubbles come in three stages, the enthusiasm building, the second wave is hot valuations, extreme activity in the marketplace, the third is when caution goes out to the wind, and valuation goes up unexplainable he. i don't know if we are in two or three but i will say, investors, be careful, keep their out locations tight, make sure they don't load up on one stock or sector.
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ashley: always good advice, you know it's a bubble when it bursts. thank you so much for sharing your thoughts with us today, we appreciate it. you are looking at some of the movers this morning, let's begin with boeing. boeing is in the green up 2%. lauren: a group of airline executive's out requesting a meeting with the board of boeing to because they're worried about the blowout in january. boeing has agreed and they will send executives and members of the board next week for a meeting with other airlines. also best buy is higher, got an upgrade from jpmorgan, the price target 101, hefty increase from 82. jpmorgan is saying there's a national replacement cycle of electronics at best buy will benefit. citigroup upgrades to neutral and they increase their price
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target to where the stock is now. footlocker benefiting from nike. they are sending less inventory to other speaker stores. they say that's not working anymore. footlocker will get more of their stuff. footlocker management is planning growth in nikes kids and basketball category, jordan's. neil: let's turn to politics. democrat strategist james carville is great for a soundbite. what he saying about biden's campaign? lauren: he says by nature president biden is not an attack dog but his campaign can hire one. >> president biden is not the best attack dog i've seen in my life, leave it at that but
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there are a lot of people to do what i call, quote, the wet book. it is kind of -- tv and stuff like that. a cia term, take a guy out. he doesn't need to be that. people like me and other groups in the party need to do that. lauren: getting aggressive. biden did somewhat work at the state of the union but carville is saying now it has got to be the campaign that's going to help him do it. adam: very onerous, do somewhat work, cia term, taking someone else. neil: this is going to be the ugliest 7 months until the election we've ever seen. ashley: we can't wait. you've got news on the third-party presidential efforts, john manchin. >> is doubling down on the need for a third-party, he says the
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system is rigged, democrats, republicans have no reasons to work together so there's no need for compromise, a third-party candidate allows for compromise, brings people back to the middle. separately, chris christie told the obama advisor david axelrod he will not rule out running third-party. the group no labels says they will unveil their ticket soon but they've been having trouble finding people who are interested. nikki haley says she's not interested. maybe chris christie is. neil: be. there's a lot of talk. we will see what comes out of it. thank you very much. now this. three days until donald trump can secure $454 million bond in his civil fraud case. new york attorney general leticia james moved to tears her property in new york. we do -- we were wondering if
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we could get cb cotton but we have her here, great to have you here. my question is, is donald trump going to come up with the money? >> reporter: he told the legal team he doesn't have the cash for the bond but on truth social trump boasting about money he says he now has on hand, writing in part through hard work, talent and luck, i currently have $500 million in cash, substantial amount of which i intended to use in my campaign for president. this as the judge you handed down trump's staggering penalty of 454 million in the civil fraud case order the trump organization on thursday to inform the court of its efforts to secure the bonds. trump's lawyers have called this effort a plot to impossibility, securing the bond because insurance company's won't under write it for the massive amount or won't except trump's real estate as collateral, real estate which appears to be on the radar of
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leticia james who registered the civil fraud judgment in westchester county earlier this month. the area is home to at least two of trump's properties, the procedural step would allow her to secure a lien against properties there in the future. real estate developer and former obama fundraiser john peeples told fox this case will turn businesses away from new york. >> this case amplifies it's difficult to do business in new york and if you happen to be a successful wealthy entrepreneur, watch out because the government can be used to weapon eyes you especially if you get out of line and do something the far left doesn't like. >> trump's monday deadline doesn't come as he receives a sizable payout if his media company which owns truth social goes public. let's watch. ashley: always with mister trump, thank you for that
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report, now this. left-wing das ramping up their efforts to put donald trump on trial before the election. in georgia fani willis wants to put them on trial the summer, alvin bragg hopes to have a trial date as early as mid april. we see what the intent is. 's at tammy bruce joins me now, great to have you on board, do you think donald trump will stand trial before the election? >> there efforts are reaching the wheel at this point. everything going south. when we talk about the james carville comments, summit to do the wet work, this is been happening, these cases. they views the system. we've seen what the numbers going up for donald trump don't like that. it is, there seems to be this disconnect, normally james carville has a sense of what's
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going on but this idea that this is an appropriate way to proceed, campaigns are ugly and dirty but this is about personal destruction and using the legal system against people you don't like. categories of americans complained about this for a couple hundred years particularly african-americans and this is a dynamic that shows they are willing to do it, they can do it and in the trump case, this has been all about the election and they are doing it openly. trying clearly to destroy him financially. ashley: weapon eyes and the court system. the supreme court is to hear and immunity case and a decision is expected by june. how do you see that playing out? what do you expect? >> this is the one people are unsure about. we've seen in the georgia case, problems. the fact that she wants to
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proceed, da willis despite the fact there's an appeal going on and trump is appealing that decision, she is still at risk. the new york case with michael cohen, additional materials, a particular judge saying he's a liar and a perjurer and that is the main witness for alvin bragg in new york against trump and you've got the desire of taking his properties in new york almost like the government is becoming a squatter when it comes to trump's properties. the issue about his immunity is important for the country in general, important for whoever is the president. their arguments are good and we will see if there's some way for everyone to recognize what is going on right now is an affront to the constitution and not just about donald trump but to the heart of what makes americans trust the government
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and trump's points are important for the future no matter who the president is. neil: absolutely right. we have to leave it there, tammy bruce as always insightful and thanks for joining us this morning. thank you. coming up. indicted senator bob menon does says he will not run for reelection as a democrat but he's keeping the door open for an independent run. we will tell you how democrats in the senate are taking that news. benjamin netanyahu invited to address congress with or without chuck schumer's approval. john thune just met with benjamin netanyahu and he will tell us about it next. ♪ ♪
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ashley: president biden met by protesters outside his hotel in dallas. lauren: he was in texas for fundraisers. these are pro-palestinian protesters who got rowdy, they chanted in november we will remember. they are threatening president biden with an uncommitted vote. they have 150,000 of them in the primaries in michigan and minnesota. they are a thorn in his reelection side and they can and probably are influencing foreign policy regarding our staunchest ally, israel. ashley: thank you very much.
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speaker johnson planning to invite benjamin netanyahu to address a joint session of congress and chuck schumer has now signaled his approval for a speech. republican from south dakota, good morning to you. you and other republican senators spoke with benjamin netanyahu recently. is the republican party now the pro-israel party in america? >> there was tremendous republican support, always has been, interesting and hard to understand is what happened to democrats support. traditionally support for israel is a bipartisan issue, regrettably it has become almost a partisan issue as we look at democrats, leading democrats, the majority leader in the senate and the president telling the israelis how to elect their leaders and how to prosecute a war in which they
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were attacked by a terrorist organization, 1200 israeli citizens, these are the things that are hard to explain and if you are an american citizen, having the prime minister of israel speak to a joint session of congress makes perfect sense, telling them how to run the government and how to run the war is hard to explain. ashley: it seems democrats are abandoning his real, signaling to the progressive left that israel is in the wrong. >> they are and that is to mystic politics here, your reporter pointed that out. they are responding to pressure they are feeling from their far left in america with an election looming in november this year so they are
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responding to rather than the long-standing relationship with one of our closest friends in the world and a sovereign nation in which we have great interest in their success eradicating hamas which on their borders is a threat every single day. ashley: yes indeed. let's change topics. you and other senate republicans signed a letter to janet yellen over the one hundred $10 billion tax hike on domestic oil and gas production. would that tax likely to energy prices as a result? >> for sure. energy prices have gone up 35% since president biden took office. they want everyone into an electric vehicle. right now there are 7.5% of americans who drive easys. in 8 years they want that to be 67%, 2 thirds of all americans, unrealistic.
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average cost of an electric vehicle is $52,000 at a time when americans real income has gone down since biden became president. forcing people under this mandate into electric vehicles at a time american standard of living is decreased under his presidency, this is all part of a green new deal fantasy where they try to get everybody in electric vehicle and get rid of the energy production we have in this country which does nothing but drive up energy costs for american citizens. ashley: another one for you. interesting, treasury secretary janet yellen admitting president biden does not have a plan to save social security, listen to this. >> has treasury not looked at, we are charging 4. $9 trillion for the deficit for medicare and a lot of other things and now we've got to add social but doesn't haven't done the math to figure out -- >> the president doesn't have a
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plan, he has principles, he wants to work with congress to find a way to protect social security and extend insolvency. >> if he doesn't have a plan, madam secretary, how could he justify not having a plan when he's been in office for three years? >> he believes it is important to work with congress. >> he has not worked with us at all. on the senate finance committee we've not heard from the president. ashley: senator, social security is 9 years insolvency, what's going to be done? >> that's the question and she had no answer. another point, what they propose doing is increasing entitlement programs dramatically higher and in the budget they take the debt up about $17 trillion from where it is today, over $50 trillion,
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lots of tax increases, $5.2 trillion in new taxes and expanding, but no plan how to rein in the cost of entitlement programs which are unsustainable and by the way lead to as was pointed out by senator cassidy at the hearings yesterday eventually a 25% cut in benefits for people receiving social security. they have no plan, don't want to talk about that issue, they want to pile on more debt on the american people and greater risk fiscally. ashley: spend spend spend, thank you for joining us this morning, we appreciated it. there is still time to send in your friday feedback. we want your questions, comments and critiques, email them, varneyviewers@fox.com. how about this, want to fly from new york to london in 90 minutes? sounds good. private companies are racing to bring back supersonic commercial travel, they say these high-speed flights will be quieter, greener and
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ashley: markets have been open for an hour and we are where we started, the dow off a quarter of one%, the s&p 12:45%, the s&p flat down 3 points and the nasdaq up 0.1%. taking a breather. digital world approved the merger with donald trump's media and technology group. lauren: it has been approved. investors greenlighted this deal to take truth social public, it values donald trump's steak at 3. $5 billion, 3. $6 billion and will trade under the ticker symbol dj t as in donald trump's initials. maybe stock is down because of these two hurdles, the first is former us executors are suing saying this merger doesn't give them enough shares of the
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company that helped form and the timing. trump will not be allowed to sell any of his shares for 6 months. finally, we have -- it is interesting. this stock goes up 5% it is down 5%. fedex is taking ups along for the ride, fedex leading the market, new annual high, good report card thanks to cost cutting and a $5 billion buyback. micro strategy, software company is a bellwether for bitcoin because they own 41% of all bitcoin out there, they are down because bitcoin and ethereum are each down about 5%. ashley: thank you very much. now this. more than 20 years after the concorde was grounded several private companies are looking to bring back supersonic commercial travel. grady, tell me when this could happen and how fast could these
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flights be? >> reporter: faster the speed of sound by definition, 700 mph, the return of supersonic air travel won't happen that fast. united airlines has a partnership with a company that's trying to bring back supersonic commercial flights. they want to fly their planes with 80 passengers on them by 2,029. here's a look at one of those planes, hoping to get 64, 80 passengers on each of them. they say it will cut the time of the flight from new york to frankfurt from 7. 5 hours to just four hours and 15 minutes. there are several companies pouring millions of dollars to similar projects. they want to fly hypersonic, mark 5 or five times the speed of sound. nasa unveiled a research jet in partnership with lockheed martin. the goal of the x 59 is to
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figure out a way to make supersonic planes quieter as they fly over land. they say that thunderous sonic boom could sound more like a car door slamming. one of factors that led to the undoing of the concorde back in 2,003. it was also really expensive because it burned so much jet fuel and there were serious safety concerns. the companies working on the next generation of supersonic flights are looking to address all of those issues so the question is will you and the american public feel comfortable getting on them. ashley: absolutely. stuart varney flew the concorde and said it was amazing. anytime you can cut down on travel sounds good to me. thank you so much. we understand president biden is going after private jet use.
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what' s he doing? ashley: he's hunting for tax review saying if you increase the jet fuel tax from $0.21 a gallon to $1.06 and increase the time period to write off the cost of jet use to seven years you bring in $4 billion over ten years so that is his plan to go after the rich who don't pay their fair share but i want to point out these are proposals, part of his budget which is essentially a wish list of his priorities in an election year. it all needs congressional approval so probably everything i said isn't going to happen. ashley: probably not. john kerry is in the air pretty hard, pay your fair share, all right, good stuff. now this. lawmakers have until midnight to avoid a government shutdown. we see that all the time but members of the house freedom caucus are protesting the one. $2 trillion funding bill. what are the chances it
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actually passes? aishah hasnie has that report from capitol hill. more than one hundred migrants bust through razor wire, knockdown guard as they tried to cross the border into el paso, texas. role that tape. [shouting] ashley: how can texas maintain law and order when courts keep blocking them from securing the border. lance gooden deals with that next. (♪) (♪) (♪)
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get started today at constantcontact.com constant contact. helping the small stand tall. ashley: the race is on to avoid a government shutdown by midnight. aishah hasnie is on capitol hill this one, members of the
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house freedom caucus not happy about the $1.2 trillion funding bill so could we see a partial shutdown this weekend? >> reporter: we could especially if it gets to the senate. there are hurdles in the senate but we expect the house vote to move forward in the next 10 or 15 minutes. the floor will open up and that we the first vote of the series unless one of those house freedom caucus never strive to file for a motion to adjourn to solve this thing. they are very angry at speaker johnson for even bringing it to the floor. is one of those members earlier this morning. >> it is clear the democrats own the speaker's gavel. >> this bill was only determine who the next speaker is. >> reporter: they are mad about the 1400 earmarks in this thing and not enough border security with the new dramatic video out of el paso. i asked house democrats yesterday what they thought
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about this video, tried to show it to them and whether there should be more border provisions in this gigantic bill. some of them didn't want to watch it. >> when you look at this video it's pretty dramatic. >> i haven't seen a video. >> i'm playing it right now. >> it's not just about security but humane process as they are coming in. many in difficult circumstances. >> the key thing is we have to reform policy. the more legal pathways we have, the less chaos. >> with that stop this? >> yes, i think that's ultimately what the answer is. >> reporter: like i said if it actually passes the house today, still some hurdles in the senate, some senate republicans over there are demanding amendments like including the laken riley act and border provisions. if there is no agreement on amendments, chances of seeing our shutdown are pretty high.
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ashley: indeed. thank you very much for that update. congressman lance goodman. where do you stand on the spending bill? >> i'm not pleased with it. not happy we got the text for the bill just yesterday morning at 2:30 in the in the morning and it's a 1000 page bill, we are asking to spend over a trillion of the american people's money with no major changes with security at the border, this is what the american people hate. the american people hate that a few people sit behind closed doors, write up a bill, comes out in the middle of the night and members of congress adopt it within 24 hours, they hate this and it's not just republicans, democrats hate it too but i think this bill will pass today, not just the freedom caucus that's against it, they get the credit for being against it but when you look at those final numbers, a large amount of republicans, not just freedom caucus members including myself.
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ashley: you mentioned the border. i want to play a shocking video, a group of the hundred migrants storming the border guards in el paso, i will get your comments after this. ashley: we just showed video, a mass of people running through the border mowing down national guardsmen. what more can be done to keep them out? it is completely out of control. >> totally out of control. that's not law and order at the border, that's not a secure border. what this administration is telling the american people is wrong. congress is not standing in his way. what you just showed to your
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viewers is a result of exec of actions president biden has put forth since the few days after donald trump left office. he could reverse this. he can put a stop to this. it is true congress should and needs to pass more legislation to help secure the border but if the executive branch is not willing to enforce the law, that's not what they are doing, they are not enforcing the law, they need to enforce the law, president biden needs to reverse the executive actions in place. the scene you just showed would not be allowed to happen in the us embassy. those people would have been shot at the us embassy. why are they able to plow across our law enforcement on the southern border? it's embarrassing. ashley: another aspect of this, going after the biden administration over thousands of migrant children reportedly lost, just vanished. what do you want done? >> over 87,000 children who just vanished and this is the
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administration that says they care for everyone and we need to be compassionate. there's no compassion when we are opening the border and encouraging these cartels, traffickers and child smugglers to keep doing what they are doing and when we let 85,000 children come across the border and have no idea where they are, we are setting a message to the rest of the world these bad actions of smuggling and exploitation of children are okay and this administration has continued to open the door to that, continue to fund catholic charities that are sitting at the southern border, praising the efforts of those making the journey, given gift cards, helping them get around the united states when they get here. may be well-intentioned, i don't believe they are because of tax dollars and refusal to talk about it to congress about what they are doing is encouraging this massive migration and it's not stopping anytime soon, got to take back the white house in november. ashley: all right, thank you for joining joining us. appreciate your comments of
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this morning. now this. thank you. senator bob menendez says he will not run in a democrat primary for his senate seat, so does that mean he will run as an independent? lauren: it a straight face i'm saying yes. the deadline for democrats to file is next week so menand there's is not filing as a democrat. he's betting on a hope that he will be exonerated on his bribery charges this summer and that will clear him to run as an independent in november. watch here. >> the present accusations i'm facing a which i was innocent and will prove so have not allowed me to have my dialogue and debate with political opponents. are ready made it the cornerstone of their campaign. new jerseyans deserve better than that. they deserve to hear from those who wish to represent you about what they would do for you and your families in the future.
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therefore i will not file for the democratic primary this june. i'm hopeful my exoneration will take place this summer and allow me to pursue my candidacy as an independent democrat in the general election. lauren: running for his seen as a democrat, governor phil murphy's wife, tammy, this could be an open senate seat. republicans want to flip and a 3 way ticket with menand as on it could help republicans but i want to point out new jersey senate, that seat has been blue for half a century so it is unlikely. ashley: unlikely but you hang onto hope, thank you very much. now this. dozens of patients suing makers of ozempic and other weight loss drug saying they cause harmful side effects. the calendar says spring is here but you wouldn't know it in the midwest. the region will be hit with
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back to back snowstorms. janice dean will tell us how much snow they could see. ♪ ♪ bringing you an elevated experience, 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.
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ashley: we take a look at the markets, we are moving lower, the dow up one hundred 64 points. markets taking a breather, big gains most of this week. now this story. snow blanketing the midwest as the region practice for back-to-back winter storms. janice dean joins me now. it is spring, right? >> reporter: people are mad at the meteorologists too. let's take a look. three thumbs down if you don't like snow and springtime. look at the cold air. it is 8 in fargo, feel like 8, this is the windchill combined with temperature, what it feels
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like outside, 25 in chicago, 16 in syracuse, 36 in new york. the wintry side of the storm and the relatively warmer side, those two storms combined gives us our coastal event in the northeast, many will be mad at their local forecasters, that snow across the northern plains will continue and that's just around one. the end of the weekend into next week, we have even more significant storm moving into the midwest. the area of low pressure coming out of the gulf of mexico to the southeast and that area of low pressure combined with this one is going to give us that coastal event, very heavy rain for millions of folks from dc to boston, we can see 2 to 3 inches of rainfall in a day. most of it coming all day saturday and by sunday things will be improved with the cold side of the storm will bring feet of snow. all the people going to spring break in the mountains to ski
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are loving this but the folks who want winter to go away do not like me with right now. storm warnings, watches, look at these snowfall totals as we go through sunday. the pinks and purples and we could see upwards of two feet, great for skiers if you love to ski, spring skiing, not so great if you watch the flooding as it pushes all this water from the atlantic, dc up toward bar harbor, maine with potential for heavy flooding, storms totals two to three inches from philly to boston and most of it coming throughout the day saturday. saturday a complete washout on the i-95 corridor. next week starting sunday, new area of low pressure moves in, this will be significant. tons of snow over the northern plains and upper midwest. than the severe threat and
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heavy rain component. keep us busy and effectively 6 department but i have my box outside my door so people can put in their complaints if they don't like the weather. ashley: no one, and i mean no one blames you for anything. you are just the messenger. thank you very much for that, too bad about spring break especially in florida. still had, wyoming congresswoman harriet hagman investigating the irs to see if the agency is using artificial intelligence. steve hilton is here with her measure to fight homelessness. will work? and doctor marty makary says loneliness is worse for your health and obesity, alcoholism and even smoking. the 11:00 hour of "varney and company" is next.
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ashley: president biden low approval rating is far worse factor for him in getting reelected than a third party ca

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