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tv   Varney Company  FOX Business  April 26, 2024 10:00am-11:00am EDT

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edward: it is friday, thank god. it is 10:00 eastern. i'm david asman in for stuart varney. we are looking at the dow gaining, it was flat when we opened half an hour ago, it is now 135 points. look at nasdaq up 13/4 of 1%, 269 points. let's look at the 10 year treasury, more than a check down 5 basis points to 4.65. oil was trading up $0.37, bitcoin was trading down a little earlier and it is still down but has recovered a bit, it was down 600, 64,382. the latest read on consumer sentiment.
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neil: final april number is 77. 2, we are pessimistic about the current conditions and forward-looking for the economy, both those indices falling from prior reading, when you're inflation except asians ratcheted up to 3. 2%. %. 5 year stays the same, inflation is a problem. david: clearing going the opposite direction the fed wants us to go. if there is any rate going on at all. look at these headlines from politico. many legal pundits are surprised the supreme court is questioning the presidential immunity claims in a positive light for donald trump, reportedly holding off the record meetings to try to figure it out. the reason they are surprised the supreme court was asking serious questions whether we get rid of immunity for presidents is it could turn the
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country into a banana republic and they are just speaking among themselves as we saw before. >> that the key problem that leads to groupthink, many are aware what that is where you just have people around you who repeat what you think, agree with what you think, becomes a vicious circle, closes down any idea of outside inquiry or part of the element is you can't consider, it's forbidden to consider alternate points of view because it threatens the nature of the dynamic, this led to the bay of pigs for president kennedy where you protect yourselves from arguments against what it is you're thinking. but clearly they were surprised, it kept them from doing their job which is to consider what is the reality of what is happening on might not like it. none of us, we are human beings, not robots, we have opinions but for those whose job it is to look at the legal dynamic and the environment
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you've got to look at every think occurring. lauren: we are seeing the law used as a political weapon to go against a political opponent and that is what they do in banana republic's and we have laws to prevent that from happening here and that is what the supreme court was questioning these people about. >> that kind of group which is similar to the journalist group a decade ago where journalists were doing the same thing, that is an example of the problem when it comes to a banana republic where you gather and decide that one answer is going to be used and the problem with the system americans are seeing this is being used against donald trump and trust in the system as a whole begins to collapse and everyone loses, like throwing the baby out with the bathwater. remarkable thing to watch, thank goodness for the supreme court. david: don't mean to get too personal but i covered latin
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america for two years, i covered banana republics, i know how this works, that's the first step dictators take, if they were lucky enough, they use that lawfair to go after opponents of the whole country becomes dictatorship. >> it is considered, most people see that is the ball work, the thing that keeps us from getting harmed by bad guys and dictators so it is used first and people accept it. it is why people are surprised that trump's popularity increased when this began because americans saw it for what it was -- david: americans know it. >> if they work outside their bubble for a moment maybe they will learn. david: to president biden who is in new york today, has no plans to visit columbia university or address the anti-israel protests plaguing a lot of college campuses. students and faculty are
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worried about protesters storming president biden's commencement address next month. i just wonder what is the end game. is he going to stay with these interviews on television and radio or will he do any serious work about the issues plaguing the country? >> if that was going to happen would have started, we saw this beginning with the last campaign and they think they are placating the end of their party that is a mob of jew haters but when you have to placate them at the expense of the country, what kind of person are you? what does that mean? it takes leadership either at university from a university president, there's weakness everywhere, fear is everywhere, the nature of people not knowing what to do. what is that universities can't control their system, what has happened but very few people who feel sympathetic perhaps and don't want to contradict things but life with the journalists are surprised that
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everyone doesn't like it and it is seeping out into the normal world beyond the university and we see this package happening but it is very few people, that's all it is. americans are seeing it at the moment you recognize the truth of it you can push back on it. david: we did see politicians pushback when republicans went to columbia university and took the jeering from the crowd and stood their ground. >> doing better when the jew haters are jeering you. david: three republican senators launched investigation into door - and grub hub. >> three republican senators tell delivery companies they want information about how they've that their workers, these are senators marsha blackburn tennessee, mike brown indiana, those are not border states, they don't want illegal
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and unfettered workers working, they were responding to a new york post report that said migrants often used. it workers ids to work where they were not allowed to. the new actio's paul shows 2 thirds of americans believe illegal immigration is real crisis, not up media narrative and this shocked me more. sample, 51% are okay with mass deportation. that's not just republicans. it's democrats and independents. david: back to the markets. alyssa, we have a lot of interesting reports coming out this week, the most interesting was what happened to the big tech companies in particular, alphabet which just reached a new high, now are $2 trillion company joining that group. what do you think is happening with big tech, interest rates be damned, we continue to make
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money hand over foot because of ai and other things like that. >> you've seen the market rally in our year long on the fed rate cut hopes and you've seen that picture changing a little bit here so seems the markets hang in the balance of what these mega tech stocks have said in the reactions to their earnings reports, matter not a good reaction so it seems can microsoft and google save the day? for now it is a favorable reaction but under the break in the market, working a character change from that strong study these stocks have a lot to prove, don't know if the market can rally on the back of a couple stocks but they've done it before. where we close today is pretty full. david: the thing is interest rates be damned. we had another uptick in inflation report year over
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year, it is pretty clear as powell has set at austan goolsbee and other members of the fed said they will stick to the 2% target going in the opposite direction going further away from the 2% so interest rates are down a tick today. a huge jump but it's not affecting the nasdaq, used to be so sensitive, are they completely over that? >> we are in the thick of earnings season and let's most important for investors to look at our how leading stocks are acting, and how they are responding to this data weather is favorable or unfavorable, sometimes you can get negative data and if you can have a strong market despite that that's a signal of underlying strength but the picture is a little unclear here because of that. when you look at historical markets they take a little more
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-- this earnings season to be the game changer. they are coming up to key resistance levels in short-term perspective so can we have a strong closer will we fade by the end of the day. will those concerns on anna, namic front outweigh strong tech earnings? we will have to see by the end of the day, david: the nasdaq came closer to the 2% level up another 2% and interest rates will probably go up as a result of inflation news. you are looking at some movers, let's start with nvidia. lauren: the beneficiary of google and microsoft spending $25 billion most of that on and i. they are driving sustained growth. nvidia up 4%, microsoft up to into thirds. stuart: roku selling off after
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what? lauren: that they are pushing ad supported tears, what disney plus is about to do, taking from their business. they reported 14% jump in subscribers, a narrower loss overshadowed by that warning, stocked on 8. 5%. the first round of the nfl draft was last night at nike signed 20 rookies, more than have selected last night in detroit including jamie daniels. david: that ain't cheap but you spend money and make money. most taxpayers have to pay hundreds or thousands more each year of president biden left trump era tax cuts expire. house republicans are forming tax teams to figure out a way to save americans money. grady trimble has that story and biden is set to announce another $6 billion in aid to ukraine on top of the $60 billion the white house just approved.
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when will that be enough and how are we accounting for it all? for all? congressman byron donald's deals with that next. to me, harlem is home. but home is also your body. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick and mortar in new york is not easy. chase ink has supported us from studio one to studio three. when you start small, you need some big help. and chase ink was that for me. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business. make more of what's yours.
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of trump era tax cuts, grady trimble in dc. what are they going to do? >> they will look at what happens to everyday taxpayers if their tax cuts expire when set to at the end of 2025. they've got we 10 teams in total to study the impact on manufacturing, main street america, rural america, mike kelly is one of the two lawmakers leading the team and he says this, democrats are getting ready to raise taxes on workers, families, mom and pop businesses on main st. ways and means republicans are defending the trump tax cuts that resulted in the strongest economy in american history and an analysis from the tax foundation finds if the tax cuts do expire, taxpayers who are married with kids would have to pay from 1600 to $7,500
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more each year. >> trump's tax cut, republican tax cut reduced marginal tax rates for everybody who pays income taxes, everyone who pays income taxes saw there tax rates go down. >> president biden has said and posted on x that if reelected, the trump era tax cuts would be dead forever, but the white house is clarifying that he doesn't want to raise taxes on those making under $400,000 a year, just the wealthy and corporations. >> the president has said many times over he is not going to preside over tax increases on anyone under 400 k and he will consistently as he has done work with congress to make sure that reality sticks. >> the 2017 tax cuts also permanently lowered the corporate tax rate of 21% which president biden wants to bump up to 28%. he you wants to raise taxes on
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capital gains and qualified dividends and unrealized gains for high network individuals. david: which may bring down the stock market, gains increases and if you have a 401(k) if you make less than $400,000 that will affect you. congressman byron donalds joins me now. let's talk about what the trump tax code has done. there's been a lot of misreporting starting at the top with president biden who says that it cost $2 trillion in revenue and added to the deficit. we could put up a chart to show you how much increase in revenue we received from the trump tax cuts. they didn't cost money, they gained money, one $0.6 billion increase in revenue because of them. they've got it the reverse, they are saying it cost money, it gained money for american taxpayers. >> why are we surprised
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president biden has lied to the american people? the trump tax cuts have been the best tax policy in the history of the united states, every group of americans has done well under the tax policy, you could make a clear argument the reason our economy is still afloat is because of that tax policy, democrats of gas let the american people for years over this saying it cost $2 trillion when the truth is the government raised more money than ever thought possible under the trump tax cuts. when president biden runs around with his class warfare and gas lighting talking about he wants the rich to pay their fair share what he should do is tell the american people the truth that while he lies through his teeth about tax policy his own son evaded tax policy, a tax cheat and he didn't care. david: the whole family did as a matter of fact, the bottom line is not only did we get more revenue from the trump tax code but the rich are paying
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the more, the top one% are paying 46% of all the income tax revenue that comes in there is less inequality as a result of the tax code. i want to switch to another the subject, biden is set to announce another $6 billion in weapons aid to ukraine as sooners today. i wonder when it stops because president biden's own people say it's unlikely ukraine can win this war. >> that talking point coming out now is one of the big issues that happening on capitol hill. we have cents now war go - one hundred $70 billion to the ukraine effort and they are no closer to victory. america's border remains wide open, president biden created that problem and won't fix it. she wants to spend the people's money on problem he created in ukraine and won't fix the
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problem at home. that is why 112 republicans opposed sending more money to ukraine which what we wanted to see was our southern border secure because the american people deserve no less, wanted to see a game plan from the biden administration before more money was released, we wanted to pay for that using the other boondoggle problems president biden has foisted on the american people and none of those things occurred. what you will witness now over the next several months is more dithering from the master of disaster, the president of the united states. david: as long as the war on fossil fuels continues russia will have the treasure to spend on the war it self. couldn't one of the answers to ukraine be to get fossil fuel growth in this country up more? >> one of the things my colleagues wanted to see, we wanted to get rid of president
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biden's ban on liquid natural gas exports, stop that and increase that in the united states to offset the fact that many european nations are buying oil and gas from russia, take away russia's ability to fund this work, president biden doesn't want to do that because he's beholden to the radical left. david: i want to get your reaction to donald trump has a donor retreat in palm beach, any update on what is -- i assume they are still looking for a vp pick, your name has been thrown into the mix, what can you tell us about that? >> no news on that topic. he and his team are going through people who are going to be on the ticket. i am going to support whatever he decides to do. this is about winning, not about anybody getting a title or being able to go up the golden escalator or politics. we've got to get this country on track, that's what matters
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more than anything else. david: great to see you again. have a good weekend. the governor of florida, ron desantis rage against biden's changes to title ix. what is he saying? lydia: a week ago the biden administration has changes to title ix that has protections for transgender students and education. governor desantis is not on board. >> florida rejects president biden's attempt to rewrite title ix. we will not comply and we will fight back. we are not going to let president biden inject men into women's activities. we are not going to let president biden undermine the rights of parents. we are not going to let president biden abuse his constitutional authority for these policies on us in florida. taylor: the rules take effect in august.
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what does florida do now? do they say their schools will not get federal funding as a result of not complying lawsuits? how do you proceed? david: guaranteed lawsuits. lauren: after don't say again when he said you can't discuss gender in schools there was an lgbt q group that put out the don't travel to florida advisory. you can see this getting worse. david: listening to both sides of that issue. there will be more propaganda too. supreme court justices will meet to discuss trump's immunity case after hearing yesterday's arguments, trump said it is clear a president must have immunity. will he get it? secretary of state antony blinken met with xi jinping to study relations between us and china as a chinese foreign minister warned blinken not the
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david: checking the markets, all the indexes are up, dow jones up 146, it is 2% growth, 13/4. it's a good day. lauren, you're looking at specific movers. lauren: if it is down 13% it is down 11%. david: all the government money. lauren: intel late to the game. it was lower than anticipated. david: the government is always late to the game. m phase energy. lauren: solar panels, green energy company up 5%, they say the stock is going up $20 to 134 a share. california where there are a lot of cheslers on the road they can use their connectors to charge up. david: sketchers. lauren: sneakers popular with
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kids, often light up. a 30% jump in earnings, for five straight quarters. stocks are up 16%. when it comes to sketchers. a bigger share of the wallet. david: the lit up shoes. thank you very much. antony blinken meeting with china's president xi jinping for closed-door session in beijing which joins me now. what are they talking about? lauren: >> reporter: there was a list of complaints that is grown over the past year. antony blinken says one thing they did not discuss was tiktok. officials have discussed it with chinese counterparts, blinken captive 3 date her up to china meeting with xi for what the secretary called the
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time of profound tension between our countries with the aim of stabilizing the relationship. it is the same week the us again accused china of genocide. as president biden signed a foreign aid bill with $8 billion for american allies to counter china in the indo pacific and billions more for ukraine. he warned xi about china's support for the manufacturing base. >> beijing can't achieve greater security since the end of the cold war. we told china for some time. the transatlantic security is us interest, in our discussion today he made clear china does not address this problem, we will. >> reporter: russian president vladimir putin announced he's visiting china next month. blinken city press xi to hold the floor fentanyl chemicals to the us and like his predecessors pushed china to
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stop unfair trade practices. blinken accused them of flooding the market with full of panels, electric vehicles, china accuse the us of stifling its economic growth and trying to encircle it in the pacific. blinken announced the us and china will hold their first artificial intelligence talks in the coming weeks. david: you did say tiktok did not come up. is that true? it is a huge issue and can't believe they didn't bring it up at the meeting. >> reporter: blinken said it did not come up in the meeting but this is something that likely came up on the trip with his chinese counterpart, the foreign minister and other meetings as well. they talked about it frequently. david: the president does use tiktok for his campaign. that's another story. i appreciate it. secretary blinken talked about china's influence on iran and how they tackle drug traffic in the us. watch.
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>> china uses this influence to discourage iran and its proxies to expand the conflict in the middle east and press pyongyang and state this behavior and engage in dialogue. going forward, to share best practices and close loopholes in the financial system that drug traffickers and other common enterprises use to launder money. david: morgan ortagus joins us now. i think this is windowdressing, this is not hard negotiation. to expect china to cooperate with the united states on money-laundering issues when they are behind a lot of money-laundering, expect them to cooperate on fentanyl when they are provided with raw materials for fentanyl, not something you cooperate with but something you demand the way it was done in the previous administration. >> the china select committee
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in the house came out with a very damning report talking about to the extent the chinese communist party not only do they know about the fentanyl precursors made in china, that they sent to the united states, they are aiding it, they are abetting it, sometimes even incentivizing manufacturers who are doing this. make no mistake, the chinese commonest party, xi jinping could cup this up to monitor. this needs to be the number one agenda item with china. secretary blinken brought it up last year. they started a working committee on fentanyl to get to the bottom of it which is the chinese communist party's where blowing off the administration and a year later as blinken meets with chinese officials there's been no real progress. david: well, i believe we got
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stuck, video got stuck. there we go. finish your thought. having trouble with your audio. >> comical precursors to the united states. david: i just want to try, you are breaking up a little bit. the issue of iran. i encourage china to use its influence to discourage iran at its proxies from discouraging the conflict in the middle east. is that going to affect iran's behavior? >> no. what we've seen is the influence china has exerted in the middle east is to make sure their own ships have free passage. the houthis are the terrorist group doing a lot of these attacks against civilian and military ships in the red sea. the houthis are allowing russian and -- attacking european and western ships. china has exuded influence in the middle east but only to protect their own infrastructure, their own
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ships. david: the redline business where china is setting the redlines when we have the redlines and they are not putting our redlines, it's not the way it should be. appreciate you coming in. there are reports that tiktok's owner, bike dance, would rather shut down the apps in the us rather than cell. keira frederick deals with that. while story and maryland, athletic directors accused of using ai generated audio to make it look like the school principal made racially charged comments. alexandria half has the full story. ♪
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david: checking the markets, up 303 points again, doing extremely well. dow jones ain't bad either, 130 points, s&p up 51. we could look there. take a look at the tech stocks. accept for matter they are all in the green. look at the top of that. out for that up 10%. athletic director at a high school in maryland is charged with using artificial intelligence to frame the school's principal as a racist. exactly how was this done? >> reporter: we don't know the exact mechanism, it's not hard to come by and the why is almost as interesting as the how. police said during a press conference that this happened
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because the athletic director manufactured, for an investigation launched into the potential mishandling of funds. the principal who you see here was framed in january when an audio recording went viral with what sounded like his voice, said very disparaging things about black and jewish students including, quote, i seriously don't understand why i constantly have to put up with these dumb blank here every day. he was placed on leave because of this when his audio was investigated. the push from union and help from the fbi, the audio was found to be ai generated. it said nothing of the sort. the school was intended yesterday. >> we asked every one, made
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clear, have to make sure they did that information. >> mr. darian was charged with discovering school operations, retaliation against a witness. he was arrested yesterday while trying to board a flight. according to police he had a gun with him that wasn't properly stored. the leadership said they are hoping to reinstate this principle in time for next school year. david: lawmakers are warned not to block people criticize them on social media. lauren: actio's is reporting house members were warned by the house top lawyer don't block online critics. social media is supposed to be the digital town square. you can't block, shouldn't block anyone's concerns.
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that -- congress doesn't want to be caught again being behind on tech or not doing the right thing when it comes to technology. sometimes people, i don't often block but sometimes if someone is downright insulting or inundating you, that is your instinct. we don't work in politics. david: aoc criticize columbia university for having the nypd respond to anti-israel protests on campus. she said the department has a, quote, violent reputation. we will tell you why the nypd is responding and the deadline for the protesters to clear columbia's campus has come and gone. they are still there. we will speak to a business professor who says these are being orchestrated by radical professors on campus next.
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on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi with xfinity. david: another deadline has come and gone for antis really
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protesters to dismantle, in columbia university, with pro israel protesters. at a rally, outside the gates of columbia university, when the largest pro-israel rallies since students on the campus of columbia university started the pro-palestinian encampment, the rally intended to show solidarity, waiting for their loved ones after being taken by hamas. the first thing i want to ask you is what does the show solidarity mean for you? >> reporter: there are students at columbia university who are afraid to go to class for fear of being harassed and physically attacked by their classmates and it is important for all of us to show that they are not alone.
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>> reporter: we know that representative will on omar was at the in camera yesterday with her daughter and she said when she was asked what her presence might mean to jewish students who feel they are facing anti-semitism on campus she said, quote, i think it is unfortunate that people don't care about the fact that all jewish kids should be kept safe and we should not have to tolerate anti-semitism or bigotry for all jewish students whether they are pro-genocide or anti-genocide. what is your response? >> i would invite representative omar to engage in a dialogue and a deep study of middle eastern history. there is no such thing as a human being who is pro-genocide who lives in this country and is for decent coexistence. the word genocide was coined in the 1940s to describe the atrocities against jews and the holocaust. representative omar has rupp and eyes that were against the jewish community and i would
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like to talk to her about that. >> reporter: what would you like to say to all the jewish students who say they are hearing these chance, these phrases that don't include israel, the call for israel to be wiped from the map? >> we are all here to support them, the state of israel was created as a safe haven for jews, both jews and palestinians have a claim, no one is disputing that. >> reporter: we will keep an eye on the situation. david: ron cabot's is a professor at columbia business school and he joined me now. you are from israel teaching business, which doesn't get involved in a lot of politics. did you ever expect to find this very learned anti-semitic stuff going on at ivy league university? >> what we are seeing has been brewing for decades across the
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united states. now the tip of the iceberg is coming out. this amount of anti-semitism, physical violence, discrimination, visible as strong. david: what does it mean with the students are being taught? they are not being taught about the holocaust, and not being taught even about things that happened in recent history like 9/11. they don't have an understanding of the terrorists they are supporting openly now on campus. >> what we are seeing on us campuses, there's a silver lining to it, exposing what is going on on campus and you say has been going on for decades. there is a small group of radical, some tenured, not
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tenured professors. they do not represent the silent majority of faculty and have been brainwashing, inciting students. david: they are still there, the columbia president said in testimony in congress that one of them in particular was no longer on campus. we have video of him on campus after she said that. >> they have been there for decades inciting undergraduate students for this type of propaganda because they are 18, 19, 20 and incited not just against israel and the jews, that's an easy target but against america and what america stands for. inciting them against the united states military. they've been teaching students for decades, a colonialist force, israeli defense forces,
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the free market system we are based on is bad, teaching marxist propaganda for decades without anyone noticing. now is coming out. brian: david: are you getting the threats? are they focusing on you in particular? >> i have gotten a few but the problem, i am old enough, the problem is the younger students, younger faculty. they are afraid, they are getting threats, some are leaving and trying to transfer out. they are being harassed by senior professors. it's a bad situation. the legislative bipartisan. david: we have to run but the truth is coming out. the curtain has been pulled up. byron york is ahead of american petroleum institute, mike summers, and cara frederick in
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the 11:00 hour of varney which is next. ♪ ♪ tamra, izzy, and emma... they respond to emails with phone calls... and they don't 'circle back', they're already there. they wear business sneakers and pad their keyboards with something that makes their clickety-clacking... clickety-clackier. but no one loves logistics as much as they do. you need tamra, izzy, and emma. they need a retirement plan. work with principal so we can help you with a retirement and benefits plan that's right for your team. let our expertise round out yours.
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# # >> i'm not even sure how the conversation, the narrative even became that they're going to cut it

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