tv Lou Dobbs Tonight FOX Business July 25, 2013 7:00pm-8:01pm EDT
e-mail us and go to gerriwillis.com. that's all for "the willis report," thank you for joining us. i had a great time. have a fantastic night. ♪ neil: good evening, everybody. thank you for being with us. president obama, again today, appearing to meander around the country without purpose or noticeable result. the national media, including us here find is convenient to call the sudden lurch from scandals and busted foreign policy to speeches about jobs and the economy is pivot, but it's not clear whether pivot is the correct description. it appears president obama is more focused op attacking republicans than anyone who disagrees with the agenda. those who have the nerve to investigate the numerous scandals that engulf the
administration are in the cross hairs. here the president earlier today making it clear how he feels about anyone who is not on board with his tax and spend plan to grow our economy. >> repealing obamacare and slashing budgets in education and research and infrastructure, that's not an economic plan. there's no economist who says, well, that's the way to help middle class families. we're going to grow doing that. shutting do the government just because i'm for keeping it open, that's not an economic plan. threatening that you won't pay the bills in this country when we've racked up the bills, that's not an economic plan. you know, that's being a deadbeat. lou: the president is, in fact, talking longingly of a middle class he seems to have done his absolute best at times to beat
down. he's raised taxes on the middle class, said he wouldn't, presided over the diminishment, talks a lot, but the primary result has been greater dependency on government. he has shoved obamacare down the nation's throat, a law that 533% of americans now oppose according to the latest fox news poll. he's beaten down the net worth of millions of americans by failing to restore the trillions that have been lost in housing value, the loss of millions of jobs, and his administration seems all too content to call the chronically high jobless rate in the country the new normal. on this, the second day of the most recent so-called private, it's not clear what he's pivoted to. it's not the specific concrete actions that would alter the plight of working americans, unemployed american, and everyone who expected him to do a lot more than just talk. well, the president resumes his
push for ever-bigger government, higher taxes, higher spending, attorney general holder, today, resumed his ideologically inspired campaign of race and partisanship. speaking before the national urban league in philadelphia, the attorney general proclaimed he and the president will set a new course to subvert the supreme court's recent ruling on the voting rights act all to prevent the state of texas from exercising the 10th amendment rights recently affirmed by the supreme court. it's the new voting and election laws. the correspondent has the report. reporter: one month after the supreme court rejected a part of the historic 1965 votes rights act that monitored eleetions in mostly southern states, u.s. attorney general eric holder did the opposite. he announced that the justice department is targeting texas, trying to force the state to get federal approval for any changes
in his voting laws over the next decade. voters spoke at the annual urban league convention in philadelphia. >> it is the duty of today's justice dppt to continue to monitor jurisdictions around the country for changes that may hamper the voting rightings. >> last month, hours after the rules, texas was the first state to react implementing its new voter id law, but holder citedded another court decision finding texas legislators plan discriminated against latino voters. >> this that ruling, this is what the court said, and i quote, the parties provided more evidence of discriminatory intent than we have space or need to address here. that was a federal court that said that. >> reactions sharp. rick perry branded the move as an end run around the spreerm court says, quote, the obama administration is demonstrating
uttee contempt of the checks and balances, not to mention the u.s. constitution. republican senator john cornin acushioned the white house of bullying the state for partisan, political purposes. >> part of the long-term strategy of the administration is to turn texas blue by engaging in bogus political activity to raise concerns with regard to things like minority voting that simply are not supported by the evidence, and i think this is to create a false impression that somehow minority rights are not protected, which they are. >> texas republican senator ted cruz critical accusing the attorney general of politicizing the justice department saying the refusal to accept the judgment of the u.s. supreme court regarding preclearance continuing the department's pattern of refusing to follow the law. the controversial houston based
group, true the vote, promised legal action saying it's the same justice department that, quote, criminalizing gormism and fails to prosecute irs agents. mr. holder says he plans to pursue more voter issues in other states. lou? lou: thank you. federal prosecutors today bringing criminal and civil charges against sac capital advisers accusing the hedge fund of a decade-long insider trading scheme. u.s. attorney saying billionaire stephen cohen's company has been a magnet for market cheaters. >> when so many people from a single hedge fund have engaged in insider trading, it is not a coiincidence. it is, instead, the predictable product of substantial and pervasive institutional failure. as alleged, sac trafficked
inside information on a scale without any known precedent in the history of hedge funds. lou: eight sac employees have been found guilty or charged with insider trading, cohen is not facing criminal charges himself, but the move could end his career managing the money of other people, and the federal government now wants $10 billion for the alleged trading violations. for more now on the charges against sac, we're joined by fox business stocks editor liz macdonald. great to have you with us. this is a block buster set of charges. >> it is a block buster set of charges, and we're waiting to see if steve cohen himself is criminally chargedded. we asked at the press conference, if, in fact, they plan to do that. he said, we are not going to p comment on what tomorrow may or may not bring. we asked the top official at the fbi if they are developing a criminal indictment against steve cohen, and he says they are pursuing all leads, and and
it could be a developing story. this is my last sense of the fbi saying about the case, lou. lou: would you clarify the charges gebs the firm, against the individuals? where -- what is the object of the charges, specifically? >> the object is specifically rampant insider trading. in other words, the 4 is 1 -- 41-page indictment encouraged cheating and recruited executives with insider contacts to get that information, and the indictment says that steve cohen was rewarded, basically, he rewarded individuals for passing on inside information to him, so, ewe know, this is a case, basically, where sac is saying we are operating with honesty, no freeze on the assets, but we could have an author anderson scenario. that company collapsed, and 28,000 people lost their jobs,
sac capital is saying they are operating. lou: it is operating. it is, of course, a huge fund opposed to a professional services fund, but the justice department has been very careful, and the man behind the anderson charges, all those years ago, which was unprecedented and has been -- has not occurred sense, the justice department attacking the firm destroys that firm. >> that's right, lieu. lou: a heavy handed, and were ever publicly honest about it, expresses deep regret in costing 90,000 jobs. that's mad. >> it is rare for the government to do this, but they said, essentially, said time and again that they have possible proof of insider trading. a 2008 e-mail, for example, forwarded to cohen from a top official on sac says we have a solid read on dell's earns, before the announcement came
out, and he sold his position in dell. a 20-minute phone call between cohen and another official about drug stocks in a development. lou: deserving great credit for having the guts to bring the case based on insider trading and in the case of steve cohen himself appears the failure to supervise a company that he owns, by the way, 1 # 00%. this is -- this is always a difficult charge to sub stanuate, one few prosecutors bring. what do you assess the odds are right now? >> you know, roughly 80 people have been chargedded with insider trading. 73 either convicted or pleaded guilty, so what we are seeing right now, though, is there's other breaking news. the hemming fund itself is hiring lawyers that represented others in the insider trading case and represented elliot spitzer in his case, basically. we're seeing this is going to be
an up folding story. we could see, possibly, more indictments beyond the eight officials who have been charged already. lou: integrity of the markets at issue, and that is the premium investors around the world pay for, straight, clean, an honest market. >> that's right. lou: as best as can be regulated. thanks so much. >> sure. lou: we appreciate it. fox business fox editor. a choppy session on wall street, stocks finishing higher after mixed reports. the dow up 13 points at the close of business, and s&p up four, nasdaq up 26. the number of people applying for new unemployment benefits rose slightly up 7,000, but still in the 340,000 neighborhood, 343,000. good news, in effect. durable goods orders jumped 4.2 # #% in june, an increase in aircraft orders leading to a third straight month of gains. facebook, the standout performer
in the technology sector. facebook doing great, rally, largest ever for the stock, surging more than 30%, beating targets, and that made investors mighty happy indeed. ♪ president obama pushing infrastructure today. that means higher taxes. grover norquist don't like that. the antitax crusader more americans for tax reform joins us next. ♪ [ villain ] well mr. baldwin... it appears our journey has come to a delightful end. then i better use the capital one purchase eraser to redeem my venture miles for this trip. io i just pick a charge, like my flight with a few taps, it's taken care of. impressive baldwin. does it work for hotels? absolutely thank goodness. mrs. villain and i are planning our...
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swrels the president's latest pivot to the economy is grover norquist, president of americans for tax reform, author of the taxpayer protection page. grover, great to have you with us. >> great to be with us. lou: your reaction, and i don't know that "pivot" is the right word, but using it for convenience, at least, the private away from scandals and foreign policy failures and failings, and into the issue and speeches of the jobs and the economy. >> well, look, this is another one of these message icare. every once in awhile after ignoring the economy, he comes back saying he cares and wants to do something about it, but he might as well just repeat the speech given the last 12 times of wanting to raise taxes and spend more money. every time he talk about the economy, he wants to raise taxes and spends more of other people's money through the
government. this gets tiresome. it's not worked for four years. think detroit. lou: thinking detroit, and we're going to take up that issue later here in the broadcast with a congressman who wants the federal government to step in. do you think that is going to be the direction which we go with these municipalities that -- some not as large as detroit -- none larger that we're aware of -- when they do go bankrupt because they surely will. >> the house of representatives and the senate will not allow the president to throw american taxpayer money at detroit or other failed cities. detroit has had decades of warnings. they were spending too much. they regulated too much, drove people out of the city, governed poorly. they didn't care. they thought they'd be bailed out and other people would pay for their mistakes, and the answer is, no.
enough cities and many states have begun to turn themselves around on unfunded pension liabilities and civil service costs. those states, you know, utah and wisconsin and new jersey and louisiana, those states will not lose their taxpayers to pay for city and states that didn't do anything to take care of themselves, not happening. lou: and turn now to immigration. word out today, breitbart.com reporting saying there's corroborated sources saying congressman goodlatte, chairman of the house judiciary committee, is ready to rescue the once dead on arrival gang of 8 immigration bill. your reaction? >> well, that's a silly way to put it. what goodlatty's going is what the republicans in the house always said they would do, always vaguely interested in what the ?t does, not always
going to agree what the senate puts out is the opening bid, but the house republicans want to see the border made secure without spending a jillion dollars, doing something on the dream act for people who are four years old when they came across the border and are now in college or trying to get into the military. we need, as an economy, more h 1-rbgs b visas. we are telling people you can't come here, stay in inya, and start a company to compete with us, can't come here, move to canada, and compete with us. that's silly. come of the best minds in the world want to come to america. be americans, and create companies that compete throughout the world. lou: grover -- >> we want those people. lou: i get so tired, frankly, of the immigration debate because there's so much misinformation spewed by well-intentioned people, and intelligent people, none more than better intentioned than you, none brighter, but the fact of the
matter, h1b visas are not the issue at all. we have and available to us a tremendous number of h1b visas. double that or triple it. the fact is technology companies and principle among them are outsources companies and principle among those are india outsources companies using the visas, and they are striking at the heart of people, american citizens, who are seeking those jobs. if we want to do something serious, then, i have to ask you this. why in the world, where have you been, where has the chamber of commerce been and others in simply opening up visas to those most skilled and highly intelligent and educated and bringing them to this country because in each instance, you're not talking about those people. >> well, we should be. i say h1b, people generally mean high-tech visas. we're talking about stem education, people who come to
the united states, get a ph.d. -- lou: science, technology, engineering, and mathematics. >> and we throw them out of the country. lou: no, no, we do not throw them out of the country. >> we don't let them stay and work. lou: we can't discuss immigration without denigrating the country and character and welcoming immigration policy, i tell you this, you all are doomed to further failure. do the right thing. secure the border, quit gaming the system. talk honestly, forthrightly, and that's what the house is doing. it has a chance of working. don't you all screw it up. >> lou, that's exactly what we are looking to do. we've been -- lou: to screw it up? >> no, no, no. the effort to allow some of the real talent in the world to come to the united states, and we do tell people with stem degrees that they can't stay, lou. that's just the fact. lou: here's the other fact. there are three nations in the world who bring as many people into their country as do we.
there are a handful of countries in the world combined who have a generous an immigration policy. >> that's why -- lou: move beyond this and stop denigrating the country and move ahead to actually reforming immigration law and doing it in the national interest, and they have the chance of doing it. if he rolls over for those who want to throw the borders open, it's going to be a day of absolute dispair in this country. do the right thing. do is the right way. >> that is exactly what we're working on doing, and the entire business community and all the various communities are united in making the steps forward. i'm supporter of a ronald reagan, jack kemp approach -- lou: i love it when people talk icons. he's the deal. >> okay. lou: how about this? in the national interest right now, in the country, talking about the sovereignty of the nation, secure the border, and i
don't mean playing rhetorical games with operational controls as this secretary of the department of homeland security which will soon be leading the university of california system. >> look at the proposal that congressman of texas put forward. i think it's a serious grownup effort that will secure the border. he's put it forward. it's been passed through the republican committee there. i think that rather than what the senate did is an improvement. we have to have a guest worker program, talk to farmers and dairyman. they can't get workers needed in the country to -- out to the farms which are temporary jobs. lou: grover, i heard the same rhetoric, the same reasoning, the same ideas in 2006-2007 when it went down to defeat. we don't want that to happen, so let's go to the issues -- >> some people do. i think the president does. i think the president does not -- lou: i'm not going to cast dispersions on this or question
motives. if you want to reform immigration, and you must control the border because if you cannot control the border, you can't control immigration, and everything everyone says about it after that is pure bull. it has to begin as a condition preceding actual, real bone mid, verifiable just as the house jew delicious rights act moved in legislation. do you support that approach? >> you seem to be trying to disagree with me when i'm not sure -- lou: i'm trying -- you mistake my words. i'm seeking your agreement. >> okay. yeah. i don't think we disagree. lou: say, yes. >> lou, we have not been disagreeing. i don't know why you are trying to disagree here. lou: i'm simply seeking your affirmation, your agreement. >> yes. what goodlatte is doing and republicans in the house are.cc
are being serious about border security, which this administration has not done. the senate bit the apple, but they are handicap because the democrats run the house, the senate, and in the house, you're going -- lou: the gang of 8 -- i'll say is clearly for you -- >> there's four democrats in it. lou: that legislation is a farce. it's the game that i said should be avoided. >> okay. and now the house is going to look at it. i think goodlatte is looking at moving forward on a whole series of issues. we can and should have a serious progrowth immigration policy that's good for the country, good for the american people, and historically, it's the -- the reason why we're the future and china isn't and japan isn't and europe isn't -- lou: come on. we want china to have a future. we want russia to have a future. we want india to have a future. we want everybody to prosper. >> we have a brighter future than we do because we do immigration well.
that's our history for 200 years. we need to do better than we have done recently. lou: goodlatte would appreciate your support for a rational national interest approach. thank you so much. >> lou, we agree here. lou: excellent, i love it. please, no more gang of 8 nonsense. that stuff's down. >> that was the senate, lou. it's in the house now. lou: sorry? i understand. thank you for reminding me. grover norquist, good to have you with us. >> good to be with you lou. luol-- president obama harping on how many days are left in office with a countydown clock. in the "chalk talk," we offer him a way forward, if you will. ♪ a better life for your family, a better opportunity for your business, a better legacy to leave the world.
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it's that countdown clock, it gives us an idea because it is sort of an indication, i think, that he's getting tired of a job . i have a thought, maybe it will help the american people and the president's if he's conveying that interest in as it were moving on demand going forward. in corporate america is called the buyout package. we even put together a committee to raise some money and to validate the whole concept and to make the deal with the president should be interesting to read all tell you more about that just a second. let's not beat around the bush. when people say it's not about the money, it's always about the money. mr. president, we think we have a fair buy out for you. you end mitt romney, republicans and democrats spent $2 billion to have a campaign last year in feeding the reelected.
actually, we probably have to throw in some extra money here. let's take that original 2 billion. there's some question about whether biden would feel right about following in your footsteps in the white house. we thought should that be the case he would offer him about $200 million. so there would be a $2 billion buyout. that's without question the initial bargaining position. but we think that's pretty fair. it's rational based on the money that was spent to get the job he had. so were we going to get that money? that city. we could stop spending money to promote obamacare. that would save us about 700 million. because stop promoting food stamps for the next four years which would serve as another hundred and 60 million. we could save about 300 million over the course of the next three and a half years on
excursions which would include your vacations to hawaii, martha's vineyard, the sort of thing. we have about a $300 million repair. we will have to pay for your golf outings, one of your golf weekends that costs about a million dollars. you have played, as you know, 130 rounds of golf since becoming president. this may be a little high, but we're putting them as a savings of the least 100 million. much more than -- i mean, that's beginning to be a pretty sizable chunk of the bill year for going forward. a little short, so we want to put in context of the reasons we're interested in that earlier out that will help perhaps rejuvenate your spirit and that of the economy in the nation. maybe smart job growth, return to prosperity. let's say that results pretty
quickly in ducking this is conservative. a 2% increase in the growth of our $16 trillion economy. that will be about $320 billion per year, more than enough money to raise what we need for our discussions. we haven't even talked about cutting food stamps and disability as a result of a return to prosperity. the committee that i think would make a terrific group for this transition discussion and to wrap up all the details, i want the congress than they're used and a great job following upon your details and governance, one of the top-10 richest in congress. he knows a lot about money. he would be good for you and for us. obama's former banking betty, the ceo of j.p. morgan, lou on the executive branch. you can't beat those connections to big money. nobody knows more about big
money than him. of course senator john mccain, another comfort level. we have to throw in lense gramm because he goes wherever john mccain goes. he has become the new best friend forever and can convince you, perhaps, to look at the details of the buyout favorably. white house senior adviser, we think she ought to be there because she knows you. you have just a marriage counselor for longer than anyone else. we encourage you to think about it. all these folks there to help you, help yourself. i hope you think about the offer. i think it's a win-win, as they say. it sure sounds nice from where i'm standing. let us know you think. motor city meltdown. detroit bankrupt. will the american people support the bailout for the charge? michigan congressman help so. he's next. [ male announcer ] if you're takingultiple medicatitions,
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♪ lou: turning to the latest developments in the largest municipal bankruptcy in the country, republican senators today introducing an amendment aimed at preventing a federal bailout of detroit. one of the sponsors is senator ron johnson. he wants to make certain detroit doesn't get a single dime of taxpayer money. in this statement, detroit's debt is a national poster child of what can result when populations enter into an unholy alliance with powerful unions at the expense of a local economy and the people live there. well, my next guest has called on congress and the federal government to consider supporting cities to prevent future bankruptcies. joining us now, congressman of michigan, a member of the house financial-services committee. good to have you with this. i would like to get an understanding of your reaction,
senator johnson's remarks which represents obviously a part of the republican party. >> first of all i think the conversation is a low more complicated and the way it was described by senator johnson. this is a situation where we have a city has experienced over not just the last decade, but over about 34 years, a continuous decline, population loss, the loss of economic base. frankly is fueled by bad policies like trade agreements that have allowed american jobs to be shipped overseas. lots of bad decisions of local level. for sure we have to start with the acknowledgment that local government failed the people of detroit, no question about it. in the decisions that were unsustainable. lou: a decision for a bailout. the local politicians i just as much to blame as any other element of force to work.
>> local politicians are. the people who live in the charter not. i think we have to do at the state level, the federal level, and certainly the local level, realize that the 700,000 people detroit are citizens of detroit but also citizens of michigan and this country. so at every level when need to think about how we position detroit to be prosperous again and create a platform for its re-emergence. one of the things i did is still out work to rethink the way that the u.s. treasury apartment, the hardest hit funds. was intended to help communities deal with the aftermath of the foreclosure crisis by helping people with mortgage write-downs in such. in detroit and other places in michigan that money, 100 million will be used to demonic to demolish abandoned structures. lou: i'm sorry to interrupt you,
bob weir limited on time. i just have tested this. this is their responsibility of the union's who negotiated pension deals with local politicians. you know what that was all about political power. it hasn't worked. there is no way in the world that's going to bring back the million and a half people. >> i agree. you're right,. lou: and there is no way in the world that you can recover by bulldozing houses. you and i both know that. vacant land, but that will not attract more people who would make up a tax base for a city that is, perhaps, mortally wounded. >> no, but what you can do is have a plan that reconfigures the city to be a more successful bring in smaller places. to be head you have to demolish those abandoned structures.
lou: let me ask you this, presumably of the people you think they're smart enough to figure out how to do this have been living in detroit, washington, and around this country for some time. why should we be any more confident about the geniuses in government providing a prescription for what is a city that has fallen on hard times for the past five decades. and then in an industry base that is basically -- not basically, it is fundamentally saved by the federal government money, the taxpayer money. and this is a peculiar thing to do. i. >> i think it's peculiar to think that that policy could be replaced with a policy. it's more thoughtful and focused on a more sustainable approach. just because there have been mistakes in the past. i know you know this. that doesn't mean government is confined to always make mistakes going forward.
we can have -- lou: what other noble -- recently you for that. >> to look toward a talking here again it. lou: congressman from the great state of michigan. up next, big news for facebook stockholders. an otherwise sleepy summer market date. bank of new york mellon chief economist joins us next. ♪ my mantra?
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the gets appropriate. i think it's appropriate because the u.s. economy is in the middle of what is going to prove to be about a seven year economic expansion. four years of 2 percent growth which we already have. i expect the next years will be three for three, 3 percent growth. lou: right now fed chairman ben bernanke, a sigh of relief we hear all the way from the borders. if 3 percent growth we can attain everybody will sign up for that. >> or not there yet. you probably have a flat gdp for the second quarter. some of provisions of the growth rate, but i think we will be there as we move into 2014, 15, 16. lou: what do you take this sector, the industry -- >> one of the interesting things is the industry, our domestic
industries. so housing is intrinsically a domestic industry. you don't import people across the ocean to do the carpentry work to build a new house. lou: put together some free flights for buyers. >> i understand. i was out in california. chinese buyers buying ten, $20 million homms potentially. the housing sector is going to be a little choppy for a few weeks and months because of the rise in mortgageerates. it's fundamentally an expansion. so is the auto sector, the average age is still old, and there is a pent-up demand for the next several years. these other two powerful domestic industries that are going to feed into this economic expansion helped by the easing monetary policy, along about time. this will stay for a long time.
lou: it's good to see you. thank you for being here. we appreciate the effort. keep our fingers crossed. up next, a new poll numbers show anthony wiener suffering from a case of erectile dysfunction. the "a-team" takes that been more. stay with us. at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally.
supreme court? >> the federal government and the supreme court. the supreme court in 2006 ruled that indiana voter i.d. law and says the shocking thing, it upheld the 6-3 decision written by john paul stevens, taxes smolletts law after indiana's. it is if so fact unconstitutional. what is trying to do is throw a monkey wrench. >> the boundaries that were drawn by that gop dominated legislature was thrown out of the texas court, democrats in texas are disputing these boundaries. at think the justice department has every right to intervene on behalf of private groups. lou: that case goes back to 2011. it will be resolved.
the court has already told them3 to redraw. this -- one has nothing to do with the other. what they're doing here is intervening directly and trying to restore section five of the voting rights act for the state of texas as if they have an imperial power, not a constitutional power. >> the tenth amendment is still relevant, is it not? >> texas has the right to conduct its elections the way that it does. one court said the lines were in regular. the federal court, the district of columbia which will ultimately you this case on appeal has basically said in the past that the texas redistricting plans are almost completely fine. >> let me turn quickly to syria and your good friends. he is on a mission apparently to engage this country and as a civil war in syria. >> i'm very disappointed.
i really don't think that american intervention, aggressive intervention at this one makes any sense. i don't understand what the mission would be, would be accomplished. do we really won either side in this terrible struggle to win? will we one is what secretary of state as called for which is the political solution, it was possible. >> i don't think a political or military solution is possible, and i think nothing dramatic changes aside simply grinding their resistance down. that's terrible, but being involved in yet another middle east a quagmire is not in our interest. lou: the "wall street journal" responded to president obama's economic speeches claiming he's the worst president in modern times despite climbing over and over again otherwise. what do we make of this so-called private? father is the sub. >> i was really surprised by
that speech because there wasn't a single new idea. and because their growth, the gatt between very rich and very continues.s country and best he may not be responsible for it, but it does continue. he could have adjusted in a speech in didn't. lou: one of the sad ironies is when you raise taxes, increase regulation and create more uncertainty in the economy in pursuit of reducing inequality what you end up doing is failing in the first instance and then you also get the middle-class further behind than it was before. lou: i appreciate. good to see. >> good to see you. lou: that is it for us tonight. i want to see if we have a picture of george h. w. bush. if we can show the audience as we close year. this is one of those pictures that moves you to tears. a 2-year old boy battling cancer
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