thing? are we frustrated? do we want to rethink being part of the eu and could we do what the u.k. is doing and what does it mean globally? that's a huge question here. >> they call it brexit. >> i guess that is what you call it here at 1:00 a.m. eastern. we break in now with a fox news alert. our sister network sky news projecting that the u.k. is in fact going to leave the european union. this is something will be talked about for a long time. we're trying to compare it to something in history that might make sense. there's nothing like this that we can compare it to. look at the markets. they are going crazy. a lot of uncertainty and shock. it is 6:00 a.m. right now in the u.k. people waking up to this news. many people who voted to leave the eu unsure that that would actually win. we knew it would be close but i think a lot of people were
predicting it would stay with the eu and this would be something talked about and it would go back to normal life today. that is not, in fact, the case. this is huge news. >> this is huge news. a couple of hours ago, nick, the leader of the united kingdom independence party, he said, i think it is over. i think the stay people win. just a few minutes ago, he in triumphant fashion laid out that what he said was june 23rd, which was obviously yesterday, will go down as our independence day, the united kingdom's independence day which is a huge statement and the shock that you talked about is resonating around the world. especially economically. at the bottom of the screen, fox news market alert you are seeing the s&p, dow futures, we know the nikkei index is down 7 or 8%. they were open as these numbers came in. you can imagine the fear and panic at that market as well. interesting to know that gold,
which is typically where everyone runs to in times of uncertainty is up significantly as the u.k. pound is crashing. >> they should realize how connected this world is. often times we lose sight of that. it is not just impacting the u.k. not just impacting the united states but china and japan, other parts of europe. the middle east. everyone is connected today. that's actually the perfect segue to bring in economic adviser to republican presidential nominee donald trump. we had you on earlier. as the markets continue to just spiral, spike out of control, make sense of this. what is going on? how should we think of this? and how do you see it plays out in the next few days and weeks and the next few years to come? this is such big news. >> this is the financial equivalent of an economic sonic boom. when you were asking when is the
like this, and i was thinking the last time i remember this is when we -- stock market many september and october of 2008 with the real estate crisis and we saw days where the stock market would fall by 700, 600 points. i want to tell me people, i think this is an overreaction. this is an immediate impulsive sell impulse in the wake of the news. i don't think it's something that will last. i think it will be a return to normalcy. i want to walk people off the ledges right now that may think their stock portfolios are going in the ground. i want to mention something else that i don't think has been mentioned yet. many of these countries, including the united states have what is called circuit breakers on their stock markets. so if the market starts to fall by a certain percentage point trading stops. one of the things i will be looking at in the morning when the u.s. markets open, do we see the triggers on these circuit
breakers where people can't trade their stocks? that's happened before and may happen the morning. >> interesting point, steve. we heard -- abby was talking about this, the bank of england said they will enter in to consultations and try to figure out where their circuit breakers are, if they can get ahead of the issues. i'm doing the math in my head an i'm a little tired but i think the market in the u.k. opens in two hours if westminster gave us the right feelings here. let us know from your perspective, is there any safety. if you are watching this and saying my 401(k) will be down 5, 8% tomorrow morning. is there any safe stocks to run to? >> well, let me say this, there's an old you don't want to -- you never want to sell low. this is a very basic principle. >> now we understand why. >> you don't want to sell low
and yet people tend to do that. they get panicked and as the market is crashing they sell. my advice to people who are watching their stocks right now is to stand pat. this might be a time to buy. but the bigger point is what does this mean for the global economy? i happen to think overall this is a good thing. i think this is a victory for freedom. i think it is a victory for growth. the big loser here in england -- not in england in europe is the socialized countries that now who are they going to get to pay for all of this stuff? margaret thatcher is famous for saying socialism works when you run out of people's money. unfortunately for greece, spain, italy and france that are socialistic they are running out of other people's money and that's one of the reasons the british people said we don't want part of this anymore because we are being dragged down. >> also a huge wakeup call for politicians. who many are saying this is a
movement, it will play out and get back to working as normal. david cameron campaigned hard to stay in the eu. here he is waking up to i'm sure a lot of shock. not seeing this happen. and we were talking earlier about how similar the sentiment here is in the united states. i know you are helping with the trump campaign. talk to us about that and what this means, even here at home with people watching it play out in the u.k. saying if it happened there an you see it playing out here, there's a real possibility we could see things totally shifting gears here in the united states. >> i think what is happening around the world, especially in the areas we are talking about, europe, the united states and britain, there is a similarity, you get the political ruling class that wants to go in one direction, and the working class that want -- they don't feel contact connected where the ruling class
is going. in europe, the issue of immigration is a huge issue. one of the reasons that british citizens decided to get out of the eu. politicians aren't listening to what the voters are saying. i think you see the similarity here. i know i have gotten a bunch of tweets already from trump people saying, oh, my gosh, this has a positive connotation for what donald trump is saying about what is happening here in america, that the professional political class, starting with barack obama, are not listening to what the people are saying. >> donald trump hasn't tweeted yet, neither has hillary clinton. >> he must be asleep. >> brand new beautiful golf resort. plush beds over there, i bet. >> i want to tell people don't panic. seriously, look at the numbers, what is it now, 705 the dow is down. those are scary numbers. i know people will be a little panicked what it means for their
retirement account. i this it will bounce back and the first week or so people will figure out what is going on here but it is not the end of the world. >> you said don't panic but someone that is in a panic mode right now is british prime minister david cameron. >> you got that right. we will hear from him in hopefully a few moments. >> good f mine inside the cameron camp a couple of hours ago, she and i were texting and she said we have this, we have it in the bag. we're feeling good. >> they were that confident. >> ready to pop the cork on the champagne bottles and then this news. it shifted around 11:00 eastern is when the votes started to shift to the leave side. >> i wonder if he had a speech prepared? >> that's an breasting question. they always say write two speeches so you don't jinx it. whether he pulls it out or whether or not he resigns i want to bring you back in the sense there is a vote to leave the european union. that hasn't been done before.
>> right. >> there is no script written for it. when the eu was put together there was no lead mick anymoech. how does this work for the next two years and to that end markets hate uncertainty. they were happy with the idea the stay campaign was going to win and now leave has won. not only uncertainty there but uncertain fi for the next two years. >> let me give you a little personal advice. there's no such thing as a clean divorce. they are always messy and this will be really messy and it's going to take a lot of time. i think two years time when they unravel this whole thing. the other question that people investors and the political class is asking today, right now, is what does this mean for the future of the european union? will it stay intact? i don't know the answer to that h. even some of the polls in the countries like france, spain and italy are showing people are
losing support for being part of this union. we may go back to, you know, preeu days in the '70s, '80s before they were a unified continent. i think that would be a bad thing to have happen. europe, the fact that you don't have to use a passport to go from one country to the other, common currency, those things have helped yao unnight europe. every prediction has been wrong, right? one of the reasons the stock market is crashing is everybody -- i didn't expect when i came in tonight, i thought what are we going to discuss because there is nothing to discuss here. nobody expected this. >> now there's a lot. to your point, in terms of if there is a french exit or oifbly we have the brexit now and looking to the u.s. elections here. every country has a working-class population that in many ways for the past ten years has been shut out of economic
growth. whether the midlands in birmingham, that area. >> yo got it. >> united kingdom or coal country in the united states or the industrial parts of france, there's real anger and sentiment of feeling abandoned and betrayed for lack of a better word. >> they are seeing from what is happening in the u.k. today they could actually make a difference. their vote might matter. >> if you want to say history rhymes a little bit, if we go back to '79 when margaret thatcher won, are we get tg to that again? >> that's what i was going to say. this reminds me of 1979 and 1980 all over again. when you did have a political revolution that happened in the u.k. with margaret thatcher and then year or two later ronald reagan was elected. i have been saying on fox news for years one of the problems in the global economy today is there is no real leadership.
where are the winston churchill and reagans and the margaret thatchers? they are not out there right now. this maybe a harbinger of political changes to come in the united states and other countries, as well. the politicians, quite frankly, have not been paying attention to the voters. one thing we have to -- you know me, i'm a free market guy. i believe in globalization. but you are both right about this. globalization is going to only hold if the benefits are shared by the middle class and the middle class feels they are left behind. >> we talk so much about the economics because that's a huge part of this. >> it is the economy stupid from james carville. >> i keep bringing it up because it is a huge part and that is national security. when i talk to people in favor of staying with the eu, a big part of that is because the u.k. was standing arm in arm with the u.s. and going up against russia and the iran deal. how do you think this plays out
in terms of national security globally? there's no doubt that putin is watching it closely, as well and thinking what does this mean for me? >> how do i exploit it? >> how do i use this in my favor? how do you think it plays out. >> i will say this, by far our biggest ally in the world is obviously britain. we have to stand by britain. i don't see this altering in any way our strategic relationship with britain or for that matter for europe. i think it is overstated that somehow this will cause foreign policy shake up. i don't see that. i think more of the impact is on the economy and what do these countries do, whether it is germany, france, italy, spain or the u.k. what do they do now? how does it change the global economy? the reason the stock market has been crashing is people feel this is a rejection of globalization. i think it is more of a rejection of global one world government. people want self governance.
i really think that was the overriding concern of the british. they didn't want bureaucrats in brussels telling them what to do. >> not only that they tonight want bureaucrats in brussels taking all of their money. >> exactly. >> and giving it to socialist spenders. you made an interesting point about thes he tore call reference to '79, the conservative revolution that brought in margaret thatcher in the u.k. and year later reagan in the united states and enormous economic expansion in the united states through the reagan years. on the other hand, if you listen to david cameron and for that matter president obama and some of the others, they said this conservative revolution come 2016 in the united kingdom, the u.k. leaves you will have economic ruin, and it will be terrible. david cameron said it will be like jumping out of a airplane. >> this is another really interesting international and
historical parallel. what you just said is exactly what the political -- said about reagan and thatcher. you can't elect these people. they will ruin the global economy and your safety net. and people took the chance with reagan and thatcher and boy did that turn out well. i'm not saying that donald trump is reagan, by any means, but i think both parties, republican and democrats, have not been paying attention to what the voters have been saying. for one example, for 20 years voters have been saying we want to do something about illegal immigration and both parties ignored the voters. >> we loved having you here. let us know if donald trump gives you a call and lets you know what he is thinking. >> if he hasn't tweeted yet, he's asleep. >> thank you so much. >> steve was saying don't panic, don't panic. evidently the traders who are out there are not listening to
steve. dow futures down 600 and some odd points. interestingly enough, there are more sellers in terms of the futures than buyers. >> wasn't steve saying the opposite. this might be a good time to invest, good time to buy. >> it maybe a great time to buy but you see a lot of buyers waiting for the panic to set in. almost the vultures sitting 0 then sideline waiting to see what comes down. you can watch on the bottom of the screen. the dow futures aredown, s&p 500 futures down. and not surprisingly gold which is up, which is the place people run to in times of urn certainty. >> we haven't seen something like this in recent history. >> steve compared it to 2008. the falling off the cliff, if you will. whether this holds, just don't know. >> we want to bring in ashley live from london. you have been covering this for us for days now.
here we are. you said we have been waiting for this moment for so long. here we thought if anything it was going to go in faefr of remaining in the eu. everyone waking up to shock. it is 6:15 in the u.k. i can only imagine the mood as the sun is coming up there. how is this going to play out? >> that's a good question. this is an historic rebellion against the political establishment. as you pointed out, much like we are seeing in the united states, this is a statement from the people from the united kingdom saying we want our own destiny and control of our own borders. we want sovereignty back. we don't believe what you the politicians are telling us and last two or three days before yesterday's vote, david cameron, who led the remain campaign painted all sorts of armageddon type reactions.
he said -- to leland's point like jumping out of a plane. can you can't climb back in the cockpit. >> what do you think -- what to you think david cameron who's going to speak in a few moments from now, what do you expect him to say? as leland an i were talking about, he went to bed, if he went to sleep, thinking it was going to go in his favor. this is something he campaigned so strongly on. talk about him potentially reseening in the 24 hours. what do you expect him to say when he speaks to people in a few moments? >> he will put the most positive spin on it like any politician would he will say democracy has won the day. the people have decided the fate of the country and we will put in to place those wishes. he will have to do it with a heavy heart. he was always going to think lose either way. if he won he still has 40% of
his own political party that split from him to go on to the leave campaign. always going to be messy. but this defeat is absolutely mort fieing for david cameron. how long he will last, we're not sure. we're in unchartered territory. there was a letter written by both sides of the aisle who said, look, we want david cameron to carry on if we decide goes to leaf, have him stay in place to stop negotiations with the eu to so there is continuity. not sure whether david cameron will do that and who would replace him. they are talking about boris johnson who put his political life on the line by campaigning for the leave vote and he was victorious. could the former mayor of london with the big bright blond mop top, could he become the latest -- >> it would be a slightly different leadership style
perhaps than david cameron. little more colorful. folks are waking up to the news and you saw the sunrise in london. the leader of the u.k. independence party, which is the party that has led the leave campaign said that 23 june will be considered u.k. independence day. independence from the eu certainly, but perhaps not economic independence. we are watching, obviously the markets reaction, the u.s. market and also the british markets. the british pound ordinarily considered a strong reserve currency, place to run in times of crisis is now down double-digits against the dollar, down against the euro, as well. >> markets do not like uncertainty, that's what is playing out right now. >> reaction from the u.k. financial markets, which could perhaps be a barometer for what we will see in the united states as we wake up here. 1:20 a.m. eastern. the united kingdom voting to
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we have back with the historic night with the u.k. voting to leave the eu, 48% to 51.8%. as we have been talking about, so many people in shock. 1:23 in the morning here. 6:23 in the morning in the u.k. i can only imagine the feeling of so many people that voted to leave the eu thinking it was just a vote, a symbolic vote and not thinking it would lead to anything. a lot of people predicted, if anything, it would stay with the eu. it would be a movement, a moment in time we would talk about back to life as normal. here we are living history that we will talk about for year and years from now. >> life is anything but normal
now in the financial markets. for so long, the past week or so, the financial markets built in this idea that the u.k. was going to stay in the european union. markets like certainty. markets were rising. the dow was up huge yesterday. as you look at the ticker, you can see the dow and nasdaq and s&p down. these are major shocks happening in so many people, so many predictors got it so wrong. one person who got it right n a way, was david cameron, the prime minister who lobbied hard, so hard, for the stay movement. staked his political future on it and warned, he said, listen, our economy will be in terrible shape if we vote to leave and you are now seeing this play out. >> for that we want to bring in a senior research fellow at the
heritage foundation. ted, thank you for joining us. talking about the fear mongering and how politicians have been using this idea of fear to especially scare people to vote in favor of the u.k. staying with the eu. we saw it from british prime minister david cameron comparing it to jumping out of a plane. once you jump out, you can't get back in the plane. what is your reaction to the news that is just coming in now that they are going to leave the eu and how it has played out and how politicians have used fear as such a tactic here? >> well, it is a remarkable result. when i came in and started to watch about 12 hours or so ago, i didn't see or know anyone who thought it was possible that brexit was going to win. it is a shock to the pollsteren and london and enormous shock. but you know what it is a
wonderful day in london. the sun is shining. the markets will have a tough day today but sooner or later the uncertainty will turn in to certainty because certainty is what the people delivered on their vote. >> you can see the shot there of 10 downing who we are expected to hear from david cameron in the next hour or so. he campaigned hard to stay in the eu. what do you expect to hear from him? >> there's no way he can remain prime minister for ar long period of time. whether it is immediately or within a matter of days or whether he says he will leave before the next conservative party conference, which is in late september, one way or another, he staked his political future on winning this referendum, everyone thought he
was going to win it. he supported the labor party, the liberal party and almost every other major party and he lost the vote. that's a career-defining decision and a career-defining defeat. >> give us a sense -- you may not have it yet, but is there a sense of fear there in london in terms of what this means for the financial markets? are people genuinely worried or is this sort of we're going to see a blip. we always knew there was going to be a shock to the markets if the u.k. voted to leave? are we overplaying the market reaction? >> of course we are overplaying the market reaction. markets have some relationship to fundamental economy. britain will be in the european union for a while yet. this is not an immediate process. the negotiation for exit process will take two years. so it is highly likely that in a
year's time britain will be in the european union. there are a lot of details, lots of details, major things left to be sorted out. this is a quick market reaction too people adjusting for unexpected piece of news, not people deciding that oh, my god, the u.k. economy is suddenly less competitive. >> to that point, i have a good friend of mine inside the cameron camp. they were sure up until a couple of hours ago they were going to win this. they had the champagne on ice, if you will. >> hasn't been opened yet. >> i think it maybe getting returned to the liquor store or sent to the leave campaign. the question is how did everyone get it so wrong or was there an under estimation of the anger that existed in the industrial heart land of the nation that came out so strong for leave. >> if you look at places that
voted for leave, it was especially essentially the north and middle of england. scotland was pro remain. wales surprisingly voted to leave. i suspect, although we will know more in a few days, i suspect the basic problem was pollster and people like the prime minister tend to talk to people that are like them, ie, not people that live north of england. i know the pollsters try their best but it is tough to get the right sample size and if you get it wrong, you get the wrong result like in may of last year, the last general election. >> when david cameron won handedly by a bigger margin. bbc now saying this is no longer projection. we're looking ate it. it is almost a four-point spread. president obama famous for saying elections have consequences. this election or referendum has enormous consequences. >> is this an example of fear mongering not working?
you had the politicians basically saying our life is over as we know it. if we leave the eu. they still came out in big numbers. four-point difference right now. is that an example of fear mongering not being effective? >> yeah, it's remarkable. the remain camp had a consistent lead throughout most of the polling before the referendum. and the momentum before the vote seemed to be in favor of remain. the polls were moving in one direction. you can only come to one conclusion, of course the polls are wrong but the conclusion, is a lot of undecided people went they went to the polling booth thought, you know, i just don't buy it. i think we are better off running our own country. i don't believe it. >> ted, polls, as we know, are never wrong, right, leland? >> 80% of all sta hitsi-- stati
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here we are talking about the opposite playing out. this will have, of course, ripple effects across the markets. we are seeing that play out now. in terms of where it goes from here, that remains a question mark. >> you are watching the lower part of the screen there. the market reaction, oil down, gold up in times of uncertainty. the dow, s&p, nasdaq futures all down tremendously. we're talking 600 points for the dow futures, nasdaq down 5% implied open. these are enormous numbers. last time we saw numbers like this in the 2008 financial crisis. looking live 10 downing street. 6:30 in the morning. we expect david cameron to come out, a man that championed staying in the eu, eating perhaps humble pie for breakfast this morning. >> big slice of humble pie. >> inside of 10 downing. >> we go to david lerner, give
us a sense of the mood generally in lon done an the mood of the markets as the british pound crashes. >> everybody was expecting the vote to come and to calm the waters. this hasn't happened. i was talking to people in the city of london yesterday, and the day before. everyone was -- investment banks like goldman sack and insurance compani companies 12% of the british gdp and 11% of tax income for the u.k. there could be very significant damages to the u.k. economy now
that -- against everyone's expectations, particularly -- everybody thought the feeling, the emotion -- clearly we are finding out it is not the case. >> certainly the markets had expected a stay vote to be successful. we're seeing now that uncertainty play out in terms of not only the markets but also the uncertainty, as you were discussing in term of national security, as well. >> it is important to point out the two sides that voted here. because you have, the media, celebrities, politicians very much in faf of staying with the eu and the working class, the people that felt like their lives have been so impacted by the way things have been going in the years past and they were wanting a change here.
so, you know, you see two groups of people and obviously they want out. they are saying we want a change here. we don't want to be part of the eu any longer. >> president obama a couple of months ago went to the u.k. a lot of people said, wait a second, this is a u.s. president inserting themselves in to do midwest eck policy issue in the united kingdom. the president went head long in. got behind david cameron and campaigned hard on the side of the stay campaign and clearly there's been a profound rejection, not only of david cameron's will and wishes but president obama's advice, as well. >> on that note we are getting word the white house, they say president obama has been briefed on the terms and he will speak with cameron over the course of the next day which will be interesting. i'd love to be a fly on the wall in that conversation. >> big question if david cameron will be the prime minister in the next couple of days. >> and how that conversation
plays out. our next guest says britain's exit from the eu would make germany dangerously strong. a former army intelligence officer and contributor to the fiscal times. thank you for joining us. appreciate it. >> good to be here. >> let's talk about the national security implications here. we talked about the economy which is huge but do you think germany is most important here, why? >> this is the most important security development for europe since the end of the cold war. germany is unquestionably the leader in europe. the most populous european nation, the largest economy and an ally of ours except it has been softer towards russia than we 0er britain has. thus, if you pull britain out of the eu and remove its influence, i think you will see other european states drifting to germany's position and inviting aggression twooens against the eastern european states. >> that's what we have been
talking about here, as well. who will be next potentially if someone were to leave, frexit you could call it. so much more to talk about as it relates to national security whether the eu or russia or iran, the middle east terrorism, immigration, implications are huge. >> to quote donald trump, there are known unknowns. how this will happen with market reaction. there are a lot of unknown unknowns about the united kingdom leaving the european union as they have voted. the results trickling in but about a 4% margin, a million votes amid high turnout saying we're gone. in defiance of their prime minister and the president of the united states campaigning and defiance of the financial markets, as well. >> 70% who turned out to vote, obviously some people are passionate about wanting change to happen. today that change was made.
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we are back with breaking news out of the u.k. voting to leave the european union. now 6:45 in the morning and people are waking up, many in shock thinking they would, in fact, stay with the eu. the opposite has taken place. >> 6:45 in the u.k. 7:45 in paris. and in brussels the eu capital that now has a little less in their financial coffers or will have less in their financial coffers for sure. >> a beautiful sunrise as you can see the sun coming up over there in london. we want to bring in andrew peek, a rm toer army intelligence officer and contributor to the fiscal times. talking about the importance of national security. i talked to folks who were in favor of staying with the eu here in the u.s. simply because of our relationship with the u.k. and how they are always the
ones in cases to stand by us, whether it is dealing with russia, sharing national, international else intelligence, dealing with the iran deal. how does it play out from here? are there real concerns and should we be concerned about national security with the u.k. in the next, i guess two years leaving the eu. what does it mean in terms of fighting terrorism, sharing that information? >> i don't think it has much impact on fighting terrorism. remember, the u.k. has already rejected joining us in a campaign in syria to go after isis. domestically they are fully aware that terrorism is major problem after the two bombings in 2005. i think it has an impact on how willing they are to sanction russia next time there is a crisis in the u.s. i think a lot of observers look at latvia with a place as a large population, history of
domination by the soviet union as a place where putin might push next sort of against the wishes of nato. the u.k. leaving the eu means that our push back is likely to be a lot less strong. >> give us a sense. when you say the push back by the european union, that is understandable, the u.k. leave the eu doesn't it make them for reliant on nato and the united states. don't we further intertwine the special relationship that existed between the two countries and on the flip sid side, not like the united kingdom did a lot of good during the iran deal. >> nice thought. i'd love if the united kingdom became the special partner that the u.s. thinks of as, in the golden and of u.s.-u.k. relations but there's no way that stepping out of the eu means the u.k. will take on a more global role. particularly since the u.k.
really got burned during the first iraq war in joining us in sort of a unilateral adventure outside of multilateral organizations and really sort of hurt -- there's no con spich wency in the u.k. for u.s. adventured ventures overseas. >> this will continue to play out. other members of the eu debating whether they want to do the same thing. i see some french and dutch politicians are calling for their and eu referendum based on what is taking place today in the u.k. if we see other members talking about leaving, and if that does happen down the road, what does it mean globally for national security? is that something we want to happen oar only complicate things further. >> it is a dangerous thing to have happen. what it does, it essentially undoes the european project of the past 50 years, which is
that -- which was essentially newted not just to build economic cooperation and bind the u.s. and u.k. to the koent innocent but make sure germany never pursue an independent foreign policy. once europe starts to fracture you will see germany by default having to pursue an independent foreign policy. not necessarily because it is a military threat to anyone but because it is the largest, richest, strongest nation in europe, its interests are going to deviate from ours and do thing we don't like. i think it is dangerous. >> andrew peek, thank you for being with us. appreciate your insight. 1:50 a.m. in the morning here in new york city. >> we appreciate -- there are so many alarm bells sounded because of this, whether the national security, economic alarm bells that you are watching below. some of the stock market futures crash. obviously see the british pound
crashing. this has enormous implication and i'm not sure we can comprehend them yet. >> talking to andrew about the national security impact. if other members are leaving that's another conversation. we will get to that, i'm sure. >> a lot of time. >> we have to go to a break and be back after this. you do all this research on a perfect car, then smash it into a tree. your insurance company raises your rates... maybe you should've done more research on them. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. liberty mutual insurance.
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