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tv   Varney Company  FOX Business  November 20, 2023 9:00am-10:00am EST

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leader back or their leaving unless the board resigns. >> by the way, that is most of the company, this is not a 10000 person company, this is a really small company. this is one of the craziest board problems, snafus, whatever you want to call it that i've ever seen. by the way the head of the board who instigated this is all over twitter apologizing, he should apologize he is wiped out, the value is supposed to be $80 billion all of a sudden for the operation and they were close to realizing part of that, gone, nettie stuff they have been engaged in. >> good job blowing up the company and taking out its founder and able to be the competition. microsoft. liz and doug is been great talking to you, liz peek, doug collins, thank you for watching. we will see you tomorrow, ashley webster is in first do, take it
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away. >> good morning, everyone, indeed i am ashley webster in for stuart varney. president biden turns 81 today, something apparently the white house seems to want to keep quiet as new polls might put his hours. on any celebration, the surveys reveal that president biden has hit his lowest approval rating since his presidency, 40% of voters now approve of exactly how he's handling the job. it also shows biden trailing trump among voters 18 - 4 and a hypothetical general election matchup. let's take a look at the future for the shortened trading week, could be a little volatile when we have a short trading week, very mixed bag, the dow slightly down, the s&p nasdaq slightly higher, let's take a look at the ten year treasury yield it's been around 4.47%, that's where it is right now, way below what it was 2 - 3 weeks ago, bitcoin continues to move on up, 660 odd
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bucks, 3,037,130 a lot of big moves on the a.i. front over the weekend insanity, open a.i. booting ceo sam altman on friday it is the move that surprised employees and investors and by the way sam altman himself, has found a new home at microsoft he will lead an a.i. research team, stay tuned this could change again, the move has microsoft rally mode slightly up half 8% for microsoft. meanwhile we say this every year, pack your patients, remote and hybrid schedules are leading to a record-setting holiday travel season but don't worry pete buttigieg is here to calm your travel nightmare fears. sarcasm intended, monday november the 20th 2023, buckle up "varney & company" is about
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to begin. ♪. ashley: as you look at sixth avenue on this monday thanksgiving week, that is the great clint ba black. joe biden a bit of bad news the president losing to donald trump a hypothetical rematch in 2024. nbc is sounding the alarm on the new numbers, watch this. >> the gap is gone 36 positive on both invited one point more negative than trump that the significant for biden, the advantage for now maybe gone if you take a look by party is significant for two reasons, one
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independent obviously more than 2 - one disapprove, you don't want to be there is an income that president. you do more unified support your own party for can have a successful reelection campaign. ashley: charlie hurt joined us this morning. great to see you, a tough birthday when you get this is for joe biden especially among those independents, the swing voters that make the difference he is down to - want to donald trump. >> this is really bad news for the president in particular among young people ages 18 - 24 obviously were talking about the margin of error and i always put the caveat out there when you're talking about pulling it's a very tricky game especially this far out but at the same time some of the most devastating are the approval numbers that you put into on the economy in every area that the president is trying to make headway with voters on, he faces dramatic
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disapproval. going back to the issue of the matchup, here's a problem for the president we are a year out obviously and if you look at all these trends, nothing goes in joe biden's way direction. it is hard to imagine how is going to turn any of those numbers towards his direction where as you take trump and he's maxed out on his negativity, there's nothing anyone's going to learn about donald trump that they haven't already heard that has not been thrown at him. i think of long-term trajectory going forward for the two guys is really bad for joe biden and not as bad for donald trump. >> maxed out on his negativity i guess that's a positive. karl rove says the biden trump rematch in 24 could lead to a big drop in voter turnout, who wins under that scenario and i
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would point out that 2020 was a morgan's donald trump in joe biden but biden's popularity has dropped so perhaps biden doesn't get the benefit this time around, when you say. >> i don't know that i necessarily agree with the idea that this will be a low turnout election, when people really frustrated that sometimes means that they really do turnout and larger numbers because they feel like they want to see a change of direction, you put your finger on the most important thing, trump supporters love donald trump there's no lack of enthusiasm for donald trump, donald trump earned more votes in 2020 than any sitting president in history that is more than barack obama and anybody. i don't think this could be a lack of enthusiasm there but that cuts both ways. there were a lot of people that went out to the polls in 2020 the hate donald trump, back at
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the papers over the fact that nobody really went to the polls in 2020 because they love joe biden, that was not the big draw, people were going to the polls because they love donald trump or they didn't like donald trump and joe biden was alternative. in a face-off like that, i would rather be donald trump in joe biden. ashley: fascinating stuff, years ago still. a lot more to have fun with. charlie hurt great stuff. thank you, sir. david axelrod is once again weighing in on biden's 2024 bed, good morning lauren simonetti, what do you say this time. >> he told the new york times that president biden has a 50/50 shot of winning but no better than that in maybe a little worse biden thinks he can cheat nature and it's really risky
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they have a problem with accounting on trump to win it for them. i remember hilary clinton doing that to. here he is comparing biden to the failed hilary clinton and doubling down on his opinion that biden loses in 2024. maureen dowd wrote this comment to defend axelrod after joe biden called him nasty things for saying that he would likely lose in 2024 to step aside jan marine said that biden is picking feuds with critics who just want to ensure a democrat is in office for another four years. ashley: very good, thank you. let's get to the markets and bring in our good friend ryan payne, great to see you, the futures of looking slightly higher, my question to you does the market have legs to keep running through the end of the year, what say you? >> a magnificent rally we lost 10% on the s&p 500 from the end of the summer all the way until
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last month and in three weeks we gained all the back. i would argue have a lot of momentum because number one is a lot in the earnings growth will go up next quarter into next year end into 2025 and there's a lot of cash on the sideline, i see this to with my wealth management firm new accounts at common that are sitting on record levels of cash, bank of america estimates $1.4 trillion is going to the money market funds from retail investors if you count institutional money that is $5.7 trillion sitting in cash and we know with high odds the fed will lower interest rates next year, money has to go somewhere, i argued for mo is going to kick in and that can push markets a lot higher. >> acronym city, fear of missing out, what about tina there is no alternative to equities, is that in play. >> i love the acronyms.
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tina is in play there is a conventional wisdom that i can get 5% of the treasury and that's better than stock market and i would argue no if you look earnings growth per share, it's 11% next year end the following year that is way better than 5% historically stocks average 10% and i would argue if you want to bet on where the best place will be in retrospect is going to be stocks not sitting in cash or a bond portfolio, equity is your best buy. ashley: anywhere or any particular sector. >> i think the magnificent seven are the big mega cap stocks there disproportionately a part of the s&p 500, now we know what's going to happen with interest rates the fed is probably done and probably coming down economically sensitive places like small caps which have started to move here historically attributed 20% discount all daresay europe is up 10% this year and they trade
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a lot cheaper, i would broaden out your exposure there's too much concentration i would diversify. ashley: got it. we hear you loud and clear. thank you so much for being with us we really appreciate it. last acronym i promise. change of subject, former first lady rosalynn carter passageway sunday at the age of 96. >> she passed away in a small georgia town, the one where she was born back in 1927. by her side president jimmy carter who is 99 and her husband of 77 years, he said rosalynn was my equal partner in everything that i accomplished she gave me wise guidance and encouragement when i needed it as long as roslyn was in the world i always knew somebody loved in supported me. she was only the first lady but also an active participant in his cabinet meetings when he was in the white house between 1977 to 1981 in whatever biggest
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contributions as first lady was raising awareness about mental health issues, she was also an advocate for girls and women and the elderly. ashley: thank you very much, what a remarkable lady and a remarkable life, coming up let's take a look at the washington post op-ed, it reads the u.s. won't back down from the challenge of putin and hamas, the president wrote that and he declares a cease-fire is not peace. kt mcfarland will be long to respond to that. for the 240,000 migrants were encountered at the southern border just last month, that was a record high for october, by the way that number does not include the got a ways, want the very latest on the border next. ♪ you can't buy great conversations or moments that matter, but you can invest in them.
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ashley: stocks have three weeks of gains, marginally higher modestly so on the holiday shortened week, the top the fed has been done raising interest rates, we shall see another record-setting month at the southern border, border patrol show over 240,000 migrants crossed into the united states in october, by the way that number does not include potential got a ways, casey stegall joint is now, trump visited the border over the weekend, what did he have to say about the new numbers. >> good morning to you, she sure did the former president call for the resuming of the construction of the border wall and reinstating many of the policies he created while in
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office when it comes to immigration like reinstating title 42 the public health program that prevented migrants from entering the country to help avoid the spread of covid, while they were down to the rio grande valley trump picked up the endorsement of texas governor greg abbott for president the two handed out meals to national guard troops and law enforcement officials who were stationed at the southern border and will spend their holiday thanksgiving working. >> were to take over the border with the most secure border now we have the most unsecure border and you knock it out to worry about the border in texas or arizona or anywhere else were to complete disaster. >> 's visit comes on the heels of cbp releasing the new data for the month of october which shows 241,000 total migrant encounters that is compared to 213,000 for the previous october, 164,000 for 2022 and
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almost 72000 in october 2021 according to cbp nearly 84000 of last month encounters were family unit something 8% increase in the previous fiscal year end 94000 of them all were single adults traveling by themselves, these figures do not include the number of known got a ways which officials i have reached more than 1.4 million since february of 2021 after president biden took office and those are migrant to evade law enforcement and make their way into the united states undetected. ashley: thank you very much we appreciate that, joe manchin took aim at his own party over the border crisis, roll tape. >> i tell democrats you've got to secure the border and they tell republicans we have people here if they have a worker visa
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permit and let them work and pay for their own keeping and basically pay taxes it would be a benefit while were waiting to adjudicate them, right now that we know what new york is happening are paying millions and millions of dollars trying to housing keep people off the streets and this and that. it doesn't make any sense. a lot of people believe that, jointly packed solid, great to see you, to joe manchin's point, is costing taxpayers billions of dollars to handle the overwhelming influx of migrants, how do we get the border under control. >> thanks for having me on we need to fix the trump era policies where if you claim asylum you weigh in your case what your case is adjudicated and also building the border wall, liberals are in private
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properties but without the border they want a brill engine build bridges but not walls and that she send them to new york city where you see eric adams is talking about 110,000 migrants going to cost $12 billion and using his math is going to come of the state of texas a quarter of a trillion dollars. how about deportation and fighting the folks that knowingly hire those are really going to help secure the border. >> do you think they should be allowed to work payback to taxes to control out-of-control cost. >> what senator manchin said was allowing them to work while they're waiting for their cases there is asylum cases to be adjudicated. i would prefer they wait mexico while there being adjudicated because the problem is if you have something coming out away from venezuela, central america to the united states and with a weight. after wait mexico there going to call back home and let the folks know don't follow me were stuck
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in mexico, this journey did not work out the way it wanted to but if in the united states a good essay that's good to be an incentive, they let me and it was not a problem or as you know there's been a million folks that are known got away since joe biden came in office. ashley: i gotta ask you about this you were considering a run for the state senate in texas but you changed your mind recently and decided to stay in washington, why? >> that's a great question i serve in the texas senate and the governor there is an incredible reciting officer we get things that is not the biden government if we lose texas we lose a country, at the same time i came to washington to secure the border and balance the federal budget and both of those things are far from being accomplished in my 17-year-old son told me i miss you when you're gone but you're doing a boring things that make us
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proud. i'm going to try to sell those issues with other good members of congress. ashley: we wish you the very best of luck, congressman pat holland republican from texas, thank you for joining us. we really appreciate it. greg abbott through his support behind a candidate for 2024, who is he endorsing. >> donald trump, they were together over the weekend near the southern border serving thanksgiving meals to the texas national guard. >> i am here today to officially proclaim my endorsement for donald j trump to be president of the united states of america again. >> it is a tremendous honor to get the endorsement because he really stepped up to the plate and is doing the job of what the federal government is supposed to be doing as the governor. i'm going to make your job much easier and giving the job to you
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it is the job of security to our country and stopping innovation because it's an invasion. >> trump has promised to reinstate remaining mexico, the travel bands and mass deportation if reelected. obviously the border is a top issue for voters. ashley: yes it is, no doubt about that, thank you. a quick look at the features next slightly higher, guess what the opening bell is coming up next, don't go away. ♪ ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms.
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ashley: let's take a look at the markets let's bring in keith fitz-gerald the dow is flat as it has been higher. we have a shortened trading week but not sure on important news, would you keep it and i am. good morning i agree with you 100%, it's going to be nvidia earnings, that's going to set the bellwether for how we perceive tech and what can happen when china and a whole lot more watching the microsoft situation the tesla and the fed is out there somewhere but we
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don't know where just yet. ashley: you say the holiday shortened weeks tend to be a little volatile but that could present opportunities, what kind of opportunities. >> this is like being in the ring with a boxer you can take your pick like mike te tyson or muhammad ali. the situation, he got amenable and prepared them stick to the best things, what can happen were never brought up into earnings with nvidia and particular then they will try to drop this document for an investor that's a great opportunity because history shows very clearly that that is a buying opportunity especially during the holiday shortened week. ashley: were coming up three weeks of gains and assuming that the market assumes the fed is certainly done with raising rates do you agree and when you expect them to cut rates?
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>> it is interesting you and i have had this conversation a couple of times over the years i don't necessarily agree with the markets i still think powell will raise rates one more time before the end of the year and possibly one more time in early q1 2024 then i think they will have a moment of clarity and began cutting. ashley: let me take the other side of the argument, three weeks of gains are weakening close to being a little overboard? maybe. >> technically, yes were probably already there i think the mistake many people are making the looking at the analytics 20 or 40 years ago i would submit when it comes to big tech companies that were in fact are medically undervalued if you have a thre three - 4 ho. ashley: we will leave it there have yourself a great thanksgiving in the second slice of pumpkin pie for me. here we are. clapping, waving, trading
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shortened because of the thanksgiving week we are up and running let's take a look at the big board we are down less than one tenth of 8% on the dow down about 40 points looking at the dow 30 and boeing and microsoft a lot to talk about with microsoft, johnson & johnson and amgen, let's take a look at the s&p slightly lower 4511 points of s&p and the nasdaq slightly higher up a tenth of 8% of 12 points, as we do we like to witness the big tech names if we can and mix back, microsoft, apple's apple and amazon, metadata tenth of 8%, alphabet down 110%. no doubt about it the biggest financial story of the week, the month may be the year, sam altman booted from open a.i. now he's found a new home of microsoft, alright what the heck
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is going on, do we know. >> the real executives of silicon valley. drama this is how i see it microsoft gotta startup open a.i. without having to buy it it is protected the 13 billion-dollar investment in open a.i. in preventing the genius sam altman from joining a rival company. what exactly happened, sam altman in the president of open a.i. greg rotman are going to microsoft and because of issues with the board 500 current executives at open a.i. are threatening to quit unless the board resigns. , if you look at microsoft shares at 1%, big tech just got bigger, this is consolidation, stuart was looking at microsoft over 3 trillion-dollar evaluation, it is coming. what does this say about the future of artificial intelligence and maybe the way open a.i. saw things going with
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sam altman on board do you forge ahead and break things are tapped the brakes, the new ceo the open a.i. inmate scheer his how much or if your stumbling in the dark slow down. that's is open a.i. board was aligning with where sam altman wanted to move a little bit quicker. ashley: will call it as open a.i. terms. by the way meta also made some moves with their a.i. team, whether they do. >> they had a responsible a.i. team and they split it up it seems like they want to act faster so they're putting more resources into the generative a.i. team the responsible a.i. team is absorbed into the other a.i. department, the stock is up half of 1%. ashley: we are going to stick with a.i., how is amazon trying to use the technology. >> aditi which way shape or form
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possible, they want to balinski million people on a.i. by the year 2025, that means all of the human workers for free plus tens of thousands of students, their making a.i. assessable for the future workforce. as you see it amazon already uses artificial intelligence the use of a 50 robots that are being used, that number keeps increasing and increasing and increasing so humans have to lay the technology and they will train you for free. >> you got a look at that last week in person, fascinating. i'm going to move on, next question who did nvidia invest in. >> sandbox hq a 50 million-dollar investment in this using a.i. to predict chemical reaction and the discovery of drugs. i have never heard of it but a out of alphabet and has investors including mark benioff and eric schmitt. it is a known company in silicon
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valley in nvidia just invested in it. ashley: is really starting to ramp up. the ceo of general motors called crews has resigned did he give a reason. >> hi although it did not give a reason he wants to spend more time with friends and family and explore new ideas but there is a reason and i think the timing here says it all there was a string of missteps which gm bought seven years ago. all of the operations were suspended a few weeks ago in california, california called crews a risk to public safety and the head of the company is out, connect the dots. ashley: it's always the same line i decided to have more time with my family and friends, you got booted as we read between the lines, let's take a look at boeing, who is bullish on bo
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boeing. >> is up 3%, deutsche bank says by boeing they think the stock is going up 30% a recent price target to $270 a share, the reason is stronger jet deliveries, they think by 2026 boeing will deliver a record number of planes, but witness popular again, after covid all of the fatal plane crashes that we discovered for years, if you are popular again and have a delivery that is good for your bottom line and your free cash flow. >> up 3%, let's take a look at the big board again we are six minutes into the monday session, the dow up 40 points as you can see, let's take a look at some of the winners in the very early going, we just talked about deutsche bank liking boeing, sub 3%. microsoft, salesforce, apple, intel i have to 1%, up nearly 2%, stu is smiling big time. s&p 500 winners, but we,
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microsoft, palo alto, service now, up wanted a quarter percent. taking a look at the nasdaq winners, jd.com, up to with recorders present, microsoft again up 1.75, palo alto up 1.5%. a huge story for the ten year yield it was about 5% now 4.46%, it is up slightly but nowhere near what it was two or three weeks ago. gold is down about $15 at $1969 per ounce, taking a look at bitcoin this is all the way up, bitcoin of $700, 37116. take a look at the price of oil, up to the 2%, oil up a dollar and 38 cents up. natural gas down, almost 2% and 2.9 down .6 on natural gas and
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the average price for a gallon of regular is $3.30. by the way let's take a look at the price of diesel in diesel a gallon and $24.28. democrats rolling out the red carpet for china's xi jinping and san francisco. bill barr said that the sign the president but it is headed for defeat in 2024. watch this. >> they did something very interesting in san francisco. they cleaned it up, the hom homeless, god for bid the guy who sent us fentanyl. this is why trump is winning, the fact that democrats could control it for three days, how about making it permanent. ashley: how about that, really get into that, here's the season for shopping or theft, the beefing up security with retail crime running rampant, we will have that report next.
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ashley: this just in big three uaw members have voted to ratify the new contracts across the three countries, 64% of voting members voted in favor of the agreements as for the auto stocks all moving hi and as you see on x historic standup strike in 64% voting members voting in favor voting in those agreements getting back to work retail theft has been running rampant for the busiest shopping season of the year. madison alworth joined us this
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morning. what are stories doing to try to stop the thieves. >> with a holiday shopping season, this friday retailers begin small are beefing up security in order to deal with the spike in shoplifting. we are talking increased police presence, higher security all across-the-board from small and larger retailers in order to tackle this, we are seeing why we need to look at the numbers and concerning trend as shoplifting continues to grow. look at our retail violence, crime and theft is impacting on his unprecedented levels, last year retail strike when things are stolen that represented $112 billion in losses and things are continuing in that path, according to a new analysis reports of shoplifting are 60% higher since 2019, the new breakout certain cities and things are much worse, new york and los angeles recorded the biggest growth and reported
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shoplifting for midyear 2019 to midyear 2023, 64% 61% increase, industry professionals say this could mean consumers see higher prices. >> and puts more pressure on sales and profits during a challenging time for retailers. somebody's got to pay for this, prices need to go up. >> is the most wonderful time of the year but when you see things happening with physical retailers acted only increase security but that pushes an online consumer for the online, my birthday is tomorrow too, whether shopping for the holidays or shopping for a birthday these are things that you will be seeing when he got to the stores this time of year unfortunately. ashley: madison happy birthday for tomorrow, great staff, thank you so much. steve moore joins me now, beefing up security, where to have so many items under lock
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and key, does this hurt the holiday season when it comes to consumer spending. >> there was an interesting report a week ago and the wall street journal that was saying that the shopping season was going to be horrible. but it's a little premature to say that, we haven't even gotten to thanksgiving for goodness sakes so it is hard to say. if you look at the third quarter of gdp report remember the what they came out three weeks ago, was not shown a huge increase in consumer spending, they were propping up the economy, you know how they're doing it with this, the credit card the most important in our economy today a $1 trillion in debt, am i worried about it what are the biggest things to be worried about in terms of this u.s. economy right now is a massive increase in consumer debt a lot
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of that is being funded with government checks as you know, the continuing to send trillions of dollars of money out to people, i'm here to tell you that cannot continue but i'm hoping for a good holiday shopping season. i wanted these people who wait until the last few days until i do my christmas shopping. >> absolutely. >> every year i say i'm never going to do this again, 12 months is a long time i always forget, i want to move on, you have a new op-ed which says will new york politicians tax wall street out of existence. has the shine come out of wall street what could be the new financial capital. >> you have seen exodus of people out of wall street and you can see it now. i've been going to new york for 30 years, i don't live there but i go up there once a week and you can see every time you go to wall street it's not the same
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hustle and bustle 20 years ago, was happening you are seeing somebody of the wall street, the ones wall street titans like karl i hook who had been moving out of wall street, where they going, they're going to south florida, south border, miami is being called the new wall street south you've seen so many of the billionaires and financial tycoons moving there, the question is why sunshine and i smothered a question about of the major factor is the high taxes and never made any sense to me. how do you know new york city, manhattan which wants to be and has been the financial capital of the globe as the highest taxes on capital, highest capital gain tax, highest corporate rate. that would be like winning a special tax on potatoes it doesn't make any sense, the killing the goose that lays the golden eggs.
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ashley: they are, miami is saying thank you very much, we are out of time, terrific stuff as always. >> the income tax in miami, . the goose egg, thank you very much. big-box retailers, like walmart and costco, they are removing some of the self checkout machines. lauren, does this have something to do with theft as well. >> we saw this coming for miles, if you let people scan their own items, they are bound to make some airs whether intentional or not. shrink has doubled to about 4% in some instances because of self checkout were sometimes machines are very alert, the beeps are confusing it is that she did put something to the right place and you say to the heck with it and you put in the bag anyway or your way and your vegetables incorrectly. now walmart is doing away with
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some self checkout new mexico and costco is adding more staff to police the lanes. i feel like i'm always policed by somebody a self checkout. i'm scanning everything accurately. ashley: some others are not, thank you very much, coming up rapper cardi b had a lot to say about new york city's budget cuts, listen to this. >> new york is dirty and it's good to get dirtier with the budget cuts. on top of that there is a sanitation pleat cut so they could be drowned in the rats. ashley: drowning in rats, joe concha, no one better. microsoft a big swooping into higher a.i., sam altman will lead a new a.i. intelligence research team, susan li trying to make sense of all of this, she will be up next. ♪
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ashley: sam altman dumped from upward a.i. microsoft wasted no time sweeping him out. susan li joins me what can you tell about the new position at microsoft. >> this is on the back of the news, open a.i. is the maker of chat gpt in the reason of artificial intelligence, a.i. the past year shocking board room that shook silicon valley over the weekend ceo cofounder sam altman blindsided fired by a video link on friday by the board in the open a.i. board said he was not consistently candid in his communication with the board hindering his ability to exercise its respons responsibilities. there were numerous theories on why he was fired including conflict of interest with his other private a.i. ventures, concerned that he was pushing speed and profit for a.i. products without enough safety considerations and there were talks to bring it back as ceo as
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he tweeted this photo with a guest badge at open a.i. headquarters but we know this morning that a microsoft said they hired altman and other executives and they were tweeted that they were extremely excited to share the news that sam altman of the president greg brockman with colleagues will join microsoft for a new advance a.i. research team. microsoft is the largest a.i. investor they put into a billion dollars, the first person to ever invest in open a.i., elon musk he tweeted that's very important for the public to know why the board felt so strongly about the actions if it was a matter of a.i. safety that would affect all of earth, the past there were 500 of the 700 have threatened to quit and join microsoft. ashley: what a story, you're all over it, thank you very much. still ahead miranda devine, kt mcfarland, california congressman darrell issa and carly deangelis. the 10:00 a.m. hour of "varney &
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