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tv   Varney Company  FOX Business  April 11, 2024 11:00am-12:00pm EDT

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>> i thought it was kind of disgraceful to see our president is not prepared for and a guy not in this country that's prepared and doesn't need note cards and speaking a different language. >> th they're a huge part of the democrat party that hate our country and want to level the playing field amongst people and individuals, they want to do it amongst nations. >> i still fundamentally believe prices go up. it's not an issue in terms of losing value in the home. what it will cost you to own the home >> i think the democratic party running biden on this agenda that basically says hamas has a right to exist and unborn babies don't is actually something that's going to really bite them in the end.
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stuart: what is it? what is that? central park? that's a view we've not taken on this show. it's looking like it's -- anyway. it is 11:0 here on the east coast and we are on the east coast want ain't that right? thursday, april 11 and dow is down and nasdaq is down. there's a split decision on tech. alphabet 157 and amazon, microsoft is up just a fraction, 72-cents and meta at 519 this morning. have a look at 10-year treasury yield and it's been going up reasonably and it's up today and well above 4.5% that's a key benchmark. way above 2.5 and close to 5%. that's the markets. now this the president refuses
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to address reality and reality is incon convenient and politically damaging and avoids it. inflation, it has not been beaten, prices are rising, and what does the president say? well, it's better than it was not good enough. you can't turn a behind eye to the biggest problem and certainly not in an election year and the president does nothing but blame inflation on price gouging by business and that's a blatant re-expugns that makes no economic sense. biden's plan for the future will add to inflationary pressure and a trillion or more spent ongoing green. expensive evs and un-reliable and renewable energy and wildly expensive. inflation raises interest rates and that means mortgage rates. we already have a housing affordability crisis. what do we get from the president. a condition that the fed will lower interest rates to help him out. that's unreal.
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that's capable on the dress of it and it's not. the prime men sterling heights newsing notes and selective questions and he's confused who they might call on and going to be told what to do. later, he got inflation and completely wrong and inflation was skyrocketing when he took office and just not true. maybe we should be happening if he can't address reality and he does, he's a national embarrassment and third hour of varney starts now. stuart: donald trump pounced on biden for the inflation report. >> 12% innays is back and raging back and the numbers were very high today. it's very high and the category and it's much higher than that .
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the numbers are out of control, biden has no idea what the hell he's going and he's the worst president in the history of our country. stuart: he said inflation is out of control. brian brenberg is with us now. do you think he's right? he's lost control of inflation. >> what i equate it to is biden never had control of inflation and i don't know how he could lose it but this is the deeper issue. okay. he doesn't want to solve inflation people want to change the way we live is what he can do and use a tool to make it happen. with we can't afford what we want, we have to buy what they subsidize. what they permit. look at what we're doing with cars. with houses, with stoves. you name it, stuart, inflation is how you get america there if you're one of the neo-markists running the white house. i don't think he's clueless. he's the puppet but the people behind him know exactly what
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they're doing right now. stuart: deliberate? >> yes. how can you look at all the regulation, how can you look at all the spending, how can you look at all the policy? it's not incoherent. it all fits together to change how we live. and inflation is how you force people to get off of what they're doing. it's not an accident. we proudly supports tend it's an accident from a bubbling president. we're going to keep getting the same thing. you've got to understand the thread that runs through all of it. stuart: brian brenberg, original thinking. good perspective. i have more for you. stay there. you're so good. look at headline in the wall street journal. the hidden cost of home ownership are -- they're skyrocketing. they're talking about insurance, property taxes, maintenance cost and american dream of home ownership is a dream these days. >> step one of inflation is making a you want to acquire unafford and will step two is making what you have on affordable to maintain and
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retain. that's what we have right now. this is how you do it. if you can't afford home no, your honors, you can't afford a hope. can't fix a home, you can't stay in it. this is not accidental stuff. this is the way inflation progresses and it works perfectly if you're somebody who wants to reengineer the economy. stuart: looking at inflation and grocery store prices and price of gasoline. that's inflation. the journal article reveal as whole new set of inflation indicators. home ownership. it's an eye opener. >> inflation moves in profession the longer you let it stay around. where it becomes insidious is when it becoming impossible to keep what you have. i starletted with a home, i live in -- say you live in florida and saying i can't afford no, your honors any of them. maybe you can afford the grocery store prices but they've got you where it really counts, and that's how inflation stays deep and hurts deeply.
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>> stuart: i shall be tuning into the big money show here on fox business at 1:00 p.m. eastern because i want more of that original thinking. you better supply it. 1:0. >> that you can't. stuart: i'll be watching. >> check the markets and a look at couple of stocks on the dow and pulling the index down and off 220 points at the moment. nasdaq holding onto a 50 point gain. lou basenese with me this morning. watching the market for the hour. cpi running hot for three months in a row and softer report on people and where do we go for inflation? >> this is still active, we thought it was tesla and metad down and investors claim victory way too premature reigns leading and i've been adamant not getting rate cuts and that last mile of inflation solve asking hard and housing, energy, gas, they're all things rising and prices and not seeing the cool down that would necessitate lowering rates.
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look, it's that's fair. especially when you come into the norma normal addage of sello away. if we get a fourth consecutive month or fifth consecutive month of increases and talk about and hearing again maybe a rate hike to camp things down. which was, i mean, that was just preposterous to suggest a couple months ago but it's now on the table. it's a probably and could happen. as i recall, you did not get into nvidia in the early days and miss it had. >> kind of? stuart: totally missed it. $887. are you buy something >> no, sweet hearts and don't chase after them. i missed it, it happened and i'm
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moving on. other ai plays-wide rather buy that are more affordable. stuart: yeah, we'll move on from that one. thank you very much, lou basenese. we have 30 seconds left and not letting you fill it with that. all right. lauren, looking at movers. tesla is moving down again. lauren: 169 and down almost # 3% yesterday and down almost 1.25 yesterday and weak demand here in china and putting out china numbers to be and they say china sales down 86%. lots of competitors in china and if you can't get out of the range, which is about 168-173, april 23rd are earning ands we'll see if musk delivers. stuart: we certainly will. carmax. lauren: down goes the stock 3% and missed out on analysts for the quarter and delays and long term financial target of cars and buying inflation and higher for longer interest rates that went on car volumes.
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stuart: door dash. lauren: price target 164 and up 1.25% and the student loan risks have failed to materialize. yeah. i was shocked by that too. stuart: door dash 139 and coming up. intelligence reports warn of an imminent attack on israel by iran. we'll break down the full warning for you. barclay saying yesterday's hot inflation record means we may only get one rate cut this year. we said larry summers saying rate hikes are on the table. economist ej antoni telling us who's right. cory mills one of the republicans voting against the controversial surveillance tool known as fisa. what did we gain by not renewing it? congressman responds next.
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stuart: has president biden responded to this? lauren: yeah and he said he's absolutely considering that. >> president biden, do you have a response to australia's request to drop the charges? >> didn't hear you? >> a response to australia's request [inaudible]. stuart: oh. lauren: okay. julian assange facing 17 charges
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for the wiki leaks military documents and faces 175 years behind bars. right now, julian assange being held at a prison in uk and won't extradite him to the united states unless he's guaranteed not to get the death penalty. he's an australia citizen and that's why they're pushing for the charges to be dropped and the president is considering it. stuart: i'm leaving that one entirely alone. that's a dangerous ground for me. more than a dozen republican lawmakers blocked speaker mike johnson's bill to renew the fisa surveillance rule. congressman cory mills is one of them that vote it had down and joins me now. why did you vote against the bill? because trump told you to? >> not at all.
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>> noodle rod one going after the president on election inter-mean and they've not changed and the idea of reauthorizing for five more years something that's been grossly abused for this long, i couldn't in good conscious do so. stuart: some people say we lost an important anti-terror tool and what did we gain by not renewing fisa? >> we've gained the fact that now there's going to be warrant procedures in there that can stop the abuse for this. what you're gaining from this is the fact that now there's criminal penalties for those that abuse fisa in the fbi or other communities and it's the ability not for a five year renewal but two year renewable
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and issue is if fisa was to lapse on the 19th, it would still continue to run for another year so it's not the tall tale and would run for another year subsequently and procedures and policies within fisa and not just 702. stuart: fir enough, sir. the president sin cysting that the u.s. is -- insisting that the u.s. is committed to israel. watch this. >> our commitment to israel and the threats against iran and proxies is ironclad. we're going to do all we can to protect israel's security. stuart: congressman, do you support giving more aid and weapons to israel now that they're threatened by an attack from iran? >> they have the right to defend
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themselves after the who reason customer and barbaric attacks and if the american government had hundreds of hoes damages being held, we'd be looking at same type of operations militarily and seeing israel carrying out and what i'm worried most about is biden's refusal to accept he's the reason iran had all the money they have to fund hamas to fund hezbollah and the houthi rebels and he listed on the terrorist organization because he released billions and fungible assets unfrozen and refuses to impose the sanctions that would stop the tens of billions in increased oil. and as we just saw, we aid from administrative power and by seven days prior to the hamas on october 7 and going for release by u.s. aid and going to fall in the hands by hamas. we need to start understanding when it cops to unra and others and going for them and pro on
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iran as well. stuart: what do you make of rashida tlaib, a member of congress refusing to condemn the death to america chant that we heard in dearborn, michigan. she won't condemn it or answer to it. what do you make of that? >> well, it's absolutely sad that we have pro hamas sympathizers that wear an oath to protect the constitution against all enemies foreign and domestic and won't stand with the allies. i don't think anyone can look at what happened on october 7 and look at this and say this is okay. you know, that's the equivalent of someone saying 9/11 something happened and another member that made that comment. this is the israelis 9/116789 we have to cassioppi -- 9/11. we wouldn't acknowledge another nation telling us not to go after those responsible and we shouldn't be demand ago ceasefire and there's americans still being held hostage as well. we need to continue to support allies with their members of congress and my personal opinion for the job.
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stuart: yes, sir. congressman, thank you. >> yes, sir. stuart: iran may be planning an attack on israel. do we know how soon it could come? lauren: imminent and that's according to a report in bloomburg. this is in retaliation for an israeli strike on consulate building in syria ten days ago is the head of u.s. central command is expected to visit israel today to discuss the potential iranian threats and it's believed that iran would retaliate themselves. rather than using proxy forces. stuart: all right, thanks, lauren. >> check the markets please. stuart: i see a big drop for the dow industrials and we're down 60 points in the paints and taking a closer look at big losers on the dow. there's 30 stocks in that index and these are the biggest losers and going for chevron down 1.6, boeing back up to 172. down 1.2% and home depot down
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another 1% big drop as well. coming up, i said it before and reality addressing and response to rising inflation and it's better than it was. that's not good enough. putting up for economist ej antoni next. ♪ there are many ways to do things. at old dominion freight line, we do them this way. this way has people who start early. people who care and inspire each other to do things the way they should be done.
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>> the dow is down 2189. stuart: nasdaq holding onto a 53-point gain. lou basenese is with me for the hour and brought stock picks including spdrsr snp bio-tech. >> this is the bio-tech etf that gives you expose uroto 124 bio-ticks and nvidia is dipping and don't buy that dip but this pulled back from the february highs and see ago lot more acquisitions in bio-tech and
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this is a way for a drug failure or approval. stuart: sbi? >> yeah. stuart: not complicated and interesting story about pharmaceutical. >> no, i'm digging into this as a possible short candidate and had dinner with a friend that had their drug approved last february and in february he had it and caused behindness in one of his eyes. when it's a drug approved to prevent blindness in another disease and eight reported cases of this and last week they pulled one for al s and i think they could be in jeopardy and pulled this drug from the market and really detrimental to the stocks. stuart: have you shorted why et? >> no, i'm digging in today and had dinner with the friend so finding out and digging in today and seeing insider selling and there's signals here that can be a definite red flag. stuart: interesting. thank you very much indeed. city there later.
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>> all the new regulations helping the economic situation and the since president biden came into office and up 19% and this is what people feel when they go buy things at the store. since the month president biden came into office, food at the grocery store up 21% and try buying white bread up 29% over the past five months and inflation month over month was slowly accelerating and president trying to re-message the economy. listen to this. >> we have dramatically reduced inflation from 9% close to 3%. we're in a situation where we're better situated than we were
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when we took office. and inflays was skyrocketing. we have a -- inflation is skyrocketing and we have a plan to deal with it. reporter: the president got it wrong. inflation was 1.4% when he came into office and federal reserve president i was talking with were concerned about inflation being too low for too long at that time. now, let's pick out a few items for how it started and how it's going and pushing for electric and electricity up about 28% cheaper and it was cheaper under president trump and diesel fuel up 50% and no all items delivered to stores on trucks is diesel and that increased cost is passed on. >> this is what happen when is you spend trillions of dollars unnecessarily. it's like putting gasoline on the fire.
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reporter: 58% of registered voters are worse off than they were four years ago. stu. stuart: that's not good. edward lawrence, thank you indeed. bring in ej he's from the heritage foundation. they all work. president biden says he still see as rate cut this year and is he pressuring the federal reserve and he wants good news before the election. and >> absolutely and stu, it's appalling that the president cuts interest rates at a time when inflation is accelerating and by the way, it was just yesterday that maria bartiromo on your network interviewed james grant and the feds view a second trump term as clear and present danger to the country.
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well, that was confirmed when later yesterday james o'keefe dropped an undercover video where a federal reserve economist said the exact same thing. it's awe pauling hoplite -- appalling how politicizing it is and on the fed they have to go. stuart: that's interesting. larry summers, he's a former treasury secretary and he thinks they're the master and it was serious possibility and the fed's next move is a right hike and what do you say about that, ej? >> there's no chance of that happening because of how politicized they are and never hike rates and they're own numbers prove it, which is why again the word here is appalling. and stuart: this whole inflation mess is a big blow to president biden.
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>> you're absolutely right. it's one of the reasons why despite all of the gaslighting from this administration, there's no way to turn those polls around because it is not affecting americans financial lives. you can only tell people don't believe your lying eyes and don't believe your empty wallets for so long. stuart: i said previously on the program, today in fact, that the president's future policies will actually make inflation pressures increase. you've got to spend a trillion on green -- on all things green, i think that's inflation reigns leading. inflationary, what about you? >> 100%. stuart, you're definitely right here and there's a clear link between the trillions of dollars and this administration spent on all kinds of left wing boondoggles and this so-called green energy schemes, and the inflation rates that we have today. you're spending money that we don't have so you're borrowing it and the treasury is creating the money out of nothing to finance it.
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that is textbook inflation. stuart: it's incredible that we're spending more on interest than we are on defending the country. we're running a $2 trillion deficit in a economy expanding 3%. i think there's a debt bomb coming. i don't know when it arrives, but i think it's coming, and we're speeding up going towards it. what say you? >> again, 100% right, stu. if you look at the data we got yesterday on the march treasury statement and what we see is that over half of about 55% of all personal income taxes were consumed just in interest on the debt. no roads and bridges and schools and hospitals and military with social security and just interest treasury is the biggest source of revenue and most is now getting eaten up just by interest payments and this is a problem. this is a debt bomb. stuart: ej, you hit the nail on the head on several different occasions and i know you'll be
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back. ej antoni. got it right this time. come on in, lou. is there going to be a rate hike this year? >> i'm increasingly believing s. last year i said we needed one more in december and didn't get it. the inflation data is showing we have potential 1970s situation on our hands where inflation reaccelerated, reaccelerated and volcker's fed had to keep raising rates. that's the pickle powell is in. he maybe didn't raise enough and now we decide do they need one more rate hike. stuart: it was a politicized federal reserve and won't raise rates to be friendly to biden. do you agree with that? >> i agree the fed is political, but they're trying to stay out of it. i've long said on this show repeatedly the fed is a political and don't want to get in the way of an election and a rate cut would be helping biden. but if you remember during president trump's tenure, he also requested a rate cut too. it happens on both sides of the aisle. they all want the tail wednesday and it's not going to happen. if you get a cut, it's november or december.
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stuart: just like trump for leaning on the fed. he did that . lou, hold on a second. in addition to nearly everything else and the price of stamps could be going up again and, lauren, what's the price of first class stamp now and where do they want to move it up to? lauren: 68-cents and increase by a nickel or by about 8% to 73-cents. that would happen in july. i mean, there's been five stamp ibram creases in the past two years and two in the past monarchies. people are going to stop sending christmas cards of kids and grand kids. stuart: i should go buy the forever stamps. buy hundreds if you want to. lauren: they're good forever. stuart: 68-cents and good forever and avoid the price hike. go out and buy a roll of 100 stamps right now. okay. are we doing okay? i am. if approved, that's the stamp thing? lauren: it's not final and proposal to increase and usps continues to bleed money.
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stuart: okay. lauren: it's interesting because they're doing delivery for the big companies and not just mail. stuart: letitia james has permission to take legal action against nassau county for transgender athlete ban. county executive bruce blakeman will be here to respond. new investigation reveal that had 165 colleges all across the country require you to pass a dei course to graduate. many of them -- these are taxpayer-funded schools. full report, next. ♪
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helping the small stand tall. stuart: the dow is down only 1259 points now and it's come back a bit and nasdaq up 72. it's come up a bit. not bad.
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there's a progress report for you. two hours and ten minutes into the trading session. now this. stuart: universities require students to pass a dei course just to graduate and this is publicly funded colleges. >> yeah, the majority of schools requiring dei classes to barrage wait are public universities and so speech first investigated 248 schools and found that two-thirds of the institutions mandated a dei course to satisfy general education requirements and on that group, 58% are taxpayer-funded public institutions and in some cases, they're located in states that have specifically passed legislation for dei college campuses. >> i think most of the universities that we are looking at are bad actors who do want to
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in some way impart their political ideology ton o other students. this is what people want i don't think. >> in florida, the state law that bans dei initiatives and five public schools and u.s. denied dei requirement and saying the university of florida and the state law and when we looked at general education and subject areas objective we found that diversity is clearly included and under that diversity section of it, it states that diversity content should be a substantial defined feature of the course, that's required. then going onto say that in diversity courses "students critically analyze and evaluate how social inequities are constructed and affect the
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opportunities and constraints across the u.s. population. we asked the university for clarification on that discrepancy, stu. still waiting to hear back. stuart: you got them cold. well done. good stuff. thanks very much, madison. lou basenese with me. dei requirements going on that and going with trouble to see that and it's going to happen in the business world and fast back down to meritocracy and that's it. no one will argue against that. it's a noble aim. let's get there but this is not the way to do it. stuart: bring back meritocracy, please. now, lawmakers just held a hearing on the botched rollout of the new federal student aid application. known as fafsa and any parents looking to get kids into college know what it's all about.
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lauren, why are lawmakers calling in a crisis of credibility? lauren: for the education department because hold asking a mess. this is the program that helps the students get financial aid so they can go to college. app applicants are complaining for december and sop didn't receive the financial information for the students till last month and since then the education department sent incorrect data and those changes making the process of applying to aid and getting it easier and one month away from admission deadlines and the department of education in the past three years and calling for heads to go. stuart: okay, thanks, lauren. a new study, lot of new studies around and this one shows lonely children are more likely to suffer psychosis at adults.
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why am i not surprised, lauren. lauren: study out of europe. does that spread surprise you? childhood loneliness associated with a 117% increase chance of experiencing a psychotic episode later in life and loneliest kids have a 17% increased risk. women have a 374% increased risk. the researchers hope they can use childhood loneliness to target people for preventative loneliness interventions. if you're a parent and kid is maybe on the phone too much or not going outside and playing, you might want to do something alaska that. loneliness was declared an epidemic in 2022. i associated loneliness with older people, just staying at home too much. maybe a spouse died. kids move out of the house, but apparently it starts as a young child. my kids are always begging to be only children.
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i'm telling them no and preventing them from mental psychosis later in life. stuart: i have all kinds of grandchildren. they're not lonely. lauren: some kids are lonely. their parents work and they're alone all day. it's a message to the parents. stuart: get them off the phone. lauren: put them in activities. stuart: no phones in schools in my opinion. walk in and lock them up. lauren: what about the watches? stuart: move on. dow 30 and sense of the market. here we government i've got a sense there's a lot of selling. dow's down 125150 and only six winners out of 30 stocks. nassau county may deputize private citizens to aid in emergency situations and the critics are accusing the county of trying to create a individual leeannety group. bruce blackman is the man behind the movement and he's next.
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stuart: a nassau county new york, right outside of new york
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city, they want to deputize private citizens for emergency situations and democrats don't like this and call it a militia initiative. bruce blakeman is joining me now. is this a militia operation? >> absolutely not. these are people who are being pre-call fioed to serve in the event there was emergency and police power and unless there was a dire emergency and they were needed after we called all hands on deck and a police department and fighting crime in a very difficult circumstances with the foreign invasion going to new york and going with superstorm sandy or a blizzard and i want to stress and sign up with a military veteran and marines, army rangers, their former law enforcement, nypd deputy commander, a nassau
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county police department deputy commander, an emt and even a idf veteran. so it's just a prudent measure to make a data base and pre-call fio people. stuart: when i heard of this, i thought you were getting together a group of people in an emergency over the migrants and emergency of the crime. so in what situation or emergencies would you activate this group of people? >> as we saw in superstorm sandy, we didn't have enough emergency personnel to handle all the tasks necessary and a lot of first responders couldn't get to their post and as we saw up in buffalo when they were paralyzed for two we weeks and first responders couldn't get to their jobs, these are individuals with prior experience in law enforcement and military. they'd be volunteers and un-ing
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to come up and serve -- volunteering to serve and protect infrastructure, mosques, synagogues, hospitals, military buildings, not out on patrol and no individual leeannety, and quite -- vigilante, and it's been in effect for 100 years and used in the past. i'm preparing by creating this data base. it's a list. that's all. stuart: okay. okay. let's get that clear. glad you cleared it up. change the subject, you want to ban transgender athletes from competing in women sports. the state attorney general letitia james won't let you. what's the status of the ban you want to impose? >> well, we're in two courts right now. we're in federal court. i sued attorney general letitia james because she sent me a cease and desist order. i think it's just common sense that biological males should not be competing against biological females. it's unsafe, and it's unfair competition. so we ban it had at our --
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banned it at our county facilities with close to 100 facilities and said if you're transgender and want to compete in a male league or coed league or form your own transgender league, that's fine. competing against women is unfair and unsafe. we banned that and we're in federal court, the judge in federal court has not granted us temporary restraining order and we're hopeful that we'll be successful and civil liberties union in state court and doing something right if they're fafacing it. stuart: bruce blakeman, thank you very much for being with us this morning. don't be a strangertous. we like to hear you again. >> thank you, stuart. stuart: here we go, trivia question. which state has the oldest median age that's not the average and that's the median age? maine, new hampshire, arizona, florida? the answer when we come back.
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[city noise] investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? (♪) or, let curiosity light the way. .. about opportunities like clean water. and how clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price
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♪ i'm gonna hold you forever... ♪
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♪ i'll be there... ♪ ♪ you don't... ♪ ♪ you don't have to worry... ♪ here in hawaii there is always time. there's time to spend with family, time to enjoy with friends. there's always time to listen or lend a helping hand. here we have all the time in the world, but no time to waste. stuart: there has been discussion what is the right answer to this one. the oldest median age, main,
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new hetrick, brazil or florida. we fall come up with ideas that are told the right answer has been mentioned. you are first. >> arizona. >> arizona. >> click a decoy, florida. stuart: i think the answer is main. i am absolutely convinced. yes, yes, yes, yes. all the young people leave main leaving old folks. it doesn't matter how many, you have a median age. let me read this. the median age in maine is 45.1 years, the youngest median age is utah, their median age is 32. one. they have big families in utah. send your friday feedback. we like short and pithy messages so we can read them on the air. send your messages

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