tv Varney Company FOX Business January 5, 2023 10:00am-11:00am EST
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stuart: the producers are really good, one baby, one more time. that means one more vote for the speaker. lauren: how far do they go? stuart: another one coming this morning, baby one more time, very well done, producers. 10:00 eastern, red ink across the board, the dow is down 350, nasdaq down 108 points. the 10 year treasury yield is moving up to 3. 77%. where is oil this morning? it is moving down. the price is at $72 a barrel. bitcoin bumbling along as always thomas $16,800 per coin. the markets, show it to you, now it is a power grab. the fiasco in the house by a small minority to dictate to
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the vast majority. the news overnight suggests their demands of expanded. there seems no end to what they want and no end to what kevin mccarthy is prepared to give up to get the speaker's job. throughout wednesday night republicans were in and out of each other at officers haggling over the concessions a small band of conservatives demand, like more freedom caucus members on key committees so they can dominate those committees, they demand a commitment to legislation, the freedom caucus wants a tiny minority dictating policy. the big one, the item the completely undermines mccarthy's speaker should, fox reports under a conservative proposal it would only take one gop house member to stand up and insist on a motion to vacate the chair. that means the speaker would have to stands down. no vote on it and just rub proceedings. mccarthy agreed to a 5-member threshold. fox reports bringing it down to
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one is, quote, less of an issue. imagine trying to run the house when a single member can stop everything, that's a power grab. meanwhile, outside the beltway voters are shaking their heads at this sorry spectacle and president biden is taking advantage of it. he's going to mexico next weekend is planning to visit the border. the republican said on day one they would address the border crisis. instead they are engaged in a civil war with nothing getting done. second hour of varney just getting started. ben domenech joins me now. i say this is a power grab by the minority. do you see it that way? >> absolutely. it is also something i think is bent on achieving a lot of special treatment for the
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people in rebellion. they want to skip ahead of the line, they want to have the house act differently than it does traditionally in terms of hierarchies and waiting your turn for leadership. they want to seize control of a lot of things they care about. ideologically i agree with a lot of the different things in terms of the way they would like the house to run but the way they've got about trying to achieve this has resulted in essentially this terrorist standoff between them and the overwhelming majority of people in their conference who they are supposed to work with as a team. the way this is playing out kevin mccarthy is likely from my perspective to end up being speaker of the house, no one else could come close to the level of votes he gets. at the same time he will be a speaker who may not have the strength or ability to advance an agenda at a time when americans need to see the oversight and pushback against this biden the gender they
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demanded by giving them the house in the first place. they end up in a situation where they could a good deal of what they want but they and up neutering the ability to achieve anything in terms of their policy. stuart: for the whole country from this fiasco, essentially negative implications. right? >> yes, absolutely. one of the things that is so predictive is chip roy is someone i know, i worked with him in the past and he was chief of staff for ted cruz in 2013. that ridiculous shutdown tried to block obamacare, a desperation ploy without a end game. in this case the end game was never figured out in terms of offering a true alternative candidate who could achieve the number of votes necessary to be speaker. they never got that end point.
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you end up with subcommittee gavels and rule changes the american people don't understand anyway and ultimately will lead to a neutered kevin mccarthy in this role assuming he is able to. stuart: i am waiting for pushback from the moderates. there are 200 in the conference in the house, where are they? they were hustled out of the game by the conservatives, 20 of them. >> this group of 20, a handful of them are still going to resist even if given everything on their list. and demand even more. that is the kind of treatment no one in that conference wants to have as a way of getting things done. you are supposed to build support for what you believe in to convince your colleagues to go along with you and get to that point. that is the way the house is supposed to work. they are trying to skip that by engaging in this behavior on this leadership fight and going up the works and creating chaos in washington. stuart: thanks for being with us. the new york fed just released
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a report on the implications of biden's student loan hand outs. what are the applications? lauren: the implications are if debt is not forgiven, student borrowers will miss other payments like their credit cards and their cars and this is happening because of the state of the economy. if they are not paying student loans, does that make sense? the new york fed is warning this surge into lincoln sees is possible overall if the debt relief plan from the biden administration does not go through, where does it stand? the supreme court hears oral arguments next month. a ruling likely in the summer and then you will know, up to $20,000 in student debt being forgiven? and when will the repayments start? we are missing other bills even though we haven't paid our college loans back. stuart: there has been an increase in feeling in this country the you don't have to pay your debts.
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lauren: it is 3 years and you haven't, the new york fed is warning if you don't make this continue and leave more debt everyone will go underwater. it is an exaggeration but that is awarding. stuart: not a good prospect. back to the markets. gary, i want to talk china stocks. they have been on fire, china stocks. how long will that last? say we are down a bit today but how long is this on fire going to last? >> tough to call and i will give you the caveat, how do you go to sleep at night having to worry what the government is going to do the next day they crush their bows is -- businesses the past couple years, some stocks drop 90%. right now, with the reopening, being kinder to their businesses, they are making a big comeback. on pool backs, watch closely,
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the caveat, i don't know how you deal with a government that's for communist across the board, everything they are doing as well as their businesses. stuart: i know that gold is showing up on your screens, it is $1800 an ounce. for everyday investors, how do you buy into the gold market, do you buy gold-mining shares? what do you do? >> two sepals, gld is the gold and gl x is the gold miners, the gold miners move better than the gold if they go to the full market. right now they are much better. they are on my screen said we will see if it continues. they come off of the lows pretty good. the anti-market trade on the screen. stuart: the ceo of microsoft said expect two years of pain
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before we get a big tech rally. don't know why you are laughing, he is talking about microsoft. >> nothing laughing. stuart: if it is two years of pain, 2,022 was a year of pain, 2,023 was a year of pain, do you expect a huge tech rally at the end of this year? >> i'm not there yet. i will give a good clue why i'm not a still a bear on technology, yesterday microsoft, the ability to drop that $80 billion of market because of one person's opinion tells you a lot about the tenor of the market. in markets great stocks ignore downgrades and yesterday microsoft not only went down but went down big. i'm big on tech, been that way since the middle of 2021. i know a lot of people are saying keep buying all the way down.
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it is it is a huge mistake. in bear markets lower will go lower to prices people believe are unimaginable. we are seeing some stalwart names people said could never go wrong including microsoft which is one of the great companies of all time. stuart: you're killing me but i will see you again soon. >> better days ahead i promise you. stuart: thanks very much indeed. lauren is looking at the movers. we have lamb western. what did they do? lauren: frozen potatoes. they make frozen potatoes. we are talking about them because we need a winner and they are number one on the s&p 500 and their shares were at a 3 year high moments ago. there net income for the court are more than tripled one hundred $3 million and raised there for your guidance so they get away with inflation. stuart: who knew there was money in frozen potatoes? walgreens. lauren: at the other end of the spectrum they swung to a loss of $3.7 billion in the last
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quarter, the reason was 6. $5 billion charge to settle thousands of lawsuits but i want to tell you this. on the call executives are talking about shoplifting. they were able to get it down to 2% of overall sales, that is good news but the cost to do that they don't think is worth it. they have been brought -- hiring private security guards at huge expense. they will pool that back and rely on police. stuart: it has come to that. thanks very much indeed. nordstrom. lauren: piper sandler cut them to neutral. they are worried about the high end consumer. in the first half of the year. stuart: i went to one of these nordstrom places in florida. not fool by any means. lauren: the holidays in new jersey, it was crazy, shoulder to shoulder. stuart: i wasn't there. mystery art lovers have spent hundreds of thousands of
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dollars to buy hunter biden's paintings, we don't know who they are. we may soon find out who bought this expensive work of art. we may find out. the battle over who will be the next speaker rages but congressman chip roy who is against kevin mccarthy insists they are doing but the american people want. roll tape. >> exactly what the american people want us to do being here in washington, stand up and fight for them, were present our constituents against a swamp. >> we are making progress but have a long way to go. stuart: how much longer? we are on that question. a new investigation shows democrat billionaire donor george soros has ties to hundreds of media organizations around the world. brent bozell has all the details he is investigating. he is on the show next. ♪
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stuart: red ink across the board but not as bad as it was half an hour ago, nasdaq is down 100. we may find out who bought hunter biden's expensive artwork. how are we going to find out? lauren: hunter is trying to lower his child support payments, london roberts is fighting of that. she knows about his artwork and is asking the court to force hunter to disclose. she is going to succeed likely where republicans have not, that list. in buying artwork and how much and why. stuart: get that through the court.
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>> hackers exposed email addresses tied to millions of twitter users. >> $235 million, someone has my email address. it is people, did i say dollars? people. what is the big deal if they have a -- a hacker has my e-mail. this could be a real-life confrontation between someone who posted something about a public official, under anonymous account. it is violence and how do hackers get 235 million e-mail addresses. there was a big flaw on the twitter system patched up last year but a black eye for elon musk because he was warned
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packing attempts are ongoing and the site is proving to be unprepared for that. stuart: hacking, the story of our times. tech titans and startups flocked to las vegas for the consumer electronics show. kelly o'grady is there with a preview of the latest gadgets and gizmos. strive asset management launching a campaign to help you learn where your money is going. vivek ramaswami will tell us if you're bankrolling woke agendas. ♪ ♪
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brent bozell is with us now. go through part 2. >> we look at the money to see how much money george soros is investing in those organizations. it is an astonishing number, $131 million since between 201. that's more than any entity or any foundation in the world investing in it. but where is the money going? some of the organizations they are funding are astonishing. they are funding organizations like open democracy, gave him $1.6 million. they do things such as publishing support for palestinian rocket attacks against israel and they call it
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a necessary counter discourse against a, quote, colonial power. they gave money to a group called a project syndicate which publishes anti-american propaganda from former uranian president rouhani. $2 million to wikipedia. everyone knows how left-wing wikipedia is. in 2021 the founder of wikipedia said they were going to start disallowing and suppressing some media outlets like fox news as editorial sources. in 2019, they gave $250 million to vice media, one of the pretenders on television. they had a reporter who did story how she learned how to do an abortion on a papaya. they did another story where
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they promoted trends kids and their children deciding whether to do a medical transition. this is a man who wants to fundamentally change the world, to change the arc of history. he understands how powerful the media are, they are the typical spirit for the left and -- stuart: glad you found that out. very good investigation. matt taibbi is sounding out on the government's involvement in big tech censorship. watch this. >> we can say conclusively after looking at tens of thousands of emails the government was in the censorship business in a huge way, not just one agency, every conceivable wing of the enforcement agencies of the us government were in some way or
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another sending moderation requests to twitter and in many cases they were being fulfilled. stuart: that is extraordinary. what is your reaction? >> if the media were objective they would nominate him for a pulitzer, he would not only -- he will never be invited to another office party. he's the only one reporting this. this is stunning. after twitter said nobody was influencing them and they weren't doing any censorship at their own sole discretion, all manner of intelligence agencies and government agencies were saying don't let this person, don't let this person, adam schiff, the infamous adam schiff didn't like a reporter who was questioning the work he was doing. he gave the reporter's name to twitter and said i want you to ban him because he supports qanon.
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they didn't go along but what they said was if any intelligence agency gives any name of anyone they say that are interfering with elections, your to ban that person. hunter biden's laptop fell under that rubric. they called it collusion in the elections, that was justification for not letting that story get to the american people. stuart: a lot more coming out if republicans would get their act together in the house. >> this is huge. stuart: back to the markets please. red ink, not as bad as it was. what is with constellation brands? lauren: they have a beer problem. the corona beer maker and other spirits, they have their full-year earnings outlook, they can't just keep increasing the price of beer. it is extensive to buy the wrong materials, the packaging and transportation, all of that is high and their margins under
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pressure. stuart: they are down 6%. we have stitch fix, they are cutting people as well. lauren: 20% of salaried positions, the ceo is stepping down after less than a year. in june they cut 15% of their workforce and cutting another 20%, major downside, stock is at $3. stuart: there's an organization called ev gold, they are down 3%. lauren: they partnered with amazon and cannot get an increase. you could use alexa to find where you can charge your electric vehicle and pay for it. that is a great idea. it will roll out later this year. investors are not convinced today. stuart: thanks very much indeed. strive asset management just launched a new financial transparency campaign to educate every day investors like myself and your viewers on
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where the money is going. vivek ramaswami is the founder and executive chair, i want to pick on one small aspect, does black rock or vanguard or state street, do they tell companies to impose woke policies? >> i think they absolutely do. that is the essence of a problem. a lot of people are focused on esg funds that systematically exclude certain sectors like coal or oil or gas or tobacco. that is part of the problem but it is small portion of the total problem. the real problem is all the non-esg funds that still use esg principles for proxy voting and shareholder engagement. that is why we launched this campaign, to tell every individual investors to ask their financial advisors, wealth managers, 401(k) administrators, was my money used to vote in favor of a recollection -- reflect way out it?
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was it used to vote on a conditions tapped or esg linked compensation plan? if yes, every day citizens, every day investors deserve to know it and that knowledge can be empowerment. stuart: am i right in saying apple did not want to go in for one of these racial, racial profile i guess. they were forced to do it, by black rock and the rest. they were forced into it. >> you are absolutely right. that included apple as well as home depot last year. there was a racial equity audit proposal, not for equal opportunity but equal outcomes across racial groups. apple and home depot didn't want to but they were forced to when black rock and other large asset managers voted in favor of those proposals anyway but they were not using someone else's money. they were using the money of everyday citizens, people watching this program, to force
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apple at home depot and other companies to adopt these social and environmental policies and i think that is wrong. it is a breach of trust that knowledge is the first step to the solution. stuart: glad you're getting into this. one more for you. governor of florida ron desantis is ordering allstate universities to report firms and resources spent on critical race theory and diversity and inclusion agendas. i presume you approve of this. >> of course. all i would say is better late than never. i wrote a couple years ago in my first book woke inc. looking at the managerial class universities. no accident college tuition is going up over the same period we've seen a managerial explosion of administrative and associate deans and diversity staff. if you took that money, you could bring tuition down not just for black or hispanic kids but all kids and give people a better education. that is a real battle in the educational institutions just like in so many institutions.
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the managerial class versus the everyday citizen. i am glad some governors are beginning to wake up to it, i think too late. i'd prefer they do it earlier but better late than never had hope this is the beginning of a culture revival across the country. stuart: there's a new and expanded managerial class in our colleges, thanks, vivek ramaswami. next case, the consumer electronics show officially kicks off today in las vegas. kelly o'grady is there. come on in. show us the new gadgets. >> reporter: there is so much innovation, this shows how technology can be fun. i want to show you some familiar faces, a buzz lightyear robot, prototype coming out soon but this guy, this is the real money shot. look like a truck. optimist prime, transform.
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there you go. straight from the movies, it shows i can interact like i would in the transformers movie. i want to bring in the leadership, the ceo of our marketing, talk to me, why this path with robotics? >> we are on a mission to make life more fun with robots. before that goal is bringing the characters you loved on screen into reality. >> reporter: what is the process? this feels like i'm talking to optimist prime. >> there was a lot of parts to making it real, the colors and materials and we are a -- we teamed up with peter cullen to make the voice authentic. >> reporter: what could this be applied to in the future?
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>> a lot of things. we are focused on consumer entertainment robots. we want to make it fun to interact and engage. >> reporter: some of the gadgets we are seeing. if you' re interested in getting one of these for your grandkids, price point is $1000. and expensive toy or reasonably priced robot. stuart: forget it but thanks for joining us, we will see more gadgets later. less than an hour, president biden gives remarks on securing our southern border. the president also intends to visit the border for the first time. will we finally see some action from the white house? good question. i will ask bret baer who is on the show next. ♪
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stuart: market showing red ink and a lot of it, down 300 for the dow, 120 on the nasdaq. president biden intends to visit the border next week for the first time in his life. peter doocy, do we have any details about this trip? >> reporter: we know it will happen on his way down to mexico for a long planned summit and the first time in 80 years he has ever gone to the southern border. a big change because officials had been telling us border trips were political stunts. not anymore. >> when you head to mexico? >> president biden: we are working out the details now. >> reporter: this is a shift in priorities for the president. officials put the economy tops
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emphasizing investments in american innovation like chips on recent border state trips. >> why go to a border state at not visit the border? >> president biden: there are more important things going on. >> reporter: we have been told the officials did not think a trip to the border would be productive in advancing policy. >> i don't think it is an issue of wanting to go. his view, the most constructive role we can play is helping to push immigration reform forward, helping reform the broken policies of the last several years, listening to his team of advisors who have been to the border multiple times. >> reporter: some republicans are giving the president credit for going to the border, but it is mostly about timing. >> i'm glad the president is traveling to the border for the first time in his presidency, from where i stand in congress
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and the house, with the chaos going on, i think he is trying to juxtapose it but hasn't done anything to secure the border. >> standing beside the president will be vice president harris so we hope to get an update about where she is in her nearly 2 year long assignment to address the root causes of migration. stuart: i hope you get to ask some questions. dhs secretary alejandra mayorkas says the surge of migrants at the border is straining the system. bret baer joins me now. we've got mayorkas saying the system is strained, the president is going to mexico, the president is going to speak about immigration in half an hour's time, do you think we might get some action on the border? >> reporter: there will be some
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action. the executive move will be to use title 42 which is still in place to say illegal immigrants coming across will be turned around and an additional step, if you get turned around to go to your home country, you will be prevented from coming in or trying to for 5 years so a disincentive which is the first thing we heard of that. the moment this is happening for months and months republicans have been saying you are ignoring the border and despite questions from the media namely us, about the border, the administration is not biting, now they are. interesting political timing, the republicans are in legislative chaos on capitol hill. they are filling the void by not only this speech later today, mayorkas will brief
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reporters at 12:00 noon but the visit next week. but when it is political chaos in washington and the president taking advantage of that. they've been negotiating all night and into this morning. mccarthy is giving in, giving a lot of concessions. looks to me like it is a power grab by the minority. what do you say? >> i agree. you have 20 people, mccarthy has 200 to votes depending on the ballot vote was taken. that is 10% controlling the deal, and more concessions. the middle-of-the-road conservatives and moderates who are part of the 200 one have a problem with this concession because once you get to the point mccarthy gets the vote, legislating in that environment with that slim a majority and that much power to the minority is going to be pretty tough.
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there's progress we are being told and the next ballot at 12:00 noon could see some incremental move that is good for the mccarthy team. stuart: with all the concessions that mccarthy has apparently agreed to he wouldn't be a very powerful speaker and could be interrupted at any time if one gop in the process vacate the chair. i know there will be a vote on this but to interrupt the proceedings and hold everything up. >> i don't know anybody who wants that job except kevin mccarthy may be. it's going to be tough. you have seen past congress grants usually republicans, john boehner, the headwater margins of the majority. this is a slim majority with a minority that is very vocal and test different tactics. he's still not there yet. if he doesn't get they are in a couple more ballots you will
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see steve scully's or someone attempt to step up. stuart: you are going to have a long and difficult day but we will be watching through the entire proceeding. thanks a lot. we've got a new update on buffalo bills safety damar hamlin. he's awake after going into cardiac arrest. garrett 20 has the details moments from now. a new omicron sub variants causing concern. how the white house is responding to it next.
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stuart: where are we now at 10:fifty eastern time? on the downside, plenty of reading, 300 points lower for the dow, back to the 32,000 level, nasdaq's 10,300 level down 1%. we are told buffalo bills player damar hamlin is showing more signs of improvement. he went into cardiac arrest during monday night's football game.
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garrett tenney has the latest. >> reporter: and encouraging update from the buffalo bills. the team says per the physicians caring for him at the medical center, he has shown remarkable improvement over the past 24 hours. while still critically ill he has demonstrated that he appears to be in neurologically intact, his lungs continue to heal and he's making steady progress. we are grateful for the love and support we have received, they didn't share a lot of details what the improvement looked like but this is good news considering how things looked monday night. we are hearing that his dad was able to share his progress with the entire buffalo bills team wednesday on no zoom call according to -- it was an update the team needed to hear. we heard from the cincinnati
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bengals, and quarterback joe burroughs admitted this tragedy is going to change the way players think and talk about the violence in the world. >> you mention it every now and then but it's not anything you mentioned in a serious sense. you have these thoughts and you know it could happen and never seems to happen and it will happen to you and it means taking a step back and understanding the game we play, how dangerous it is and how it could have been any of us in that situation. >> reporter: it's not clear what his look like look like, but even though he hasn't played 3 seasons required to be invested and eligible for benefits like pension, healthcare and life insurance the league is going to make sure he has everything he needs to live a complete life going forward.
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stuart: a new omicron sub variants spreading across america. what's the white house saying? lauren: it accounts for 40% of the cases in the us. it is a sub variants, carrying genetic data from two previous strains. the white house covid response coordinator says it is likely more contagious but not sure if it is more dangerous. here is the rub. long twitter thread but i want to point this out. this, how much protection to vaccines or recent infections offer for this sub variants? if you had an infection before july or your last vaccine was in september your protection against this variant is probably not that great. that means if you had covid 3
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months ago, 6 months ago and boosted 3 months ago you are out of luck. stuart: it seems to me everybody keeps getting it. >> it keeps changing. stuart: most of my friends and family had it several times. lauren: you can get boosted in september and that's not good enough. stuart: you can lose your job if you don't get boosted. lauren: so hard to get ahead of it. stuart: the world health organization urging china to release reliable data on covid 19. what exactly do they want to? lauren: real numbers for the hospitalization and the sequencing. what the who is saying is the data you're giving us is coming late and we are not sure, we don't trust you that it is accurate. it is estimated at 250 million chinese are infected. they went to open up completely. if there's any good news the sequencing data beijing did provide showed no new variants.
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they were the same as the rest of the world but do we trust them? is there something they are not telling us? are they doing enough work on this? the who is saying it is understandable some countries like the us, require residents from china test negative in order to enter the country, that's understandable because of what we don't know. stuart: just ahead we have with us will cane, jimmy fallon and carol markowitz. a year ago, elon musk was person of the year. when musk took over twitter he offended the left and blue up what had been the left's best vehicle to influence elections, the media considers musk dangerous. that is in "my take" and "my take" is next. ♪ ♪
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