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tv   Cavuto Coast to Coast  FOX Business  January 27, 2023 12:00pm-1:00pm EST

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>> how often does a full moon occurred. six and half, 13 a half, 20 and a half or 29 and a half 329.5 days. the next full moon is bayberry the sixth february's bull moon is known as snow moon because it typically snows around that time of year. i thought intel would be the reality for the stock market is been choppy trading but pretty decent for the stock market. that is it for "varney & company" "coast to coast" now. neil: we ask the darndest questions remember elon west showed in washington to meet with the house speaker kevin mccarthy and hakeem jefferis
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everyone was buzzing what elon was up to. he could still be at the nation's capital. what is he up to. we get to take a document break to explore where the world's richest man was potentially doing their and what's coming in the balance to power in washington, d.c. there was a time when the tesla boss in the twitter boss or the space ex-boss didn't soil himself with political niceties, elon musk was much more contacted bass from the outside than ever craving politicians on the inside. it got us thinking, happens now and then is one of the richest human beings on earth trying to appear more like a human being and a nice human being at that at our nation's capital? why is he reaching out to them, what does he want from them? who is he trying to talk to amongst them? inquiring minds want to know. mr. muscat goes to washington, big story this week not only because it's musk but he could still be there.
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we have a lot going on, i'm neil cavuto both go to hillary vaught on capitol hill with the latest were whether there are any elon musk sightings today, what you see? >> none today but we had her eyes peeled we've been trying to track him down in the hallways of the capital but he was here yesterday and he did meet with kevin mccarthy. kevin mccarthy said he came to wish him happy birthday yesterday and they have been friends for years. but mccarthy was tightlipped what was discussed in the meeting when i asked to section 230 came up at all best of all but republicans and democrats want to reform some social media platforms like twitter are liable for what happens on the platform. >> did you talk about section 230, did you have concerns about that? >> elon musk met in the office
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with jim jordan in minority leader hakeem jefferis. he tweeted about the meeting saying just met with speaker mccarthy and congressman jefferis to discuss ensuring the platform is fair to both parties. but there's dirty been some disputing of what actually occurred to what led up between the two bipartisan leaders on capitol hill. elon musk said he was there to meet with jefferis but jeffrey says that was a running that happened by chance that jefferis ended up seeing musk and that was not a plan face-to-face after all. neil: keep us posted, great reporting. i see you're still chasing people, hours away having a baby, your relentless. thank you very much. hillary vaughn in the middle of that. pity the poor politician who bumps into hillary. steve forbes is with us in his reaction to all of this.
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it's interesting that he spent as much time as he did and maybe still in washington. i'm wondering why he is famously fast washington, what do you think? >> think you tried to do things that will do with the temperature around her. his become controversial and that's her twitter. i think he was to turn down the temperature. also hillary mentioned section 230, i think he wants to make sure that is not tampered with that would put twitter on the ropes again and i also think he has plans for twitter in terms of expanding it. perhaps going after google or other things. i don't think it's going to stay a message company. he wants to lower the temperature so he doesn't become a lightning rod which gets in the way of doing business. neil: a lot of democrats have turned on him, maybe because some of the changes going on on
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twitter. he said he wanted to be an open service for every point of view, maybe that could explain bumping into or explaining things with hakeem jefferis, we don't know the democratic leader in the house. what do you think is going on regarding twitter and how he's trying to pitch it to washington. >> twitter is been portrayed by the left lateral right wing extremist organization which is anything but. i think he went to washington to counter that and the chance running with the new leader of the democratic party in the house of representatives, representative jefferis is a smart thing to do by having a chance meeting, that means jefferis won't get in trouble with his base but also let's let elon musk make his case, jefferis, even though he's on the left he does have a reputation behind-the-scenes as 70 could do business with. i think this is really elon musk
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trying to smooth things over so he can get back on track again instead of putting out all these fires and everything, the stock in recent days has done sensationally on tesla. that's coming back again is raising 3 billion plus dollars in cash to sure up his balance sheet. i think he wants a good environment for that. he wants to turn the temperatures down so he can get back to doing what he does best, that is highly creative things whether rocketry or whatever. neil: he had a good run out of no matter what he tries. i'm curious, we see not tech ceos were treated when they appeared on capitol hill. this is linearity with the two parties recently they did not treat them well. that might be a different case so far at least with the republican house, barely republican house and how they respond to elon musk. but i'm just wondering about this concern, i'm talking collectively about tech ceos
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that got too big for their britches and they have to be taken down a peg or two, elon musk included. >> the high-tech leaders deserve a very bad mark for not doing basic public relations on capitol hill and elsewhere. decades ago when you have a legal monopoly with at&t, they went out of their way to make sure everyone was happy they had a complaint, they dealt with it in the arrogance that you see from the high-tech companies. , why go to capitol hill on a congressional hearing when you're knocking to look good to do a preemptive move and run into jefferis and mccarthy and try to lower the temperature. it is the smart thing to do and shows what he is a great entrepreneur. proactive rather than reactive and try to lower the temperatures rather than just thinking you're so big you're untouchable. neil: i thinking musk's notwithstanding, if you're rich
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or a billionaire, you could be a target right now, this is more the case with blue states that are looking for ways to squeeze money out of very rich individuals even extended it beyond income to their total wealth, how much land and artwork and that sort of thing. he might also be looking at that and inquiring how far is is coming along, what do you think? >> i don't think he even asked to bring the subject up if he seen doing good things of expanding twitter and no entre nous ways and tesla which is been leading the world of ev technology. beating out the japanese, the germans, everyone else. i think he wants to smooth things over, guy you can approach, you don't have to haul before a congressional committee. no, explain things to you. i think in that sense he's ahead of the leaders of the other high-tech companies. neil: that's a very good point.
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others might have to follow-up what he just did or might still be doing. i was good seeing you, have a great weekend. steve forbes. we just all of this going around with elon musk there is some watching, we don't know exactly what is up to but this is very unusual behavior on his part and actions on his part, you don't see it in his past. the tongues are wagging, who he's talking to what kind of deal they might be putting together. you are busy playing a game of chess here has your queen and eventually her king maybe he's a few steps ahead. we will watch that rate also watching e-mails and text that we are getting we asked you to write us and give us a sense of what do you think of the show, some ideas and reactions to segments. boil boy we heard a lot from you. some of you have the view that you like to punish me. we've been asking you to tweet us at team cavuto and also the
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e-mail route at cavuto@fox.com. i've been warning people are hoping that many of you writing would use this occasion to complement me and make me feel good, that is not always the case. for example rich, hey neil, nice jacket. he was a fan of my jacket yesterday. since ringling brothers is looking for a new ringmaster, how did you know i got it at ringling brothers. i always need a nap from 12 - 1:00 p.m. and when i have trouble falling asleep i turn your show on. you still count so there you go. anyway, we have this. these nicknames with tweets, i get it but it -- anyway, i told my friend how much i like to watch cavuto, now i don't have any friends. lovely. a traditional e-mail. i don't care what the haters say because they're mostly impetuous
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nuts. do the most honest newscaster out there. others are probably too young to have good manners. kathleen, i think you're exactly right. a lot of people don't know when i say i don't want to hear nasty things, i don't want to hear nasty things. good or bad, quite fiercely we want to hear from you. we want to get instant reaction. a lot of you will comment on getting a couple elon musk wondering what is up to but some elon musk fans i would judge from jerry, i never trust billionaires in washington. that's distinct into the point. do you trust this rally particularly what's going on with technology? do you trust the fact early on in the new year the nasdaq rich in all these technology names that compounded last year is up about 10% so far this year? after this. ♪
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neil: only a few days left of trading look at the nasdaq
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today's gain notwithstanding it's been the theme on this young year as january indicator goes you might find this an encouraging development because it comes to the nasdaq all the averages are in the green but nothing with the nasdaq up almost 11% on the month of course he gave up a third of its value last year so some comeback is in order. the head of technology were anyone was everybody wants to rule the world that would probably include technology investors who did for a while of course until last year. what you believe, last year which was a nightmare for tech investors and so for this year losing anything but. >> happy friday think the important thing with the nasdaq evaluation reset in earnings reset and the number of tech layoffs. it's a brand-new beginning but one last piece, where we can be on interest-rate but i think investors seem to be confident there's going to be a tapering off based on the economic data.
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tech looks like it's coming back part of because the economic model behind tech is so profitable these companies are growing 20 or 30% profitability in terms of software is a great category because profitability and software is 80 to 90% range and you see and tesla profit margins are 30 - 35% range companies have a digital backbone ten to be more profitable and could grow exponentially that's when we see investors come back to work tech is going to be. neil: you mentioned tesla which are right it's treated as a technology stock. what about others, what intrigues you? >> was interesting to me is the software stocks, cybersecurity stocks, take enterprising service now in terms of growth and emerges under margin and free cash flow and service has grown to 60% rule instead of a roof or become easy company like
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adobe that are still going to do well in the cloud companies are slowing down in terms of growth but were talking about a slowdown to 28 - 29% instead of 45% off a building unto billions on a base that's what makes that exciting. >> i know the overall percentages are so low but they are piling up we see 60 - 65000 layoffs in the tech industry this year. there were thousands in the third quarter of last year, could that be ceos, cfos, and grinning for the worst or they just got ahead of themselves? >> they are hiring for a growth projection that did not occur. some companies were probably 40 - 50% where they were before, other companies were more conservative like irene appel in the 20% range so they didn't have to take as many cuts. what we see normally every year you have a 3 - 5% calling of the herd that's normally in tech companies, that did not happen
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in 2019, 2020, and 2022, that started to happen so the trimming of the workforce is the reset reallocate in the good news is not that you can lose your job but the good news workers looking after being let go is taking them somewhere between 60 and 90 days but they're able to find a job so we've gone from three jobs available from every tech worker to one and a half which means robust tech market going on. they might not get the same level of salary but the new industry smaller startup and smaller tech companies there starting their own businesses and going to public sector and other industries that could not have afforded the tech talent. >> your bullish on the industry this year? >> i'm still bullish and i think tech has a lot to grow in the evaluations and p/e ratios have come down other people might believe there might be more to come down but i think we fit the bottom. neil: it was good talking to you, following all of that. we had a warning in the waving
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from the national archives yesterday. the fact that you're a public official you should be careful with documents. they told presidents and former presidents and former vice president look around your garage let us know if you have anything but this is a national archive lecturing people on tracking documents. the same national archives. not ever picked up the archives are missing. it's sort of like a lecture from someone who should not be lecturing i me telling you to try the salad this time. you wouldn't buy it nor should you. james, the house oversight committee, why he thinks this thing drags on for all the wrong reasons. >> we wonder where the classified documents are part of the influence peddling scheme that is something that every american should be concerned about and that is why the
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neil: where did this the document must stand for the white house at the president, it gets murkier and murkier and the timeline gets more confusing by the day, the national archives has entered into the mix saying it will cooperate in is oversight committee get request to give some information the same national archives that yesterday was given a heads-up, the former president vice president, check your boxes see if you have anything dangerous. peter doocy with the very latest from the white house. >> afternoon president biden is getting go to camp david and look what happened when somebody asked him if he's going to camp david because something is going on at his place at rehobeth beach.
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>> what about your rehobeth beach home. >> will you meet mccarthy next week? >> the first lady running interference for the president there we spoke into the office of george w. bush down in dallas one of the formers i got a letter from archives asking to do an assessment of classified materials, the bush office wrote back to the archives they are confident they don't have anything like that on capitol hill. lawmakers are steamed the director of national intelligence avril haines could not tell them more about the documents in a closed hearing this week and were hearing now from haynes about issues she's got with documents being over classified. >> first we need to continue working on the development of a system that promotes the appropriate classification of information when identified to begin with and it minimize what is classified as an initial matter. second we need to facilitate the ground dating and
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declassification of information as it ages to promote sharing and disclosure when possible to promote a better public debate and accountability and trust and to support our work across government as well with partners and allies. >> president biden does gravity public events but we do expect to hear from his press secretary 90 minutes from right now. neil: thank you for that. i want to go to katie former federal prosecutor what she makes of this, you are helping me during the break understand where this goes because all the noise notwithstanding, this is a big deal how the classifier documents and punishment is weeded out, what is the punishment. >> you're right having and handling classified documents is a criminal offense that's why the special investigations are going on in that direct should theoretically criminal charges on the table people go to jail for that. i think in this case when you have the people at the highest level of politics that is not realistically on the table from what we can see, when we saw how
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comey handled the hillary clinton situation and shifted the standard for certain people from that of the responsibility to really intent to do damage with the documents. neil: drawing the line with intention it really matter. ignorance is not a defense saying you did not know is not a defense. >> absolutely is not a defense under the strict reading of the statute no intense needed to mishandle it's a sloppiness ms. standard in criminal negligence ms. standard, theoretically, could there be an indictment for anybody that was handles classified documents outside of the methods in manners that there's supposed to be handled. that is possible i think merrick garland has a deeper analysis when you looking at the current president and the former pursuing an actual criminal investigation.
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neil: special counsel to look into this to? >> i think the whole situation has exposed a serious issue in the federal government and i hear them talking about an over classification issue that may very well be true but for all intensive purposes right now the law on the books require any documents that are classified that are not declassified or downgrading to be handled according to the regulations. for anyone engaged in that conduct up to that point they are subject to that law theoretically. in terms of a future declassification of things that may well play into it. but for these folks they are bound by the laws that do exist many people at lower levels have faced comic-con sequences for mishandling, here it's a lot more complicated because of the highest levels of government involved but it doesn't make the conduct any different really. neil: i had injury near the former chief of staff for george w. bush and he was explaining the process with the president or vice president was out of
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office they have the tracks the backup to the white house, though not physically moving they have their own people and doing it and throwing stuff in boxes you see ashtrays photo frames that have nothing to do with the president of the vice president but those very people got me thinking in the interview had seen classified documents that so some of them ended up in the boxes. you take it at face value that they didn't look at them or open them up but they were there that's how sloppy this has gotten. what you do then. >> is very disappointing to see the levels of sloppiness at the high levels of government. i think that's a dirty little secret out there now and i think maybe some people got ahead of themselves going after former president trump on this issue when it's very pervasive obviously throughout the government and the individual with his security clearance is the one responsible for maintaining those documents into other people that work for them
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are moving things on their behalf and that may be mitigating in terms of what the punishment should be but it doesn't undo the viability ultimately. >> with abiding revelations that came out, you talked about punishment on high-ranking, you don't get any higher than a president of the united states are former president of the united states is it fair to say that they cancel each other out and neither of these guys is certainly going to be indicted or were going to jail, what happens? >> i think each of their cases are very unique in the analysis are very specific to each of the situations that they were in at the time that they were removed, we don't know what these documents were we don't know any of the specifics about how they got there. neil: is a very different case. do not get to go after donald trump. >> i think that's a practical conclusion here. it can be very difficult to do that the analysis is very different i think merrick garland is in a different position. >> a great read on this, thank
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neil: let's take a look at what's happened up across the board, the january indicator if you are one to buy it shows as
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this month goes so possibly potentially often the rest of the year, if that is the case in all the major averages in the green and particularly the nasdaq and the tune of 11% the wind appears to be at the markets back. positive inflation news does not hurt things and the fact that the mayor and to measure inflationary appears to be easy and jumping off point for us to discuss with john lonski, dan geltrude is here, good to see you. very supportive news on inflation. the pc and all this other stuff that this bedfellows, all good. >> good news the annual rate of pce price index inflation is in december. neil: personal consumption expenditures. >> 5% had been as high as 7% think back in june of 2022 were moving in the right direction but were moving in the right direction on the inflation front
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because the real economy is slowing down, we had back to back deep monthly declines by real consumer spending in november and december, the loss of household purchasing power to the fact that prices were out running wages is beginning to bite down. neil: that isn't necessarily good news, it's going down for the wrong reason. >> inflation is going down because what people call demand destruction and that means inventories are mounting and up until the fourth quarter you take up the increase in inventories from gdp growth and go to gdp from 2.9% all the way down to 1.4. bottom line, the markets don't seem too worried in the market so far are saying we see a quarter-point hike next week from the federal reserve in they might kind of cool it this year or slow this year, due by that?
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>> i think the market likes what is seen, the market has been so tied to what the fed does in all the indicators now are going the fed's way. not necessarily to the mega publics way, inflation is coming down as john just alluded to because of the wrong reason instead of pushing up supply so supply and demand meet that way were pushing down demand so we got a balance. let's look at what's going on with the layoffs. his going beyond big tech now you look at hasbro laying off thousands, 3m, same thing, what does that tell us that is telling us as john said inventory is building up, production coming down. the gdp coming down, now were talking recession. >> these layoffs are significant they are in percentage terms relatively small, do you see them accelerating. >> i can't figure out so many
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announced layoffs, why are we not seeing more first-time claims for jobless benefits. we now. neil: some of these are not announcements. >> record lows, the same time high-tech major industrials and banks are announcing major layoffs. i also read that fast food chains are announcing plans to dramatically increase hiring. neil: look at aaa 15000. >> we are going to get a jobs report next friday and during november and december we have decent readings we thought they were pretty good on jobs creation. if we look closely 65% of the new jobs added in november and december came from the not so hot job categories of healthcare, private education, leisure and hospitality, that includes restaurants, hotels and
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entertainment. these are not necessarily high-paying jobs. neil: some of the leisure and hospitality are, you can't dismiss what's happening. the only reason i mentioned that in the context of all the airline ceos this past week our planes are full, bookings are solid through the summer. there does seem to john's point and disconnected some areas or is it a delayed effect? >> you have to look at where people are spending money. if you look at the data that's been coming out you see the savings rates are starting to go up, up to 3.4%. people starting to spend less waste upon the december numbers. if you go and a restaurant in an airport places are packed, people are changing how their spending money they're looking to spend money more on experiences, let's go out and let's go to a restaurant travel. >> that could be covid they were trapped inside giddiness out of their system. >> not all jobs are the same i
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would rather be working on google then working at aaa. neil: i would take chipotle. >> telemann you the best, food for thought, jackie deangelis, the big-money show coming right up after the show, what do you got for us jackie. >> a big show, we have mike rowe joining a sunset talking about how the government is enabling men in this country to quit working we are going to tell you all about that 7 million men dropping out of the workforce and eli manning is setting us up for the big football matchup this weekend that will determine who goes to the super bowl . although that the top of the hour. more "coast to coast" after this. ♪ burger and fries...soup and salad.
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neil: everyone's talking about a lot of the things that you did saying maybe he should entertain a presidential run, are you ruling it in, out? >> what i been very clear, i'm 100% focused on the commonwealth
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of virginia, those are the folks that elected me to go to work and were going to work. >> we are doing all the things that one would do to get ready but we're still trying to figure a way through we don't have anything to announce today. >> you would have the benefit of being the governor of the very state that kicks off the whole primary less than a year from now i cannot believe that does that tempt you? >> it would be a tougher challenge for me even though i'm the referee, two things are going to happen if i don't win my stay at be done in no matter how much i win it'll never be enough. neil: is it fair to say them preferred to stay in texas for the next four years rather than make a white house run? >> the only accurate thing to say is my focus is only on leading the great state of texas. >> they all say that before they all jump in the race, maybe they're being cautious, this is a good idea but time is wasting money guys are moving, doesn't charlie gasparino knows it there around ron desantis.
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>> or he's circling around them, the interesting thing he hasn't officially declared obviously i'll get into that in a minute what i hear from the meetings but he is holding meetings with high-level wall street executives. whether the check is written at that point i can't tell you but it's obviously the checks are being written or prelude to the checks maybe to be written pretty he's been described in the tours and wall street is kind of like a coffee catch, a people or ten people in a room it's off to new york which will tell you something if he was raising money to get reelected after four years after he just one he would probably be in florida more, this is all new york and you know he is there and he's been described to me as a fundraising machine. here are some of the caveats from these meetings, i don't
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have a direct line with governor desantis, what he expressed at these meetings in the past he expressed real hesitancy about running against trump. he did not want to go there. in the past. the mood when that is brought up now is different, now he doesn't say yes, he doesn't say no this guy is real cautious and calculated to just a you know, i've compared him to michael as opposed to sonny who i compare trump. is not a bad analogy. he is very calculated in patient, with the donors that are meeting with him, they cannot tell if he changed his mind regarding toe to toe with trout after the crazy stuff that trump has done that hurt his standing the kanye west or dinner with a white supremacist and some of the other crazy stuff that's coming out of trump's mouth some of the controversy surrounded him, they don't a few changed.
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he's now not saying no, in the past he was i don't want to go there for runs. he essentially said that. now it's different, still not committed. this is interesting. >> you don't take that moment, chris christie found that out 2012. >> your 100% right, this is what the money guys told me the problem if he goes against trump and he becomes nasty trump could withhold his votes it is a smaller part of the republican electorate but if trump has it out for you, he will tell people not to vote for you even the general election you can lose. >> is getting a third of the boat and some of the states and the other gazillion. >> if they all run. neil: that's what they did in 2016. >> they may not all run they may
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let those to go at it. even if those two go at it directly, this is what the calculus is inside of the money camp, they're saying if you don't run you missed your boat. by the way if trump was not in a he would run he would be declared right now. if trump does run and you go over trumpets can get messy and trump can screw you in the end. neil: four years from now if he chooses not to run desantis as governor. >> who knows where he is. one other thing i want to say is pompeo making the same rounds, some of the same people in impressing people it's like ron desantis apparently has a weird knack of not connecting one-on-one, that guy when he's one-on-one they really like him and he's connecting he's an interesting politician. >> like you instantly connects. >> i bat on the campaign trail. >> i could see running. >> what you would tell reporters, kids cover your ears.
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neil: that would be an interesting run. thank you charlie very, very much. we've got a game going right now, particularly interesting was happening with the nasdaq and all the averages on the year. were only a few trading days away from closing, some say as it goes so does the rest of the year, if you're a fan of the indicator it is out there which means we could have a good year. it is still way early. ♪ but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. the day you get your clearchoice dental implants makes every day... a "let's dig in" day... mm. ...a "chow down" day... a "take a big bite" day... a "perfectly delicious" day... - mm. [ chuckles ] - ...a "love my new teeth" day.
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neil: he speaks his mind, is also gone after the nba in a relationship with china, he's incredibly brave young guy and not afraid to do and say these things even though it might ostracize about the court, kind enough to join us now. it is good to have you. >> thank you for having me. i appreciate that, how are you holding up these days. >> is been tough the last seven or eight days. i've been pretty much on house arrest, i had a mini conversation with the fbi and some of my friends they pretty much told he to keep it low for a while, i don't think i'll be leaving the united states for a
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couple months. it's been difficult because i'm an american citizen and this is happening on u.s. soil, with the leadership in turkey is trying to do everything they can to shut me up so there putting a bounty on my head and that is putting my life in danger. i talked to many of my friends and they are saying now the mafia or even professional hit man's will be after this case and this is unacceptable to happen on the u.s. soil. neil: what i can understand this is coming all the way from the top in turkey from president erewhon himself, i know there's not much you can share and i don't want to put you in a compromise position and with this bounty to put it mildly is kind of scary. >> of course, i was doing a basketball in italy and i heard about the bounty for the first
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time. i was on the wanted terrorist list before in turkey but this is the first time that they are actually saying dead or alive we want him. now they put a bounty. i'm not the only one on the list, there are so many other innocent people on the list but obviously i'm at the top. >> you the most prominent name. i always wondered and i admire your bravery, people don't realize the risk when someone like you does this, not only to your career but your livelihood but i wonder if you look at it and say maybe i should speak out, maybe i shouldn't say anything. >> never, i don't have any regrets and i wish i could speak out more, while i live in a good life in america on the other side of the world people are losing their lives in their homes and their loved ones. god gave me the platform to be the voice of the end innocent people, not just in turkey but all around the world and i see
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this over and over again. freedom is not free is coming with consequences. i know at the end it is worth it. i wish i had a bigger platform and speak out about the injustices happening around the world with a bigger voice. neil: you are not getting any younger. i just curious, none of us are by the way, none of us are as gifted as basketball as you, do you worry about the time taken on authoritarian government, speaking out against them has ruined your career? >> i work so hard my whole life to get to the mva intent nba, the hypocrisy side of it they were very protective and very supportive. they have stopped talking about china. i stopped getting phone calls from my teammates and the commissioner, everything stop,
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people are people it doesn't matter if it's my home country or china or russia or iran with just enough of the missing people. i just hope that they see because nba was the first organization out there and saying we are more than just the mva, with the standard for injustice happening all around the world. when the conversation neil: unfortunately. you are remarkable young man. i am so much older than you. i'm marveling at your bravery. be safe. ines freedom. jackie deangelis, "the big money show" is next. weather teen have a wonderful weekend, hello, everybody. brian: welcome. taylor: welcome to "the big
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