tv Varney Company FOX Business February 28, 2023 10:00am-11:00am EST
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stuart: soul man on this misty, cold, rainy new york city morning. good morning, it is 10:00 eastern. to the money, please. we've changed course. we opened mostly high -- slightly higher and now the dow is down 140, nasdaq holding onto a 12 point gain. where is the 10-year treasury yield this morning? i'll tell you right now it's at 3.86%. that's not -- 3.96% and as interest rises bibbing tech stocks come down and almost at 4% there. as for bitcoin, we don't report as much as we used to, $23,400 in a very narrow band. latest raid on consumer confidence. lauren: surprise decline at 102.9 in february versus the january revised number of 106. you went down. it was down on a surprise basis in january and once again in february, things are getting worse, not better. stuart: i don't see any
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immediate market reaction to that. lauren: no, sorry, just pulling up release for the expectations index. what do consumers say about things that are vacation plans and et cetera. anecdotally and how people feel about the future is how people spend their money. if you ask, what are you doing for spring break this year? last year? >> everybody went on spring break this year. they don't feel confident to spend the money. stuart: that's the market and that's consumer confidence and now this: china is the villain of climate change. they've just started building new coal fired power plants on a vast scale and according to pugh research and respected research group and china building in 82 locations spread across the country and producing 186 gig watts of electricity and that's enough to power over 70 million homes. and moving fast. research professionals get
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permits and financing and break ground in a matter of months. you know what's going on here. leader xi jinping has to bring china's economy back to life after covid and can't do it without cheap coal power. years ago peaked co2 emissions before 2030. kiss that promise good-bye. xi will not sacrifice china's economy to climate change. where are the environmentalists here? we've seen a lot of kids throwing paint on works of art. we've seen angry demonstrations calling out always western companies. but nothing on china. it's always western capitalism at fault and the communist party of china gets a pass. couple of months and a couple of months, please, china will reck the emissions cut target and the world cannot meet the un's co2 goals for china and environmentalists should call them out and americans should call them out. we have to jump through hoops and lower the standard of pollutants and that's not right.
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threats to taiwan and lab leak and assistance for russia and spy balloons and now a wave of new coal fired power plants emitting co2 news big time. china is fast moving with a rival to enemy. second hour of varney just getting started. stuart: governor mike huckabee joining me here this morning. what are the coal power plant environmentalists? >> i think greta hasn't gotten a ticket over to tell them how the cows eat the cabbage and part of the problem, stu, and let mo be plant, joe biden is terribly
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compromised when it comes to china and he cannot stand up because if they tart releasing documents that show in his trips as vice president when he had a tag along named hunter and they ended up with multimillion dollar deals and chinese affiliated businesses and it's going to look pretty dog gone bad. what is he going to do? he'll look the other way and pretend it's not happening and i understand him. what i don't understand is some of the big woke national corporations who refuse to say anything about china because they're making a lot of money making their stuff over there, using slave labor to do it. it's all very disgusting and let me say once again, as usual, stu varney is right, china is no longer just a rival. they've become an enemy. stuart: i think so. regret to say that. doesn't want to say that but that's the way it looks on the world stage at the moment. with your permission, sir, i want to change subject. your daughter, the new governor of the state of arkansas, sarah
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huckabee sanders standing up big time for school choice and has she made arkansas the leading state for scoot choice in america? >> it'll probably happen this week. it passed the senate overwhelmingly with enough votes to invoke the emergency clause to put it into effect immediately and in a house committee today and probably the house floor tomorrow and she believes she has the hard votes to give it a yes. you can imagine the teacher's unions are going crazy and they don't want this and they don't want reform. here's the interesting thing, they all wanted pay increases and she gave them the largest pay increase in america and it'll put them no. 4 or 5 in the nation in teacher pay and they want that but they don't want parents to be empowering choices about their children. let me tell you, this is one tough kid. she's going to stand up and get this done. i'm incredibly proud of watching her and i think the country can
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stand back and say, wow. stuart: just the mechanics of this and the future of arkansas, would parents be allowed to take taxpayer money and spend on charter schools and voucher systems and private schools? would they have that freedom to use their taxpayer money in the way they see fit. >> they can use it for provoke y'all schools, private schools and charter schools and public. they can use it for that and even homeschooling. this is a very broad and extraordinary opportunity to say to parents that we think you'll make better decisions about your children's education and the government will. how refreshing. stuart: it's a revolutionary governor and governor mike huck by, thanks for -- huckabee, thank you for joining me, sir. appreciate it. club for growth, and annual donor retreat this week and
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which republican candidate for 2024 will not be there? lauren: donald trump. that says a lot. he sparred with the club for growth on several occasions and the club says we'll support him if he's the nominee. that's what they say but not what they're doing. they're trying to not have him be the nominee. look at this list and pull up all the republicans and either announced other presidential run and even more likely to. you can see governor ron desantis and nicky hilly and vice president mike pence and senators tim scott and ted cruz all attending the major donor retreat and thursday to saturday in palm beach, florida. and trump wasn't invited. stuart: 12 miles from mar-a-lago. thanks, lauren. what day is it? tuesday morning. do you see any improvement in the economy and getting better or worse and what do you think? >> it's getting worse and the layoffs and corporations are
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shutting staff and moved from the tech center -- tech centric shouting to now other businesses across the economy, and then you see what some of these ceos are saying and what they think the economy will be doing and banking ceos like jamie dimon or google or amazon and i say i'd have to vote with the people with skin in the game and american ceo rather than what the fed has to say and they've been terribly wrong and they're setting us up for a huge collision here. it's going to be very interesting and you and i will have a front row to this and even larry summers no big friend to the right expecting in order to get to the 2% level. the better part of two years and that puts us right into that election. can you imagine being a part of administration and we'd rather put it in the box than let you
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people lose your jobs and that's horrible. that's what they've said and if that's the case. unemployment from 3.4% up to 6.5 like larry summers thinks it should. imagine running for office in november 2024 in november ov '24 with those statistics hanging around? it'll be an incredibly interesting time and whether the fed blinks or administration blblinks, it remains to be seen. stuart: i don't know if you live there or not and you spent time in chicago and today there's the mayoral race and it's possible lori lightfoot would be kicked off in the first round. would you welcome that? >> i would. when she ran the first time around, she was almost sympathetic vote and set said a lot of right thingses and got behind her and ever since getting in office, it's been one straight downhill decline and i have friends that refuse to go into the city and women that won't bring purses or watches or
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rings into the city and crime eke into part of the city and never used to have crime before she's lost the handle on the entire thing and she's running either third or second. i think the runoffs between the top two and we'll see what happens there and if there's a runoff, the predictions are there that show wasn't run up either and letting the city get out of control and she went down that route of almost wokeness with those crime statistics and carjackings and car thefts up 139%. it's been bad. stuart: it has. we'll have the result by tomorrow morning. scott shellady, thanks for being here. i know we'll see you again. back to the markets looking at some of the movers, merck is moving down. lauren: yeah, we're second worst performing dow stock and they've scrapped another prostate cancer study involving key true data committee and disappointing result there is and feeling it in their share price today. stuart: advanced auto parts. lauren: strong forecast for the year and they expect to see further improvements in
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inventory throughout 2023 and that's important because it's the single biggest driver of the revenue growth or so the executives say. stuart: what story on amc, movie folks? lauren: popcorn, amc branded popcorn will debut at wal-mart march 11, which is the academy awards weekend, oscar weekend. that's a revenue retail stream for revenue for amc and by the way i know they're a meme or have been a meme and other share prices up 86% and more in the young year. stuart: next one, lauren. middle manager at meta plat for the purposes that make more than half a million a year. he's sounding off about the companies tightening its belt. what's he saying? >> sounding off on social media and goal of making a million a year and sabotage and they wish they accepted a higher job offer when they received one a few
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months ago at tech rival for $750,000 and they're mad that the ceo is flattening middle management telling them shape up or shape out and went on social media to vent and some calling the meta manager tone deaf and a, they're making more money than most people and b, belt tightening is a sign of the times but i kind of like this in a way. it's capitalism at work. i have a goal to make $1 million and this person said by 2026 and that's not going to happen. this was the advice my father gave me. stuart: what? lauren: do you remember yesterday, after the show -- no after the show we were talking about i said i've been dumped and you were silent and no one had been dumped except me. stuart: romantically? lauren: yes, and my father said every man is not going to want to relationship in new york city till they make a million dollars by 30. that's what this manager wants. stuart: tied the two stories together. lauren: i did in a very odd way. stuart: the ratings will go up
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on this, believe me. lauren: you think? stuart: guarantee. now this, internal watch dog at department of transportation is investigating pete buttigieg's extensive use of private jets. and it's all thanks to fox reporting. we'll tell you what that's all about. reporter at new york post said china is hurting american kids with tiktok and protecting its own youth with a different version of the app. the author of that article will explain the stark differences in the next hour. online marketplace backed by donald trump jr. goes public were $200 million deal. it's a spac deal and company wanted to give anti-woke consumers amazon-like alternative and ceo of public square tells us how hawaii he plans to do that -- he plans to do that, he's next. ♪
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stuart: the markets this morning, for the dow way down off 188 points and that's about a half percentage point-blank layups and not much movement for the s&p and nasdaq is eking out a tiny gain and what does that tell you? dow off 190 right now and federal trade commission may challenge the mortgage software merger between black knight and inter-cot mental exchange and -- intercontinental exchange and what's this all about and b, why should i care? ashley: see if i can make you care. good morning, stu. reports say ftc believes the deal would give the intercontinental exchange that owns the new york circuit stage too much power and multitrillion u.s. market and come with experience ever pence of higher home prices for consumers and
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competitors in the marge data and services industry. the ftc investigating the proposed $13 billion deal since it was announced nearly a year ago and could lead to a lawsuit, but the bigger picture here, administration's antitrust enforcers continue to be busy and ftc challenging deals with microsoft's takeover of video game giant activision blizzard and jetblue and spirit airline and corporate consolidation a dirty term and the biden administration. stuart: exactly. thanks, ash. some very large companies are targeting both conservative employees and customers.
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>> this is amazing and they've canceled the business or can deny relationships and don't like politics and don't like business with them and anyway the people promoting their social agendas and ideological views and that's happening as well and now the group that did study 1792 exchange and said there's about 150 u.s. companies that they consider high resident and can means they're more likely in u.s. businesses to engage in ideological discrimination and develop add data base assessing corporate policies of a thousand businesses and categorizing them from low risk to high risk and see a number of banks on the list and 1792 exchange says many financial companies use their clout to force customers into adopting climate change policies. another example is bank of america and vets vendors based on commitment to lgbtq views and of course as you know they don't
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lend the gun manufacturers that is. now, some five big transportation companies are regarded as high risk in this study engaging in left wing activism and promoting partisan legislation and the president of the 1792 exchange company said this -- >> seeing the breath of it and how extensive the reach and influence of these organizations, outside has become on corporations and that how corp. -- extensively corporations are leaning in on issues that have nothing to do with their business is surprising. >> the folks are encouraging people to report companies that engage in this kind of behavior and asking them to switch when they find their actions offensive. stuart: sounds good to me. nothing wrong with that. >> right. shocking though. the details of what the companies are doing and turning back business because they don't like the politics of someone. stuart: ain't that someone. gerri, good story, thank as lot.
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public square, that's a network of patriotic businesses backed by donald trump jr.. they want to stop americans from giving money with companies that hate them and michael and giving them money to do that. >> thank you for having and good to be with you this morning. we believe that the solution is simple. if we can provide a network of patriotic alternatives to all the major corporate brands today, then we can actually shift the power structures of society back toward we the people. because the people traditional american values, freedom loving americans, we can equip them to spend money in alignment with the values of people that don't hate them and in turn we equip the last emerging market with a marketplace that will suit their needs for all of life's daily purchases and will send a message to america and the
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patriotic parallel economy is here to stay and we've become the largest network of patriotic businesses to exist and we're excited for the next chapter. stuart: does patetism, the way you're using it -- patriotism, does it sell or work? >> i believe the answer is undoubtedly yes. thousands of businesses on the platform share stories with us daily on how their profits are increasing and exposure to a group of consumers that our values align with them and increasing through the experience and they've had hard times advertising on platforms like facebook and youtube and they're grateful for a platform that not only respects their value and support their endeavor and yes, a patriot economy is not only a lucrative one.
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stuart: when going public, it's a $200 million deal. what do you go public? >> that's a great question. we're expected to close in q3 and proud to partner with clbr listed on new york stock exchange and ultimately our desire is rooted in this strong urge to be a company that's by the people, for the people and owned by we the people. stuart: we hear you, michael siefert, thank you for being with us and best of luck with public square. pushing for evidence of infection farredable child care and leveraging investments in chip makers and we'll try to explain it. take a look at this, cnn says the president student loan handout "lies in the hands of nine relatively wealthy people that graduated from elite public schools". cnn talking about the supreme court. i guess they don't care much for the supremes. we'll take a closer look, next.
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stuart: the duchamply lore lower and nasdaq up all of five. mixed market. lauren is back and looking at movers like target. lauren: strong for the holiday quarter and wall street said they're not buying back shares till their cash situation improves and that was interesting and still the stock is up almost 2%. stuart: got it. oxy pete. lauren: disappointing earnings but they did announce stock bye back of $3 billion plan and 38% boost to their quarterly dividend and stock up 2.5%. stuart: this year buy backs totaling $1 million and first time ever. how about dish. lauren: bank of america and double downgrade and their version of sell and stock down 6% and price target from 30-10 and implies 18% decline from
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yesterday's close and don't like their ability to leverage the 5g wireless infrastructure and say that goal that vision feels "pretty far away". stuart: they're taking a real hit down to $11 a share. thanks, lauren. right now, as of now, the supreme court is colleging are running away with increased tuition and fees and most recently the average cost to attend a public college for just one year about $21,000 and, stuart, that's up by more than 200% since 1995.
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the cost surging more than 146% and $46,000 for one year at a private school. the rise in cost and rise in attendance means federal loan balances have ballooned and federal student loan balance was about $187 billions back in 1995. now it's $1.6 trillion in total. a breathtaking amount. today the u.s. supreme court weighs challenges and buying $400 billion for that debt and we took to the streets to ask people what they think and they're torn, watch. >> a lot of people are dealing with a lot of things in life and the struggle was real out here. >> i don't think the government can say, oh, this person doesn't have to pay when the next door neighbor already paid theirs.
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>> that last gentlemen, stuart, underscore what had my opinion was a moral dilemma that the biden administration backed themselves into and how do you justify some folks having loans forgiven others paid them off and they're going to get nothing or perhaps other people bringing real-life decisions and recognized early on they didn't want to take out the debt to pay for student loans. stuart: it's just not right. it's morally wrong. you've been writing about this. you're fresh out of college and you call these student loan handouts unjust. make your case, please. >> they're absolutely unjust and over 50% of americans don't believe that a college education is worth it and going to high school in 2018, i saw some of my kids went to college and others said it's not worth the cost and i want to save money and working right away and they made that decision and now those students
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who made that decision are having to foot the bill of those that went to college and unsure of the welfare and it's unjust and like alaska and he said it's only going to make college more expensive and administrators are out of control and more administrators than professors and jacking up the price of education and they're making it more diversity cult for students and professors to go about day-to-day activities and take independent studies and go through administrators and they're the cause of all this diversity, equity and include into our universities. they have to do it based-off of race, ethnicity, sexual orientation and gender. the bureaucrats require it and doesn't address it. stuart: more bureaucrats than
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professors. one more for you. cnn going after supreme court ruling and they tweeted the diagnosis lies in the hands of nine people that graduated from elite schools and i don't think they like the supreme court much, evita. >> same people like cnn that wanted the student loans and ignored palestine for weeks and spare me the class war fair. these supreme court justices are not completely privileged and he grew up in poverty and had justice mayor and not indicative of qualifying supreme court justices from ruling on a case
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of privilege and textbook university rhetoric and exactly why the american people don't need to be subsidizing university educations. stuart: indeed. full disclosure, evita is the daughter of two of my colleagues, rachel and shawn campos-duffy. great to have you on the show. come back soon. love to have you. >> thanks. stuart: the administration requiring chip makers to provide child care if they want to access funds in the $53 billion act. tell me more. lauren: the new york times is reporting that they'll use the policy win of the chips act and advancing social goal and a halfs not passed by congress. part of the care act. child care; right. if a chip maker wants federal subsidies in that bill, about $40 billion, it'll reportedly need to provide child care for the workers that it's hiring in those factories. an announcement is expected today. this completely expends the
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reach of the biden administration beyond the intent of the legislation that was passed. that's a social goal and stuart: white house blaming train derailment and every regulatory change made during the trump administration. we'll tell you what they found. the head of the epa heading back to east palestine and residents worry about health implications from the wreck and alexis mcadams has the latest on that derailment, next.
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stuart: nuclear trend on the market and the dow down 150 and nasdaq up 14 points now this. epa chief michael reagan back to the site of the train derailment in east palestine. alexis mcadams joining me there. what's he doing there, alexis? reporter: hi, stuart. he'll be touring the site and giving residents an update and what it looks like when the rail cars could be moved o and the the process will take quite some time and this is the third time the head of the environmental protection agency has been in east palestine, ohio. the first time or last time he was drinking the tap water and trying to show people it was okay to consume and now he'll take a look at the derailment site covered in dangerous debris. take a look on your screen and we've been showing you for nearly a month, this all
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happened and norfolk southern rail train derailed and train carrying hazardous material over there spilling vinyl chloride and into the town here and epa handed around the big cleanup bill and the company is working to clear hazardous waste and epa and came home and knocking on doors and 600 counting and they have concerns with a lot of and the agency insists that the air quality is normal. >> i continue to be pleased that there's been no ex-see dances for residential air quality standards and outdoor air quality remains normal. reporter: officials sending the soil full of chemicals to epa dumped sites in ohio not too far away from indianapolis too and some of the cleanup and residents are worried about their health and left thinking
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about the long term effects. >> they're working as hard as they can and the people getting rashes and what's causing it. they're saying everything is safe and we need to get to the bottom of what's happening. reporter: rashes, headaches and more and a list of ailments to talk to the federal government about federal officials and they'll be able to talk to the chief of epa with that. this is a top priority here in east palestine and a lot of residents are wondering why they haven't seen the president out here on the ground himself. stuart. stuart: alexis, thank you indeed. in the wake of the derailment, washington post did a review of every regulatory change made during the trump administration. ashley, were any of the changes made to blame? ashley: well, as much as the washington post would like to say yes, turns out they couldn't pin the derailment on trump in any way. the paper examined every pompeo
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regulatory change made under the trump administration that could be related to the accident and could have made an impact and research focused on issues related to brake replacement, brake safety inspections, safety audits and changes to regulations recording some of the toxic chemicals but in the end the washington post found any change made by the trump administration was either not relevant or had not been shone to have an effect that could have have affected the derailment and they dug hard. stuart: an investigation opened into pete buttigieg's private jet travel. what's this about? ashley: pete buttigieg apparently can't blame his pre-perked method of transportation for that . the transportation department's internal watch dog is looking at buttigieg's extensive use of private jets. it comes after a recent report by fox news digital that showed buttigieg repeatedly arguing in
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favor of aggressive action to combat climate change has taken at least 18 flights and taxpayer funded private jets since taking office in early 2021. critics say the transportation secretary flew private even when commercial options were readily available and the trust says "americans have faced unprecedented flight cancellations and disruptions but buttigieg has continued to flight private even when commercial options were ready available". as for himself, buttigieg says he uses government managed jet when is doing so saves taxpayer money. stu. stuart: all right, ash. we got it. thanks very much. now this, a grocery store chain requires shoppers to scan their receipt when leaving the store and cracking down on shopping and it's come to that. seattle guy jason rantz said
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stuart: ashley, this is a story on choking your receipt on the way out? ashley: no, it's a safeway store near berkeley that installed antitheft doors and scanners in the store and the self-checkout is barricaded and monitored by an employee so customers must scan bar code on the receipt before leaving and no longer can leave through entry doors but self-or checkout lanes. they're putting all hard liquors, wine and baby formula
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inside locked caconets and all in re--- cabinets in response to a surge in theft and recent oakland crime report shows robbery with a knife up a whopping 600% and armed robbery up 30%. now businesses are doing what they can to try and protect their merchandise. stu. stuart: it's come to this. that's extraordinary. it really is. thanks, ash. amazing. missouri's attorney general wants to remove progressive kim gardener attorney. jason rantz is here with me now. why is she doing this? >> becauseically she refused to do her job and a case that showed the tragedy of not actually doing your job and prosecuting and keeping track of someone who she went light on
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and a 21-year-old kid that repeatedly violated bond conditions and goes out and get into an accident tafanely causes a poor volleyball player and young girl to lose her legs. this is someone who should have been in jail. this is someone who at the bare minimum the city was paying attention to trying to get him in jail for violating the bail and not just about this one case but a lot of cases. stuart: was kim gardener supporting s soros? >> i believe so, yes. one person has a lot of power but no oversight and you can make these decisions to not prosecute and make the decisions to completely ignore the law and that can be done at the
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legislative level and missouri by the way is trying to trust. stuart: good lord. i'm very interested in that story and democrats in washington state are forcing businesses to hire pot heads. that's the headline that i'm looking at. >> yes. stuart: businesses being forced to hire pot heads in washington state. how can you be forced to hire pot heads? >> by changing the process so you cannot find out whether or not these people are in fact pot heads and under a law being proposed and it looks like it'll go through and not able to drug test for marijuana and not able to discriminate for anyone that chooses to smoke on their off time. that should be left up to the actual business. if you do not want someone that's a pot head to work for you for very obvious reasons, you shouldn't be forced in that position and there's a conflict and it provides for aerospace industry and you can actually
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test in that industry and if you're a nurses assistant and accountant and you can't actually test for that. it doesn't make sense to me and you're acknowledging there was a risk albeit tiny. but there was a risk. stuart: about this, these days you can smoke information and flower i believe it's called, there's a big smell or vape the stuff. pen and there's in smell. you get high. no smell. >> don't forget the edibles and you don't know. you don't know who's got pot in them and who doesn't. >> you don't and unfortunately again depending on the industry you're in, may not make a whole lot of fuss and drug tests and wait till there's an accident and do the drug test and if you're someone that's concerned about whether or not your staff are getting high and possibly high at work. you should be able to really enforce that kind of policy. you still have work force. stuart: it's not testing but a
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statement by the company and don't get high on marijuana and come to work. if you do. you don't want someone like that to work for us and it's a reflect of our business and we have someone like you representing us and if you're a business owner that's fine with it, okay. at the end of the day, shouldn't be the government coming in and saying you cannot test that and stuart: check that market please, where are we now? dow down a bit more off 200 points and minor losses on the s&p and nasdaq. still ahead. texas congressman pat fallon and jason chaffetz and mike murphy and the united states is about half, 50% and it's much hire in europe than asia and why is that? what does it mean for america's cities? that's my take and it's next.
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