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tv   Cavuto Coast to Coast  FOX Business  April 18, 2023 12:00pm-1:00pm EDT

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stuart: tuesday trivia question is a good one, which state as the highest average elevation? ashery, we'll start with you. >> you know everything in alaska is just so insane. i will go alaska, number two. stuart: i was going to say, alaska, full of mountains all over the place. what did you say there, he knows the correct answer. so he is hedging. he is not saying it. >> i will go with number four, utah. >> the answer actually is colorado. you knew it because you cheated. it is colorado. the average elevation is 6800 feet sea level that is the average in colorado. >> wow. >> i don't like going there. i get altitude sickness every time i go. >> thank you, mark, ashley indeed. "varney & company" is don't. "coast to coast" starts right now. neil: it is tax day, seems no
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matter how much we pay in, washington seems to funnel a whole lot more out. try a trillion dollars each year going out than it collects in tax revenues coming in. that has been going on a long time, hasn't it. we got a stark reminder yesterday, seeing kevin mccarthy own the floor of the new york stock exchange. the first political leader on the hall of capitalism since ronald reagan in 1985. the difference, when reagan visited 45 years ago, the debt was $1.2 trillion. now it is $31 trillion. at the rate we're going 10 years from now, likely $42. at which time social security could be spent everything, the interest we pay on the debt, no call to fiscal arms and a yawn from wall and broad. the big board bothered by such
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things. no worries about a debt crisis even though we're knee debt in one maybe because we're so used to it. debt drama unfolding we're used to that. we stumble on, raising a sealing with no ceiling and fiscal austerity promises that seem to carry no punch. today on this tax day we chart where this is going. you decide whether our future looks promising with the house freedom caucus chairman scott perry, on breaking the logjam in washington on all of the spending. dave ramsey, and living way beyond our means. seems we're also busy keeping up with the joins we don't even realize we're all the joins, desperate to live like everyone else, forgetting everyone else is trying to live like us. dave is here to turn all of that and all of us upside down. get off the merry go round because we don't have nearly the
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money to go around. as dave famously puts it, if you live like no one else, later you can live like no one else. i love that line. that goes for politicians, all the people they represent, spend less, save more now, live better, have what you want later. welcome everybody, i'm neil cavuto. sorry to get preachy with you on this day but i will get preachy with you on this day. meanwhile we're taking a look on the tax day a taxing day on corner of wall and broad. a bit of a soft market. larry glazer what he makes of that, larry. >> neil as you kick off earnings season we start with the banks, right? and you now goldman sachs would be in trouble this earnings season when they eliminated free coffee a few months ago and we're seeing that play out today. neil, you can't expect to have the biggest banking crisis since the great financial crisis without some consequences. we're going to see those consequences but they're not in this earnings report.
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they will be in next earnings report. more to come, all eyes on the corner of wall and broad. neil: what is interesting, i don't want to read too much into one day, one hour, one minute. we try to eschew that on this program. larry i do notice, recession talk, we're going to hell in a handbasket talk hard to sigh that panning out. i could be wrong. i look at steady job growth. the numbers are all over the map. you still see you know, consumer strength, spending strength, airlines almost to an airline saying the same thing. bookings look very strong. hotels look very, he popular right now. restaurants, all of the stuff i keep mentioning on this show. the backdrop looks more encouraging often times than we're led to believe. what do you think? >> there is this concept of unintended consequences. we see unintended consequences everywhere as a result of fed policy, not just in terms of debt, now our national debt is
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so big, that the federal reserve is effectively competing with small banks for your deposit. why would you leave your money in a small bank earning .25%, worried about the volatility, barely having a relationship when you can buy a u.s. treasury paying close to 5% that is the unintended consequence of too much spending in washington. inflation, the other unintended consequence is those small banks don't have the deposits now to hend to small businesses. so credit becomes more difficult. so all of these things begin to intersect. and bad policy, years of neglect, years of excess spending causing people ajita around tax day is also playing out in the financial world. i think it is, it is unfortunate that we're in this place. at the end of the day it is consume they're actually loses because they have less choice in the marketplace, they have higher inflation than otherwise would have had. all of this is avoidable, would have been avoidable had we taken action years ago in some of
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these policies. you're right, the consumer has decided pedal to the metal, they will spend money, spend the stimulus that came in until it is out the door. as long as they are working which they are right now, they will feel emboldened. that is starting to fade. those are the clouds on the horizon. neil: we shall see. larry, good seeing you again. this is tax day, abigail disney, leading a group of millionaires and billionaires we want to fork over more money n the case of the disney heiress take a look. >> bottom line wealthy need to pay their fair share. too long they got away with it scott free. they need to stop whining. they need to recognize taxes are not a theft from them, they're an obligation. they're a responsibility. it is time wealthy folks pay up. neil: i'm intrigued by the fair share thing, top 28% tax rate,
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that finally rich paying fair share, eventually went up to 39, now 37%, paying a fair share, surcharge, medicare, brings it up to 44%, state taxes bring it up over 50% that was a fair share. the fact 1% are paying half the taxes in this country. that was a fair share. that is confusing target. own this tax day we get into it. we have the little debt crisis we have to get through. scott perry of pennsylvania, freedom caucus chair, many other influential committees as well. congressman, this argument how to fix this by raising taxes that might be a possible answer but i never hear much about the spending addressed. your thoughts? >> well, thank you, neil for that. and, no, it is not a possible answer when the revenue coming in is at record level, five
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trillion, we never hit that point before. it is not, it is not a revenue problem. it is not a taxation problem. it is once again as always a spending problem. somebody has to be willing to address and somebody has to be willing to say so-and-so for those of us who didn't, didn't participate in getting us to the place where we might be bankrupting our country, look we have to acknowledge that our friends on the other side and some on our side of the aisle in december passed this $1.7 trillion omnibus. 2 1/2 weeks later the treasury secretary said we reached the debt limit, you maxed out the credit card. we didn't create the problem this is our family. we have to deal with it and we have to govern. folks like me we never voted for debt ceiling increase, we went to the leadership said look, we're willing to help solve the problem by not just continuing to doing the same thing adding a higher debt limit.
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we want to rein in the spending t begins with taking money you currently have unspent on things that you a, don't need, b, can't afford and c the public doesn't want and sending that towards the debt that we have so the limit isn't as high, you bring it down by this unspent covid money this so-called wealth transfer from people that took out student loans that don't want to pay for them. they want somebody that doesn't have college to pay for their loan. you claw that money back. you put it in. you do not pay for expanded irs to come to our homes and knock on our doors and browbeat us. so we can save a lot of money there. that is number un. number two -- neil: congressman, you've been very consistent yourself on this debt ceiling. you've never been a fan how it's gone about, some of the things that are getting criticized now but the fact of the matter is, you know, your party as well, during the early years of the trump administration spent like crazy. of course covid hit. really spent like crazy.
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this piling of debt has happened under both parties. your reluctance not withstanding, i'm wondering how to resolve this because the reality is that kevin mccarthy is linking it to maybe at your behest and others who are forcing the issue saying it will be different this time. we're not increasing that ceiling until we get some credible cuts? the white house is saying we're not going that way. is the example what we had in 2011 where there was an agreement after the ceiling was raised to look at some of these budgetary issues or do you not trust that process? >> no, we don't trust that, particularly for that reason. why we're demanding the cuts up front in this year. that is how we know it's real. so that is why i talk about the unspent covid money, new irs, the cost of that. this new inflation reduction act, where 277 billion in green
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new deal tax incentives are touted as 1 1/2 trillion dollars. we need to claw that back, not spend money, put it toward the debt, lower the ask for the debt ceiling. take care of the debt ceiling, get an appropriations process in place where we spend less money f we kept president obama's last budget took us into 2024 we would be balanced right now. it's spending problem. it is not a revenue problem. the other side of the equation, neil, it growing the economy. why we want to open up our energy sector in america instead of having it under assault in the biden administration. we want to enact the rains act to close in some of these regulatory agencies that foisted all the stuff on us that cost the american consumer untold amounts of money. none of it is needed. none is necessary, and none of it is affordable. neil: real quickly if kevin mccarthy doesn't do that, is he out? >> well look, i think he wants
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to do it. we got to get the rest of the conference there we have to get to 218. we have a small margin. we need to put a marker down very strong. i think the speaker is willing to do that. neil: but the president is not, the president is not doing linking you're doing, congressman, i don't mean to belabor the point that means almost inevitably we don't get this done, we have default, do you see that happening? >> what that probably means we don't get everything we want but neither does the president. neil: okay. >> you know as i do in business the position i will not negotiate is untenable. the president is trying to ride that out as long as he cans. once this hit as crisis point, especially once the house passed something he is not going to stand on that anymore. weville to come to the table. we all know it. neil: congressman, great seeing you again. >> great to see you. neil: lynchpin in this discussions. a very influential figure when it comes to the speaker of the house enforcing these views. meantime if you were booked on a
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southwest airlines flight today, you had a devil of a time getting out from anywhere, returning from anywhere. that is beginning to ease right now. man, oh, man, it led to a cascade of problems. connell mcshane, what happened. >> reporter: issues with the website, issues with the mobile app. we heard this before. southwest told us about the issues they were intermittent. certainly serious enough to go to the faa, to go to the f-faa pause all departures exactly what happened this morning. to your point things are easing up because the issues have been resolved. in from southwest this is a statement that the company put out, they're resuming operations t was a firewall issue. here it is. earlier vendor supplied firewall, careful to say vendor not internal system, vendor supplied firewall went down. connection to operational data unexpectedly was lost. as for the faa's role in all of this, they have been communicating with us for the most part through twitter. talked about how southwest had a
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technical issue. at airline's request there was a pause. pause was lifted, service was resumed. that time stamp was 11: a.m. eastern time. when you resume service you have issues. we're liking at data flightaware map here. cancellations at 79. delays at 2900. percentagewise last time i checked on southwest, 40 plus percent of their flights delayed at least for delay. it takes time to catch up even when you correct things. the stock reacts to the news. it did react today, bouncing back now with a 48-cent decline which is 1 1/2%. initially when the news came out, 1030 or so this morning, we saw a big drop in luv, southwest airlines stock. this is not the first time for southwest a number of airlines, airports had issues in recent months. southwest in december itself had to cancel 16,000 flights right in the middle of the busy
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holiday season. travelers were stranded. two million travelers were stranded then. now we keep eye on the airports. this is lambert international, st. louis. southwest planes not quite on the move yet. some will resume their activity, starting to take off after the delays this morning. now you're in catchup mode, neil, you have dehayes, even only for a short amount of time. now the airports, all other flights are taking off. southwest planes have to take their turn on many tarmacs on the country. that is where we are exyou wait, wait. thank you for that connell mcshane following all of that. remember criticism ron desantis why aren't you responding to attacks ads by donald trump even though he is not formally announced as a presidential candidate? ads are being spent, the difference, ron desantis said, they don't get personal, they're about business. he is taking his business to capitol hill today. what is that all about?
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♪. >> look at the whole special district, walt disney
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corporation obviously own as lot of it but the district owns other land. what should we dough with this land? people have said, maybe, maybe have another, make create a state park, try to do more amusement parks. someone even said like maybe you need another state prison. who knows. neil: all right. this sound from governor ron desantis trying to counter reports that disney got the better of them, in that reedy creek deal about controlling disney's land. he says he is coming back to address that aggressively. it could be said that he is doing the same with advertising, at least on his behalf for a possible presidential run through a number of political action committees turned the attention back on donald trump and hit him pretty hard, not with personal insults but over what they say are substantive issues, very, very different and all of this, with the backdrop of the candidate appearing on capitol hill later today to meet with gop bigwigs. mark meredith, speaking of bigwigs, following it all in
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washington. mash, what is going on. >> reporter: far from it, neil. good morning to you. if florida governor ron desantis runs for president he will need surrogates out on the field. he is meeting with people that could help him what could be a bitter primary battle. political action groups supporting him are already at work. the group, never back down, launched this ad nationally this week, in an effort to raise the governor's profile on the national stage. today desantis is expected to sit down with a handful of gop lawmakers including senator mike lee of utah to shore up support. house members endorsed him before a campaign bid, others say they are ready to listen. >> today is just an opportunity to hear the great success story that governor desantis had in florida. for my colleagues to get reacquainted with him today. looking forward to having that conversation. >> reporter: former president trump who launched his 2024 bid
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last year, dominating in polls and congressional endorsements. monday, senator marsha blackburn threw her support behind trump. the move is quite telling. >> they don't make moves that are not in their interest at least in a general way. so the fact that many of them seem to be moving over to trump is really a warning sign for desantis and all of the other republican candidates. >> reporter: governor desantis will only be in d.c. a brief time today. tomorrow he is down to another early primary state. he will speak in south carolina. trump women hit the road, making stops in new hampshire next week. neil back to you, the ultimate bigwig at fox. neil: if all of that were true. mark meredith following that. so good what he does. phil wegmann, real good at what he does, "realclearpolitics" correspondent. phil, impression i get last few days that governor desantis is finding his moxie here, getting more aggressive in advertising,
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certainly through political action committees, taking a different tone than donald trump without the personal stuff, citing inconsistencies of former president on some of these issues, like social security, whether he would cut it or not, how do you think all of that is going? you. >> said it a little while ago, neil, when you pointed out desantis is making arguments about substance, policy, not personal attack. what the governor is trying to figure out currently how do you critique donald trump from the right? we know all of the argument why trump should not be elected from the left. we've been hearing those more than half a decade at this report but what republican challengers will have to figure out how to do in a primary is attack the former president but don't do it in such a way where the former president's supporters take it personally. we do know that there is a solid 25, 30% of the republican primary electorate that identifies in a very visceral, very personal terms with the
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former president. if anything is close to a personal attack, well they take it personally. neil: yeah. you know, personal attacks are always in the eye of the beholder, if you're criticized as personal attack the recipient is generally not happy with that. the thrust of a lot of desantis' ads on his behalf at least there are inconsists in this guy. he is talking about me and my inconsists let me put this out. without getting into slovenly thing or pudding commercial like the president has that is a democrat line to walk. the landscape is littered with candidates who tried to attack trump on that level, failed miserably. how do you think this is coming on? >> it is almost an impossible task because in some ways it is very unfair. you have donald trump and his surrogates can make personal attacks. the pudding fingers ad was drawn directly from "the daily beast,"
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an outlet on the left that donald trump and company purportedly hate say is fake news. they can be personal. they can mix personal attacks with policy, for instance the former president said ron desantis was wheel chair off the cliff guy. before he declares, potentially declares in may, when florida legislature wraps its business, we'll see policy attacks. nothing too much too early. i don't think desantis is ready to take too big after swing until he has his feet planted and is a candidate. neil: i wonder are the endorsements important at this stage, any stage? when it is this early in the race, noticing a number of republicans getting off the fence, in this case increasingly supporting donald trump. what are we to make of that? technically desan sis it knot formally out of the gate, should we worry about that or not?
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>> we'll see if the endorsements, incumbents have their own political machinery they can lend to a candidate. when senator marsha blackburn supports the former president that is nothing too look away from. that is significant. my takeaway from that is as we see more and more rank-and-file republicans in the house and the senate support donald trump it is more difficult to walk away got conclusion that he is the establishment. a lot of the party apparatus is set up to support him like it was in the last prior two elections. so very much is the establishment candidate. what i'm paying attention to, what i've got my ear on the ground currently, not so of what will desantis say to the lawmakers, instead who are lawmakers who show up on capitol hill to lock arms with him? we already know that representative chip roy will be there. representative thomas massie, senator mike lee. it will be really difficult for donald trump to argue that desantis is paul ryan acolyte or
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a rino if those are the guys he is breaking bread with. neil: phil wegmann. thank you very much. >> reporter: a pleasure. neil: i don't know if you listen to dave ramsey, his following on debt and how to get out of it, when the calls come in, he is mr. tough love. one call in particular got our attention. that call, the man who was in on it to make sure the couple who was hearing it, heard him, after this. ♪.
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loans and 35,000 car loans. >> okay. how old are you? >> i'm 29. >> okay. so what in the world? >> [laughter]. so, yeah. i mean -- >> are you both on this or is this one of you completely lost your mind? you're going to not care what anyone thinks including each other because you're not going to spend any money on anything ever for the next three years. neil: this is what i love about dave ramsey. he tells it like it is. he tells people to their face or their ears, radio, what it is. you got to get out of this debt. you know, they're shocked, jolted many cases they don't know what happened to them. because he isn't your friendly radio host, trying to help them out, get them out after pickle in this case hundred of thousands of dollars in debt. dave ramsey, ramsey solutions
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founder, national best-selling author, again and again. neil: good to see you. >> thank you, my friend, that was tough love i see you practice again and again. how did that call end? is the couple committed to doing what you said to do? >> in her case, she was, watch the entire clip, it is about three minutes or something. she was just down. that is one of the reasons i was nice to here. i was clear but not jumping on her case. neil: that was version of you being nice? >> well, listen, to tell lies in a situationg is okay is not -- neil: absolutely right. >> that is not helpful. i love her. i want her to win but she was ready. she was scared, down under all of the sophisticated rhetoric she was scared. so by the end of the call, i think she was committed.
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we'll know, we'll never know if her husband jumped on board and they decide towed sacrifice. they had a large shovel, a good income. they were completely out of control t was time to rein everything in. it is not fun in that situation. it is a lot of stress. neil: despite your efforts to try to get this under control in our country, the fact of the matter is americans are once again piling up the debt. in the aggregate, it is a trillion dollars more than it was around the time of covid. i'm wondering between that, you know, this debt ceiling quagmire playing out on capitol hill, we're knee deep in the red stuff here. what do you see going on? >> well, it is a perfect storm. we don't have a long-term mentality anymore. our emotional maturity has caused us to be distracted to no end. we have the attention span in this country after gnat.
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we can't look out five years, can't look out five years at all, much less even five minutes without being distracted, hitting the scan button, doom scrolling or something on our phones. to win financially you have to back up to have a vision for the long term. when you don't, you borrow yourself into a oblivion. that is what americans are doing. again. you know, car debt is at an all-time high. credit card debt at all-time high. looks like my career will be intact as long as i want to be helping people get out of this mess. they continue to make messes like crazy. this lack of emotional maturity, children do what feel good, adults devise a plan, follow it, combined with the most marketed to society in the history of human race. we're sold, sold. we act like children in adult bodies and buy, buy, buy, think there is no end to it. there is an end to it as the young couple discovered on the
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show, they were really hurting. neil: i know you abhor credit cards, people that use them. it is dangerous. you like the concept of using cashing, at least people can see how much they're spending but, like i have always told you, dave, i picture you walking into a restaurant with a bag of money, like tony soprano thing. you're scaring people. what is your advice to people, they have the money but it is not in bags, paper bags going into an italian restaurant? you notice i said italian restaurant. i want your thoughts. >> i think you ought to go with neil and let him buy. you don't have to deal with it. neil: he is a nice guy. >> that is true, my strategy all along. neil: we compete with what everyone else has, right? one thing i realized studying you, doing, building helping people to achieve, we're all keeping up with the joins but we're all the jones aren't we?
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>> we used to look out the street look at jones, now we see them in our pocket and phone. that is fake life. they rub your nose with that you want to keep up with that. all of sudden you have a mess on your hands. but in terms of paying for something in a restaurant, we use a debit card. neil: no you advance. i didn't think you like any type of plastic, but healthy plastic. but you do, right? >> i use debit cards everywhere. neil: finally, i want to get your thoughts what is going on in washington right now. unlike us there are limits that we have, for example, on our credit lines. washington is all about increasing that credit line, right? we've done sew, dozens of times over some years. i don't know timing of this but we'll do it gent. how do you feel about that?
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it is distressing but again money problems in our personal lives or in washington are not really the problem, they're the symptom of something else that is going on in our lives. in the case of washington the spending and the debt ceiling being continually raised, trillions upon trillions, upon trillions of debt just continuing to pile in there, it is not really the debt is a problem. it is an indication washington truly thinks they can buy our love. they truly think they can't say no to anyone in the public. they don't have any backbone to do the statesman like thing and stop this ridiculous spending, or at least rein it in. none of them seem to have the political backbone or character, instead they continue to pie buy our votes like good he will politicians do. neil: they keep feeding the beast, and it is beastly. always great to see you. >> you too. neil: very cheap, big heart, he
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has done very well espousing sticking to that. maybe we should learn doing the same. you heard what elon musk say about the dangers of a.i. michio kaku, theoretical physicist, he wants to go further than what elon musk is talking about, maybe regulating ahead of the game, after this. ♪. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.
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dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones >> i think we should be cautious with a.i. and we should, i think, there should be some government oversight because it affects, it's danger to the public. i have actually for a long time been a strong advocate of a.i. regulation. neil: all right, on this maybe elon musk and my next guest dr. michio kaku are on the same page. some regulation is in order
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before it comes storming out of the gate, that is artificial intelligence. the theoretical physicist joins us. he has a new book coming out soon, quantum supremacy. he turns out the best-sellers one after the other. always enjoy talking to you. doctor, good to see you. >> glad to be on the show, neil. neil: let me ask you a little bit, what you, by extension you and elon musk are saying. a.i. is great potential but we ought to set up parameters first? what would that be? >> well you know all technology is a double-edged sword. one side can cut against disease and poverty, the other side could cut against people. that's why there has to be some form of regulation or at least a fact checker. when i write a book the editor fact checks a book to make sure mistakes don't creep in. we need a minimum fact checker for the internet. as we say in the business
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garbage in, garbage out. what does a chatbot do? cobbles together many articles, hoe imagine eyes it puts out a product which look like something a human would write. if a teenager writes about the fact robots will take over the world, that may be incorporated into your article. that is why garbage seeps into the internet so easily. neil: what makes it so scary to your point is, it seems so realistic. i think it puts tremendous pressure on my industry, the new industry, you have to check, double, triple check what you're getting, down to photographs, stories, that quote other stories, it seems so darn real. when you get to regulations to address that, you hear a lot of free speechers saying that is censoring material. how do you answer that? >> well you know, the supreme court has ruled that there are
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limits to free speech. you're not allowed to yell fire in the middle of a crowded theater. neil: right. >> that is why i think that short regulation we need a fact checker. computers today are not powerful enough to do this. that is why the next generation of computers, quantum computers i write about in my book, quantum supremacy, may be powerful enough. you push a button and immediately get fact checked for all the articles you download from the internet. so teenage boys making up all sorts of crazy scenarios can't dominate the finished product because a fact checker will catch it in time. short of regulation i think we need a fact checker. probably a quantum computer that will go over the material to make sure falsehoods don't creep in. neil: yeah it could get way ahead of us. all of sudden it is hal, open the pod bay door like 2001.
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thank you my friend you don't need it, quantum supremacy combing out in the near future. taylor riggs combing out in the near future with the big money show. taylor: neil, we will have vivek ramaswamy up, you know him 2024 gop presidential candidate. talk about a.i. you were mentioning. if he is in office what is his ideal economic foreign policy relationship with china look like. those are issues we dig in with him coming up at 1:00 p.m. first, more "coast to coast" coming up next. ♪. there are some things that go better... together. burger and fries... soup and salad. like your workplace benefits and retirement savings. with voya, considering all your financial choices together can help you make smarter decisions. voya. well planned. well invested. well protected. what if there was a community of like minded people ready to support you when you need it most?
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noses for quite some time. this might be the start of rounding folks like this but what is going on? >> it is stunning but it is part of a big, what china calls united front operation. that is their political warfare apparatus which is a big part of what they do, a big part of communism. if you go back to the soviet union, international communism before the war, later morphed into the kgb, called active measures. the idea you're not just confronting enemies with economic warfare,political wear fair, silencing dizzy dissident, large number of chinese nationals students in the nights, that they're not getting wrong ideas in the universities, meant to acquire technical skills being take them back to china, use the chinese diaspora if possible to the purposes of the chinese communist party. neil: you know, there is increasing friction between our
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two countries, that is a vast understatement, christian, but i'm wondering if we're prepared or politicians are even trying to prepare us ramification of china or maybe fully justifying what that country has been up to? we still buy a lot of stuff from client. they still buy a lot of stuff focus and a lot of manufacturing of those goods goes on in china, sold to the world. do you think our politicians are doing an adequate enough job preparing us for that tough response? that it is going to mean costly goods or maybe goods you can't find period? >> representative mike gallagher who runs the china committee as it is called in the house he is the one that drew attention to an illegal chinese police station that had been shut down in new york. that was run by actual chinese dip hoe mats working fon the ministry of state security.
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these other ones being target the are run by people not chinese diplomats or official cover people. you're starting to have congress draw attention but what we look is presidential leadership. not just this administration. donald trump want ad better deal from china but didn't prepare us for a significant military buildup or the economic consequences of what his trade representative, bob lighthizer called strategic delinkage. the idea we say, listen, there will be a period of transition. don't mean we go to zero trade with china, starting with things like pharmaceutical ingredients and consumer goods that were avoided intentionally by the trump administration because they didn't want tariffs to smack people in the face with higher prices, that we're going to have potentially inflation from this as manufacturerring moves. the government has not prepared the public. neil: i'm wondering too where all of this goes? one thing that has come through these leaks is that you know, china was much more engaged in relations and securing relations
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supposedly with our friends. obviously we can talk about what is going on with the united arab emirates and egypt cozying up to china as well and happened in hand a lot of thinks bear watching? >> this seem to be on a diplomatic streak. china for a long time wanted its rise to be masked, not aggressive, in your face about it. they abstained freakily at u.n. security council from very significant actions. now you have the world where they broker ad peace deal. it is not really a peace deal but diplomatic engagement between saudi arabia and iran, iran by the way committed to the destruction of the house of saud and further tip steps of a peace deal between ukraine and rush that. nothing is similar to what the united states does, we bring something to the table, not just to our immediate advantage the way we brought things to the
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table to create peace between israel and egypt after they had been at war but certainly people are taking advantage of the absence and weakness of this administration, of the united states on the world stage. neil: real quickly this alternative currency they're working on, what do you think of that? >> it's dangerous because especially with the 30 trillion in debt. our ability to print money and not have it have an immediate consequence of inflation is because we have the reserve currency. so anything that diminishes that puts us at huge risk of a government crisis. neil: got it, christian, always enjoy talking to you. thank you. christian whiton, former state department official. we'll be following that. the dow down about 31 points. so we have whacked our losses severely here. so we'll see whether that can continue into the next hour. more after this. ♪.
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