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tv   Varney Company  FOX Business  May 18, 2023 10:00am-11:00am EDT

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and i remember kind of thinking like, "oh my gosh, i think we could be sisters." because i think we looked... yes. right. yeah. and i don't think at that time- i think you're the one to tell me that we had the same birthday. yes. it's really unbelievable when you think about it, because it's been, like, really over 20 years that you were my mother and father's banker, you became my banker and now fran is in her third year of college and you're her banker. it's so unbelievable because i'm just 20 years old. [laughing]
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♪ we can work it out ♪ we can work it out ♪ life is very short and there is no time ♪ stuart: no time for fussing, classic from the beatles. we should take that to heart. it is 10:00 eastern. straight to the money. big gain yesterday. modest loss for the dow, down 100. the nasdaq up again, 12,543. the yield on the 10 year treasury is coming up to 363. as for bitcoin not much change, 27,000 and change. the latest read on existing home sales. heads up, realtors. what's the number? lauren: sales fell more than expected, falling for the second month in a row down 3.34% to seasonally adjusted
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annual rate of 4.28 million. 2.9 months on the market for just for price the median price of a preowned home $388,800. that actually rose in april from the month of march. the moral of this story. it is very hard to purchase a home because there's not many of them and they cost a lot of money because not many want to trade their 3% mortgage rate for a 5% rate. that's why new-home sales, housing starts rose 2. 2%. stuart: what struck me as your only selling at an annual rate of 41/4 million existing homes a year. i remember back in the boom, 2,007-2,006 looking at 6 or six. 5 million sold every year, now you are 41/4. all good stuff.
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any reaction on the markets? not really, dow still down 100 points and home-improvement stocks a mixed picture right there. last home sales, that's the markets. since biden opened the border, estimated 5 million illegals of come to our country. they are here. they are not going back. they should go to work. i understand that is not a popular opinion but it is reality. nobody can contest that they are here even if you don't watch fox you are aware of this disaster nobody will tell me we are going to deport millions of people, get real. they are staying. what do you do with them? they are living in hotels, shelters, tent cities or the streets, it's costing us billions. we cannot go on like this. we are running out of space and running out of money and patience. what are we going to do? that from work. that will encourage more to
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come. that is the ongoing problem for biden. if they don't work are we going to feed, cloak, house, educated medicate millions of people with no end insight? of course not. if you can't deport them what is the choice? blame biden for this, he opened the door, refuses to shut it, the whole country saw this coming and he did nothing. there's another side to this. america is a very generous place, trust me on this which i am an immigrant and i have felt the warm embrace of this great country. we can embrace some of these because we have a heart and we, generous americans are confronted by reality. they are here. they are not going back, they are staying. second hour of varney just getting started.
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let's see if todd pyro is going to agree with me on my contentious editorial just delivered to you. they are here, they are staying go, we should let them work, what say you? >> you're "my take" was partially wrong and partially right. first to the wrong, you set are we going to just take care of these people if they sit here and do nothing, the answer is yes. you said of course not. i fear there will be enough people who knew how to take advantage of the system to get here, they know the rules of the country and they will find a way to inculcate themselves in our system to take advantage of the system for a free ride and that falls on you, the american taxpayer. i think there are a subset of migrants that will go to work, will get the system and work come of the problem is they won't be paying taxes because that work is going to be under the table. it's a bad situation and i don't think the american people will see the benefit.
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stuart: i drove to work at 3:thirty. i saw a woman with a young child trying to get into a subway station. i presume they were it illegals. my heart went out to them. does yours? >> one hundred%. you see those children, what did those children do to deserve the life that has been wrought upon them. they have done nothing. that said, it is a lot more than women and children and you and i both know that. that's where the concern comes in. stuart: you better stay there. msnbc host joe scarborough released details about his personal conversations with president biden. what he saying? lauren: the president is a morning joe viewer. is an avid one. sometimes -- stuart: can't resist. lauren: he does or member something, the phone number for joe scarborough. watch. >> i have said a few things
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about him on my show, a number of op-eds. he will wake me up when i'm asleep at 8:30 at night. and i will go hello? yes, sir? and about an hour later he will aggressively and very effectively give me point by point by point about how my op-ed was thought. lauren: joe scarborough sees no cognitive decline in the president of the united states. stuart: what are you going to say about this? >> the question is do you have a problem with him calling somebody in the media. that happens all the time. i have a problem with the comment that he is a-ok and knocking out of the park. if you are that fine, call the fox and francine. our number is 8675 and 539. >> i had a problem is something. at 4:30 in the morning on a morning schedule. >> do you know what time we
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wake up for our shows? we are tired. both joes, how do you do this? how do you play this game? stuart: how can you get up at 4:30 for a show that starts -- when does it start? he gets up at 4:30. >> i get up before midnight for my show. >> he can do a lot of prep the night before. stuart: this is -- wait a minute. the gentleman sitting on set with us happens to have a british accent is astonished. >> a lot of yelling. stuart: octavio, financial kind of guy. >> he wakes up at 3:00. >> i'm on london time. stuart: exactly. we are americans. we have a heart. you are a financial professional. what's the fed going to do next? >> sit and wait for a while in the hopes inflation goes down and then cut interest rates again to boost the markets.
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i think that is mindless optimism. i don't think the fed will be able to do that. the core inflation is 5. 5%. the core inflation hasn't changed for your, still at the same level as over a year ago and hasn't come down. i think the fed's hands will be forced, they will have to resume increasing interest rates. stuart: that is very negative for the market very negative forecast. >> and for bank stocks that come undersell much pressure stuart: i was going to ask if the regional bank crisis is over because regional bank stocks generally stabilizing and going up but you think we are in for another round of trouble later? >> the basic problem has not gone away. they had a massive inflow, they invested in us securities and treasuries and mortgage-backed securities and loans, the value has gone down, there's a hole in the balance sheet and that would be addressed by the fed dropping interest rates which i
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don't think they are going to do. stuart: this is full of good stuff. steve cohen, very wealthy guy is bullish on the markets because of artificial intelligence. does ai counter some of your arguments about where the markets go? >> hb negative on another point. you see waves of enthusiasm for ai. i worked in the space as a research assistant at mit, worked on the topic of ai 30 years ago. i'm very familiar, waves of enthusiasm, seems to return every 5 to 10 years, there's a burst of it and people get excited and say everything's going to change and then you start to get more realistic about it and it helps a bit in certain areas for certain problems but not everything. it's not going to revolutionize the world. stuart: that is what we are constantly told. >> when they invented the pocket calculator, those who did addition and subtraction were out of work.
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they were still doing addition and subtraction, they just did it on pocket calculators which i see ai the same way. it will help in certain areas but not going to change everything the weight is promoted. stuart: thank you for being here. sorry you had to sit by with an american rent in full swing over here but i think you enjoyed it. >> i enjoyed it and thank you so much. i think we should to the rest of the show european-style. i'm going to talk in an accent and be a lot more genteel. stuart: careful. you are looking at some movers. netflix. lauren: they are up in a nice way, 4%. they have for 6 months the $7 month add tear and they have 5 million monthly users. wise this a big deal? because everybody wants to deal and this is a new revenue stream for netflix because advertisers are saying that the audience i want my ad in front of. stuart: bath and body works. i was going confused with bed, bath, and beyond.
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lauren: not going out of business and they sell candles, perfume. my daughter's favorite. i can tell you everything about it. this is why we are doing the stock. the consumers paying higher prices. they have discounts but i go in in $20 for a lotion, it is expensive. the theme i have been talking about her earnings season is margins are improving, freight is going down, things are starting to cost less for retailers and bath and body works came out and on the call management said we are improving our margins and expect them to expand by hundred basis points and the second half of the year. we when you have pricing power you are in. next case is target. they lost $500 million worth of profit from theft. why are they down this morning? >> walmart owns the grocery space and that is what people are spinning their money on. walmart said that out of every $4 spent by americans on groceries they get one dollar
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of that. target has to compete with that. they just announced they were going to let parents return the clothing they purchase at target the year later even if it is worn. you see? they want your business, they want to get a favorable return policy that brings people into the store. it smells a little desperate but it could work. it's working for todd. you see him looking at me. >> texting my wife now. stuart: let's get back to politics. florida governor desantis invited to stop donors to meet him in miami and now reuters says he's going to announce his presidential bid next week. we have some detail on that. more than 7,000 rvs popped up on the streets of los angeles during the pandemic. now county officials are finally starting to clear them out. they are homeless encampments. it's not that easy. jeff paul will tell us how
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difficult it is. 210,000 migrants illegally crossed the southern border. carlos jimenez is on the border crisis next. remier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality! the ink business premier card from chase for business. make more of what's yours. >> woman: why did we choose safelite? >> vo: for us, driving around is the only way we can get our baby to sleep, so when our windshield cracked, we needed it fixed right. we went to safelite.com. there's no one else we'd trust.
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slightly doesn't mean everything is okay. you got to compare it to what was happening before the biden administration took over. the numbers are still much higher than they were during the trump administration so things are not under control at the southern border. stuart: any idea what we can expect, the mayor of new york city saying we are full of this, no more room, 40% of the hotels in the city are occupied by migrants, where are we going if more keep coming in? >> great question. some communities do a better job than other communities. a lot of migrants heading to miami and family members being absorbed in the community. in new york that is not the case, chicago, not the case so each community will have to figure it out for themselves because the federal government isn't doing a good job helping them. stuart: i made myself unpopular with an editorial 20 minutes ago.
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i said they are here, they are staying and they are going to have to work. should we put them to work? >> if you don't put them to work, what are they going to do? i agree with you, they should work. there are job openings in the united states and so the best way, if they are here, to be productive, is to work so i agree with you on that, to expel them, they are here, there hearings are not for years in the future and and they need to secure the border. the biden administration is not up to the task or they want the border situation to be what it is today. stuart: i think you are right. the governor of florida, ron desantis is inviting his top donors to meet in miami next weekend reuters says he's going to announce his presidential
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race. i believe you are a trump guy. what do you say about desantis? >> i like the governor, think he's doing at amanda's job in the state of florida. it is a democracy, this is america. everybody who wants to run can. governor has a lot of support in different parts of the country and the state so more power to him, but i'm with donald trump. i think he gives us the best chance to win and has my support but that's not to say, this is not an anti-desantis statement. 's approach trump statement. stuart: and observation of national police week, house republicans rolled out a series of bills that would bolster support for law enforcement. you are a former police officer but two democrats voted no on this police bill. >> i am a former firefighter but i was the sheriff of
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miami-dade county in my capacity as mayor. what do i say to them, shows you everything, that vote tells you everything you want to know about those two individuals, they are completely anti-police, want to defund the police and they carry a lot of weight in the democrat party. only two of them had the courage to vote that way but i know that inside the democrat party apparatus the thought of some of those of my colleagues on that side, i think more said we don't like the police but we are not going to vote that way. stuart: we always appreciate you being on the show and thanks for coming on today. democrat from florida, democrat from florida rails against governor desantis's immigration bill. who was the democrat and what is this person saying? >> debbie wasserman schultz, she is saying she's worried about the immigration builder santos just signed that takes effect july 1st, she says it's
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going to devastate florida's economy which is reliant on migrant labor. >> going to devastate our economy. tourism, construction, agriculture, you're going to have vegetables rotting in the fields, you're going to have construction sites that will lie dormant, or certainly will struggle to get workers to be able to help make sure they can make progress. lauren: a lot of people just moved into the state of florida. don't know if they are going to struggle to find workers but she has slammed this legislation, she says it creates a culture of fear for immigrants in that state. you know what the bill is, for employers to verify the status of their employees, kernel penalties if you transport an illegal immigrant, etc. . >> this notion the democrats are putting forward is part of a concerted effort. not just debbie wasserman schultz, pay attention, this is their way of justifying
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president biden's policies on the border, the latest attempt. stuart: she sounds like she agrees with me, put them to work. >> in the context of that, she's doing it in a different context, basically threatening the american people with their food supply and she knows she's off base and this is what democrats do. stuart: she doesn't know she's off base. it's a narrative. >> they are trying to justify why president biden has let in millions of people. not saying these people aren't going to work going back to what you said in your initial analysis, threatening the american people with their food supply is wrong. >> saying they can only work in certain industries is condescending to a lot of immigrants who came here the legal way. stuart: moving on. now this. goober is going to let teens as young as 13 right alone if they've got their parents permission. more on uber coming up in a moment.
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existing home sales are in a lovely 4. 2 million homes sold on an annual basis, foreign a quarter million. does that mean the housing market is cooling? mitch rochelle on the state of housing next. ♪ ♪
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that could save you up to 40% on your healthcare costs. learn more today at your chm dot org about healthcare that puts you in control. stuart: one hour into a trading session on thursday morning. dow industrials down 10 points. look at the nasdaq. up 100 points, 3 quarters of 1%. lauren: it has been all week. stuart: we feel for you. >> look at me. i am out of the fray. stuart: up 3%. the story. lauren: their price target is 282, earnings at the end of june at fedex is starting to benefit from their restructuring and cost saving.
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with one the lingo. lauren: learning a new language, translation. 62% increase in annual daily active users. the stock is up 5%. stuart: watch i learn a foreign like which when i speaking was very well? lauren: i said that in every country. everybody speaks english, i do not need to learn another language and i think it is terrible but it is the truth. it is the truth. stuart: just upset the apple cart a little. where are we? lauren: all over the place, they are down 10%. the good news for them as china bounced back, 65% increase in their asia-pacific region and plan to double the number of retail stores worldwide in the next five years, numbers overall good. investors found something they don't like. blue one excellent flowing report. lauren: i guarantee you won't
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hear one when others are on. blue one we have 90 minutes left in the show. walmart please, show that to me, we got them up 2%. they reported earnings earlier this morning, lydia has the story for us. did inflation weary shoppers flock to low-priced walmart? >> they did. that's exactly what happened and it is proving to be good news for walmart. the discount retailer reported double beat on earnings and revenue, it raised for your guidance for the rest of the year so that is great for investors but walmart strategy has been to keep food prices low and that seems to be working. it is reporting people are flocking to them for their grocery purchases. walmart said wealthier households are buying more from them, consumers are trading down to smaller sizes and walmart store brands, sales were up 7% in the quarter but
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shoppers are pulling back on discretionary spending, saving big-ticket purchases, big appliances or electronics, saving those for when they go on the sale, this is a similar theme we heard from target and home depot earlier in the week, we also heard target talking about organized retail theft being a huge challenge for the retail and walmart is echoing that this money, they said inventory shrink which is when inventory goes missing and hasn't been sold, a huge problem for them, something they are grappling with and we are seeing that theme as they are also closing more than 20 stores across the country. while walmart is reporting a positive report for this quarter we know the consumer is pulling back, we are taking a look at how this is impacting the american household on "the big money show". i hope you are going to watch. we are talking about how
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consumers are spending and when they are spending. a lot of it is on credit cards. hope you will watch. be when i will be glued, guarantee, thanks very much. there is one -- existing home sales, only 4. 28 million on an annual basis, that's a very low number. mitch rochelle joins me now. 4. 28 houses sold on an annual basis, that alone number. what do you make of it? what does that tell you about the market? >> there's nothing to purchase, you are not going to have the record 6 billion plus homes being sold on an annual basis when there's nothing on the market. literally if you look at the details of the release today, 70% of the homes that were sold last month were sold in less than 22 days, on the market. we are back, the headline number doesn't reflect it but
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back where we were with bidding wars and people waving contingencies. if you want to start her home, there are so many people chasing the one home and this is largely in the suburbs, people want to get out of cities and move to the suburbs and so they are chasing the starter home. b1 people who live in homes already in the suburbs are unwilling to sell and move because maybe they've got a 3% mortgage and if they move, it is 6.5%. >> the same phenomenon when they were in their home and have relatively low basis in their home and if they want to trade up, they have a premium for the next house. the people who are selling their homes don't have 3% mortgages. they owned them up right and they are stuck with the same issue, and close to 100,000.
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they sell their home today. stuart: the losers are host time that is first-time homebuyers. >> the housing market, back to being baristas again. stuart: you are cool. we will see you soon. competition for homes is heating up between two generations. are we talking about between baby boomers and millennials, is that it? >> typhoid mary coming in hot. stuart: get on with it. >> everybody wants to be in the suburbs are so you have boomers saying keep the big house so the family can come and visit and millennials saying we want to raise our family not in the city, we want space, suburbs too. they are fighting for a limited
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supply of homes. who is winning? the boomers because for the most part they are older, they make more money and have more home equity. that is who is winning. a lot of competition for a little bit of supply. builders are looking at this saying maybe it's time to get more inventory on the market because we are running out of existing inventory. stuart: todd is shaking his head. >> she is explaining the reason they are able to get the homes. i don't understand why they want the homes in the first place. my dream when i reached retirement age is to downsize to the smallest thing possible. if i'm living in connecticut why do i want more to snowplow? i spent $3000 on mulch this week. lauren: i tell you what. you have two daughters, they will marry two lovely gentlemen who will do it for you. >> no they do greg -- no they won't. will do it for me?
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stuart: that was good. thank you. >> could have refereed that one. la county in california has started clearing out 7000 rundown rvs from streetside encampments. jeff, california rules are making the cleanup challenging, right? they can't do this easily. >> reporter: doesn't matter how affluent the neighborhood is in the greater los angeles area. this is a common site, rvs part on the side of the road in some form of decay with no plans to move but getting these rvs to leave is more complicated than getting the people inside into a shelter. >> anybody home? >> they go door to door hoping someone who calls this home would willingly move out.
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>> they want their own place and things like that. life is getting so hard. >> ruiz is scared to leave the motorhome she's lived in the past couple years. despite being a shelter and potential employment she is undecided. >> it is not sustainable for the people who are out here, every day they are suffering addiction, mental health issues and it is causing stress on the communities involved. >> reporter: william kitchen says even when they do leave, finding a place for the rv could be more difficult. >> that is one of the biggest challenges, finding the space to toe these while we do the due process. >> there's not much incentive for tow trucks to respond, they take a precious room and the owners rarely pay to get them back. the cities throughout the los angeles area, some have passed
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overnight camping bands but in unincorporated communities where we are, they often fall through the cracks. the la county board of supervisors are working on a couple proposals, one of them being a designated lot. as they let the legal process play out. lauren: stuart: it will take a while. uber is looking to make it safer for teenagers traveling alone. >> the right hailing company will option cities allow-13 to 17-year-old to ride solo which they currently cannot do. there will be a number of safety features, parents can monitor on their own phones to see what's happening where they are, parents can call the driver. only certain drivers will be allowed to pick up minors. they have high ratings in a certain amount of experience. there are guardrails. stuart: it is good for the stock, going up 3. 7%. extra cost they play. lauren: they can order food.
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stuart: royal experts and the new york city mayor are questioning what was called out two our near catastrophic car chase involving prince harry and meghan markel. neil sean on the contradicting claims not to mention the ridicule next.
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you can't do that by yourself. voya. well planned. well invested. well protected. stuart: the supreme court has ruled in two cases, todd is with me, was it a victory for social media? >> it was and let me explain. we discussed section 230, and whether or not social media companies could be held liable under section 230. with regard to these cases that were argued and basically the
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way they did it, the anti-terrorism act. with regard to the go case, and section 230. the section 230, does not like this is going to get that decision so we get another year of decidable these companies be allowed to continue doing what they are doing through section 230 immunity. if this is an indication, it does look like that in perpetuity. social media companies are off the hook. stuart: interesting result indeed. downplaying prince harry and meghan markel's claims, they said they were involved in a, quote, near catastrophic car chase with the paparazzi that lasted two hours. >> i would find it hard to
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believe that there was out to our high-speed chase. i find it hard to believe the exact duration of it, a 10 minute chase is extremely dangerous in new york city. stuart: say there is skepticism. neil sean is a royal water-based in britain. how is this being taken in britain? >> let me clear this misinformation up. there's a story by a certain individual basically saying the british monarchy reached out to check the prince and meghan markle and that is not true. the king was across this story. i spoke to a good source this morning. it is difficult to get facts but the bottom line is his majesty says he knows the situation with his younger son. how is playing out here is laughable because the bottom line is what we are now being
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told is the new york police department would like to see any footage about harry and meghan or the mother took on their phone, that would be paramount. more importantly what was going on because all we have had is harry and meghan's narrative in a press release, very confusing and embarrassing because it is deflected from what it should be about which was the award ceremony. stuart: i have been saying on this show that harry has burned his boats. you agree with that? >> it is a terrible situation what happened with the coronation. that's the reason i was keen to let viewers know that the king does care about it despite the negative spin. he burned his boat, the bigger problem moving forward, on a lighter note, harry and meghan
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have given south park some new material. on the other side of it, unless they come out with concrete evidence, this will hang around for a long time and this is going to become the narrative of their career. doesn't matter how many big agencies you signed with, can't spin it forever, what happened last night or today just proves how desperate many people believe harry and meghan are to be on the front pages with their own narrative. stuart: the front page of the new york post, the duke and duchess of hazard. thanks for being with us. see you again soon. more schools are taking a stance against big tech companies. public school in maryland is the latest to sue social media giants for hiring mental health. lauren will break that down for us. if you download tiktok in the state of montana you could be hit with a fine.
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montana became the first state in the nation to ban tiktok for all residents. that story is next. ♪ ♪ ♪ the all-new chevy colorado is made for more. bring more. ♪ do more. ♪ see more. ♪ and be more. ♪ the all-new chevy colorado. made for more. ♪
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stuart: the governor of montana, gene forte, just band tiktok. chassis banded for everybody in the state? >> montana the first state to ban tiktok. governor greg gianforte giving them the option, violations carry a $10,000 penalty. tiktok putting out a statement reassuring montanans they can continue using tiktok on their devices. i bladder...for now. when democrats use the tiktok -- stuart: it is draconian in the. public schools in maryland the latest to sue big tech companies for the harm they've done to children's mental health.
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lauren: prince george county targeting children with suggestions designed to be addictive from the lawsuit. it is designed to meet their file to dopamine release in children's developing brains and in doing so create compulsive use of their apps. the school district site and increase of what we talk about, depression, anxiety, suicide. they want to hold companies accountable for the burden that put on the county's mental health services. when educator who taught in that district says parents should be part of this equation. >> mental health is a problem for adolescents but you have to set parameters. social media companies are designed to be profitable. >> reporter: school districts in maryland, california, pennsylvania, florida, kentucky, new jersey suing
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social media companies for contributing to the mental health crisis. congress looks for ways terrain in their power and intentionally repeal some laws that protected them like section 230. >> he would never let big pharma self regulate, never let tobacco self regulate, and we are making a mistake by allowing tech to self regulate and to be immune for culpability because of that. lauren: every tech company has these tools in place to help children to help parents. and a way to get on the sites. they cite their own research. these companies say we see kids are addicted, they are on these sites too long, that is why we designed this to tell them you might take a break. stuart: some of the opposition is based on how much profit big tech makes and the size of a
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big tech. a lot of people don't like big profitable companies. where am i going wrong? >> social media companies harming children? that's not an opinion, that's a factor. when we were growing up how many children committed suicide? do you know anybody who as a youth -- look at the numbers. lauren: it is a generational change. we are aware of it. parents engaging with tech companies. is lawsuits going to just solve the problem? stuart: thanks for being with us. pete hegseth will join us talking about cory bush pushing $13 trillion of slavery reparations. elaine chao will tell us how to stop in to do artificial intelligence from taking our jobs.
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