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tv   Varney Company  FOX Business  July 13, 2023 11:00am-12:00pm EDT

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job. >> we can all see the finish line in front of our eyes and it was higher inflation and interest rates that took stocks down than by definition the opposite should be true and that's plague out this year. >> i think we're on a great trajectory. the one big problem i'm watching is that we don't have an overshoot here. we have to get a smoother up than expected. >> sentiment is off the charts and extremely bullish and sometimes leads to pullbacks but i can tell you this is the best market i've seen in a long time. ashley: lady liberty in new york harbor. what a beautiful picture that is. the sun is out, tall boats are going by. i love that . even a big cruise ship in the background going on in new york city. good morning, everyone.
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11:00 a.m. on the east coast on this thursday, july 13th. i'm ashley webster in today for stuart varney. take ago look at markets for you. it's all green all though perhaps coming back just a little bit, the dow up 64 points. up close to 100 and nasdaq up 1% and s&p up half a percent and all of this because we found out that producer price index, the producer inflation rate was down again in june. more than expected. amazon, alphabet, apple and microsoft all up. 10-year treasury yield you'd expect it to go down and it is as stocks go up and 10 year is 3.81% down nearly 5 basis points. now this, we've told you about crime creating a so-called doom loop in san francisco. major retailers are moving out but there's another threat to their downtown's revival.
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hefty taxes. that's right. businesses could save up to 130 times more working in the suburbs than being in the city. remarkable. steve hilton probably doesn't find it remarkable. he live there is. steve, good morning to you. is there anything -- anything that could lure back businesses at this point? >> well, we should say there's one bright spot in terms of business environment in san francisco, which is we talked about this before. artificial intelligence, ai, that's all happening in the city. that's good news. but generally this is just yet another example of the fact that when it comes to business in san francisco and across california, the threats never end. it's all part of the same story. the antibusiness story, which is what the far left extremist democrats who run the state have been pushing. that's why california now ranks 50th out of 50 in terms of
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business climate. they just keep driving the people who yep rate the wealth and jobs out of the state and make it unaffordable and companies know they can't re-cross-suit a work force and regulation and dominance of the unions and decided to effectively nationalize and banding to 1970s britain and all the years of terrible stagnation there and the government and unions are running the, if any, together with the private sector and there's a solution to all this in san francisco and san francisco and we've had it before and that's really going
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to help. ashley: oh my goodness, i remember the time in the 1970s in the uk. no trains, no power, the trash guys didn't come and pick up. it was an absolute nightmare but i move on because that's not fun to reminisce about. move on. san francisco collected $484 million less in taxes because of remote work. that's another blow to the economy there. do you think remote work in some form or fashion is here to stay? >> well, what you're seeing is a lot of ceos who i think were far too casual about allowing it to happen, particularly during the pandemic. there's a real reason about that. i was against the lockdowns and we see the data showing they did more harm than good so they gave into the demands of the work force and now they can't put the genie back in the bottle and cos and various people wanting people to show up for work, even three or four days a week but they're get ago lot of
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resistance and that's a problem that business leaders have brought onto themselves. i think it's going to be really hard to change that culture, but we must change that culture because everyone knows in the end that's in the workplace where you get good ideas shared and that sense of team spirit that really makes for good business and that's much better when people are there. ashley: yeah, i totally agree with you. next one, steve, this is interesting. actors we're told could soon join the writers in a historic strike and talks apparently of collapse so hollywood is basically facing a total shut down; right? >> yes, forgive me for not shedding too be tears and types are changing and streaming and artificial intelligence.
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it's a industry in the throes of the structural change and like many sectors, there's resistance and so on and they'll have to figure it out. one point that's not made enough, the people on strike whether that's now the actors who really are at the top of the pyramid and elite of hollywood or writers get paid far more and can afford to stay out on strike in a way that the blue collar workers in the entertainment industry and carpenters that built the set and electricians and lighting guy and all the people that actually keep the show on the road as it were, they're paid a fraction of what these people are. they're not on strike but they're suffering it's an example of the left and the democrats that run california and the industries being on the side of the elite and not the workers. ashley: just another example and plenty of them. steve hilton, great to talk to you. as always, thank you very much.
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>> we're moving up modestly so and we gained those recognize with cpi and ppi and producer prices also showing a calling of inflation. president biden taking a victory lap on cooling inflation and bidenomics in action and kevin o'leery in action and what do you think of his victory lap? is it deserved or not? >> think about the challenge from a 30,000-foot view and, you know, whether you call it bidenomics or policy and what's going on here is the fed is continuing to tighten because even after all this great news, i predict another 25 basis points this month and maybe another 25 in september and the reason that's happening is it's the stopping of core number of
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her shift and housing data up to 41% and housing is rolling over and nobody wants to sell house to the 4% mortgage and go to 7.5 and that's an obvious outcome, but the core inflation of goods and services and including labor is doggingly slow to go down to 2.5% so the fed staid on that mandate but here's really why you wonder about this. bidenomics pouring like a fire house cash and how you look at bills and any inflation bill, chip bill, whatever you want to call it, infrastructure bill. majority of money goes to s&p 500 and that's okay and that's 45% of the economy and who's getting screw in the equation and you haven't heard from yet are small businesses in america and represent over 60%. their access to capital by the day is drying up and i've been running around the hill this week pounding on every door of
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every lawmaker i can saying this bidenomics is great for an s&p 500 company but there's no bidenomics for the rest of america and that's where the problem lice. ashley: very interesting point. you mention labor costs and those are pushing and hurting the margins but also being passed onto consumers and that's part of the sticky inflation. moving onto this, kevin, binance founder cz, he's been trying to down play those multiple executive departures from the crypto exchange. he says it's due to personal reasons changes to crypto. do you buy that ryan higgins is there something else at play here? >> no, there's no other way to describe it. what you're seeing play out here and don't know the timing and this is ftx part two and what took ftx down was cz himself. he was able to manipulate the
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token of exchange and the tocoand jam $520 million on the week of november 6 on to the exchange when it didn't have enough cash and bankrupt it had and took out largest competitor leaving binance, the largest unregulated exchange in the world that . victory was short lived and the regulators are going after them around the world and his problem is $60 billion of a token called bnb. i consider that worthless with no value and if you want to turn it into $60 billion of currency, say the u.s. dollar, you're going to watch the whole thing unravel the same way ftx died, bankruptcy. is someone else backing him? does he have $60 billion? who knows. the whole thing is totally transparent. what i like about what's happening here in the regulators are squeezing his head like a teenage pimple and that's good because we've got to get rid of all the cowboys. if we want to see crypto take its rightful place in financial
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services. get rid of the guys. he's one of them. ashley: thank you for that image, kevin. move on. lauren, come on in. we're watching the movers in the market today. what's happening with warner brothers? lauren: steve hilton and screen actor's guild and labor union for performers and haven't reached a contract deal with the studios like warner brothers that's done and that means the strike could be imminent just to put this in history and this could be the first time in 60 years that the performers and writers are striking at the same time. it's a big deal. ashley: all right. talk about -- yeah, it is a big deal. parigo, is that how you say it? lauren: fda granted first over the counter birth control bill and don't need a prescription and stock up 1.5% and available in stores and online beginning of next year and have pricing next week, ashley.
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ashley: very interesting. plug power. lauren: up they go, hydrogen fuel cell up 9.5% and in europe they're using their technology in europe's oil and gas industry. basically the goal is to eliminate 500 tons a day of carbon dioxide. ashley: thank you, lauren. senator rick scott said inflation is costing florideans $1,015 every month. he calls the president's bidenomics plan delusional. the senator will be here to talk about it. sick of woke culture, listen. >> the whole woke cowe cowel cue is truly awful and it's usually a bunch of millennials. ashley: cox says social media is making wokeness even worse. i think he's right. we're on it. and george soros' son alex is even more radical leftist than
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his father. the american research center said americans should frankly be terrified. that's next. ♪ i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. take the first step to see if your small business qualifies. with a majority of my patience with sensitivity, i see irritated gums and weak enamel. sensodyne sensitivity gum & enamel relieves sensitivity, helps restore gum health, and rehardens enamel. i'm a big advocate of recommending things that i know work. ♪ there are currently more than 750,000 unfilled cybersecurity jobs in the u.s.
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♪ ashley: roll and roll and i like it, the stones as you look at empire state building. 84 degrees in new york city right now. very nice indeed. now this, interesting, vanity
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fair claims that president biden seems healthier than president trump, i did read that right, lauren? lauren: yeah, you d. you want me to try and explain it without laughing? ashley: please. lauren: author tries to poke holes in a republican talking point that president biden is too old to run again. this is what molly young fast rights. it's hard to imagine how three years later biden will seem less healthy than trump. after all biden is athletic and starts every morning on a peloton and lifting weights, he goes to bed early and photographed exercising and trump is known for his love of fast food. but leans more towards mcdonalds than dairy queen because he didn't know what a blizzard was. they're linking health to looking and acting old. the problem that many people on both sides of the aisle have with president biden he is acting old and happens with age
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and different people handle age. ashley: who is healthier, trump or biden? this topic was one on the hill this week and banging the door on small business and i ran into the strategist on both sides and give me the narrative and this speaks to the issue. what do you do with harris. no. 2 on the ticket. normally never care about what the vice president was this early in the race. however in the biden's age and regardless of eating at dairy queen or working out on a peloton and the age and cognitive health and voting with primarily the independence that decide the selection and what percentage chance biden capacitated either between now and the election and after the election should he succeed with
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that ticket. essentially you're asking the independence of harris and she's immensely unpopular in her own party 32% polling right now and there's a big dilemma and do you pour on the gasoline to bring her forward and show she's a really good win for you as independent and that puts biden back in the shadow again or swap around the ticket early? that's the narrative going on including with republican strategist. they're trying to figure out, this is a game of chess. what do you do with harris? she's becoming part of this decision on all this debate about his age. ashley: yeah and we hear from kamala harris a lot many times and we can't understand what she's saying. thank you, kevin. interesting. alex soros has taken over for his father, george, in running the $25 billion political empire. alex said he's even more political than his dad.
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oh, great. research center and more. your research did a study on alex soros, what did you find out? >> get ready. fasten your seatbelts for what's about to happen. if a person heads up a $25 million foundation, that's pretty sizable. pretty strong. ashley: billions. >> if it's ten times larger $250 million, that's considered very, very strong and one of the biggest in the country, this man is now heading up a $25 billion enterprise. that is virtually unheard of. gates may have more money in his but he's not spending it on politics the way soros is doing it. george soros has always been crafty and canny and i don't think evil, that's my personal opinion on this.
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his son is saying i'm not going to be crafty or canny. i'm going to throw bombs, and he's been throwing bombs and with the tweets he's putting out, you're seeing where his priorities are and i would say to anybody that loves freedom, anyone who supports the right to life, anyone who believes in a civil society, all these things are suddenly in danger because this man has the power to turn over the apple card. ashley: yeah, it's a frightening thought, but i want to move onto this one too, brent. the statue of liberty is now under attack that is by the left. listen to this. >> as you look at the statue of liberty today, as a american do you regard it as a important symbol of the country or look at it as a flawed symbol of the crown triple-demic? >> i think it's both. it's a important symbol of the country and the ways that freedom has been entangled with whiteness.
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ashley: yeah, freedom entangled with whiteness. what do you make of that, brent? >> let's start here, david reubenstein, former carter person and gives millions and millions and gets his own show on pbs, which supposedly was owned by the american taxpayer, i don't know. so let's think about this for a second, how many people have come to the united states as immigrants in the first thing they've seen is the statue of liberty? how many, 50 million? one came and looked at lady liberty and said, boy, that's a sign of white supremacy. nobody has. absolutely nobody. this is the world view of the radical left. the only that i think that's changed with immigration policy they've been loosened or not loosened they're not being enforced and that's the only change in immigration policy and
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these are people that have no boarders and this man is not -- is reflecting reality in any way. ashley: we're going to shake our head and try and move on. brent bosell, thank you for joining us on some very frustrating topics. we appreciate it. now this, succession star brian cox is taking aim at woke culture. lauren, what's he got to say? lauren: he's sick of it and woke people putting trigger warnings in art and performance and using it to rewrite history. he sat down with pierce morgan. watch here. >> the whole woke culture i think is truly awful. i don't know where it comes from. i don't know who are the ash arbiters of this shaming -- it's hard to pin them down and turns out it's usually a bunch of millennials. lauren: he thinks it's millennials but i often say the same thing like who are these people commanding and demanding all of the changes on history
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and on society. sometimes it's very trivial. sometimes, yes, they have a point. ashley: yep, all right, lauren. interesting to see brian cox speaking out. thank you. now this, have you ever sat through a meeting and thought, whew, that was a huge waste of time? roll it. >> today we're going to be talking about power point. power point. power point. power point. ashley: power point. shopify says useless meetings have cost companies thousands and have come upward mobility a tool to stop useless meetings. breeching government e-mails and including at state department of all places and will there be any repercussions for beijing? senator rick scott takes that on
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next.
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♪ ashley: we're taboago look at chicago, home of course of mcdonalds headquarters and guess what, it's a huge day for the
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company. synergy home in today is national french friday and to celebrate, both mcdonalds and wendys giving away free fr frie. to get the deal, download their app. in my world, every day is french friday. there you have it. good deal. check the markets still moving higher after benign ppi numbers showing that inflation has cooled off a little wyoming dow up 37 points and nasdaq and s&p up anywhere from a half to 1%. seven o'leary still with us. thank you, kevin, for sticking around and talk to you more about the binance stories that you fear. could go down the same road as ftx and if that happens, i want to ask you what do you think the repercussions for cryptospace as a whole would be. wouldn't credibility go down the drain? >> that's one to look at it and other is the final shoe to drop and giving us a chance to scrub clean the rogue operators from this sector and regulated in a
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way to make it more positive and give you the very simple way to measure it. the granddaddy cryptoasset is bitcoin and stuck between $20 and $30,000 for a very long time and never going to move north till financial services entities particularly pension and sovereign wealth funds allocate. i work for them in the indexing business and i've always asked them if you could buy bitcoin, what percentage of average per portfolio would you buy and average is a 50 basis points half a percent and 3%. well, if you actually think about the amount of wealth, it's 65% of wealth is managed by sovereign and mention. that would be a trillion worth of demand. $1 trillion. it's a billion dollar asset in the context of the assets and overall global wealth management business and a trillion dollars.
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would i sacrifice binance to get a trillion worth of buy? of course i would. i'd love to see them gone f. it would get me cleared up with gensler and if gensler said to me, would you agree to make bitcoin a security? my answer and most of the participants in financial services would say yes. let's do that and move on and that would be a reason to own bitcoin. now, having said that it's my best performing asset this year, i'm up almost 81%. ashley: wow. fascinating stuff, kevin. thank you very much. i want to move onto consumer inflation on the national level came in at 3% in the last 12 months but inflation in the miami area, well, through the end of june was 9%. triple. senator rick scott republican from florida joins us now. great to see you, senator. in a recent tweet you quoted the borough of labor statistics saying "biden-flation costing
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florideans an extra $1,015 a month". explain that number. where did you get it? >> looking at since biden got elected, inflation is up 15%. that's $1,000 a month for a family in florida. i grew up in a poor family and lived in public housing. $1,000 increase for a poor family and look at what's going on. groceries are still going up. that impacts every family. rent and gas prices are way higher than when biden got elected and house prices have skyrocketed and all the things that somebody that doesn't have a lot of money is spending money on and going up a heck of a lot more than 3%. there's a lot that we have a long way to go to get back to a normal environment to have inflation and 60% increase over 2.5 years is a lot of money, $1,000 a month for the florida
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family. ashley: the president has been on this tour of the u.s. praising bidenomics saying record low unemployment and prices are coming down and you're welcome is what he's saying. do you think the voters are buying into it? >> no, the last poll is 70% of americans biggest concern is inflation. look at biden economics and wages don't stay up with inflation and everything you want to buy is continuing to go up. so -- by the way, the other thing people were worried about is retirement. we have social security going bankrupt in 12 years. biden increases the budget and doesn't do anything to fix social security. ashley: going to move in from economics to this one, senator, chinese-backed hackers gained abscess to e-mail acts of senioe officials and commerce secretary, you are on the hope
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land security committee if i'm not mistaken so what can you tell us about this? how can this kind of stuff happen? >> well, first off, let's acknowledge we have a problem. china has sent spy balloons, they hack our system, they have a spy station in cuba, they sent fentanyl to our country to kill 70,000 people a year. maybe we have a problem here. maybe we ought to wake up and say, china is not our friend. they've decided to be our enemy. the biden administration hasn't woken up yet. they're sending people to china and let's be friends while you kill american citizens while you spy on us. we've got to wake up. stop buying their stuff. we're going to have to decouple from them because they're going to go to war and they've told their citizens, they're going to war. let's acknowledge there's a problem here. ashley: all right, we have to leave it on that note. always great to talk to you, rick scott, republican senator from florida. thank you so much. you too, sir. now this, bill gates doesn't
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think we should be afraid of ai. he just thinks we need to -- we need seatbelts and speed limits to keep people and jobs safe. we're going to explain that to you, i promise. there are more than 5,000 homeless people living in austin, texas, 5,000 and that number is making matters worse and the police department can't keep up and they've got hundreds of open positions right now and grady trimble will have that report from austin right after this. ♪ ashley: homelessness in
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austin, texas, is up 7.4% in the last four years.
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our grady trimble is there this morning. all right, grady, how is this impacting businesses in the area? reporter: ash, people tell us scripting is a huge -- shoplift asking a huge problem for businesses and crime has gotten worse has homeless has groan and 7.5% in the last several years and on any given day, a 5400 people are on the street and jamie spent the past year documenting the growing problem. >> they say that we are a few years behind san francisco usually in austin, and we're starting to see that, you know, san francisco you see where they're locking products up because shoplifting is flourishing and starting to happen here as well for sure. s. reporter: part of the problem is that the city isn't clearing out homeless encampments like this one he took video that somehow
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caught fire and people come from all over the state and even the country for services the city provides and on top of that the police department is short more than 300 officers, the union tells us. so they don't have the manpower to deal with the problem. one real estate agent says his clients have been looking for the suburbs and worried about their safety in the city. >> we've had a few windows broken, we had a few people camping in carports behind the house actually. we have a listing i keep running somebody off from right now and they scared away a stager. we're looking to get the house staged so we can list it. it's not on the market yet and there's a sleeping bag on the porch. reporter: we've also heard complaints here that we hear in big cities across the country that the district attorney isn't prosecuting crime. in fact the local news is reporting about a homeless man who was arrested six times in
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the past year and each time the charges have been tossed. ashley. ashley: yeah, and that's part of the problem. grady, thank you very much. shocking details from austin, texas. joining us now is the former secretary of housing and urban development, dr. ben carson. great to see you this morning, doctor. we've told this about the homeless crisis across the country. how do you start to try and fix it. where do you begin? >> well, i think lodging and common sense plays a role and recognizing at least 60% of the people who are out there on the streets either have a mental problem or a drug problem. and housing first is not going to solve that. you have to have housing second and third also. housing first is good, get them
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off the street but needs to be followed by housing second, which has diagnosed the reason they're on the street, third is fix it. otherwise you're spending in the ocean and 96% of people housed under housing first end up back on the street and at some point we need to look at data and using those incredible brains that we have to figure out how this is done in an appropriate walleye toy keep people off the -- way to keep people off the street and facilitating their life on the street by not prosecuting theft is not helpful either. >> seems like someone wants to make things bad and this system to work and move for something else. ashley: why is it becoming a huge problem? i mean people dropping off the grid so-to-speak and living on the streets and das won't
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prosecute for theft and it seems to me it's snowballing a little bit. >> there's things we could easily enact removing a lot of regulatory and the cost to skyrocket is all the regulations to add to everything. we can fix that if we wanted it. ashley: we had georgia state representative on the show earlier and switched parties from democrat to republican and blamed the democrats for the problems in education. listen to this and i will get your comment. >> i am the only district where in the metro area where only three% of the children know how
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to read. only 3% meeting proficiency. if they are not for helping those students, than who is going to and it appears that it is my colleagues on the republican side that want to help marginalize children. ashley: that's quite a statement, doctor. think education is a winning issue for republicans in 2024? >> it should be. in this country if you get a good education, you basically can write your own ticket but what are we seeing particularly in our inner cities and we're seeing schools that are dysfunctional and we're seeing people graduating from high school who are functionally ill literal and we've heard the story in baltimore and 23 public schools examine to look for proefficiency and thousands of
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students and not a single one is proficient in math and these people going out and can't get a job and the next thing you know they're involved in gang activity and trafficking and exacerbating the problem. somebody needs to be held responsible and there's teachers and teaching systems and they get the same pay and everything regardless of whether the kids succeed or not. we have to change that and some responsibility here. ashley: it's an issue in 2024. dr. ben carson, always a pleasure to speak with you, sir. thank you for being with us today. >> my pleasure. thank you, ashley. ashley: thank you. tax preparers like h&r block shared consumer data with meta and it was sensitive and did this to tens of thousands of taxpayers and lawmakers
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demanding legal action. hillary vaughn will have the report from capitol hill next. ♪ 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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ashley: three tax company sent information from tens of millions of people to meta-blooge hillary vaughan is on capitol hill. what are lawmakers saying about this? is that legal? >> reporter: that is to be determined. turns out paying your taxes could not only cost you a lot of money but your privacy according to a report from senate democrats who claim the popular tax filing services were reckless with your personal information letting data bleed out through an ad tool these comedies used called pixels created by meta's parent company. this tool used by these companies gave meta-info that your close friends don't know. that info included your income, your filing status, how much
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you owe in taxes. meta added tools, used that to create targeted ads for its users. meta is saying they built the tool but misusing it is against their policies saying we've been clear in policies that advertisers should not send information about people throughout business tools, doing so is against our policies, our system is designed to filter potentially sensitive data, h&r block says they suspended the tool to evaluate possible concerns, but they are saying it is wrong saying we are disappointed the report contains numerous false or misleading statements. explicitly stated in responses to congress that the best of our knowledge, neither the meta pixel or google analytics pixel transmitted sensitive information from tax returns. ashley: thank you. let's bring back in kevin. do you use these services and what do you think of meta getting access to your financial information?
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>> after apple changed privacy policies with their data, this changed the concept of how to use meta, facebook then, for regional and geographic marketing. one of the great things about facebook, let's say you want to just sell franchise products to real estate agents in southern florida that have $250,000 a year with income. meta used to do that and you could purchase that and it was very productive with return on advertising spend. after apple changed the rules, the same time meta stock collapsed and went down 67% they solved the problem and others as well by doing databased smashing, you takes a credit card database, tax
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database with other data from your own company that is proprietary and back it together and you can use ai to find the same information. it's highly productive. it works. it is not going away and it is totally legal. they will grill this forever. unless they change the law this is just the manifestation of data manipulation and marketing and it's important for businesses to do this. otherwise they can't make money on the digital spend. ashley: fascinating, the world we live in today. we have more varney after this. ♪ ♪ ♪ wherever you go. wherever you stay. all you need is one key.
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ashley: in the original book the wonderful wizard of oz, what color was dorothy's shoes? red, blue, black, or silver? very little time. >> it has got to be read. if it isn't it as outrageous. lauren: in the book i will go with silver. ashley: okay, let's get the answer very quickly. the answer is silver. how about that? >> i am litigating. lauren: red is great. neil: it is safe

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