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tv   Varney Company  FOX Business  July 26, 2023 11:00am-12:00pm EDT

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>> i think the democrats are to blame for the impeachment fever. they'll rue the day when they twice impeach donald trump. this is not a tool. >> the assertion that the justice department show walked and assertion, it's a fact. the plea deal is an absurdity. >> they're not going to cut rates any time soon. the only thing not broken down is the labor market. >> the economy will emerge in the second half of next year and continue to grow but it'll take a new administration to get 2.5% growth again. stuart: dancing to the music. why not. morning, everybody. it's 11:00 on the east coast of this near united states and it's wednesday, july 26. not that much stock price movement because at 2:00 this afternoon, we're going to kind
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out what the federal reserve is doing about interest rates. that puts the market kind of on hold till we find out what jay powell will do. big tech, have a look at that. we take -- we've got alphabet higher at 6% and look at microsoft bottom of the screen down $17. that's nearly 5%. i own a thin sliver. i'm much poorer this morning. check the 10 year treasury yield. down a little bit to 387. now this, i this a thing about vapeing marijuana and i think it become as serious threat to the education of our children. let me try to explain. a vapeing device looks like a pen, it's a few inches long and slips into a pocket and press a button to fire up and inhale and you're on your way. it takes less than 10 seconds and most importantly, there's no
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smell. in other words nobody has to know what you're doing. this is technology. making marijuana consumption easy, convenient and private and a vape delivers the most concentrated form of weed, cannabis oil, many, many times stronger than grand dad's fat blunt w. for our schools, it's a disaster. every kid in the class could be stoned and the teach herb would not know. they'll be wacked pose the dose is very strong. don't much like that, do you. it's always been true that pot and learning do not mix well, but the introduction of the vapeing devices has brought an escalation of the problem and it's the kids whose education will suffer. i don't have a solution but it's time for honesty about the full impact of widespread legalization. third hour of varney starts now.
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katie pavlich with me this morning. all right, katie, i hope you heard what i just got to say. are you with me? >> i did. stuart: i see real dangers with vapeing marijuana for teenagers and high school kids. >> yeah, it's certainly a concern that parents have, especially when it's difficult to track these devices and i know there's some talk and there are rules and laws and regulations and a number of states that limit who can buy these types of devices. they do have age limits on them. under the age of 18, you technically shouldn't be able to buy this device, but that doesn't stop the teenagers from doing those things. of course social security one more thing for parents to be worried about. but i would give some advice, not just to young people but adults as well that if you're going to be using this, do not take it to a foreign country. if they find it in your bag, it's not legal there. brittney griner is a good example of that. you want to make sure that when you're traveling, you know all of the laws and rule when is it
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comes to what is allowed and what is not. stuart: all right, let's forget con bisand concentrate on politics. hunter biden is in court pleading guilty to misdemeanor tax charges and he'll likely avoid jail time. if that's you or me, we'd likely have to serve jail time. the country is not happy about that, what say you? >> it was interesting to watch hunter biden in court and he was supposed to walk in and enter two misdemeanor guilty pleas and felonies taste taken time and he was in there for hours without any news and controversy over miscommunication or ethical violation from the hunter biden legal team about pulling some information from the public that was posted online in this case. so the big question too is that the house w ways and means committee submitted information to the court in a brief to say that, look, this plea deal came before we had these irs whistle
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blowers testifying that the case against hunter biden was handled improperly and he was given a sweet heart deal and mayor parts of the law breaking were not looked at and improper people this is not a typical situation and a lot of bad behavior by the hunter biden legal team and hunter biden himself obviously. stuart: he never gets out of the drama in the conflict. never stops, does it. >> never, including the white house and not just about hunter but joe biden. stuart: involves the president and slimes the president at the same time. the whole family. next one, katie. the president claims he's cured cancer. roll tape. >> i'm always asked why americans have sort of lost faith for awhile and able to do big things. if you do anything at all, joe,
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what would you do? i said i'd cure cancer and he looked at me like why cancer? because nobody thinks we can and we can. we can end answer z as we know it. stuart: he claims to be trying to cure cancer i guess. not gutierrez so bad, right, katie? >> well, president joe biden, it's very familiar with taking things that are not his and using for his correct throughout his career. in terms of cancer treatment, it's a good thing that, yes, over the years we've come up with innovation, ai is expected to help a lot in the area of cancer treatment and cancer prevention. so maybe he was trying to argue that with government partnerships with the private sector, they've been able to come up with new treatments and ways to deal with the horrific thing that affect sos many families and everybody knows someone that either had cancer or died in cancer or maybe had cancer themselves. i would say cancer innovation is a good thing. certainly president biden is not
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responsible for that innovation. stuart: i was also not surprised but looked at his demeanor. he was slow and hesitant and not sharp edged and dynamic, which is something we need in a leader. but that's my opinion. katie pavlich, thanks for being with us. >> yes, you'd they felt see you soon. stuart: let's get to the market for the green ink for the dow. dow up 10 and nasdaq down 87 and s&p down 13 points. remember the rate decision this afternoon around 2:00. mike lee is with us this morning. the ai craze, who are the winners going to be. >> obviously nvidia and the whole sweet services in addition to chips, but i think the next winner is microsoft. and i think the stock that's done like this today, you want to add some to it. same thing happened with the last quarters and the street was un-impressed with the cloud g.o.a.t. and i don't think you
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can do better than 25%, maybe you can and the azura program growing 25% on business that's only doing $120 billion, $10 billion in revenues is absolutely stick tack larra and microsoft -- spectacular and microsoft has installed base and corporate customers that owns office sweet owning ai products and revenue from the quarter from ai and they'll be the clear leader in terms of monetizing ai in terms of the big tech companies. stuart: we're talking about alphabet and microsoft as major players and nvidia. i got all that . are there any second or third-tier player who is could benefit, who haven't benefited yet from ai but could in the future? >> yeah, a stock that the street did not react very well to i believes a week ago was amsl technology and it was a touch company and it was a monopoly and they build the super component manufacturers and the chips without technology. this hasn't quite gone
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downstream to asml yet where they're giving blowout numbers like nvidia and taiwan semiconductor and two big component makers for nvidia are going to experience this and not quite with nvidia yet and that's to come but i like company withs monopolies and asml has a monopoly on their technology. stuart: one and done. one rate hike this afternoon and then done. is that how you see it? >> this is like a football game between the jacksonville jaguars and tampa bay. you might watch but nobody really cares. unless somebody in the market become as cross-examination and rate cuts might be not be coming for awhile and that's not going to rock markets the way you'd have thought six months ago. we don't need another rate hike now. inflation is trending in the right direction and we need to be worried about inflation reaccelerating if the price of oil spikes, but unless it
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reaccelerates, the fed is done now and how long they'll stay here remains to be seen. has to do with overall excellent strength and it was less than a year ago they were hiking 75-basis points and sometimes they take 18 months to hit the economy so we really haven't felt the full effects. i don't know that they need to do more from here . stuart: i think the market goes steady as she goes. yep, mike lee, thank you, sir. see you again soon. lauren is back with the movers. i see boeing going -- look at that. 5%. lauren: really nice gain for the dow stock, songer than expected earning ands they're lifting production of their best seller. the 737 and they're delivering more planes when you do that, you bring in more cash, $2.6 billion in free cash flow. stuart: pac west, la-based regional bank. lauren: they're now in a $1.1 million merger with bank of california that's younger and smaller than pac west but with that investors breathing a sigh of relief there's a solution to
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the deposits leaving the bank with the deal with bank of california. stuart: got it. tell me what happens to snap. lauren: i looked into this further. six straight quarters of reporting a loss. they're unprofitable. revenue is not growing, even the ceo, evan spieghel admitted on the earnings car and said we're far from achieving the revenue growth we aspired to. there's a lot of competition in social media. stuart: thank you, lauren. one city planning to guy homeless people one way plane tickets out of town. where that might be happening. a former white house drug adviser says legal marijuana is causing an increase in mental health sr.s. he claims the pot industry doesn't care. he says they're money hungry and only care about their bottom line. a lot of people are like that . we're on it, believe me. plus, this brings new meaning to the term high seas, sharks could be eating cocaine dumped in the
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ocean by drug smugglers. big story for shark week and fox has the first look after this. ♪ this is american infrastructure, a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends these services for everyone who lives here. ♪
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community? >> that's what a team of researchers are looking at saying there's a strong probability that sharks are coming into contact with cocaine dumped overboard by drug smugglers. during the first two dais of this week, the u.s. border patrol miami sector recovered 9s spotted flo flo floating in pacf the florida keys. i spoke with marine biologist tom "the blow fish" herd about a document for shark week on whether the ocean predators are binging on the drug. herd said there's a high likelihood sharks are biting drug packages to see what they are, he does not believe cocaine sampling sharks pose an increased threat to humans, but he would like to see further research and not just on illegal drugs. >> the way pharmaceuticals are going through us and entering the waters, we need to be concerned about that and look into it right now rather than being too worried about some
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smackers reaching for the -- sharks reaching for the laser and dancing till dawn. >> herd said it raising questions on l impact of pharmaceuticals on pain owes hid -- marine life but also on us as we go to seafood restaurants and consume fish for dinner. back to you, stuart. stuart: soak, jonathan. i'll leave it right there. fentanyl shaping top be a big topic for republicans next year. is nicky haley talking about this? lauren: yeah, she says it's time to go after the source of the fentanyl problem and that's china. here she was on "fox & friends" earlier today. >> number one cause of death for adults 18-49, fentanyl. don't think for a second china doesn't know what they're doing when they send it over that . is something we have to go to china and say, look, if you don't stop killing americans, we'll end normal trade relations
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with you. lauren: yeah, haley is going to hold a town hall on the fentanyl crisis today in new hampshire. her campaign calls her "china's worst nightmare". she has a very strong and well articulated china strategy and policy leading on china, haley and vivek ramaswamy in my opinion who want a complete decoupling. stuart: he does indeed. administration is looking to make a deal with china. they take action on fentanyl and in return we lift sanctions on a chinese institute suspected of violating human rights laws. is that a fair deal? >> it's way too premature to say and the burden is on china to do more to curb the clandestine labs there creating the analogs that produce the fentanyl we're seeing. the burden is also on mexico where we're seeing the drugs
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being transited through the institutions falling apart there when they know what is happening and they could be doing a lot more. stuart: should we be doing deals like? should we be saying, okay, you take care of the chemicals for fentanyl and we'll take care of this institute for you. is that a fair deal? >> i don't know anything about this institute, but what i do know is that we need to put a lot more pressure on countries producing these products. we have a lot to do within the united states as well when it comes to law enforcement as well as demand reduction, but we have to put way more pressure, you know, some obscure law enforcement forensic lab i don't know much about, but we have to start thinking bigger actually when it comes to these countries. stuart: let's talk weed, pot, marijuana. you say there's a connection to legal marijuana and mental illness. spell is out, please. >> yeah, the top scientists in the world say that basically today's marijuana is not the wood stock weed of the 60s.
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it's much stronger now and genetically bred to increase the tch levels and that's leading to huge rises in psychosis and schuytsphrenia and other mental illness -- schizophrenia and other mental illnesses and we've seen the boom and it's the same time we've seen the boom in marijuana and regular daily consumption that's just been increasing by order of magnitude since we've legalized marijuana and all the gummy bears and cookies and vapes and so. >> it take as few seconds and you can't smell it and fits in your pocket and not exactly expensive. i don't know what we'll do but that's a huge problem. >> you're exactly right, stuart. there's actually a lot we can do. we reduce smoking in the country at a time when no one thought we could by more than 50% with a
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strong social disapproval of cigarettes exposing this tobacco industry and the lice. we should be doing the same with marijuana but i don't see that . i don't see the campaigns. we need a campaign to say this stuff is frying your brain and messing with your judgment. it affects your mental behavior and health. there's a five time increase in psychosis among regular daily users and the number of daily users among young people has skyrocketed. stuart: you can't put the geneny back in the bottle and reverse and say it was an experiment. it's illegal again. can't do that. >> dr. frankenstein had an experiment too and doesn't mean it was a good thing. we need to push back more. look what we did with smoking. we stopped smoking in restaurants and public places and airplanes. no one thought we could. it was everywhere in hollywood and then it was passe. you can't do it anymore.
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we can do it with marijuana. it'll take time and a lot of effort but we're not putting any effort in, it's zero right now. we're trying to legalize and commercial it and big tobacco companies that are invested are laughing all the way to the bank and we need to reverse it. stuart: is marijuana addictive? >> it's not what i think, the science said it is addictive. one in three that use marijuana in the last year are having a cannabis use disorder have an addiction to it. it manifests itself different than other addictions, but it's absolutely for some people, not everybody. for some people with a bigger proportion of people and the thc absolutely addictive. stuart: kevin, thank you, sir. see you again soon. >> thanks for having me. stuart: you got it. check out the markets why don't you. the dow is up a mere 10 points and nasdaq down 73. mixed picture waiting for the fed at 2:00 this afternoon. next case. one city could give homeless people a one way plane ticket out of town. where is this happening and why are they doing it?
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lauren: anchorage, alaska. the weather is the weather -- the reason is the weather. the average low temperature is 13 degrees in january. the city says they have to do this. they have to buy homeless people a one way ticket out of anchorage to save their life. it sounds gimmicky but there's not enough housing to support them. if you buy them one way, it cost $100 a day to house an unhoused person. where would the funding come from? it's a creative idea but, yeah, people die because it's freezing cold especially when you're in a climate like anchorage. stuart: alaska wants to export the homeless to la where there's a lot of hopeless. lauren: and it's warmer. it's a gimmick. think it's a gimmick? stuart: it's animals to a serious question -- animals.
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the wart water in south florida feels like a hot tub. the water temperature reaching over 100 degrees in some places. is that climate change? we're on it. the president dodges questions about a possible impeachment. roll tape. >> mr. president, [inaudible]. stuart: okay, see if k carl rove joins me next. ♪ (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different.
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the nasdaq is down 70. again, not that much movement before we get the rate decision from the fed this afternoon. they're said to lose $200 million a quarter stuart: amazon is down and political has a big story. >> finalizing antitrust lawsuit against amazon and building the case for three years. lauren: the investigation is wide and it encompasses a number of projects including prime and the way amazon treats its third party sellers.
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lauren: higher returns from the investments and they take a big hit coming to bad weather and susan: watch this. >> the house speaker kevin mccarthy is talking more about starting an impeachment investigation into the president. what's your response to that? >> i'm not gone in get into hypotheticals or what the house republicans may or may not do. >> carl rove joining me now. i don't think the country wants another impeachment. what do you say? >> that's probably right. particularly since, look, there may be something there but you need to show the there there. that's why they need to have devin archer under oath to
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ahwautukee about what he knows about potential involvement and the current president during the time he was vice president or the former vice president. then and only then if if builds a convincing case talk about impeachment. stuart: is this a distraction for the go? op? >> look, they're getting ahead of themselves and devin archer needs to come forward and testify with what they're saying and jumping ahead of the same and going to impeach biden. tough make them ready by patiently slowly building the block of evidence so they conclude and the object of the
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investigation concludes there's a real problem and richard nixon left not because he was impeached but because he understoods overwhelming amount of evidence was going to lead to his impeachment and rather resign than be impeached. >> be in the same stage of democrats than president biden and mounting evidence. this is serious stuff and step aside, mr. president. think it'll come to that? >> i don't know. i doubt it but particularly since these things may be things he did when he was either as vice president under obama or during the period he was out of office but, look, we don't know. we have allegation -- we know that hunter biden engaged in sleazy stuff. i mean, being a son of the sitting vice president of the united states and going on the board of a corrupt company in ukraine about what you know ago.
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burisma. ed the son of the sitting vice president and the sitting sex tear of state in order to -- secretary of state and saying to the officials in kyiv, don't mess with us because we've got stroke back in washington. that's sleazy. what joe biden's role in that is we don't fully know and before we start throwing around the i word, it would be better to build a case patiently and find out what we know -- what we can find out and lay out for the american people to take into consideration. stuart: the governor of florida, ron desantis, let go about a third of 2024 campaign staff. what does that tell you about desantis' campaign, carl? >> you need to get rid of unnecessary staff and says
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something they didn't approach with the idea of being, you know what, we're going to ask people to make a sacrifice and the 1999 and 2000 bush campaign, some of the best people were people that volunteers for the campaign and did so at great personal sacrifice and did it for month ifs not several -- a year and a half. so, you know, he's got people who are willing to make those kind of sake fi fieses and put m in a position and see how they do. he's the front runner in the real politics clear average and about 52% and has more support than the rest of the field combined but we have a long way to go and iowa, you know, you
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need so show up. you need to go to as many of the 99 counties as you can and plenty of time as history has shown us for a front runner to stomach and will regain their footing as in the case of stuart: carl rove, thank you for being with us. >> thank you, stuart. always fun. stuart: one of elon musk's rockets may have punched a hole in the edge of space yes, we'll try to explain it. a federal judge blocked administration of new border policy. are we about to see a new wave of migrants? senator rick scott on that . the senator is next.
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♪ stuart: i think this is a first on "varney & co." and his name is yet to appear. temperature. lauren: that's sean paul. stuart: you're looking at duck key, florida r it's 82 degrees. that's the air temperature. that's not the issue in florida. the issue is the water temperature. lauren: yeah. part of the bay in florida recorded a temperature of 101 degrees fahrenheit on monday. that is concerning especially for the coral reef in the area. it can't survive in prolonged
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periods of temperature that high. but this was recorded in shallow and merky waters and the dark absorbs heat. can't say this was a world record but nonetheless 101 degrees is southern florida in the ocean, that's a jacuzzi temperature. stuart: it's a hot tub. coral doesn't do well in hot tubs. lauren: it's been bleached and turning white and doesn't have the beautiful colors anymore. stuart: we need the great senator from the state of florida and that's senator rick scott joining us now. what's going on with your water temperature, mr. senator. is this climate change? >> i'm a data guy, i can tell you even without day it, it's hot this summedder. it's a hot summer in florida this year and if you got hotter earlier and july, august, september is hot. it's been hot since late may. so i hit democrats will want to
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put ice cubes in the ocean that is just data for them to come up with another crazy idea. let's take the data and say what can we do about it? and figure it out. but this idea that we just take it and jump to the conclusion and put the ice cubes in is crazy. several republicans say reverse biden'policy and go back to drilling for nat gas. is that the republican policy? >> i think let's take care of the environment. as a governor, i put record amounts of money in to improve our environment and kemp did studies of what's happening with climate change. we also made sure in places like miami we put up money to be able to pump water and we also put a
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lot of money to fix the everglades, the headache okeechobee and making sure it was flowing back into the bay and take the data and say what can we do with it? i believe we've got to do everything we can to have less expensive energy because we want to prosper and we want poor people to be able to buy gas and be able to get a job and things like that. we have to take care of our environment. environment. stuart: do you reject the view that carbon emissions are heating the planet? >> i think we have to keep looking at it. i've -- i think we need to say what's happening and do real studies. not just those cars are bad. i can tell you what, i believe we need less expensive energy worldwide and we have poor families getting ahead and less expensive energy and do it safely like we do in the united states.
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their doing horrible things to their environment and do it the way we do in america. stuart: a federal judge blocked biden's asylum rule and does this mean we should prepare for a new wave of mass migration? >> when did it become controversial to have a border? i don't get it. why don't we just secure the boarder and tell people, you know what, we love people that want to come and get jobs in america. you have to do it in a legal way. secure the boarder and that means we have to send mig tear down to secure the border. secure the border and say you know what let's vet the people and live under our system and let's pick and choose who comes here. don't say let's just open the borders and you're a wonderful person. that's great. maybe we'll get criminals and
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terrorists and drugs. that's not good for americans. stuart: comment on the possibility of a biden impeachment inquiry. i've been talking all morning and i don't think the country wants another impeachment. what say you? >> i don't think anybody ever wants to have a president impeached. here's what kevin mccar thinker is do right and the deputies did wrong with trump and he's doing an investigation and the investigation might lead to impeachment. what the deputy it is with trump is impeach and figure it out after the fact. look, there's a lot of issues from what biden has done and and ukraine and the money they took and i don't get why biden doesn't want to come clean and say this is what we did. nothing wrong and fighting to cover it up and made the agencies like irs and fbi and doj look like partisan hacks now. stuart: i've just got breaking
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news in my prompter here saying hunter biden plea deal seemingly falling apart. i don't have anymore on that. that's just coming at me. i don't have any detail but that's happening right now. maybe falling apart. i'll have to call it quits at that, mr. senator, and investigate what's going on here. senator scott, always good. thanks for being with us today. appreciate it. >> great to see you. bye bye. stuart: yes, sir. i'll try to get more on that hunter plea deal falling apart at the hearing. that's a big deal. meanwhile, show me the dow 30 and a sense of the market going nowhere, actually. half up and half down and the dow is up a mere 22 points. the u.s. has found evidence of alien spacecraft and that's what a former u.s. interment telling capitol hill and eeg going to tell us what's really out -- he's going to tell us what's really out there. ♪
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u.s. district courthouse in wilmington, delaware, and hunter biden is inside l. we're learning it appears plea deal is falling apart that . is big news. that's all we know at this point. we're told it might be falling apart. we'll bing you any breaking details as they come into it. big deal indeed. on capitol hill there's a hearing going on on ufos. politicians want to know if the government's hiding information on extra extraterrestrials. grady trimble is with me. what did you learn? reporter: it's been fascinating. one of the whistle blowers of former intelligence officers claimed in the hearing that he believes the u.s. government is in possession of these ufos or uaps as they're calling them, unidentified aryl phenomena. all three of the whistle blowers say the government is hiding info about uaps because reports are classified. they also say there's a stigma
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associated with reporting uaps for pilots in the military and there's no reporting protocol for commercial pilots and both types of pilots fear consequences if they do report seeing them. here's why one of the witnesses, a retired commanding officer in the navy and former f18 pilot has seen one himself says uaps are a threat to national security. >> the technology that we faced was far superior than anything we had, and you could put that anymore. anywhere. if you had one, captured one, reversed engineered and got to work and you're talking about going to space, go some place and drop down in a matter of seconds, do whatever it wants and leave. there's nothing we can do about it. nothing. reporter: in other space related news, nasa is requesting nearly $1 billion next year for its mission to collect samples from mars.
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appropriators in the senate want to give nasa less than a third of that and they've expressed doubts that that mars mission will be a success. this all comes as the funding battle playing out here in china as well, they're trying to catch up to the u.s. in this modern day space race. beijing is investing heavily in weapons and beefing up satellites and even discussing planning to build a base on the moon. so whether it's nasa, stu, or uaps, space is the talk of the town in washington right now. stuart: yes, it is. grady, thank as lot. futurist space expert joining us now. do you believe that the pentagon is hiding evidence of alien spacecraft? >> well, you can't rule that out. you know, previous hearings that we've seen over the years, we have on one hand the military scientists and this stone wall and on the other hand we had
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farmers, house wives, people like you and me saying i saw something. i saw something out there. these hearings are different. now we have seasoned military people testifying that they've seen the bodies. they've actually seen these in tact craft we've been able to capture from the aliens so these hearings are different. but the question is the bottom line. where's the beef? that's the key question. we can talk about bodies or alien reckage but show me the -- wreckage but show me the beef. we're not at that point. we have eyewitnesses claiming they've seen the bodies, the wreckage, the flying saucers, but we don't have direct testimony from these individuals. stuart: michio, i'm sorry, we're about to be cut off. sorry it's so short. there'll be more varney after this.
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♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf .. ♪ ♪
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stuart: what is the highest grossing romantic comedy movie? it is my big fat greek wedding guaranteed. $240 million debuted in 2002. coast to coast starts now. neil: looking at development. you know this president. within this winning stre

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