tv Varney Company FOX Business October 25, 2023 10:00am-11:00am EDT
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10:00 o'clock eastern to the money a lot of red on the left-hand side of the screen the dow is down 70 points, look at the nasdaq 170-point, shall be big tech, microsoft it is a big winner, up 13 bucks 4% that is a dow stock, the big game puts extra 100 points onto the dow. in other words without microsoft the dow would be negative, google having the worst day in a year, google on the list, down 8.3%, take a look at the ten year treasury yield moving up significantly, 4.89% that's where it is now, two-year well above 5% you are at 510 as we speak, the latest read on new home sales, not existing, new ones. >> so much stronger than expected they sold at the seasonally adjusted annual rate
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of 759,000 in the month of september that is up from august which is revised to 676,000. as for the price, median price $418,800, that went down from the month of august. as you have rates that a 23 year high for a mortgage, is that starting to break the back of the price of homes. stuart: maybe. >> i'm being overly optimistic. stuart: that is it. now this. this is not the time to go wobbly, margaret thatcher used to say that when a colleague turn soft under pol policies preprinted abiding to wobble over the war on israel, his rejected calls for cease-fire has regulated the party. hilary clinton, she was tackled for not opposing biden. in the squad will go all out in
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their support for hamas. this is a difficult thing for the president because hamas holds over 200 hostages, including some americans. biden backtracks on crushing hamas the left looks powerful, the terrorist when in israel loses, this is no time to go wobbly on terror. same with iran confront don't appease. american soldiers were injured in drone attacks orchestrated by iran's proxies, they are attacking us, watch the response, secretary of state blinken threatens iran with a decisive response, any backing away from that would be taken as another sign of biden's weakness, that is at the heart of all of this, our president as seen as weak, we cannot go back and reset that. we must advance, go forward, take the action to those who challenge us, anything less encourages or intimates. he is under great pressure from his own party to wobble, retreat on gaza and hamas, iran and the mullahs, 1230 eastern will find
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out where he's headed he takes questions from the media, first time since the war on israel began. second hour of "varney" just getting started. ♪. stuart: liz peek joining us this wednesday morning. will president biden plink if iran starts to push back some more. >> i think he's already blinked, he starts out wobbly there is no prize there, what i mean by that, iran has been behind this attack from day one. it's been behind all of the attacks from hezbollah, the hoodies, et cetera and joe biden did not call them out and still hasn't he talked about in the oval office address and that we've been holding them accountable, no we hasn't he been funding iran as we all know by loosening the sanctions and allowing oil exports to increase. i think he got himself in a lose lose situation and a week ago,
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the jury was out on the wisdom of going to israel, making him the face of the conflict. now it looks like joe biden is pulling the strings. if it goes badly it's good to be joe biden's head on the line not necessarily benjamin netanyahu or the other people writing the reaction israel. there was ironic thing up on twitter saying emperor asked for cease-fire after pearl harbor, that's what it looks like to israel, they had a horrific thing happen, no excuse whatsoever, terrible death and destruction and we are calling for cease-fire or people in our country are, what are they thinking, that is unconscionable also going in and having an enormous civilian deaths result from under attack in gaza also unconscionable, a terrible situation and i don't know what the outcome will be and i don't know the right path forward.
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stuart: don't wobble for sure. stuart: you have an op-ed about liberals being surprised about anti-semitism and intolerance at elite institutions like col colleges. are the liberals finally waking up to this. >> i think what really happened and what is terrific, on the awful lot of people who been watching the leftward drift radicalization of our campuses because they're seen the terrible protest in favor of not just palestinians but hamas in some cases, they are saying enough and thank heavens. one study eyesight in this piece, 40 of the most prestigious schools there is not one republican teaching history or journalism, not one in 40 schools that's an astonishing statistic and it's accurate and does not surprise me at all. stuart: not one in 40 universities with not a single republican teaching history or journalism.
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>> where you think this incredible journalistic vilest comes from it's a fulfilling cycle. the only language the universities understand his donations, money, we are trustees and administrations who basically kowtow to the left for 20 years, allowed students to run the asylum which i always thought was completely insane, they would not be students if they knew what they were supposed to be doing and now finally getting a little bit of a hit in the pocketbook, it's going to take a while because some of the harbor endowments, $52 billion will take a while but the prestige in the reputational impact in the money eventually will take a toll. stuart: one quick, i think it's my generation's fault and respect. i'm a baby boomer the 1960s and a lot of radicalized people stayed in the colleges to become professors they carried on the radical tradition. >> it was because of the vietnam
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draft. you would not be drafted if you are teacher in a college or school so they decided to become teachers, the hired people like them, anti-war leftists, here we are, it took a while but people are waking up. stuart: let's get to the 2024 race, a new poll shows trump and biden tied it a potential rematch, tell me more. >> the usa today the rematch at a dead heat 37 - 37. of rfk junior is on the ticket as you see he gets 13% support, that takes votes from trump, how much so, trump leads without rfk by a very slim margin 41 - 39, what is the bottom line, third parties are spoilers this time around a little bit more so and i think voters want new options. a change of pace and changing direction a change of mentality and it looks like they're not getting it. stuart: i'm not sure a third party could get on the ballot in
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all 50 states. >> what about a bipartisan ticket, 26% say they would favor one republican one democrat on the ticket. it doesn't always work like t that. stuart: let's get back to safe ground, the stock market, dow industrial down 130, look at the nasdaq, down nearly 200 points, david zuzu ski with me this morning. tomorrow morning 8 830 eastern time the new figures on the economy. it looks like it's expanding at a 4.2% rate that is a fast rate of expansion. if that is the number tomorrow do you think interest rates are going up? >> great to be with you this morning. if we get a higher gdp number there is no question that the resiliency of the united states of america has surprised many including myself as far as where we are right now. there is some resilience and
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great strength going on but i want to go back to the congressional budget office and some of the things that they said that will give us an idea of where interest rates might go we know about the 33 training dollars of debt. if we look at what's coming in versus our debt we have 26 trillion of net present debt. if we look at social security and medicare, your baby boomer 10000 today retiring that is $120 trillion according to the congressional budget office this is not a loosey-goosey organization that's $146 trillion of debt that we have to service. i consider that a significant issue especially when we understand we have a deficit of 2 trillion right now trying to service the debt. will interest rates go higher, i think the u.s. dollar is getting weaker and we see that now specifically in the fact that we have to sell $22 billion a day
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worth of new treasury issues at a time when our budget is not looking as good, potential default in november 15 if we don't get this thing passed and ultimately we lost reliable buyers like china and japan and a lot of the institutions out here that even buying the long dated debt. if the sellers want to sell more and the buyers want to buy, the price goes up, i think the treasuries will see much higher rates in the future if that continues. stuart: higher rates of that continues, bad for stocks, case closed, i'm out of time i would like to discuss this more, that was good stuff. we will see you again soon. lauren is looking at the movers, $28 a share. >> goldman sachs credit from 28 - 42 a haircut $5 coming of california suspending the cruise, robo taxi service, risk to public safety or so they say. stuart: that was in san
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francisco. >> and then you have the cost of the uaw strike at one of the biggest plans in texas, my question is let's say gm caves and they agree to the 30% price hike, the uaw workers get that for 40 years, what happened after the contract is there any likelihood that general motors or ford or stellantis can continue to pay wages like that. they might get what they want for one deal. i would be scared after four years. stuart: i think the looking at 25% of a wage increase over a four-year period that is a substantial increase and it looks like they're probably going to get it to, then what happens after that, huge question, what happens to profitability in the next four years. good stuff, gap. >> i felt like we needed the winner in addition to microsoft, uc shares at an eight-month high wells fargo upgraded to overweight, they see the price going up 32% they love the
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turnaround story and they say their inventory is normalizing which means unfortunately fewer sales. gap is great for sales. stuart: i just bought some genes from gap. block, the name of the company. >> former square, paypal down almost 5%, there is a french payment company called world line in paris that shares tanked almost 60% because they/the full year guidance because this economic slowdown, less spending by customers in key markets like germany. so they coughed in these guys are catching a cold. stuart: a french payment company lowers the outlook and a blast american payment companies in the united states. >> a worldwide economy. stuart: now this trump's former chief of staff mark meadows is reversing cost after being granted immunity in the 2020 election case. details on that. senate minority leader whip john
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israel, come on in, give us the latest. >> the latest that hamas rockets have found a new target that is the town of a lot, that is significant on the other side on the border with egypt, the red sea and aqaba jordan, this is a place where israelis were going to get away from the rocket fire now that it is, fire, there is no place you hamas out of the gaza strip and hezbollah in the north, there is no place in israel that is outside of the range, israeli defense forces released video of the hamas divers who attempted to filtrate israel last night they picked them up with the radar whatever electronic detection that they have, found the divers in the water, they killed them they killed two of the divers in the water and found the tunnel from which they entered the sea, they blew that up in a weapons storage facility that israel says was used by that particular
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hamas cell. the situation in the gaza strip is getting more desperate as airstrikes go when, the un relief agency macy's operations and because they running out of fuel, israel has allowed aid into the gaza strip but it's been restricted to food, food, water and medicine, food is not being allowed because israel believes that hamas will be able to use it for their own war fighting purposes, meantime a strike in aleppo at syria it is said to be out of business, israel will never confirm when they make strikes of the nature but reporting says it was an israeli airstrike that put the airport out of business, israel says iran uses the particular airports, the one in aleppo and damascus to resupply hamas. stuart: thank you very much, senator tom soon joins me now. you just met with americans
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being held hostage by hamas do they want a cease-fire. >> they want to get their family members, they were powerful and emotional stories and they want our administration to have a clear eyed focus on getting the americans unaccounted for out of gaza. whoever they can work with and we said the same thing, we need to work with the regional partners into everything that we can to get them out. i think at this point right now, the principal concern, those people in gaza, those americans that are unaccounted for in a healthy administration will stay focused on that and do everything that they can to get them home. stuart: is a very difficult situation and hostage taking is a very effective strategy, certainly in this case, you kinda have a choice, eliminate hamas or get the hostages out, you cannot do both can you? the. >> obviously hamas does this for a reason, this is leverage, they want to use the hostages in
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exchange for concession from the israelis or others. the fact of the matter is, hamas has to be eliminated in israel for obvious reasons is very focused on that, they have not only rockets coming in from hamas but the north of hezbollah in their in a perilous situation and it's an exponential threat issue for them, the country cannot exist living side-by-side with the terrorist regime on a daily basis as threatening and attacking with rockets and with a vicious brutal attack that slaughtered 1400 israeli citizens. that is got to be israel's focus at the same time there are to be efforts made. we visited with her folks in the region about our regional partners working to get the american hostages out. hamas could do that today, it is up to them and hopefully they can feel the pressure from some of the regional partners along with the united states and israel and we could see the americans get home. stuart: the united nations called for a cease-fire and president biden has rejected it
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saying that would be to the benefit of hamas, are you with the president of rejecting a cease-fire. >> i am, there's no doubt about what happens in the event, the united nations will see that and say that and others in the world who observe what's going on, they need to understand the facts on the ground and what is happened. when we were in israel and use all the stories, videos and images of the horrible atrocious killings by hamas, that is got to be the international community focus and the israelis will do everything that they can to protect innocent life but you cannot avoid dealing with the threat that exists on a daily basis, that is the terror regime whose principal goal is to kill jews in a race israel from the map. stuart: do you support fully the 100 billion-dollar aid package for israel and ukraine? do you support it for both countries?
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>> we want to have our input into that, that was a package that came from the white house as you know in the senate wants to make sure we have an opportunity to look at that there are things that we thought we would reprioritize in terms of funding and knockout we would have aborted package included in that that is really important from a national security standpoint and in the last year 159 people on the terrorist watch list coming into the united states across the southern border including 18 in the month of september alone, there are things in the package that the republicans want to have an opportunity to fix and we will see where it goes from there, ultimately i think it's important, we live in a dangerous world as former secretary bob gates has said the holiday from history is over, we need to be engaged and make sure that the world stage is safe for democracy increased ability and not chaos which is what the terrorist groups want. stuart: senator john thune thank you for being with us. paul whelan an american who is being held captive in russia is
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speaking out about his safety, good morning, what do you say. >> he's been in the russian prison since he was detained in 2018 and sentenced to 16 years in prison on an espionage charge which he vehemently denies in the u.s. denies as well, the former u.s. marine who is an irish british and canadian citizens as he spoke by phone to the secretary of state anthony blinken in august to make sure he's not been forgotten after being left out in the last two prisoner swaps including last year with the release of americans trevor reed and brittney griner, listen to this. >> i told him point-blank that leaving me here the third time pins a target on my back in the second time they basically signed the death warrant. >> the state department says it's committed to bringing
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wheeling home and evan gerst which he was arrested on spying charges in march. stuart: thank you, now this only jewish republican in the for the state legislature says coveted desantis is not doing enough to condemn anti-semitism, he switches endorsement from desantis to trump, will more jewish voters follow suit. the house is set to vote on a new speaker today, garson mike johnson is a fourth nominee, new report says the gop could consider a joint unity ticket with mccarthy and jim jordan this is crazy stuff we will get the latest on the speaker's race next.
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>> are raising their prices apple tv plus to $3 agosto $10 a month which is less than many competitors, also raising prices on arcade and news plus that is a big deal, it's a first-ever price increase for the latter two in the second and only the second time they've ever increase prices. stuart: do they have pricing power? can they bump prices up and make revenue coming stronger. >> i'm to go with yes because their prices are cheaper than many of the competitors. >> i think the market is saying though the stock is going down. texas instrument a chipmaker, their three-year low. >> we never talk about them they're not nvidia that's one of the problems, weak earnings, weak forecast and the stock is getting punished on ford half percent, they do business with apple and they make the display parts for apple. >> intel stock it was going to buy the 20s because it was a high dividend now it's in the 30s.
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>> the worst performer on the dow jones industrial average, raymond james cut their price target to 40. nvidia is also eating intel's lunch and their problems of other chipmakers teaming up to make chips. stuart: nvidia, nvidia, why not. louisiana congressman mark johnson is a gop candidate for speaker, he was picked after tom emmer dropped out of the race, brian brenberg joining us now trump relentlessly criticized tom emmer as he was picked as the nominee. is trump running the speaker election. >> i don't think is running up at the biggest veto pen, if he does not like somebody they're not going to get it it does not mean he'll be able to pick the nominee, jordan did not get it he was a trump guy. the president exerts a lot of influence. the question with johnson, yay or nay i have not heard the president weigh in on johnson. >> there's no never mics out there, i've never heard anybody speak anything about mike
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johnson. stuart: interesting. louisiana republican and the social conservative. >> he's been in trump's camp on a number of things but is not a big voice that calls a lot of attention to himself and i think that will help with the moderates who have not liked those kinds of voices. stuart: i wonder if they could get not gates and the gang, is he going to blow this up again. >> i don't think he'll blow this up but that is a problem for republicans, they have a lot of voices they don't have very many leaders, their searching for inane daddy. >> from what i read, mike johnson is more internal, bookish, focuses on policy and is least experience out of the gang that are running. he doesn't have any of these. the right man at the right time. the man of the moment. >> can he fight it if these bookish, it's a big fight, you
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have to have a fighter, bookworms will not cut it. >> the fighters have not done it, day 2214 candidates for nominees, three floor votes and counting. >> i'm just saying. stuart: frustration right there, the only jewish republican in florida state legislature is calling on coveted desantis for not doing enough to fight anti-semitism. he endorses trump now, overall the question does trump pick up the jewish vote. >> he has got to pick up some of that but the bigger thing might be disaffected jewish voters who might the am not going republican but i'm not going democrat either and you get the sideline thing going. that helps trump or whoever the republican nominee is. after the 60s we didn't see a huge migration of jewish voters from democrat to republican. but there was a period where they said i don't like what is going on that helps the other
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side of republicans. stuart: if the democrats lose a few points because they lost some of the jewish vote that puts them in a difficult position. >> these are razor thin margins, everything matters in this does help republicans. stuart: thank you for jumping in, we appreciate you. trump's x chief of staff mark meadows who was just granted immunity to testify under oath. come on in. take me through what meadows told investigators give me a sense of the significance of this, doesn't put trump in jeopardy for example? >> it does not help, here's why meadows has been talking with special counsel jack smith and reports claim that meadows told smith he told donald trump of the weeks after the 2020 presidential election that the allegations of voting fraud were baseless, meadows also telling investigators that trump was being dishonest with the public
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when he first claimed to have won the election only hours after the polls closed, the statements are contrary to what the former chief of staff stated in his book that was published a year after he left the white house in which you claim the election indeed was stolen and rigged with the help from allies in the liberal media who ignored actual evidence of fraud, now meadows reportedly telling investigators that he has never seen any evidence of fraud that would undermine the election's outcome, talk about a flip-flop. you're looking at it. the governor of new jersey tears into a school district for canceling all halloween celebrations. wait until you hear why the district decided to pull the plug. college students across the country will stage a walkout today there demanding more from america into support of what they call israel siege of gaza.
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stuart: we have some real movement for tech stocks, microsoft the top of the list. up $10, three and a quarter percent, then look at alphabet known as google, it is down 8.9% after a very disappointing earnings report yesterday. two big tech. white house press secretary p air was criticized for anti-semitism, come back in, take us there will happen. >> during the briefing cream jumped here said the white house had not seen any credible threats when asked about the administration's level of concern of increasing anti-semitism. she went on to address hate fueled attacks against muslim
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and arab americans. the comments got plenty of backlash on social media as a white house press secretary was slammed i democrats who called her response weak at best. karine jean-pierre said she has repeatedly blasted the rise in anti-semitism calling it an abomination. biden did nothing anti-semitism and islamophobia during an oval office speech last week, following the stabbing death of a 6-year-old palestinian american boy who is being investigated as a hate crime. bottom line karine jean-pierre said she did not hear the question properly. stuart: college students across the country will be staging a workout, the protesting what they call israel's siege of gaza. alexis mcadams is outside of nyu in new york city, what is nyu saying about the protest. >> we reached out to nyu earlier this morning asking what they wanted to say about the planned
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walkout in protest, we did not hear back just yet, the watching and then get back to us, the nyu students are to walk out of classrooms at 1230 or 1:00 o'clock and in here to washington square park, take a look at your screen hundreds of students are expected to show up after they leave the classroom, why, they say they are marching and standing in solidarity with the palestinian people. take a look on your screen, this is the video that is popping up in the past few days, the first protest at nyu for pro-palestinian people. students for justice in palestine and other groups of campuses encouraging students to walk right out of class across the country calling the u.s. to divest from israel's occupation and genocide of the palestinian people. pro-israel counter protests are also expected at campuses in columbia, i talked with an israeli organizer over there that tells me these schools need to speak up and be more vocal, listen. >> it is shocking, again i understand there is the free
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speech someone with common sense says this should not be under the free speech, it's still happening. it's not just in new york, university of chicago to harvard university college campuses have been the epicenter of the big protest and big donors are cutting ties with the school saying allowing anti-semitic events on their campus and not doing enough to keep jewish students safe. columbia university the annual giving day was postponed, that event polls and big money from alumni and donors, last year they raised $30 million in 24 hours, that is not happening today, they are holding off with somebody protest and big donors pulling out. at harvard the student paper the harvard crimson says the school is establishing a task force to support students that are experiencing doctrine and harassment following backlash against the students who signed onto a statement that says
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israel was entirely responsible for violence that is happening, we will keep a close eye on that in the campus walkouts all throughout the country and will keep you posted like schools within why you have to say what happened. stuart: i don't think the student should be allowed to demonstrate mass. i want to know who they are. halloween has been canceled at one school district in new jersey, what is the problem with children and costumes. >> i don't know. you could maybe set rules, no weapons on your costumes, things like that but south orange maplewood the town that private enterprise itself on diversity and the highest taxes in new jersey by the way says no costumes or party in school because according to the superintendent of a financial hardship, wealthy town where it violates the dignity of families and their cultural and/or religious beliefs. i assume in the name of diversity and inclusion, kudos to governor phil murphy, he
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asked this, we can't like it celebrate halloween, give me a break, i agree, come on aside from maybe christmas, the favorite holiday of the year, guess what, next week at my kindergartners halloween parade and party, i'm not going but i'm sending my husband, the good decorate the classroom and carry a skeleton arm and put an eyeball on there and all the kids in their costumes will try to carry it without the eyeball falling off and they'll take away chat and tossed the ring onto the witch hat and it will be fun because that's what halloween is and i missing it to be here with you. stuart: take the day off i don't check. >> it is a fun day what are they doing. stuart: thank you lauren, now this. president biden wants to ban menthol cigarettes but marijuana perfectly okay, how does that work out alaska airlines pilot accused of trying to shut off the plane's engine while it was in the air blamed it on
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some fatal, have occurred. tell your doctor if you have an infection or symptoms, had a vaccine or plan to, or if ibd symptoms develop or worsen. cosentyx. still workin' for me. ♪see me♪ find relief that can last. ask your dermatologist about cosentyx. stuart: 41 states and the district of columbia suing meta they accuse them of targeting
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young users with addictive features. kelly o'grady is here, breakdown the charges. >> three big things that the lawsuit alleges, the first that meta designed its platform allegedly to inject young users and teenagers to using instagram and facebook and the virginia attorney general compared it to behavioral cocaine. the suit highlights a number of features like the ability to scroll on instagram infinitely and accuses meta of monetizing young users through the prolonged attention and the ability to target acts. >> the longer that you stay on their app the more money that they make off of you and when you're ten or 11 or 12 years old they have you as a client for the next ten years not that different than what big tobacco did in the 70s and 80s. >> it also accuses meta of knowing about the alleged harmful mental health effects of the app and deceiving the public about the risks and finally
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accuses meta by leaving the children online privacy protection act that says you cannot collect data from users under the age of 13 without the verifiable parental consent, in response meta shared this, were disappointed instead of working productively with companies across the industry to create clear age-appropriate standards for the many apps that teens use the attorney general have chosen this path. the consensus that this will be really hard to prove in court, for example meta has instituted over 30 controls to stop kids from using the service endlessly and further how can you assign all the mental health impacts to one social platform and tiktok is under investigation by 47 states for similar claims, does this go to trial, unlikely the states are looking for fines from meta as well as them stopping the practices but you heard the attorney general compared to big tobacco that is not an accident this shows there is bipartisan momentum in this. stuart: they just want the mo
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money. i have some other news i been following the sam bankman-fried trial, we just learned from my producer on a call listening to his attorneys in the prosecution. he is expected to testify tomorrow. it is not set in stone but the defense said there expected to call him, grabbed the popcorn. stuart: you will be there. >> i will be. an exciting day. stuart: it alaska airlines pilot accused of trying to shut off the plane's engine while in the air claims he suffers from depression and insomnia and he was on magic psychedelic mushrooms when the incident occurred, marty makary joins me now the push to legalize magic mushrooms do think the legalization is a good idea, is it legit. >> first of all the story does not make sense because the pilot said he use them 48 hours before the incident. the mushroom effect last 6 - 8 hours at most so maybe had had
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extreme sleep deprivation which caused him to do what he did at the cockpit which resulted in his arrest but the subject of what to do about psychedelics is an interesting controversy. in the hands of a physician appropriately prescribing these medications that is not the mushrooms themselves but the other medication form called mtdna has been effective in treating treatment depression and post a mack stress disorder so we'll have to see what the research shows on this. stuart: is this what they're calling micro doses, i don't know what they look like, it's not the mushrooms themselves but is genuine medicine right? >> is ground up mushrooms and people consume them and it synthesizes the pill in dna, i would point out no drug is safe in the age of fentanyl because fentanyl laces many of these drugs. stuart: the administration was
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to ban menthol cigarettes but marijuana is okay, how do you justify this, no menthol cigarettes but weed is okay. >> some people are pointing out the intrinsic hypocrisy that people should be encouraged to get free glass pipes to smoke illegal substances and yet menthol cigarettes will be banned, this is been a controversy for 12 years ever since the fda regulated tobacco, a third of all cigarettes consumed our menthol cigarettes but this is seen as a health equity issue because 85% of black american smoke menthol cigarettes that is much higher than the 30% of white people who smoke using menthol, some say this is disproportionately adversely affecting black americans and others say that's exactly who is targeted to help. stuart: is it legit to target racially like this, this is a
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racial target. >> the american lung association antitobacco groups have been pushing for a long time to ban menthol. the argument that they use, kids are attracted to flavors including menthol whether not kids consider menthol to be a fruit flavored is controversial. this is the stepwise iteration to get out of tobacco began. thank you for straightening us out, we appreciate it. we will see you soon, still ahead martha maccallum and on president biden not putting his name on the new hampshire democrat presidential primary ballot, lou basenese on big tech earnings, jason rantz that some jewish americans are arming up as anti-semitism urges surges, the 11:00 o'clock hour is next. ♪
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