tv Cavuto Coast to Coast FOX Business November 9, 2023 12:00pm-1:00pm EST
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oh. well done, stu. >> it was rigged. stuart: rigged? [laughter] it took michelangelo four years to complete it, the sistine chapel is where cardinals gather to vote on a new pope. rue, thanks very much -- lou, thanks very much for sticking around, the great stuff. i want to take a look at bitcoin. can you get that the the up there, please? we've got the dow down 17, modest gains percent s&p and the nasdaq. bitcoin approached $38,000 per coin earlier today. send in your friday the feedback stuff, please, we want to hear your thoughts on the show this week. what is the it, varneyviewersfox.com. there there to you go. send it in to us, please. that's almost it for varney and company. i've got about eight or nine seconds to tap dance, which i will do quite successfully, i think. and so in three seconds, "coast to coast" will start, and it starts now. neil: u.s. fighter jets and iranian weapons storage facility collide in syria again.
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the growing call to respond harder though to at least 42 iranian-sponsored attacks on u.s. soldiers. this time maybe expand the counterattacks not to proxies of iran outside iran, but iran itself. and inside iran. ♪ ♪ neil: welcome, everybody, i'm neil cavuto, amidst a ground war that is heating up in gaza even though we're hearing the israelis are open to now and hen the stoppages to deal with humanitarian relief there, an expanding one, that is a heating-up war, involving more than justice israel and hamas. to edward lawrence at the white house on a president trying to strike the right balance, i guess, edward, on strikes. >> reporter: exactly. and first i want to tell you nsc spokesperson john kirby
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confirmed the israelis do, in fact, agree to a 4-hour pause in their ground operations per day, and there will be a 3-hour notice before that pause. the president also says today that he pushed for a 3-day pause. they got that 4-hour, a 3-day pause to get humanitarian the aid in and hostages out. critics say any pause will just help hamas. how to the president feeling this pressure to respond to iranian proxies. for the second time in several weeks, the u.s. strikes a warehouse overnight. a senior defense attorney says that warehouse could have housed rockets, drones or artillery shells. former secretary of state mike pompeo says that's not good enough. >> my experience is this is anything but a strong response. you lay it against the context of 40 plus strikes that were attacking americans; that is, american soldiers and civilians inside these countries. and we go after a munitions dump. >> reporter: and just look at the imbalance on this map. the u.s. struck two times against iranian proxies.
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those proxies tried attacking u.s. troops and contractors at least 42 times since october 17th. at least 46 americans injured. within the last 90 minutes, president biden gave a brief answer to why he approved this secondary striek. secondary a striek. >> why did you strike iran's revolutionary forward? >> because they struck us. >> reporter: simply, because they struck us. there's a debate now as to whether this is enough to get those iranian proxies to back off. neil? neil: thank you, my friend, edward lawrence on all of that. honored to have lieutenant the colonel darren -- with us, former black op helicopter pilot. i just generally decided, because with he's also a former battalion commander, not to the ask him one tough question because he could kill me with a fingerer: thank you for taking the time. what's going on with these attacks by iranian proxies on u.s. soldiers, we responded by going after yet another one in syria, but there's growing
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frustration the that iran keeps doing this. perhaps sensing that we'll never go after iran itself. what do you think? >> well, i think that's right. there's a frustration because the messages that we're sending from america right now is one of weakness, that we're -- if they hit us a little bit, we're only going to hit them a little bit too, and that's not how deterrence works. we need a bigger, bolder, stronger message that they need to stop doing this, or they're going to pay a heavier price. it'sst the it's not always military strikes. maybe it's time to put the sanctions back in place. neil: but you do hold back on the military strike thing. is it your sense that directly attacking or surgically striking points in iran would ignite a much wider conflict? >> it certainly could, absolutely. instead of dealing with what i call mercenary armies for tehran and hezbollah and hamas and the houthi rebels in yes, ma'am -- yemen, you've now got a
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nation-state involved. and with iran involved, not only would it be america versus iran potentially or israel, but syria, iraq, it could i grow into something much bigger and engulf the entire region. that'll he'll but they though that and continue to attack because they know that we don't want to do that. what would be the element of surprise if we did in what would happen if we actually said this stops, we're going to strike you when you strike the us, end of story? >> well, that's difficult to guess exactly for sure, but i would suspect that if iran got struck by us, they would respond in kind throughout the region where all of our forces are whether they'd to do it correctly or through, again, those roxie or mercenary army as. neil: in other words, they almost would want that then because that would involve a larger war, something grander to push, right? >> well, they could want that. but on the other hand, the results to iran wouldn't necessarily be good either. they would be assuming a lot of risk for their nation as well. so this isn't just a
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single-sided equation. both countries, the u.s. and iran and the people in the region, would be assuming a lot of risk specifically with regards to the expanding war. iran may not really want that either. they can't really afford it. neil: you know, maybe you can help make sense of this, colonel, this agreement on the part of israel working with the united states to accept these 4-hour pauses in military activity the in areas of northern gaza to allow whatever critics of israel want them to allow, and that they then, you know, confounding the situation, making it worse by the constant attacks. do you think that's going to work? >> i don't think so, and the reason why is because history teaches us that it won't. 1948, 956, 1967 and 1973. every single time israel has gone to defend itself against somebody, it doesn't matter who it is, foreign nations -- including the u.s -- have come in and said, okay, thank, israel, you've to gone far enough.
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thousand go back to your original borders, and let's pretend something didn't happen to you. so this is just a 4-hour ceasefire, and with a 3-hour warning, what you've cone is you've given a quarter of a day or more to hamas and other terrorists who continue to do what they do and build more booby traps. they have 7 hours to do whatever they want. that's not good. neil: the protests going on around the world, as you know, 40 most of hem sympathetic to the palestinian cause, this issue of winning the pr war, that it's the hamas achieving that and not israel, what do you think? >> i think that was baked into the cake before they even went in. they've had years of experience of using the public relations world to advance their cause. they'll stage incidents, and heavy done that through all of these conflicts, and they'll push that out to the world and say this is what happened even though we'll find out later it didn't. the errant missile strike on the hospital in gaza is a perfect
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example. that report went out very quickly -- neil: and everyone blamed israel. >> and it was false. so we have to look at everything that comes out of the gaza, on both sides of the conflict, and say is that the really true. because in the public relations war, the first one to report tends to win at least in the temporary. in the long term if the truth comes out, so be it, but a lot of times the damage is already done. neil: real quickly and without getting ahead of ourselves with this war, there's the always the question after this ends what to do about gaza. and i've talked to a number of israeli representatives who are very concerned about qatar the having any role in deciding that, whatever help it might be offering on, you know, this passageway out of the country and getting aid in and foreign nationals out, they also house and often time times, you know, treat very highsly hamas operatives and top lieutenantses. israel says no part of that. who's going to decide this? >> i think, ultimately, it needs
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to be israel deciding. and i would dare say that the united nations should not be involved, because they're a big part of the reason why there is a problem there now. ultimately, if israel occupies the entire gaza strip, my personal opinion is they should stay in occupation of it and create an environment for both with arabs and the jewish people to thrive and live together. neil: but isn't it more likely israel will be calling the shots, no pun if intended, in that region for quite a while? >> it's certainly possible. remains to be seen. neil: colonel, thank you very much. darren gaub. we're following this developments, haven't or got gotten about -- forgotten about the economy and the big debate last might. madison alworth in the villages in florida with reaction. madison. >> reporter: hey, good afternoon, neil. yes, we're in the villages. just a little while away from miami where the debate was last night. that debate stage was center, so we had the chance to hear from all of candidates.
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they got more time, and they spoke about a range of topics. they hit economy, they hit foreign diplomacy, and they also hit abortion, an issue that continues to drive voters to the pollingses. take a listen. >> everything involving bidenomics, i'm going to rip it up, i'm going to throw it in the trash can on day one where it belongs. >> let's focus on how to save as many babies as we can and support as many moms as we can can and stop the judgment. >> my message to xi jinping is this: you are done buying land in this country, you will not donate to universities in this country, u.s. businesses won't expand into the chinese market. >> reporter: so we're here at the flying biscuit café, and i found a family that willingly or unwillingly is going to let me sit down with them. kathy, one of things that you saw last night was the back and forth, we just heard if from vivek, he and nikki haley talking about tiktok. what was your take on that moment, which was one of the more tense moments of the
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debate. >> definitely, it was a tense moment. probably well deserved for her to have said what she said, for nikki haley to have said that, but never theless jarring and shocking to hear that coming out of a candidate who's usually very well spoken and shows a lot of decorum in the proper situations. >> reporter: and that's in reference, because what you're referring to is when nikki haley called him scum. and that was one of the only moments. it was very cordial. we saw those candidates, one candidate who's in the lead was not there, president trump. kurt, when you look at the options including president trump and those on the stage, what are you thinking when it comes to the gop nominee? >> well, i don't like finish the my first choice isn't trump. my first choice would probably be desantis with nikki haley as his vice president candidate, or you could reverse that. the reason for that is i think commander in chief should assert some time in the military.
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>> reporter: yeah. especially now where we see we have two wars in ukraine and israel, definitely top of mind, something that was hit in the debate. this side of the table has other front-runners, but you both said if president trump does get the nomination, you would vote for him. but, denise, you said you would are saw a really hard time -- you would have a really hard time voting for president trump. why is that? >> i agree with much of president trump's policies over the time he was president, voted for him twice, but i, i am so angry with him for being so divisive, so argumentive, so ecogotist call. i think he puts himself in a position to be divisive, and so i think anyone else would be better. >> reporter: okay, thank you so much. well, there you have it. they finished up their meal, so i don't think there's anything -- there's some bacon and, neil, i mow you and i both love lay bonn. so i might snag some of this, but there you have it, voter reaction on the ground. back to you, neil. neil: there's a lot of food there. i would definitely have stolen
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some of that. all right, so the reaction depends on really who you talk, that table was a good example. eliza collins, daniel garza with us. dan, you had an opportunity to be with some folks sort of digesting this, tell me about what they were telling you. >> yeah. you know, when it comes to the issue of abortion, neil, you know, millions of christian conservatives especially which is the base of the republican party feel that they will not compromise on a moral issue that is a abortion and don't see abortion really ans issue i that they're willing to trade for electoral wins. being pro-life is the end game, not the politics, right in but, of course, you need electoral wins to defend life. and so the republicans have to get smart about how they communicate about this. and the thing is you can't remain quiet about the issue, you need to be the bold, you need to actually show where you stand which where a lot of
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americans actually stand. in the absence of good ideas and good policy, bad policy is going to be passed like it was in ohio. so i think they need to articulate where they stand and point out the extreme position of the democrats. neil: eliza, this abortion issue has tripped up republicans again. they didn't appreciate the mag hi tuesday of it last year. -- magnitude of it last year. but they didn't go into a lot of depth there. is that at their own peril? >> you know, i don't know on this debate stage if it really matters because as we've seen in most early state and national polls, all early state and national polls, former president donald trump leads the party by just such wide margins. the only chance the other candidates have of taking him on is if they all consolidate behind someone and have sort of surprise victories in iowa, new hampshire, those early states. and so they can all argue about abortion or, you know, there was a lot of differing views on ukraine aid and a whole host of
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other things including energy policy, china. but at the end of the day if trump is the nominee, the real -- all the policies that really matter is where trump is. and trump has taken sort of a does city line on abortion. he's been very vocal about it being harmful to candidates both in the 20222 midterms as you mentioned and then again earlier this week we saw in several states that abortion access proponents won. but he's, he put in place the supreme court justices that overturned roe v. wade. he has not committed to a federal ban. but he has said he's the most pro-life president or he was the most pro-life president in history but also hasn't gotten behind a particular ban. so we're looking for specifics from if him because up to now he's likely the nominee. neil: you know, daniel, obviously president trump wasn't there, but he is making major inroads among latinos, to say nothing of all voters. and i'm just wondering given
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this recent poll that shows the latino vote essentially split at 50-50 which is enormous gains for republicans, what do you make of that and where with it's going? >> it's an incredible shift. look, i think latinos are feeling not notal -- nostalgia if for pre-to covid economy. he was passing pro-growth policies, we had energy abundance, we had -- [audio difficulty] regulatory burden was also trending downward. and, of course, under bidenomics, life has gotten 25-30% more expensive. and even now borrowing money is causing hardships in the latino community. so, i mean, one is the embrace of the economic results under the trump administration, and the other is the rejection of just bad results under this biden administration. neil: all right. thank you very much, guys, i really appreciate your insights. we might have toll you a little bit earlier that the president
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hopes to meet with shawn fein, the uaw leader, in illinois later this afternoon, but all of this occurs not only with the conclusion of that strike and a very costly one for the automakers as a result, but at least good news on the actors in their battle with the studios. that strike too has been resolved. we don't know the details. separately, another one involving culinary and other workers in las vegas, that too is involved. what the former labor secretary of the united states makes of the price of these deals and where we're going with potentially other worker walkouts. eugene is scalia is next. ♪ do you believe in life after love? ♪ i can feel something inside me say, i really don't think i'm strong enough, no ♪
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neil: all right, we could have two big strikes settled right now, that actors strike that seems to have been going on forever, a deal reached with the major hollywood studio, and separately culinary workers who were threatening to strike all across las vegas, and that could have affected more than just buffet lines, that too seems to be resolved or close to it. eugene scalia joins us, former
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labor secretary of the united states. always good to have you. i don't know the details of these latest deals, sir, the fact of the matter is some of them have been very good for workers, pricey for management. the autoworkers saying they're going to be costly to digest, but digest them, they will. what do you make of them? >> well, we're certainly seeing a lot of attention to the strikes right now, and there have been some important ones. the uaw was the most closely watched and probably most important. and it does look that the workers there made some pretty significant gains, you know? 25% pay raise over about four and a half years, some pretty generous, immediate pay raises. but you really, neil, have to judge them in the long term. and i think the questions will be, as you say, whether the companies can digest these, remain profitable. and then the big question for the uaw is whether it can take wins like this and successfully organize other u.s. auto
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companies. you've got to figure that's hair greatest hope, that they got such a good deal, they'll hope, that they can have success at tesla, that they can have success at companies in southern states that aren't unionized right now. i think the uaw's long-term success hay be measured by that more than by the terms of these deals. and, you know, ill just -- i'll just say generally there's a lot going on in the labor movement right now. people are observing that and wondering whether we're seeing a resurgeons in union power. neil: we might get a hint of that later today when shawn fein, the uaw leader, meets with the president in illinois. for all i know, to back him for president of the united states. that wouldn't be a shocker. i know you're not a politician here, but a lot of union chiefs, of course, tend to like democrats, but the worker bees sometimes tend to favor republicans. not all the time, but, of course, the last time the union vote went for a republican
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president outright was ronald reagan in '80 and '84. what do you see now? >> well, wow got to the speak separately -- you've got to speak separately of the union leadership, especially folks based in washington, d.c. on the one hand, and hen union members -- then the union members on the other. and historically the union leaders in washington or people like shawn fein leading an international union are very important supporters of the democratic party. that's where a lot of the money, the funding for the democratic party comes, is through the union leadership which, of course, is contributing dues that have been collected from the members. but members are often a very different story. you give the example of ronald reagan who was opposed by most labor leaders -- not all, but most, but was able to make great inroads many what we called those reagan democrats. that was part of the coalition that donald trump successfully put together in 2016. again, the union leadership
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wasn't for donald trump, but a lot of union members were. and you'll see that fight continue. your getting a little bit of -- you're getting a little bit of a feel of the times during the debates going on now. neil: a personal question, eugene, if you don't want to answer it, believe me, or you're not bound to. you've served your government honorably, cow -- you come from a long line of people who saw done the same thing, i'm wondering if you would be entertaining a future government role in a republican administration? >> back at my law firm where i've spent a lot of years, neil, enjoying the practice of law right now. we'll see. i've been in the government four times, i've enjoyed it. i certainly value government service. if it's a good role, i'd consider it. i'm back working for my clients now and certainly enjoying that. neil: i think your dad would have appreciated the non-answer there. that was very, very good. gene scalia, it's always good
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seeing you. thank you very much. >> nice seeing you, neil. neerl. neil: all right, we have a lot more coming up including the polls and what to make of them. i'm not talking about the major parties, i'm talking about robert f. kennedy jr. right now polling at 22%. 22% as a third-party candidate, that is more when ross perot got when he was running in 1992 when he got 19%. that's not only disruptive, that could be a winner. after this. ♪ sos, please, someone tell me -- ♪ it's not healthy for me tose ♪ it's not healthy for me tose feelcu this --. ♪ not only our customers but those who matter most to them. just like our company does for us. we have great benefits from principal. so i know i'm taken care of. and (pause) not just me. but the ones who matter most to me. ( ♪ )
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raz -- ross perot did finish getting 19% of votes, some say he tipped it to bill clinton. we really don't know for sure, but we do the know that robert f. kennedy right now is actually polling at 24% when pitted against donald trump who's at 29% and joe biden at to 30%. now, sands shift on this all the time, but it isn't out of the theoretical possibility that in such a battle and if he is in the debates, that he could comport himself enough to win the whole thing. teddy roosevelt came awfully close when he went against his former vice president, got more votes than william howard taft back then. tony lyons, the american values 20 2021 co-chair. what do you think of that, the possibility of robert f. kennedy jr. pulling it off as a third-party candidate? >> i think that the numbers really point to bobby kennedy
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having a very strong chance of becoming president. i mean, these new numbers are really striking in that, you know, two weeks back bobby kennedy was beating both biden and trump in, you know, all voters under 35. now, you know, two the weeks later he's beating both of them in all voters under 45. and those are the types of people who have been hearing him, because he doesn't really get on the mainstream until media that much. mostly been on all of the gigantic podcasts. and that's where people 45 and younger get their news. so he is speaking to the things that matter to them, and he's convincing them that the things that they've heard about him are lies and that when they hear his real story, they want him to be their president because they see these two characters on both sides, biden and trump, and they don't trust them, and they don't want them to be their president. neil: well, i don't know what my e-mail can glean, tony, but i
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had robert f. kennedy on a number of times, and every time i do particularly the first time he appeared with he on fox, his first fox appearance at the time, generated more e-mail than i've gotten on all the other presidential candidates i've talked to to since, even before combined. combined. i don't know what that means, i don't know what that seeks of the audience and the independents and many people who have said i like this guy, but i'm wondering many a very bifurcated race and where the two major candidates for whatever reason are so polarizing, you know, the rap has always been, where else is a republican going to go, these are the two choices, where else is a democrat going to go. but op on ballots assuming robert f. kennedy jr. is, no small possibility here, can get on all 50 state ballots, they do have an option, right? >> yeah. so they do have an option. and and what they have is a candidate who's willing to tell them the truth, you know, who isn't doing this for more money,
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for more power. he has no agenda other than to do what's right for the people of this country. if so, you know, he would come into power not working for a dozen of the largest corporations in the country. he would be coming in to the presidency as somebody who wants to rearrange the government so that it works for people all around the country. so he would get us out of these foreign wars, he would work hard to make a possible future for young people that they can be hopeful, you know, with, where they really believe that they have a government who's fighting for them. so the younger people who have been hearing his message, they're not slaves to the corporate media, you know? they watch casts, they're not fooled by -- podcasts. they've not fooled by the lies that they're heard. so bobby kennedy is a sincere, you know, really honest guy who has no if agenda other than
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righting this separated country, healing the divide many in this country. neil: all right. >> and making this a country we can all be proud of once again. neil: obviously, you like him very much. there are a lot of issues that could come out. he's had some pretty extreme positions, but to your point, he should be heard. if you don't like some of those views, they're not your cup of tea, have it out and let's hear them. but he would be an equal in a race of three very prominent candidates, so it deserves watching. tony lyons, thank you very much. >> thanks so much. neil: all right. in the meantime, did you hear about this? apparently a plane was traveling i think about 4,000 feet -- 14,000 feet. it was forced to turn around a because passengers were noticing it was getting very noisy and a little cold. that's a little unsettling. we'll tell you more about it after this. ♪ muck i just wanna fly. ♪ put your arms around me, baby, put your arms around me, baby ♪
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you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. neil: all right, we never used to ask this, but should colleges sort of open up their books to reveal who's giving them money and why? charlie gas flee's been looking into this -- gasparino's been looking into in this. >> i meaning so i've been speaking to some people on the hill. they're very concerned, only, about anti-semitism on college can campuses finish. neil: sure. >> and, you know, what are the root causes of it. okay, so what they've been fining, and there's been studies on it, there was a study about it in "the new york post" today, billions of dollars of money comes from these sort of foreign sources.
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and these are not exactly countries that are our friends. talking china, qatar, you know, iran -- neil: and they've been doing it for a long time. >> they've been doing it for a long time, and you've got to ask yours -- by the way, it's picking up steam now. endowments to the university of pennsylvania, university of -- you name it, harvard, you know, all the major universities. and you have got to ask yourself, what is the motive, the incentive for these countries or sources in these countries to be giving to, you know, making american higher education better? and what a lot of republicans in congress will tell you, and i think there's a good chance there could be hearings, could definitely -- they've pushed, there's legislation right now about disclosure. they're saying that this money is actually financing and sort of influencing the curriculum. the curriculum has gotten incredibly progressive and leftist, anti-american and and anti-israel from, because of the funding from these sources.
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neil: so it gets a lot of play. >> so if you want to know why scott bach, the board of trustee e of the university of pennsylvania, liz mcgill, the president of the university of pennsylvania, weren't immediately condemning the students that were cheering beheading of babies at the university of pennsylvania, remember hose the protests? neil: sure, sure. >> they were pro-hamas protests, congress would say check the funding source, and middle eastern money is flowing to the university of pennsylvania. and testing having an impact. -- and it's having an impact. listen, i'm not saying it's a direct ima pact, but, you know, you never bite the hand that feeds you. neil: yeah, be careful of that, sure. >> i think we have congress wanting to get better input. thousand, they're supposed to disclose everything above $250,000 of donations, but somehow they don't do it or
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they're late to it or they play around with the numbers. neil: yeah. >> so look for congress to step up to the plate to the try to get some of this, because i think this is maybe one of the keys to figuring out why it's okay on a college campus to say kill the jew is -- neil: and worse, by the way. and worse. very good reporting. well, this next gentleman is trying to do just that, congressman greg murphy, republican from north carolina. congressman,s you got a sense of where charlie was coming from. they obviously expect something for all the money, so what do you do about it? >> thank you, neil. he's spot on, because so many of these colleges and universities are taking money from china and other countries that really want to do, do us harm. so getting back to those individuals, they should not be investing in those. i sent a letter out i guess it was about a year and a half ago ott top 15 endowments and asked them to divest out of china and all the other countries on this
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particular watch list, and you would be amazed what i got back a couple of them said, yes. one university in north carolina said, quote, it's not illegal yet. and so they're basically trying to increase their monetary influx, but at the same time there's absolutely going to be some i'm of influence. neil: so if you could punish hem, it would be at least thousand through a tax on such, right? -- now through a tax on such. >> yeah, you can do tax on the endowments, that's what we've proposed, a 50% excise tax on what's taken in, and once they redeem the things, 100% tax on their capital gains which would ineffectuate any type of earnings they would get. tst wrong, the colleges and universities, when i was on the board of trustees of my alma mater, it was about key vesting out of fossil fuels and it was going to be the hard to do it because of mutual funds, but they sure as hell ought to be
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able to do it out of china and terrorist organizations -- organizations that seek to do our country harm. neil: got it. thank you, congressman. raising issues about why this isn't being done in the first time. in the meantime, jackie deangelis what they're planning for "the big money show." jackie: well, the gop contenders are making their pitch after the third gop debate. what the candidates are saying today, and will it get any one of them closer to the nomination? plus pete hegseth on the administration's response to the iran. it's all coming up at the top of the the hour, but first, more "coast to coast" after this. ♪ oh, i want that dance with somebody, i want that feel the heat with somebody ♪ r r
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e given height maybe 30,000 homeless veterans in the u.s. this is the celebration of an opening of not only the construction of homes -- see the gray building back behind me? those are homes they're building for homeless veterans. they've also bought a 160-bed hotel here many houston -- in houston which is now the houston tunnel to towers veterans evil lage -- village. the government really has got a backlog of trying to help, and the folks at tunnel to towers are trying to step in where the government can't. they've got some pictures inside of what these homes look like for homeless vets that i've talked to several of them who, well, you know, they came from if a shelter that they just, you know, were in tough situation, just dangerous. this is safe, clean and just wonderful. and this, you know, this is, by
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the way, we come back live here maybe you see, the fellow that is known as the singing new york policeman, this is a great celebration for the community. if you rook a around, folks from houston, other veterans that have come out to support, companies that have contributed. these are not cheap undertakings, to provide homes for folks, but i can't think of any better thing the necessarily to do with it, with the money. i leave you with a picture of the folks coming together here in houston. their vision is a unto towers -- a tunnel to towers, to do this all over the country. situations like this where homeless vets can have a place, well, to call home. i think they deserve that. neil: at the very least, my friend. thank you for letting us know about this. jeff flock in houston with that. meanwhile, or something that might be a little disconcerting to you right now, we always talk about commercial real estate and
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whether it's in arrears or distress, and then along comes a number that some of those commercial property loans are at a 10-year high many terms of being overdue, late. should we read anything into that? erin gibbs with us, gibbs wealth management. erin, good to see you. what do you make of this? >> i think it is concerning. we've known for a long time, obviously, we had an earlier crisis during the year largely surrounded by some of the commercial real estate concerns. neil: right. >> and so this is somewhat of those fears coming to actually be produced. neil: are they significantly late? and are a lot of them many that same pickle, or is it just a few? >> it's just a few. so the jump in the 10-year high is significant, in fact, it's a trend. but when we look at the total commercial real estate market, it's about 3 basis points worth of the total market. so that's 3% of 11th. so it's -- of 1%. still just a tiny, tiny fraction
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of the total amount of loans out there. i think when you talk really about concerns when you look at distressed -- which is or sort of the next level down or potentially distressed, the next level down -- then we're talking more like 300 billion out of a $5.5 trillion market. and we're talking about 1.5% of the market. that is concerning. if we see 1.5% suddenly in arrears -- neil: that's the frenzy people fear, right? >> exactly. neil: you see it in china, and it's is still a small percentage of overall -- >> right. neil: but it gets people worried, are these guys going to have to be rescued, who's on the hook for it. >> right. and we're seeing some banks today and some real estate plaintiffsment trusts like boston property, alexandria, those guys are focused on commercial versus residential, and those are the more vulnerable, also banks half a lot of big commercial real estate. the good news is that the
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mortgage market, which is about two and a half times as a big as commercial, that's been very stable. we haven't seen big uptickses, we haven't seen foreclosures or it's due. we've also a seen a big increase in industrial, like, warehousing loans x that's been growing and very healthy. so really out of the entire real estate market, the only vulnerable part that we're really seeing is this office space area. neil: you know, it's interesting not for everyone, you know this far better than i, erin, but i imagine for a lot of folks around here like we rent space in this build, you rent space in a lot of buildings around as here. so when you're late on your rent, some can read into that, well, you must be sort of moving oranges and apples to the try to make sure you're keeping up with your bills. and i would imagine the corporate lease, corporate rent, the rent just like people with their mortgage, the last thing you want to put off. so should we read something into that? >> i think with commercial
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leases because the banks are so unwilling to actually repossess a building because, obviously, it's usually owned by one lease- neil: right, right. >> -- they are hutch more willing to -- much more willing to renegotiate the terms, give you a few more months, rather than -- neil: it's more of a hassle for them. >> it decreases the value of a building, it might cut the value of that building by half. so in that sense, it's more likely that the banks will just a take a writeoff and say, you know what? we're going to just let you go on that percentage because it's actually cheaper for us to just take that one-year loss of not having those revenues versus, you know, making this asset worth half as much and trying to sell it. neil he'll so you're not panicking. >> i'm not yet. i think you should be concern about certain banks that have big disclosures and reits,
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they might get hit, those are the stocks that are going to get hit. but i'm not worried about it just yet. it's still a small range, but it's something we should always be keeping an eye on. neil: erin, thank you for that. i don't know if you heard about this, but there's another weight loss drug that's on the market right now, and a lot of people are saying it's not only affecting the entire with weight loss community, but it's the going to boomerang on fast food laces and and everywhere you go to eat because no one feels like eating. if you can afford the monthly charge. we'll explore and explain after this. ♪ man, i love this life ♪
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♪ ♪ neil: all right, there's a drug that helps you lose weight, and this is the third one out the gate that's getting a good deal of attention, mounjaro, it's going to the join the likes of semipick and wegovy. it curbs your appetite, and we're toll you're with off to the races. apparently, it's bad for mcdonald's and burger king because fewer e people expected to go there. as if. who knows? jackie deangelis. jackie: neil, i'm not even going to go there with the weight loss drug talk with you, but good to the see you as always a.
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