tv Varney Company FOX Business November 15, 2024 10:00am-11:01am EST
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straight to the money, dollars off 230, nasdaq down 262. the 10 year treasury yield close to 4. 5%, $4.48 as we speak, the price of oil down $68 a barrel and bitcoin struggling around 90,000, it's 89 at small change, that's a look at the market and now this. ten days after the election there's a lot of shock and about the results. trump defied conventional wisdom, all expectations. it wasn't a close race, trump won, the first republicans won the popular vote in a decade. who saw that coming, it was assumed a female candidate like kamala harris would do better with women than president biden did in 2,020. a lot was made of a possible first woman president. it was part of her platform but when the results came in, turns out harris did worse with women than biden four years ago.
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how you spin that? it was assumed after a speaker at a trump rally described puerto rico as a floating island of garbage that hispanics would vote overwhelmingly for harris, they did not. she did worse with latinos than biden and trump with a larger share of their vote, reverb the celebrities who entertained at harris rallies, the sitdowns catering to young people. it was assumed they would bring in the youth vote. they didn't. harris did worse with young voters than biden four years ago. how come a black woman did worse with the black voters than white joe biden? so many assumptions were just plain wrong. why? read the new york times op-ed by david brooks. he says the assumptions were wrong because identity politics is losing its grip. voters respond to their individual needs, not the
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assumed voting patterns of their racial, gender or socioeconomic group. a black voter thinks the same about inflation is a white powder and vote accordingly. a hispanic and be as upset by crime as a nation. i think he's right. i think it broke down ten days ago, it's a reset of election expectations. second hour of varney getting started. kaylee mcgee white joins us now. is this the end of identity politics? >> we should all hope so not just because it is inherently divisive, but it's one of the ways the elites have been able to have a chokehold on the american public. if you are able to convince wide swaths of the public that they are victims because of their skin color and their oppressors are those who look
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differently from them, they will be distracted and forget the real threat to their freedom and success are the elites in power who have only ever governed for themselves, the elites have profited off of identity politics so this past election when voters across all minority demographics voted overwhelmingly for a republican ticket for the first time in decades that was throwing off the power the elites had over them and is a hopeful sign for the rest of the country. neil: tell us how you really feel, i can tell it strong feelings. sylvester stallone introduced donald trump last night during his event at mar-a-lago. listen to what stallone had to say about trump. >> we are in the presence of a mythical character. nobody in the world could have pulled off what he pulled off. i'm in our. when george washington defended his country he had no idea that he was going to change the
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world. without him you could imagine what the world would look like. guess what, we got the second george washington. neil: the second george washington was what do you think of that? >> there are some pretty big differences between george washington and donald trump but i will say i was at the la bureau with trace gallagher for election night coverage and as we were sitting there watching the numbers role in and the vote totals continued to grow for donald trump you did get the sense that you were watching history being made and trump is like odor not a generational figure. i don't think we are ever going to see anyone like him again. he has reshaped the republican party. he has issued in this political realignment that is to the benefit of all americans. stuart: good stuff on a friday. we will take it. now this. florida senator rick scott just threw his support behind someone to replace marco rubio in the senate seat.
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to see supporting? >> lehrer trump. who he is throwing his support behind, the florida senator publicly backing the president-elect's daughter-in-law to replace marco rubio who has been tapped to be the next secretary of state saying in a x post lara trump would be a great senator and represent floridians well. scott joins a group of trump allies who want this rnc cochair to be the florida senator. lindsey graham says he would love to have her as a colleague and alabama senator katie brick floated her name before rubio's nomination was made public. musk seems to be on board but the decision lies with governor ron desantis. the understanding, his chief of staff is favored for the position along with lieutenant governor jeanette nunez and florida attorney general ashley moody. a couple names there. laura trump has reacted to this news in an interview with sean
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hannity saying she would love to serve the people of florida. she has been there for three years but desantis will make the final call. neil: check out the markets, we are still in red ink territory, getting a bit worse, dow is down 270, the nasdaq is down 281. let's look on the positive side. what do you think the trump administration will do for artificial intelligence? is a plus for ai? >> it is a huge plus. president biden created an executive order to regulate ai. one of the themes with the trump presidency is deregulation weather is banks, energy and important for ai and we will see money going into this whether it is the microchip side, nvidia and taiwan semiconductor will do well as taiwan semiconductor is the foundry for these chips.
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these data centers and nuclear energy stocks are higher. i would not stay in the way. i think ai will lead the way. neil: stuart: do you think the biden administration try to put shackles on ai, trying to reign it in because it might be dangerous, don't know whether they did that are not. i'm not familiar with that part of the ai thing but what you are saying is trump on shackles ai. is that it? >> biden did issue an executive order to regulate artificial intelligence and with elon musk on his side i think ai could be a place where we see a lot of money go into, you see a lot of startups, like open ai, cerebral says filed for ipo coming up soon and elon is raising more money, double valuation already for x ai, then he raised a few months back so a lot of money going in this and there's tremendous amount of excitement in the ai space.
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neil: stuart: i see you like nvidia even at these lofty prices, you think it will go much higher still. >> i do. nvidia, i wouldn't short it. if i owned it i would own it. if i see a dip i would add the position. it is the absolute leader in microchip space and now you see the saudis said they are going to commit $100 billion to build more data centers for ai in saudi arabia so whether it is the saudis, the americans, big tech companies that google, amazon and microsoft, that's where the money is going. stuart: american companies dominate ai. it is largely an american thing. is that accurate? >> one hundred%, we dominate ai but i also think these american companies, if you look the agreement they signed in saudi arabia with microsoft and oracle they are going to be over there being part of this build out so i think the american companies won't just dominated the united states but globally as you roll this out for the rest of the planet.
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stuart: don't get in the way. appreciate you being here. ashley, you are coming into this. look at some of the movers and start with tesla. it is up nearly $6, 2%, what's going on. ashley: why not, two of elon musk's private companies set to secure billions in new deals, space x preparing to launch an offer that will sell existing shares in the business around $135 each. that will bring the value of the company to more than 250 billion, x ai has raised 5 billion, and evaluation of 45 billion and that almost doubled the valuation from a few months ago. it's incredible. next up, look at microsoft and elon musk just intensifying his battle against open ai and microsoft, amended his lawsuit with open ai and claims that
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company and microsoft leveraging their combined dominance to stifle competition in the ai industry. last one, bloom energy. look at this stock, up almost 50%, they just inked a deal with american electric power to its largest ever procurement of fuel cells that can run on hydrogen or any natural gas blend, powered by natural gas. up 49%. stuart: democrats freak out after trump taps rfk junior for hhs secretary. >> not often the entire medical and public health community is going to be in lockstep on something but they are pretty close on this in terms of their significant concerns, horror even. stuart: maybe the concern is rfk junior will append the establishment.
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maybe that's their problem. abide meet with xi xinping as trump taps china hawks mike walt and marco rubio. how are allow relationship with the communist china change. iranian officials say elon musk met with iran's un ambassador. should be get involved with foreign policy, we ask 4-star general jack keane next. ♪ that's a different story. with the chase ink card, we got up and running in no time. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card from chase for business.
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points. when the fed chair powell said he's not in a hurry to lower interest rates in the near future, that set the market on a downward path and it is still a downward path this friday morning. general motors laying off nearly one thousand workers most of them in the united states but the stock is at $57 a share. tomorrow president biden meets with xi xinping in peru, their last meeting before donald trump takes office. edward lawrence at the white house. is this meeting going to be all about trump? >> it will all be about the future, president biden will tell xi that the communication lines should remain open. jake sullivan says the president will tell xi that there will be a smooth transition to donald trump. >> the president has demonstrated the us and prc can manage our differences and
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prevent competition from veering into conflict or confrontation and he has done that by ensuring open lines of communication at the leader level, the military to monetary level and every level of our prospect of governments. >> small nonlethal weapons manufacturer is an example of the trump effect on business and china. five years ago, 250,000 in sales risk the first year, last quarter the company did 27 million and expanded production in china under the biden/harris administration and the ceo worry day harris administration would add burdensome regulations. the company was ordered to move production out of china in the next six months and plans to expand its facility in fort wayne, indiana, increasing to 175 employees. >> one hundred 15 components going to each launcher and we have been making them across the world. since the pandemic, we have really been working hard to
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source everything in the united states but with the election of donald trump and what is clear to be more tariffs on china, we have really hastened that. >> reporter: he is seeing his vendors also move back to the united states and that trend has been accelerating since the election of donald trump, xi concerned about the business investment that is leaving china. stuart: the new york times reports that on monday, elon musk met with iran's ambassador to the united nations, discussing ways to defuse tensions between iran and america. jack keane joins me now. musk talks with the iranian's, musk gets on the phone with zelenskyy, do you approve of musk getting involved in foreign relations like this? >> obviously he's not an official of the united states government but he is an advisor
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to the president-elect. i think what is actually happening is first of all the president-elect is not going to reach out, to make connections given the fact that he doesn't take office until sometime in january. he is using a close advisor of his, someone who he trusts to do a little bit of that, to set the stage for him. i'm not overreacting to the fact that musk may be talking about negotiations in the future. i'm very confident about the direction donald trump when he takes office is going to go in. he knows iran has operationalized all the proxies, their intent is to drive the united states out of the region and destroy the state of israel, has a close relationship with prime minister benjamin netanyahu, give him everything he needs and encourage him to finish it as soon as possible.
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at the same time trump wants to establish peace and stability in the region. that is his objective. i am confident that the iranians would not have done what he did if he was the president of the united states. understanding is that, musk may be carrying two messages to the foreign minister of iran. one is you are going to have to knock off what you are doing, you have attacked us troops in the region over 300 times, this is through proxies, firing ballistic missiles at navy warships and trying to destroy the state of israel. that has got to stop if we are going to have any relationship whatsoever. secondly, donald trump will be willing to work with you if you stop this malign and aggressive activity, we can sit down and talk about peace and stability in the region. one of those agenda items as
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you don't build a nuclear weapon because that will destabilize the region, force us to take action, force israel to take action against you. i think this can be a positive thing in setting the stage for something that is going to come later. stuart: does the pentagon need radical reform? that is what pete hegseth is going to do. >> the pentagon doesn't need a bunch of generals being fired, diversity, equity and inclusion will change on day one, the president will likely as president biden did when he took over put this policy in place and asked all federal agencies to comply. on day one i assume the policy goes away in the pentagon will be the first to complete the execution of that order. i guarantee it but the
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department of defense says nothing to do but to execute that order, we are exaggerating the degree of the problem. these are serious issues, we need to rebuild our defense. flat for four years under the biden administration. xi is building his military capability, the most rapid we've seen in history. they outpace us with every weapon system, every platform except submarines. that distance has grown to the deco we would be challenged in fighting him to win. that's the reality. we've got to fix this. secondly, business practices in the pentagon, something you are familiar with, there is risk
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aversion built into them, too slow, and too costly as a result of it. several secretaries have tried to fix it and failed. we need that reformatted has to be aggressive. you can't do this without the congress and the united states, has been an impediment as much as a support, impediment how? continuing resolutions. we've had a generation of continuing resolutions which handcuffs the defense spending effectively. they will not get rid of legacy systems in their district or in their states because the pentagon wants to remove them and that is the reality of so many issues congress has to face. she asked. incoming secretary of defense hegseth, we've got to restore
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deterrence, we need the help of the congress to do that. this is the most significant undertaking in a generation. stuart: you've delivered a powerful message and we heard it. see you again soon. different subject, israeli and from boot at the france/israel soccer match in paris. we ask about anti-semitism in europe. it is clearly on the rise. we will be back. ♪ investment opportunities are everywhere you turn. but at t. rowe price, we're letting curiosity light the way. asking smart questions about opportunities like advances in healthcare. and how these innovations
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coventry direct, redefining insurance. stuart: one hour into the trading session, red ink is flowing good fast, the dow is down 250. looking at some of the movers, what is with disney this morning? ashley: the house of mouse, wells fargo lifted their price target to one hundred 38 from one hundred 16 after the company saw strong subscriber growth and movies sales and news that disney ceo bob iger
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selling after $40 million worth of company stock and walt disney this morning up nearly 4%. take a look at the vaccinemakers, moderna, eli lilly, pfizer, ucsc of red, they are down big after donald trump nominated rfk junior as hhs secretary, skeptic of vaccine, all the vaccine makers down as a result. stuart: amazon facing questions from congress about their growing relationship with tiktok. what exactly are lawmakers looking for in tiktok? ashley: amazon has a shopping partnership with tiktok that allows users to purchase products from amazon without leaving the chinese owned social media apps was representatives from amazon recently met with the house china committee whose members
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believe the arrangement could very well be dangerous and unwise given the national security threat the apps could pose. neither committee members nor amazon commented on the meeting. and if it does not do that with bike dance but it is unclear what will happen next. donald trump promising on the campaign trail he would, quote, save tiktok. stuart: donald trump is considering halting the ban on tiktok. what will trump do, do we know? >> tiktok has unlikely hope with the president-elect, we are two months away from the deadline from chinese owners bike dance. the platform would be effectively banned in the us but the deadline is a day
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before donald trump's inauguration and given its reach with young voters trump revealed that he is a fan. >> i've got up 30 points, republican is always down 30 with young people. i am plus 30. a huge impact. >> reporter: has a huge impact and has had a huge impact, trump said he plans to save tiktok. the upcoming van is the result, and michael walter trump called is national security adviser, spoke out against tikka and the fact that to collect data on americans and sends that data to china. listen to what he had to say. >> i called for a full on ban. we can do it. the largest democracy in the world, government of india realizes the danger. it has done it. it is long overdue.
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we should not allow our greatest adversary to access 150 million americans in their data. >> he has stacked his administration with vocal china critics but doesn't want to lose the support of young tiktok fans. once in office trump could issue an executive order to block the tiktok band. stuart: that's brilliant gop national spokeswoman joining me now. elizabeth, the bottom line is political. if you band tiktok you lose the youth vote but you might have a national security problems how do you untangle this? >> it's a much bigger issue. we are talking censorship and it is an age old issue in our country but interesting we are talking about that in reference to programs that didn't exist when i was growing up. i think it is ever evolving,
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banning tiktok is like slapping a band-aid on it, pause on a problem that needs more thought through solution, the fact that donald trump is going and more equipped to deal with this and the risks associated with trying to solve the problem, showing fear in the face of adversaries, infringing on the right of the american people are all concerned he thinks about every day but he has years of experience under his belt and your lawn musk by his side. stuart: should it be banned? >> middle ground, maybe a ban on minors but i don't think censorship is ever the way to go. stuart: in europe, france, french soccer fans booed the israeli national anthem in yesterday's match in paris. multiple fights broke out in the stands. listen to this.
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[crowd booing] stuart: it seems like israelis need protection all over the world. anti-semitism is growing all over the world. what say you? >> you are right, you didn't mention i don't know how many are aware that a few days ago in amsterdam after a sporting event, jews were hunted down in the street and attacked once again in a coordinated attack with those who were driving ubers that night. i think it is terrifying. i've been disappointed, almost embarrassed with the lack of leadership in our country and around the world with this problem. october 7th was a major issue but it didn't stop there and it won't stop when the war ends because people allowed those around the world to feed the anti-semitism to put a stop to this. he talks regularly about wanting to defend institutions that promote this kind of
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anti-semitic bigotry that the entire country is forced to listen to on a daily basis, younger people in the streets with the flags of hamas after-tax, knowing americans are being held hostage. and arduous need to be reeducated on this issue, we need to portray strength and make sure people know that we stand with israel, not the terrorists that wanted to wipe israel off the face of the earth and are still holding americans hostage over a year later right now. stuart: thanks for joining us. senator fetterman has harsh words for nancy pelosi after she blamed biden for the election loss. we will tell you what he is saying. is at the end of work from home? office buildings are packed with office workers near pre-pandemic levels. ♪
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stuart: the red ink keeps flowing, close to 300 and in percentage terms it 0.6%, the nasdaq, to percentage points lower. when fed chair powell said he's no interest to lower interest rates that upset investors. the work from home trend is starting to fade in places like new york. our people coming back to the office in midtown manhattan? ashley: yes they are. the tide has turned, the latest data shows office visitations in new york city came in at 86.2% compared to 2019 levels. the highest number of cities are studied in the country.
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market analysts use cell phone data to track those office visits on the other end of the scale, struggling san francisco finished dead last with just 51. 7% compared to 2019 but the overall picture does suggest the work from home phenomenon is dying against our productions not only because workers want to interact with colleagues but companies have also clamped down. amazon, dell, goldman sachs, ups are just a few of the major employers that have been cracking down on remote work in recent months, get back in the office. think again, the tide has turned. blue and i believe you are right. new york governor kathy hochul has announced new york city's controversial congestion pricing scheme will begin on january 5th just days before donald trump takes office. this is highly controversial. how much is this and where does
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the money go? >> it is controversial. it will be $9 a car in most of manhattan and the money will go towards the mta which is public transportation in new york city. the price this toll is is down from the initial plan that hochul killed in june. the governor is hoping to get the new plan through before trump takes office because it requires federal approval and trump is come out aggressively against this plan. hochul was celebrity news yesterday saying it's a 40% reduction. the initial plan of $15 never went into effect so we are just adding another $9 on top of commuters and people who drive around the city and more bad news, the $9 isn't guaranteed. hochul can raise the price of the tall but she says she won't do it for three years but she can. nicole malliotakis tells us she has no faith in the congestion
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pricing plan. >> it is a hochul hoax because it is really a cash grab and it will not achieve the traffic congestion and pollution reduction that she claims that it will. >> reporter: i spoke to new yorkers who were skeptical of the timing of this and frustrated their expensive city continues to get more expensive. >> i'm tired of new york raising prices on everything. it is already hard to live here. it is terrible. we need things to start going down. food prices are up, $800 to fill up your car now, too much. everything is too much. >> close it down. elections come, now you're putting it back, why wasn't it good before, wise a good now? why are you doing it now after the elections? >> even if you don't drive in the city your goods are going to get more expensive too
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because trucks under this plan would be charged $14.40 to go in the area and $20.60 during peak hours so your goods will be more expensive as well. >> the trial of the illegal migrant accused of murdering lakeand riley is underway in georgia. what's the latest? >> the started today. hosea is accused of killing lakeand riley, he has opted for a bench trial waiving his constitutional right to a trial by jury which is interesting move, georgia-based criminal defense attorney philip alloway said josé is fast tracking himself to life in prison by choosing a bench trial over a jury trial. he is a venezuelan national who entered the us illegally throughout past so. he lived with his brothers. they also entered the country illegally. they are also under federal custody. you are looking at those charges, his charged with multiple offenses including
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felony murder, obstructing an emergency telephone call and peeping tom. we have information out of the courtroom, reporters there today, he was emotional as he heard laken riley's name, he has avoided contact with a courtroom doing this but he has been watching video evidence. the family is in the court room, her mom entered calmly described as looking stern but she'd did cry as he entered on the first day of the trial. stuart: thanks very much. still had, donald trump has shocked the political world with his cabinet picks. the question is confirmation. trump wants recess appointments. democrats and some republicans want senate hearings. if you thought the election ended in tense political discussion think again. fight night, mike tyson takes on jake paul tonight. should the 58-year-old boxing legend to be fighting a 27-year-old especially after
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it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people.
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stuart: we are down 360 on the nasdaq, 300 on the dow, s&p 1% as well. serious selling on wall street largely because fed chair powell is in no hurry to lower rates. democrats melting down after trump tapped rfk junior to lead health and human services. watch this. >> not often the entire medical and public health communities are in lockstep on something but they are pretty close on this in terms of their significant concerns. someone said to me i can't think of any individual more damaging to public health than rfk. >> we are considering bringing somebody on with no scientific or medical credentials, this person would come in 2 got nih is shameful.
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stuart: what reform do you think is needed at hhs? >> i would start with the fda. i'm concerned that over 40% of americans are obese, we are eating stuff that is loaded with chemicals, ultra processed foods that are 73% of what is on our shelves. they are deliberately doing that, they taste good, high fructose corn syrup, we get obese and we get heart disease and high blood pressure, diabetes, risk of cancer, sleep apnea, this is a sick care system. fda has been very weak getting that under control so the fda needs to focus more on food and that is make america healthy again. i'm also in on the idea that our pharma lockers are too big. they take something that was developed by a biotech company, exciting new invention or drug, by the time it gets to phase 3
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trials, a huge lobby, pressure is put on the fda, there is a form of cronyism that needs to be looked at. i'm not saying great drugs aren't approved. i'm not saying is that but the way they are approved, a lot of red tape favors certain drug companies over others. stuart: tonight, mike tatian returns to the boxing ring after 20 years absence. he's going to fight 27-year-old jake paul. should he be fighting a 27-year-old? >> not because of age alone. george foreman was fighting at 48 and a good plunger but he was praying to god all the time. that's why he did okay. tyson is a big puncher and he still in good health. he's worried about his also he had in may.
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there's a chance of recurrence especially if you get punched but the bleeding won't come back. i am a little concerned about it. it looks to me like he is in good shape. on this show, we are all about aging people doing better than young people. you and be have got to root for tyson. stuart: whatever you say. doctor siegel, you are all right, thanks for joining us. i want to bring in edward lawrence. you are a boxer your self. would you get in the ring with mike tyson? >> mike tyson punches 800 psi, the average human punches 35, he is three times more. say he punches at a thousand psi, that's twice the amount of
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an average person. i would not get in the ring with him. 44 knock outs, 50, and 6. 44 were under two minutes. this will be a sanctioned fight, 8, two minute rounds, we will see if you last two minutes. stuart: you know you would get into the ring if you were going to make $20 million. >> not with mike tyson. he's a monster in the ring. the picture of terrible terry noris, he was extremely fast but mike tyson is extremely strong and fast. i don't think i could handle one of his punches even for $20 million. stuart: could you handle jake paul? >> he is a little bit taller, a little bit bigger. maybe with some workouts i could do that. i would be less afraid of jake paul and more afraid of mike tyson because of his demeanor and the way he focuses so hard.
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stuart: are you going to watch tonight? >> i'm very excited about it. terry noris taught us the techniques on how to do it. i saw the artform inbox and i'm interested to see if mike tyson still has that artform, the dancer they do in the ring. it will be interesting. stuart: thank you, see you next week. here's what we have still ahead. senator fetterman slamming nancy pelosi for pushing out biden and blaming him for the democrat losses. jonathan honing on the exotic stock pick of the week and mark daniels on trump expanding immigration detention centers. will matt gaetz be confirmed as attorney general? the 11:00 hour is next.
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