tv Cavuto Coast to Coast FOX Business November 15, 2024 12:00pm-1:00pm EST
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france. a classic italian city, number 3. stuart: madison claim she knows the answer. lydia: i have seen the original david in florence, italy. the original. is there a duplicate? i don't know. you could bring it to your home. the og is in florence. stuart: i will go with number 3, florence. the academia gallery of florence. 1501. we are out of time. a wonderful week. thanks for being here. coast-to-coast starts now. neil: have a great weekend. a couple big developments. this is the metaphor of the day. look at this.
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>> ladies and gentlemen. >> that is the metaphor for the stock market getting slapped around and no one happy about it. this is basic cable, america, you are welcome. we have the markets getting slapped a big time. more than 1/3 of the gains since donald trump was elected president, heady advances. i want to go to lou basensase and what he makes of this. >> he has a heart attack in around 2. neil: jerome powell rained on the party. >> he keeps raining on the party. their date it is saying don't cut rates again. it is funny. he is the rodney dangerfield,
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if you look, i remember joe, look at cpi and ppi, a little bit hot which doesn't necessitate cutting good. if you look at the outcome of the election, lower taxes, less regulation. that is stimulatory for the economy, you don't want to give it extra stimulus so he is wise to wait until 2025. neil: he might welcome that. don't push this too much. don't start raising rates on me but you can slow your rate cuts. how will this be digested? >> move from campaign promises to actual policy. what are the day one initiatives that actually happen? there's been a lot of pent-up demand, a lot of companies
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waiting like many americans, what's the outcome? you need to wait and see how the economy does. that's not terrible, not indicative of the fed leading to lower rates quickly. it plays out. we will see where the tax cuts come in and that's the bellwether. do trump and powell have a little wiggle room in terms of policy and the interest rates and regulatory. lauren: 1 about rfk junior killing a lot of medical related healthcare stocks, pharmaceutical stocks, is he going to be tough on that sector? >> this is a cell first ask questions later. we are intimately involved with this. a lot of companies we back are
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in biotech or mid-device. i will tell you inherently the fda needs revisions on how they go about drug approvals and device approvals. that's an opportunity for rfk. if he moves too far to the fringe on vaccines and alternative medicines without good science that becomes preoccupation versus routing out the inefficiency. neil: what about the tone he is setting? he is going to extend tax cuts and cut more regulations, do what he was doing in the first term on steroids now. the worry is to your inflation argument, almost too good, doesn't get to the point we experience what we did the first couple years? >> if you look at the federal register, 30 million, 100
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million words today. the average rate, it will take you used to read through the regulations. that is the bloat in the government. instead of drill baby drill it should be cut baby cut, put the government on ozempic and get to a level that makes sense. we brought a company public, took ten months, that's too long. a lot of it was regulatory. we've got a pipeline of new companies, i would love us to do that. we are not the only company looking at that. you have that, almost a slingshot of potential growth unleashed and then we have to see maybe if the fed holds the line and doesn't cut, what stems up the rise in inflation. if the fed cut too fast, that's the concern. if you get on the other side of the curve they missed it the first time, inflation is
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transitory. it wasn't. when powell cut in december. neil: around half. it was 80%. %. >> it was 80% and before cpi was 40%, and afterwords, dropped to 20% with 80% chance of a cut and before i came on, 45% chance. neil: don't go too far. edward lawrence, a big boxing fan, you might have seen this infamous slap but he is more than a fan. this is why i don't mess with edward. he's a former boxer himself. ask your question very nicely. are you in a good mood? >> in a good move. and that was in his garage, starting to get that going.
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i was training with him. neil: the tyson thing, the under and over on this, tyson is risking his health at 58 years old doing this. any thoughts? >> if you take mike tyson at his age i would not step in the ring with him. the guy is a monster. look at 34 knockouts, of those 44 knockouts most of them were under two minutes. he comes out in a fury when he was younger. punches that 3 times the average human, julie: you look like the nicest
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guy -- >> boxing is an art form. tyson is not just art but raw emotion, power, jake paul slap, he stepped on his foot. jake paul came out and he was not wearing shoes and he stepped on his foot and that's why he responded with a slap. neil: keeping this fighting motif up, there's a big fight with a couple cabinet choices with the president-elect but the latest controversy is robert f kennedy junior, health and human services. he is not the guy who should be adding the institution. what's the latest? >> donald trump spoke about his pick, he is going to push big pharma as the head of health
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and human services, listen. >> we want you to come up with things and what we've been talking about for a long time and nobody is going to be able to do it like you and does he feel it in his heart. >> reporter: comments like this, his views on vaccines and statements about eliminating fluoride in drinking water which the centers for disease control and prevention says strengthens teeth and reduces cavities prompted public citizen to say this, quote, robert f kennedy is a clear and present danger to the nation's health. he shouldn't be allowed in the building at the department of health and human services let alone placed in charge of the nation's public health agency. alexandria ocasio cortez adding this. >> if you look at a rural area, not a hospital close to you. it could be decimated under robert f kennedy.
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we are talking about people who live in rural communities and underserved communities. in order, just to get checked up on. >> the senate majority leader a lack has no comment about this pic for health and human services, interesting confirmation hearing. neil: i didn't lay a glove on you. i tried but you are the best. one of the nicest guys on the planet but a killer when he wants to be. that i mix shows and movies? north carolina republican congressman and physician, the only practicing physician in congress, very good to have you. how do you feel about robert f
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kennedy junior coming to head hhs? >> what the president has done with all his appointment, they are disrupters in one form or another. i'm not for disruption for the sake of disruption but we had too many things go on for decades upon decades upon decades that need to be reformed. the fda, pharmaceutical industries, so many other things, snap benefits. it's a healthy bit of disruption to rethink some things rather than continue the status quo. do i agree with rfk on all his statement? probably not. i've been a position for 35 years and i think he has a lot to offer to helping us reform in industry and a section of our society that needs reform. neil: i don't like to be labor what the market is doing on this appointment or this consideration on the part of donald trump to put rfk junior in charge of health and human services, the healthcare and pharmaceutical stocks, almost every single one is down.
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i wonder if that is telegraphing an environment that would be very inhospitable if he takes over. >> i don't think so. i think this is short-term. when you get in and learn the nuts and bolts and see what is going on in the industry things will stabilize. i've been a physician for 30 years. the pharmaceutical industry brought cures and treatments that 30 years ago we would not imagine. to throw it out is wrong. doesn't need reform? absolutely and there are so many things and we agree on direct consumer advertising, only one other country, as a physician, it adds nothing to the care of patients. there are target rich areas that we can work on to make america a healthier nation. neil: you are a physician so i'm speaking to the choir but one nice thing i would like to see looking at the medical community's approval of drugs
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in desperate cases for those with nothing to lose getting access to a new drug, and for that subset of the population that would be welcome news. >> this is the right to try. i've seen many cancer patients who are at the end of the rope and there is a right to try in some of these instances but if you look at the last decade the number of advancements in cancer care is unbelievable. it is astronomical. can we afford the novel treatments, and there's a lot of things to disrupt and rethink, rfk can do a great job at that.
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stuart: you are open to robert f kennedy and what he has to say, being fair about that. >> have a great weekend. julie: we are focused on an economy that could be sputtering when it comes to the luxury end of things. lahren seminary is following that. >> reporter: of retail sales are any indication, it could be a jolly holiday season, there's concern about the pool back at the high end from fifth avenue when we come back. ♪
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when you're in the military you're really close with your brothers and your sisters that are in the military with you. and when you get out of the military, you kind of lose that until you find a new family. we can talk about our struggles and the things that we did overseas and not everybody can do that. adam! how's it going, brother? we live pretty close to each other. so he's always coming over. when i go to jack's house, we watch a lot of football, hang out. we go outside the friendship has kind of grown into a family i was overseas on a deployment. i got separated from my marines and i got hit in the neck, and it broke my neck and paralyzed me. 14 years ago, i was on a training mission. did a military freefall, and i had some faulty equipment.
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i hit the ground. going, 30 to 40 knots and was instantly paralyzed. i met jack fanning when he invited us to park city, utah, through his foundation. i was able to actually get on the mountain and ski with my family, i can't put into words what that meant. i got paid in the military to do crazy fun stuff. and after my accident, i'm still that same guy. and when i was able to jump out of a perfectly good, helicopter, at 10,000 feet, i did it. i was talking to some vets last week amazing how we have these houses where they can come over because they■re in chairs too. carpet and wheelchairs don't mix very well. tunnel to towers, they got rid of all that. they redid my whole bathroom. that's probably the favorite part of my house. i thought they were just going to do the upgrades. but the surprise to me was they paid off the entire mortgage. when they told me they're going to pay off my mortgage, i cried.
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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. neil: apologies to charles dixon maybe the rich aren't different from you and me, they are feeling the same stresses. lauren simonetti is following what they are doing in new york city. lauren: luxury brands are hoping for a strong holiday season with great forecasts and
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predicting high end sales could fall 2% on the year, the first decline in 15 years. they price to many consumers out. on average prices are up 60% since covid. some items like this prada handbag have doubled in price. not all consumers care, they have noticed. >> price still matters and prices are creeping up. >> reporter: how do you feel about prices? >> they are high. >> reporter: has that changed your behavior? >> yes. i shop more vintage. >> sometimes necessity that you want to get in your closet. the prices have gone up. >> i do care but it is what it is.
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>> reporter: when the summer shoppers your price doubt they file roundabout. >> go to japan and purchase the same products that you would in the us or china for a cheaper price once you factor in the currency conversion, there is not an issue with the product brands are selling. >> reporter: they get creative and you are looking at creativity. this is the louis vuitton fifth avenue flagship store being renovated. they wrapped it to look like one of their suitcases with signature iconic logo, to knock on the door and see what is going on, no doors, just a sign to check out our new flagship while this one is renovated and that is right next door to that but it is working.
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they are looking at a beautiful building trying to figure out what is going on. people dress nice nicer on fifth avenue. i feel casual. neil: it is a good thing i am not there. i don't know if this goes from the bridge or all of a sudden feeling the pinch at a louis vuitton store. what is going on, seemed impervious to what was going on in the economy dialing things back, what about when it comes to looking for homes? >> there is a rally in housing. over the past week, demand is up 20% year over, the highest level we've seen in a couple years. some people waiting for the
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election, for whatever reason homebuyers have come out in force and seems to have defied the laws of gravity because interest rates have also risen. to see homebuyers in such numbers at the same time, rates are rising, i can't remember a time i have seen that before. neil: you mentioned the election, one of the uncertainties going into this, we know what the trajectory is, does that get people who are looking for homes off the couch and in shopping mode? >> it does. there are two factors, what is the election and the other was the september 18th rate cut from the federal reserve bank, that is less of an actual factor because the market priced it in but psychologically for consumers it was a big deal and a bigger
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deal that the election was over, donald trump won, there's rising confidence in the economy, not making a partisan endorsement, simply stating that homebuyers have been on the sidelines and now come off the sidelines and say they want to make a deal before the end of the year indices usually when we are shutting down and planning for next year but demand is strong. we are thinking they weren't going to get it done this year they are getting bids. it might be a week or two but rates do exert a force on the market that will take its toll but it has been a very strong reaction. neil: you are in a better mood the last time i talked to you. i was really worried. you just sounded unusual the down like what's going to happen, things are looking better.
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>> i try to tell it to you straight but i love my kids. the sun still comes up every day. either way, readfin will be fine. it is easier when the market is behind you instead of holding you back. neil: it depends on the day but i will accept what you are saying. jerome powell may be raining on the party a little bit to say rate cuts aren't etched in stone. they could be dragged out. did that worry you or was that welcome news to you? >> i think he is an amazing chair. i thought rates were too low for too long. it was obvious the economy had recovered and that contributed to inflation but he's done a magnificent job and certainly
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helped us get to a soft landing. his commentary is nothing but constructive. i don't think he can lower rates willy-nilly, there is rate cuts priced into of a market for next year and that's as far as i expect the fed to go because there's a fairly aggressive ambition to grow the economy, cut taxes, that puts pressure on inflation and rates. that's always the dance between the government and the fed. neil: you mentioned jerome powell. he was asked donald trump, relieve him of his duties, fire him, he doesn't have to go. how do you think those two are going to be getting along? >> i hope it doesn't matter. what i mean by that is the president is the president of the united states. but there are institutions in american life that are beyond
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the reach of any one political leader. i want the fed to be independence, to do its job, not be bent toward biden or trump or anyone else. i want -- professionally economists to look at the economy and help us check our medicine. it is painful for a political body to do that. it is hard to raise taxes, to cut spending but the fed has the independence to maintain a hard line on rates and i am speaking as one of the primary victims of higher rates. every real estate broker would love to see low rates but we have to think like americans and do what's best for the country. neil: good seeing you again. you don't see too many people getting a balanced load. looking at the market, more gains than we've had since donald trump was elected. we are doing the same with
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neil: two rich guys, elon musk and vivek ramaswamy setting up a progress report on efforts to reign in government spending and government spending has run a market. >> reporter: the cost cutting is not going to be glamorous. it will be meticulous work but if that interests you you could have a front row seat, the department of government efficiency will be hosting live streams updating everyone on their progress. they already heard from thousands of people who want to join them in this cost-cutting mission. part of that means telling a lot of federal bureaucrats you are fired. >> elon musk and i are said to start mass deportations of millions of unelected federal bureaucrats out of the dc bureaucracy. that is how we are going to save this country.
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i don't know if you know elon yet but he doesn't bring a chisel, he brings a chainsaw. >> reporter: that's the right tool for a job of this size, the us is $36 trillion in debt and accounting. the committee for responsible federal budget cheering doge's mission saying federal healthcare spending in particular is rife with overpayment and inefficiencies that offer the opportunity to substantially lower costs without reducing quality or access to care. the drivers are social security and federal healthcare programs with medicare. touching medicare and social security is concerning some democrats. >> elon musk is putting forward numbers like $2 trillion in annual reductions in the spending. that means cuts to social security and medicare. that's not up political statement, that's an arithmetic statement. >> reporter: getting rid of waste may save those programs.
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they are expected to route out of money in a decade to. if the government doesn't do anything about it. neil: that's fine for me but for someone as young as you and peter, you are doomed. sorry. >> i don't think we will ever see it. neil: keep working because you will have to. i want to bring judy shelton into the mix. very good read of things. you are one of those who is a disruptor. we have this whole disruptive nature of picking people who will rattle cages. what do you make of what donald trump is building and doing? >> i love it. i think there is nothing more cruel than bureaucracy if you really need services. it is not just that they are cutting out the waste of money,
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they are cutting through those layers that inhibit the service american citizens receive. i am delighted to see the signs of change and the idea of using a chainsaw is so perfect, a great coincidence that the president of argentina who used the chainsaw as his symbol of turning things around in that country was at mar-a-lago last night, he went through the government chart and kept saying getting rid of all these unnecessary departments. that's the beginning of having a government of the people, by the people, for the people. neil: i remember the famed it senator talking about government waste and abuse, i don't believe any of it ever
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stopped, it's a shrimp on a treadmill and got a better treadmill and more shrimp. what will that do? it is galvanized the public in such a way that they are screaming mad and want it changed. >> that is what it is going to do. there is a new energy and a website on x@doge, department of government efficiency. if you look at responses from people already there's a series of let's go, they love the transparency. neil: it might affect the things that they like. >> we live in a democracy. necessarily there is compromise but there can be an array of expenditures by government that we can all agree are unnecessary and no doubt they will start with the most outrageous and post them and
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they will get responses from citizens that will make it clear they agree we don't need that, it's worth paying for. neil: what do you think of this process, lou basensase? >> it is promising but you have to show us the results. there is arithmetic here. a lot of things that are hard to cut but i don't bet against elon musk. he has a different calculus when he wakes up in the morning and says we are going to colonize mars. if anyone has the wherewithal to do what i think it is him. if there has ever been a time in our government's history it is probably now to make it happen. we talk about deficit spending, government is a perverse world where you can do this or that, we don't have the money, just borrow it. it is prudent to have a business mentality. if we are going to do something we have to cut something.
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neil: raising the concerns or chunk of apple shares. low and behold, scooping up some drama knows not nearly to the degree of building up cash, he has not lost hope in the economy. >> 550 million in domino's. i'm not sure what he sees in that. trading at 25 times earnings, i think he's making a bet on the american economy on two fronts. domino's go off the charts and more demand. this is a housing play, 80% of
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the revenue is recurring revenue. neil: many people were building, 78,000 new pools are billed every year on the residential side. on the commercial side -- neil: niche pics. as far as people who follow that, more than buying pizza slices. >> this is a harbinger he thinks, more harm to come, cash on the sidelines. buffett has been right. a huge cash during the financial crisis with preferential deals in the financial markets rescuing banks. neil: i don't know where they
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stand from his election but what do you make of that? >> basil iii is more onerous regulations and capital requirements with trump president-elect going into office, there is hope that stricter regulations with more money in the system, more economically affordable money but also fighting the balance of lower interest rates. banks make money off of the margins. they have tailwind on one hand and head wind on the other. stuart: you have an elitist view, the wings are fine. they have tassels on them. all right, thank you very much, lou basensase. looking at the fight tonight, on netflix, you will get the
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fight. >> my wife said why am i going to watch that? neil: jonathan hunt is glued to the screen. ♪ ♪ ght the way. asking smart questions about opportunities like clean water. and what promising new treatment advances can make a new tomorrow possible. better questions. better outcomes. your business needs a network it can count on... even during the unexpected. power's out! power's out! -power's out! power's out! -power's out comcast business has you covered, with wifi backup to help keep you up and running. wifi's up. let's power on! let's power on! let's power on! -let's power on! it's from the company with 99.9% network reliability. plus advanced security. let's power on! power on with the leader in connectivity. powering possibilities. comcast business. power's out.
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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! municipal bonds don't usually get the media coverage i'm gonna need to charge you for three people.
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neil: more exciting than mike tyson, the slap going on around the world, jonathan hunt covering it, he's the guy you want covering this. this just me away. i think it was all preplanned. >> i don't know but it will be fun, the most fearsome heavyweight champion of all time taking on an amateur boxer who is better at posting weird youtube videos than throwing a right hook. >> ladies and gentlemen. >> if the shenanigans are anything to go by, iron mike is ready for it. he will come out of his corner
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fast and furious knowing his best chance is to strike early and often or, given his power, just once. >> i am ready to fight. i am looking forward to fighting. >> reporter: jake hall is 30 one years younger and if the fight goes long, the better his chances will get. >> i fear no man. i want him to be old savage mike. are you going to kill me? i am ready. i want the hardest match possible friday night and no excuses from anyone at home when i knock him out. >> both men will walk away a lot richer. tyson is thought to be getting $20 million while jake paul hinted he might make as much as $40 million. the bottom line is i might not look like it but i box a bit.
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i would not be afraid to get in the ring with jake paul. you couldn't pay me enough to take a punch from mike tyson. my money is on him. neil: i remember when i was 15 rounds for a championship fight, they prearrange to this end it will be fast one way or the other. what do you make of where this goes and others who might try to come out of retirement and do the same thing? >> it's a 1-off that everybody wants to watch. tyson dominated boxing headlines for so long he is such a great job. you have to wonder always is the fix in? i hope it isn't. millions hope this is not a fixed fight and if it is not then i see tyson taking it
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inside three rounds. if he doesn't, jake paul's chances get a lot better. 30 one year age difference is a lot. neil: in his younger days most of those fight ended in the second or third round. jake paul has never been hit as hard as tyson is going to hit him. neil: we can wager some money on that. that's illegal. darn it. great job as always. doug, i was thinking sometimes the powerful punchers are the last age, george foreman comes to mind. that will keep you going for a long time. just under the power of his punch. what do you think of mike tyson? >> there's only two people who
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are universally undefeated, mother nature and father time. not sure where tyson falls on that spectrum but you know what i think about? i'm thinking about doc holliday in the movie tombstone, the greatest gunfighter clearly past his prime but did he have one fight left in him? on the us at the other side, paul, the modern-day pt barnum, 70 billion on social media, made tens of millions of dollars based on youtube videos and self-promotion. it's mismatched fight but it is entertaining and kudos to netflix for hosting this. it breaks the pay-per-view paradigm. neil: you got amazon, away from free tv, that's the way the world is going. >> it really is, going to the streaming platform makes the most sense.
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so many families have netflix and by not doing an add-on premium, the typical subscription, paul understands the younger audience, mike tyson is an icon, he transcends boxing like tiger woods does with golf. their cultural significance escapes that. the eyeballs and the attention will be there. where it goes is the question, some call it an exhibition. it is sanctioned because it is sanctioned by texas. the key rule changes from 3 minutes down to two, but generally it is 10 ounce gloves, tonight it is 14. that goes in favor of paul but if there's anybody you don't want to get in a ring with it is mike tyson. he coined the phrase everybody has a plan until they get punched in the face. paul will live that reality tonight.
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neil: ultimate fighting eclipsed this. don't know where it started but i suspect it started when we had multiple divisions, heavyweight in between, do i look over my weight, these different divisions and then it lost its sizzle. does this bring it back? >> it won't skyrocket to the cultural promise. number one is the rise of mma, a brilliant program. number 2 is the fact that as the heavyweight division goes so goes boxing. in the absence of a magnetic mercurial star boxing suffers in every weight class going downstream. boxing is mixing a major drama and one thing that's working against boxing, i was a boxing get your rest, how fighters
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will dodge fights and pick fights to preserve their record. you don't see that, they go at it every couple of months. it loses interest from fans. boxing will always be around but they need to make substantive changes to compete with fast rising ufc. neil: great seeing you again. if you have netflix, they expect a big numbers, it has been heavily promoted. some look at the slap as a stage sounding shot. mike tyson isn't listening right now, is he? more after this. ♪ where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's
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neil: healthng it on the chin. eli lily getting wild on the notion the robert f kennedy junior hopes to be donald trump's choice to head health and human services. there will be some sacred cows including sacred oceans we've had about everything, obesity and all that and that is weighing, it's not even a gimme he could survive a confirmation crisis which is one of the less controversial choices but you never know. that will do it for us. taylor riggs is next. taylor: i am taylor riggs. brian: i am brian brenberg. jackie: i am
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