tv Varney Company FOX Business January 10, 2025 10:00am-11:00am EST
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it is 10:00 eastern and we are waiting for judge murchon's ruling for the sentencing of donald trump in the, no case. in new york. trump is speaking, he calls us, quote, a tremendous setback for the american court system. he also said people saw this trial firsthand and voted decisively in the election. his lawyer, todd branch says it is a sad day for trump, his family and the country. he says trumps wants to ensure nothing like this ever happens again. the prosecution spoke about how trump characterized the trial as a when shunned saying his conduct is a direct attack on the rule of law. we bring you more details as soon as we get them. reading across the board, dow is down 480 points, nasdaq is down 367. here is why. the yield on the 10 year treasury going straight up. reached 4.76%, investors don't
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like it. watch out, the price of oil moving up almost $77 a barrel. as for bitcoin, doing well, 93,700 as the price of their. there. moments ago we received the latest read on consumer sentiment, this could move the market. lauren: it did move the market, now down 500 points or an extra one hundred points. the reason this number came in at 73. 2, later than expected in january is inflation expectations spiked on a year had basis, when you're out consumers expect 3.3, up from 2.8 in december, 3.3 for five years. stuart: now we are down 550 points on the dow, close to 400 on the nasdaq. voters in california have a long history of hating donald trump. now it is coming back to the.
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they have to live with the policies laid down by the haters. they just elected adam shift to the united states senate. he was censured by the house for what they called false allegations about trump and russian collusion. the state legislature just as the fires destroy large parts of los angeles begins a special session to protect the state from incoming president trump, they will set aside $25 million to fund lawsuits against him. governor newsom called for the special session. is worried trump would hold the state's green policies was ironic those policies contributed to the disastrous fires was also ironic, trump saw it coming before the election he appeared with joe rogan. he anticipated the trouble california would have with water in the event of a major fire. watch this. >> they said we have no water. we don't have a drought. i said why do you have no water? because the water isn't allowed
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to flow down. and natural flow from canada all the way up north, more water than they could ever use and in order to protect tiny little fish, the water up north gets routed into the pacific ocean. stuart: so here we are with a 1-party state electing far left identity obsessed climate crusaders and from the top down there is no accountability and no acceptance of response ability. years the man, karen bass, evading questions about the fire department budget cuts but she imposed. >> all of us here with one voice, we have to protect lives, save lives and save homes. rest assured, rest assured when that is done, when we are safe, when lives have been saved and homes have been saved we will
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absolutely do an evaluation to look at what worked, what didn't work and to correct or hold accountable anybody, department, individual, et cetera. stuart: just not good enough, for decades california has drifted left, got worse in the trump years as the democrat leadership piled on the hatred and look what they got, the highest taxes, highest poverty rate, rampant crime and the end of los angeles as we know it. a theme of this program will be the edge needed for political change in the formerly golden state. second hour of varney just getting started. ben domenech with me this morning about politics just has to change. my question to you is are these fires the tipping point?
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>> they certainly should be but there's a number of things that have to be done in order for that to be the factor. the background of this is incredibly offensive. i want to make sure people understand, not politicizing these fires to point out the policy mistakes that led directly to the destruction that has affected so many people. the fact is if you look back through the years gavin newsom has cut the state wildfire prevention budget to the tune of more than one hundred $50 million, the underbrush that needed to be cleared to prevent this type of situation that was not done to the degree he claimed it was, he claimed there was 90,000 acres, npr report a few years ago found it was less than 12,000. those were policy decisions that had ramifications which whether he had an r or d after his name that would be a failure and all the failures regarding karen bass in the fire department and everything that could have been done to prevent this type of
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circumstance which i think this should be a wake-up call for californians that they need to stand up themselves as voters and demand the kind of changes that need to take place particularly the regulatory changes. otherwise we will not see the palisades rebuilt in our lifetime because it's the kind of thing they have so many barriers against that kind of thing in california it will be impossible to make a comeback. stuart: forgive me for this but yesterday california state lawmakers held a special session to trump proof the stage. where are the priorities? trump derangement syndrome has reached a new level in that state. >> it is insane and it is also i think very deceptive, a way for them to appeal to far left voters without living up to their responsibilities and obligations. we saw the footage of gavin newsom pretending to be on a phone call with president biden when confronted by one of the residents, trying to avoid answering questions and drove away. there's an avoidance of responsibility here, a far left
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agenda, the truth is it doesn't matter what you think about dei policy, what you think about reparations or the like, when your house is burning to the ground. stuart: good stuff on a friday morning, we will take it. have a great weekend, see you next week, 256,000 jobs added to the economy in december, much higher than expected. lydia, you spoke to acting labor secretary julie hsu. what is she saying about this number. i'm sure she is happy. >> reporter: he did not hesitate to take a victory lap. she shows that this is a strong and resilient job market. a testament to the biden economy, she says. in addition to the job number of 256 well beyond expectation of one hundred 60,000 jobs added the country. we also saw unemployment takedown, 4. one%. here are some of her remarks to me moments ago. listen here. >> wages are up, jobs are up,
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labor force participation is strong, there's more work to do but we are handing off an economy that is stable, strong and still growing. >> take a look at where those jobs are being added. we are seeing a lot of hiring and have seen a lot of hiring in healthcare, government, social assistance jobs. we are seeing week meager hiring adding jobs in construction and losing jobs down 13,000 in manufacturing, losing 3000 jobs in mining and logging. we have to ask are these the types of jobs we want to be seeing added to our nation. with the strength in the job market also comes the concern about inflation. we are well above that 2% target and with strength in the labor market there are concerns that inflation could accelerate. listen here. >> we've seen the bed continue to lower rates and the
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long-term rates are going up and that is an indication that inflationary expectations continue to climb so i think trump is going to need a big pooper scooper to fix this mess that he's inheriting. >> how does that impact the fight on inflation. interest rate cuts all but off the table for january and if that's going to be a continuing theme in the environment moving from 2025, that brings about concerns about impact on business, earnings and hiring for all of us every day americans. finally, the biden administration loves to tout the jobs report and claim they have added 16 million jobs to the country, we have to point out most of the jobs were simply restored after they went away during the pandemic with this report. our numbers show the biden administration created 7.2 million jobs, less than half what they will likely claim throughout the day.
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stuart: alyssa coren joins us. the s&p, the dow, the nasdaq are seriously negative for the year. it could be related to inflation expectations that lauren reported moments ago. are you buying that? lauren: i'm not a buyer here. i'm a seller here. stuart: are you buying that stocks -- lauren: absolutely. investors i hypersensitive to any and all economic data. if you put this into context, the end of last year, september to december, very strong, the election a big catalyst but what happened in mid-december, power pooled cold water on the future prospects of rate cuts so investors are sensitive to any and all economic data. since mid-december we've been in this chart, this could be the last nail in the coffin for more destruction ahead unless the buyers a step in with upside reversal. stuart: that sounded ominous to me, let the destruction begin. are you talking about a serious dip in stock prices?
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>> if you are looking at the technicals the s&p needs to hold 5800, that's a major support level from the last 6 weeks or so. stuart: forecast it. lauren: i love being nimble. you need to move when you get new information so fic destruction like today i am going to start raising cash but to see buyers step in, than i can switch my mindset. if we got an upside reversal i could be back in buying mode but i'm really focused on the reaction versus the prediction. stuart: what do you think would happen to the dow and the s&p and the nasdaq if we got a 5% yield on the 10 year treasury. >> what was 2022 all about? it was about the rate hike cycle and we had a bear market. what was 23-24 about, the pivot. we are starting to see the bond market become a central theme once again, we have to see how investors are continuing to react.
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blue and you think they will sell? >> today they are selling. we could break open. let's see. is this going to be in august of 2024 scenario where it is 6 to 8 weeks of damage or is there something that is going to turn into something like a 2022 situation. stuart: thanks for joining us this morning and this is coming at us. judge mergeon has issued his ruling on the sentencing of donald trump. trump has been sentenced to unconditional discharge. this means no jail or fine but the sentence places judgment of guilt on donald trump's record. he defended his rejection of the immunity argument while also defending the unconditional discharge. he wished trump godspeed, his word, as he assumes a second term in office. more on this coming up later on the show. coming up, the real heartbreaking stories of the
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fire victims like this 6-year-old little boy. >> i don't know why but this is what happened to our house. a lot of stuff that i love is gone. the chimney were center comes, now it is gone. now we can't get presence here anymore. stuart: the mayor of los angeles will give an update on the fires in about an hour. she is facing growing calls to resign. we will see if she addresses that. last night donald trump met with a group of republican governors. today the house freedom caucus headed down tomorrow lago. can trump unite them to get his one big beautiful bill? that is next. ♪
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it brings people together in meaningful ways. ♪ ♪ stuart: judge murchon issued his ruling on the sentencing of donald trump. trump has been sentenced to unconditional discharge. unconditional discharge, what does that mean? >> essentially nothing. all the fears were not realized, no prison time, no jail time, no probation, no house arrest, he is done but he's a convicted felon. stuart: doesn't that allow him now to appeal, once the sentence is in, he can appeal and he says he's going to do that. >> absolutely. he has every right like every american to take this up to a
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higher court. if they deem the way they got to a conviction violated the constitution in a meaningful way they could reverse the conviction. stuart: in my opinion if this is not reversed the new york judicial system stands in disrepute, shall we put it like that? what is your opinion on that? >> you are not alone. many people feel that way and i will say that the appellate court can still find that error was committed but call it harmless as they often do meaning the judge shouldn't have done this, this shouldn't have been done but there's enough to uphold the conviction. generally the odds are against you when you file an appeal but this case is different. stuart: thanks for clearing it all up for us. back to the markets. it is a selloff.
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the red ink, down 600 on the dow, 400 on the nasdaq, looking at the movers, chevron. stuart: oil companies are up in a down market because the price of oil is spiking in the us and overseas so reuters is reporting more us sanctions are coming on russia and iran, less supply in the worldwide market to bring up the price so chevron is up one%. one%. stuart: i think goldman sachs had something nasty to say about amd and it is down. lauren: they say there's a new challenge for amd, the personal computer and server market so they cut them to neutral and took the price target down from 175 to 129. stuart: tell me about mercury insurance company. lauren: one of the few remaining home insurance companies that cover for wildfires in the state of california and perhaps the most
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exposed. mercury general topple the list down 17%, their headquarters are up. stuart: vice president-elect j.d. vance has resigned, republicans are down one seat. aishah hasnie joins me now, who becomes his replacement? >> reporter: good morning. i'm hearing a lot of names including vivek ramaswamy but the thing is there's no official shortlist. i wouldn't put money on any of these names. governor mike dewine of ohio has the authority to pick vance's replacement and he has been keeping his options close to the vest. he was down in mar-a-lago when donald trump last night as trump held this big governor's dinner and here is what he said about the process of picking vance's replacement. >> i will have an announcement probably next week. i'm looking for someone first of all who will be a worker in the u.s.
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senate, someone willing to run in two years and turn around and run two years after that. >> reporter: announcement next week. republicans will briefly be down to just a 51 member majority in the senate and that is because west virginia governor jim justice hasn't been sworn in yet. of that will happen potentially next week. every vote will count as trump pushes his ambitious agenda, both chambers working toward that one big beautiful bill as he likes to call it. it will include tax cuts, immigration and energy policy and the debt ceiling but there's an understanding that if it does sort of get bogged down in the process they will have to break it down and two separate bills, you have folks in the house caucus that want to see real cuts, the deficit, no spending without offsets, trump cannot afford to lose too many republicans so he's doing what he does best, the personal touch, he has invited those house freedom caucus members to mar-a-lago, they are headed down there now.
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for some 1-on-1 face time. he wants to make sure this does not fall apart. stuart: you got a lot of work to do in the next two months on capitol hill. thank you. the republican governor of oklahoma joins me now. you and several other gop governors met trump last night at mar-a-lago. what can you tell us about the meeting? >> it was great. trump was amazing. the energy this guy has, he was with us until 10:00 and i knew he had been in dc at president carter's funeral earlier in the day, very optimistic about america, i will tell you this. the american people are excited for donald trump on january 20th, safe communities, we are going to see border security finally, we are going to see energy dominance and we are excited. all the republican governors are unified and i really feel
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sorry for people of california right now because those progressive policies have harmed their citizens and i think that's why alternately trump won big in this past election because people are tired of progressive policies and they want some common sense back in the white house. stuart: we've been speculating on this all morning, all week actually, do you think in our lifetime in the next two years do you think a republican could win statewide office in california? >> i was thinking about that. if you asked me about that. i think so. in 28 i think california could go for a republican candidate for president. i think a governor, republican governor could win california. this is just a travesty. governors try to protect their citizens and for these progressive policies for them to run out of water for their
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firefighters in the height of this wildfires situation burning these communities it is unheard of and unacceptable and it is their own policies that contributed to this and it wouldn't happen in a republican-led state. stuart: oklahoma is one of the most republican states in the nation. the most actually. thank you for joining us this morning, sorry it is so short but i have a jampacked show. hope to see you again soon. thank you. appreciate it. take a look at this. drone video shows a community completely destroyed by the fires, 10,000 structures of been destroyed so far. that is going to create a nightmare scenario for insurance not to mention the devastated citizens of los angeles. a frustrated mother confronts gavin newsom and demands to know why california wasn't prepared for the fires. >> what are you going to do?
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stuart: on the markets i will call it what it is. a selloff, the dow is up 550, inflation expectations went up and that really hurt the market. show me the electric utility companies. they are down today as the fires burned through los angeles. all of them down sharply in percentage terms. jpmorgan estimates the cost of the fires for insurance will top $20 billion. what is the department of insurance doing about this? ashley: to be honest this insurance crisis has been years in the making and you can blame california regulators who for years have stopped insurers from charging premiums that reflected the true risks and costs.
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several insurance companies have left california, a laminated new policies will reduce their exposure. when you are paying out more than you bring in, not sustainable. the state's former insurance commissioner says even those homeowners who do have coverage are facing a fight. >> there's going to be an extraordinary number of claims being filed, probably, from my experience, 8 years of insurance commissioner, the insurance companies are going to do everything they can to lowball and deny claims. ashley: insurers in california have been increasingly refusing to write new policies in areas considered at high risk for wildfires. according to the part of insurers, between 2020-2022, insurance companies declined to renew 2. 8 million homeowner policies in the state, that includes 531,000 in fire ravaged la county. consumer advocates say don't
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think this has anything to do with losing money. >> the fact of the matter is insurance companies in california, home insurance, more profitable than the nationwide average. ashley: the insurance industry leads to higher prices that simply cannot be kept. >> there are never caps on the insurance costs because of the fluctuating economy. insurance has to be able to pay out claims. ashley: california has the fair plan, the insurer of last resort but premiums are more expensive and provide significantly less coverage. exposure estimated $458 billion raising questions about whether it can cover the claims. in the wake of these fires the cost of home insurance in some
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areas could jump 30% to 40% but that is not all. even if you don't live in california your home insurance could get more expensive because insurance companies are trying to cover their losses. stuart: a pacific palisades resident confronted governor gavin newsom over his handling of the fire. just watch. >> governor, my daughter's school. >> i'm talking to the president right now to answer the question of what we can do for you and your daughter. >> wise the president are taking your call? >> it is not going through. cell service -- >> wise there's no water in the hydrants? what are you going to do? i would fill them up personally, you know that. i would fill up the hydrants myself. but would you do that? >> i would do what i can. >> but you are not!
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stuart: the lady on the right-hand side of the screen was the lady in that video, rachel, is that how people feel in california? >> one hundred%. thanks for having me. one hundred%. stuart: trump called on newsom to resign. you would agree with that. >> i would agree that a person who is the governor of a state like california should be in a position to handle a crisis like this in a much better way than this governor did. if resignation is the solution then maybe he should. that is down the line. i don't see the governor redesigning today. what i'm hopeful for the my governor is an actual response that includes not just taking care of everyone affected by this today but i'm talking about the future. that pacific palisades will be rebuilt. i guarantee you fat.
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it is somewhere that is going to come back. my home was likely saved i just found out yesterday but i have nowhere to go to. the house is in ruins, the town is in ruins. if you ask me if the governor should resign it won't matter necessarily at the moment it has been done. what happened has been done. what can we do going forward? i see a blame game happening, you saw it when confronted the governor, you saw nonchalance. i could go on and on. stuart: when the fire started did you see firefighters, many firefighters on the streets of where you live? >> i live at the top of the hill where this fire generated and first moved to. when i got notification of the fire, i was in my house and by the time i got to the front
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door, the fire was at my doorstep. it was at my doorstep. at that point i didn't see any fire officials, any officials period. all i saw were local residents, gardeners and any workers that were around helping neighbors pour water if they could and everyone had to leave. there was nobody that told us it was time. when you see what we saw there was no other option. we when you ask for the governor's contact information. your video went viral, don't know how many views but a lot. has anybody contacted you from the governor's office? >> they have and i appreciate that. the governor has not yet. i wanted to be someone who has been in this position and had the opportunity to have the governor's here, to tell the people he did talk to the
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president after however many failed calls, after no satellite, after whatever it was he was saying i wanted to tell the people our governor is telling us the truth. i wanted to be that person who could do it since i had that opportunity and i haven't gotten that opportunity. i'm in contact with someone from his office. he has asked what do we need, and i hope that they will go through with what they are promising. stuart: thank you for appearing on the show. we appreciate you telling us how it is. we appreciate it, thank you very much, more varney after this.
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stuart: donald trump has been sentenced to unconditional discharge and his criminal case. he responded on truth social as we said in part, there is no case, there was never a case in this whole scam fully deserves to be dismissed, the real jury, the american people have spoken by reelecting me with an overwhelming mandate in one of
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the most consequential elections in history. he also said today's event was a despicable charade and now that it is over we will appeal this hoax which has no merit and restore the trust of americans in our great, once great system of justice. make america great again. we have a selloff, nothing to do with trump. this has to do with rising interest rates and inflation expectations. endows off 600 points. here's the problem. the yield on the 10 year treasury going up significantly above 4.7%, investors don't like it. amazon, apple and nvidia. all of them on the downside. the supreme court has been hearing arguments on the tiktok band. what happens next? do we know? >> reporter: we wait for a ruling which could come in a matter of days.
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today's hearing comes down to a debate whether national security trumps freedom of speech. some lawmakers don't think that is the case. they filed a last-minute brief to the high court arguing freedom of speech should reign supreme. senator rand paul is one of those who participated in that filing writing, quote, the first amendment is not a privilege that can be revoked. it is a guarantee. this kind jeopardizes constitutional liberties and establishes a concerning precedent from silencing platforms which of the high court let's lets the band go through as planned, they have no plan to take the route to the best to the company. the chinese commonest party, does not have influence in their activities on the apps despite investors lining up to purchase it? >> there was so much more potential for this platform. data owned by the user,
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>> if americans have any reason to worry about chinese influence. >> the chinese government does not have any influence over tiktok? does the chinese government have influence over the tiktok, yes or no? mister chiu, can you promise the american people the chinese government does not have influence over tiktok, yes or no? >> not a word of confidence that any of these concerns are not seriously legitimate, tiktok insists it would be a constitutional crisis if tiktok were to shut down, there are 0 interest in selling tillius company to avoid it. that would shut down tiktok on the eve of a presidential inauguration, tiktok will not a medially disappear.
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those who do not already have it on their phone will be able to download it, evil who do won't be able to update it. stuart: your name is hillary vaughan. i believe i referred to you by a different name. back to reality. thank you very much indeed. serious stuff. half a million students cannot go to class in los angeles as of now. some of their schools have been burned to the ground. john height joins me now. these kids are going to be forced back into remote learning. they rely on screens again. do you have problems with those? >> one thing we learned when our kids were put on screens, it is hard for them to pay attention. the screens were on and we adults all know this. it does 20 different things.
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you are doing all kinds of things instead of what you're supposed to do. my kids watch 15, the entire series of the office 15 times during covid. screens especially at home are not helpful for a kid's education. stuart: your behind the movement to remove phones from the classroom. what kind of changes do teachers or parents want to see, children not glued to the screens at school, should be across the board all across america, no smart phones in high schools? >> no smart phones should be with the students from kindergarten through high school. the way to understand what is happening is of this. think about for adults, when you were in middle school, suppose the practice was you can bring your television into class, you can bring your walkie-talkie, you can bring fingerpainting, whatever, all these entertainments, have them on your desk during school, how much would we have learned? it is completely insane that
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that is, when kids have a device, research shows they spend a lot of time texting, social media, and porn for some of the boys. it is completely insane we let them have phones during school. it is not enough to take away during class because then everyone is on their phone between classes and the kids don't get to talk to each other. might as well be home doing zoom school. stuart: i think you are going to win on this. >> it has been thrilling. red states, blue states, we all want to get rid of the phones. stuart: thanks for joining us. sorry it is a short. from the fires, how do you recover from the fires when you've got the most, in california, the most draconian permitting rules and the most
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it is the 10 year treasury yield, straight up. the biggest losers on the dow, travelers, goldman, nvidia, salesforce, apple, all down, better than 2.5%. the nasdaq composite they are the losers. semi, water, amd, do we have the nasdaq, the s&p 500 loses, constellation brands, warner bros. discovery. health experts warning residents about toxic smoke in california. doctor marc siegel joins us now. how do you protect yourself from toxic smoke? do you wear a mask and stay indoors? how do you do it? >> reporter: if you are in close contact you are right, you have to stay away from it, stay indoors or wear a mask, there's two problems.
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inhaling particulate matter 2. 5 which is a tiny particle can have long-term effects rather than short-term effects. i am monitoring the emergency rooms in southern california, specifically ucla. he seen a lot more anxiety than he is seeing respiratory problems but predicts there is going to be a lot of respiratory problems because those particles settling your lungs especially children and they can get into the heart, those are well documented and that is what we are worried about but number one on the list is anxiety. if you're one of those 180,000 people that suddenly displaced from your homes and worried if your home is even there the uncertainty leads to anxiety, a study in the western united states, almost 2 million people studied over ten years show
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dramatic increase in emergency room visits due to anxiety related to wildfire smoke. stuart: extraordinary. thanks for being on the show. sorry it is short, we are jampacked with news. thank you. wealthy residents in los angeles are hiring private security guards for looting. lauren: they left their homes to escape the deadly fires, criminals are taking advantage of that hoping to steal valuables when first responders are focused on keeping people safe. one of the company seeing these requests have an working around-the-clock specifically in pacific palisades. they patrol with buyer trucks and law enforcement and on the streets as well. one of the guards said they had to chase away two people from the property they are protecting. it is working and it is a need that is a real. is real. at last count 20 people have
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been arrested on suspicion of raiding homes in southern california. really disappointing when people take advantage of terrible situations like this. stuart: that is a terrible situation, damage on the left-hand side of the screen is extraordinary. thanks. still had on this program, steve hilton on whether the fires could be the final straw for voters in california, could the disaster turn the state more read? 's liberty realtor josh altman will walk us through what the fires mean for the insurance crisis and fitness expert jody michaels tells us about evacuating her mom from the fires and what she called the beyond negligent leadership in california. former federal prosecutor on trump's next step after his unconditional discharge in new york. the 11:00 hour is next. ♪ ♪
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