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tv   Varney Company  FOX Business  February 28, 2023 11:00am-12:00pm EST

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>> i think it was a man-made lab leak. thy china unlike the united
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states never imposed travel restrictions and i think that is how they wonderful place up weaponnizing covid. biden has done nothing. >> millions dead around the globe and we don't seem to have an administration curious on how it happened or they know and don't care to share. >> branch out and broadly diversified stocks that paid dividends and health investors and we look at bonds and fed blinks or administration, we have a first row seat. >> the market down this year with a negative or bearish bias, and it's really hard being an equity investor. stuart: hello, everyone, it's 11:00 eastern time. tuesday, february 28 and just the last day of the month.
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let's check the markets. we still have a kind of split thing going on here. dow's down 120, nasdaq is up 13. not that much price movement today. how about big tech and we like to quote it and that's where the money is. we have meta on the upside and alphabet slightly higher and amazon, meta and microsoft all down. mike murphy is with me now and joins me now as the market watcher of the day. looks like a go nowhere stock market and how can i make money? >> i can. stuart: you can? let's do it. >> here's the thing, you don't just invest and the market goes up, you make money on that return and sell it and go home. it doesn't work that way, stuart. it's a longer term game. right now you should be doing the exact same thing you were doing last year and the thing you were doing two years ago. you should be looking for
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opportunities to invest in growth. depending on your time horizon, you should be looking to allocate money and the fact that the market is slightly up for the year and down from last year, that doesn't mean you wait till the market is at an all-time high and invest and right now is the exact time to be investing. stuart: is that called dollar cost averaging? put the same amount of money in every year -- in given periods into the stock market? >> exactly. stuart: that's a good thing? >> that's the only thing that's foolproof. it's never not worked in history. stuart: what about the people of my age, you know, 70s. it's still good for them? >> if you want your money to grow, there's the alternative of higher yields and if that's being there and you'll see a better return of investigating in the markets of s&p and next one, three, five year period.
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stuart: good time frame. >> pick a spot and get better returns and we're going through a flat period and handle that and money invested in equities. stuart: are you still looking for a soft landing for the economy? stuart: absolutely. i think the downside that we have right now is that the economy is too strong for the fed's liking and i don't see that changing and the fed will have to come to grips towards that. stuart: back to you in a couple minutes. now this. we have our own return to work indicator, it's the view from our studio looking out over midtown manhattan. limited traffic, fewer people on the street, work from home is alive and well. jll is a global property manager and they tell us offices in america are just 40-60% full
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depending on which city and which month. look at this. offices in europe are 70-90% full and in asia, it's 80- 110% full. some asian offices have more people working now than they did before the pandemic. the bottom line here is that europeans and asians are not that keen on working from home. while americans often have larger homes and make homework attractive, more attractive and working from home gets americans out of a long commute and away from crime. in europe and asia, commutes are not so long and translate more available and possible. it's not focusing on violent crime? who loses in all of this? american cities. the people are just not here. restaurants, bars, stores, they're not doing well. tax revenue way down. you look out that window and you can't tell me that half of these empty offices are good for
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american cities. there's however a winner there but it's the remote worker. freed from the commute and the time wasted sitting in traffic and you freed from expensive day care. that pandemic really did a number on big city offices in america. in europe and asia, not so much. mike murphy still glut dna tieback for punishment is with me. >> we moved outside of the city and we're in long island, 14 miles outside of the city. we commute into the city monday, tuesday, wednesday, thursday and friday. stuart: from what you see, do you think new york city, let's address that, do you think it'll ever come back to the way it was before the pandemic? >> yes, and really remember 2008 and i said to myself at the time, if i ever get a opportunity to invest in new york city, i'm going to do it because when the city looks like it's down for the count, it's always recovered. every single time.
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thing haves changed and a lot have to do with woke holoticks in my opinion and -- politics and in my opinion workers and corpocorporations and big tech n people are at home in their pajamas, they're not as productive with workers and calling back 50% staffers for the big companies and they'll want people they're paying big bucks touchdown pass be in an office setting and don't bet against the new york city office marketplace. stuart: at this point i would bet against it. i don't think it'll come back, the offices around here. >> you can bet against it, short a commercial real estate company. stuart: think the every day investor like heist is shorting companies? am i an investor or something? >> there's different types of workeers and people will be in the offices and my building is almost 100% occupied. stuart: they're turn the office buildings into apartment buildings, some of them at least because that'll bring people back in the city. we'll agree to differ.
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>> then they need a place to work. stuart: i was supposed to do an interview many, many years ago and talking about eastman kodak and i said to the guest, i said, are you going to short eastman kodak and he said what are you, a communist? those are the days. thank you, mike. stay there, please. for years the media insisted that covid did not come from the wuhan lab. roll it. >> the conspiracy theory going around that the coronavirus originated and was perhaps manmade inside a lab in china. >> ignore the dog whistle from the president and let science prevail. >> the theory that it was released from the lab in wuhan, his new angle. >> scientists and intelligence committee agree this coronavirus was not manmade and it's not a possibly. >> many of us feel that it is more likely that this is a natural occurrence as happened with sars and covi-1 going from
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animal to human. stuart: that's laughable and the claims didn't age well. will we hear apologies from the people that appeared on the montage? >> no, they'll never apologize or the front page stories and the buzz word coming out with it and it's a consensus and the way i read that and interpret that and that means the politicos and the puppeteers in the white house and the ones purely based on politics and don't want to admit they were wrong and at the beginning of this, why didn't we say we don't know what it is. it could be a wet market in china and a lab leak and manmade you had a president of the united states in joe biden that
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never challenged and asked china about this. then shut down with social media and others and stanford and administer varicose veined and others and not allowed to question and put this out there. rand paul was questioning dr. fauci and immediately shut down and denied that they even funded some of this type of gain of function research and now we look back and looks different and it's self-critical and we need to look at this and figure it out and people pomoxus pomoxused it and radical wing nuts shut them down. why do we listen to those people anymore? stuart: how should biden respond to china? what do you think? like 9/11-style commission? >> we should get up in his grill and say maybe every single one of the chinese nationals taking advantage of the education system and we're going to revoke every single one of thornhill tore their visas and they're
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going home and get can dade with the -- candid with the united states of america and until we take a tough stance and educating the chinese and continuing to do this when you poisoned the world. explain to us, open up those doors and give us that communication and stop stealing our intellectual property and stop spying on america and stop sending these balloons over the con triple-demic. stop doing all of that and then the united states of america will work with you. until then, joe biden is not like that. he's feeble. he's going to let them walk all over us. stuart: you're a tough guy, jason chaffetz. >> i'm a little worked up on this. stuart: i can tell. fine input obstr on the show. thank you very much, sir. lauren is with and yous looking at movers and meta is moving. lauren: yeah, up 3.5% and plan to build an a team focused on artificial intelligence and top level employees in the special group that will help meta advance in the big tech ai race.
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it could help meta because think about it. three quarters in a row sales fall, sales fall, sales fall. you can use artificial intelligence to boost engagement on instagram, what's app or whatever. stuart: used to be a tv series called the a team before your time and was good in the day. then we have zoom that was way up this morning and it was before the market opened and it is now. you're up 3%. lauren: forecasting a higher profit market for the year. stuart: say ai and up goes the stock. >> ai and up goes the stock. it's interesting and companies like meta and zoom less so and help them grow their bottom line and if they can get it right, it most certainly can. stuart: one more time and cruise lines in the news and it's done. lauren: they're going to be profitable this year and they say for the first time since covid but this quarter, stocks
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down. you're saying, what? stock's down 12% and executives say this quarter is expected to be highest cost quarter ever. high fuel, food prices and i mean, you go on a cruise to eat and gain five pounds and that always happens every time you take a cruise. also labor costs and they've managed all of that but they haven't seen the fruits of their labor yet it. is the highest cost quarter for them. it's amazing. stuart: mike, i would never invest in a cruise line or airline. >> you're a smart line. i couldn't either. if they had ai maybe they'd be doing better. stuart: there you go, ai, norwegian cruise line. voters in chicago casting votes for mayor and jail guards are pressuring inmates into illegally casting their ballots. what a story. a sitcom actor says his liberal politics made him an outcast in hollywood. why? i don't understand that. you usually only hear that from conservatives and we'll get into
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t i promise you. three people under arrest in a major drug bust in southern california and border patrol has 232 pounds of fentanyl, enough to kill 50 million. star reporter bill melugin has the story next. ♪ if your business kept on employees through the pandemic, can see if it may qualify for a payroll tax refund of up to $26,000 per employee, even if it received ppp, and all it takes is eight minutes to get started. then we'll work with you to fill out your forms and submit the application; that easy. and if your business doesn't get paid, we don't get paid. has helped businesses like yours claim over $2 billion but it's only available for a limited time. go to, powered by innovation refunds.
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hi, i'm katie, i've lost 110 pounds on golo in just over a year. i was a diet soda addict, and i needed to have a diet soda every morning as my eye-opener. with the release, the cravings are gone. golo worked for me when i thought nothing would work for me. the first few weeks were really astonishing how quickly and how easily it came off, how much better i felt, what a change it made so fast. i feel like anything is possible after accomplishing what i've done with golo. stuart: board ore patrol pulled over a vehicle and found it carrying more than 230 pounds of
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fentanyl, enough to kill 50 million people. bill melugin is with us. take us through the scene. >> yeah, this is one of the biggest bust withs agents here in southern california seizing enough of the opioid to wipe out much of the west coast of the unit. happened in san diego where agents seized 232 pounds of fentanyl all hidden in a smuggler's vehicle and border patrol says that's now have lethal doses to potentially kill 50 million people. three smugglers arrested and had street value of estimated $3 million. multiple border patrol sources tell me the bus took place during a traffic stop on the highway in the san clemente area of orange county and 75 miles inland from the southern border with mexico highlighting the fact that fentanyl made it into the u.s. and seized between ports of entry. gop congressman young kim that
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represents part of orange county reacted tweeting "today enough fentanyl to kill off of california and more was found in orange county. this crisis puts lives in danger. the biden administration must get serious about the border". this was the third major fentanyl bust made between ports of industry in the last two weeks alone. in the remote desert east of nogales, arizona, they carried 24 pounds of fentanyl crossing into the u.s. illegally. earlier this month, take a look at this, border patrol agents in yuma, arizona, sector seized 93 pounds of fentanyl a smuggler had in a bag after entering the u.s. illegally. stuart, in just the last four months alone, border patrol has seized at least 800 pounds of fentanyl in between ports of industry. they -- entry. that's enough fentanyl to kill potentially 850 million people. stuart: that's shocking.
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bill melugin, thank you, sir. congressman pat fallon joining me now. the president is battling an unpress dented crisis at the border and your committee wants to speak with top border patrol agents and what do you want to hear? >> we want to hear the truth and no spend. the american people deserve it and that's what our jobs are and not a crisis being from texas and border state and 350,000-mile border with texas and there's only so much the custom and border patrol agents can do and we need to support them and a novel concept, enforce the laws that are on the books. stuart: when you say collapse, spell that out for me. what does that mean, everybody pours in goes anywhere they want? >> yeah, stuart, border patrol will tell you, they can handle about 5,000 immigrants a day, migrant as day. that's it. we're seeing days where there's 12,000. what happens then is there's 6
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or 7,000 folks that aren't encountered and they're called known got aways where they see them and don't have the capacity to do anything about it. that's literally a collapse and de-factor open border. stuart: as your committee -- has your committee subpoenaed the border patrol officers, you're going to get in front of them? >> we'll use subpoena power as a la tech resort and some border patrol chiefs come on and we want to have six or seven more because we want those different perspectives because by the way, stuart, not every sector of the border is the same. some are experiencing collapse and we need a full breath of what's going on. stuart: republicans demanding more oversight on how the money is being spent and where the republicans are going. you're a republican, are the republicans re-buck dna tieback to give ukraine what it needs to push russian troops out of
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territory they've occupied? >> stuart, that's a great question and bottom line is it's an extreme position to do nothing. to not help you crane and let russia take it. it's the fourth -- country with the fourth most natural resources in the world and also an extreme position to give them more and vladamir putin didn't do anything and he invaded and took two provinces in georgia under george w. bush and took ukraine under obama and i'm sorry -- crimea under obama, and then lost full scale invasion under biden and deterrents work and save lives. stuart: thank you, pat fallon from texas. >> thank you, god bless. stuart: actor greg begly jr. claims environmental activism negatively affected his career. ashley, tell me more about this.
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it's usually the other way around. ashley: yeah, better call saul and young sheldon actor said he went through a long acting dry spell and said it was politics that made people hesitant and not only conservative activism and begly is a well known liberal and one of tinsel town's most outspoken environmentalists and people didn't to want be around him out of fear from making it more difficult to find him and book him jobs and conservative, liberal and doesn't matter to the haters in hollywood, stu. stuart: thanks, ash.
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according to the bloomburg billionaire index, it's worth $180 billion. all eyes on the 1 and they could introduce a more cheap car. >> they could for sure and elon musk hinted at that and he's talked a lot about the cyber truck that he'll be bringing out but, stuart, i think what people really want to hear from tesla is how they're going to continue to innovate and continue to be able to stay ahead of ford and gm and all the competition here and it's been working and tesla stopped and took a big nose dive when elon musk started to run twitter. now i think people are realizing that what he's doing with twitter isn't going to negatively impact what he's doing with tesla. back to business of tesla, i expect a positive reaction. stuart: thank you, mike. now this, the white house said a deadline for government agencies to delete tiktoks from their phphones and comes as congress
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considerings to plans to ban them outright. 50% of the vote to keep her job for lori lightfoot and nine candidates on the ballot, the race will likely turn into a runoff. jeff flock reports with more after it. ♪ thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective.
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♪ stuart: look at that, a new segment on the show. this time in american history it's american built. on this day, february the 28th, 1995, the denver international airport opened to the public and third busiest in the world. over 69 people people travel through that airport in 2022. got that. good story. don't forget to watch american built mondays 9:00 p.m. eastern only on fox business prime.
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back to the market. susan: given that goldman sacks and shocking and almost 40 billion and it was reversed and how competitive it is on wall street and bragging rights involved and goldman under performs peers for the past few years and it's the big bets on consumer banking that's cost more than it's added to the bottom line. think about the markets division that issues the apple card and some ate ill advised $2 billion acquisition of green sky handing out consumer loans of home improvements and healthcare and that consumer division shocking numbers and lost $4 billion over the past three years.
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remember when goldman went public before 2,000 and trading at four times and mike murphy telling you that's how we bank vendors and the idea. >> four times and obviously now way too expensive for goldman and too many missteps over the last few years and gone in this direction and switched course and gone in that direction and i like their focus on wealth management stuart: buying -- susan: buying back $30 billion in stocks. stuart: meme stocks. susan: heavy shorted trade and that's what meme stocks are now. amc up 85% this year in eight weeks and includes 22% rally from yesterday and three hours of trade and reporting earnings and interesting and carvana on
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the break and it's doubled 100% up this year and coin base and the best of the bunch is recovering after that crypto coin base and that's thanks to better workdays and things not falling off the life and part of the -- cliff and part of the relief rally and the founder backed by $10 million in stock and it's a recovery after the horrific 20226789 stuart: ai stock goes up and stock buy back. stock goes up. susan: that's right. >> important to say meme stocks didn't work out for anybody over the last couple years and they make great stories and great reporting but people shouldn't be investing hard earned money in meme stocks. stuart: with you 100%. susan: two blanket rules with their money and know the risk.
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stuart: all good stuff. lori lightfoot running against eight challengers and needs 50% of the vote to avoid a runoff. jeff flock is in chicago and what's the number within issue for voters, jeff? >> stuart, for the majority of voters, it is crime in the city but that's not strew of everybody and if for some reason you don't like lori lightfoot and think she hasn't done enough about crime, be careful what you wish for. there's nine candidates and nobody expected to avoid the runoff and the top two and board of elections tell us that it's likely we might not even know tonight who the top two are. as to who the top four are, at least in the polls, we start with mayor lightfoot and she's a former federal prosecutor and some people have blamed her for crime but she says she's done a lot to invest in the south and west sides of the city. her biggest challenger a guy bit
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name of paul valis and ran the chicago public schools for a time and was tough on crimes and said chicago police need the handcuffs taken off him and he was more of a republican than a democrat he said back in the day but now says he's a full-time lifelong -- or a democrat. then you have chewy garcia and he's progressive, maybe more progressive than the mayor and then you've got a guy named brandon johnson and the cook county commissioner and stuart varney's ideal candidate and a 3..5% tax and wants to raise the hotel tax and increase fees on any area frequented by the wealthy, guys from the supporter bushes and your ideal -- suburbs. stuart: the joke is that that
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guy could wyoming. than that. >> kill a city in a couple ovseconds. jeff flock, i'm out of time. good-bye. come on in. dan is a radio host and is crime the big issue here? >> yeah, crime is. violent crime is the biggest issue. there's no question about it. the reason lori lightfoot won't survive in the runoff. i predict.
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>> what you'll see is all the constitutional interests that the public sector unions and kleptocacats consolidate around him. stuart: c kleptocrats, want thieves. the guards are telling them they've got orders from higher ups. know anything about this, dan? who's the higher up? >> the idea that the inmates, prison inmates being a constituent is not new unfortunately the real additional layer to have is that those inmates are not inmates long enough and that's the real problem in chicago and that's led the nation for for the last 11 years in the number of homicides and until and unless we get serious. not just with the mayor and prosecutor and the judges and
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keeping habitual violent offenders in and away from prison and peaceful people and more. stuart: lori lightfoot doesn't get a second term and going for a second term? >> not sure. stuart: dan, you're all right and come back any time you like. thank you very much, dan. >> thank you, stuart. stuart: whoopie goldberg had enough with cancel culture in books, roll tape. >> look, y'all got to stop this, okay. kids should have the right to read how people thought. so that they know how to live for change. stuart: good lord, i'm in agreement with whoopie. how the cohosts reacted on the view. disney's corporate kingdom finally coming to an end and governor desantis signing a bill that put as stop to disney's self-governor district and ashley webster has the report. ♪
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stuart: let it go. quite the connection. oh, frozen. the move virgin islands i'm -- . i'm sorry, i'm a little slow. i never saw that movie. it's eugene, oregon, 35 degrees. got a will the of snow. from snow to sunshine, talk florida. governor desantis declared an end to disney's ez ride and sign add bill that reigns in exceptions that disney world had enjoyed for decades and ashley's got the story. one of the new rules for disney world? ashley: the biggest is disney doesn't have control anymore. you could argue it's a disney
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ending for governor desantis but not for disney itself and 50+ years no longer has control of the special maker district that sounds the district and the control allowed disney to rule the kingdom and levy taxes and issue bonds and exert control over police and fire departments but no more says the governor. he says there's a new sheriff in town. listen. >> they're not going to have their own government in the state of florida. they're going to abide by the same laws as everybody else and may their fair share of taxes and debts in florida and there's a new sheriff in town and new day of accountability in central florida. ashley: it'll be called the central florida tourism oversight district and not the rendition of anthony i did creek improvement -- reedy creek improvement district and that was the power that used to belong to disney. it's also the end result of a
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feud that put desantis against bob chapek and lobbied a bill that was dubbed don't say gay and won't be dictated by woke corporations, even if it's disney. >> it's a mistake when they get invinvolved in this stuff, but disney was doing this and florida was basically de facto subsidizing their activism because of the special arr arrangement. ashley: the new steadup will not result in any additional tax burden for florideans. as for disney, the company has yet to provide a statement since the bill was signed but has said recently that it will work within the legislative frame work. a lot of political mileage and
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more. stuart: desantis skips the cpac conference this year. do we know why, ashley? ashley: well, for one, he's going to be busy selling the new book or titles and florida's blueprint for america's revival but he's also going for republican diners and meetings with donors and we know know now that mike pence and mccarthy and virginia governor glen young kin all among the people skipping the conference running from tomorrow through saturday and the party's most dominant figure, former president donald trump is reportedly planning to speak at the conference late saturday afternoon. but the scaled down list again comes as cpac chairman matt schlapp facing a sexual batly
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lawsuit, which he denies and they're declining the reason for absence and some republicans say there's been a movement away from the conference in recent years. stu. stuart: all right, ashley. thanks. show me the dow 30, please. there's a sense of the market. it's pretty evenly split, half up and half down. the dow is up 159 points. china is protecting its young teenagers from harmful content with their own kid friendly verse of tiktok and being shown things like science experiments while our teens are being inundated with harmful content. is china hurting american children? that's next. ♪
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if you think you have dupuytren's contracture, there's a simple test you can take—from anywhere. try to lay your hand flat against a surface. if you can't, you may have dupuytren's contracture. talk to a hand specialist about your options, including nonsurgical treatments. stuart: purging tiktok from all government devices and ashley with the deadline. ashley: march 29th and not have
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chinese-owned app tiktok and all same larra bans from canna, taiwan, and half of eu states and byte dance said the concerns are being fueled by misinformation and has denied using the app to spy on americans. the ban by the way does not affect the more than 100 million americans who use tiktok on private or company-owned devices. by the way, chinese foreign affairs minister said something today. he said he was asking why a top super power fears young people app. that was the -- they're strioing to obviously make fun of the u.s. by calling -- saying that the super power is unsure of itself or because of the young person's app. stuart: we're joined by ricky
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with the new york post and she says tiktok puts out a different, what is it, a different algorithm or different content from what they put out about the american teams. what's the difference? >> entirely different app for people under the age of 14 in china. there's different content they're being shown. it's pro social and education and scientific experiments at home and very aspirational and versus here we're seeing twerking videos and a lot of smut to say the least and a limit on how much time to spend on the apps and what hours of the day they can spend. stuart: what are the restrictions on like teenagers for example? get on the chinese tiktok for example. >> that's healthy moderation and our kids have no problem exporting the heroin version to us and kids get hooked for hours a day on@ gather rhythm and mindless i -- algorithm and whatever the ccp wants to put in
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their face and could as a beijing-held company. stuart: no twerking for betweens in china? >> it's more pro china and great propaganda tool and eyes and ears and hearts and minds of young people for 40 minutes a day and they get their rest. stuart: i have another one for you. whoopie goldberg going after edits in james bond and rahl dahl books. >> listen, y'all got to stop. put a disclaimer saying in book was written at this time or put out the original and what y'all have done because kids should have the right to read how people thought so that they know how to make the change. stuart: i might be in agreement with whoopie goldberg for once.
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rikki, don't reedit or edit? >> don't reedit. i was laughing at friends for trigger warnings and saying wait till you get out in the real world and they brought them with them and sensitivity readers and readers to be able to decide for themselves? stuart: do you think the days are numbered and a roll back of the woke censorship? >> i think it's gotten so out of control that when we're censoring james bond and censoring children's bobs, the censor for a children's book is a parent that decides whether or not to buy for a child and don't need censor police to decide. stuart: you're welcomed to come back. >> starting to prevail a little bit and hopefully i think she's spot on with that. stuart: common sense, we can do a dose of that. it's that time. the tuesday trivia question. no clue on this one. what is the temperature on the
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line and the choice, 6,100 fahrenheit, 7,500, 8 10:200, 9,300 and 92 degrees fahrenheit? we make it so precise to not guess the answer. the correct answer will come your way after this. like happe and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. so, you have diabetes, and your glucose is heading good thing the new dexcom g7 can alert you before you go too low. now, that's more peace of mind withthexcom m i'm a vegas hotel. . . s up a little.
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see a show. order the steak and the lobster. some people say i'm excessive, but who cares. i'm just looking for a saturday to remember, and a sunday by the pool. think you can keep up?
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♪. stuart: i think this is one of the more difficult questions that question asked the tuesday trivia. what is the temperature of the
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earth's inner core? hey, ashley, you're first. >> can you imagine holding a thermometer down there? i will go with 8280, number three. stuart: this is going to be a pure guess from mike murphy. he did not look up the answer. what is it? >> number two, 75 a 54. stuart: i'm going with number four, 93 -- well-done, stu. you got it. yes the answer is 9392 degrees fahrenheit, okay? we use fahrenheit in america. celsius almost everywhere else, isn't it? thanks to mike murphy joining us for the hour. ashley, good stuff, thanks a lot for being here. my time is up. that is it for "varney & company" literally three seconds it is "coast to coast." neil: oops, it happened again. home prices falling for the sixth straight month of december. what is a homebuilder to


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