tv Cavuto Coast to Coast FOX Business April 29, 2021 12:00pm-2:00pm EDT
down 50. that is because the yield on the 10-year treasury keeps going up. "friday feedback" tomorrow. email us at varney viewers @foxbusiness.com. always have fun. do it again tomorrow. my time is up. neil, it is yours. neil: thank you very much, stuart. we're looking at a market kind of been fading away some earlier gains. concerns we get a good earnings numbers, all the earnings are very strong, in case of ford, estimates, concerns about the chip shortage, where have you heard this before, will impact future sales and earnings. that might flay play out a host of other companies. technology stocks, giving up little of those gains. the big one to watch for after the bell today is amazon. get the read, interest rates slightly backing up with danielle dimartino booth, quill
intelligence ceo, former dallas fed advisor. danielle, what is interesting here between the president's spending details announced last night, we're at 6 trillion plus, and all the improving economic news with claims, sort of a post-pandemic low, even the strong gdp numbers, i would have expected even more of a backup in rates and we're not seeing that. what do you think? >> well we aren't seeing it, neil, and i think that there is still some hesitancy. we don't know how long, look, the earnings news has been wonderful, granted they set the bar very low. if you set a barlow, a lot easier to surpass expectations, that has happened but companies are very unsure about their profit margins going forward, given input costs, semiconductor shortages, lumber through the
roof, copper near 10,000, the high of the history of all mankind, they're are crosscurrents with the earnings season a lot of murkiness with company's out look. even though we are at post-pandemic lows of jobless claims, we're still double where we were. we know jay powell from what he said yesterday is going to keep the fed funds rate is going to keep short-term interest rates pegged to zero until he is satisfied that that 100% increase off of pre-pandemic jobless claims has started to come down sufficiently. all the way. wants it all inclusive unemployment rate, meaning encompasses blacks, minorities, whites the whole thing, he has been sure about that, keeping interest rates low longer than maybe what the market is interpreting. neil: that is what a president wants to hear, right? i don't want to be jaded about it, is he trying out for
reappointment with the president? >> well, one would certainly have to wonder. wall street yesterday was looking for a little bit more specificity from powell. you know, my thinking on it is, she knew there was a big speech last night. maybe he wanted to be as dovish as humanly possible. i'm not convinced that jay powell wants four more years. call me someone who is in the minority on this. if there is another type of disaster, some of the moves that are being called for the fed to make are very much against jay powell's way of thinking. so i'm not sure that he would want to be the one pressed to potentially examine negative interest rates in the united states, to take one example. i'm just not so sure. but yesterday, did seem like it was a little bit more dovish a little less specific than warranted, given countless companies are saying, whoa, we have inflation that is going through the roof here.
this is too hot. neil: you know, danielle, talk about inflation, the difference this time is people asking him about it, if i'm moses, you're old. you remember hyperinflation, what was the kick-off, what was the sign? normally came in gradual steps. we had the opec crisis of the 70s, where there was no doubting that the embargo took effect, all of sudden oil prices ratcheted up, everything followed suit. we've seen smatterings of this. copper at $10,000. a host of agricultural commodities ratings up as well. is that how it normally starts? do you look for something that has a little bit more traction? in other words we've seen it bubbling up in wholesale inflation numbers, before it gets to average folks but it hasn't quite hit average folks, even though you have a host of consumer product companies like
proctor & gamble, cargill, saying we are going to raise prices, kimberly clark, we are going to raise prices. so where does it stand in your eyes? >> neil, first of all 56% of u.s. households, their cost of living risen to the extent they have had to buy less. we know between prices at the pump, prices at the grocery store, 56% of americans had to cut back in terms of the amount of things that they can buy because they're essentials have gone up to such an extent. what jay powell referenced yesterday, not very friendly to the biden administration by the way, he looks for more nefarious type of inflation which we had in the 70s, when private unions had such power over wage inflation. that is your most, that is a form of inflation has the most traction, that can do companies the most harm because it is 60% of your average company's cost
structure. that is the element jay powell said should find relief when congress on september the 6th, does not re, re, extend those emergency unemployment benefits. that was the nuance that i picked up yesterday in his speech is that he is advocating for those to put finally being a loud to expire. the companies whose companies need most, lowest skilled workers where job openings are the highest, can get pulled off the sidelines, off the unemployment rolls, back into the workplace. neil: hang in there, mike murphy, founder of rosecliff, managing partner, always good to have you as well. danielle and i were talking about this inflation airy backdrop, going on with copper, oil, gasoline prices, as summer travel season picks up. are you worried about any of that? >> neil, the short answer is no. but you raise good points as i
listen. is this start of something bigger? it may be but i will not make investment decisions around the potential of inflation taking off around slowing down growth. right now it is contained. right now prices are rising for the right reasons. i will argue there is enough growth in the economy and enough pent-up demand to offset it. i'm watching it. it coget worse. for right now i think the growth story is intact, i am implore viewers to stick with the gameplan to stick with the market. neil: companies are going ahead doing it to raise prices, kemberly clark, as soon as july. proctor & gamble i think they're looking more toward the fall. shoved we be worried about that? >> i think no, because you know, throughout history, neil, all the companies raised prices. we're not paying same things for goods we were five years ago or
10 years ago. so you know, it is up to the companies and their boards and their management to see what type of price hike will stick, what will, they need to get to a price where you know, who would have thought we would be paying $7 at starbucks for coffee, but we are. i hate to admit. so, certain price hikes will stick, that is better for the company. so, you can go elsewhere if they price you out of it, or you can continue to pay the price. so i think right now i think we're good. neil: guys, one thing i was raising with the producer today, this notion all of sudden you know, the government is going to be very actively involved in shaping this economy, in ways we have not seen in more than a generation, going back to fdr. so it is taking on the markets and people who control the markets. if you looked at it that way, it is really going after the private capital guys and
rivaling them for their attention. i understand the argument that markets can pounce on all of that money, swishing around in the system and enjoy it themselves but longer term, isn't that a threat to the private capital markets? danielle, i will begin with you? >> look, neil, the money doesn't tend to move through the market. it tends, when it is being deployed by bureaucrats to somehow get stuck. and that is why when you see these great big price tags that are dot, dot, dot, spread out over eight years and you say to yourself, how is that going to generate economic activity? how is that going to ignite the private sector to work with the government when if you're talking about the 600 billion, or so, talking about upwards of $6 trillion, but there is some 600 billion, 10% ortho earmarked for actual digging roads, tunnels, infrastructure not in
quotes, you are talking about a one to two year permitting process if you're working through government entities. i'm not so convinced this is just not going to create a fiscal drag, much like what we've seen conceived by same politicians a generation ago and not do a whole heck of a lot to do private sector growth, job creation. neil: you know, to that point, mike, you could make the argument here the rich and companies are in the administration's cross-hairs. now they have done well, markets have done well under environments where rates were much higher for the wealthy. in the '50s, that was a great decade. we had a top rate of 90%. not that everyone paid that, but we can return to that. if you get used to something much lower for much longer time, i would imagine the jolt, especially if it sticks, does have an effect, what do you
think? >> yeah. for sure, neil. but i think you know, the ultrawealthy and really big s&p 500 companies, they realize, they accept that rates are going higher. they're going to, it is what president biden ran on. no one should be surprised to see that coming down the road. so i'm sure they're all making plans for it. net-net, higher taxes are bad for earners, for the companies or the high net worth people so that is not going to be a good thing but, as you point out, they have been able to not only survive but thrive in higher tax environments before. so they will figure it out, some will move out of certain high-taxed areas. some will move as apple did before president trump came to office, different tax havens. but you know, it is definitely a headwind for s&p 500 earnings, you hope when we do get the actual number of this tax plan
it is not something too detrimental to the earnings, we deal with a bump. we don't want anything too crazy that could really derail this rally. neil: got it. mike, i have want to thank you, danielle, thank you very much. we were rifling through some of the commodity prices, talking about copper, $10,000 a lot of people buy that per ton. builders buy that per ton, a wider an sill larry figure with copper is not per ton rate, crossed $10,000 when it did so. builder tend to buy that in large volume, carmakers, the refs, that is what i was referring to there, i was referring to copper prices per ton of which bottom line, pricey as they have ever been. i want to switch gears, talk about the president who he is talking to a day after the big speech before the joint session of congress. he feels he has momentum going for him right now. addressing georgia audiences, that he has them in mind.
he wants things to go well for them, average folks. will visit jimmy carter, rose lynn carter in atlanta. jonathan serrie in duluth georgia with all of this? reporter: neil, president biden is celebrating the first 100 days in office here in georgia. not only did the peach state help him get into the white house, but georgia gave the president's party a slim majority in the senate with the elections of democrats rafael warnock and john ossoff and that as allowed president biden to pursue a more ambitious agenda especially when it comes to government spending. that includes the american families plan, american jobs plan, american rescue plan, adding up to nearly $6 trillion in government spending. the president planned to celebrate passage of covid relief during the first visit to georgia back in march.
neil: all right. we just lost jonathan scary. i apologize for that. you don't really want to know the technical issues we've been having. they're figuring it out. meantime i do want to go to tom bevin, "real clear politics," cofounder there. tom, the president obviously is taking this trip right after his speech last night. he has pretty good favorability numbers. if things were a little calmer at the border they would be a lot more favorable but what do you make of the position he is in right now with the american people? >> well, i mean if you believe the polling he is in good shape on his handling of the coronavirus and part of that is due to vaccinations and also on the economy he is over 50% on the economy. as you mentioned immigration issue still a thorn in his side. he is down in the low 30s with the public. but he is definitely, neil, feeling like it is pedal to the
metal here in terms of proposing you know, two trillion dollar spending package after two trillion dollar spending package and looking to advantage of public mood in terms of turning to the government beset by a crisis as happened after the 2008 recession, as happened after the 9/11 attack. he is clearly looking to leverage this as much as he can, as fast as he can. the question is can he get any other stuff through congress and that is, you know, the answer to that is unknown. it hinges on primarily joe manchin. he expressed some real hesitation about, and concern about the growing size and numbers of the spending that biden proposed. neil: you know, i don't know if it is such a slam dunk even with tenderness of majorities getting this through from infrastructure. each one has his own name now, but the bottom line, four plus
trillion additional spending he wants to do, i don't know if that will be like the covid relief measures that will pass along party lines. i think this one could be a little tricker. what do you think? >> no doubt. had numbers from the public, didn't get single republican vote, look at polling, 25, 30% of republicans supported that. as the economy rebounds, as covid feels like it is under control and vaccinations recedes in the mind of public, and top threat of as daily way of life we're left with these massive spend being packages there will be no republican support. it will come down to joe manchin in the senate. if there is some sort of compromise, republicans put forth 650 billion to focus on bridges, roads, what we typically think of as infrastructure, you know, there is going to be pushback from bernie sanders and aoc in the
house. nancy pelosi's majority is very slim as well there is no indication, the window there, the needle that they're going to have to thread on this is much narrower then even a few weeks ago. neil: tom bevin, thank you very, very much, my friend. great analysis what happens there. we'll see what happens with the other two packages but those salivating for new spending, those worried about prospects of higher taxes it is not a done deal on any part. or anytime soon. remind you the 2021 draft will go on for a few days. remember tiki barber, part of that 1997. a brilliant player. only mistake he made he went to the giants. that was then, this is now. his thoughts what will happen after this. ♪.
before voltaren arthritis pain gel, my husband would have been on the sidelines. but not anymore! an alternative to pills voltaren is the first full prescription strength non-steroidal anti-inflammatory gel to target pain directly at the source for powerful arthritis pain relief. voltaren. the joy of movement.
remember last year it got to be a huge deal, better than 15 million people were tuning in to it. that was up about 50%. a lot of people were sheltered at home, what the heck, i will watch. this don't know what will happen in the subsequent nights and days but tiki barber with is right now. former giants great. drafted by the giants back in 1997. he knows this very, very well. i never forgive him for that move. but i must admit as a washington fan he was a sight to bee hold. tiki, very good to have you, my friend. what do you think what we're in store for and how much viewer demand for it? >> that is very interesting. have you guys found a name yet? i don't know if you found a name yet. you're still washington but i don't necessarily mind. neil: get over it. >> i grew up washington fan. i know what you're saying, neil. i know what you're saying.
loyalties changed when the giants started paying my mortgage. you know how that goes. here is the thing, this will be a fun draft because like 1983, remember all the way back in '83 when john elway and dan marino were picked as well as i forget the other quarterback, that was picked. they were all hall of famers. that is what this draft feels like. it feels like we'll find some quarterbacks who will be difference makers, who will change the landscape of the league and impact organizations in huge ways and the demand is huge because of all of the hype around these specific players. you mentioned last year's draft which is all virtual. that one was up so high, because we were all sitting around doing nothing. wait, that is the inside, that is what his house looks like? oh, man. do you think what that girlfriend did to him tried to yank the phone? it was reality tv in so many ways. neil: so there are a lot of
expectations i guess. clemson quarterback, trevor lawrence, nothing will be disrupted there, so he will go the jaguars, right? is that a given? >> yeah, i think that is pretty much a given. urban meyer. neil: where do the surprises start? how does that happen? what do teams do when they juggle that, gamble a little bit? >> very good question, neil. i think the jets are set at number two, they will go zach wilson. three, the 49ers trading into the pick have a decision. they will take one of the quarterbacks, either mack jones from the university of alabama or justin fields from ohio state or trey lance from north dakota state. the real interesting part happens at a atlanta falcons at number four. they have a aging quarterback, matt ryan at 36 years old. he is still a good player. they have to make a decision,
will we rebuild or run this thing back with everything that is going on? so they have some options there. they can trade out of that pick. they can draft a quarterback. they can draft kyle pitts, the second highest rated player in the entire draft. a tight end down on florida. these real time decisions happen immediately. it is imperative for the falcons because they are cap strapped. they don't have enough money to sign their draft picks. they will go through the draft in next three or four days, they don't have money to sign them all. they have some tuft decisions to make. neil: sometimes we can miss it, right? we're so focused on the first draft picks and all of that. tom brady wasn't a first draft pick. >> nope. neil: if i remember, obviously last time i checked he is still playing, when he was drafted like four decades ago. exaggerating here. could i get a personal thought from you on this? you know, when you're new, highly praised, up-and-coming
player, you flow, you're coming to a team that will replace somebody with you? i'm just wondering for all these quarterbacks getting touted and other players, how are they received when they come to the teams, especially the case of existing quarterback, well here is my replacement, how does that go? >> neil, it is a meritocracy. if you were replacing somebody, you better be a baller, right? that is what it all comes down to. on sunday afternoons for six 10:00 weeks, now 17 weeks with extra game, 17 weeks you better give us your best. we come to expect you will give us your best. if you do that, you will be accepted fine. if you get high at, top 10 pick, and thrust into a starting role, and you stink the hate will come pretty quickly for a lot of these guys. it is really all about performance, one of the few businesses in the world, other
than other sports you know immediately whether or not you have done your job. there is no let's wait until the second quarter. let's wait until we get this return. it is every sunday, you know whether or not you've done your job or not. if you do it well enough, for a long enough period, it won't matter replace someone fan favorite or team favorite. neil: i am so smelling it, sensing it for washington, tiki, i don't know, this is the year, my friend. this is the year. it is all starting now. >> here's the thing, neil, if you get the quarterback situation, i like the kid, taylor hinike, played in last year's playoff game. defense, first rounders across the board. if they get a quarterback that does things consistently well, i think washington might have a chance for the division and maybe even farther. neil: maybe a lot farther, young man. tiki, always great seeing you,
thank you very much. >> a pleasure, neil. neil: bittersweet. tiki barber was the man. still is the man. just getting it done. great attitude ball of this. all right i want take a break. focused on the markets, president and all of that. we have serious with buffeting much of couldn'ttry. fear of rain and tornadoes much of the south and midwest, new york-new jersey metropolitan area, talk of vicious winds, 50 to 70 mile-an-hour winds. it will be a crazy day. we're on it after this. ♪ ♪ ♪ (upbeat music) ♪ ♪
walter, did you know geico could save you hundreds on car insurance and a whole lot more? so what are you waiting for? world's strongest man martins licis to help you break down boxes? arrrggh! what am i gonna do to you box? let me “break it down” for you... arrgggh! you're going down! down to the recycling center! >>hey, thanks martins! yeah, you're welcome. geico. switch today and see all the ways you could save.
♪. >> i spent a lot of time with president xi. he is deadly earnest of becoming the most earnest becoming the most consequential nation in the world. he and other autocrats think democracy can't compete in the 21st century with autocracies because it takes too long to get consensus. neil: all right, the president making a reference right now to his chinese counterpart saying they are deadly earnest becoming a powerhouse when it comes to infrastructure. they made the argument, they don't bump around on this we do. gordon chang is here with prescient read of chinese intent. wasn't that long ago during the height of the campaign saying their threat to us was
overstated, they can't each out lunch, i remember all of that. now they're a threat, a real threat. he is using that to get infrastructure done in this country. what do you think? >> well certainly he is framing everything to as a competition with china and he's right about that but you know it is not just that china wants to be number one. that is an inherent about our west international system. that has been in place since 1648. what he didn't say, what he should have said last night, china not only wants to compete with us, it wants to over throw the west failian international system. we've seen hints of this, direct references in statements from him, from his officials, from chinese media. this is a much more comprehensive challenge than biden talked about last night. neil: you know the difference with the leader china and chinese approach for infrastructure, it is just really infrastructure. they are really building roads
and bridges, vast computer networks part of infrastructure. they're not doing family and kid relief. now obviously they have a lot of money. they don't run deficits and debt to the degree we do but that is a very big distinction. when china talks about, you know, going full throttle about infrastructure that is what it is for, infrastructure. >> yes. and clearly they have built a lot and most of it is used efficiently but a lot of it, neil, is not. they have overbuilt. so for instance, high-speed rail is not really economic for the way they're doing it t works if you have trips of 200, 300 miles but it doesn't work for what they're doing which are cross-country trips. so i think that they're going to find that they have got a debt problem they can't deal with. we're start towing see this already in chinese companies are defaulting last year in record volumes. now i think that they are at a point they don't really know what to do because they have got all of this debt and they have
no place else to put it now. neil: the companies want to be reimbursed in that sense, right? and the government better do it. >> yes. and i think beijing, while it can save companies here and there, it is having problems with the whole question of debt which is now become systemic for china. china really over reached. you got to remember, they have not only incredibly expensive mechanism to control people, they have got a slowing economy, they have got the belt and road commitments around the world, they're trying to modernize their military at an unprecedented pace. they're putting so much money into technology development. not all of it is actually working out. so they are overstretched right now. neil: got it. all right. gordon, great catching up with you, gordon chang, coming collapse of china. great u.s.-china tech war. we're keeping eye on that. keeping an eye on reopenings in this country.
disneyland tomorrow, albeit 25% capacity. in new york city, everything is open 100% by july. after this. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.
for smarter trading decisions, it's so busted, you can't use this part of the screen. definitely cracked every phone i've owned. (vo) you broke your phone. so verizon broke the rules. for the first time ever, new and current customers can trade in their old and damaged phones for up to $800 off our best 5g phones. my phone is old. very old. old, cracked, water damaged? doesn't matter. i'm ready for something new. now trade up to the 5g network you deserve with the 5g phone you want. because at verizon, the network is just the beginning. (vo) ideas exist inside you, electrify you. they grow from our imagination, but they can't be held back. they want to be set free. to make the world more responsible, and even more incredible. ideas start the future, just like that.
- hello, friends. michael youssef here. you know, the right says that christ was conservative. the left says christ was radical, but christ is the creator, god in human flesh, and he's the only one who can give you peace, and he wants to give you that peace, eternal peace. will you come to him? - [woman] are you looking for peace that can withstand any hardship that life can bring? visit findingtruepeace.com to find answers. that's findingtruepeace.com. [ crowd cheering ] [ engine revving ] [ race light countdown ] ♪♪ ♪♪ when you save money with allstate you feel like you're winning. safe drivers save 40% saving is easy when you're in good hands.
♪. neil: all right let the great reopening begin, right? in the case of disneyland open up for business and rides tomorrow albeit limited capacity. they start off with 25%. they could in a few weeks move it up to 35%. so you will have plenty of time and opportunities to spread out, if you can get a ticket to go there. apparently they're in big demand n new york getting back to 100%
we're told by mayor bill de blasio by july 1. welcome news on both counts, both fronts. to dr. nina radcliffe, whether it is all wise, whether we should be worried about, acute care physician, board certified anesthesiologist. great to see you. what do you think about this? >> i think the vaccines get credit for swede sounds moving back to normal, lifting restrictions along with face masks, social distancing, staying at home if you're sick, getting tested, it is music to our ears. the vaccines have done what they were meant to do, defang the virus. the data shows they're truly safe, he have if efficacious against the disease. countries with 1/3 of vaccination of their population are taking leaps toward real life. as sweet as these sounds, there is a but. there is a powerful difference
between yes, and yes but. scientists are concerned that countries are developing a false sense of security. there is another side of this announcement. face masks need to play a role. de blasio did not mention them. wearing a face mask until we reach herd immunity is important because it is not possible to tell who is vaccinated, who is not. neil: when they have these more liberal, you know, restrictions lifted on, for example, mask-wearing outside, how do you feel about that, anecdotally, they're not wearing masks outside but i don't know if they're all vaccinated but increasingly seeing it. does that worry you? is thapar for the course or what? >> there is a low risk of transmitting covid-19 outside. the centers of disease control prevention and came out with announcement, and it was confusing. they need to do a better job being concise and clear and need
to explain their rationale f people can understand why they're being asked to do something they will get by it. you can't tell people wear masks, do that, it is did you have cult to understand what they said. if you explain to people we don't know who is vaccinated, and who is not. we know being vaccinated is less risk of it, but face masks work. they prevent covid-19 being spread from the person to another person. they protect ourselves. so when you explain to the public why you get better buy-in. neil: you know, doctor india is still a pretty scary place right now. they have eight days in a row of record deaths, record new infections, record new hospitalizations. they have a couple of stubborn variants, i don't know the details but there is some anxiety whether this country should accept those visiting from india. how do you feel about that? >> what is happening in india is
absolutely devastating. for those not seen makes shift cremation sites all over india, the not different from new york city where the dead bodies were stacking up. a while ago they were being hailed for having done a great job t wasn't affecting them. many believe it is result of a new variant, b 1617, which some refer to as double variant. it is more contagious. more deadly. also a result of relaxed social distancing, large wettings, gatherings, or political rallies. when you have a large event it is more transmissible, it can cause havoc. we often times see spikes. take for example, michigan. the spikes we saw in michigan were from the uk variant that we're seeing. so this is why we cannot let our guard down, even if we're doing well. we're doing great with vaccinations. we have more that we can do. we have to stay vigilant.
again social distancing, wearing masks, being cautious in large gatherings, it is very important. neil: understood. dr. nina radcliffe, thank you very much. all right. by the way we're looking at the pandemic and its effects coming out of it right now. there are technology companies that kind of weather that and easily transfer right to business post-pandemic then companies like ebay, warning that the pandemic sales boost could soon fade. in other words all of these people who were cooped up at home, buying, selling things online, that great online auction house known as ebay that could dissipate, likely will. the shares are down close to 11%. we'll have more after this.
that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! - i sent your new prescription to the pharmacy. - any idea how much it will cost? - [doctor] i recommend goodrx. you get free coupons to save on your prescriptions. - goodrx, smart. - [announcer] stop paying too much for your prescriptions.
- thanks. - download the free app today. keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction.
his plans bidenhood economics. he wants to tax the rich to give things to everyone. things like universal pre-k and free community college. >> the plans i proposed will create millions of jobs that will grow the economy. when you hear someone say they don't want to raise taxes on the wealthiest 1% or corporate america, ask them, whose taxes do you want to raise? instead -- reporter: biden making the case for increasing capital gains and closing loopholes he says the wealthy wiggle through to escape higher taxes. one of the loopholes biden is targeting, repealing stepped up basis to make what he calls wealthy heirs pay their fair share putting in place a second death tax on assets passed down but some tax policy experts say a tax like that would hit small businesses being passed off to the next generation. >> when you inherit it, when parents die, you have to pay the capital gains accumulated during their life in cash now.
they have to sell the farm, sell the business. you don't have the money. in cash. and yet the government is demanding you pay them this imaginary gain you didn't get. you just inherited from your parents. and that will make it difficult for people to pass on a small business generation to generation. reporter: one estimate from the family business estate tax coalition says making the changes biden wants to lead to 800,000 lost jobs over a decade and wouldn't bring in more money but less, decreasing gdp by $100 billion over 10 years. neil? neil: would you, that is a pretty big number. thank you very, very much, hillary vaughn on all of that. by the way there is a lot more tucked in there that go beyond programs and initiatives. for example, the biden plan to have $80 billion more in funding for the irs so they can go after you know, the tax retrieval i think could raise hundreds of billions of dollars.
getting rid of a lot of loopholes she alluded to, limiting deductions, hiking taxes all sorts of other ways go beyond returning top rate to 39.6%, essentially doubling the capital gains rate, impact on all of this, with danielle dimartino booth back with us as is mike murphy. mike, looking at all of this, there is even the possibility some of it could be retroactive. that was the case in new jersey last year when they raised the surtax on millionaires, to be from beginning of the year. that was a surprise to a lot of new jersey filers who discovered that. i'm wondering if the same could apply here what would be the impact be? >> i hope not, neil. the impact would be bad, you know, it would be, it would hurt the overall economy. it would hurt the recovery. you know, it is easy to say you know, on paper just go out, tax people who have been successful. tax their earnings, give it to people who have been less
fortunate and we call it socialism. and but it has never worked. so i think raising taxes as i said earlier, taxes are going to be raised. that's fine. but if we start being, getting, being too harsh on things, people will do things like in new york, where people moved to lower income taxed states. people are going to do things where they feel they're treated better. they will go places they will be treated better. just taxing people for the sake of taxing them is not a good idea in any country, especially in the united states of america. neil: you know i am wondering danielle, i want to go back to your fed days as a dallas fed advisor, what, what if federal reserve does with that? i understand the spending all being stimulative, we talked earlier in the show about how that can lead to an economic boom, not exclusively in of itself can foster that. when the tax hikes kick in, the
administration argument has been only on the rich, so you have nothing to worry about? how do you think that argument holds with the fed? >> well, i don't think it holds any, kind of credibility with the fed. economists, to their credit, i don't say that very often, but economists to their credit are fairly cut and dry when it comes to things that are a drag on the economy and things that act as a boost on the economy. when gas prices go up, economists, they put that in the bucket of being an effective, defacto tax on households. when taxes go up on corporations or on wealthy, they also put that in a negative, in, it's a negative sign in front of it, instead after positive sign. that is, i think how we should be looking at these proposals especially when you consider the fact, net-net, we're seeing projections there will job losses as a result of these policies. these are simply the realities.
companies are in business to make money and if something is a drag on their profits they will have to cut costs in other areas and in many ways that cost cutting will come out in terms of their headcounts, number of employees they have. neil: all right. we'll have to watch that, danielle, mike, i want to thank you both very, very much. this is a very real issue by the way. could be a real issue for just finding workers, or companies might cut back on that. but they do have an alternative. they are still getting workers. they are just not human, after this. ...
use a single hr software? nope. we use 11. eleven. why do an expense report from your phone when you can do it from a machine that jams? i just emailed my wife's social security number to the entire company instead of hr, so... please come back. how hard is your business software working for you? with paycom, employees enter and manage their own hr data in one easy-to-use software. visit paycom.com for a free demo. hon? first off, we love each other...
neil: all right, there is a lot of good news to report. i'm looking at the dow up about 86 points but there are a lot of reasons for that we get into the economic numbers which we bill but a lot of it has to do with this continued reopening of the u.s. economy. we told you about how new york city plans to fully reopen that is everything at 100% on july 1, how disneyland for the first
time since the pandemic began, will be reopening to customers albeit 25% capacity but in a matter of weeks up to 35% capacity and now the consumer electronics show is on for vegas , maybe not this year, but slated for next year, and how a lot of airlines are saying right now, they are seeing robust bookings, albeit mostly for domestic travel but travel just the same. then the cdc here, essentially saying that cruise sailing can resume come mid-july. so, that's the back drop for that and the demand for workers coming back, that is there in spades. now the flip side of that when people are all heading back is that not all workers come back. they are providing a bit of a problem for a lot of employers, because whether it's just the demand or the fact that so many are receiving a number of federal benefits that were extended just finding workers
has proven very very hard. how many restaurant owners and the like have we talked to just over the past couple of weeks who are concerned, ashley webster is seeing it first-hand in hollywood, florida but there is a potential solution and i think ashley is standing next to it. what's going on, my friend? ashley: this is my new friend, peanuts. now, peanuts doesn't care about stimulus checks or employee tended employment benefits. peanuts is at work here in hollywood, florida and now i'm going to program this right now, and here we go. thank you. peanuts is going to take me to a table and now normally, a human being would program when you walk in where to take me but here we go. peanuts is going to take me to my table, thank you very much. by the way, he gets a bit snippy , and says get out of my way, otherwise i'll get fired so thankfully he hasn't said that but thank you, peanuts thank you very much. i'm going to sit down, this is
the table. >> here we are. have a good day! ashley: thank you, peanuts i will have a good day. now, peanuts here will go back to the top of the restaurant to greet other customers. so, john done. so what happens now? well now, if we can have another robot will come along and here he comes. this robot's name and i didn't name him, obviously is beavis. you can guess what his other buddies name is. he will now after i've ordered my food, through a human i should add, and pes beavis comes from the kitchen and will bring me some food and of course i haven't ordered anything so sorry about that, beavis but what do you have to say? are you going to say something? hello? >> take it away. ashley: thank you very much and by the way, neil, beavis, if it was my birthday would sing me happy birthday in three different languages if i so please. why is this restaurant doing? simply put they can't find any
workers so the owner decided i'm going to spend $30,000 on two different robots, and again this is this lovely blue eyes by the way, and they've been, thank you very much. they've been here for about a month, and i will say generally very well-received and they were telling me someone drove two hours just to be served by beavis and peanuts and the crew. there have been complaints. some people are not happy saying you're replacing humans with machines, but the owners here say that's simply not true. these guys complement their human-working colleagues and really what's interesting too is that this particular restaurant has another one in fort lauderdale and they had the same problem. they cannot, they can't hire people so they called up the robot company and guess what the robot company was out of robots, so what does that tell you? this is the state to play as it is, but these are quite fascinating, neil, and as you sit here and watch these robots just silently drift around the restaurant, it maybe a sign to come. i mean, it really is quite
fascinating. neil: did i hear beavis say " open the microwave door"? it seems like maybe so. ashley: [laughter] i know, i know, at least i'm not a robot reporter, at least i don't think i am, but those days i hope will never come. [laughter] neil: oh, man, that is wild stuff. thank you, my friend, very interesting. ashley: my pleasure. neil: thank you. all right, again, another challenging assignment in florida but somehow, ashley is pushing on. all right, these guys push on too, and give us great analysis of maybe what that means. scott sheledy over at ag optimist and francis newt an stacey, optimal capital director strategy. francis, what do you think of that cute story, but it does have sort of implications for our times, you know, to meet the worker demand, if humans can't do it, maybe robots can
and will. what do you think? >> well you're asking and i don't get along with my smart refrigerator so it's going to be a little bit hard on some of us older folks who are used to human interaction. no, i think that this is a sign of the times and i think as we have new york reopening and we have places reopening, these restaurants are having a hard time, they are contending with the higher food costs. they are contending with the fact they cannot hire people , and these are the things that are, you know, they're trying to solve these problems by bringing in these innovative solutions, and it's going to create more scarring in the labor market going forward, but of course, right now, it's kind of a fun idea. neil: you know, scott, in humorous ways and not so humorous ways we've seen many fast food restaurants go almost all robotic or self-serving so, the need for human personnel isn't nearly as much as it was years ago. is this just a trend regardless of coming out of the pandemic and the unique environment there
, that will gain steam? >> well you're right. on a humorous note i do think i heard beavis say thank you, ashley, for tipping peanuts and that might mean one thing or the other. neil: [laughter] >> but as we go, here this is great, right? government, first of all, the reopening of these cities, they're the ones that shut it down and they're the ones that broke it and now they come and try to take credit for reopening it so they broke it and now they are trying to trade credit for fixing it, which they should have done a long time ago number one. number two is yes to your point, we've had, and in new york, 30% to 40% of restaurants are out of business so you'd thought of a normal environment, we would have a lot of people that be willing to work, but no. not only did government shut you down and put you out of business if you're in that 30-40%, and now they're paying your staff to stay home, so they aren't going to go out and get a job at another restaurant that might have made it through it so
they've been the problem all along, and now we're going to celebrate them for letting us get out of our room after a year and a half so i just don't understand. it's almost like the stock hall am syndrome, wherein love with our captors but at the end of the day it's going to take in my mind a year for this to work itself out once we get people off these benefits and back into the workforce. it's going to be a while. neil: yeah, you might be right on that. i do want to switch gears though that the reopening continues, guys, if you know disneyland opening tomorrow albeit at limit ed capacity, as i said, new york by july, a host of others indicating that they are well on their way, consumer electronics show back for the huge convention events next year, so it's happening, and i'm wondering what you make of the pace of it, francis. >> well, i think it's very hopeful. i think the thing that's going to be the challenge and i agree with scott, you know, there are lots of things that just make this not easy to turn on like
the light switch, but i think the challenge comes in the fact that if some of the stuff is opening in the latter half of the year, what powell is not saying is that the reason that he thinks that inflation is transitory, because there are a number of deflationary things coming in the system in the latter half of the year, so what could undermine this massive pent-up demand that we're all expecting? people have a record amount of savings, they're ready to travel , they're vaccinated, they're excited and ready to go, but suddenly if we do have a stock market sell-off because rates continue much-higher than they are now, or the comparison s which are causing this massive excitement about coming off of the worst numbers in history, well there's going to be a reverse effect when we're coming off the best numbers in history and some of these things, there are a few headwinds to these reopenings and number three, of course the virus. the virus, if we should have variants, if we find that vaccinated people are getting ill again or something like
that, so there are a number of headwinds and i think that businesses and people, for other reasons, will be just a little bit hesitant to just switch the light switch back on; however i think it's good news, and of course, i support a full reopening. neil: this reopening that's going on, scott, does it make you bullish, does it make you cautious, how would you describe your market views right now? >> well i think if you're trying to get on the reopening trade that horse has left the barn, right? look we're now celebrating 6.4% gdp. we better have white hot numbers because nobody that you know has gone through shutting a $28 trillion economy down and then trying to start it up again and it's like a snowstorm at o'hare when you start this up again. none of the planes the next day are in the right position, so we don't have the boats, the planes , the trucks all in the right position. it's going to take a while for these supply lines to kind of come back, so to francis' light analogy, it's when you turn on the gym lights on
saturday morning it takes about 10 minutes for them to warmup and start flickering to come on and that's exactly what we'll go through so i would expect what i'm worried about and francis led to about two or three of them, also the thing that could derail us and this is what they are also looking at as well is we're coming out next spring having spent $10 trillion we don't have and we're going to have a lot higher taxes across-the-board, and then we're going to slump back down to a 2% -2.5% gdp which is where we're normally at and what does the world look like in that scenario? that's what they are also thinking so we've got this bowl ing ball going through a straw, powell is trying to manage the other side and everybody is celebrating the front side of it. neil: well aren't you a debbie downer. all right, scott, i'll give you final word there, francis i want to thank you both. stick around guys though i do want to pick your fine brains a little bit later at another development that's occurring today. in the meantime i want to go to ann dunsmoore, we're talking about california reopening and
disneyland reopening and quasi getting back to normal but all of this occurs in the middle of this recall effort that looks like the governor will be forced to sort of defend his turf and his governorship some time this fall. they're counting all the ballots or at least those signatures arguing for another election and it's with recuse california campaign manager and finance director and i was looking at some of the polling numbers on governor newsom, not that he's a rock star, but he's certainly not, you know, doing as badly as he was at the height of the pandemic, he's eating at restaurants, he's telling other people not to, that he's rebound ed somewhat. are you worried? >> not at all. i think whenever an incumbent is below 60%, they've got a target on their back and he did not really rebound that much at all, if at all, it just depends on which poll you're looking at. usually, when you have a state of the state, that's also basically a campaign kickoff,
you expect that event to pull you backup in your numbers and he just flat lined and in fact his media tour right after that got even, i think, made it worse i think jake tapper really did a number on him, so, i'm actually quite hopeful. we haven't had a chance to really go after him, and you know, just on the numbers, listen. he's getting his second tranche of federal funding. he hasn't spent the first tranche. he's got a million jobless applications that have not have been fulfilled for 2020 and it's april. it's may, so i think there's a lot of angry people out there. i think he makes it worse, and he's our best campaign asset, actually. not worried at all. neil: well, i nowhere you're going but the latest poll show that he has a 59% approval how he's handled jobs and the economy. that doesn't necessarily mean he gets kudos for handling the pandemic to your point, but are there any democrats willing
to challenge him and it looks like all republicans lining up and that was largely the case with governor davis back in 200d schwarzenegger emerged as the top republican to take him on and wins. what about now? >> well, what about now is all about no party preference. in 2003 when we recalled grey davis, we had declined a state slightly different. no party preference is a very dominant force now in the state of california. sometimes it exceeds republican registration and now the interesting thing about no party preference, they've made a decision not to follow party lines and party dictates and as you know, we're a one-party state here, so it's not like new york. you saw democrats are moving, new york city supposedly the democrats are reregistering as republicans. those are people that are comfortable inside of a party structure. when somebody is a no party preference they've made a decision not to be part of a
party structure and i think we're in a post-part of the air arizona era and another poll that will scare the pants off him and that's the ucla poll where they poll the parents of school-age children. 76% of the parents said that their children had been substantially damaged both academically and emotionally, by the mishandling of the pandemic. now, los angeles is not an easy county for him. the battleground is going to be southern california and i would venture a guess that most of the parents were actually the moms who used to be soccer moms and are now just mad moms, and they aren't going to forget and that is a very very important demographic in any political campaign, so there's a lot for him to be worried about and people have denied and been in denial about the success, the possibility of success of a recall. we proved him wrong every single time by substantial margins and i think we're positioned to do
that now as well. neil: all right, it depends on the candidate ultimately, we'll watch very closely, ann duns worth, rescue california campaign manager, finance director. in the meantime, here, you know, this has not gotten a lot of news but the securities and exchange commission enforcement chief, alex has resigned. he's only been on-the-job, what even a week and he's out. a lot of people are wondering why, after this. ♪ ♪ (upbeat music) ♪ ♪
♪ ♪ ♪ ♪ ♪ ♪ before voltaren arthritis pain gel, my husband would have been on the sidelines. but not anymore! an alternative to pills voltaren is the first full prescription strength non-steroidal anti-inflammatory gel to target pain directly at the source for powerful arthritis pain relief. voltaren. the joy of movement.
keeping your oyster business growing has you swamped. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. lately, it's been hard to think about the future.
whose resumes on indeed but thinking about the future, is human nature. ♪♪ at edward jones, our 19,000 financial advisors listen and work with you to create personalized investment strategies to help you get back to drafting dreams and building your future. edward jones. it is time for investing to feel individual. ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings. or visit and xfinity store to learn how our switch squad makes it easy to switch and save hundreds. ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible.
not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings. or visit and xfinity store to learn how our switch squad makes it easy to switch and save hundreds. act now! neil: all right, joe biden will be in georgia today, among his first stop, he'll be going to planes, georgia to visit jimmy carter and he's been connecting either on the phone or in person with a number of former presidents. the carter meeting is interesting because they talked the day before the inauguration on january 19. keep in mind that a then very young and first term senator joe biden was an early supporter of then-presidential candidate jimmy carter's uphill climb to
the white house back in 1976, the rest of course is history. jimmy carter went on to become president of the united states back then. it was unimaginable, and that jimmy carter never forgot the loyalty shown to him by joe biden or joe biden, you know the loyalty shown to him in his career, but that mimics something similar we saw out of joe biden making a courtesy call to george w. bush, a day before his decision to pull out of afghanistan by 9/11. we're told that it was a short, respectful call, that president bush wasn't really keen on that idea, but that he did appreciate the call and the heads up, but this is something that's getting to be a pattern with president biden, what joe lieberman makes of it the former senator and vice presidential democratic candidate. senator there is that unique club, not many have been in it and it kind of went by the way side, in the trump adminitration, but it's back now do you think that's a good thing
, a bad thing? what do you think? >> yeah, thank, neil, good to be with you again. overall, i think it's a good thing, because it shows that this remarkable group of people, who were elected president of our country, have that in common , and in some ways, that transcends the division and party or ideology, so that's a healthy thing as a kind of role model. it only goes so far and people actually in washington now the present members of congress have to work together hopefully across party lines to get something done but this is joe biden. he's very personal. he's very respectful of other people, so i'm glad he's doing it. neil: you know, if i could switch gears a little bit. maria bartiromo was talking to president trump this morning, and, you know, he's very very keen, it sounds to me, like a
2024 run. what do you think of that? >> well, you know, i'm an independent democrat so i'm the last one to be giving advice , but based on the returns last year, i'd say that president trump would probably be the unfavored republican nomination in 2024 if he ran, but it will be very hard for him to win the election. i mean, it showed him 2020 last year, that his support among republicans is very deep and wide, but obviously, none of the democrats and he lost by a lot, so unless something changes for the democratic capped iodate i suppose it was way over the left, maybe trump has a chance to get the middle back again, but right now, i'd say
that he's not a winning candidate for president. that puts the republicans who want to win again in a tough position. neil: you know, it looked like ronald regan would not be a win nable candidate against jimmy carter as i was mentioning before, by the way president biden arrived in georgia and he's visiting the former president and his wife, also a number of other stops there but i was thinking, senator if you think about it that he wasn't given much of a chance, that is ronald regan, but then things seemed to implode under jimmy carter between what was going on in iran and the hostage situation and the classic economy, and the oil embargo and the runup in oil & gas prices so that changes everything, ig right? >> oh, it can. i mean events can change things. reagan is different, president reagan was different than president trump. after all, he had been governor of california, and pretty
effectively. no question, neil, the democrats and others said oh, my god, an actor, president of the united states, but he was a lot more than that's and he was very likable and unifying and incidentally, one of the reasons he beat jimmy carter in 1980, ronald regan was that he was the preference of a lot of democrats who became known as reagan democrats, and the comparison is shown so capable of reaching into the democratic pool, but you're absolutely right. there's a long way between now and november of 2024, and something in the economy, or a world event that is not good for the u.s. , it could help somebody challenging the incumbent, whether it's president biden again or another democrat. neil: my producer is going to kill me but i always love having
you on. i'll pick your brain one last subject, senator that this idea the president has shifted dramatically left that he's doing the progressives and bid ding trillions upon trillions of spending. he's making george mcgovern look like ronald regan. what do you think of that argument? is he hurting his chances? are you as a more moderate democrat worried about that? >> well, i am worried about it. look, a lot of the programs he's advocated are appealing, not just to me but a lot of other people out there, but then you've got to look at the bottom line and there's risk, there's risk that three will be paid for either by increasing our debt, national debt, which is already at $28 trillion, talk about our kids and grandkids and their kids and grandkids having to pay the interest on that debt in a higher taxes. the second way to pay for all these programs, of course is to
raise taxes, but there's only so far you can raise taxes on the wealthiest 1% and then at some point, to pay for these programs which are very expensive, you're going to have to raise taxes on the middle class and that's not popular, so i frankly think that there are enough democrats in the senate and the house who are going to want to shave down some of these programs that they won't pass as president biden has recommended them. i mean, he has been a center left democrat all his career, and i don't know, i suppose if you move to the left but all these big government programs but in another sense i think he maybe sees by the idea that this is my chance to make a difference. i'm president now, i want to bring about change, and help people, but it's not that easy and it also can be perilous and
risky in elections and it's not so far from the 2022 congressional elections when democrats have majorities in both houses that are slim to none in the senate, and -- neil: yeah, and to your point, anything can happen, senator. always great chatting my friend, thank you very very much, joe lieberman. the president and his wife have arrived right now in plains, georgia, and it's the home of jimmy carter, two bedrooms very small, normally, those are the roots from which presidents come but they never really necessarily return to that. jimmy carter has, that is his home, and he's going to get invited by the president of the united states. we'll be talking to congressman buddy carter on this , no relation, the georgia congressman on why he's worried about a lot of these spending plans, the president is proposing, after this. not everybody wants the same thing. that's why i go with liberty mutual
— they customize my car insurance so i only pay for what i need. 'cause i do things a little differently. hey, i'll take one, please! wait, this isn't a hot-dog stand? no, can't you see the sign? wet. teddy. bears. get ya' wet teddy bears! one-hundred percent wet, guaranteed! or the next one is on me! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
more businesses choose verizon than any other network. come to a local verizon store and get a plan built right for your business. tired of daily insulin injections? omnipod delivers insulin through a discreet waterproof pod to help simplify life. just one small pod replaces up to 14 injections. it's game-changing. and the wireless controller helps deliver the right amount of insulin. get started with a free 30-day omnipod dash trial today. go to omnipod.com for risk information, instructions for use and free trial terms and conditions. consult your healthcare provider before starting on omnipod. simplify diabetes. simplify life. omnipod. - hi, this is michael youssef. you know, healthy fear is a gift from god for our preservation. it helps us avoid real dangers, but sin has perverted fear, trapping us in chains of irrational fear. today, jesus can give you faith
that conquers your irrational fear. will you come to him? - [announcer] find out more today, visit us online at findingtruepeace.com (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned.
>> welcome back to "coast to coast" in edward lawrence in washington. twitter blocked a racial slur from trending against senator tim scott because it violated the company policy for trend, still that slur was trending for about 11 hours. in a statement twitter says, "we want the trends to promote healthy conversations on twitter , but declined to respond why it took so long to take it down. " now the slurs started trending on as part of human curated section of the trends, not by the algorithm. senator tim scott reacting to all of this , this morning, listen. >> what they want for us is for us to stay in a little small corner, and not go against the tide that they think is america. their america and my america aren't the same america, if in fact they think that discriminating is the fastest way to end discrimination. reporter: the racial slur may have fit into the message that president joe biden gave last night about racism, that is it's
systemic and he's offering a chance at real equality; however senator tim scott made the point that america is not inherently racist and you can not solve the racism problem with more discrimination or stop the conversation by using painful past to shutdown those debates. now twitter ceo has testified before congress three other times since last july, partly on censorship, and each of those times, he says the company needs to do better. neil? neil: i'd say, edward lawrence thank you very very much want to get the read on all of this from republican georgia congressman buddy carter kind enough to join us. congressman, what do you make of all this stuff that's happened with tim scott? >> you know, i thought tim scott did an excellent job last night and what a great message he delivered and now, to have something like this happen, look , we have had jack doors it, mark zuckerberg, google, all of these companies before us in the energy and commerce committee, we had him about two
years ago and then we had him here just recently i made it clear to him, look, i do not want to have to regulate your platforms. i don't want to stifle innovation and you don't want me to do that but unless you clean yourselves up, unless you do a better job and stop suppressing conservative voices, stop letting things like what we just witnessed here happen with tim scott, unless you stop that we're going to be forced to do it. i don't want to do that but i'm telling you, this is on both sides of the aisle, democrats and republicans are being forced to do this. neil: you know what's so dopey about it too, congressman, i guess it all started back from his book and autobiography, his life story that his great grandfather was a slave, and he was faulted because he didn't have it so bad because his great grandfather owned some land. as if, like you're a slave. i just don't nowhere this idioc y goes. >> and you know it cuts both ways. i will tell you my grandfather
was a sharecropper on the tobacco farms. he never owned land, but i can remember my father taking me down a dirt road in his hometown saying oh, we used to live here. we used to live here. there used to be a house here, we used to live there. you know, back then, that was their way of life, and back then , that was the way that they lived and the way that they made a living. he provided for his family, and for us to be, you know, punished whether you're african american or whether you're caucasion like me, i just think that i just think that's horrible. neil: well, there's obviously another message going through, and it took a while for social media to take this down, this idea he was an uncle tim that they were making the reference to the classic racist mind that you're an uncle tom, and i'm wondering that's kind of the treatment a lot of, you know, african american republicans have to endure, even in this day and age, and it just seems, in this black lives
matter environment, we could dispense with that altogether, but in fact it gets worse. >> well it does get worse, and there's no call for it. tim scott is a great american. he is a great example of what america's about. it's a great example. you know, i would like to think that my story is reflective of what america's about. i've been blessed. i've had the opportunity to achieve things i never thought i would have. my father worked shift work in a paper mill. i was the first one to graduate from college and my whole extended family and i built a successful business. i've been able to serve my community and give back to my community, to my state, to my country. that's the american dream. that's what it's all about, us reaching those kind of heights, but for us to have this kind of behavior at this point in our nation's history is really disappointing. neil: yeah, but it happens all the time to your point, congressman. thank you very much, we all have to get past this , coming to the
american story, it doesn't have to have a racial tinge to it as it always does, buddy carter thank you very very much. >> thank you. neil: all right the market up about 100 points right now. speaking of markets a whole lot of jaw boning about what happened to the securities and exchange commission enforcement chief? he's out, after only days on-the-job. why? [announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you,
the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ this past year has felt like a long, long norwegian winter. ♪♪ but eventually, with spring comes rebirth. everything begins anew. and many of us realize a fundamental human need to connect with other like-minded people. welcome back to the world. viking. exploring the world in comfort... once again.
if you have this... and you get this... you could end up with this... unexpected out-of-pocket costs. which for those on medicare, or soon to be, is a good reason to take charge of your health care. so consider this. an aarp medicare supplement insurance plan from unitedhealthcare. why? because medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could really add up. even thousands of dollars a year.
medicare supplement plans help by paying some of what medicare doesn't... and making your out-of-pocket costs a lot more predictable. call unitedhealthcare today and ask for your free decision guide. learn more about plan options and rates to fit your needs. now if you like this... greater freedom... you'll love that medicare supplement plans have no networks and no referrals needed... see any doctor. any specialist. anywhere in the u.s. as long as they accept medicare patients. these types of plans also give you more flexibility when traveling in the u.s. your plan goes with you... anywhere you go in the country. even better, these are the only plans of their kind endorsed by aarp. call unitedhealthcare today for your free decision guide.
so if you have this and want less out-of-pocket costs... and more peace of mind... consider adding this. an aarp medicare supplement plan. take charge of your health care today. just use this...or this to call unitedhealthcare about an aarp medicare supplement plan. neil: all right, well that didn't take long, the sec enforcement chief is out and after only serving a few days on-the-job, it's weird. charlie gasparino on all of that what do we know, what happened here, charlie? charlie: well, there's two stories here i think, neil, there's a story that the popular media is promoting which is that she represented exxon-mobile in private practice at the law firm of paul weiss.
her work on that case, or the work of the lawyers on that case was recently criticized by a federal judge, which is presiding over a lawsuit against exxon-mobile that she's defend ing, and because of that, she stepped down, just this mere criticisms. so, i ran it by a bunch of people i know, lawyers who were very connected with the sec, these are former officials who do a lot of this corporate same corporate work as alex o does and i said with what the judge said about her conductor the conduct of lawyers she didn't specify, he didn't specify her. is that common place and they said of course it is. these sort of judges motions and reports about conduct of lawyers occur all the time. it shouldn't have led to her leaving the position, so i said why did she leave the position? they say dive deeper into this , so what i did was i went back and i found something very interesting. a couple days before she actually took the job, she was
being attacked by a left wing group. the revolving door project. they were raising the notion that she was representing the evil oil company, exxon-mobile, and they were saying why is gary gensler this proven progressive whose very close to elizabeth warren, why is he appointing a corporate essentially a corporate lawyer to a post that should be promot ing social justice now, that we have this new biden administration with gensler, super progressive at the top. within days of that thing, the ruling came out and from what i understand, that they were worried that this thing was going to be litigated in the press, that her role as a corporate lawyer was going to be attacked by liberal activist groups, and essentially, would not be supported. she would not be supported by the uber regulator of the sec right now, which is not chuck schumer, as majority leader, not nancy pelosi, house speaker, it was elizabeth warren whose, you know, the progressive
attack dog against corporate america, and they were worried about her connections with exxon , would lead to progressive outrage by elizabeth warren, and then of course, you know what comes next. aoc, the squad, and it becomes a big story that this is a person whose in bed with exxon-mobile so essentially , from what i understand, they ousted her. i know it's a resignation, and we should point out the sec has no comment but from what i understand they didn't give her much choice. we should point out that i asked her old boss over at paul weiss about her, brat carp. he's a very careful lawyer, he would not stick his neck out for anybody if they did wrong. brad told me she has ut-most integrity, one of the best lawyers he's ever seen, so my guess here, and i'd be a betting man to say this here, neil, big time and you know me, i don't bet much is that she got on the wrong side of elizabeth warren and that's why she had to
leave, and it's kind of a interesting story because it underscores just how much power the left has over the democratic party. i should point out that chuck schumer's brother works at paul weiss, was a partner of hers. chuck schumer wanted her in this job. this is amazing that the left has this much power. back to you, neil. neil: all right, thank you very much, my friend, charlie gasparino. we'll be exploring that by the way, the impact that progressives are having on this administration. it says a great deal when alexandria ocasio-cortez comments that this president has ended up being a lot more progressive and a lot better than she feared he might be, we'll have more, after this.
that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it.
so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this.
in louisville ahead of the kentucky derby talking about , you know, american whiskey, and kentucky bourbon, like you said, there are some tariff issues perk o perkolating but this is all happening coming out of a good year for alcohol sales, with american whiskey alone just that sector during the pandemic, their sales soared surpassing $4 billion. it was an 8% increase over the year before, and we're at a distillery called rabbit hole in downtown louisville and we're actually joined with the founder and the create or of rabbit hole , thank you so much for being here, and tell us, you know, given that last year alcohol sales were pretty good during the pandemic, how did rabbit hole fare? >> you know, we launched rabbit hole nationally in the midst of covid and to our surprise we had overall about 95% growth which was spectacular. reporter: now that we're seeing reopening and restaurants reopening and return to outdoor dining and indoor dining what are you expecting to see this year given that last
year was such a boom for you. >> bars and restaurants are the heart and soul of our independent, and we gave over $300,000 to support our patrons and our friends in the hospitality industry. i feel that the coming year is going to be spectacular. we're very bullish about it. i think it's going to be a boom and we're there to support everybody in the hospitality business. reporter: thank you very much for that insight. another issue here perkolating neil is the issue about tariffs because starting in 2018, the uk and the eu actually slapped some tariffs on american whiskey at 25% and that's actually cutting into exports since they've done that over the past couple of years the exports have declined across the uk by 50%, across the eu down by 38%, advocates are raising the alarm bell about this , because starting june, those tariffs are going to go up to 50%. they said that could just be devastating. listen to this. >> it's frustrating.
it's crippling. i've run out of ways to describe how damaging this will be and have serious long term consequences for our industry. reporter: now, they're optimistic that perhaps some type of deal could be negotiated maybe the tariffs could be suspended while there could be greater arrangements put in place, because many people say american whiskey, kentucky bourbon, why shouldn't it be available in europe? back to you. neil: yeah, it's a good call. lydia, thank you very much on all of that. let's go to scott shelledy, francis newton stacey back with us. it's a reminder, right, guys, that raise frictions, no matter the administration can continue. i'm just wondering whether this maybe might be a preview of coming attractions. scott, what do you think? >> well, it's always going to be the case and obviously, it was front and center with donald trump, and again, to my earlier point, i mean, this reopening is going to be a bumpy one, a flickering light in the gym on saturday morning when you kind of turn things back on because we'll have people that don't want to go back, or are still
too uncomfortable to go back, less places to go to, struggling to find the right people to work there because of the government and competition with our small businesses for our employees, so , you know, as much as i'm really excited to see things come back to life and i was a big anti-lockdown in the first place, it's just not going to be as easy as people think it is to get back to "normal" because normal is going to be now a new normal where we've got people afraid to go out still, and double masking and even when we've got vaccines i know you've got these issues geopolitical which might come up with some of the goods and services you mentioned as well as maybe oil or something like that, so that's what i think, what i said earlier. i think powell is looking at all of the things that could go wrong versus all the things that could go write and he's going to go softly. neil: gotcha you're talking about jerome powell the federal reserve chairman. francis, i want to isolate this if i can to the wealthy. what do you think they do, i know it's an uphill climb for joe biden to get everything he wants but let's say he does
and let's say these higher tax rates go into effect. they're obviously a target. they're obviously beefing up enforcement at the iron roanne sones, the president wants to get $80 billion to squeeze more out of them, presumably that's the crowd they go after. what will they do this year? >> well, i think, you know, some of these moves could be permanent if them don't want to be taxed in the high tax states of california and new york, where maybe previously they would have been temporary. i think that they tried to, you know, find every loophole possible. some of them are going to survive an audit and some of them aren't. i think they move money to whatever extent that they can to places that are, you know, either not taxed or are more generous with taxes and they just do what they can. usually these people have enough money, they've made enough in the stock market that they're spending probably won't decline very much, but i do think that they make some permanent changes to their lives and i think that
that's a threat to california and new york in the reopening, because a lot of what makes new york is the billionaires and millionaires in new york city, they're spending, they're keeping housing high, they are there because of the jobs and stuff like that so if that tends to go away, it's going to hurt those blue states. neil: all right, guys i want to thank you wish we had more time unfortunately we don't but a message to the rich, even as much as we are taxing them, it doesn't come close, taxes on them, to paying for all of this spending so we can tax them all the more, or widen the tax payer pool to include people who are not so rich. you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq
. . but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-763-2763. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide.
1-800-763-2763. that's 1-800-763-2763 ♪ ♪ we made usaa insurance for veterans like martin. when a hailstorm hit, he needed his insurance to get it done right, right away. usaa. what you're made of, we're made for. usaa i knew about the tremors. but when i started seeing things, i didn't know what was happening. so i kept it in. he started believing things that weren't true. i knew something was wrong, but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia
related psychosis and is not for treating symptos unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of te arms and legs and confusion. we spoke up and it made all the difference. ask your healthcare provider about nuplazid.
neil: all right. a lot going on today, right? we're on that so is charles as he takes over the next hour. charles payne. hey, buddy. charles: hey, neil, thank you very much, my friend. good afternoon, everyone, i'm charles payne. this is "making money." breaking right now the market is trying to break out here responding of course to the ultimate catalysts which are strong earnings. the biggest names posting the biggest results livings up to the hype and then some. which companies are on fire and must be in your portfolio and certainly on your radar. not even a day after jay powell says he is ready to let the economy run hot, inflation rears its head in today's gdp report. can the fed chair stand firm? i will ask larry kudlow. what