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tv   Cavuto Coast to Coast  FOX Business  May 13, 2021 12:00pm-2:00pm EDT

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the answer is, "avatar." released in 2009. it brought in $2.8 billion worldwide. ohio introducing a vaccine lottery. starting may 26th, if you get the jab in that state you're eligible to be put into a lottery, which will pay a million bucks five weeks in a row. how about that? my time is up. look who is here. david asman. david: it was his tar call, talking about all the serious stuff. it was all purple. that was in honor of "avatar." i hope everybody else saw that. if i am the only one i'm a sick boy but go ahead. stuart: david, i did not see the movie but i didn't know what the purple stuff was all about. david: i can't believe you didn't see a twentieth century fox movie but that is another story for
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another day. this is cavuto "coast to coast." i'm david asman in for neil cavuto. stocks shrugging off inflation fears at least for the moment. the jobless claims hit a pandemic low but how long will the rally last? the massive gas supply still lingering along the eastern guff coast. we're waiting live remarks on president biden what he plans to do about it, whether there was a payoff to the hackers. to the far east, wuhan, china, the latest into the probe whether coronavirus could have started in that lab and why in the world it is still getting funding. first top story, we're watching the colonial pipeline. it is back online following a cyberattack but the damage has been done. gas shortages stretching all over the southeast. fox news correspondent jonathan serrie has a live look from smyrna, georgia. jonathan, to you. reporter: hi, there, david. there is a delayed reaction. you get the pipeline back
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online. when it delivers the fuel to these terminals, trucks have to come in, pick up the gas, bring it to service stations. right now i'm in front of a quick-trip in smyrna. one of the stations still has gas and took robust business. in my own neighborhood. i visited four gas stations. one was limiting customers to $20 of gas. another one was serving gas. two of them were completely out of gas. that is matching what we're hearing from gas buddy. roughly half of all stations in georgia, south carolina and virginia have run out of fuel. in north carolina two out of three stations are without gas. prominent republicans say the impact of this temporary shutdown, should be a wake-up call to the biden administration that america needs more pipelines? >> i continue to push for to support alternative energy but
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we have to have a broad tool box of things to choose from. this incidence shows that. reporter: stayed and federal officials are urging consumers not to hoard gasoline. not to panic buy. saying replenishment supplies are on their ways in a matter of days. back to you. david: thank you very much, jonathan. more mixed messages on the biden administration and its role in energy production and transportation. the biden administration facing renewed questions about canceling the keystone xl pipeline one of the first orders by the president after this coming from in energy secretary saying pipe is the best way to transport fuel. blake burman at the white house with more. a lot of contradictions here, blake. reporter: take you back to tuesday afternoon here at the white house. the briefing room, energy secretary jennifer granholm who was at the podium and said the following here about pipelines.
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listen. >> these are not easy solutions because there may or may not be the right railcars. there may not be the deepwater ports available are. this is why we have doubled down on insuring that there is ability to truck oil in, gas in but it's, it's, the pipe is the best way to go. reporter: the pipe is the best way to go, she said. that had republicans noting from republicans that the first act by president biden was end the keystone xl pipeline. you see this tweet here. why did biden cancel the keystone xl pipeline? pure politics. many lessons will be taken away from this incident. we'll hear from president biden over here at the white house any moment now. but we got one of his main takeaways when he spoke about this yesterday, watch. >> i would also point out i think what this shows is that, i think we have to make a greater
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investment education as relates to being able to train and graduate more people proficient in cybersecurity. reporter: as a response the president has signed a cybersecurity executive order. it would create what will be called the cybersecurity safety review board. think of that the national transportation safety board but for cyber. the government will create a playbook how to respond to cyber events. the government will have to use multifactor authentication as a safety measure going forward. david? david: blake, thank you very much. we'll get to the white house as soon as the president gives us the latest on the colonial pipeline. we have wyoming senator cynthia lummis, senator, i would say they have a lot of trouble with the real world, how the real
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world works, how they use energy, how they transport energy. a lot of contradictions here, no? >> absolutely right, david. when we saw cancellation of the keystone pipeline, we lost another key opportunity to keep a product flowing in america in the safest way. so now if we have to resort to rail and trucks to augment our supplies we're putting it in a posture where it is not quite as safe. it is also far less reliable than having pipelines. while i'm excited to see they're finally working on some of the cybersecurity issues associated with pipelines, we still have to keep oil and gas flowing through pipelines. another terrible thing they did as you know was limit the number of permits that are issued on federal land to drill for oil and gas. we simply can't take these steps. we don't have an alternative. david: we don't but they're committed to their alternative
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which is to eliminate carbon fuels in the country in a very limited amount of time and frankly a lot of people say there is just no way we can do it. again, they're having trouble sort of contrasting the real world with the world that a lot of academics and people that have sort of pie in the sky dreams have in their minds and it just doesn't connect? >> and, david, the cost, our air in the united states is so much cleaner than the rest of the world. that if we really want to move the needle, both on pollution and on global warming we should be helping out india. that is where you can really move the needle on helping with climate change and global warming and greenhouse gases t costs so much to move the needle in the united states because we've gotten our air so clean, that the cost of making it even cleaner is incrementally higher than it would be if we would
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just help out india. david: by the way, senator, have you heard anything, we heard rumors about whether colonial paid off the lackers that were responsible for this, and if so, whether they were counseled in any way by the administration how to deal with the hackers? do you know anything about that? >> i have heard the same rumor that you have, that, yes, they did pay a ransom but i don't have any confirmation of that, nor do i have an indication of whether there was a role by the white house in that. david: is it the responsibility of the white house to answer that question whether they counseled colonial in any way on whether to pay off the hackers? >> oh, absolutely think the white house if they did counsel them should fess up because we need to know how prepared we are and what the government, private public partnerships are going forward as there are other cyberattacks that go beyond pipelines and into our electric
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grid and other unhardened assets in this country. we need to know what is the responsibility of the private sector and what role the government feels it has in helping the private sector deliver product that is essential to the american people. david: now hopefully we got out of the worst part of these gas lines that we've seen in the northeast, all over the northeast but, i'm told again, and i don't know whether you have information that might illuminate us on this, whether we were importing, we went from being an energy independent country, which was a great achievement for our nation, to now importing foreign oil and particularly they're talking about some of the fuels that came into the united states, are coming in are eminated originally from russia. do you know anything about that? >> i too hear that. i don't know that it is caused us to become a net fuel importer but i believe it is clear that we are getting some product from
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overseas and that we need to advance every effort that we can in the united states, not only be energy independent for our own needs but to be able to export clean natural gas to countries like india that desperately need clean sources of hydrocarbons. david: of course we need the jobs too. i mean there are a number of job s were killed by the cancellation of the xl pipeline, thousands of them, maybe tens of thousands of them when you count all the auxiliary jobs in on that. the president continues to say the green jobs will replace carbon energy and pay more. is there any basis in fact? does the real world bay out those hopes? >> in wyoming in my real world energy jobs in the oil and gas and coal industry pay far more and are more plenty full than
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jobs in clean energy. i wish the biden administration would explain the rhetoric they're using to say that there will be more jobs and they will be good-paying jobs. david: right. >> because on the ground as in our subject, in reality, we have not seen that to be true. david: very quickly, i understand the president's having another meeting on infrastructure. hopefully it will be bipartisan. the question is how he pays. assuming for the moment that you agree on what is infrastructure and what is not and you come to some agreement about how much it is going to cost, how do you pay for it? he says it all can be paid for by increasing corporate tax rate. now the corporate, the revenue we get from corporate taxes amounts to only 7% of the total revenue that the united states gets in taxes. the rest come from payroll taxes, income taxes, et cetera. there is no way that a 7% part
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of all the tax revenue we get, even if you increase it by 50%, you would have to increase it by over 100% to have it pay off these trillion dollar plans. is that conceivable in any way? >> it is not because the disadvantages and disincentives in the economy that are created by higher taxes would not be adequate to meet the needs. so republicans feel that user fees have always been been the source of money to fund our highways and even our public transit, that that should continue to be the case. the people who use highways and public transit should pay for those. it shouldn't come out of overall general revenues. so, you can expect republicans in congress to be protecting the 2017 tax bill and advantages in all of the unemployment that resulted in the country from
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that. david: right. >> whether it was gender, race, all groups, were advantaged by those tax cuts. we want to preserve the tax cuts, pay for infrastructure with user fees. david: senator lummis from wyoming, thank you very much for your time. i really appreciate it. great to see you. >> thank you, david. david: meanwhile inflation concerns are mounting. producer prices seeing the biggest annual gain since 2010. investors, well they want to know if this represents an historic shift, or if as the administration says, it is just temporary? let's get to market watchers daniel shea and john lonski. what do you think, is the pop in inflation a temporary phenomena as janet yellen around others are saying or may this be a historic shift that may lead to the kind of inflation we saw in the '70s? >> i think we'll get more bad news on inflation going into early 2022. however unless we have a much
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faster rate of growth for employment income, after tax personal income, chances are that we will avoid a repeat of that long period of persistently rapid consumer price inflation that characterized the 1970s. 1970s, let me note the following, the average annual increase by after-tax personal income was in excess of 10%. it was that very rapid income growth that allowed cpi inflation to proceed at an average annual pace of just under 9%. david: but, danielle, all the elements are lining up. inflation is very simple, there are two factors in inflation, too much money, chasing too few goods. we certainly have a lot of money pumped out there by the fed and we don't have as many goods as we would like to because a lot of people are getting paid to stay home and not go out to work
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and produce things? >> yes. that is correct, david. also the pandemic created a really unique situation where we're seeing shortages of lumber. we're seeing shortages in semiconductors. so many goods right now are being impacted by this very unique situation. so it is hard to go and compare it to the '70s precisely. would i say that we are on spiraling ship that isn't going anywhere good but i would point out to investors right now at this moment in time the market is absorbing it really well. david: the dow is up 472 points right now to your point. >> yes, exactly and where we're going to see the impact is going to be in corporate earnings and last quarter we had an incredibly strong earnings season and right now consumers are paying the prices so i would say right now there isn't a lot of area for concern for me but in the future certainly there is. david: not for investors today. john, very quickly, on the question of taxes, which i was
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talking to the senator about, two questions, i have, one whether increase in corporate taxes will drive companies out of the united states. this happened the last time we had high taxes like that. biden is projecting even higher taxes when that was happening during obama. the second question, whether there will be ever enough money from corporate taxes which is such a small part of the total tax revenue to pay for all these spending plans, what do you think about either one of these? >> the first question there was whether or not higher taxes drive companies out of the united states, businesses? yes that will make it the case, more attractive to have operations elsewhere. second question, no way in the increase in corporate income taxes would come close to funding the spending plans of the biden administration. narrowly focused tax hikes do not work. david: danielle, we'll have to
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give you another chance to go at it. we run at of time for this block. thank goodness. you add a lot to the show. we'll see you in a few minutes. getting to the bottom of the lawmakers push being a probe into the wuhan lab and what else the group is looking into. wait until you hear what is coming from an expert, next. in business, it's never just another day.
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♪. david: the trail of truth in the covid investigation is getting colder, according to republican kansas senator roger marshall. he is demanding a bipartisan committee investigating not only covid's origins but the national institute of health's funding of the wuhan lab. fox news national security correspondent jennifer griffin is at the pentagon with more. hi, jennifer. reporter: david, we all know the chinese government tried to cover up what was happening at the lab but when senator rand paul grilled dr. anthony fauci whether nih money that he oversaw ended up funding gain of function research at the wuhan
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lab in china, fireworks erupted. >> nih has not ever, and does not now fund gain of function research in the wuhan institute. >> do they fund -- reporter: but in fact the u.s. government and nih have channeled money to the wuhan lab for research by dr. lee, affectionately known as the bad lady. it was run through a ecohealth alliance. he said in "the lancet" article that the covid-19 had a natural origin, batting down the pandemic theory at the pandemic start. >> ecohealth alliance had many funding years from the wuhan lab. their funding came substantially from the u.s. government, from the nih. reporter: so what is gain ever function research? it is altering a virus found in
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nature to make it contagious to humans. it became a issue in 2014 when dutch scientists announced they transmitted bird flu which normally does not affect humans to ferrets which are similar to humanses. it is used bring scientists to create, anticipate how a virus might mutate and how to counter it with a vaccine. >> when you actually take a virus or a bacteria, pathogen, to try to enhance its characteristics to make it spread more easily, to make it kill more people. reporter: andy weber oversaw the pentagon's biological defense programs until 2015. he explained to me that this is highly risky research and that is why the obama administration in 2014 after that dutch publication published the issue of how they moved the avian flu to ferrets, imposed a moratorium on this type of research. that was then lifted in 2017 by
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the trump administration and nih through ecohealth alliance was not only funding research through the would you hand lab and sending money to a top researcher at the university of north carolina, dr. ralph barrick, who has done gain of function research. david: so hard to nail down the truth of this. nicholas wade wrote a terrific article in the bull lynn of atomic scientists. the article is called, covid, did people or nature open pandora's box at wuhan? i invite everybody to take a look at the article. most extensive article yet trying to nail down the details. former editorial page editor of the asian "wall street journal," women's independent forum fellow, claudia rose set. you have great credentials. you don't have to be editor of the asian "wall street journal" to know that the chinese communists do not tell the truth what is happening here. you can't get the truth. why would you entrust an
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organization like the ccp with research like this and do any kind of joint research with the ccp? it doesn't make any sense at all, does it? >> no, it, you should never trust this kind of research to something in china and it is incredible that dr. fauci signed off on it here at his niaid under the umbrella of the nih. he was either clueless or complicit in very, very dangerous research. either way it was just wrong. david there, is one more thing we really need to understand. yes, i agree, read that article by nicholas wade. it is the best comprehensive, each-minded piece i have seen to date on this and there is just overwhelming circumstantial evidence it came from the wuhan lab that was funded in part by niaid. but in china there is not a
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distinction between civilian and military research. officially there may be for purposes of telling the world that they're doing nice things but the military civilian fusion that they have there is such that both owe complete loyalty to the party. you can never assume that it is not military. david: it's a country though, claudia, of over a billion people, a billion 1/2. i am just wondering, aren't there some people who know what went on there, who they haven't been able to put in prison or god forbid to kill who could come up with the information? in other words will we eventually know the truth? >> i think part of that depends on whether the u.s. administration will tell us everything it knows. david: interesting. >> very interesting, just before president trump left office the state department put out a fact sheet saying that workers at the wuhan institute of virology which is likely source of this covid pandemic, fell ill in the
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fall of 2019 with what could have been flu but also had the symptoms of covid. and when you consider that china is the world's most technologically advanced totalitarian state, they know every financial transaction goes on electronically, they have cameras, wuhan received 5g to watch everything going on, when people began clocking into hospitals t was very likely that china's security could track them back to everything, where did they come from, where are they going. it came from the lab china would have all the records on that, and believe me they have ways of interrogating people like the bat lady, dr. lee, to find out exactly what happened. they had access to all of everything. they have not let us see this. david: interesting. >> so you have a real problem here. we may not know but at some point we've got to look at the circumstance evidence and say, there is information here that is really important.
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almost certainly leaks from that lab. david: claudia, i want to switch gears a bit, staying on china, to news that our new climate czar, if you can call him that, john kerry, says the biden administration is considering sanctioning china over forcing slave labor by the uyghurs. excuse me. we have the president talking about colonial pipeline. let's listen in. >> impacted on the colonial pipeline over this last week. as of yesterday evening colonial has begun restarting to the flow of refined products in their pipeline. this morning colonial reported that fuel is beginning to flow to a majority of the markets that they service and they should be reaching full operational capacity as we speak. as i speak to you right now. that is good news. but i want to be clear, we will not feel the effects at the pump immediately. this is not like flicking on a
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light switch. this pipeline is 5500 miles long. it had never been fully shut down in its entire history and so, so fully and we have to now, they have to safely and fully return to normal operations and it is going to take some time and there may be some hiccups like i just had along the way here. [laughter]. still we expect to see a region by region return to normal sy beginning this weekend and continuing into next week. meantime i want to update you what our administration is doing to accelerate this process. to mitigate shortages and to protect you from price gouging. the protect the american people from price gouging all those along the line. first we relaxed rules for pipeline operators to provide
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flexibility for emergency personnel help manually get portions of the pipeline up and running earlier this week. secondly, over the weekend we reviewed and worked with the company to get a portion of the pipeline system from north carolina to maryland to operate under manuel control and deliver, deliver its existing inventory. in addition we put in place emergency orders that lifts hours restrictions and allowed states to lift tank restrictions for tank truck drivers to be on the road. this allows drivers to work more, and carry more fuel to the affected regions. third, the environmental protection agency issued targeted 20-day waiver of standards in several states to give fuel suppliers more flexibility to use available fuels where they are needed which will boost the fuel supply. those last two actions made tens
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of millions of gallons of fuel available each day to be attributed. put another way, the extraordinary measures the administration has taken we estimate sent enough gas to stations to fill the tanks of over five million vehicles in the last few days. fourthly, as part of an effort to use every possible means to accelerate fuel deliver delivery ies i granter ad waiver of jones act for fuel suppliers. this allows non-flagged u.s. vessels to allow refined products from the gulf of mexico to affected areas. we'll grant additional waivers if necessary. these steps are necessary but will remain in place until full service is fully restored. this is a whole of government response to get more fuel more quickly where it is needed and limit the pain being felt by american customers.
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now, here is what drives, the driver, in the states that are affected, here is what you can do, the drivers. don't panic, number un. i know seeing lines at the pumps or gas stations with no gas can be extremely stressful but this is a temporary situation. do not get more gas than you need in the next few days. as i said we expect the situation to begin to improve by the weekend and into early next week and gasoline supply is coming back online and panic buying will only slow the process. and i also want to say something to the gas stations. do not, i repeat do not try to take advantage of consumers during this time. i'm going to work with governors in the affected states to put a stop to price gouging wherever is arises. i will ask federal agencies to
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provide assistance to states to prevent price gouging at the pump. nobody should be using this situation for financial gain. that is what the hackers are trying to do, that is what they are about, not us. that is not who we are. as for the people who carried out this attack the fbi has released details on the attack so others can take steps to prevent from being victimized like colonial has been. we do not believe, we do not believe the russian government was involved in this attack but we do have strong rhine to believe that the criminals who did the attack are living in russia. that is where it cam from, word from russia. we've been in direct communications with moscow about imperative for responsible countries to take decisive actions against these ransomware networks. we're also going to pursue a measure to disrupt their ability to operate and our justice department has launched a new task force dedicated to
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prosecuting ransomware hackers to the full extent of the law. finally, let me say that this event is providing an urgent reminder of why we need to harden our infrastructure and make it more resilient against all threats natural and man made. my administration is continuing to safeguard our critical infrastructure, the majority of which is privately owned and managed like colonial pipeline. private entities are in charge of their own cybersecurity and we need, and we have, we know, we know what they need. they need greater private sector investment in cybersecurity. and that is why we launched a new public/private initiative in april that is focusing on strengthening cybersecurity in the electric sector for natural gas, for pipelines as well as water systems and other lifeline sectors. and last night i signed an executive order to improve the
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nation's cybersecurity. it calls for federal agencies to work more closely with the private sector, to share information, strengthen cybersecurity practices and deploy technologies that increase reliance against cyberattacks. it outlines innovative ways the government will drive to deliver security and software, using federal buying power to jump-start the market, to improve products that all americans use. to assist in this urgent work of protecting our nation against cyberattacks i'm calling on the united states senate to move quickly to confirm christening like as our national cyber director and january easterly to be the director of cybersecurity infrastructure at the department of homeland security. in america we've seen critical infrastructure taken off-line by floods, fires, storms, and criminal hackers. in texas last month we saw what
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happens when storms hit power systems that are not fully modernized or ready for the threats of extreme weather with tragic results. now we're seeing the effect of criminal hackers with gas lines throughout the southwest, excuse me the southeast. and we're in a competition with china and the rest of the world to win the 21st century economically. we're not going to win it competing with an infrastructure that is out of the 20th century. we need a modern infrastructure. my american jobs plan includes transformative investments in modernizing and securing our critical infrastructure. later this afternoon i will be meeting with republican senators to discuss ways we can move forward on modernizing the infrastructure we have today and building the infrastructure we need for tomorrow. i'm willing to negotiate as i have indicated yesterday to the house members and to the leadership but it is clearer than ever that doing nothing is
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not an option. again we expect things to return to normal over the next several days. i will be monitoring colonial's progress and federal government's support every step of the way, so stay strong, help is on the way. we're going to get through this as we always do as americans. we'll do it together and it is going to be quick. god bless you all, and may god protect our troops. [reporters shouting questions] >> reporter: believed to be living in russia, at what point does the u.s. start to try to inflict plain pain on governments allow this sort of thing to happen in their territory? >> we are working to try to get to the place where we have sort of an international standard, that governments knowing that criminal activity is happening from their territory that we all, we all move on those,
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criminal enterprises and that i expect one of the topics i will be talking about with president putin. >> are you confident putin was not involved? >> i am confident that i have read the report of the fbi accurately and they say they were not. he was not. got of the was not. reporter: mr. president, when the executive order mentions the colonial pipeline directly but still encourages private sector companies follow the lead, encouragement is good and profit is sketchy, so what concrete steps is the administration taking to insure companies are prepared and held accountable for their cyber issues, cybersecurity issues? >> you have asked three different questions i think as i understand it. the bottom line is that i cannot
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dictate that the private companies do certain things relative to cybersecurity. a lot of you are very seasoned reporters. you've been covering this debate up on capitol hill before i became president, unrelated to president trump debate internally whether or not the government should be insisting. that gets into privacy issues and a whole range of things. that is going to be an on going negotiation but i think it is becoming clear to everyone that we have to do more than being done now and the federal government can be significant value added in having that happen. yes? reporter: will you consider doing any type of retaliatory cyber attacks to shut down these criminals? are you ruling that out? >> no. reporter: is prime minister netanyahu stop this violence escalating? >> i had a brief conversation with him yesterday and i have
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my, my intelligence community, the defense department as well as the state department have been in contact with all of their counterparts in not only in israel but in the region and one of the things that i have seen thus far is that there has not been a significant overreaction. the question is how, how we get to a point where they get to a point where there is a significant reduction in the attacks, particularly rocket attacks that are indiscrimminantly fired into population centers but i expect i will be having some more discussions.
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there wasn't, we haven't just spoken with the israelis. the egyptians, saudis and others. it's a work in progress right now. so thank you all so very much. reporter: mr. president, more on the ransom. were you briefed on the fact that the company did pay the ransom? >> i have no comment on that. thank you. david: president biden talking about the restarting of the colonial pipeline. the last question, i think was the most interesting question that was asked, whether or not he had any information about or consultation with colonial about paying off a ransom to the hackers and as you can just hear, the president had no comment on that. the no comment said a lot, particularly since he did answer a question about whether there would be any retaliation if it was found that the russian government was involved, to which he said absolutely not. he said no, there will be no retaliation for the hacking if
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in fact the russian government is involved but he would not say, would not comment on whether he knew about or could confirm or consulted with colonial paying off hackers for that. he did say don't panic. there is no reason to. that we'll get the pipeline up fully in a few days if not next week. he said he will not allow for any kind of price gouging. if he hears of it will be prosecuted by the doj he also said that they're deregulating a number, at least temporarily, a number of measures that would allow more transportation of fuels on the roads. and it would also allow for the sale of some of the less regulated fuels in order to fill the gaps. we'll be right back with more on breaking developments here on fox business. stay tuned. ♪
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♪. david: businesses are getting creative with getting workingers back to the work place. applebee's is planning on hiring 10,000 workers all with an interview incentive. we have applebee chairman and ceo zane tankel. thank you for being here. i remember everything you told me. you said hope is not a business strategy. so i assume with its new hiring strategy that you must have specific evidence that demand is picking up to allow this hiring, right? >> yeah, there is no doubt, david, there is and the issue or the problem it seems to me we always competed with other industries in the restaurant business for employees.
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we always competed with other concepts and each other. now we're competing with the federal government to get these same people. so we need to do things that are going to overcome the competition which is ourselves. you know, i saw the enemy and he is me in essence, right? and that is the government. the government is incentivizing people. however we have hired well over 1000 people since march back into our system and we continue to hire without any incentive per se. david: amazing. amazing. we're short on time, zane, because of the president. he stepped on your territory but i've added up all, i added up all the incentives the government has, it comes to $20 an hour. that is how much you can have to compete with people getting paid by the government. can you compete with that, 20 bucks an hour?
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>> david, we don't have an option. we have to stay closed if we don't have people. so the government is our head-to-head competitor. we'll have to do it. we're doing it. we're getting people to come back. there is always people that do want to work. always people that feel gratification and accomplishment with working. david: god bless them. >> then there are those that don't want to work. it is what it is. david: zane, we have to go. you are a boxer, for those who don't know. you're a non-professional boxer, you broken a few bones that i know about. a few more than i don't know about. have you ever been in a tougher fight than this past year? >> no, i haven't as a matter of fact, david. it has been a rough one. but you know, i call it the fog of light. call it the fog of war when you're in war. it is the fog of light. you get through it, come out of it stronger, better, smarter than you went in it. not everybody comes out of it. not everybody comes out of a war
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either. david: if you're looking for the american dream, you're looking at the american dream in zane tankel. a privilege and honor to know you and call you my friend. zane tankel, thank you very much. appreciate it. >> thanks, david. david: a live report coming up from the israeli border. that's next. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.
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♪. [explosion] david: unbelievable. that's, that's the sound and look of war, ladies and gentlemen. israel stepping up airstrikes against hamas in gaza as the fighting intensifies there. trey yingst in the middle of all of this with the very latest. trey? reporter: yep, i gotcha. david: trey, you're on. looked like trey, trey, can you hear us now? okay. we're going to stay with trey for a second here, just to see if he can hear us? unfortunately not. talk about the fog of war. he is literally in the fog of war right now technologically speaking as well. so we will try to get trey back with us. meanwhile colonial pipeline back up and running but gas stations across the southeast are still
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out of fuel. why pipeline officials are warning that it could take several days and maybe even weeks for the supply chain to return to normal. more on that right after this. ♪ ♪♪ ... stay restless with the icon that does the same. the rx, crafted by lexus. lease the 2021 rx 350 for $439 a month for 36 months. experience amazing, at your lexus dealer.
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david: and welcome back to
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cavuto "coast to coast." i'm david asman in for neil cavuto, a busy second hour ahead , as markets look to re bound from three straight days of losses. looks pretty good on the screen right now but our top story growing concerns that widespread gas station outages could linger for days even though the president said within days, we will be back to normal. we will have the latest on whether the nation's emergency fuel supplies will resolve the growing pains at the pump, and then from questions over gas to questions over covid guidance , millions of americans now looking for answers, on how to live their life post- vaccination after president biden signals more relaxed guidance maybe on the way but haven't we heard that before? we will have the very latest from the white house coming up and as president biden gets set for massive tax increases to pay for his pricey spending plans a new report showing that low tax states like utah, for example,, are leading the charge in economic competitiveness and we
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have reaction from the utah governor, sensor cox, he's coming right up. but meanwhile, israel stepping up air strike against hamas and gaza as the fighting intensifies there, i think that we've restored trey communication he's in the middle of all of this with the very latest. go ahead, trey. reporter: david good afternoon we're getting new numbers from the israeli military who say that since monday night, more than 1,700 rockets have been fired from the gaza strip into southern israel and at this hour , israeli forces are preparing for the possibility of a ground operation. today, the defense minister approved calling up 9,000 additional reserve troops, this as rocket fire continues into central and even sometimes northern israel. take a look at the scene when we were caught in the middle of it. >> [shots fired]
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rounds being fired off right now by the israeli defense forces, trying to intercept some incoming rocket fire, just south of the city. [rockets launched] reporter: you can see , more rounds are going off as this rocket fire from gaza continues, loud explosions all along the border here, an effort by the israeli military to stop this rocket fire while continuing artillery strikes along the border in the distance. on the other side of the border, high rises are being leveled by the israeli air force and the death toll is more than 80, 16 of them are children. four hamas anti-tank units were taken out today though the infrastructure damage being done right now will take years to recover from. some of the towers targeted do
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have military offices in them, but there are civilians living there as well, thousands are homeless as a result. an egyptian delegation is trying to meet with the israelis and hammer out the details for a possible cease fire, so far as it stands neither side is interested. david? david: it's always the innocent who suffer most in war. it's just tragic, trey, extraordinary reporting, i can't say it often enough, you're doing a great job. please take care of yourself, from the middle east, we thank you, trey. now back home where the colonial pipeline is up and running again following that massive cyberattack but many motorists are still running into gas station shortages and of course those prices at the pump keep going up. they were going up even before the pipeline shutdown. fox business' lidia lydia hu has the very latest from the end of the colonial pipeline in avanal, new jersey. i never knew that was the end of it. reporter: yeah, you know, this is where it ends up it starts down in houston, texas
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and we're learning more exactly the operations behind the pipeline and that's part of the reason why it's taking a little while to get full service backup and running, although we understand full service has been restored as of this moment. it takes a while for the gas to travel through the pipe. it only moves about four to five miles an hour, gas that started leaving texas yesterday, would take about two weeks to actually reach the end of the line here in new jersey so it gives you bit of an idea why there's not immediate relief being felt at the pump across the southeast and we did hear from president biden a little while ago explain ing the efforts that are being made to alleviate some of this wait. he talks about how travel restrictions are being relieved from truck drivers and how they're being permitted to carry more gasoline on their trucks to the gas stations to help meet the ongoing demand but just to share a little bit of insight with you, david, i talked to an analyst, about exactly what that need is from some of the
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states impacted the most and what they are able to replace by rolling back the restrictions and the answer is it's a good step by government but not a lot of help. for example, georgia requires about 300,000-barrels of gas a day, the largest tanker trucks carry about 250-barrels, so that shows you the state of georgia will require more than 1,000 trucks to meet their daily need, so that's a huge supply, and so it's a good thing that the colonial pipeline is back in service with gas flowing back into the states. we expect today, but service is still going to be anticipated to take a while. even just this morning, we heard from gas buddy that several stations around several states around the southeast were experiencing outages at their stations. 71% of stations in north carolina were without gas more than half of the stations in virginia and south carolina, here is more from gas buddy oil analyst about that how when they can expect to get their service returned. listen. >> maybe a couple of weeks before things really start to
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feel normal. that is you don't have to put in a whole lot of effort to find gas, so this is something that still could be a factor, a headache up until memorial day weekend and it should really ease after that. reporter: and david, even coming in just within the past couple of minutes another update from gas buddy showing progress being made when it comes to restoring gas service. the atlanta area which is a pretty hard-hit area in terms of outages last night around midnight around 73% of the gas stations in the atlanta metro area were without gas as of a couple minutes ago that outage has come down to around 68% so as we're seeing service restored through the pipeline we are see ing more stations getting gas back to the pumps. back to you. david: slowly but surely, thank you very much so battling the border crisis, meanwhile homeland security secretary mayorkas work testifying on capitol hill today over the influx of migrant children at the border, which often has tragic consequences. hillary vaughn on capitol hill with the very latest. hi, hillary.
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reporter: hi, david. well dhs secretary mayorkas work told congress today that the immigration system is " absolutely broken" but he also told lawmakers on capitol hill that he is absolutely not disappointed that neither president biden nor vice president harris have made their way to the border themselves to see exactly what crisis is unfolding there. he said the reason why he's not disappointed is because he is the one in charge, but he says that the surge of migrants flooding the border now under his watch is former president trump's fault. >> the surge of unaccompanied children first began in april of last year, april of 2020 and it swelled from there. >> so could you explain how the trump adminitration anticipated and began making preparations for this increased arrival? >> they did nothing to facilitate addressing the surge.
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reporter: but some senate republicans on the committee came prepared with charts showing what they say shows a direct tie between the spike of arrivals at the border and president biden taking office. >> i know you're in a state of denial but let's go back to my chart here. this is president biden's inauguration. here is the surge. there's the surge, and it is undeniable. yet you are denying it. >> what i find astonishing, mr. chairman, is that we have the secretary responsible for securing our border and our immigration system who doesn't recognize these charts as big a problem, and they are human beings behind these numbers, and it's not saying hey we've got to make some changes immediately. i find that extraordinary, and extremely damming. reporter: david, the secretary was also asked what the status is for many parts of the border that have approval for a wall, a gate, or barrier to go up but essentially, this deal is just laying there not being put up.
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he said a review is underway for that to figure out what the best way is to handle those gaps that are essentially waiting for a wall to go up, but that's being stalled for now. david? david: chart was just undeniable. i mean, completely contradicting what the secretary was saying, hillary thank you very much great reporting. well have unemployment benefits gone too far? small businesses and one major washington city struggling to keep up with pent-up demand from locals looking to get back to normal. connell mcshane joining me now from spokane, washington with more. hi, connell. connell: hey there, david. it's kind of the best of times and the worst of times in some of the business owners we've been speaking to around here. the good news is the demand is there. things are picking up. businesses are looking to add workers to meet that demand, but they are really having trouble finding those workers, the local ace hardware is an example loaner dawn greg has seen more and more customers come in many looking to fix up their own homes.
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>> even compared to two years ago so if you take out the anomaly of covid we're still up over last year for the year, but we are up huge over 2019. connell: now the problem for dawn is staffing up to meet that demand. she says there could be a number of reasons for that maybe people are afraid to work in retail, they could have issues with child care and the ability to make as much or more money collecting unemployment. now, whatever the reason, there are certainly consequences. >> create longer lines, it does create a little more wait time, but you know, we're known as the helpful place, so getting people in and out and trying to get them everything that they came in for the first trip is a challenge, but we're trying. connell: you know, same situation at some other businesses around here. we stopped by delish hamburgers and we were told they are having even more trouble finding people to work. the owner was actually saying he barely could get someone at this point to come in just for
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an interview. the minimum wage is hyatt washington state. it's $13.69 an hour and unemployment benefits are quite generous here, second in the nation to massachusetts, so if you do the math a worker at that burger joint, david, makes say $15 an hour which some of them do, you could make that amount right now collecting unemployment at least until september. david? david: you have to get up to $ 20 an hour to match what the workers are getting by unemployment when you add it altogether. connell, great reporting. thank you very much. well, is the administration's grip on all of these crisis beginning to spiral? let's get the read on all of this from wall street journal editorial board member bill mcgu rn. bill, you know, you run out of fingers to count the crisis that we have now. on-the-jobs front, you have the problem of getting workers into businesses that are dying because they have all of this demand and not enough workers on on the foreign front you have this crisis now happening in the mid east, you have problems with russia
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hacking, and gas, you have inflation beginning. as we say in new york, that's a lot of motza balls indiana your soup. >> i'm not sure you have permission to use the word crisis for any of those things. its been very very much avoided. but look i'd have to say on the immediate one about the gas shortages, it's hard to blame joe biden for the shortages we have. this was a hacker attack on a pipeline that i believe supplies about 45% of the energy to the east coast, but what i think he is responsible for , what it does show is how dependent we still are on fossil fuels and how little things can have a big impact so he shutdown the keystone pipeline so in the future, we're going to be more vulnerable to these things. we have an editorial today in the journal, saying if joe biden really wanted to be a
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transformational president, and leave us with the 21st certainty are infrastructure, he would move to get rid of the jones act , which prevents foreign ships from going between u.s. ports. david: to that point, excuse me for interrupting, to that point, he just announced and he's going to do that. it's going to be temporary but he just announced -- >> no he's going to be a waiver david: okay it's a waiver, but the point is, let me just get to your point which is that there is one thing i think that unites all of these crisis, and we do call them crisis, because when you look at the border in particular, that's definitely a crisis, children are getting killed for god's sakes, is this failure to acknowledge reality. the reality of the situation with jobs, for example, the fact these unemployment benefits are impossible to compete with if you're a small business in the private sector. the inability as we just heard from senator johnson, to
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recognize at the border that there is a crisis, and we heard senator johnson tell may work, you're in a state of denial and i think there is a refusal to recognize how policies affect the real-world, no? >> i agree and i think it stems from the view that government can do anything, that we need government direction, forget about unintended consequences, and they also don't believe that taking a step by the government has any affect on people's behavior and we see this with the unemployment. look, again, in fairness to joe biden, any new president is tested by a lot of things. i think this hacking is a test of him. i think that what we're seeing in israel is a test. people want to see does he mean what he says, is he going to stand up or not and as you say, denial, look the smartest person in that administration is kamala harris. kamala harris is going nowhere near that border, because she knows it's a losing proposition, and wild horses won't get her
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there. david: i'm sorry there's a little delay but i have to get to one final point and it's off of our topic, but something very near and dear to your heart and to mine. jimmy lie, a wonderful fighter for freedom in hong kong, he's a very rich, media mogul and he could have spent his life vacationing or something and instead he decided to stay in hong kong and fight and right now he's in a jail somewhere, perhaps you know, i don't, but they've sentenced him to 14 months in jail for speaking the truth, and they, as the chinese communist government, where is jimmy lie right now, and what is his future? >> well right now, he's in jail , in stanley, hong kong, as you mentioned, because of that conviction for participat ing in what was a peaceful assembly. he has several more charges like
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that, but he also has these big charges out of this new national security law and i think those are coming in december, as you pointed he's rich, he could have runaway but he didn't he willingly went from a billionaire's life and he's doing the best he can in prison, his wife is a rock. the only thing she asked from people is prayers for her husband. it's a terrible situation, but it's very inspiring to watch how he's handling it. david: full disclosure by the way, you are his godfather right? you brought him into the catholic church? >> yes. well i didn't bring him in. i was there when he came into the catholic church. i don't want to take the credit. i think his wife deserves a little more credit for that, but yes, it's very personal to me. he's a great guy, and this is the new china that we have. and do you know what? i'm getting letters from him. they've got him in prison but they don't have his soul. it's just very clear from that.
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david: you know, it's amazing what one person can do to fight tyranny. we saw that in the old soviet union as well. our prayers go with him, pass them on if you have the chance to talk to the family, bill thank you very much for being here appreciate it. >> i will. thanks, david. david: good to see you well the dow rebounding today after its worst day since january, despite more signs of rising inflation. the read from our all-star panel , right after this. >> ♪ ♪ ♪ ♪ 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
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david: inflation across the nation is heating up producer prices for everything from steel to meat, you name it, posting their biggest annual increase on record in april, and as if that wasn't bad enough guess what folks? taxes are due on monday. yes, let's bring in america's accountant good time for him, dan geltrude and rose cliff founding and managing partner mike murphy. what i duo we have here. dan i want to start with you first, because you're a cpa. you're known as america's accountant in fact and there are a lot of changes in the tax code
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i just did mine last night as a matter of fact i mailed it in this morning. is that causing problems particularly for small businesses that got ppp loans et cetera? >> well of course it is, although ppp specifically is not taxable if properly used. i think what we're seeing here, david, is that people just because of what was happening with the pandemic were not thinking that far ahead related to what was going to happen with their tax return, so they took some missteps related to their with localing and other issues and that's why people are getting a bit of a surprise but on the topic of taxes what we see coming down the road now that's a different story. people need to be prepared, because taxes are not going down in the future. you need to plan for taxes. david: that's exactly right and you're right because i didn't
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deal with withholdings properly and i had to write a big check which i normally get a little refund not this time, not at all but mike, small businesses again , in particular, those are the ones i don't worry about mega corporations because they have tax accountants galore, they have lawyers to fight the irs if necessary, it's the small people who are fighting for every dime that they make and profit, and some of them are really worried about getting hit particularly the pass through enterprise, do you think they will be, hit, that is. >> i do, believe it. the new tax code that's coming through is really aimed at hurting those people. the people who have just had to survive the covid pandemic are now dealing with their taxes going up if anything cy vance they should be going down so these companies can continue to build and continue to hire and continue to expand and then they will end up paying larger taxes in the long run, so i think people have to be very careful.
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my accountant is probably watching but at the same time, we should let these small businesses grow. david: yeah, well dan, i do have a lot of sympathy for the people who on paper look like millionaires but they apply all of their cash, all of the profit they make is taxed as personal income, but they pour it all back into their company. they are driving 10--year-old cars they are still paying a mortgage on their house. i mean, again, you could look rich on paper and the politicians say that's where we're going to get the rich guys , but when it comes down to it, they're not that rich. they pour all their money back into their business, right? >> there's no doubt about it, david, there's a misconception that just because people own their own business that they're automatically rich and nothing to be further from the truth. these are people who have decided to risk it all, to go out on their own, and try to
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have success. the last thing they need what's totally unwanted is for government to come in and say do you know what? we're going to make it that much tougher as if they're not doing it already with these super generous unemployment benefits which now is making it impossible for small business to find people to work. david: absolutely we just talked to business owner in the last hour whose having a terrible time, he's having to pay $20 an hour to get people in dan, bottom line is here, we've got an inflationary environment, we've got problems hiring people , the inflation in particular is a problem. which concerns you most particularly for the small businesses in america? >> well, inflation right now is a killer, and let's not talk about inflation coming. inflation is here, david. david: right. >> stuff costs more money. you don't need an intersection on charts. david: that was my bad. i meant that for mike, but i'm glad i heard from you dan. your point on that, mike, go
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ahead. >> yeah, so, kind of expanding upon that, as inflation comes in , good inflation, healthy inflation is fine, but i think as we continue to inflate the economy with more stimulus, when we're past the pandemic, that could lead to problems. the market is starting to pay attention to that. we're still looking past it. we still think interest rates are low enough to deal with what we're dealing with now, but if inflation continues to pick-up, it's going to be a major headwind for this market and for the economy as a whole. david: it sure is both for investors and for just the guy on the street trying to buy a bag of groceries without going broke. good to see you we'll see more of you coming up. coming up utah, the latest state ending federal unemployment benefits in order to get people back to work. we're going to be talking to the governor, spencer cox, when we come back. >> ♪ ♪ ♪ ♪
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>> it's getting there now to the degree that i think you're going to see a more aggressive effort on our part to layout that once vaccinated not only you can hug your grandchildren you can do a lot more and whether or not you have to have even at some point soon masks inside versus outside , i mean, so and if anything, we've been, we've gone a little slower to make sure we're exactly right. david: notice he didn't wear a mask for that particular interview. just in, the ap is reporting that the cdc is going to be issuing new guidance today, allowing for fully vaccinated people not to wear masks indoors that will be interesting. jillian turner, joining us now from the white house on this , hi, jillian. jillian: hi, david so for days
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now the president and really the whole white house team has been teasing this very idea that more laxed guidance for vaccinated americans is coming and it's coming soon. he said on tuesday, as a means of encouraging americans to get vaccinated that doing so won't just mean, "you can hug your grandchildren but you can do a lot more and then yesterday , jen psaki doubling down on that, listen. >> we also know as more people get vaccinated there will be less and less need for certain restrictions and the cdc has said they will continue to evaluate the science and update their guidelines. reporter: but now all of a sudden some senior members of the president's covid team are telling americans not to follow the white house example. listen. >> you shouldn't take by what you see in the oval office. most people if you're indoors, the cdc says it's okay and you should listen to the cdc on that >> that's a major change from the messaging over the past year , when public health officials nationwide have
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really insisted that every single american follow the public guidance to a tee. >> a little bit longer time to make a decision and that's okay. we need to completely respect and honor people's processes. >> dr. fauci is insisting that up to now, the guidance really has been cut and dry, take a listen. >> an unusual situation if you were going into a completely crowded situation, where people are essentially falling all over each other, then you wear a mask , but any other time, if you're vaccinated and you are outside, put aside your mask. you don't have to wear it. >> so david on the new reporting from the associated press just a couple of minutes ago, inside the white house briefing, before i came out here , reporters asked jen psaki about this forthcoming guidance from the cdc and she said she doesn't have anything on it, she's not commenting on it so the white house is staying tight -lipped on this , but a lot of folks now jumping on board
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reporting that this is the case, the cdc is going to relax mask wearing for folks indoors who are vaccinated. david: jillian, who knows. we keep getting one day it's this. the other day it's that, and one part of the white house doesn't know what the other part is doing. well, hopefully by the end of the day we'll have clearer notion of it. jillian, thank you very much. my next guest, meeting with president biden earlier this week, to discuss the need for more guidance. reaction now from utah governor spencer cox. governor, so first of all on the mask mandate, what is the policy that you have for the residents of utah right now? is there a mandate of any kind, either outdoors or indoors? >> so neil, it's interesting that clip you played of president biden talking about loosening things up, that was a response to my question where i said we would appreciate it if the white house if you're fully vaccinated, that you would start acting like it, and so we've done that here in utah. our mask mandates ended a couple
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months ago. we don't have any mask mandates inside or outside and i just announced today the only one that was left was in school, and the last week of school, which is coming up, that mask mandate will end as well. david: what about by the way this is david, not neil. neil is off today i just wanted to make that clear that's all right, but vaccines, i'm just wondering about vaccines, there have been a lot of talk about a vaccine passport, about requiring vaccines to do simple things like go to restaurants or work at a restaurant, or travel. do you have any policy on that? >> well, david, my apologies. i can't see you on here. david: no problem, please. >> so, david, we were actually one of the first states in the nation to pass a law that out lawed any type of vaccine passport, any government- required passport for any event, at all, and so we're not doing that but we are encouraging everyone to get vaccinated. i can't emphasize enough how important it is that we get those numbers up.
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what we're seeing in israel, who is ahead of us in vaccinations if we can get upwards of 80% vaccinated, we really can end this virus completely and that's where we need to go. david: let's talk about small businesses now, trying to get back on their feet, as i've mentioned before, i don't have as much sympathy i have some, but not as much for the big corporations, but it's a small businesses that have really been hit hard by the pandemic and lockdowns. you are now joining a lot of states that have decided not to take the extra unemployment benefits from the federal government. the president says these extra benefits are not affecting the ability of small businesses to get workers to come in from their home in order to work in places where they maybe getting less and they could get with the unemployment benefits. what would you tell the president? >> well that's just not human behavior. it's irrational and it's illogical. of course it makes a difference.
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government should not be competing with the private sector for a workforce. if we pay people to stay home lots of people are going to take that and that's not an indictment of them. that's just normal and rational human behavior. we think it does make a difference, right now, for the people that will be los ing those extended benefits, the first of july, we have three to five jobs available right now for every one of those. utah has the best economy in the country, the lowest unemployment rate and 50-75,000 jobs depending upon which metric you use and think are about 14,000 people that well be los ing those benefits the first of july. there are so many jobs out there and we desperately need them especially in small business back in the workforce. david: you know, i once asked governor, i think it was governor perry when he was texas governor, i asked him, what's the secret sauce? why is it that so many people are coming to texas? why is it so many new businesses are being developed and he said it's not rocket science. it's very simple. just make the cost of doing business less, and the more you do that, the more businesses you
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get. is it that simple? >> it really is that simple. look, utah led the nation inflation growth over the past 10 years according to the census we were number one for the 14th year in a row in the rich state, poor states, the ranking of states. we've been top three the best state for business and it's really that simple. people are rational. businesses are rational. if you make it cheaper and easier for them to do business they will come which will create jobs and wealth for people and more people will be employed and that's how you improve the economy and by the way, that's how you pay for all the things that we want government to do, and the democrats want government to do. you can't do that if you're strangling business and you're strangling the opportunity for people to work. david: well to your point, new york, which has a state and local tax in new york city of over 12% right now, has a terrible economy despite the fact you've got tens of billions of dollars from the
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federal government. florida has zero income tax, and they have such a surplus that they're able to give an extra bonus o of $1,000 to cops and all sorts of things. it's extraordinary to me that janet yellen wants to prevent states from lowering their taxes if they do that she's going to strip from them all of the covid relief they've received recently first of all is that constitutional? >> well, we don't think it's constitutional. not only that but we just think it's a really big mistake. utah is one of those states. we manage the pandemic so well, we were able to keep businesses open, we cut back on spending, again, very rational things to do and something that i wish the federal government would do, and what we saw was a record surplus, and so we're giving $100 million tax decrease to families, to veterans and to seniors, and we're being told by the federal government that we can't do that, even though we signed that tax decrease the
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same day that president biden signed for the arpa fund so we don't think that's constitutional but it's also just dumb and irrational. david: [laughter] right common sense not enough of that in politics. clearly, you have it in utah. great to have you on, governor please come back and see us again. >> david it's great to be with you and i look forward to it. david: thank you very much well taking a look at the markets the dow is well off its highs, the nasdac, by the way, just turned negative. we'll tell you why, coming next. 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.
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(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. david: you know, we still have a good day for the markets, but it's a lot less good than it was and look at the nasdac. the nasdac is now in the red, 13 , 021. it's getting close to going below 13,000. that level, in fact a lot of investors say below 13,000, they may get back in again, and look for bargains. the dow jones industrial average is up around 300, s&p is up by
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about the same percentage, but the point is its come off of its highs quite significantly. so we'll keep a sharp eye on the markets. meanwhile, tesla is switching on bitcoin and crypto is crashing maybe too hard but it is definitely down as a result. charlie gasparino is here, charlie, what do you think of all of this? what's making it happen? charlie: i just want to say one thing i'm old enough to remember when the nasdac was at 1,300. david: i do indeed, that's a good point. charlie: so you know, i think there was a mini crash going on right now in bitcoin, not a seminole move but there is clearly a debate going on in the markets about bitcoin and there has been, for a while, people have been fearing regulation. we've been reporting that, but the musk tweet and announcement today regarding the environmental concerns of bitcoin mining, that's how you get more bitcoin you have to go
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out and mine it and figure out these mathematical problems, and it takes up a lot of energy, that he's concerned about, that thus he's not allowing bitcoin to be used to buy tesla, that is really caused a huge sort of quake in the market and now, is this a seminole move? is this the end of the bull market and bitcoin? who knows. i doubt it, but clearly, there is some sort of a recalibration going on among investors, and here is why, david. the securities and exchange commission, the treasury department, which are regulating bitcoin, and cryptocurrencies, they are generally reactive agencies. they have been reacting to the bitcoin, they are talking about regulating it but when elon musk puts something like that out, that means and from what i understand from investors they are now pretty much focused on this environmental issue, and again, people don't understand how bitcoin is created. it's not, the federal reserve kind of creates money out of thin air, bitcoin you have to go through a process literally go out there, run mathematical
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problems through a computer that takes up tons of electricity, and theoretically that's bad for the economy, people think it's bad, by the way it looks like it's now going, oh, it popped a little bit on my report here, so that's what we're talking about here, and that's why people think the regulation, if and when it comes and a lot of people it's all about when, this environmental issue is a big thing and what yellen and gensler eventually do, gary gensler, the chairman of the securities and exchange commission so that's why it's off today. again, there's a debate going on in the markets, and you know, the investor big into crypto, he went out and said, buy some today. just so you know, he sounded like that. remember that crazy tv commentator that used to say buy , buy, buy? we won't say who he is but anyway it kind of reminded me of that. david: crazy eddie is i think who you're referring to that's
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another one. well -- charlie: by the way -- david: let me just mention that gold has revived a little bit. is it possible that as we see gold go up a lot of people are going back to the old main stay against inflation? charlie: could be. we'll have to see where we end with this. clearly there's going to be a regulatory response. we have to see how tough it is, you know, how stringent it is, and because clearly, listen. look at it this way. put yourself in janet yellen and any bureaucrat's shoes. she was the head of the federal reserve. david: right. charlie: you have this whole side currency industry that takes away your power. david: that's right. charlie: that's taking away the power of the fed to control the money supply. david: i think that's the key. power is the mother's milk of the fed. that's what they live for. charlie: and so, i mean, can you imagine the conversations between jerome powell and yellen about how do we get rid of these
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crazy bitcoin traders? david: i can imagine conversations between all of these central bankers when they meet internationally in switzerland or something i'm sure they are conspiring all sorts of ways. we've got to leave it at that, charlie and move on good to see you, great report. let's go back to the markets, the energy sector, by the way, is today's biggest loser on fuel , worries and worsening virus conditions in india, that weighed on oil prices. we'll be right back. >> ♪ ♪ ♪ ♪ there's interest you accrue, and interests you pursue. plans for the long term, and plans for a long weekend. at thrivent, we believe money is a tool, not a goal. to learn more, text thrive to 444555, or visit in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does.
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>> ♪ love and marriage, love and marriage, go together like a horse and carriage ♪ david: oh, its been a long time since i've heard frank sing that one. well, a bridal boom that could lead to a baby boom, perhaps. wedding vendors are seeing a rise in demand as vaccination rates ramp up across the country , the knot executive editor, lauren kay is here with us now. lauren good to see you thank you for being here. we'll talk about vaccines. i just have to ask a simple question. the dancing ban, there were some health services around the nation that said you're not supposed to dance if you go, is
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that finished now? if everybodies vaccinated can i dance with my son or daughter? >> i think it's safe to dance. [laughter] we're still following cdc guidelines depending on where you are in the country, it varies but they are all about dancing and all about having fun david: okay, all right by the way, you're breaking up a little bit. we'll try to stay with you as long as we can. what about the question of vaccinations. should we be requiring that all attendees at marriages be vaccinated? >> so i think that is a very personal question for the couple at hand. every couple is treating the pandemic a little differently, based on where they live and what they are most comfortable with. we're seeing a lot of couples remind people of the guidelines and restrictions they're putting into place, talking about mask- wearing, hand sanitizers. we are seeing a lot of couples encouraged by the rates of
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vaccinations and they are feeling comfortable their guests will have an opportunity to be vaccinated should they wish by summer and early fall weddings. david: now a couple of things i'm very happy about over the past year, one, that my kids are out of school, because it's a horrible environment in which to try to send your schools in the past year, but the other is that i'm happily married i'm glad about being happily married anyway, but the fact is that to date, to be in a position where you're single and dating somebody during a pandemic must just be horrible and that must have killed your industry, right >> well, you know, you'd be surprised. we've always find that love prevails and we did still see a lot of engagements last year. i think quarantining with somebody makes or breaks their relationship and we did see a lot of that and you have to remember the big part of this boom is that so many weddings couldn't happen in 2020 , so we thought only 3% of weddings get canceled that means that all the rest of those weddings that were postponed are now happening,
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starting in the spring and probably into 2020. david: interesting and how many people got married, postponed the actual celebration and are now celebrating even though they've officially been married for a year or so? >> so we did see a lot of couples do that and couples are getting married in a small ceremony and planning sequal receptions or weddings and it's a great way for them to now celebrate with their friends and family. david: there's a lot of good news here, it's a happy story, i'm glad to hear that lauren kay from the knot, she's executive editor of the knot, lauren thank you so much for being here appreciate it. i just want to put back oil on the screen as you can see it's down almost 4% what's good for producers, and for consumers , is not necessarily good for oil prices, by the way. consumers are doing great with oil prices down not so the people who have invested in oil. we'll take advantage of that colonial shutdown. apparently, people are convinced by what the president says that
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it's not going to be long before we get all that oil back in circulation. we'll be right back. ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ . . ♪ ♪ trelegy for copd. ♪ birds flyin' high, you know how i feel. ♪ ♪ breeze drifting on by you know how i feel. ♪ ♪ it's a new dawn... ♪ if you've been taking copd sitting down, it's time to make a stand. start a new day with trelegy.
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increases rolled out next several months. entry level wage for workers between 11 and $17 an hour. that is little below for what everybody is getting from the unemployment benefits. we'll not rain any anybody's parade. i hand it over to charles. the market heard you were coming because the nasdaq turned around from negative to positive. charles: by the way i worked at mcdonald's i had no idea what the minimum wage was. i was happy to have a job. david: bing bingo, bingo. that was great stuff. charles: 17 years old. see you soon. i'm charles payne. this is "making money." more signs of inflation after the stock market rallies. after a good night's sleep what changed? maybe we're hooking for summer of love.


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