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tv   Cavuto Coast to Coast  FOX Business  July 30, 2021 12:00pm-2:00pm EDT

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because there's not that much gravity on the moon. nothing to keep you anchored, the ball anchored down. it went forever. you did not know that? >> i'm terrible at go. maybe i should play golf on the moon. stuart: no, just remember your history. i don't know whether you were alive -- >> i was not alive. [laughter] stuart: that's a good excuse. guess who is in for neil cavuto, put him on, edward lawrence. whoa. get on with it. edward: that's called a mulligan. doesn't count the first one, hitting to to the moon. thank you, stu, i appreciate it. welcome to "coast to coast," everyone, i'm edward lawrence. strap on, this is going to be a wild ride with a swam-packed show as stocks look to close the month in the green. is some of the major stories we are watching, the cdc has a new warning about the delta area i can't, and some fear this could lead to -- variant, and some
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fear this could lead to more restrictions. what is st. louis fed president james bullard worried about? i just spoke with him. arkansas congressman french hill on calls for congress to extend the nationwide ban on evictions. former detroit police chief james craig on the push to combat rising crime coast to coast, and wyoming senator cynthia loomis on why she's worried about the beijing olympics. but first, our top story this hour, all eyes on the cdr as the agency's expected -- cdc as the agency's expected to release the data they use to justify mask recommendations. correspondent mark meredith is live at the white house. we're waiting on the science on this, where is it, mark? >> reporter: that's what we're all waiting to the find out. at this moment president biden's getting to meet with a handful of governors to talk about wildfires, but most people are focused on the pandemic and the latest cdc guidelines which means millions will be required
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to wear masks again indoors. these guidelines are because so many people are still not vaccinated and because the variants are still spreading rapidly. to get things under control, the white house is going to be doing a few different things. one, they're asking for employers to take a part of a federal reimbursement program to make sure people get paid time off to get vaccinated. we know the dod is looking to examine when the vaccine is can be mandated for armed forces, but federal workers and contractors are going to be required to prove either they are vaccinated, or they are going to have to submit regular testing if they are not x. while each community will decide its own rules, the white house knows it's likely to face major pushback against these new guidelines. >> i know it's frustrating. i know it's exhausting to think we're still in this fight. and i know i hope this will be a simple, straightforward line
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without problems and new challenges, but that isn't real life. >> reporter: later today we are expecting the cdc to release more information about what guided its latest decision. the white house insists it's following the science and not fear, but there are some lawmakers that fear this is a slippery slope, that we're going backwards, that the white house may be going too far after telling people only a few weeks ago that the country was very close to ending the pandemic. the president says he still believes it's possible that the fda could grant full authorization to these different vaccines by this fall but no exact timetable given. edward, as we've been talking about, a lot of folks may be holding off until the fda gives its sign-off, but the white house doing everything it can to encourage people to get the shot. edward: mark, thank you very much, mark meredith9 from the white house. so the u.k. now starting to see covid cases plummeting, raising questions on if the rise from
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the cases of the delta variant will peak sooner than expected here at home. joining us now is dr. kevin campbell. is it a flash in the pan? what happens next? >> you know, what we have now is a pandemic of the unvaccinated, unfortunately. add had we done a better job getting americans vaccinated, we would not be in this fix right now. so i think we need to focus less on who wears a mask and much more on getting that vaccination rate up, in my opinion. edward: it's interesting, this delta variant is affecting unvaccinated folks in terms of going to the hospital and deaths. the vaccinated, the vast majority i'm understanding, are not going to the hospital here. so is that a case that vaccines are actually working in this case, and then is that argument, i mean, you know, the flu also gives people, the cold. we don't wear masks for the flu. >> i could not have said it better. we know that when you have one
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vaccine is, you're about 67% prevented from having the delta variant, but with two you're almost are 90% unlike wily to get the disease. and if you do get it, it's either asymptomatic or very mild. the vast majority of people going to the hospital and dying with severe covid-related illness are those without vaccines, so i think there is no question we have to do a better job. the data is there. vaccines are safe. edward: is the data there though for wearing masks and reimposing these mask mandates? >> here's the way i feel about masks. if you're unvaccinated, absolutely, you need to wear a mask. if you are vaccinated and have a high risk condition, you canceru have lung disease, heart disease, kidney disease, you probably want to wear a mask. however, the government and the cdc says they have data, but yet no one has shown us the data on using masks in fully vaccinated people with respect to the delta that variant.
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they haven't shown that yet, so is i'm a little skeptical. edward: yeah, i appreciate it. you've got to figure people can make their own decisions on this. thank you for joining us. let me move on and talk about housing a little bit. the u.s. household spending surged 1% in june ahead of a recent upswing -- [inaudible conversations] but we could headed for recovery roadblocks? and joining me now is market watcher gary kaltbaum and senior economist mark hamrick. gary, i wanted to start with you. how to do you feel about this? do you think that this covid variant, this next delta variant is really going to affect the markets going forward? >> [inaudible] [inaudible conversations] >> the trade association's coming in se ising you have to be vaccinated or you're not coming in. that can affect spending, that can affect profits, that can
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affect markets. so this is something to watch chose he. it's going to be different in different areas across the country, but this is meaningful especially if the numbers get worse. edward: you've seen the market down here, gary, down 135 points right now. do you believe that is the delta variant that's doing it, or is it some of the pc numbers that were released today? >> i think partially. look, we've had a pretty good run and amazon also doing the trip today especially on the nasdaq. amazon has lost $150 billion of market cap today. just shows you how big the company is and how well they've done. so it's a little bit of both, but definitely the virus and the masks and the vaccinations are playing a part, and it's getting -- it's in the news and should be in the news. edward: mark, first of all, consumption expenditures came can out, core's at 3%, a little hotter than some expected here, double what the federal reserve
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would like to see at 2%. how is this going to play into, one, the markets, but then also the economy many general going forward? >> good to be with you, edward. obviously, inflation is one of the key questions of the day, not whether it's here, it is, but how persistent and problematic will it be. and you're right in terms of the fed's long-term goal, but let's remember it's also saying -- and you and i are part of the regular participants unfortunately only virtually these days at those news conferences -- the fed's willing to let inflation run hot for the time being. the problem is we don't know what the definition of transitory is, a word the federal reserve officials like to use which is a fancy word for temporary. as we have discussed many times, i think the best bet right now is that the bulk of this is transitory, and if americans were to get some wage growth that doesn't contribute to inflation, i think a lot of workers would welcome that. and those are some of the key
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issues. obviously, weed had some figures -- we had some figures on wage growth that were essentially in line with expectations, not really changing the narrative. edward mpled st. louis fed president james bullard telling me today he does not see inflation falling anytime soon. listen to this. >> core pci inflation running at 3.4% right now, maybe that extends all the way through the enend of the year -- extends through the end of the year, are you really going to see that come all the way down to 2% by the first half of next year? i don't really think so. and i really think for all of 20 22 2.5% might be a better, a better number to center your expectations, how much moderation. i think it will moderate, but i don't think it'll come all the way back down to 2%. edward: so, gary, you're a huge fan of the federal reserve -- [laughter] i want to get your take, you
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know, 2.5% inflation, he thinks. do you see it coming back down like that? the fed has woefully missed inflation expectations in the years prior to covid. what are your thoughts? >> yeah, it's quite interesting. we want to believe people that never saw the inflation coming all of a sudden telling us, don't worry about it. look, i watch oil price, natural gas. to me, they're very important. but most everything else has moved up. every ten cents at the pump over a year's period is $10 billion out of the consumer's pocket. that's to be watched. and, you know, all this talk about -- i saw jay powell said, oh, if inflation gets out of hand, we have tools, but nobody asked him what tools do they have. i don't think they have any control if it gets out of hand. that is a big worry. the fed has been good at one thing, and that's screwing savers with 0% interest rates and printing unimaginable
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amounts of money which has distorted price and yields beyond the beyond. i hope i'm wrong, buddies torsions usually -- but distortions usually lead to trouble and when you look at the stock market, that's going to come off one day. that's going to be some heck to pay. i'm no fan, i say no fan because,, unfortunately, they've taken over and markets are not free anymore. edward: i want to look at the nasdaq, see where it is right now. trying to come back but, again, the dow down 116. so on the nasdaq, it's trying to round out a strong july. my point here, do you believe these markets can finish in the between at the end of this? let's start with mark on this, for ending july today? >> no idea whatsoever, edward. i'd be the first one to raise my hand and say, please, don't ask me what the short-term performance of stock markets will be. [laughter] but the answer to your question
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broadly is, why not? edward: right. gary, you want to take that? if ending in the green for the month? >> today we'll be down today, the month will be fine. i think the next few months we've got some upside because jay powell showed his hand yesterday. they've been talking taper for eight weeks, and we found out that was just a bunch of. flapping gums, and the markets love the printing of money between jay powell, the european central bank not to mention japan and china, so i expect another leg up in the markets in the next couple of months. edward: thank you very much. got it on a bye right now. big government hitting a roadblock now in the court as the cdc's eviction ban is set to expire this weekend. we're going to have details on this eviction, the ban, and what folks have to say about it, coming up next.
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♪ >> well, this just in, the senate has suspended the vote on the motion to proceed on the infrastructure bill, lawmakers
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say they are close to finalizing legislative text and hope to release it later today. that was the hurdle. we're also getting word from republican senator john cornyn that that the disagreement over a broadband provision has arisen and appears to be one of the last hang-ups. we'll keep you posted. meanwhile, a new bipartisan backlash against president biden's response on the border covid crisis is. senator lindsey graham and democratic congressman henry cuellar collectively slamming the white house over what they are calling lax border policies. listen to this. >> only god knows what the illegal immigrants' experience getting to our country and the people who live in your district literally under siege is. >> hey, we're concerned ability this overcapacity. what is the end game here. you have heard about how they're going to parks. you saw what happened, the
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administration doesn't need to listen -- i've been very respectful and supportive of the administration, but something has to change. edward: fox news congressional correspondent chad pergram is live on capitol hill with the latest on this. chad? >> reporter: good afternoon, edward. bipartisan lawmakers are concerned about a spike in covid cases among migrants legally -- no. they're counting on local communities to test them. >> reporter: this comes as many democrats are hoping to stuff daca provisions into the massive infrastructure bill via the special budget reconciliation process which can sidestep filibusters. but the provisions must be fiscal in nature.
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>> [inaudible] as much immigration reform as we possibly can you should the budgetary rules -- under the budgetary rules. >> reporter: the argument is that new citizens will generate tax revenue. budget reconciliation bars new policies from adding to the deficit. president biden met with members of the congressional hispanic caucus at the white house thursday. he wants to include immigration in the reconciliation package. edward? edward: go back to that alert a little bit, the bipartisan infrastructure, the actual language, seeing the language has been the hold-up. so could this be the hurdle finally clearing? >> reporter: yeah, they have to get final text here. it's not unprecedented for the senate to start debate on something that isn't finalized. you obviously have an amendment process, so nothing is final until you get through the process which'll take days on a bill this size. it's the reminder that nothing is final on cap capitol hill -- capitol hill until everything is
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decided. you mentioned broadband, high-speed internet. there is a difference between what chuck schumer was trying to put forward and what some members of the bipartisan group say was their final text. we're not going to have that proceed usual vote just the -- procedural vote just to start debate. that needs a simple majority, 51 votes. edward: now to the battle over housing. president biden now asking congress to extend the eviction moratorium after the supreme court said lawmakers, not the cdc, would have to authorize any further extension. hillary vaughn is live on capitol hill. hillary, they can't agree on anything. they can't agree on masks, they apparently can only agree on an infrastructure bill, but will they be able to agree on this? >> reporter: they're trying to get democrats onboard in the house. the white house really punted this problem to democrats in congress who now have less than 24 hours on the clock to figure this out. ing the researchers at the aspen institute estimate 16 million
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people could get evicted when this freeze expires, is so house speaker nancy pelosi is trying to get democrats onboard to pass legislation today that would extend the ban to december 31st. but republicans say the biden administration really botched the bailout. the money they set aside for renters when they really needed the cash, congress authorized more than $46 billion to help people make their rent during the pandemic, but there have been major bottlenecks getting the money to tenant. only 3 billion has been paid out so far, and the federal reserve bank of philadelphia estimates that 2 million households with about 15 billion in bakken rent. congressman patrick mchenry saying congress should use that to pay off the rent that is owed giving representers a clean slate but still -- renters a clean slate but still end the eviction ban tomorrow. >> this is about the whole view of the democrats in washington to make everything about covid for as long as possible to
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control people's lives for as long as possible. and that gives them more political power, and that gives them more justification to spend more money. that's what this is all about. >> reporter: republicans aren't just unhappy with how the administration handled the rollout, julian castro tweeted this: the white house is right that congress must act, but these calls should have come weeks ago, not 72 hours before the moratorium expires. he went on to say that the cdc should extend it to give tenants time to secure assistance without being kicked out. but even if it expires as planned, not every renter is going to be kicked out overnight, at least seven states have their own temporary bans on evictions that go past tomorrow and, edward, breaking this afternoon the white house with the usda actually extended their own eviction ban for some homeowners who have their homes or loans financed or backed by the usda. edward? edward: great stuff, hillary,
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and there's the whole other question about the landlords which are being crushed. hillary vaughn on capitol hill. so let's bring in arkansas republican congressman french hill. i want the start with that eviction moratorium hillary was just talking about. where do you feel like this falls? in your mind? >> well, edward, thanks for having me. yes, this is another example of joe biden's mismanagement of the economy. we've known for weeks that this mother tore yum was going to expire -- moratorium was going to expire tomorrow. we've known for weeks that the supreme court and the federal court says that the cdc cannot extend the moratorium, and yet he waits until the last possible moment, and now we find ourselves here on capitol hill without democratic support for this. and i agree with patrick mchenry of north carolina, we've had $46 billion out there to help those landlords and tenants, and it's been a failure of hud and treasury in this administration to get that money effectively out to help those tenants and landlords.
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edward: do you feel like that money should be reallocated then? >> i think it should be put out. i agree with patrick, and i'm cosponsor of his bill where we say let's start with rent in arrears. let's get that money out and then let's help these tenants stay in their homes and those landlords maintain their rent rolls so that they can take care of those properties. this can be done and should have been done in january, february, march, ail, pray and -- april, may and june and not be worried about at the end end of july. ed edward: it just seems to me if you open the economy, a number of folks could then get jobs and pay rent instead of putting them on more government programs. >> 100%. edward: is that the solution? >> no, 100%. the economy is opening, people are going back to work. you see that in the statistics. and congress did the right thing at the end of 2020, and on a bipartisan basis had money for these tenants in arrears from the worst part of the pandemic
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in 2020. the failure is the biden administration can't get that money out to those landlords and to to tenants. edward: meanwhile, police are saying they can arrest aides or visitors on capitol hill not wearing masks. what do you make of that? on the house side only. what do you make of that? is. [laughter] >> i'm sure this bothers the fox news staff because they want about to hang out on the senate side where there are no masks and no covid is over there. somewhere in the rotunda, suddenly covid is a major storm, and nancy pelosi is the wrong about -- is wrong about the way she's handled this. 85% of the people working on capitol hill are vaccinated, we do not have a hot spot, and yet we have a mask mandate back on the house side but not over in the senate side which, i might add, is a much older population. edward: a judge is ordering your state of arkansas to resume
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pandemic unemployment benefits after just a month -- a month after stopping providing those extra benefits. what's your reaction to that ruling that arkansas has to go back to adding those benefits in? >> welsh first, let -- well, first, let me thank governor hutchison for working to give a date certain so that we can encourage people to get back to work. they still have state unemployment benefits. and as i read that news story, it simply means that a maybe the governor alone could not have stopped those benefits, perhaps it would have taken an act of the legislature. the bottom line is arkansas is open for business, people are going back to work, and so the need for continuing that extra pandemic $300 a week is now less important as it was during the midst of the pandemic a year ago. edward: do you feel like that benefit is paying people to stay home? >> well, that's what we've heard from 'em employers. in fact, recently mcdonald's said in the states where they're functioning in the $300 per week has gone by the wayside, in those states people are coming
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back to work and applying for jobs. edward: congressman french hill, appreciate your time from the great state of arkansas. thank you very much. >> thanks, edward. >> markets in china falling on regulatory concerns. we'll tell you the real reason why the government may be cracking down on stocks after this break. with usaa. do you see the tow truck? yes, thank you, that was fast. sgt. houston never expected this to happen. or that her grandpa's dog tags would be left behind. but that one call got her a tow and rental... ...paid her claim... ...and we even pulled a few strings. making it easy to make things right: that's what we're made for. usaa. what you're made of, we're made for. get a quote today.
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edward: welcome back. shares in hong kong and china falling again amid concerns over regulatory crackdowns by the government. back with our panel, gary kaltbaum and mark hamrick. gary, want to start with you on this. you can see why the chinese stocks are falling and taking a beating because of those regulations, but the cynical part of me is saying maybe this is on purpose to let some of the chinese communist party buy into the stock and then let it fly. what do you think? >> i don't know if that's a reach. you never know with these people, but there's always that
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possibility. but i must tell you, if i wanted to make the citizens upset, lose them money, lose goodwill and have the stocks be crushed, i would do exactly what the chinese government's been doing over the last year. it started with ant financial, and then telling education companies you can't make money. they're down over 90%, and day after day there's more restriction. they had the didi deal recently which is the uber of china go awry, and they may have to go back private again because of how much money's lost. i don't know where in this ends, but as an investor of my money as well as others, i'm just staying away right now. and i love companies like alibaba, but i don't know what's next, and i don't want to wake up on a tuesday morning and something happened overnight where they tell alibaba they're a making too much money and the stock gets cut in half again. i'm staying away. edward: gary, what's your
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feeling? if you're in this already and riding this right now, do you sell or just hold on and hope that it gets better? >> well, look, the ones that are down 90%, you're already in the web. but the ones, i thinkal ally baba's down 40 -- alibaba's down 40. it's a great, great company. their business model's fantastic. the problem is when the head honcho, top dog, big cheese of the communist party is telling you and stomping on your head, you should pause. again, i would be right right now on it. -- light right now on it. very tough to say if you're already down. edward: and, mark, do you have a problem where you have a company that has a relatively closed economy is able to manipulate companies that are on exchanges in an open and free market setting? >> well, i mean, you know, the secret's out, edward, china's not a democracy. and investors have over the years had a kind of attitude toward china with respect to
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don't mind if i do if i can make some money there, and i understand that sentiment. i think in terms of broad diverseification, that might have been a sensible approach. but you have to look at this in the sense of a constellation of worries, worrisome aspects broadly with respect to the u.s./china relationship and even leaving the u.s. out of it it's not that dissimilar from what's been going on in russia, and that is the world appears to be an increasingly dangerous place. that means that investors have to be very prudent and not just take this don't mind if i to approach even though, you know, our most recent bankrate market maven survey found that professional investors thought it might be best to keep a good part of their money parked outside u.s. borders in terms of looking at global performance. and that may still be the case. but i think you have to be extremely, extremely careful about exposure the china right now. edward: and, gary, just the last 30 seconds, back to you.
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all of china, is the exposure to all of china? are you concerned about that? >> oh, yeah. right now go look at a chart of the fxi which is a china index. it's nightmarish compared to everything else around the globe right now on a relative a basis. and for me, price always speaks for itself. hopefully it changes because i've made good money in china throughout the years, but right now i am far away from it until the rhetoric changes and the things that they're just doing change. edward: gary and mark, appreciate it. thanks for sticking around. [laughter] didn't have a choice, but thank you anyway. [laughter] coming up, what the head of the teachers union just said that's got parents from coast to coast fuming. ♪♪
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♪ edward: breaking news, the senate is now voting on the motion to proceed to debate the bipartisan infrastructure bill. we told you earlier that the vote had been suspended and lawmakers were a awaiting the final text of the bill. if it gets 60 votes, the next step is likely amendments being offered though we do not have the final text of the bill. another bellwether test going on at capitol hill here. with the cdc recommending all students k-12 masking up in school, parents and coaches worry the same guidance could apply to youth sports. fox business correspondent lydia hu has the latest. >> reporter: last year many youth sports were canceled or operated with restrictions in place, and it's only been this summer that parents and coaches tell me that practice has resumed without masks as
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vaccines have is become available to kids 12 and up. but now it's unclear whether that will change with the new guidance from the cdc out this week suggest ising kids wear masks in school regardless of vaccination status. the possibility that masks could be mandated for kids, even vaccinated kids playing sports, concerns them. they worry amid the confusion, lack of clarity enrollment will dwindle. i spoke with a football coach in brooklyn, and he worried that too many kids will miss out on the opportunity to play. >> the residual effects of this in terms of, in terms of the mental health of kids, in terms of the physical health of kids, in terms of the educational preparedness of kids is going to be significantly, significantly worse. it's the aftershock that's worse than the original earthquake. >> reporter: edward, i also spoke to the president of the school superintendents' association, and he tells me that they've not seen mask
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guidance specific to playing sports, but they've also noted in light of this new guidance for kids going back to school that they all must now masks is now an ongoing conversation within their group too. edward: lydia hu, appreciate it. thank you. randy weingarten slammed for hedging on whether schools will now reopen in the fall. listen to this. listen to this. >> a what's happening now is that delta threw us a real curveball, and, you know, the lack of the herd immunity and enough people being vaccinated and, you know, kids not being able to get vaccines 12 and under has really thrown this curveball. so the bottom line is we're going to keep kids safe, we're going to keep our members safe, and we're going to try to open up schools, and is we're going to try to move through this
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battlefield. edward: here we go. i want to bring in the reason foundation director of school choice, corey deangelis. corey, i mean, leaving the possibility kids possibly won't go back to school. your reaction to that, first of all. >> i'm not super surprised because the teachers unions have shifted the reopening goalposts every step of the way. randi weingarten's not going to give up that power and leverage to hold children's education hostage even further. teachers unions profit from -- and benefit -- from this constant state of back and forth chaos because they can use that state of disorder to lobby to the government for more taxpayer resources in order to return to normalcy. and, but look, there's a lot of costs associated with these school closures and back and forth chaos. the latest mckening si and company study nationwide just found a 5-6 percentage point uptick in mental health issues such as anxiety and depression among school-aged children. but a at the same time, i have
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have to extend a formal thank you to randi weingarten for doing more to advance the concepts of home schooling and school choice than anyone if could have ever imagined. 2020 year -- 2021 is the year of school choice, and the best part about it is it's the teachers unions own the fault. the more they show their true colors, the better it is in the long run for educational freedom. edward: you're already seeing parents moving their children to private schools who say they're going to be open. is that pushing us down the path of school choice? >> yeah. 1.5 million children have already been, left the public school system according to the latest federal data, and home schooling has at least tripled relative to pre-pandemic levels. so this is a huge exodus from the public school system already. 17 states have already expanded or enacted new programs to fund students as to opposed to systems, and i will say with these parents paying out of
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pocket, i want other families to be able to have those opportunities as well. school choice programs are an equalizer. funding students directly allows more families to pay for private school tuition and fees. look, we spend over $16,000 per student, per years in the government school system. why not give that money to the parents that can afford so many different options? look, it's time to free our children from the government's school system and the teachers unions. we shouldn't have to rely on the decisions of the teacher union bosses like randi weingarten. these decisions should be up to parents, and the best way to do that is to fund the students directly. edward: i wanted to is ask you about this funding, you know, it's interesting, the teachers union hedges last year, they ended up going to the front of the line for vaccinations. they hedge again, and they get more money. in california you saw the teachers union hold the state basically ransom, they weren't going to go back in los angeles county until they got more money.
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they got more money. so this is working for them in terms of getting more money. does someone from the government, from the administration or from the department of education, who needs to stand up and say, hey, stop, let the kids go back to school? >> yeah, it's worked out for them. they've secured at least $190 billion from congress already from the federal government since march of 2020, and the states don't know what to do with the money. they have so much. cash, they don't know how to spend it. they're still lobbying for even additional funding from congress. the best way to fight back is to go to your state legislatures and push for school choice bills so that families can take their children's' education dollars to the education provider that works best for them which could be the public schools. in some places you might have a great public school that wants to provide services, but families should be able to vote with their feet to another provider that's more than happy to provide their children with an education that aligns with their values and in-person education as well. so that's the best way to do it,
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at the state level. 90% of k-12 education funding comes from state and local sources. that's the best way to fight this going forward. edward: corey deangelis, thank you very much. this is a story we're going to be staying on. coming up now, soft on criminals but tough on everyone else. the san francisco d.a. slammed for making excuses for people who are robbing stores in broad daylight. we'll be right back. ♪♪ with voltaren arthritis pain gel my husband's got his moves back. an alternative to pain pills voltaren is the first full prescription strength gel for powerful arthritis pain relief... voltaren the joy of movement 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. if i could, i'd ten-x everything. like a coffee run... don't just sell it. ten-x it.
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muck edward: a little voters remorse, the san francisco d.a. facing potential recall for his soft on crime a approach amid a crime spike. the d.a. is being slammed for deend fending the shoplifter in that viral video from walgreens in that theft. joining me now is former detroit police chief of james craig. you know, does this just make your blood boil? [laughter] i gotta ask you, i mean -- >> edward, i've got to tell you, what's going on today with our criminal justice system, whether it's bail reform and these liberal, radical prosecutors from san francisco, st. louis and los angeles, and it's no wonder why 17, 17 walgreens over two years have just shut down.
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they've reduced the hours. what did they expect? i guess they think by not prosecuting these lower level crimes, it's not going to affect violent crime. well, they're mistaken. practitioner for 42 years, know all too well there are no consequences, and it's no wonder why we've seen so much crime in some of our major cities. and it's like these prosecutors don't understand that they have the correspondent for protecting what? public safety. edward: right. and this is what i want to ask you, does one small crime, does it feed on itself? does a criminal look at this and say, oh, well, if that guy got away with that, then i'm going to get away with that or i can do the next step? does it feed on itself? >> absolutely. i've seen it. you know, it's called the broken windows. if you don't take care of the small things, it just continues to fester. we've seen it at places of
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business where a small lot arerring crime turn -- loitering crime turns into hand to hand sales of narcotics, escalating up to different types of violence. there are no consequences. so what's going on in san francisco and some of these other cities -- look what happened in st. louis. the mismanagement of their prosecutor's office, three murder suspects released only because the prosecutors didn't show is up in court. i hope in those cities there's an outrage over it because i gotta tell you, the people that live in vulnerable communities are the ones hard suffering the most. edward: do you feel like this is going to be a big election issue in 2022? is it the issue? >> i think that's one issue. i think it's big wither in some places. and look at what happened in new york. you have the law and order, former captain of the nypd who led the field of candidates because new york is sick and tired of lawlessness and
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disorder. so i think this is going to be a big deal going forward. i know in detroit, fortunately before i left there was zero tolerance for that kind, and i hope it doesn't change. and i'm sure that it won't. edward: you have been a police chief, as you mentioned detroit, very successful police chief. so what steps do you believe need to happen in order to take back these streets? >> well, i gotta tell you, so first of all this defund movement has demoralized police officers. is so it's not a surprise that they're leaving in large numbers through resignations and retirements. you see what's going on in new york. so now all of a sudden some of these liberal mayors are pedaling back, and they want to fund the police, they want to hire more police, but they're missing out on one key thing. the key thing is if you don't support the men and women who do the work, they're not coming back, you're not going to be able to hire.
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so it's just, it's simple the way i explain it, but they're not -- and the others, the more moderate liberals are sitting back letting the radical side of their party a make these defamatory statements and demonize the police officers that do this work. it's got to be a hole listic approach. -- holistic approach. you've got to deal with the courts, the prosecutors. police officers are not in it alone. edward: but even that message itself that, hey, we support the police, that is a deterrent in itself, isn't it? >> absolutely. look, these suspects are emboldened, they know there are no consequences. there's a reason why when you look at all of our major cities and the level of aggression that we are seeing against our men and women, there are no consequences. and the radical fringe left is going to do what? they're not going to denounce violence. you know, several months ago when i was still chief and we
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had a state of violence record of police officers, i held a news conference. we invited a very prominent minister here in the city with me to denounce the violence is. he declined that invitation. he declined. so what's the message in is it acceptable to fire guns at police officers? edward: wow. >> and i've got to tell you, i know that this doesn't speak for the many people who are silent, who live in our city particularly those who live in vulnerable communities. you saw the recent polling out of detroit. detroit has said resoundingly we don't want to defund, we want more police. our first priority is public safety. edward: right. james craig, i appreciate it. thank you. after the break, cut this close, we'll have more "coast to coast" coming again. oh! are you using liberty mutual's
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to new jersey, where business owners are bracing for the possibility of reinstated mask restrictions, we'll talk with one restaurant owner about why he says the decision should come from diners, not government, and forget the summer olympics, wyoming onlying center is now raising concerns over the winter olympics in beijing, later this year, but first, new rules on covid rolling out "coast to coast" as several states & companies are backing mask mandates, and new requirements for vaccinations, we are going backwards here, possibly, lauren simonetti has the latest on where things stand. lauren? lauren: edward going backwards getting frustrated and confused in the process so so listen to this story the second largest school district in the country, los angeles is requiring that every student and staff member returning in-person in two weeks time be tested for covid-19 weekly, regardless of their vaccination status, and, edward, they will be wearing masks indoors.
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it sounds like la schools will be remote only for much of the new school year because the more you test well you know the deal. here are the numbers 52.6% of california is fully vaccinated, but let's take a look at texas because governor greg abbott signed an executive order prohibiting mask mandates and vaccine requirements in government agencies and that includes school districts. abbott also threatening fines of up to $1,000 for local businesses that enforce masking or vaccination, keeping texas wide open, this is what governor tweeted in part. we must rely on personal responsibility, not government mandates, texans will decide for themselves, whether they will wear masks, and open businesses. well, walmart, they're mandating their 1.6 million workers wear masks where there are high infection rates. it's recommending that shoppers do as well. this is proof those revised cdc guide guidance we got earlier in
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the week asking americans to mask up indoors regardless of their vaccination status is having wide business implications. walmart is not mandating their workers get vaccinated, but they are requiring proof if they have gotten vaccinated and also $150 incentive if they have not, so edward, i think anger and confusion is what much of the country feels right now. i feel like we had that six-week period where we were free with the old cdc guidance and now everything quickly changing. reporter: going backwards maybe i should have waited on the vaccine, i could have gotten money out of this , i appreciate it lauren simonetti, thank you very much from new york. so amazon misses and chevron beats. amazon shares shrinking, after reporting its first quarterly miss, in three years, and chevron reported improving profits for the second straight quarter. susan li joins us with the latest. susan? reporter: yeah, so here is a case where earnings were great but maybe not good enough for wall street. we saw a third $100 billion
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quarter for amazon and they are forecasting a fourth one in the row that's incredible making almost $7 billion in profit and yet we're still looking at the worst day for amazon stocks in 15 months and they lost around $130 billion in market cap on this sell-off because wall street is concerned about the slow down when it comes to growth, but when you've been doubling your business since covid it's tough to continue growing at that pace and that's been the theme this entire week long for the tech sector and the mega caps like apple, alphabet, microsoft and amazon if we can bring backup that profit board really fascinating to look at phenomenonal numbers making a huge amount of money look at the profit apple made over $21 billion in that record spring quarter alphabet made over $18 billion and add it all up of the big five tech companies the biggest companies in the world made almost $75 billion and that's almost equivalent to the value of general motors, gm, an ill three
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months by five companies isn't that incredible? now meantime you have big oil coming back that's thanks to oil prices hitting those six years high, chevron is making money which is always great and hence buying back shares and that's why the stock goes up also exxon-mobile, the other oil major cutting costs sticking to their dividend which is a great thing for investors and proctor and gamble, the tide maker also making shampoo as well warning that higher inflation and input costs are going to hit the company, do they pass on the prices to the consumer? if you judge it by history, and a track record in trends i think the answer be yes. >> i've got it susan, stop buying shampoo. no, well you can! reporter: in about five years, [laughter] >> oh, lucky you. so boosts in vaccinations now is leading to a boost in consumer spending, but part of that
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increase is also reflected in those higher prices with annual inflation rising, above the feds 2% target. in fact the fed's favorite indicator says 4% now, so let's get reaction from all of this , from market watcher rebecca walz er and wall street journal associate editor john bu ssey. rebecca ladies first you have personal income going up .1% month over month but pce was up .5% month over month classic inflation rising faster than wages so at at what point do you think the market then starts to worry about this like really worry? >> well, i think that the market is being told by the fed right now that this is transitory and that it will pass and it's just a matter of such high demand coming back from the pandemic and everybody being shutdown and that it's transitory so the market so far is taking it as transitory and i think the bigger issue is that the 4% that we're talking about is exclusive of food and energy which really is where people are feeling it. you can look at the gas prices
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per gallon. you can see how much more is taking to fill up your tank and how much more it's costing to fill up your grocery cart and you're saying wow this is a huge difference and it really is making my dollar not stretch nearly as far, but the market so far is really listening to the fed, and if you look at our initial jobless claims numbers yesterday, the fed is going to be encouraged to continue to be accommodative which actually gives the market reassurance and so so far we're not seeing market really sort of panic on this. >> so i want to ask you, transitory. why is that term, if you ask the administration, it's a fear, if you ask some district fed president it's next year, i mean , how do we define where this transitory is, and the intel chief, for example, is saying that we could see inflation through or the chip shortage is going to last until 2023 and the chip shortage according to goldman sachs could could increase inflation 1-3% so what's transitory? >> well transitory is when an economy is getting backup off
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its feet after having been essentially knocked down by the lockdowns last year, primarily, and you're going to see these bottlenecks continue to affect the economy. i think the fed is looking at this and saying okay so the numbers that we're seeing now 3.5% inflation in june, they are going to probably continue into the third and fourth quarters but the expectation is that they drop down closer to 2% in 2022. that be comfortable for the fed, and the fed is saying look, you know, interest rate increase, not on the radar. powell has said as much, our reporter has a story on this right now. the other question is when they stop buying mortgage bonds, and treasuries, to keep interest rates low, and that might be something that they begin to adjust toward the end of this year, they begin to perhaps taper, but right now, they're looking at these economic number s which are pretty good. the economies growing, the consumer is spending, despite the delta variant, which
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could throw a real curve ball into this , and the fed is saying, you know, things are pretty much on course. >> but we're seeing this inflation in pretty much everything that we buy now, so that could change the perception , and that is a big problem for the federal reserve, rebecca, isn't it when you talk about perception, if people aren't perceiving inflation that's going to be higher then it's going to be higher. >> yeah, i agree 100%, and i think that, you know, the fed is done its best that it's equipped to do to deal with an unprecedented event where the entire world locked down and the economy was really shutdown, and then different states are reopening on different schedules and its been very difficult for them to navigate these un chartered waters where they're having to figure out what is the right stimulus level and do we start tapering because we have over 9 million job openings and people can start getting back out there now with the gene therapies that are available and so, you know, it's absolutely something that the fed is going to have a hard time doing and
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getting just right and we don't want people to start thinking that they have really lost purchasing power in real terms, and right now, if you go to the grocery store and go to fill up your gas tank people are feeling that and so that is a little bit of a concern and we do need the fed to look at that. >> right rebecca i want your take and your reaction. st. louis federal reserve president james bullard told me he's worried about the housing market. listen to this. >> it's making me nervous that you've got this incipient housing bubble. i don't think we're in that situation yet but i don't think we want to feed into that situation with lower long term yields coming from asset purchase programs, so that's one reason. i think a good reason to step away from asset purchases at this point. he's saying he's seeing a housing bubble starting not as bad as the situation in 2000 but he says it's going that way, and he doesn't want to get the federal reserve behind
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the curve on this , and rebecca i'll take this to you first. how do you protect your investments from a bubble like that? >> you know, i agree with him. i think that tapering is absolutely something that we need to look at and we actually see institutional money coming into real estate and we see a lot of real estate going up because people made migratory changes since the virus and shutdown and being able to work remotely but the last thing we want is a housing correction like we have with the great recession in 2007-2009. i don't think we're anywhere near that, that took five years of selling paper on wall street to get to that but we do need to be cognizant of the fact that real estate could be starting to get unaffordable for the average american. >> quickly john, with the last 30 seconds i want you to win. what's your feeling on a bubble in housing? >> he's pointing out that the fed is keeping interest rates low which makes it easier to get a loan which makes it easier for a lot of people to buy houses and mind you, this is purchasing going on now that might have gone on in 2020 but people couldn't get out to buy
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houses so a lot of this is a reflection of pent-up demand. the fed says it's watching this , and it says probably start to kind of consider tapering toward the end of this year, but doesn't want to get out ahead of that, and it's now watching this delta variant very closely. how much of that is going to constrain business and slow the economy organically as a result of concern again about the virus? >> john, rebecca, i appreciate it. thank you very much for your comments on this. it's a long term, we can talk about this all day, but we've got to move on now. so, mandate mania is driving business owners mad, and allen dale bar and grill in new jersey is leaving the mask issue up to customers until the governor leaves them no choice, joining me now is allen dale bar and grill owner and manager chris kunish. are you frustrated by what's happening here? >> frustrated, concerned, certainly, but it's out of our control. currently, i think all of our
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guests that come day and night, they feel comfortable here. we have our tables pretty spread apart, sanitizing stations throughout the restaurant, it's very clean, so why not leave it up to the guest? why have, you know, any type of potential government interruption when people currently feel safe and comfortable here. >> the cdc guidelines give some of these districts en bold en them to reinforce these mandates why don't you think it should come from government? why do you think people need to make their own choice? >> well, currently, the way things are, i think things are perfectly fine. truth be told if it gets a lot worse, then we'll do just fine with the government saying you know what? it's time to for six week separation, time for masks and when that time comes we'll deal with it just like we dealt with it more than a few months ago now. >> i want to ask you about labor, getting people back to work. are you finding trouble getting employees to fill the demand that you're seeing?
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>> it is the biggest labor crisis we've ever dealt with. i heard a number mentioned before that 9 million jobs across this country available to people, and quite honestly, the unemployment that these people are getting, they aren't making more than they be if they are working but making enough to sit on their couch and not come back to work and that's very very frustrating. >> i'm sorry, do you feel like you're going to see the same, you've got resumes people stay on their benefits and say hey look for a job but didn't show up for the interview, do you feel like you'll see those same resumes come september and october? >> that i can't answer. the only thing i can answer right now is most of the phone calls we're getting people are just checking the box, you know, because they have to mention that they are looking for active employment, but we're seeing a labor crisis i don't think there's an operator in the country, most especially i can speak for any operator in new jersey not going through the same thing we are. we have two businesses, we are here and also 10 miles up the
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road and it's really very very frustrating. front of the house, back-of-the-house, across-the-board, we just can't find people to work. >> chris i can imagine thank you for your time, chris, you know, go visit the establishment >> my pleasure thanks for having me. >> appreciate it. you know, black widow, the black widow, scar lot johansson , get this , is suing disney. she's not happy that disney released her movie, black widow, online, and in theaters, at the same time. we'll get into it, after the break.
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>> black widow actress is suing disney, she's not happy they released her movie online, and in theaters. fox news headlines 24/7 reporter carley shimkus is here to explain this , what is the fuss? reporter: hello, okay, yeah i think this is really interesting so disney released black widow, in theaters like you said and on a streaming service disney plus on the same day which was great for fans, because then they had the option. you could watch it at home or in theaters. i spent the $30 to watch it at
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home and apparently, a lot of people did, and that's unfortunate for scar scarlet joanie ernst because the way they negotiated her contract is she would get a portion of her salary based on ticket sales so now she's saying okay you released it also at home on the same day, you, in essence, are undercutting my salary. i think she makes a good point. reporter: we're going to see in the future then you think these big mega stars saying hey, i want to have a portion of the online sales as well as ticket sales. >> oh, absolutely i think there's going to be great implications here for the way celebrities, actors negotiate their contracts in the future. it'll be really interesting to see what happens with streaming services as it relates to movie releases. that could be really bad for movie theaters in the future if, you know, big corporations like disney, decide to release movies in both streaming and theatre, because a lot of people
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have gotten really used to cozy ing up on the couch watching new releases at home. >> it's interesting you said you spend that $30 you watch it at home that the disney, they make that money. i'm wondering if this is, you know, on their side where hey, look, we can make a little extra profit here we don't have to share it with anyone else, if we release it both or if it's just because of covid. >> yeah. well, if you ask disney, they would probably say it's because of covid and they actually mentioned that in their statement, they released responding to the lawsuit that it was a very aggressive statement, they said that they found it sad that scarlet johans son would file a lawsuit in the middle of the pandemic and they said she did double doppler have an opportunity to make additional compensation because the movie was streamed and my natural next question be okay, so how much does it fulfill her contractual obligations that
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disney affords her, and if she was able to make additional money, then why would she be suing in the first place? >> right now it goes to a court of law which everything ends up in a court of law but we're talking about big money. this is a blockbuster film from disney, so this is a true livelihood. >> yeah, oh, absolutely, and for example, as to how much money scarlet johansson could have lost, i don't have the details on her contract, but in its first week, it made $80 million at the box office. 60 million streaming, so now she's saying i want a portion of that 60 million. >> right exactly. that makes total sense. we'll have to see what a judge says about that. and we'll see if other actors follow suit. you know, there's a number of others in that movie probably had the same deal as her. the ticket sales but not online sales. carley shimkus i appreciate it thank you very much. >> from new york. >> a firestorm brewing now over the notion of a federal vaccine mandate.
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>> welcome back to "coast to coast." the tampa bay times saying governor ron desantis of florida says he will issue an executive order to give parents choice, to mask children in school, desantis says he thinks that the fair its way to do it is to let the parents have that decision. it would not be fair if we were told parents that they want kids to wear a mask they weren't allowed to do so and desantis said at a press conference in cape coral, florida. now government is looking to make covid vaccines mapped for the military. jennifer griffin with the details from the pentagon. reporter: well the pentagon just
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announced it's returning to maximum teleworking due to the delta variant, starting monday. president biden has asked secretary of defense lloyd austin to look into making the vaccine mandatory for the u.s. military after previously saying he would leave the choice to military leaders. >> vaccinations are required for active duty military today. i'm asking the defense department to look into how and when they will add covid-19 to the list of vaccinations our armed forces must get. our men and women in uniform who protect this country through great threats should be protected as much as possible from getting covid-19. >> in doing so, the president has waived the need for the vaccine to be fully approved the fda. the vaccine is still under emergency use authorize. we are told the decision to mandate the vaccine for the military could be quick, within days, not weeks. the latest numbers of vaccinated members of the military stands at 72% have had at least one
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dose, 63% are fully vaccinated, much higher than the average for the civilian population, which stands at about 49%. it's not unusual for the military to tell its troops what to do. it already requires many vaccine s before deployment. the president said he is doing this to protect the troops. >> this is particularly important because our troops serve in places throughout the world, many where vaccination rates are low and disease is prevalent. reporter: to show the level of concern about the spread of the delta variant and whether those who are vaccinated can still spread the disease the pentagon mandated this week that anyone entering the pentagon now must wear masks reporter: oh, very interesting very interesting jennifer griffin from the pentagon thank you. so one of president biden's top economic advisors is here on "coast to coast." i'll ask him about inflation. masks, recovery, as well as the infrastructure package. it's all coming up.
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>> welcome back to "coast to coast." would a federal vaccine mandate create a dangerous precedent of inserting a government between a patient and a doctor. wyoming republican senator says yes, that is, so why, make your case on this , why? >> in inserting a patient between a doctor and the patient >> no, inserting the vaccine. the government, between the doctor and the patient, so, there could be the military, for example, is mandating now, that its troops get vaccinated. if the government goes forward and mandates hey, the rest of the country needs to be vaccinated, what's the issue then going forward with putting or does that put government between the patient and the person and the doctor?
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>> okay, that defies the science. so we need the center for disease control to tell us what science they're using to come up with these conclusions. the person whose been vaccinated is protected, and so getting the vaccine protects that person , why should they care whether anyone around them has been vaccinated after they've been vaccinated? so it is completely government- run amuck to change the rules after we've all been vaccinated. >> we were told, we were sold on if you get vaccinated, you can lose your mask, and now, sort of this backtracking on that with some communities taking the guidelines from the cdc making it mandatory. is that infringing on our liberties? >> it absolutely is infringing on our liberties. i look at what nancy pelosi is
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doing on the house side of the capitol. she has threatened to arrest staffers who do not have masks on, whether they've been vaccinated or not. that is completely anti-science so for someone who has been crow ing about the importance of science, this is the most anti- science move she could possibly be making. it sends signals not only to her staff but to the country that she doesn't trust vaccines and how would someone who hasn't had the vaccine but is considering having the vaccine when they look at that, how were they supposed to respond? nancy pelosi is doing an in justice to her staff and she's actually setting back the effort for the american people to get vaccinated. >> senator i wanted to change topics a little bit. you and some of your colleagues are calling for the olympic committee to block athletes for using china's digital currency for the winter olympic
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when they come up in six months. what is your concern with the digital currency. >> the digital yuwan will be lacking intrans so if someone were to use that they are either given by china as a gift for attending the olympics or to someone in their country. if they give to a cause that the chinese communist party opposes, such as a religious organization, they can be punished, so this lack of transparency and the use of information by the chinese communist party that they intend to make with a digital yuan i believe is very dangerous. we should wait until we have central bank digital currencies or stable coins that can be used to transact business that don't involve the chinese communist party and its lack of transparency. >> do you feel like china might mandate the use of this currency during their olympics in china? is that a concern? >> i think they're just going to use the digital yuan that
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they have rolled out as a prototype in several provinces of china as lets give you digital yuan wallet, you can take it with you all over the world and transact business using a digital yuan. that way the chinese communist party can figure out where the money is being spent, what it's being spent on and further advance their efforts to become the global leader in finance. the united states must be diligent to remain the world reserve currency and to remain the global leader in finance. >> senator moments ago as you know the senate voted 66-28 to formally begin debate on $1 trillion infrastructure bill. have you seen the text for that bill yet? are you comfortable with this going forward? >> you know, i've seen parts of the text, and the reason i did not move to proceed is because i haven't seen the whole thing. it's over 2,500 pages. yesterday, we had about 700
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pages, so we're going through it , and i've got to say this. rob portman and krysten sinema the leaders of this bipartisan effort deserve tremendous kudos for bringing this to this point. they've bent over backwards to try to help those of us who were in the rank-and-file whose not been involved in the negotiations. understand what's in the bill. they've helped tweak the bill in the areas that we have seen, so honestly, kudos to rob portman and krysten sinema and their team. >> but is it premature to go forward then, without seeing rest of that 2,500, you know, pages? >> exactly. i believe it is premature, which is why i voted not to proceed today. i want to see the rest of the bill. i want to understand what else is in it. it's over $1 trillion if you add the amount of money that is being added to traditional spending on infrastructure, so we have to have the time to see
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the text, provide our amendments, which is why i moved not to proceed. >> and from what you have read so far, is it something that you expected or other surprises that are sort of popping up in this , because that's been the complaint. you don't see the text all of a sudden surprise, somethings in it. >> you know, its gotten better just in the last 48 hours, as to broadband but i still think we've got a ways to go on broadband. we're worried about the pay fors , wondering whether the amount of money that they're using, or the means they're using to pay for it will stifle the economy in certain areas, so the pay fors are still a big concern for me. >> senator cynthia lummis, thank you from the great state of wyoming, thank you for your time and this is something we'll be following. so after this we'll be joined by jarod bernstein one of the president's council of economic advisors to discuss the latest on inflation and the
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is jarod bernstein of the council of economic advisors at the white house. what do you think, about this infrastructure package going forward? is this obviously the white house is supported, the president supports it, is true infrastructure the only thing we need? >> it is a big part of what we need. it's not the only thing but you ask me what i think about it. i think its got great momentum and i think that is a hugely- important advance for the american people. as you said there are numerous steps and hurdles ahead but this president keeps clearing every political hurdle we put in front of him on these issues and when he thinks about delivering what the american people need in terms of historic investments in public transit, the largest investment in rail since the inception of amtrak, 100% of replacements of pipes throughout this country, broadband in rural areas, electric vehicle, clean buses, this is the kind of investment and jobs that america
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has long-awaitedded and it is really gratifying to see this political momentum. >> but beyond this , you know, get this spending out, it's bipartisan support, obviously, cleared 60-vote hurdle to go forward to the debate. it looks like this might be coming to fruition. beyond this , do we need anymore spending we're seeing inflation, the numbers are out 4 % core pc inflation is 3.5% a little bit hotter than some people had expected, so do we really need more spending beyond this? >> totally fair question let me start with the micro and take you to the macro. in terms of the micro, month-to-month evolution of price increases one thing i'd point out today is if you look at the last three prints of the core pce, they go .6, .5, .4 they've been ticking down. now i'm not saying that's anything like a permanent trend, by a long shot. we have more to go. these are uncertain times, but it is connell: with the story
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that we've been telling the mid-term that temporary supply it constraint, some of which are beginning to ease but over the longer term, yes. we need to make precisely the investments that are under discussion now, with a bipartisan plan, as well as the building back better ideas that the president has, in the area of child care, education, providing people with access to the elder care and child care they need, and making sure that's affordable, extending the child tax credit all of those will continue to be important. >> when you talk about core pcu , take out gas, energy, and food, so core what we're ses prices and as you know, eventually, businesses will push that through, to customers so we're seeing that increase on those gas prices that doesn't seem to be coming down and then you have more regulation on top of that so it may not settle back down. won't this inflation continue farther into 2022 than maybe some people think? >> again a totally fair
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question and you're absolutely right to talk about the top line price index. this has consistent entertainmently referenced the challenge the point that folks have been facing in these categories, the point i was trying to make is that if you look at the pandemic constrained areas, these are the parts that are pushing up the price index. you could take about airfares, talk about used cars, talk about energy. all of these prices are, all of these prices are a part of the supply chain disruptions that have been experienced as strong demand meets recovering supply in a 21 trillion economy that you can't turn on and off with a light switch, so as the recovery continues to take hold we saw the gdp report yesterday with the economy back to its beyond its pre-level peak, as these advances take hold, we expect those constraints to taper off. meanwhile, we've got a strong
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labor market. 600,000 jobs on average, so as long as americans keep taking advantage of these opportunities , we think we're going to be okay. >> do you feel like growth is going to continue fast as it should continue, i talked to st. louis fed president james bollar d, and he said it was 7% gdp growth this year, possibly 4% for the first half of next year. do you see inflation slowing this down from the white house perspective? >> well of course, these recent gdp prints that we've been talking about are real. that is they include the impact of inflation, so it's interesting you mentioned 7% over the first half of the year, gdp grew at 6.3 and then 6.5% in the first two quarters. that's the fastest first half growth in just about 40 years, so now you're hearing forecasts that are for 7% for the year. that is a very strong gdp growth
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and it includes, it factors in inflation, and i think the reason that's so important for americans i know, people don't need gdp so i get that, but what they do do is they benefit from the jobs that that growth creates. i mean just today in the personal income data, we saw the foodservices are finally back to surfacing their pre- pandemic peak as people continue to reengage with services. that's a direct result of shots in arms and checks in pockets, so full speed ahead with a robust recovery that's reaching many corners of this economy. >> but is it sustainable growth because we see a lot of the government programs, you get the stimulus checks you're done, you get the check in the child tax credits, 15th of the month and then wait until next month for that. is it sustainable growth though if we rely on government programs? >> well first of all let me very much defend and endorse the idea of first time to my knowledge we've done something like this where we have a child tax credit going into the bank accounts of middle and low
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income families, who are raising children in this economy. i can't think of a smarter, better, more long term investment for government expenditures in that regard. in terms of your question about sustainable growth, that's where the building back better agenda and the infrastructure plan come in full stop. these are not just about getting to the other side of the crisis. that's what the shots in arms and checks in pockets are helping us to do but once we get to that other side and we've enjoyed that 7% growth rate for gdp, if that forecast is correct, we have to then build back better by investing in labor supply, in child care, in education, so we can boost the economies productivity, boost this growth, boost the access for people who want to join the labor markets to be able to do so. >> and some would argue that government doesn't create wealth or jobs in the private sector still. >> it certainly creates public infrastructure and needs to make those investments. >> that's a long term investment long time coming, thank you for your time i
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appreciate you coming out on a very muggy day in washington d.c. >> thank you. >> so, the quick market check here let's look at stocks are falling a bit today but still on track to close the month in the green. more cavuto "coast to coast", when we return. >> ♪ we did it again. verizon has been named america's most reliable network by rootmetrics. and our customers rated us #1 for network quality in america according to j.d. power. number one in reliability, 16 times in a row. most awarded for network quality, 27 times in a row. proving once again that nobody builds networks like verizon. that's why we're building 5g right, that's why there's only one best network.
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>> i think that its got great momentum and i think that it is a hugely important advance for the american people. as you've said, there are numerous steps numerous hurdles ahead but this president just keeps clearing every political hurdle we put in front of him on these issues, and when he thinks about delivering what the american people need in terms of historic investments in public transit, the largest investment in rail since the inception of amtrak. >> that was white house council of economic advisors member jare d bernstein moments ago our panel is back rebecca ra lser, john busey. on that specific infrastructure plan that could be a good investment we'll start with john that could be a good investment because it has returns some economists would say down the road? >> it has returns, and it has support and why does it have support? because republicans and democrat s have been arguing this
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point for years, that the nations infrastructure needs a reboot, and when those jobs begin to cycle into districts across the country those districts are going to be republican and democrat. i think what the president has to be concerned about is the democratic party, which is you're going to see some resistance on the progressive wing of the democrats, worried that other social issues are not being advanced with the same pace as the infrastructure bill, and so you're going to see some speed bumps in the house of representatives. >> right. we also talked with jared bernstein about inflation and rebecca, i want to send this to you. he was basically making the point that the government can spend more, we can spend on this infrastructure package than we can spend next year and the government spending will create sustainable growth and inflation, well that's going to just settle back down. what are your thoughts on that? >> i think it's in the face of basic economics and we have to
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go back for a second and put this in perspective. if you look at october of 81 that's when we first hit $1 trillion of federal debt and from 81 through february of 202 we're at about 28 trillion between the cares act, the heros act and the arp act that was passed in march of 2021 that's about $6 trillion of stimulus passed to fight corona and then you have the fed buying $120 billion a month which is another 1.3 trillion so that's over almost $8 trillion that we've passed in 15 months when we took literally almost 40 years to get to 28 trillion, so we need to stop with government stimulus on bridges and roads and infrastructure, but i'm not for every other thing that they are adding to this bill, ed, that will make us have more debt that we're already saddling our grandchildren with. we need to take a reality check and say wow where is this money coming from because as to your point with him, money, because it's does not come from the government. government is simply a wealth
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transferor from those that create wealth and income to those that don't, and so the government here, adding another, you know, more when they are talking about 3.5 trillion after this , we need a reality check here. >> exactly, so 80 plus 2 i'm still adding. it's a lot of spending going on, john i want to go back to you on some of that spending. in the last 30 seconds that we have, he was making the point that once the supply chain disruptions are gone then the inflation will come back down and spending doesn't really matter. do you believe it? >> well he doesn't say spending doesn't matter. he said inflation will come down spending always matters. we had our largest-evan you'll deficit under the previous administration, so this has been several years of spending, because we need it on the pandemic. mind you also, revenues to the government went down after 2017 as a result of a substantial corporate tax cut, so these are all issues that
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government is going to be wrestling with, and they are wrestling with the fact that they are doing this in the face of a public health crisis, that's not over, and so you see that. >> unfortunately, i appreciate it, the end of the show is coming whether we like it or not. rebecca, john, thank you for being with us. thank you for sticking around we're going over to charles payne now, it's next for your hours, charles i've got now take it on. charles: my man, you did a great job, edward. i love your enthusiasm. keep it going have a great weekend talk to you real soon. >> thanks. charles: good afternoon, everyone i'm charles payne this is "making money" breaking right now, pause after the big miss in amazon and of course more confusion on the health of the economy and the strength of the consumer, meanwhile, the delta variant surge has the white house taking dramatic actions, many businesses have also followed. what it might mean for the economy and the stock market we've got that coming up as well and the robinhood ipo is just the latest excuse to
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