Skip to main content

tv   Cavuto Coast to Coast  FOX Business  October 4, 2021 12:00pm-2:00pm EDT

12:00 pm
both the build back better piece as well as the infrastructure piece are things that i wrote. these didn't come from, god love them bernie sanders or aoc or anybody else, i wrote them. i disagreed with "medicare for all" for example. i disagreed but i laid out what i thought would be important. for example, i think from the build back better program it required that we in fact have the best education available to us, i will be speaking to this in detail tomorrow but look, here's the situation, how can we in ever competitive world increasingly competitive world, how can we not meet the educational standards at least other countries are working toward? nobody is reducing the number of years they want their children to go to school, people to go to
12:01 pm
school. you heard me say it before, as my wife says, if we don't, if any country outeducates us they will outcompete us. look what china is doing. look what the rest of the world is doing. they're investing. they're investing in things that relate to ability for people to go to work and stay at work. we have several million women who can't go back to work because they don't have any way to take care of their children. to give a tax cut to working mom, to be able to afford day care is that bad? is that a bad idea? i think it's a darn good idea. it will get people back to work. so there is a lot of things in the legislation i can be talking about across the country i think the american people overwhelmingly support but the idea that how this is somebody else's legislation. this is what i wrote. reporter: will you accept a two trillion dollar reconciliation bill? will that be acceptable to you?
12:02 pm
>> again as you know it is not a smart thing to seth negotiate with yourself in public. we'll talk to all the parties to see what we can get done. reporter: sir, [inaudible]. but today you said you only have 48 votes. what, in another -- [inaudible]. do you have any reaction? do you -- bense corruption, papers? the participants? you said you would fight against corruption in the core of your national security policy. what is your reaction and do you plan to do anything about it. >> we're looking at that right now. the first part of your question was what? reporter: [inaudible] >> that, last question.
12:03 pm
reporter: i want to be very clear. can you guarranty that the u.s. will not reach the debt ceiling? that that will not happen? >> no, i can't. that's up to mitch mcconnell. reporter: so is it possible that the u.s. will not pay its debts? >> i can't believe that that will be the end result because consequence is so dire. but i won't believe that but can i guarranty it? reporter: mr. manchin says the deal is off if the hyde amendment is not included? do you support that? where do you stand on that, sir? neil: watching the president of the united states very frank on this debt issue, wanting republicans to not cause any potential calamities here. that it was on them right now. the u.s. must always pay his debts and always has. the president raising debt limit, is paying about old debt,
12:04 pm
not the new spending. we have to pay the debt limit because the reckless policies under the trump administration. if that was supposed to be a olive branch thrown to republicans it obviously had some thorns on it here, message it is their fault if the u.s. government doesn't make good of paying its debts. the technical definition of a default some saying coming up around october 18th, the time the treasury secretary says if we don't have a deal the government runs out of money. there is enormous wiggle room on that date and time and figure. the federal government has a way of robbing peter to pay paul, pushing the deadline a little bit further out. the fact of the matter is with the debt continuing to climb what is involved in raising the debt ceiling akin to raising a credit limit on your visa or mastercard to essentially address the payments you made prior, say nothing what you are going to be gathering still more spending in the months and years ahead. it is the latter that
12:05 pm
republicans are upset about because they say it compounds the problems. here we go again. welcome, ebb, i'm neil cavuto continuing coverage on fox business network a quagmire taking its toll on stocks, very little having to do with the drama in washington and a lot more to do with concerns that interest rates back up, and well, stocks end up not looking nearly as good, particularly technology stocks which are taking it on the chin again. susan li is here with detailed look what is being hurt and it seems like widespread hurt. reporter: by the way breaking news, great to have the genus of neil cavuto back in studio. neil: great to be back. the place was a pigsty. i'm kidding. reporter: missed you, really missed you. neil: great to be back. reporter: in terms of biden i thought he was really honest. he said retirement accounts will go down, interest rates will go up. i think that is pretty much what wall street is playing on today
12:06 pm
since you have the yield back above 1.50 this morning, 1.5%. you have nat-gas prices higher by 6%. it will cost a lot more. neil: the energy thing is wild. we're at multiyear highs on brent crude oil, our own west texas intermediate. what is going on here. >> opec plus says they will not extend production past 100,000 barrels a day, right? it sounds great, but people hoped for more. west texas which is the highest oil price we've seen since 2014. there is a risk of policy mix takes. we heard from joe biden saying interest rates will go up. i think that is consensus on the market you have the tapering back on stimulus but what happens when you're dealing with a stalling and unemployment, we'll get the employment figures this friday. but then you have prices, consumer prices going up when you're paying more at the pump heating their homes what do you do? what do you do with federal reserve jay powell and tough position to be in?
12:07 pm
neil: beginning to sink in, susan, this notion that it is not transitory. it is going beyond energy and hitting any every other pocket. >> grocery prices highest in years. neil: what ticks me off is the bacon. people saying this is direct result of all the spending in washington. when you talk to folk, what are you saying it seemed a tad rich for the president to blame republicans for the rate backup, potential of a more rate backup, it has been occurring with democrats in charge. >> yeah. neil: is he pre-preparing us for something? >> he is prepeeping us for higher taxes us as well. that is something the market is watching. it has been a great year for stock markets by the way. we're up 15% for the s&p. that is one of the best years since 2019 according to charlie
12:08 pm
brady's analysis. neil: our wicked smarts stocks editor. >> we're heading into traditionally seasonally strong quarter. fourth quarter up for the past five years but i think the markets are kind of concerned about the debt ceiling. is there brinksmanship in d.c.? do we push up against october 18th. are they seeing the first debt default in history. fitch warning on aaa on friday there is warning about -- neil: very good point. you don't need a default or, even out right shutdown to prompt a ratings downgrade, in 2011, when you were a child in middle school, i remember that distinctly s&p downgraded our aaa rating because of the whole craziness of process. >> right. neil: that can get ratings agencies alarmed. if you can't get past this, it gets old fast. >> right. neil: i'm wonder if the signal is everyone thinks it can't happen, it can happen. we've done this 79 types since
12:09 pm
1960. everyone says we always survive those issues. >> look at the brinksmanship in d.c. you have an easy win with the one trillion dollar infrastructure deal. no, you can't pass that even though everyone agrees we need better internet and tolls and the like but there is also a transition in the. there is transition in the leadership. we have technology down. look at airlines, reopening theme is there with merck and experimental drug -- neil: other drugmakers though are taking it on the chin. >> moderna, novavax and the like. neil: right. >> i also want to point out you have outperformance when you have good news to drive your stock today, for instance, tesla which we'll talk about later on today. i think they're, i think everything isn't terrible just yet. it depend what is happens in d.c. over the next few weeks. neil: that is a good point. tesla is like a technology play. look at it as a auto play. it really is a technology play.
12:10 pm
susan, i will have you here the hour. >> great to see you. neil: susan li following these developments here. when the president made comment, i need 50 votes. i have 48. clear reference he doesn't have joe manchin with him of west virginia and kyrsten sinema, two holdouts. moderates saying they're not the problem, president caving to the progressives. always in the eyes of beholder. it stymies up the process. where are we on this. let's go to chad pergram with the latest. reporter: senate majority leader chuck schumer told democrats in a letter this morning quote, we must get a bill to the president's desk by end of the week period. democrats don't have the luxury of waiting for the gop. in 2011 congress lifted the debt ceiling after big political struggle. still s&p downgraded the
12:11 pm
nation's credit rating because the process was so messy. >> they look at the u.s., they don't really care if it is adversarial politics, roots of those adversarial politics. what they see the is inability to raise the debt limit thus far and that they could renege on interest and principle payments and that is concerning. reporter: treasury secretary janet yellen emplodder congress to act since summertime. she reiterated it in a hearing. >> this is manufactured crisis this country is going through a very difficult period, is on the road to recovery, and it would be a self-inflicted wound of enormous proportions. reporter: the difference in this debt limit fight republicans have not requested a compromise. they simply told democrats deal with the debt limit on your own. democrats need 10 gop members to clear a filibuster.
12:12 pm
they told lift the debt ceiling by yourselves using special reconciliation bill, it is exempt from filibusters. neil: chad, give you idea, debt ceiling issue aside, big thing to put aside, there does seem to be like a one month timeline which the president seems to be saying, get your proverbial act together on the original infrastructure plan and this far larger spending plan. that is a lot of time. i'm just wondering if that could work for or against democrats what do you think? reporter: not a lot of people on capitol hill think they can get this done, meaning the infrastructure bill and the reconciliation bill to deal with social spending by october 31st. if you looked at the letter house speaker nancy pelosi put out over the weekend she basically said that is the new deadline here. guess what? the fact that they have to wrestle with this debt ceiling issue by the 18th of october, that will hijack the entire conversation. especially listen to the sound bite from douglas holtz-eakin,
12:13 pm
because this gets so messy you could have s&p or other credit rating agencies downgrade before you get to that period, as you alluded to. that was the issue in 2011 where they met the deadline but because the political process was so icky, you know what? we don't have a lot of confidence here. that is why they downgraded. if you have a market shock before the 18th, or a downgrade before the 18th, that will completely sideswipe the conversation about getting the social spending bill done and infrastructure bill. that said, reading between the lines here, mitch mcconnell, in his letter to the president, he is saying use that reconciliation bill to lift the debt ceiling. again that is exempt from filibusters. and we got a ruling from the parliamentarian earlier this year that basically said you can reuse an existing reconciliation package more than once. it has never been done before. they have had the budget act since 1974 which has purview over reconciliation and you know, this ruling in april said that you could use it for other things.
12:14 pm
so it is possible, according to mcconnell, you can use it to lift the debt ceiling and then revise it again. you get two reconciliation packages per congress. one for each budget year but what mcconnell is saying burn that one here. we're not going to help you. if you want to pass your social spending bill an use reconciliation to avoid a filibuster there, then revise it based on that ruling from the parliamentarian. neil: so in other words they could do it, republicans argue the democrats could do this alone without a single republican vote to address the debt ceiling separately, simple majority, onward they can move. can they? reporter: potential you have to have all 50 democrats stick together. you have to raise the debt ceiling to concrete figure. you can't suspend it for date certain. you have to raise it. reconciliation bills must be fiscal in nature. you have to as sign something there. the president said this will have hundreds and hundreds of votes. these vote-aramas when you go into a reconciliation package
12:15 pm
you usually don't have hundreds and hundreds of votes. you probably have hundreds and hundreds of amendments, they usually burn about 30 or 40 roll call votes on these amendments that is usually the universe of these amendments. they don't go into the hundreds and hundreds. usually takes 12, 24 hours, something like that. it's a long process. it does take a long time but it is not hundreds and hundreds of votes. neil: got it. chad pergram, thank you very much, my friend. to bob cusack "the hill" editor-in-chief. one thing that stood out in president's remarks singling out senators manchin and kyrsten sinema on their refusal to go along with everybody else. i need 50 votes. i have 48. no comment from the president as well with a question from our own peter doocy how kayakers you know almost attacked senator manchin and his houseboat off d.c. to say we
12:16 pm
don't like what you're doing. clear the president saying they're the problem, not me. what did you make of that? >> yeah. it is an interesting strategy, neil. look at it right now joe biden last week sided with progressives, not the moderates, they wanted to have the vote on the bipartisan bill. joe biden did not say, hey, vote out on that bill, round up the votes. he said let's delay it until we get the other social spending package. he says he has 48 votes. i'm not so sure he has bernie sanders. because bernie sanders said i will not vote for anything under 3 1/2 trillion. this will not be 3 1/2 trillion. joe biden got elected as a centrist. he won the primary because he wasn't for "medicare for all." he won the general positioning himself in the middle. now he is positioning himself in the left. that is why the moderates don't like what they're hearing from the president at the moment. neil: they don't have to be moderates, right, bob? i got the impression the
12:17 pm
president pulled the rug out of speaker nancy pelosi who was already to vote on the infrastructure only package before the president made clear he was like progressives linking it to the far bigger spending measure. what did you think of that? >> yeah. i mean it was interesting because for a while looked like there was a delinking and nancy pelosi committed because she struck a deal with the centrists saying we'll vote on the 27th of september. obviously that vote didn't take place last week because they didn't have the votes. this is something, the democrats were fighting a lot in september and i think in october they're trying to rally, at least around this debt ceiling and blame republicans because right now they need party unity and they didn't certainly have it in september. neil: doesn't sound like they had it in that brief remarks we heard from the president on the debt ceiling as well. bob cusack thank you, very, very much. might be noticing in the lower right-hand portion of your screen, the dow free-falling not free-falling as it was as much
12:18 pm
earlier, washington, notwithstanding having a lot to do with back up with rates, hitting technology stocks, tesla, that is a separate story and oil prices rocketing away, depending on the oil contract you're looking at, at multiyear highs around going still higher amidst opec plus countries saying we're sticking to kind of a production schedule we have. which is their way of saying we will keep jacking up prices. have a nice day. we'll have more after this. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online
12:19 pm
commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it.
12:20 pm
12:21 pm
12:22 pm
♪. neil: symptom me if you heard this before. no jab, no job. it will soon become the mandate out of new york by the end of today. teachers and a whole lot of other public entities will have to make sure they're vaccinated or they might as well not show up for work. the fallout right now in staten island, new york, with lydia hu. lydia? reporter: hi, there, neil, parents and teachers gathered outside of this school on staten island earlier this morning to express their concerns saying this policy undermines the quality of education here. one teacher we spoke with has been teaching for almost 20 years. she is not getting the vaccine. so starting today she is not permitted back into the classroom and she is being
12:23 pm
placed on unpaid leave. watch. >> this is my job. this is my love. this is my passion. i could get tested every week. get tested twice a week. just don't tell me i have to do this. i'm not ready yet. that is my right as a human being. it is my right as an american to choose when i want to get it. reporter: now about 4% of the teachers in this city remain unvaccinated, neil. that is roughly 3100. the department of education says they have enough substitute teachers to fill the gaps but it is not just teachers. it is also other workers like janitors, school safety agents. nypd tells me about 83% of school safety agents are vaccinated which means a little over 800 of them cannot work in the schools as of today. neil, back to you. neil: all right, lydia, thank you very, very much. so is this a good idea? a lot to get into today with dr. kevin campbell, k rock
12:24 pm
consulting, ceo, cardiologist as well. doctor, first off on the mandates are nationwide depending on the state, how far they go, ordering health care workers, teachers, public workers of all sorts to be vaccinated and if not, to be on the verge of losing their job what do you think of that? >> you know this is really not unusual, neil. for the longest time at most health care centers, health care systems you had to be inoculated for the flu vaccine in order to go to work. this is really not that different. if you remember as a schoolkid you had to have polio, mmr, this is not far outside of accepted practice. neil: i worry when i hear health care workers aren't getting vaccinated. that is one part of the subset of the population would. many have perfectly valid reasons, i'm not here to criticize them, if health care workers are being held back and if you're not a vaccinated
12:25 pm
american it, doesn't matter, doesn't that give them still more reason for pause? >> one of the things that bothers me about health care workers not getting vaccinated i feel like doctors and nurses, those that work in the hospital should set the example and lead the way. not only are they putting themselves at risk but they're putting their high-risk patients at risk for transmitting the covid-19 virus. i think honestly it is shameful that a health care worker would not put their patients first and get the vaccine. neil: doctor, while i'm talking to you here anthony fauci over the weekend was talking about where we stand on the virus and even going so far out as to christmas as to whether we can gather as we normally would. this is from dr. fauci. >> we can gather for christmas or it is just too soon to tell? >> you know, margaret, it is just too soon to tell. we've got to concentrating on continuing to get those numbers down and not try to jump ahead by weeks or months and say what we're going to do at a
12:26 pm
particular time. neil: does the good and bad in this, doctor, i understand. bad news if you really relish being together with your family, the possibility you won't be but good news if you don't really flip over your in-laws, let me put that aside and get your thoughts on that, out to christmas we might be advised that not to think big groups, what did you think of that? >> one of the things that bothers me about this whole situation of talking about what we might need to do at christmas is there is so much that we can do right now today. if we can focus getting more americans vaccinated herd immunity, making sure those at risk are protected the christmas thing won't be an issue. i'm a little frustrated by that. my advice to folks, use common sense, use your best judgment f much of your family is not vaccinated, you have a high-risk condition and you're at risk for complications of covid probably wise not together. however if you're all vaccinated
12:27 pm
everyone around you is vaccinated i see no reason why you can't have a traditional christmas celebration like we always have. neil: depends on the in-law thing. i will get back to you on that, doctor, you can advise accordingly but dr. kevin campbell on top of all of that. to be fair dr. fauci said this was a possibility. that it is too soon to say unequivocally one way or the other which way we should go but did get people worried about that. get worried about the shipment of your iphone 13 you ordered? don't blame apple. blame vietnam. i will explain after this. ♪. this is wealth. ♪ ♪ this is worth. that takes wealth. but this is worth.
12:28 pm
and that - that's actually worth more than you think. don't open that. wealth is important, and we can help you build it. but it's what you do with it, that makes life worth living. principal. for all it's worth.
12:29 pm
♪ ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to unveil them to the world. ♪
12:30 pm
12:31 pm
♪. neil: all right. we're hearing a lot of people who ordered an iphone whether
12:32 pm
iphone, iphone pro, max, various flavors are still ticked off because they can't, they can't get it. now i know the temptation is to blame apple but apple seems to be saying there is another problem, right, susan li? susan: vietnam is the the problem. 12 suppliers there. covid is going up since april. there is a shutdown in some of these production factories. one of these, iphone 13 pro max. neil: wow, very nice. very nice. susan: apparently we're in the 1% because we didn't have to wait too long for our phones. right now jpmorgan and credit suisse says you have to wait four weeks for an i-4 -- iphone 13 pro or pro max. they have the 12 factories in vietnam but also jpmorgan says the fact of the lag time is roughly around 19 to 34 days in the second week of orders and people are trying to pick up their iphone 13s, that shows i
12:33 pm
phone 13 is showing better than anticipated. wait longer. neil: right, right. susan: more people ordered it. it is good indication as well for apple. neil: wasn't in the beginnings, they must have survived the chip shortage? susan: make their own chips now. they are one of the largest chip manufacturers in the world. they make the chips that go into the iphone, ipad, right? the a-15 bionic if you care. neil: oh, sure. susan: there are some companies doing it better. apple as i mentioned to you, the fact that you could get and buy all four iphones on the same day was actually indicative when you control your own supply chain like they do with chips that go into these iphones that is probably a positive thing in this global chip shortage environment. neil: doesn't shield you from everything, right? time and again we've been reporting this whole supply chain hiccup going on can appear in the weirdest ways. vietnam is the best example.
12:34 pm
susan: nike make 30% of their shoes and 50% of apparel from vietnam. look how well tesla performed. they delivered a record number of 241,000. you have heard from elon musk saying they had chip issues. there was a super chip shortage around the world but still managed to come up with results that crushed estimates. compare that to the decline we saw for general motors and ford came out with a drop of sales in the summertime because they can't get enough chips because they have to idle plants. depends which company is reporting. some companies are doing it better than others i think. neil: tesla has ample exposure in china, right? that helps it deal with this a little bit. susan: didn't break down the numbers, with factory in california versus the ones manufactured in shanghai. i say shanghai problempy propelled tesla's stock, pasthundred first time this year. shanghai is now an export hub for them.
12:35 pm
they export 31,000 cars were exported from them, to europe. we have the gig factory in berlin coming up. they lead the electric car market in china and that import to europe has one of the big standouts for elon musk. neil: i look at tesla a technology play, more than an auto play. susan: you don't want to bet against elon musk. i was checking the shorts. its with the most shorted stock on the s&p 500. today those shorts stand at 1% that is the lowest amount of we've seen people betting against elon musk tesla ipo in 2010. remember that? neil: i do. in and out of worth of $200 billion. world's richest man. jumps over bezos. susan: chump change. neil: susan li money. see you very shortly. go. to scott mcnealy on this,
12:36 pm
former sun micro cofounder and much more. scott, susan was saying it is another reminder how supply chain disruptions pop you will in the weirdest ways. now we have vietnam, problems we're they are dealing dealing e virus slowing down factories there where is this going? not talking about something transitory, this is sticking around and growing. what do you think? >> we had shocks and pandemic and government shutdowns and random shutdowns in different places for different things. you have china fighting australia and not taking their coal. they don't have enough coal. they can't keep their factories up and running. you have a whole bunch of ships sitting in harbors around the united states and there is not enough capacity in the harbor because people are not there to work. we're paying people not to work. there is enormous spending discontinuities or distortions i would say by all of the
12:37 pm
government spending, trillions of dollars of random stuff and then you see inflation coming which is changing prices. it is impacting everything. f-150s are sitting on the lot waiting for a 2-dollar chip or whatever. we've been waiting for a bronco over a year from ford. we just got a dishwasher year-and-a-half after waiting. the supply chain issues are a little bit because we weren't expecting all of these major dislocations, distortions, disruptions in the supply chain. we got too good at it. the software got too good at it. optimization got too good at it. we devalued our supply chains. what if china takes over taiwan? what does that do? what about rare earth minerals? what about all of the potential -- going so tight. why didn't we just buy you know, billions, billion dollars of extra little chips and then we
12:38 pm
would be okay? we didn't think there would be a problem getting them but, we have to be a little more robust an a little less efficient in our supply chains. maybe build a little more locally. that is certainly what china is trying to do, become much more self-sufficient. i think we need to evaluate every product, every supply chain, every component in that. make sure we have multiple sources, multinational sourcing and enough on inventory of the cheap parts that they don't hold up the expensive parts. neil: things have got to be bad, scott, if the mcnealy family is having trouble getting a dishwasher. so it is really guess. but i am curious where you see this going? obviously it is lasting longer than anyone at the federal reserve thought. inflation is lasting longer than anyone at the federal reserve thought and the president seemed to intimate on the remarks raising the debt ceiling,
12:39 pm
putting onus on republicans, if we don't, interest rates will back up, be on them. interest rates have been backing up. republicans say its on him. do you think it is inevitable now, inflation thing, disruption thing continues for quite a while and this interest rate backup will go on and linger for quite a while as well? >> there you go. welcome back, neil. you're always teeing me up on a tee, being a person who believes government is out of control, overscoped, spending like mad. when i was born the federal deficit, federal spending number was $70 billion. now it is $7 trillion and rocketing. they want to raise debt ceils and pass all the other bills. they do it to drive inflation so they don't pay off their debt with current dollars. they're doing this to buy votes. they're doing this to move people into higher tax brackets.
12:40 pm
they're doing this to own and control the economy. we'll end up with oligarchs to pay a lot of money to people so they don't get broken up and all rest of it. it is spectacular to watch the government takeover of the private economy and personal freedoms and, you know, i like about it coin. it gives me an alternative. i like gold. i like alternatives to the dollar because the people in charge of this are running printing presses as fast as they can. they're spending it as fast as they can, there is security through obsecurity, look how much of the ppp money was absolutely corruptly given to the wrong people? i mean the fraud in that was unbelievable. why we would keep on asking our government to educate our people, to do loans, to do our health care, do all of these other things when i mean they can't even deliver the mail efficiently and effectively? it is, i think we're hurling
12:41 pm
towards some major disruptions, not only in the u.s. economy but if there is some global tetonic changes, international crises, i think this thing is kind of fragile where it is right now. neil: to put it mildly. scott, thank you very much for joining us. scott mcnealy, former head of sun microsystems, much more, avant-garde of seeing some big shifts technologywise in our society before most other folks did. that was then. he is worried about what he sees happening right now. by the way, not only one. dow industrials in and out of session lows, down 367 points. susan li reported technology stocks taking it on the chin. as interest rates back up, technology stocks are disproportionately higher. brent north sea crude better six year highs. we have better than three-year highs on our own oil here, west texas intermediate. the demand is strong, the
12:42 pm
supply? not so much. stay with us. ♪♪ ♪♪
12:43 pm
(video game vehicle noises, engines revving,) (horns beeping, cars hitting one another.) (continued vehicle calamity) just think, he'll be driving for real soon. every new chevy equinox comes standard with chevy safety assist, including automatic emergency braking. find new peace of mind. find new roads.
12:44 pm
chevrolet. dodoe doe nsfeuranan y o nv everyone remembers the moment they heard, “you have cancer.” how their world stopped... and when they found a way to face it. for some, this is where their keytruda story begins. keytruda — a breakthrough immunotherapy that may treat certain cancers. one of those cancers is advanced melanoma, which is a kind of skin cancer where keytruda may be used when your melanoma has spread or cannot be removed by surgery. keytruda helps your immune system fight cancer but can also cause your immune system to attack healthy parts of your body. this can happen during or after treatment and may be severe and lead to death. see your doctor right away if you have cough, shortness of breath, chest pain, diarrhea, severe stomach pain or tenderness, severe nausea or vomiting, headache, light sensitivity, eye problems, irregular heartbeat, extreme tiredness, constipation, dizziness or fainting, changes in appetite, thirst, or urine, confusion or memory problems, muscle pain or weakness, fever, rash, itching, or flushing. these are not all the possible side effects.
12:45 pm
tell your doctor about all your medical conditions, including immune system problems, or if you've had an organ transplant, had or plan to have a stem cell transplant, or have had radiation to your chest area or a nervous system condition. today, keytruda is fda-approved to treat 16 types of advanced cancer, and is being studied in hundreds of clinical trials exploring ways to treat even more types of cancer. rom f da c an anfe payoe. icic ameedimedidi cash we thol haal tha nt eewe ny weto nwe n n me one h ounnehousle do nce y may ifore or t trifind ofi if pocyts h.tpo lo qu coventry direct,l number ber
12:46 pm
redefining insurance. neil: all right. oil goes up, stocks go down. oil up a lot, stocks go down a lot. phil flynn on the oil issue. what the heck is going on, neil? >> i think opec thumbed their nose at the their entire world, world screaming for more oil they say forget about it. the market is exploding because they realize the market in the global oil supply, will be undersupplied probably by a couple hundred thousand barrels a day and opec will do nothing about it and this will raise real concerns for consuming nations around the globe. the biden administration has been in contact with opec, say being please, we need more oil. other countries like china, india, but opec doesn't care, okay? opec says, hey, we're in charge
12:47 pm
now. the u.s. is not competing with us anymore. so we're not worried about them. we'll make up for lost time. the entire world wants to put us out of business because of climate change. so we'll make money while the making is good. that is exactly why you're seeing prices spike today. neil: got it, phil. phil, please stake with the oil thing. i think you're showing great potential following this market. so please keep it up, young man. the very best. phil, thank you very much. meanwhile want to draw your attention to bitcoin, maybe living through its quality as rogue investment alternative when stocks take it on the chin. for the most part that appears to be happening thus far today, after this.
12:48 pm
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.
12:49 pm
your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire first psoriasis, then psoriatic arthritis. it was really holding me back. standing up... ...even walking was tough. my joints hurt. i was afraid things were going to get worse. i was always hiding, and that's just not me. not being there for my family, that hurt.
12:50 pm
woooo! i had to do something. i started cosentyx®. i'm feeling good. watch me. cosentyx helps people with psoriatic arthritis move, look, and feel better. it targets more than just joint pain and treats the multiple symptoms like joint swelling and tenderness, back pain, helps clear skin and helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections—some serious —and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. [ sigh ] not gonna happen. move, look, and feel better. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. ♪ ♪ the kohler walk-in bath features an extra-wide opening
12:51 pm
and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. kohler is an expert in bathing, so you can count on a deep soaking experience. are you seeing this? the kohler walk-in bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. everything is installed in as little as a day by a kohler-certified installer. and it's made by kohler- america's leading plumbing brand. we need this bath. yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call... for fifteen hundred dollars off your kohler walk-in bath. visit kohlerwalkinbath.com for more info. neil: we are getting word of what appears to be a global outage concerning some of the most premier social and other high-tech media companies on the planet. facebook and instagram, whatsapp, u.s. cellular, google,
12:52 pm
t-mobile, a host of others, affecting tens of thousands of customers can get on to the sites. once on the sites we're told, some cases frozen on the sites. you can't get into those sites. we don't know how they're linked or who is behind this. what has gotten to be an increasingly common theme in technology, everything is down. we'll see how long it stays down who is affected as we get more details. meantime maybe some of this confusion is benefiting bitcoin. what is going on with the general market, bitcoin used to go the other way when stocks go one way. it is lately a little weird to monitor. it is mimicking stocks. we have the mit group ceo, blockchain ceo. grant, always good to have you, what do you make of how about it coin particularly is performing today, and most, not all of the cryptocurrencies? >> right. i think it's a couple things. last week jerome powell
12:53 pm
mentioned that the u.s. has no intention to ban bitcoin. some good news out of el salvador, three million people using bitcoins. they're starting to mine it. a combination of good news and the, you know the united states government now expected to spend potentially another 3 1/2 trillion dollars into the market, just the amount of money that the government and federal reserve has been pushing into the economy, it is showing inflation is at over 5%. i think what is happening, neil, retail investors are now looking for other places to hedge their money and to put it into something that can actually go up in value instead of continue to lose its spending power with the united states dollar right now. so i think it is slowly transforming into that. september is always a low month for crypto and the stock market for that matter so i think we could see an potential unbelievable bull run the next three or four months. it will be interesting to see what happens. neil: i wonder, as the hedge role used to be played by gold.
12:54 pm
some people chose oil. lately not always bitcoin. today is a exception to that. we'll see how long it lasts. does that worry you, and crackdown around the world where china made it all but a crime to own the stuff? united states, certainly the securities & exchange commission hinting of a crack downto come here? >> right, with jerome powell's comments i think the united states has no intention to ban bitcoin that would be astounding obviously. a small amount of regulation is fine but i think we're looking at china banned bitcoin some times it is almost a joke when they do it again. anything that china does ban you should invest. if you think about it, they banned facebook, banned youtube, now they're banning cryptos f they ban anything else it might take a worth looking at. neil: that is a very good point. a lot are looking at this and saying, all right, don't invest this with money that you
12:55 pm
desperately need. how do you advise investors here? >> right. neil: because you could have players that look good, players that don't look good. there are etfs trying to get off the ground haven't been proved, at least a dozen thrown the sec's way, is that a way to play it? >> 10% or less than your portfolio is more than fine. keep in mind, neil, a lot of people think they're late in crypto. we're beginning, we're in the '97, '98 of the internet revolution. it is now just crypto. as the world and other companies, countries continue to adopt this, we're in the infancy stages of this and so if we get an etf approved, if we get some of these other things approved, it will go parabolic, just unbelievable of course, but get in while you can. hedge your money. because right now, i mean, neil, if you and me go grab dinner somewhere, it cost 100 bucks
12:56 pm
this year, costs 150 next year. if you put your money to hedge against inflation, indication this current administration will continue to stimulate economy through spending probably over amounts of money into the economy you need to hedge your money into something that can appreciate in value and help you out in the long run. neil: if we go to dinner, you're paying, i've seen your portfolio. grant, thank you very, very much. the mit group ceo, mit blockchain ceo. of course he has been very bullish on this through the climbs and the falls. today a bit of a climb, not all but certainly principal players. what is behind the selloff, it is all about energy and all about concerns whether those prices go still higher and it is spilling over everywhere, isn't it? stay with us. ♪. and your family first. i promise to serve, not sell.
12:57 pm
i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors . . . .com this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you.
12:58 pm
12:59 pm
you're driving innovation. you're racing to the cloud. you need to do it securely. that's why palo alto networks developed prisma cloud
1:00 pm
- an integrated platform that secures your cloud environment end to end. used by the world's largest organizations, prisma cloud provides the cyber security you need from code to cloud. so you can get cloud security right, the first time around. we've got next. ♪ ♪. neil: a good time, we were just talking about what was going on with it quite a big believer is the owner of the dallas mavericks, the billionaire arc steuben who said you have to do your homework when it comes to bitcoin change is inevitable but you don't have to be an expert
1:01 pm
you just need to understand how it could affect your business may want to know how you all play out mark cuban coming up that his thoughts on what's going on in washington safe to say not a lot is going on in washington because they're a long way from resolving the debt ceiling or a green on any spending original and for structure plan versus a farmer expanding human infrastructure plan that could cost trillion dollars combined, hillary vaughn, it is very clear the president and his remarks was putting the blame on kyrsten sinema and joe manchin, the moderate democrats when he said i need 50 votes, and 48 clearly say those are the reasons why i don't have 50, where is this going. >> calling out the two senators he could not win over but you hurting those remarks he's not shying away from fully endorsing the social spending package he
1:02 pm
made a point to say this is not a progressive wishlist and he wrote the bill and said the price tag is not high enough for him, that is part of the compromise that he has to make. >> it's awkward to be that's going to be less, look the legislation the build back better peace as well as the infrastructure piece are things that i wrote, these did not come from god love them, bernie sanders or aoc or anybody else, i wrote them. >> biden said he close the deal with 99% of his party but he could not win over the two moderates in the senate cinema or manchin, he still needs to do that part of that process comes with making cuts not only to the price tag there is a few options on the table to bring the cost
1:03 pm
down, testing programs, work requirement and sub setting the program so they don't last forever only paying for them for five years as opposed to ten i think there's a lot of agreement, joe manchin who doesn't agree on everything came out and said he's happy to raise the corporate tax rate, given how much we can raise by doing those things, we have to have a harder debate about what priorities were willing to fund within those limits. >> that's really the hardest part of all of this now the deadline has been taken away, now there is no hard date for the infrastructure bill needs to be passed they essentially have as much time as they want to negotiate all the pieces that are in the social spending package. there is certainly not a rush to get this done and that opens up opportunity for a lot more disagreement and a lot of people to make their own stands on
1:04 pm
whether or not the support something unless they get something in return. neil: thank you very, very much, there is a subset to the selloff, it does sprinkle in a little bit about higher interest rates and a little higher oil prices but there's been a great deal of attention paid to her own friction we have with the chinese particular when it comes to trade matters to say nothing china conducting no fewer than 93, close to over taiwan in the last few days to put it mildly things are tense, edward lawrence with more from the white house. >> the administration trying to reset its relationship with china they have a trade agreement out of conflict so the u.s. trade representative is hinting she would like a new trade agreement with china one out of cooperation not conflict catherine ty says she will reopen the exclusion process for goods coming into the u.s. under tariffs from china she says she
1:05 pm
wants to help u.s. companies with that but also hinted she wants to work with china for the new trade agreement. >> there is a lot of talk about the coupling at the end of the day i don't have a good understanding of what everybody needs that is the issue perhaps, what are the goals were looking for, how can we have a trade relationship with china where we are occupying strong and robust positions. >> already talked with her counterpart, she plans to do it again this time she sees there is a common understanding the two sides can come to an order to reset the economic relationship, she may know it
1:06 pm
mention of getting china to enforce its intellectual property, china ignored the terms of the phase one trade deal in terms of buying goods and protecting company's intellectual property we will see how the software trade approach meshes with china's actual aggression toward taiwan, as you mentioned the past four days china has 145 planes into taiwan including fighter jets and bombers, 52 of the flights were on monday the largest increase in ever, in response the u.s. and the uk have moved to aircraft carriers each into the area on one side you have about attention and the other side the administration saying how can we lessen the tension and conflict. neil: that is incredible, thank you very much, edward lawrence following the development i want to go to jonathan hoenig, i think i'm in the middle of all of this, the default is to sell and ask questions later, is this overdoing it? >> when it comes to the debt,
1:07 pm
not at all what we should be worrying about as investors not a one-day collapse like we see today, is not a one-day collapse but the impact in the debt over the long-term government debt and government spending hurt the economy, this is not my estimation this is the analysis heritage had a wonderful piece showing governments with high debt with one point to percent without that debt go at 3.5% that's a major difference over the long term but even the shorter-term has higher interest rates, higher inflation in both of those in today's economy right here right now but altogether you see lower stock prices, lower growth, higher debt, higher inflation this is what joe biden spending is doing. neil: there's a lot to be said with the confusion and not able to work with each other on this or host of other matters, i beginning to wonder that in the frictions with china, it's not a great combination, is it? >> no especially since china is
1:08 pm
an actual benefit for our economy is strong chinese economy manifest into a strong american economy and we seen those chinese stocks manipulation and involvement in the economy, lower and lower so it's just been a matter of time, it caught up with their own economy and as goes china in many cases so goes the united states, the economy is falling. this time china is reflecting and we don't give a damn in the highflying names that want to launch in foreign markets mainly the united states we will go after the move we feel are getting too big for their britches we don't give a damn,
1:09 pm
they will continue to do so, we don't give a damn the world is outrage that were flying all of these hoardings over taiwan or near taiwan, clearly tempting fate that is a whole different positioning on the part of china i don't know if it's a test or side of things to come, what do you think. >> it hurts unfortunately as china's belligerent grows and as their intervention to their economy grows, hurts chinese citizens, the same thing goes for our own economy, today's economists, certainly joe biden and other democrats believe that government spending creates wealth the more government spends the wealth is created on the government spending is a mortgage on us and our work at effort and whether it's in the u.s. or china the bigger government grows the slower the economy and receive that play out around the world economy right now in china and the u.s. neil: let's say that they get a
1:10 pm
deal that if democrats can pull a rabbit out of their hat and secure the infrastructure only package interim the three and half trillion dollar massive spending plan, you and i know there are ways to get that in half and still not cut in half by shortening the expiration of popular programs and the like, it both passes, how will the market digests that. >> you could see a relief rally because there has been so much confusion so much uncertainty the market hates uncertainty but there's so much more clarity, i don't know how many huggies ballmer is going to sell next year end how the trillions of dollars that all of us will have to subsidize because the government spending if you get some kind of a deal you could see a relief rally but the damage is done look back to the obama years, obama spending policy shackled the economy is
1:11 pm
slowed economic growth and the slowest recovery in modern economic history that is my fear moving forward, not that were gonna have a dystopian collapse in the economy falling to a major crisis, but it grows into a long-term slow growth. just like japan, just like the obama years that's my fear obama spending for the short-term and the long-term as well. neil: you know, a lot of this is coming back from a period of the economy and you can blame spending that hasn't happened yet, i want to explore that in more detail and i want to explore what's going on with the chip shortages, don't move too far speaking of technology were not getting many more details on the widespread global tech outages with facebook, and instagram and whatsapp and a host of other big players where users cannot get on the site were once there there there frozen on the site so they turn the computer off and turn it back on, they don't know why the
1:12 pm
hell it's a mess, who started this were what started this, if you've heard this once before, i've heard this a thousand times before, happening again, stay with us. ♪
1:13 pm
hi, i'm steve and i live in austin, texas. i work as a personal assistant to the owner of a large manufacturing firm. i've got anywhere from 10 to 50 projects going at any given time. i absolutely have to be sharp. let me tell ya, i was struggling with my memory. it was going downhill. my friend recommended that i try prevagen and over time, it made a very significant difference
1:14 pm
in my memory and in my cognitive ability. i started to feel a much better sense of well-being. prevagen. healthier brain. better life. ♪ ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to unveil them to the world. ♪ it's moving day. and while her friends are doing the heavy lifting, to unveil them to the world. jess is busy moving her xfinity internet and tv services.
1:15 pm
it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. bogeys on your six, limu. they need customized car insurance from liberty mutual so they only pay for what they need. woooooooooooooo... we are not getting you a helicopter. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
1:16 pm
>> they cannot act independently facebook has shown profit over safety it is subsidizing a pain for its profits with our safety and i am hoping this will have a big enough impact on the world when they get the fortitude and the motivation to put the regulations into place. neil: the facebook whistleblower with a warning they should be aware of this, echoes the concern of my next guest 17 years old and she's trying to do something about it. she is part of the movement she's actually the founder of the ceo to log off and don't be so attached to the stuff, thank you for joining us. >> thank you, it's a pleasure to be here. neil: tell me what you're telling not only young people but that your initial target, to
1:17 pm
log off, what is your reaction. >> it is a movement to promoting healthy and conscious use of technology, were pursuing in one is promoting technology and realizing this is not a black-and-white problem it's about finding the new ones in the right balance of using social media. another one is supporting more authentic connection both with and without technology and third is advocating, advocating for humanized tech that can essentially align with our core values. neil: you come from a generation that obviously loves technology i have teenage sons of my own on multiple sites simultaneously and have no idea what they're doing but the fact is they could do it to the point that they associate a lot of people with whom they communicate with physical and physically there, i
1:18 pm
cannot relate to it as an old part but my point is it so built-in to sober the people's everyday lives, how do you get them off of that. >> that is a loaded question, the first thing is awareness why do we use technologies why it entered what is underlying intention i tell them to become aware of your social media usage and ask why am i responding to these external sugars and looking at my phone when i with family and friends and the awareness triggers an agency without agency comes a change in freedom and greater connection and positive and sustainable relationships and we can get so much when we use time better and that could be on or off screen. neil: may be going to the technology were having some difficulty through no fault of
1:19 pm
your own, thank you very much we'll see what happens on this front will become backup talking to mark cuban there is billions in the technology world that he has often got back it technology titan to say nothing of the establishment itself a whole host of things. he is next. >> mark and pick up a timing in 1999 you sold broadcast.com to yahoo and made you a billionaire many times over, no regrets about that one. >> no, not at all the technology was the worst it was it has gotten better but the market was crazy then and it's just as crazy now. neil: it wasn't so much about topping it was history repeating itself i've been following the market and technology for a long
1:20 pm
time, in the early '80s we had pc stocks in the mid 80s software stocks remember ashton tate and networking stocks, chip. neil: do you say that about your own company? >> it wasn't so much there's no there there, people were buying stocks and other people were buying stocks because i happen before i did not what if i got the outcome historically all the specialized trends in technology have led to 90% of the people being disappointed. neil: so far the money is yet to be become of the big technology a lot of people are losing money hand over fist what makes you so sure this is a latest bubble. >> there's a difference between buying a stock and buying a company in my case i saw an opportunity using my own money and my partner ty wagoner we put up her own cash, you don't bring in outside cash you only put in your own money, that versus buying stock in a company, that
1:21 pm
is not an investment in mice will go to las vegas, that's a big difference you have to be able to invest in companies another going to grow and the technology does something and has an upside in that market and if it doesn't, avoid it. neil: what do you think of the market now. >> i think it is crazy they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. - there is a very small radical group in our society
1:22 pm
1:23 pm
trying to browbeat and bully our fellow citizens into their control. why is this happening? what are they really trying to do? i share my findings in a brand new book, 'hope for this present crisis'. get your copy today and arm yourself against their misguided and destructive mission. - [narrator] in 'hope for this present crisis', doctor michael youssef presents a seven-part plan providing practical steps on how to be a godly influence in our society, and how to take a stand for our faith in a culture aggressively opposed to the truth.
1:24 pm
there is hope for this present crisis if we act now. this book is now available to you for just the cost of shipping and handling: $4.95, and if you order today, doctor youssef will also include the action guide: 'practical questions and answers for this present crisis'. call or go online today for your free copy. ♪ ♪ ♪ ♪
1:25 pm
♪ ♪ ♪ ♪ neil: markets starting on the negative, 360 points in nasdaq taking it on the chin is usually what happens when interest rates backup a lot of peabody novel september, rocky october i wonder if mark cuban is worried he came in here thinking while other zigzagging while finding an opportunity and selloffs and just opposite, mark doing this right now, an investor,
1:26 pm
philanthropist, owner of the mavericks, good to have you, thank you for joining us. >> thank you for having me on. >> were trying to address some audio issues. one thing i want to get your take on the market right now after the crazy september and dysfunction in washington and concerns about china backup rates that is in transitory are you worried for these markets? >> i'm having trouble with audio as well, i'm concerned where this is going on there is so many outside that are having an impact whether it's government, china, whether it's immigration, there's so many things that people are paying attention to it's really hard to know what to expect next. neil: crypto currency you have not shied people away from them but you have essentially said do
1:27 pm
your homework you said you don't have to become a bitcoin expert you need to have a handle on how it could affect your business, what did you mean by that? >> could you repeat the question. neil: you said on bitcoin you have to essentially do your homework referring to the possibility, not a lot of people are, does that worry you. >> bitcoin is a different animal, bitcoin is a great alternative stored value, is a better alternative, not a crypto is the same, bitcoin in one category and destroy value then you move to things like a theory on, it is a significant network because of the start contrast in the security and the distribution, their ability to distributed management i think you're going to see a lot of unique business applications occur like decentralized
1:28 pm
insurance application and ways to distribute nft use which allow for 3d printing files, textbooks somebody different applications into what we saw in the early days of the internet from analog to digital there is things that you can transition but you will see the same thing with crypto where smart contacts will create a whole new type of application it is significant impact on financial applications than on traditional business. neil: don't you accept bitcoin for mavericks game tickets and merchandise and that sort of thing? >> yes, yes we do, not a lot of people paying bitcoin it did increase a blast set, the stored value and they wanted to go up in value you will see people paying for, a lot of people pay and don't quite we sell thousands and thousands of dollars per month in the off-season and once it starts i expect that to happen per week
1:29 pm
and don't quite that is because it's easy to spend and it doesn't appreciate so much of people want to hold it forever. neil: when it comes to doegcoin i think he revealed he only had $500. >> yeah, now it's $1500 because i bought a little bit more for fun but i've never told anybody integrate investment i've often said it's a great way to get to understand how crypto currency works how to invest in the market into better investment than a lottery ticket if you're trying to hit a home run. neil: if any player wanted to be paid partly or in full, would you? >> yeah, it's no big deal but it'll end up the hub less money, the reason for that there is transaction cost from dollars to bitcoin and transfer it from them, it is easier for them to
1:30 pm
get paid in cash and by bitcoin on their own. let me ask you were talking about the mavericks in your policy on vaccination they got a show proof that they have been vaccinated that applies to your fans as well. >> two things our relationship with the players in terms of vaccination, that is driven by the collective bargaining agreement and negotiation with the union, that is done by the nba. neil: nba stated that policy right? >> yes, in terms of everybody else that work in the basketball side of operation of the business side we require vaccination. this whole issue of vaccination and they go to the preseason, they have to be vaccinated i believe masks as well are you afraid they just won't show up?
1:31 pm
>> two things, one if you have approve of vaccination that's good enough you upload it to our app and you do it one tightly year and if not and you have covid we want have proof that the natural immunity is working and if you don't have coated yet to show a negative test within the previous three days. if you vaccinated it's easy and if you're not vaccinated it's easy as well. neil: let me ask you of the national anthem and requires teams in the state to play the national anthem. do you do that now and you just follow the law. if we start playing the national anthem it's more because i wanted to see if anybody noticed. 13 games in.
1:32 pm
we won 12 games without playing it and we didn't have fans but all the media, all the players, all the staff, all the administration there are hundreds of people there nobody said a word i expected somebody to say something and we would go right back to it, that did happen and when it was noted that it became an issue i honestly had forgotten that we were playing it, i was fine with not playing it and i was fine in dealing with a response there was a lot of people that are appreciated and a lot of people who one and i got to learn both sides. neil: why did you play not to begin with simply because when you go to a game and when the anthem is typically played before the game starts while the anthem is being played there
1:33 pm
walking around not stopping, a lot of people want take their hats off, will put their hands over their heart, that bothers me i must stand up, put your hand over your heart guy and it bothered me a lot, to me it was like if they don't care enough to be there on time and they don't care and off to stop on the concourse, let's see if anybody really cares. neil: let me talk about what's going on in washington you are the target group to pay for this package, your taxes alone could pay for this package, that aside and wondering what you make of this push to tax the wealth, there are different ways and pops appear why it's in for income but wealth seems to be a moving target, what do you think of this. >> two things, we've been at 39.7% before, that's fine by me
1:34 pm
we've been higher than 25%, that's fine by me, am i happy with the way that the government spends it all the time, no but that's a different topic, in terms of taxing unrealized game that would be a disaster i don't think elizabeth warren knows all that she's talking about when she deals with this, she just likes to demonize people that are wealthy a and that's fine that's a great political move for her but i don't think that they really understand the implication of taxing unrealized gain, people are going to have to cell think that they would not sell and people would not make the same investment, the type of investments i might make on chart tank might be completely different if a company if i'm going to have to pay unrealized gains i might have to retain capital so i could pay taxes on unrealized gains i know it would change behavior in investment attitude and approaches and i also think it would hurt the market. i do understand what their goal
1:35 pm
is, i think their goal i think to help bring people up from the bottom to help reduce income inequality something that we definitely have to address but the way to do that is to tax unrealized gains i would have no problem if there was incentives or programs that incentive companies provide stock to employees, all employees and did something that created a ratio in terms of stocks to the issue to the ceo in the least paid employee because by giving or offering stock or options to the least paid of all you give them appreciable assets. and the only way to keep up with the top earners and those of the top wealth like myself is not to change the incentive for investing and tax unrealized gains, it is to enable appreciable assets for those
1:36 pm
that don't have them, that is a change that needs to happen. neil: can i ask you a political question, donald trump's seems to be all but running in 2024, i haven't said so but is doing all of the things for a potential candidate does. you are considering running in 2016 when it looked like he was, if he does again would you? >> no, no interest at all. again i didn't run before because of family and is just not something i want to do. i have always been a political until 2016 came along and i think i could have a greater impact in other areas i create in the cost-plus drug company were retaken on big pharma, other things in terms of drug discovery that will have an impact, i created the boot camp for underprivileged kids across the country, there's somebody different things that i'm able
1:37 pm
to do that have an impact that i think that is more important to me right now. neil: when donald trump is pulling even slightly better at joe biden at this point, it's very early, how would you feel if he returned to the white house? >> look would occur to show the there's no point of getting into those we will see what happens in 2023 and where were at. neil: workers policies better for you as a business man then joe biden now? >> look were only nine months into joe biden's term, how many ceos have you interviewed that have come into turnaround major corporations and nine months in or three-quarter zen what would you ask and why are you complete turned around, you can go ibm, ge, a number of companies that it brought a new ceos you don't turnaround, corporations and
1:38 pm
nine months let alone significant changes to a country, there is no point in arguing the policies of one verse other because were only nine months in. neil: when you say turnaround they will say he had nothing to turnaround before the pandemic hit and we were coming out of the pandemic, the economy was on fire, the unemployment rate up to three and half percent, there was nothing for him to turnaround what you make of the argument? >> the pandemic did hit in a hit during the previous administration and more power to them for initiating the vaccine that has been in a miracle and amazing and now you have to implement it and just like we dealt with the original pandemic we had to deal with the changes of the delta. and honestly i never thought there would be a vaccine hesitancy that there is, to me it's a miracle of science and the trump administration
1:39 pm
deserves credit for initiating it but now are having all these questions of why not to get it which is crazy, that is a type of an event that this administration has to deal with, in terms of what was good and what was bad, the last administration is something that i like and a lot of things i didn't like i didn't like the uncertainty, i didn't like the tweets and i didn't like him firing everybody and putting himself first but there was some business policies that were beneficial to me with abiding a administration i like that were trying to deal with income equality i think were doing it the wrong way i think it's smart to invest in education and healthcare, a long list of things that i look at his investments and other people look at investments. if you improve the education in preschool and grade school, that is going to pay dividends in the workforce going forward. there is so many things we need
1:40 pm
to invest in and how are we going to compete if were behind a.i., i think the biden administration is rightfully placing us there. neil: doesn't bother you that it cost so much money and a lot of things you're addressing are a part of this but not all of this. >> is an investment, the question is how much were spending the thomas return can we get on it, we know what the expenses right now when we don't help people with healthcare when we don't help people with education, when we don't help people go to work because they don't have day care, there is so many things that we continue to pay for, we hope it'll go away someday and it never will we need to make investments to change that, i'm all for spending investing, the comedy trillions of dollars are being
1:41 pm
invested in technology, believe it invested in the american people and believe in investing and putting people in a position to succeed, that's what a lot of the spending is, i think we completely undervalue intellectual capital in this country i think were much stronger technologically and economically then gdp represents, i think we do need to invest more but we do need to look into that as an investment, can we argue whether or not we have the best people in place to make those investments or enable those investments, absolutely i can talk all day long about how the political duopoly is horrible for this country and how we need to introduce ranked choice voting in a multi-system the one thing we know for certain is neither party is giving us a candidate and all candidates and politicians seem to candor to people they think will vote to them or donate in a primary and those are more
1:42 pm
extreme voters, there is so many things that need to take place in order for us to get to a place where this country is moving forward and a lot of it starts with how we choose and letter candidates and the politicians we vote for. neil: my producer will kill me but i love talking to you, it's clear you're not running for president right now, would you run for anything else? >> held no. neil: i will take that as a no. >> all run around with my kids. neil: mark cuban very good seeing you the owner of the dallas mavericks, interesting read on markets in sports and mandates and so much more, stay with us your fox business
1:43 pm
this isn't just freight. these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion, because it means everything to you.
1:44 pm
there's a different way to treat hiv. it's once-monthly injectable cabenuva. cabenuva is the only once-a-month, complete hiv treatment for adults who are undetectable. cabenuva helps keep me undetectable. it's two injections, given by a healthcare provider once a month. hiv pills aren't on my mind. i love being able to pick up and go. don't receive cabenuva if you're allergic to its ingredients or taking certain medicines, which may interact with cabenuva. serious side effects include allergic reactions post-injection reactions, liver problems,...and depression. if you have a rash and other allergic reaction symptoms, stop cabenuva and get medical help right away. tell your doctor if you have liver problems or mental health concerns, and if you are pregnant, breastfeeding, or considering pregnancy. some of the most common side effects include injection site reactions, fever, and tiredness. if you switch to cabenuva, attend all treatment appointments. with once-a-month cabenuva, i'm good to go. ask your doctor about once-monthly cabenuva.
1:45 pm
[ kimberly ] before clearchoice, my dental health was so bad i would be in a lot of pain. i was unable to eat. it was very hard. kimberly came to clearchoice with a bunch of missing teeth, struggling with pain, with dental disease. clearchoice dental implants solved her dental issues. [ kimberly ] i feel so much better. i feel energized to go outside and play with my daughter. i can ate anything. like, i don't have to worry. clearchoice changed my life.
1:46 pm
neil: the selloff continues but the best part back in new york to do the show and all my other
1:47 pm
shows i get to see charlie gasparino in person so will you, not in person but next, stay with us. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. it's another day. and anything could happen. whose resumes on indeed it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.
1:48 pm
as a dj, i know all about customization. that's why i love liberty mutual. they customize my car insurance, so i only pay for what i need. how about a throwback? ♪ liberty, liberty, liberty, liberty ♪ only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me
1:49 pm
a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? first psoriasis, then psoriatic arthritis. it was really holding me back. standing up... ...even walking was tough. my joints hurt. i was afraid things were going to get worse. i was always hiding, and that's just not me. not being there for my family, that hurt. woooo! i had to do something. i started cosentyx®. i'm feeling good. watch me. cosentyx helps people with psoriatic arthritis move, look, and feel better. it targets more than just joint pain and treats the multiple symptoms like joint swelling and tenderness, back pain, helps clear skin and helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections—some serious —and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms
1:50 pm
or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. neil: are you afraid they just won't show up? >> two things, if you have a proof of vaccination and you
1:51 pm
upload it to our app, that's all you need to do one time a year if not and you have covid we want to prove that the natural immunity is working and don't have covid you just have to show a negative test within the previous three days, if you vaccinated it is easy. neil: mark cuban owns the dallas mavericks he requires those attending games to be vaccinated and also wear masks, my buddy charlie gasparino, were happy to see him, that is an interesting policy. >> i thought the whole interview was interesting. corporations are in flux with this. neil: a couple of news headlines remember the ceo a couple months ago said september or else you have to be in the office in september they backed off we can. from fox business it is volunteer if you want to be in the office ship to have proof of vaccination or if not you can stay home that they're not mandating it, the big trust
1:52 pm
company, 180 if they saying you're not vaccinated within the next two months i think they give a deadline of november 9 if you vaccinated or need exemption religious or health reasons, if you do not go there or get vaccinated you could be terminated, that is more than trust and cuban has his thing if you want to come to my things you have to be vaccinated, what i found interesting was a trump's stuff you can tell mark despises that. he does not like donald but what i like about mark he gave donald trump credit for the economy where he dodged the vaccines in your question was the whole notion that joe biden is like a turnaround ceo. neil: he didn't need to be turned around, what plan is he living on. >> we had a rough 2020 we had
1:53 pm
lots of stimulus which basically narrowed the economic downturn the pn demo precession to certain industries, we know what they are when we came out in january we had operation warp speed allowing for a vaccine which is the best stimulus in the world in the economy was massively dramatically improving that was all trump's improvement, january 6, joe biden came in and now he's messing it up, he even admitted he was messing it up in elizabeth warren matzoh tax capital gain. neil: not a fan of the wealth tax. it seems the rich can always move their assets, the whole pandora is proof of that. >> he did start off rich. neil: he would have to sell assets and that's a moving target, here's what he didn't say, it is never the warren
1:54 pm
buffett, in the neil cavuto's, maybe that's okay, i'm sure your fans, if you think about it in your family of four or five and you live in long island, two earners you make 400 plus a year, it's not exactly living rich, you have to put your kids in school, that's where the bull's-eye is on your back, all of these taxes and all of this stuff. neil: you think this is part of the selloff the creepy notion that one way shape or form that this whole thing will happen not delayed or not as big but it's going to happen part of this is the reality of that sinking in. >> who knows it's a moving target joe manchin. neil: they need 50 votes, and 48. >> joe manchin caves in the end, that's the betting on wall street there's a big betting on
1:55 pm
wall street 95%. >> although the firms follow this all the taxes that he was talking about the big firms want to know how we tax them in their big customers, they say when we talk to the man and the woman, manchin caves but sinema is embodying don mccain. >> the mccain family supported her, she's not buckling she doesn't care about 3.5 trillion. neil: is she giving a number at all. >> manchin is a 1.5 and she's not said anything. she doesn't support anything. as of now things change, who the hell knows, it's fascinating, great job. it must feel like the first day back. neil: is very good to see it. i'm going to have to give you lunch somewhere else. neil: the last one closed. i was hoping you would treat me. thank you charlie, he's the best
1:56 pm
a lot of people think i'm joking i'm not joking there are business reporters and good ones all over the planet, he is the best and i have the proof and a lot of you write nasty comments and say that's not so, i'm telling you, he is, in-depth story. we will have more after this. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. ♪ ♪ markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. . . ah, they're getting so smart. choose the app that fits your investing style. ♪♪ 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.
1:57 pm
you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it.
1:58 pm
1:59 pm
2:00 pm
neil: all right. the selloff continues. we got word our trade representative katherine tai indeed spoken directly with her counterpart in china forcing the chinese to commit to the deal they made with president donald trump. so far china has been resisting a lot of that, so we're told china has been resisting but the conversation was short. i don't know about sweet but it's done and that, rift if you will continues. now to charles payne. charles. charles: neil, you look fantastic in the studio, great interview with mark cuban, my man. neil: thank you, my friend. good to see you. charles: you too, thanks. good afternoon, i'm charles payne this is "making money." breaking right now, markets stumble out of the gate. a number of concerns weighing heavily on wall street and investors. by the same token a lot of good stuff is happening including falling covid cases. where is the buy on dip crowd? we're looking for them. a lot to navigate but i have the experts to help you out. jay

37 Views

info Stream Only

Uploaded by TV Archive on