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tv   Cavuto Coast to Coast  FOX Business  October 8, 2021 12:00pm-2:00pm EDT

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spend watching tv? the answer is hours. three hours of varney, for everything else. according to the u.s. news & world report watching tv is the most popular leisure activity in america and guess which state watches the most tv? that would be west virginia with an average of 3 hours a day. as we leave you with the latest look at the markets it is a stick in neutral kind of day but it is friday and our time is up. neil cavuto, taken away. >> i don't know if i believe that. are they rely on people telling them how much they watch? ashley: i guess. people never lie. >> don't know how stupid i could have been to doubt it. have a wonderful weekend. we are having a wonderful time with the dow jones industrials appear, we've got a disappointing employment number.
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what juxtaposed against that is the hope that given the fact that job growth wasn't nearly as robust as we thought, maybe, maybe the federal reserve stands for a while, it doesn't start aggressively tapering if there is such a term and these is back on dialing back on the talk they are going to start buying fewer treasury securities, no way knowing where this is going to go but let's get a read on all of it from edward lawrence. >> reporter: the administrative in putting a positive spin on this report, 194,000 jobs were added back to the economy but last time we had fewer jobs added back was december of 2020 but labor secretary marty walsh pointing to the reason we need more government spending but as the president reversed course on economic policy from the former administration, and regulation on fossil fuels, cancel pipelines, band leases for drilling and federal lands
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the trend shows slowing of job creation, federal reserve chairman says 3 months is a trend, 366,000 and now 194,000. another problem the administration and federal reserve have, the fed chairman looks at laborforce participation and that is down to 61.6% on laborforce participation, the reason is 180,000 people left the labor force altogether, the labor secretary says more programs will fix it. >> a lot of people are thinking about work/life balance, talking about what is happening i talk to businesses, restaurants all the time and talk to workers all the time and lots of people i thinking wait a second. i'm looking at something new. that is why it is important to double down on efforts with job training, continue to work with states. >> reporter: we are waiting for
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comments from the president, they are delayed from the white house, the president in two hours, we have an economic briefing, no doubt the jobs report will be a big part of that. >> it is a delicate line. you can't grow too much about jobs environment because then you are repudiating the rationale behind the extra stimulus coming our way but you don't want to bury it either. they are in a tough position here. >> so is the federal reserve. this report, maybe enough jobs added to the economy to say we should start tapering but hold off on any rate increases. they would like to see both of them hold off well into next year to juice the economy, very difficult to navigate this but the trend is clear that we are creating less jobs or adding
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back less jobs month after month after month so far. neil: edward lawrence with more on that, the capitol hill correspondent, the little bit of a reprieve on the debt ceiling deal, the house is going to vote but they are not out of the woods by any means. >> no way, this was a long night last night waiting to find out what would happen and the bottom line is congress will raise the debt ceiling by half $1 trillion just to keep the lights on, to keep the country from defaulting for eight weeks. it is a temporary fix, temporary deal stuck between democrats and senate minority leader mitch mcconnell who was originally pushing democrats to go at it alone using a tricky process of reconciliation to
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get this done but in the end the two game together and got the 60 votes, 11 republicans joined democrats. what happened to the rest of the republicans? they are angry. many republicans into including lindsey graham and donald trump see this as caving to democrats when they feel they had all the bargaining power in this but this could be advantageous because it extends the chaos for democrats, kicking the can down the road to december 3rd when democrats have to come back to square one and face the debt crisis again and, by the way, try to figure out how to keep the government funded. despite taking mcconnell's offer, chuck schumer made a lot of republicans angry when he said this on the senate floor. >> republicans realize their obstruction was not going to work, despite immense
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opposition from leader mcconnell and members of his conference our caucus held together and we pulled our country back from the cliff's edge the republicans tried to push us over. >> reporter: that did not go over well, democratic senator joe manchin not happy about it. you see them behind schumer holding his head in his hand while schumer was blasting republicans. >> i didn't think it was appropriate at this time. i'm not going to be a part of that. >> this is the tension we are dealing with. the measure, the stopgap heads to the house next and the house looks like it will reconvene on tuesday to get this fully past. neil: the manchin has become a media meme. thank you, have a great weekend. let's go to grady.
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another development that has folks were readers oil, gas and they are both rocketing along with a sputtering jobs report that has people worried about stagflation and all that. tell us what you've got. >> reporter: gas prices are rising nationwide and california leading the way at $4.43 a gallon. we don't just have the highest prices but also the highest taxes making up 25% of what you pay at the pump. i am going to focus on the ones you are more familiar with. $0.18 in federal, $0.16 in sales, $0.51 in the state excise tax but that's not all. california also levied fees aimed at reducing carbon emissions, another $0.39 on top of that so any time you fill up your paying one dollar and
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$0.24 in taxes alone for each gallon. that has californians frustrated on that but the state excise tax is supposed to be used for road repairs but california has the worst road conditions in the nation. i drive every day, take my word for it and electric vehicle tax incentives mean gas drivers take on an unfair burden when it comes to that repair tax. >> all these vehicles contribute into road maintenance, there will be a hole in the business. you need to find a way they contribute to the funds so roads get maintained. >> reporter: lawmakers are talking about a mileage tax but experts are concerned about the privacy issues behind executing that, if you were hoping for a break at the pump anytime soon it is unlikely on top of taxes,
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prices are expected to rise with demand, supply chain issues, further reliance on foreign oil. wish i had better news for you this friday. ashley: thank you very much for following that. a tip of the hat to gary because when they were first starting to talk about the transitory stuff when it came to inflation, gary is a student of history, economic and otherwise. inflation is a short-lived event. looking like that is the case now. >> once the train leaves the tracks, people running the country had it wrong and continue to get it wrong. we don't even need opinions. in the last 3 weeks cotton which is nothing but up 20% in the last 3 weeks up 60% this
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year. you have oil, another record high, wheat and soybean and corn up 50% over the last year. this is all bad news, our gargantuan tax on business, the consumer really hurts the middle class, and lower income the most. i always said with gas, every $0.10 at the pump over one year is $10 billion out of the pockets of americans and we've got a bunch of 10 send tranches over the past year and nothing good comes from it. neil: that brings tears of stagflation, prices rising. do you see anything like that? >> not yet but the s&p 500 now at 4400 all of a sudden is 3500. that will be the stag part where the economy stalls, or
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worse, profits crumble, evaluations head higher because of it and you get a haircut and that is where you will see jay powell instead of tapering probably doubling the money printing to keep the markets from suffering. we are on very close watch right now especially when we are getting a little trend on employment that is growing the wrong way and if anything can get things in trouble, more people have less jobs as we move forward. hoping things get better but not thrilled with today's numbers. neil: the one half full glass version that the federal reserve is less inclined to start tapering or at least tapering as aggressively and that is buying fewer treasury securities to set the stage for next month. is that put off in your eyes? >> i believe so. i don't think it was tapering
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in november and even if they do, between us and european central bank we are printing $250 billion a month. if they decide to drop it it is still gargantuan and three times the amount of burning key in the depths of heck during the financial crisis. it will be gargantuan easy money no matter what but i think there may be a shelflife how markets continue to react to this. i have never watched markets more closely than i am watching right now because so many things under the surface scare the living heck out of me and that is prices going up, economic statistics going down all at the same time. neil: that is gaining a lot of traction. as a floridian, these big moves on the part of some big players who want to enjoy your sunshine state, kathy would hearing
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separately texas, elon musk attending to the lone star state from california. i have a feeling the low tax would appeal to both state. a lot more coming up including and college mea culpa from mark zuckerberg over at facebook but once again he is saying he will do everything right. here is the thing right. i said that about diets, they don't always pan out. ♪♪ having such a good time ♪♪ having a ball ♪♪ if you want to have a good time ♪♪ just give me a call ♪♪
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want to build the website that offers friends pictures and profile and talking about social experiences of college and putting it online. >> the inspiration behind facebook and he's a multibillionaire, the talk of the town, the embarrassing target and accusations are not all they say they are and mister zuckerberg might have misrepresenting some things in
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the past. he says all these allegations reveal whistleblower, much ado about nothing and furthermore wrong. the guy literally wrote the book on facebook is here. the antisocial network, games stock, hopefully looked at that phenomenon is itself being picked up for a film. good to have you. let me ask you first about zuckerberg's reaction to all these revelations and how he is handling it. >> that is what zuckerberg does, gets his fingers caught in the cookie jar and says we will do better. what usually happens, everyone complains and more people sign up to use facebook. zuckerberg proved again and
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again he can screw up and people will keep using facebook. >> i use as a proxy looking at the stock and it is down 3 or 4%, still very pricey, remains of tracy issue and i am thinking about that. it is bulletproof. what is the disconnect we are not getting? >> a few days ago facebook went down for a day and instagram went down for a day. he created a world which we are all addicted to and we use so many hours a day, as much as we like facets of it. it's not good for us but we can't stop using it and he knows that so he can keep apologizing but stock will keep going up.
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neil: for instagram my teenage sons, what do we do now? we can talk to each other and they left the room. let me ask about what is going on with game stop. people are looking at this as meme stocks are back, but some sort of anxiety about which of the meme stocks are back, are they really back, is this a set up? >> i really believe this was a revolutionary moment. the stock phenomena will occur again and again and emotion and sentiment and the power of the mob whether it be readit, twitter or something else is something we underestimated so i see this happening again and again. neil: it is a different analogy. is this akin to what happened in the late 90s, early 2000s
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when the internet boom went bust? a lot of things that went bust were those that didn't have a business model, whenever you think of games stock, there is a business model underlying that, is this a different case, how do you see it? >> i see it as different in the rather being a bubble, everyone gets excited, and you are seeing this collaboration, and social media. buying their stocks and it is a movement, and these bubbles happen again. it will not burst and go down, there are millions of people who want but whatever money on
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game start. >> >> to repudiate those who are shortselling or the establishment players doing that. the crowd also buys bitcoin or is it different. >> they buy dogecoin. it is more nihilistic than that. there are some fundamentals to it. the idea, not the fundamentals that matter. and it is no longer tethered to the crowd and the people who show their voice that way. >> the antisocial network.
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so you can live your life. that's life well planned. >> we are close to a global minimum tax, 140 nations have agreed to, the details coming in now. the turning point when ireland resisted the idea of base corporate tax rate of 15%. it was won over by the idea
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that the 15% rate will exclude small businesses and gives wiggle room for ireland to have the low rate that it does. the ideas companies that move their locations to dodge the taxman will be unable to dodge taxes period. the devil is in the details, far from a done deal but the staging and how those roles up, i will point out i don't know there is a quid pro quo but we were up on the dow, down 30 points, ireland's late move joined this movement, telegraphing that seals the deal and the global tax rate of 50% so everyone is looking at a minimum. we will keep you posted on that.
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and comic con, draws in all types and i mean all types and it was pretty much stymied by the pandemic where crowds couldn't gather and at the jacob javits center they are in there by the ton. lydia who is in the middle of that. >> reporter: i'm ready to beam you up to the bridge. i am here at the star trek exhibit at comic con. it is back in prison this year, one of the many exhibits that are on display but the convention does feel a little different because vaccinations are required for people over the age of 12, under 12 you have to prove a negative covid test and masks have to be worn by everyone attending but fans are not deterred. they are delighted. >> feels like no time has passed. i feel we were just here 5 seconds ago but i'm thrilled to be back. >> reporter: what are you most excited to do?
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>> the out with my friends and hear about the things we love. >> reporter: might not look at it but the event is capped at 150,000 people. usually 250,000 people attending the festivities over the weekend, a chance to grab memorabilia and snacks. the people that are here are so focused on the vendors and the activities and the celebrities making appearances throughout the weekend. william shatner was here yesterday to talk about his upcoming trip into space. he is expected to come back today. i'm told attracting a lot of attention. neil: i will be there. i'm coming as the hulk. you will hear me growling and yelling.
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back to some economic worries going forward. comic con notwithstanding. series worries for the ski industry, the vermont ski area association president on word that the demand is there but maybe the labor to provide it might not be there. what is going on? >> reporter: i want to say skiing is a $1.6 billion industry in vermont, important to our economy that we can hire the people we need. and other businesses and jobs in rural areas and a big part of the tourism sector. 13,000 people during the winter and we have a lot of people for hire as we ramp up 3 quarters of those jobs are seasonal winter jobs. in vermont we are facing two related issues, low unemployment rate of 3% and a shrinking workforce.
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neil: not like you are not incentivizing them or offering a good wage so what is it? >> ski areas are paying higher than minimum wage. minimum wage in vermont is $11.75, starting at $15 an hour and paying considerably more than that yet these increased starting wages are not helping ski areas find what they need. neil: what do you hear back? >> lack of people. we lost 30,000 people in a year and a half from the workforce in this state which is approaching 9% of the total workforce. that is pretty significant. we are seeing that not just in the ski industry or vermont but across the country having trouble staffing jobs and higher minimum wages, offering
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more benefits for seasonal employees, many ski areas have childcare centers that can make childcare available, we heard childcare or lack thereof is the reason people are not going back to work. we help people who need childcare to choose a job at a ski area. employee housing becoming increasingly important. vermont like many areas of the country facing housing shortage, trying to increase the amount of housing we can offer. neil: for those who want to go skiing, they will be waiting in line on some hillside areas that will be shut down, rolling shutdowns. how do you respond to this? >> a few things. we are seeing more automation, being able to buy your tickets before you go and pick them up at a kiosk when you get to the ski area. streamlining operations, more grab and go items rather than cooked order, prioritizing operations so we may well see a
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number of venues, we won't see all of them open this year, cross training, hiring of employees that can move to different departments as skiers demand changes throughout the day and training of year-round back to the house employees to fill those jobs. neil: keep us posted, hang in there and for you and your entire industry, it is a vital and important industry so hopefully things get better. and different countries around the planet signed onto a global corporate minimum tax of 15%. ireland one of the bigger holdouts is in on this. a lot of concessions made but it is all but a done deal, that is the big question. stocks off their highs on his other developers, oil prices going higher, not happening,
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the prospect that we have a sputtering economy, but bitcoin is a different world. i will explain that.
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you'll be unstoppable. that's why over 5,500 companies rely on prudential's retirement and workplace benefits. who's your rock? stuart: stocks not doing much, bonds don't doing much, but look at bitcoin, the last two days, when stocks were going one way it is only going one way and that is regardless what stocks are doing. as it moves over 54,$000 a coin. >> we having our own millennial this is boomer panel - what is this?
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inflation expectations, the new digital goal and given dismal jobs numbers, they will stay in place a little longer and pull back dramatically as quickly. they are still going to indicate -- neil: why would bitcoin benefit? >> not as dramatically, bonds removed instead of 20 or $30 billion at a time and oil prices at the highest, the prices at the pump, natural gas will cost a lot to heat your home. like a digital goal. neil: and olivet. >> there are hopes that in the last few months of this year we might get a bitcoin etf approved. chairman jay powell, we are not going to ban crypto currency. it is positive from bitcoin
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which disrupts 10,000 away, - 65,000 or so. watching the bitter boomers panel a lot of people my age were and people on the panel said it is fools gold. neil: the wheel came down. this is why we need to have a millennial versus boomer panel. neil: older people are in this too. >> it is a different world, younger people buy into bitcoin because there is deep mistrust of government. neil: you buy into it and make a quick buck. >> there's a lot of money around. neil: the generation does not -- >> to make the right decisions. neil: would you pour money you
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absolutely need into that investment? it is okay for somebody you don't need to see right away. >> i put money to crypto currency you don't need to pay rent or electricity. same thing. neil: you are not going to put money into something that is going to be a roller coaster. >> it is the same. there is no guarantee the stock will go up. what i'm saying in terms of the mentality of the younger generation why they love crypto currency, deep mistrust of the government but also the need for community and that is what crypto and ownership. neil: you are bitter millennials because you missed out on microsoft and all the ones that rocketed, netflix, there is this one. >> there are cases of crypto
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currency, ethereum, you can pay me sometime without going through the bank and do that directly now. neil: at least potential for this but not crazy money. >> buyer beware. i agree. outside of bitcoin, ethereum, those are the two - dogecoin, there might be some cases of adoption whether you can buy, mark cuban saying you can buy maverick merchandise using dogecoin. neil: the premise that only young people are getting into this, very dismissive view of my generation. >> we have low input yesterday, didn't get our thoughts across. neil: no need to shout. your in primetime? >> on television or something. neil: i got a call. we've got to go. you have to go right now. i will be right back after
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this. it will probably be a new host. stay with us. we are up 24 points, bitcoin rocketing away. all those young frisky buyers after this. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit
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neil: serving 10 million cyber shoppers, jeff bezos hand delivering himself a lucky customer's order. >> i think it was more fun for me. four years ago i was delivering all the packages to the post office in a chevy blazer. it is a big change. neil: the shares trembled steve jobs came back to set things right it is old home. >> a labor of love for suggests your mission statement to get apple back on track? >> apple started in my parents garage and we put a lot of years into it and apple has a lot to contribute. best thing about the internet is the technology keeps getting better. we like to say this is the worst the technology is going to be. neil: you had impeccable timing. it was in 1999 you sold
12:50 pm to yahoo, no regrets about that? >> not at all. the technology was the worst it has ever been. it got better. the market was crazy then and is as crazy now. neil: what do you think of bill gates on a personal level? >> i think bill gates is one of the most remarkable businesspeople who ever lived. neil: the lichen? >> i never like or dislike bill. it is an emotional reaction to him. neil: he is trying to kill you. not physically. >> bill is trying to kill everybody. neil: many people look at the gaming industry, there he goes again. only that he dominates our work lives and now trying to dominate our living room. >> we are about giving people empowering tools. if we can make a contribution in this space we think that is a fantastic thing. neil: they are saying you are trying to take over the world.
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>> building a great product. neil: i am not trying to take over the world. i'm talking to these tech titans and visionaries. one common theme we will explore later in the broadcast, they did when others say again don't by the consensus estimates or follow the doubters. they have their own inner confidence that this is going to work out. in the meantime another guy you could put in at categories elon musk and tesla which is headed to the lone star state, to texas. more on that, william. >> reporter: tesla join 74 other companies that already left california this year including hewlett-packard and oracle, almost half left for texas. news of this move brought
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applause from employees and others at tesla's annual shareholder meeting. why? according to elon musk the cost of housing, long commute, quality of life. >> it is tough to afford houses. taking it as far as possible, there is a limit to how big you can scale in the areas. >> musk says texas is more attractive to the pool of work he sees trying to hire from the bay area. homelessness and cry make it less than ideal. oversight california's aging infrastructure, taxes and the 500 state agencies that regulate business raising production costs when tesla faces emerging competition. last year musk referred to california bureaucrats as fascists when they shut down his to the plant over covid and he moved to austin to be close
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to the to the factory and his of the company, space x. >> the highest income tax rate in california is 13.5% and in texas the income tax rate is 0 and that created an incredible competitive advantage to states like texas. >> this move is about what is good for tesla but there is a political backdrop between red state texas, blue california over what kind of policies promote the best place to live and work. some see this as a ding on governor newsom is a win for governor abbott. neil: to show you the trend william was talking about, arc investment and tesla investor, we should point out she too is moving to a low tax environment, st. petersburg, florida but that trend does continue.
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we are waiting to hear from the president of the united states. he is going to do a little crowing we are told about the jobs report today. >> president biden: for the first time since march of 2020 the unemployment rate is below 5%. in eight month since i became president in the midst of a grave public health and economic crisis unemployment rate is now down below 5% at 4.8%. let me repeat that. today's report, the unemployment rate down to 4.8%. a significant improvement from when i took office at a sign that our recovery is moving forward even in the face of the covid pandemic. that improvement was widespread. unemployment for hispanic workers was down in the unemployment rate for african-americans fell 1% and it is below 8% from the first time in 17 months, a drop of 496,000 in long-term unemployment is a separate the second largest and we started keeping records.
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the largest was in july. in the last 3 months we've seen a drop of 1.3 million long-term unemployed, the largest long-term unemployment since we started keeping records in 1948. more to do but great progress. working americans are seeing paychecks go up as well. in september we saw one of the largest increases. working americans on record. today's report comes one day after the labor department found in the third quarter of this year the number of layoffs and job reductions since 1997. overall the an employment report shows almost 600,000 jobs were created last month. over 300,000 in the private sector and 26,000 in manufacturing offset by seasonal adjustments in education hiring. the monthly totals bounce
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around but the trend is solid. 600,000 new jobs created every month since i took office and in three months before i got there, that was one tenth what was being created, 60 to 60,000 as opposed to 600,000 jobs a month. the job creation in the first 8 month of my administration, 5 million jobs, jobs up, wages up, unemployment down. that is progress. battling through this pandemic, working to keep businesses afloat. today's report is based on a survey that was taken during the week of september 13th. not today, september 13th. when covid cases were averaging 150,000 per day. since then we've seen daily
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cases fall by more than one third and continuing to trend down, we are continuing to make progress. right now those in washington as you know are awfully noisy. turn on the news and every conversation is a confrontation, every disagreement is a crisis. but when you take a step back, look at what is happening, we are making real progress. maybe it doesn't seem fast enough. i would like to see a faster and we are going to make it faster. maybe it doesn't appear dramatic enough. i would like to move it faster. we are making consistent, steady progress and thanks to bipartisan agreement, we are making progress on funding the government and raising the debt limit so people can get through social security checks, military continues to get paid at so much world we are making real progress on covid 19 as well. more than 186 million americans are fully vaccinated. more than 75% of eligible
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americans have gotten at least one shot and covid cases are down 40% in the past month. hospitalization is down 25%. in july when i announced the first vaccination requirement, 95 million eligible americans had not been vaccinated. today we reduced that from 95, 267 million eligible americans that haven't been vaccinated. that is so much too much. there is much to do including getting more people vaccinated. but we continue to make progress, progress. the american rescue plan, which was passed shortly after i was elected we made progress providing rent and mortgage relief, keeping roofs over people's heads. we provided checks in pocket so families can put food on the table for their family. hundreds of thousands in loans to help small businesses stay open and keep employees getting paid. today, towns and cities and
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states that were at risk of losing hundreds of thousands of jobs before because they didn't have the budget to pay, we help to make their payroll for them so they could keep teachers, police officers, firefighters, essential workers on the job. helping school stay open with the equipment and resources needed to keep students and educators safe. and we >> to families with children providing monthly checks for more families with 60 million children. 300 per mongt for every child under age of 7, $250 under the age of 17. keeping the tax cut, it is a tax cult for these people. and cutting child poverty nearly in half. over 40%. we're making progress protecting our air and water as well and natural land much more to do an elle have more to say about that later today. the jobs numbers also remind us that we have important work heated of us and important investmentings we need to make. america is still the largest economy in the world.
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we still have the most product eve workers and most innovative minds in the world but we risk losing our edge as a nation if we don't move. our infrastructure used to be the best in the world. today according to world form united states is sth in the world. 13th on infrastructure roads bridges, ports, et cetera. we're among the first in the world to guarantee access to universal education back at the turn of the 20th century. now, organization of economic corporation and development catch this, ranks america 35 out of 37 major economies. when it comes to investing in early childhood education as a percent gdp -- 37 of all of these invest that time fuel strong economy, we've taken our foot off the gas. and the world has taken notice. including our adversaries, and now they're closing the gap.
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look, since we have to regain momentum we lost as my wife say it is in the profession any country without education willout compete us the work of our time is prepare ourselves to be competitive to win the fast change 21st century global economy. that's why i propose two critical pieces of legislation being debated in washington here right now. one focus on the investments we need to make a physical infrastructure america. roads, bridges, ports, et cetera. the second focus on the investors to make in american people to mac us more competitive i know this is my legislation and i feel strongly about it. but the people who have the most at steak are the american people. so we need to stay focused on what these bills will mean to the people who are just looking for a little bit of breathing room. a fair chance to build a decent middle class lives.
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to succeed and thrive and instead of hanging on by their fingernails we need to keep an eye, an eye on what's fundamentally at stake for our country to compete and win the race of the 21st century as we did the 20th century. a race that other countries are doing everything they can to win. and recent years, china has spent around 3 times as much on infrastructure, three times as much as share of its economy to the united states has. our infrastructure bill makes investments we need to rebuild, the arteries of our economies, the roads, highways, the bridges, the ports, airports, the rails. and going to allow us to replace lead and water types when are poisoning our children and families. it is ridiculous. build a mods earn energy grid that will withstand tomorrow and carry renewable energy across america. make high speed internet affordable and available to everywhere in america and good union jobs in the process of
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putting that together we're going make largest investment of public transit many american history and make most important investment since amtrak 50 yearing ago but not enough to invest in physical infrastructure but lead the world like we used to if we're going to do that we have to also invest in our people. that's what my second bill does. the build back better plan. that's what it does. today, only about half of the three and four-year-olds in america are enrolled in early childhood education. early childhood education -- in germany, france, the u.k., latvia that number is more than 90%. we're falling behind. it is not just early education. according to one study, america ranks catch this, america ranks 33rd out of the 44 advance economies when it comes to the percentage of our young people who have attained a post high
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school degree. united states, 33rd out of 44? my build back better plan gets us back on track to making four additional years of public education available for every person in america. two years of high quality preschool in the front end indicates indicates that over 56% of the children can go through all 12 years and beyond without any interruption. and investments in community college, so our student can gain skills they need to carve out a piece of place for themselves in the 21st century economy and help build families. we're going help them afford to care for their new baby. a child, a elderly relative. it is gopg to extend tax credit for families with children. it is going to help us meet the moment on climate change, and become a global leader in the fast growing clean energy industries like solar, and wind
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power. the whole world know that the future of the autoindustry is electric, electric and battery technology. we need to make sure america builds that future and instead of falling behind. we should build those vehicles. and the batteries that go into them. and the charging stations that are going to need to 500,000 to build across america. here in the united states we should be doing this. and look, if we get this done, we're going to breathe new life into our economy and our work force and we're going to breathe cleaner air at the same time. these are the kinds of investments that will get america back in the game. and give our workers a chance a fighting chance. economists left right and center agree, earlier this year, moodies on wall street projected that investment in bills will bring us higher gdp and additional 2 million jobs per year and lower unemployment. these bills are not about left
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versus right. or modern very or progressive that puts americans against one another these are about competitiveness versus complacency. opportunity versus decay. they're about leading the world or whether going to let the world pass us by. america people understand what's at stake here. they understand that when workers and families have a better shot, america is a better shot. give it half a chance american people have never, ever, ever let their country down. today, receive more evidence in the progress we're making. i know we can make a lot more in the days ahead. i want to thank you. god bless you all, and may god protect our troops. thank you very much. [inaudible conversations] >> the president not taking any
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questions saying that the employment report that was out today deemed by everyone who looked at it is disappointing focus on half glass full that itself dipped to 4.8% and still jobs gained 194,000 not the 500,000 that many were expecting. the fact of the matter is, though, this sputtering continues president says that good for that will be the very measures of that being debated right now on capitol hill including build back better plan at this time has a price tag of $3.5 trillion bring it down to 2 trillion or so see how that goes. we have former u.s. labor secretary with us eugene scalia secretary good to see you president is essentially saying that trend continues to be his friend and we're a lot better off than when you and trump administration were in power. what did you think of that? >> well, we've been putting jobs back and growing for more than a
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year. neil, and so it's not, that's not been a result of the measures the president put in place in february. this was -- a halting report as was last months. that growth weaves been seeing is dispointed us two months in a row come out about 700,000 dollars short or i'm sorry jobs short over the last go months where we expected to be. so it's plainly a disappointing report. you know, we know that september is when the delta virus was peaking and that has combined effect of -- causing some consumers to go out and worker hesitancy too so those were factors but they were baked into the expectations we fell short so it is a disappointing report but i want to emphasize this neil and we've talked about it before. picture varies enormously state by state, and we know for example, that new york and california have unemployment up
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and around 7 and a half percent. new york has lost about 8% of its jobs since february 2020 when the virus about when the virus hit us. so it is having a really hard putting people back to work so is california. that's why we think developments like on your last segment tesla going to taxes that is all of churn in the economy and going on as well. neil: i'm curious, though, why jobs still go begging right we have a record what close to 10 million of job opportunities out there. you have companies like fedex that 20,000 job openings having a time filling them. you know, wal-mart, target, fidelity looking to hire tens of thousands in the weeks and months ahead. but having -- a tough time getting folks interested. what is going on here? >> well, this also, neil, is a situation that is existed even since even before the virus.
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we've had huge command for workers but you it is actually 11 million according to last report. 11 million open jobs which is -- far away all time record we'll see a new job opening report on tuesday. we'll be interesting to see what's there and it is pretty striking that you've got 11 million job openings, and you can only put -- fewer than 200,000 people back to work. now, i do believe that the over generous unemployment benefits that were continued in february have had an effect they expired early in september. but i think there's a lingering impact there we'll see. there's plainly also worker hesitancy going back to the work place because of covid. but or there other factor we just see labor participation rate overall:ing too. so that's concerning, and i think the other concern will be on the demand side long-term,
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neil, as employers face uncertainty with the president regulatory agenda leak a vaccine mandate. my clients are certainly waiting to see what that will require and tabs and regulatory agenda too those could be -- serious impacts on employment facing us down the road. neil: former labor of the secretary of the united states thank you for seeing you. compounded by the fact whether you have a job or not just getting goods or anything into this country is stymied stopped if you're out of the port of long beach, california where you'll find our jonathon hunt in the middle of all of that. what's geng on there? reporter: neil almost 50% of all sea born cargo that comes into the entire united states comes here through the twin forks of long beach, and los angeles. and right now offshore, there are some 0 -- 60 or so waiting to get into
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dock that simply cannot get in. you can see it very clearly if you look at the marine traffic map all of those ships mark there all just waiting. so what does that mean in terms of goods headed to the shelves? well, the average container shp these days can carry around 15,000 of those containers. that means that one ship could carry about 120 million pairs of sneakers, 250 million ipads, or 700 million cans of beans, for instance. or any of the can food you multiply that by 60 that is how much is offshore and according to the port director here it is simply a case of a bottleneck right now. listen here. >> it is like bringing ten freeway traffic into five right here at the port. our american importers are really struggling to ingest cargo into their domestic supply chains. reporter: now, wait times for
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ship offher to are currently around 10 days prepandemic. it was zero days and part of the problem is offloading them here onshore they're simply aren't enough truck because trucking companies are struggling to get drivers and if you can't get the drivers, you can't get the goods on to the trucks, you can't get them on to shelves. it is going to affect holiday shipping according to the experts, and while places like wal-mart, amazon, target will all survive. concern among the toy industry for instance, is for the small mom and pop stores on main street, listen here. >> our industry is made up of almost 95% of small companies. and they really exist for the holiday buying season. and if they can't get their cargo over in time for the holidays, we for many of these small companies will go out of business they just won't be able to make it. reporter: you can find it in pretty much any store these days, neil, whether it is a
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wal-mart, target, or your local grocery store. the shelves are getting more and more bare buying limits are being introduced for instance i went shopping for halloween decorations for my house the other day. frankly it is a horror show out there can't get anything i need. neil. neil: an they knew who you remember not like they have for the hunt family -- man. that's bad news. jonathon thank you. thank you my friend for that update i think -- well you know, what it is difficult enough to just gauge whether you're going to have presents to put under the tree but maybe no tree as well? yeah that's a possibility brady trimble in chicago with that side of the story. graddy. >> we're sticking with that holiday theme today and i know christmas i counted 78 days away. but the american christmas tree association says you should get your tree early this year. because there might be fewer of
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them in retail stores. that's because of extreme droughts in the pacific northwest and midwest where trees are grown and supply chain challenges inland on trucks and other types of transport. that could mean fewer trees at retail stores and not just real trees but artificial trees as well because of supply chain strain. retailers are also predicting big holiday gatherings are going to be back this year after so many americans paired down holiday events last year during the covid outbreak. sames club, for example is stocking up on bigger turkeys, expecting americans to gobble those up and they're also doubling size of popular side dash mash sweet potatoes after shrinking them for holidays in 2020 if you're thinking about getting yrgs or a loved one a car, for christmas, that's likely beginning to cost you more. price dealers pay for used vehicles jumped 5% from august
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to september after falling for much of the summer and used vehicle value index hit a new high in september and is up about 27% year over year. this shows us two things. one, that dealers are still struggling to fill lots amid the chip shortage. but that index has also become an important inflation indicator. the fact that it is once again on the rise, after falling during the summer could indicate that not just the cost of cars, but everything else is going up as well. don't, i know i'm barer of bad news but don't call me the grinch please. neil: i think you're the grinch it goes together. thank you. i think -- you and jonathon tag team effort here. i want to leave you with all of the news being so grim we're getting new figures on the u.s. daily covid case count. and right now falling below 100,000 this is for the first time since early august so
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had a lot of lemons thrown at them and they have some opportunities to do things bit differently. to squeeze out some opportunity ellen hospital group owner, very, very big in the philadelphia area, expanding right now and outdoor dining as something that is a growth area i would sewel right ellen? >> absolutely. i think that especially with -- concerns about the delta variant that more and more guests are interested in eating outside even though weather is starting to turn cold. >> i don't know how it is but in new york i see this outdoor dining set up and being made, if they're keeping open longer but they spill out into the street and they limit traffic do you run into any resistance? >> well, we have a few restaurants with street, one is on majority street in downtown, philadelphia which is main
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thoroughfare and extremely wide. in order to make it feel that you're not sitting in middle of a four lane, you know, corridor, we created a shelter that -- feels secluded when traffic goes by you're not feeling like you're about to get hit by a car. neil: that's a good thing. a very good thing. you know what, the rules different then because i asked restaurant owners here since we've been doing our show in the city about rules are. on that that if you have an outdoor area, do the same rules apply it would be an indoor or just an alternative and maybe one that you know patrons can accept and being in your actual formal restaurant? >> right, so are rules the same you don't have to wear a mask outside but you have to wear a mask in our restaurant and high street on hudson you have to show your vaccination card.
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and -- neil: is that a requirement in philadelphia? >> one of our restaurants we do require vaccination because this is very small format but generally speaking in the street because they are open air we don't require open mask or vaccination card and it is comfortable but it isn't exactly sitting the same as inside. you know, we have learned so much from this fire year last year we were just keeping everything together as we cannily as we possibly could responding to all of the changes and shut downs reopenings -- and so our street was heated by propane tank and so, you know, being in the downtown area, we don't really have a safe space to store all of the propane so we were having it delivered every single day, and you know, these tanks last maybe six to eight hours of service. so you're constantly repunishing them an so much competition for the propane.
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so this year we're installing electric infrared heaters so that we can make sure that the six foot area they heat keeps people warmer. will still continue to have propane tank on outer perimeter of the street which isn't as sheltered as street. but i think it is a great experience, i mean, makes you feel like you're in europe. you know, walking down street seeing street, of course -- you know, there are good players and bad players, and you know, we all try to respect that there are neighbors and residents living around us that you know, want to make sure that their quality of life is respected but generally speaking it has been a great success we've been able to expand our seating capacity even though our indoors may not be able to accommodate the number of people. neil: clearly that is working for you ellen high school hospitality group owner for philadelphia area but onl one
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neil: what do you think is driving all of this? >> well i think as fox news goes it is simple it is powerful, it is very good. and it is very balanced. and you know, everybody else i read newspaper, and every maybe, but for the most newspapers. said television networks all one side and some liberal side of things and where i think the
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population of this country is pretty worried about its direction. and you know, they turn to fox news. neil: when you see the criticism in the media criticism you personally or fox news, or fox anything period, do you just look at numbers like this and say bring it on? bring it on? >> it is good for ratings. absolutely. [laughter] neil: that guy looks so familiar. so familiar. we've had a conversation with many brilliant leaders like rupert murdoch and look what 25 years ago against enormous odds keep in mind murdoch was one had the write big checks to make it all possible amid so much criticism and so much doubt and so many nay sayers, and ted says squoosh like a bug and hope that it was going to work and it did and it was a profitability investment multibillion dollar
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behemoth but i notice that about visionary and ceo go beyond being chief executives they see opportunities where others see only doom and gloom and they have uncanny ability to go against consensus because they are so damn convinced they're right. and more often than not the great ones, the real great ones, are. take a look. ♪ ♪ >> you're watching cavuto report and behind boardroom segment today. dubbing him quiz kid of wall street. how much of what you've been able to orchestrate jamie has been helped by a great stock market today is a good example. >> no question everybody in our business has benefited by fabulous market. >> a personal question. >> go ahead. politics, interested? >> not really, no. >> i'll say you would be the guy. >> but didn't we also talk about what we want to do when we grow up and it doesn't seem superior these two.
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>> you know what legendary investment john wanted to think when they heard the words wall street? main street. >> index fund is becomings useless. a low cost index fund. if you want to make a lot of money, the manager response you want to make a lot of money they're putting cost i think grossly accepted on the front. >> i consider people and partners running company we ran it together. >> when you control -- investing stock don't you? >> i control this interview too. [laughter] >> one more they think. if you can peenged a better car, buy it. please -- it is great to see you. >> elvis has entered the building. how important is the guy who runs the company to the company's image? >> very important i don't suggest everybody do commercials we have brupght, and agent talk me into it said you're a guy who has to say instead of being a select you have to go tbhak afternoon make sure cars don't leak and rattle.
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you have a job of doing that. >> sent 16 million out of his pocket to become mayor of new york city but what the feisty self-made billionaire michael bloomberg does now is anyone's guess. >> daunting task but a great or challenge for everybody not just for me. >> you're used to being the guy in charge you call the shots. >> no i have 8,000 people, the company that i work with. i work with them. and that's why we've been successful. ♪ ♪ neil: he's considered one of the most controversial billionaires on the planet last time i check a lot of billionaires on the planet george is back with us do you see a slowdown in agree with you but it is a slowdown next year a recession or worse, a housing bubble or -- worse? >> that actually i honestly am very much on the fence at mr. speakers. because there's no question that the housing bubble is being deflated.
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but there are other positive developments that may counterbalance it. >> perhaps most polarizing figures in corporate america today one message ceo getting most from their secretary. carl icahn on line one. here's a no-brainer. i can make i don't know genius managing companies. i can go to the company and any company we go in to 30% make that company turn it around which i've done over and over and over again and i'm not a manager it tell use one simple thing. companies many of them are terribly run and there's no accountability. i'm from queens i grew up in streets only in this country. this great country, only here could i have done what i've done. >> jack welch changed a company but arguably a country. >> you have to get to people from a certain level that goes beyond just -- and that is what we need. >> your job sz a leader is to get in the skin of everybody.
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show them where you're going how you're going to get that and what is in it for them when you get there. you get three things going, and then you've got it. >> one of america most iconic beloved company home depot celebrating 40 years ago in atlanta, georgia this day. you were starting an environment like we have lower taxes, stable environment. what do you think? >> first of all, it would be very difficult today. the government is really working against you. a cornerstone of all belief from day one, was the people of the store. we always believed that if this was beginning to work, we had another get the right people an motivate them and after we got them we have to respect them. >> he may be italian but he's my brother. brothers from different mothers. >> exactly, we are. ♪ ♪ neil: section last, founding home depot in the middle of one
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of the most severe recessions during carter years with the concept that people wanted to go to one big giant warehouse of the store to get all of their household needs. and neither of them has one handy bone in their body. is this a great country or what? more after this. that was quick. and rewarding. i earn 3% cash back at drugstores with chase freedom unlimited. that means i earn on my bug spray and my sunscreen. you ready to go fishing? i got the bait. i also earn 5% on travel purchased through chase on this rental car. that lake is calling my name! don't you get seasick? we'll find out! come on. and i earn 3% on dining including takeout. so much for catching our dinner. some people are hunters. some are gatherers. i'm a diner. pow! earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. ♪♪ ♪♪
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tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. neil: all right take a look at bitcoin what's going on right now. it is percolating again, you know, you have the chinese piling on you have maybe your own scc looking to pile on here and doubters some buyers whether this has any lasting value to my buddy charlie gasparino best hires in 25 years i would include hem in that bunch. what do you think? >> i was blown away by the 25-year reel that you just ran. everybody from bloomberg -- to people forget how good of an
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newscast george soros was and read some of his books meek bloomberg, i couldn't laugh but say when i work with the people. if you know anything about mike bloomberg -- my point mike is king. [laughter] okay. so anyway just congratulations. neil: thank you very much. let's talk a little bit about what's happening. >> i want to tell everybody here i don't make stock or investment recommendations i tell you what i'm hearing in markets -- neil: market recommendations. >> the great restaurant last night from bruno it was delicious. from his brother gerardo night before great stuff. but i don't recommend anything and not recommending bitcoin here's what's gong on from market that people that know about this and in it. just bear with me with these numbers they think there's going to be a massive spike in bitcoin. here's how they're rationalizing it about 85% of bitcoin in circulation has not moved in the
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last 90 days. so people are, obviously, hoarding this stuff. thinking that there's going to be a spike. the last time they hoarded this thing in this level an you know people follow technical analysis you've had to remember the chart man what's his name gary -- chart follows a technical analysis of crypto last thing we have something like that 5% was stagnant was in 2017 you saw a real bold market in bitcoin it rose from 6,000 to 20,000 now it is, obviously, up 50 plus. this is -- got the whole cryptoworld talking we could see bitcoin price double where we are right now. based on those factors. now, topght say this, do your research. there's always a counterargument you know i can tells you it may start raising race and who knows what happens with bitcoin if defense raises. bitcoin price and price of a lot of cryptos are inflated by bubble atmosphere so much money
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sloshing around system and liquidity to impact them. yeah, scandals government crackdown and gary saying you know, i don't like, you know, he says he likes bitcoin maybe tomorrow he says he doesn't like it these are external treasury is afraid and maybe janet yellen says we can't have a alternative banking swm crypto but i'm talking to people that are saying these are smart people that are not bubble people. that this thing is going to break out. and it is breaking out because of the weird technical thing with market right now. neil: but anyone -- >> that is anyone's guess. my view is if you made a lot of money on something, you know ace greenburg i'm after phrasing what he said when i was a kid covering him. but i need to become a good investor well he never really sat on his loss very long, and he cashed out of his wins. you know, he would say if he
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wrote bitcoin from 6,000 to 50 a million other investments to make money on why take the chance beyond here. just so you know there's a way of that's how he's played it and by the way, he was the best you never heard him in back end of a major loss. you know what i'm saying one of the problems stern ads when one of the reason why it blew up because it was not channeling ice greenburg back in 2010, 2008. neil: that's an excellent point. >> i'm laying out there what's out there in the -- neil: got it in >> in the crypto world. you know caveat em. >> he's said i love cavuto. >> i don't to be on his bad side. >> he wants to interview you for his bodybuilding column. he writes in all caps. [laughter] neil: who doesn't? all your friends? cut out magazine letters. charlie -- gasparino, well what they're
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saying not about your writing and all caps thawfl. and all of that and be of interest to my next guest steven is to his companies to essentially offer crypto a checkout so that is getting to be a growing demanding seeing more establishments except bitcoin steven what do you make what have you just heard there. there could be something in the technical wins here that support bitcoin maybe even doubling price wise from here? >> well i tell you, charlie got me very excited so great to hear that. i haven't heard that myself. but -- prices -- neil: but you're finding there's an avenue for this. i mean, who is interested going so far as to accept payments to even make it the only payment they accept not very few of those. but certainly thing gaining traction here. >> well we do actually are some companies with crypto often it
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is for international transactions with the risk of a credit card transaction fraudulent credit card transaction much higher. but you know companies like tax who started accepting crypto with us, you know they find there's a demographic of customers out there and we help them market and sell their products and services to, you know, people that have cryptocurrency. neil: do you worry steven about crackdown certainly in china that's one thing but united states sounds to me like more rule, regulations, i mean, fcc is calling if the wild west he wants to get it urnghtd control does that worry him? >> you know, i guess a little bit. maybe mistacks will be matte in terms of evolving regulations around it. but you know there's a genuine concern there you don't want to enable criminals who make use of the new technologies and new platforms to get away with it. so if we do, always follows the
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regulations. you know, under certain circumstances we're required to collect information on users platform, and you know we've been pretty good over the years of mitigating risk of criminal use of at least our platform. >> neil: that's a very good idea steven the ceo. we're still following oil and energy price they've had a big runup this week. gas prices highest thaifs been in seven years. could they go even higher? after this.
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neil: you know what so much for being a fleeting or transitory phenomenon gas prices rocket depending on day, of course, but right now we are in and out of seven-year highs and could go higher and oddly enough. i don't think it is supposed to be accelerating this time of year certainly in the summer you can see it. but now what's beginning on patrick dion joins us gas buddy head of petroleum analysis patrick always great to have you. why is it still going on?
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and i can see this faster than it was in the summer travel season. but what's going on now? >> yeah. neil, we turned into a bits of a global energy crunch what's beginning on with china, local inventory and huge rally of natural gas prices also pulling crude oil prices quite high on the fact that some of these natural gas electrical generation facilities can start running crude oil so we're simply at a point where demand shows no sign of slowing, and, of course, opec met earlier this week to discuss further increasing production. you'll remember back in july, of course, they did increase production every month. but monday did not go above and beyond what they have already reach and that disappointed marketses with demand continuing to be high, we continue to see oil prices go up and unfortunately drivers noticing that at the pump, and not likely to slow down any time soon it
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appears. >> one and two with latest news that we're really getting, taking, you know, the hurt out of the latest covid cases now under 100,000 first time i think since july someone in the energy markets could read that as a sign demand is going to build again because worry and the concern about a slowdown -- is ebbing so gas prices continue rising. what do you make of that argument? >> you know, demand for gasoline is continued to be strong now we've long said since the start of the pandemic right that the delta or other variants could be a wild card in gasoline consumption but i think we are to the point now where it is not impeding demand at all americans are getting out and about and vaccinated in some cases they're not but not slowing everyone down. everyone has been in this boat for the last what 18 months, and so far the delta variant really hasn't had much impact here in the u.s.
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globally that may be another situation in china they're trying to clamp down on that. but all things here really point of pointing that oil in demand is highser and supply is not growing along with it. neil: how did people adjust to higher prices and we know that -- grocery shoppers that if the port gets expensive they will move to chicken and high end beef is expensive they'll move to burgers i don't know if people normally get supreme for their car go to regular unleaded, i don't know if that kind of thing happens. but what do you notice? >> well it did, neil, early in pandemic when gas prices plummeted, we did see an up tick in amount of people putting premium in their cars whether or not they needed it that is another question. but as prices go, of course, price sensitivity whroong it, people are likely to stray away from premium but those that need gasoline need it don't need to trade your car in for a pricey tesla. what we notice, of course, there's more option of those that are using the gas buddy app
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as prices go up. neil: so if you have to look at where gas will be in december. what do you think? >> i think we probably have a strong livelihood that we could be in a little bit higher, of course, as you mention neil starting this segment. this is a time that motorist are not to prices going up but prices go down but entering territory where prices are likely to continue going up into the end of the year neil, what does this do to american consumer during the holiday shopping season? i think this is going to be a little bit depressing and could impact how much people spend. neil: all right we'll watch it very closely patrick dion gas buddy head of petroleum analysis there. inflation nothing short lived about what patrick was talking about he was ahead of the curve on that. we're devoting special show to all of this, on october 13th we want to hear from you invested it in you at what are you worried about a lot of good questions people want to know all right, how long is longer?
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and where and how far will it spread? and is it also going to mean that as the prices of everything that i buy go up, could that mean that the everything that i own stock market wise goes down? some of the questions that maybe you have as well we would love to hear from you again on 13th we get into it. more after this. ♪ ♪ at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. (video game vehicle noises, engines revving,) vanguard. (horns beeping, cars hitting one another.) (continued vehicle calamity)
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>> neil: all right, a special programming treat for you on monday, we have captain kirk on, william shatner, the oldest human being to fly into space. he's on jeff bezos blue origin rocket with three others. they wanted to talk to a fellow astronaut. looking forward to it. see that monday. here's charles payne now. hey, charles. >> charles: that's going to be a good one. i'm a huge william shatner fan. have a great weekend, neil. >> neil: thanks, buddy. >> charles: good afternoon. i'm charles payne. this is making money. breaking right now after a week of crazy gyrations the market more or less frozen after the jobs report. i know a lot of folks out there are rationalizing the results, but something is very wrong here. it may not be a momentary blip. what it means for the fed. what it means for corporate earnings. what it means for pride and dignity of work, that's always part of our ethos and what it means for your money. wages are higher.


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