tv Cavuto Coast to Coast FOX Business October 20, 2021 12:00pm-2:00pm EDT
nominations in the acting category. ash, i'm really surprised. a fantasy movie, 11 oscars, come on. >> so epic. shot in new zealand. it is beautiful. i'm not surprised. stuart: you got the new zealand bit right. everything else was beyond me. >> i get it. stuart: if i don't say it before, i will say it again, you're all right. see you soon. here is somebody else all right, mr. david asman. david: this is a news flash, "lord of the rings" is fantasy, is that what you're telling me? is that what you're telling me? are you kidding me? i'm david asman in for neil cavuto on "cavuto: coast to coast". we'll tell you the new price tag
the democrat party is eyeing. that is coming up. to arizona where that state's attorney general is putting pressure on d.c. to look into facebook's policies on human smuggling information. yes that is on facebook. we are going to be talking to arizona attorney general mark brnovich in just a couple of minutes. in florida, where state officials are pushing back on that new irs reporting or snooping proposal that some say leaves americans security at risk, florida chief financial officer jimmy patronis is doing something about it. he is more than reacting. his plan to stop it at least in one state, the state of florida. that is it coming up. but first president biden is set to travel to scranton, pennsylvania, later today, his hometown, he will promote the build back better agenda all while the administration is dealing with the ongoing supply chain issues. hillary vaughn at the white house with more on all of this. hi, hillary.
reporter: david, the president is going to scranton to sell the social spending plan without actually knowing how big the plan will end up or what programs are going to make the cut because the president is still in deal-making mode. the white house is on a sprint to try to get an agreement on an outline of the deal so he can take his victory lap at the g20 in glascow. biden wants as many social programs started included in the plan. then think about how to keep them around once they are established. >> well i think that the conversation we had yesterday with the president was our priorities are to keep as many of his priorities in the build back better agenda, and maybe do them for slightly shorter amount of time just to get them started. reporter: negotiations are still ongoing coming out of biden's meetings yesterday with moderating progressives, details what is in, what is out for the moment are leaking out. health care items like medicare, medicaid expansion are in. child care subsidies, universal
pre-k, paid family leave are still in. out of the package. a carbon tax, the clean electricity program replace gas power plants with wind, nuclear energy is out. free community college is also out. there may be some type of tuition supply meant included. the head of the progressive caucus. pramila jayapal telling me yesterday after her meeting with the president that they still need to put pen to paper. what are the biggest sticking points you guys have right now still coming out of this meeting? >> we don't have a final -- i mean we're talking about what we hope to be able to get to but just want to be clear we're not at a place where there is a final thing for us to look at. that is what we're trying to figure out right now. >> from manchin? >> from everybody. reporter: david, there are top leaders in the democratic party are being kept in the dark. speaker pelosi was asked about some of these things that are on the table, free community
college is out. changes made to paid leave. she saw that on the news, it was news to her that there were those changes being floated to those programs. so there is a lot of deal-making happening behind closed doors but not everyone is on the same page, david? david: if the speaker of the house doesn't know what is in the bill who else is supposed to know. that democrat tried to slip the truth out we'll get a little stuff just to get it started. so once it is actually passed then they have plans to balloon it in there. hillary, thank you very much. meanwhile, making light of a very serious situation, white house press secretary jen psaki downplaying supply chain issues yesterday at her daily briefing. watch. >> it is crystal clear things were not improving on ply chain. people gent get dishwashers furniture, treadmills delivered on time not to mention all sorts of other things. so why -- >> tragedy of the
joining us now, "new york post" columnist karol markowitz and hadley heath manning, two working mothers not laughing about inflation or supply chain issues at home. hadley, trying to laugh off these issues is doing nothing for democrats in the polls. does jen psaki realize that? >> doesn't appear so i would say you know there are families like mine who i consider to be fortunate. we're waiting on a part for our refrigerator. that is pretty minor problem for our family. we have income less, to deal with the price inflation we're seeing as a result of these supply chain issues but it is really low and middle income families who are suffering the most when the price of gasoline, home heat, clothing are skyrocketing. that is a tax on the poor. really those families feeling the pinch here. they're not laughing. david: a lot of families, you mentioned one part in a
refrigerator, one part can stop a refrigerator from working. if you have a big family, don't have a lot of money, can't snap your fingers to get a refrigerator you're stuck. carol on some issues this administration is sort of denying that there are problems really affecting americans. we have a montage of a few sots, sound bites. let me get your reaction. roll tape. >> covid education, job creation. >> we're over. that's it, that's it. i gave you extra time. come on man. should have asked better questions. david: that is another issue we'll get to in a second. we had buttigieg, the transportation secretary suggesting that the economy was fine. the only problem was when the trump administration ran it which runs kind of contrary to a lot of very interesting statistics, mayorkas, head of dhs, he was talking about the border being closed time and
again. he still says that, when everybody knows it is wide open. joe biden himself talking about the extraordinary success of the afghanistan withdrawal. what is -- they are denying reality but i don't think most americans are buying it, do you? >> i would say you know, the reason that they get to deny reality because a large section of the media is on their side but i find that their dismissive attitude about the shortages americans are facing really kind of gross. recently jen psaki was asked about christmas, oh, we're not the usps. she has no idea whether or not christmas presents will arrive on time. i'm jewish, but i heard christmas is sort of a big deal. david: it is. >> i can't understand why the white house is sort of shrugging this off like americans are not going to care. they will care when their presents don't arrive on time. well, jen psaki is not the usps it doesn't matter to me. it matters a lot. david: hadley, we have another
issue near and dear to every mother's and fathers heart, kids in public schools, indoctrination been revealed to us because of the pandemic where we ripped out the curtain and saw through remote action what was happening to our kids and a lot of politicians don't think that that's any concern of parents or even should be any concern of parents despite the fact that it is the parents kids are at school and parents paying for that school. we just showed a clip. we don't have to run it again but most people have seen it, a clip of terry mcauliffe recently complaining a reporter was asking about this and even though he just a couple weeks ago said in a debate parents should have nothing to do with the decisions about what books go into schools i think parent will fight back in the terms of elections coming up. the fist one being terry mcauliffe's election. don't you? >> i agree. i think parental control of you
know, what our churn see, what they learn, has become such an important issue. it is no longer, never been a partisan issue. this is a bipartisan concern. both sides of the aisle, parent are looking at what their children are learning in terms of sex education, gender identity, racial conversations we're having in schools. they're thinking these are really issues so close toe home, so close to my child's heart. i should be the person who has the final say in what my child is learning. this is a much bigger question than the quality of education, reading, writing arithmetic, of course we care about that too. this is much bigger issue involving peel from both sides of the aisle. we're seeing powerful pushback. david: karol, we're paying for it. we're taxed for the services we get in schools. taxation without representation is worth fighting against. a revolution was made in this
country bad h based on that principle. right now we have ag, attorney general garland to fight that at school board meetings is domestic terrorism. >> absolutely. the right is to give parents more choice what they have, what goes on in their schools. they absolutely should have it. cory deangelis, a popular schools advocates, fund students, not systems. that is really what it is all about. we should funding individual students. you have situations like terry mcauliffe openly against the idea of school vouchers giving parents any choice whatsoever. his own kids went to private school. david: absolutely. >> always telling that the people who are against school choice, are against school choice for you, not for them. david: of course you have the mayor of new york, hadley, whose kids went to these advance placement courses and he wants to wipe it out now that his kids are in an ivy league college, he wants to wipe it out. once they get a million dollars
the socialists are always against anybody else making a million dollars or even hundred thousand dollars. are democrats fighting though, this woke culture battle? is that a losing battle? i think they are losing it in public opinion. they don't seem to get it. michael goodwin, a colleague of karol's, just wrote a piece there are virtually no more moderates left in the democrat party? >> right. what we're seeing from wokism a real liberal approach to the society there can be no dissent. any form of dissent is labeled, written off as sexism, racism, bigotry. that is not what america was founded on. we're supposed to be a liberal democracy. everyone is welcome to participate in these conversations about what our laws should say, what our culture should be like. if we don't have that, we really lost the script. we really lost the founding principle that this country was built on. we're going to be pluralistic
society. people can live and let live. that is not the end of wokism. wokism says i'm not going to let you live and let live. i will force my new secular religion. that is what i think wokism is. david: i heard you nodding into agreement to that. do you think we have lost this battle or that america still believes in the classical liberal definition of what a democracy is? >> i think americans are fighting back all across the country. i think you see it in the school board meetings. you see it in many places across the country but wokism, absolutely. i was nodding in agreement, wokism, the key factor of wokism is conformity. you must conform. must fall in line. must be like everyone else. the moderates are having such a hard time. they are not allowed to say something different. not allowed to speak out what they actually belief and what their constituents believe.
the democrats say they are big tent party and this is what it looks like and they're not happy about it. david: what it kills me about it? wokism kills spontaneity. everything has to be scripted. if you're off script and condemned to the basement a couple hours if not years. the wonderful thing about america and our economic system is the spontaneity, innovations. you can't have innovation if you don't have free thinking and wokism is killing that. but hopefully not for much longer. hadley, karol, great to see you both. appreciate it. coming up, facebook looking at a major refresh of its company. we break down what the tech giant is toying with. labor shortages show no signs of stopping we introduce you to one florida restaurant owner who turned to robots for a solution. they even sing. stay tuned for that. ♪.
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rebrand next week after a slew of bad press. fox business's kelly o'grady with the details. hi, kelly. reporter: david, facebook may change the name to play up focus on the metaverse. this is not unheard off. they rebranded alphabet to reflect portfolio services. this name change as facebook has been in the cross-hairs of lawmakers. recently in spoons to a probe by the attorney general's office, the social media company admitted it allows users to share information to enter a country illegally or information about how to be smuggled. facebook stated that the policy was developed to prohibit content the related to hahm smuggling but not people's ability to seek asylum. the company admits the content review process is largely automated. groups are calling for expert human moderators. the northern profit research identified dozens of facebook pages offering passage across
the border simply by searching basic phrases. >> you post a single advertisement, let's say in a facebook group with 10,000 people and within minutes these human smugglers are getting dozens of replies of desperate people trying to cross the border. it is essentially a buffet of people for them to take advantage of. it is all being facilitated by facebook. reporter: with posts like these remaining up critics of the social media giant and its content moderation policy questioning when others center on the vaccine mandates remaining up. arizona attorney general brnovich is calling on u.s. attorney general merrick garland to investigate facebook. as the border crisis grows by the day there is look for transparency. david: maybe face saving book, who knows. kelly, thank you very much. attorney general from arizona,
mark brnovich. always a pleasure to see you. one of the most entertaining ags in the nation. we'll get into that. >> busiest too. david: busiest too. what about the issue of smugglers or at least the people that use smugglers, i'm sure the smugglers are looking in there too to see how they can get more clientele. they are making 100, i think $400 million a month, one of the border experts told us yesterday just with the human snuggling. they're making more from human smuggling than from drugs. isn't what facebook is doing, aiding and abetting those cartel members? >> absolutely, david. thank you for having me on. and it is absolutely heartbreaking. we see in arizona the surge of hard drugs, things like fentanyl coming across our border. i know as a former gang prosecutor that the cartels are enriching themselves. they're making money off people and drugs coming across the border t breaks my heart when joe biden is talking about the
jobs he created. i can't help think he is creating jobs for the wrong people. he is creating jobs for the cartel. they are moving more drugs across the border than cvs and walgreen's combined. facebook, shame on the tech companies. i had my battles with them. i sued with them. literally we wrote lemm a letter, they responded back literally allowing facilitation of ads to illegally cross the border. that is what they said. they know they are breaking the law. the federal government is responsible for the border. there is only so much me and my colleagues can do. david: tell that to the border patrol agents who suggest that is not happening. >> oh, it is absolutely shameful. the biden administration decriminalized incentivised illegal border crossings. we have multiple lawsuits against the biden administration. making sure they deport people with deportation orders, trying to block them when they rescinded the public charge rule that gives benefits to people
here illegally. literally, david, the most pressing question facing people entered the country illegally, not whether they have covid. they're not asked that. not whether they have been vaccinated. not whether they want asylum. the pressing question is do they want the king suite or resort fee? crushing what is happening to american tax payers in our communities. david: we haven't talked about how it not only affects the people on the border, but you saw the secret drop-offs of people come in, flown in the middle of the night to places like new york, westchester, new york, right outside of new york city, off-loaded, god knows where they go from there. you're asking for help from an attorney general ever the united states who is part of this administration, involved in this, these, i wouldn't say accomplices of human smugglers, people who at least make their job easier? >> yeah, it's shocking to me that someone who believes very strongly in the rule of law, you
have an attorney general that is willing to call parents that protest the vaccine mandates or critical race theory at school board meetings, he wants to investigate them but the biden administration is giving a free pass to the cartels and their enablers to companies like facebook. that is disgraceful. david: forgive me for interrupting but what do you expect to get from ag garland? who we see on the left-hand side of the screen here, if in fact he is not doing anything to close the borders right now, not doing much to stop the facebook? >> we have multiple lawsuits going on. we're pleading with them to do the right thing. shut down facebook's ability to do these ads. of the facebook had the ability to throttle things up to 2020 election. they censored stuff related to critiques or criticism regarding vaccines. they don't have the ability or desire to shut down or facilitate illegal border crossing. you mentioned places like
new york. last week here in arizona. there was a seizure of 50-pounds of fentanyl in one stop. two milligrams can be lethal dose. that is enough fentanyl to kill the entire population of new york city. this may be in arizona's backyard but it is coming to everyone's neighborhood very quickly. shame on the biden administration. keep ringing the bell and force merrick garland and joe biden to protect americans. david: attorney general, i will lighten things up a bit. as i mentioned before you have unusual approaches to being attorney general. we want to show one of those. you express ad ability very few ags have. this is a videotape of ability. you look like a mild-mannered ag, and you reach in your back pocket and pull out nunchucks. what is this? what is going on here? by the way have you had to use those things in dangerous emergency? >> officially or unofficially, david. david: unofficially, go made.
>> you know, look, i have many skills and i understand we are involved in every major lawsuit in this country right now, the state and federal level. it doesn't mean we can't have a little fun. we have to keep things in perspective. i am more than willing to take on merrick garland and the kumate in the squared octagon. get dane at that white to set up the match. david: by the way is this selling point in running for higher office? >> oh, my gosh, politics sucks, you know that. i had never run for anything when i was ag. i will not change who i am. do my thing in the right way. it will all work out. david: sounds like a bumper stick. brnovich says politics sucks. that is pretty good bummer sticker. >> yeah. david: great to see you. thank you very much for coming in, appreciate it. >> thank you. david: after the one of the biggest energy players purportedly debating some of its biggest projects. wait until you hear what exxon
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♪ ♪ ♪ ♪ david: ladies and gentlemen, the dow jones industrial average just hitting a record high. it is now at 35,649. that is an advance of 192 points right now. if it ends the day, anything above 35,625. that is the magic number. we're well above that right now by about 25 points. we'll see if we can stay there. congratulations to the stockholders making money today. meanwhile "the wall street journal" is reporting that exxonmobil is debating abandoning some of its larger oil and gas projects as the energy landscape keeps
revolving. reaction from lipow oil associates andy lipow. thanks for being here. so is exxon oil getting out of oil? >> they're not getting out of oil. exxon is looking at the megaprojects overseas costing in excess of $30 billion and trying to decide on one hand, should they give that money back to shareholders projects will take five years and what the return will be after that? or on the other hand are they going to look at their commitment to reduce emissions and can sell the projects. david: what are these projects specifically and why are they canceling them? is it because of the push for green energy they're canceling or some other issues involved? >> well, first we should be clear they're not canceling them at this time. they're debating what they should do in the future. the first project in mozambique
in africa to develop liquified natural gas. in mozambique earlier this year an islamic insurgency that shut down the construction of a similar type project. so they have a political dynamic there they're looking at. the other big project is in vietnam where they discovered a natural gas field 10 years ago and that natural gas field is in waters that china alleges are disputed. so there is a geopolitical issue around the vietnam project. so here you have exxon with three new bored board members have activist group known as engine number one, looking at the overall portfolio what exxon is doing, where the world is headed, maybe the projects are not wore it for the shareholders? david: these activists are having input in the committee. i'm wondering we're about to have natural gas prices spike
this winter. i heard 30%. may go above that for all we know. just as those gas prices are spiking we're seeing exxon canceling these natural gas projection. i know there are geopolitical concerns involved in all of these projects but are they opening up any natural gas project elsewhere there may not be these political concerns? >> one of the big projectings exxon has in south america in a country called guyana, where they expect that production which is currently 100,000 barrels a day to more than triple. we do see exxon continuing to invest in some areas for fossil fuels. another place is the permian basin in texas and new mexico. overseas where you have a lot of political uncertainty where retrenchment may occur. david: andy, i'm just wondering, the major risk here of course is
abandoning fossil fuels before we have an alternative to it and we don't. we know the limitations of wind power and solar, et cetera. i'm just worried about our energy grid, not only the prices of natural gas which is going to worry a lot of people as we get colder during the wintertime but our grid system is in danger, particularly as we have all the new electric vehicles on the road too. going to kneeled more energy. where is that energy going to come from? >> you're in very good company because when we have the proliferation of electric vehicles, you look at a state like california where they're already short of electricity. we know that the water levels in lake meade are very, very low. there could be a energy crisis in the southwestern part of the united states as early as next year and you have the public who really doesn't want to build anymore transmission lines to get the electricity sources if you will to the electricity consumption areas, you know,
we're coming into a real crunch time, you know, throughout, not only the u.s. but in other parts of the world. and as a result we're seeing soaring coal, natural gas, and along with that oil prices. david: yeah. of course they can't get enough workers for the coal mines and transporting the coal efforts. andy lipow, that is whole another issue. thank you very much for being here, and i did. i appreciate it. oil hitting a record high today following a strong debut for the first bitcoin etf. bring in bank rate senior economic analyst mark hamrick. too late to get in on the etf there, mark? >> i don't think we'll bet against people continuing to pile money into this space, david. it is obviously quite popular but you know, one thing i do want to remind people about from what i can tell, this new eft is a bitcoin futures etf. you're not betting on the price
of bitcoin per se rather than on the futures that does have some meaning with respect with the fund itself is investing in. listen, crypto is one of the big stories of era which we're living. it remains to be seen how this story is going to be resolved in the interimmediate term. clearly it is very popular. that is one reason we're talking about it. david: what are you telling your clients? where do you think this etf is going? >> we don't give specific advice about buying any particular security of bank rate. we are very interested in trying to help people accomplish their financial goals. the most important takeaway in the crypto space, first of all is, don't invest money that you can't afford to lose. i know plenty of people, i'm sure you do, david, made a lot of money in this space. we like it when people make money through legal means but it is also very risky. and it is likely to face further regulation. that may have at least some downside risk associated with it. but i think we're going to see more and more institutional
investing options come into play because it is so popular. david: if you have clients who say, look, we want to jump in, we're ready, we've analyzes the risks, we want to make an investment, would you advise them to couple those investments with old stand-by inflation hedges like gold? >> absolutely. you know, there is all kinds of classic hedges out there. i think once a portfolio gets to a certain size, you have to look at some of those alternatives. yes, inflation is for real. a couple of years ago people might have said we'll never see inflation again. we know how those kinds of predictions typically turn out. as one of my friends said recently, if you don't like anything, buy everything. and i think that is kind of a good space to be in these days. have plenty of alternative investments in the portfolio. david: finally we heard china, of course that government is very unreliable, communist
government can change on a whim. nevertheless they poured cold water on the idea of cryptocurrencies coming into their economy. are other countries a little more open to the idea and do you expect any central banks in the next year or so to open up their, somehow open up their portfolio to crypto? >> i don't know what the timing is but clearly innovation is going to be critically important in this space including with digital currencies. jerome powell will talk about it at almost every news conference. we'll have in 2 1/2 weeks another one to see if there is any update there. china has its own reasons for doing things which are to say the least unique but i think that you know, for economies and nations that want innovation they need to look to ways to innovate in this space and do it in a way that helps investors as well as facilitate payments where there is tremendous opportunity to help people who have not been part of the traditional banking system. david: bank rate senior economic
analyst and they're lucky to have you, mark hamrick. thank you very much for being here. appreciate it. >> thank you. david. david: airlines bracing for a turbulent holiday season as the big vaccine mandate deadline is approaching. the latest details coming up. ♪. dad, we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones
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simi: and built new lives. michael: but rocky and pinky's families didn't see each other again... all: ...until now. david: more than 100 years later, ancestry helped connect us to our ancestors and each other. ♪ david: look at this, gang, 204 points to the plus side for the dow jones industrial average and that would be a record if it stays that way until the end of the trading day. the market has to stay above 35,625. it is well above that, over 30 points above that right now. we'll see if it stays there, but right now if it closes, anything close to this, we will have a new record for the dow.
travelers could be facing long waits and delay as worker shortages over president biden's vaccine mandate threaten to wreak havoc. some cases they already have. fox news correspondent casey stegall is live at dallas-fort worth airport with the very latest. hi, case. reporter: david, good to see you. nice to be on with you. we learned this week as you well know among the tsa workforce alone a little more than 60% are fully vaccinated against coronavirus, covid-19 and that means that roughly 40% are unvaccinated. so now there is this last-minute and controversial push for those people to get the jab ahead of president biden's december 8 deadline for federal contractors to be fully inoculated. there has also been turbulence with the vaccine mandates for some airline staff. southwest airlines has been making headlines and has even been taken to court over it.
this week hundreds of employees representing not just southwest but multiple carriers protested outside of southwest's world headquarters here in dallas. >> we want to have freedom of choice. freedom to make our own mem decisions. we don't want to be mandate to take an injection if we don't have to. reporter: a day later southwest did hit pause on their mandate deadline but carriers like american and united, for example, are moving forward and really hard to believe but thanksgiving right around the corner, christmas seems like it's a blink after that. lots of people will be taking to the skies. remember for the last holiday season covid-19 vaccines were not readily available to the public and a lot of people were asked to stay home and thinks like that. now, so many have been
vaccinated so more are confor thible flying. so it is expected to be even busier with potentially fewer numbers. david. david: i don't mean to sandbag but i wonder if you know whether the employees have options of daily testing as opposed to getting a jab? reporter: funny, when you really try to drill down and get the specifics of these policies there is a lot of sort of double-talk and some room in there for change and when we talked to southwest airlines yesterday about reversing course on that action they said that it really wasn't reversing course. it was something already in the policy they tweaked and modified. frankly it is difficult getting simple answers to questions like that. david: like everything else involving the pandemic. casey stegall, thank you so much. appreciate it. reporter: yeah. david: from the skies to the police chicago's police department is preparing for potential staff shortages, big ones created by the city's
vaccine mandates. correspondent garrett tenney is in chicago with the latest on that story. garrett. reporter: david, right now 4,000 officers could be taken off the street for reusing to up load the vaccination status to the city as the vaccine mandate requires. that potential prompted city and state leaders to come up with contingency plans but those contingency plans are now getting pushback as well. this week a state coalition of law enforcement told suburban police officials that chicago could need help in an emergency if enough officers are taken off the job but several sheriffs say they will not be sending any deputies to help. due page county sheriff told me mayor lori lightfoot created this emergency herself and it makes no sense to bring in outside departments that don't have vaccine mandates themselves for backup. >> it befuddles me, say, send
all these people home on the bench because they don't have vaccination forms but then summon another crew of policemen that will have that same problem. you now depleted two police forces, your own and somebody else's. reporter: mayor lightfoot and cpd superintendent david brown are standing by the mandate, saying they are not expecting any kind of massive staffing shortage and that most non-compliant officers are choosing to update vaccination status when they are brought in. >> the bravery, courage it takes to do this job at a most difficult time to ever be a cop and we've got to do anything we can to save their lives and if it takes this mandate, if it takes going through counseling session, going to a no-pay status, going to internal affairs for direct order, if that is what it takes, i'm willing to do it. reporter: even if there aren't
massive layoffs due to this vaccine mandate, it does appear to be having some affect on cpd force numbers. surrounding counties outside of chicago, sheriffs there, tell us they are seeing a lot of officers from chicago coming to them and asking about job openings, some of them specifically because of this vaccine mandate. david? david: that is very interesting. by the way 4,000 cops in chicago, that is about 1/3 of the entire force, right? reporter: yeah about a third right now. over the course of the coming weeks we'll see if the number holds steady or goes down, as the officers continue to get brought in to see whether or not they will hold out. david: imagine losing a third of your police force in a flash. garrett tenney, thank you very much. good stuff. i appreciate it. after the break why turning to robots is leading to higher tips for some florida restaurant workers. how does that work out? we'll ask the owner coming up. ♪.
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♪. >> coming, sir. here i am, sir. yes, sir. david: you know what you remember from these things, little things. that boing sound. "the jetsons" of course. looking to robots to survive the growing staff shortage. leading to larger tips of the human side of staff at one of the restaurants. we have the restaurant ceo, carlos. good to see you. how does using robots lead to bigger tips for humans? >> an average wait staff takes three to four tables. four if you're really good. with robotics with we're able to do is run the food back and forth. so our wait staff spends more time with our guests getting to four or five tables. david: i see. >> talking about multirobots, 20, 25% efficiency rate. five or six tables. you're talking about some huge numbers in terms of tips.
in the back hand side they're spending more time with the guests. they see their server more. have better hospitality experience. that is a big win for the server. actually making more and working less. david: now in texas, they're actually renting out these robots for 15 bucks an hour? i'm told that their robots actually sing to the customers as they're trolling through the aisles? do you buy or do you rent? >> we rent right now. this is $1000. we see technology continue to advance. in the month, $1000 a month. david: okay. >> 277 an hour. robots there, never going away for our wait staff. almost a personal assistant. by the way, david, the, not only do employees love it but customers love it too. creates the experience. the robot knows the kid's names. they see robotics what they're learning in school is now implemented in a restaurant.
that is something unique and different. so the servers are wouldn'ting on boeing sides. david: that's great. >> give you a quick stat. david: quickly. >> in last 30 days, over a million feet we saved our servers walking back and forth. 10,000 deliveries, 100 feet per table our wait staff is making more money. david: carlos, you have the energy, perseverance to stick to it. you have been hit with so many different challenges over the past year and a half. god bless you for it. this is another wonderful innovation that the free market comes up with to try to deal with these catastrophes that we have to deal with. carlos, best of luck to you. thanks very much for being here. appreciate it. >> thank you, david. david: second hour of cavuto keyes to coast, florida putting their foot down on a new irs proposal. the state's chief financial officer is here with us on that.
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you have the best pizza in town and the worst wait times. 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 >> it's a stupid idea that i hear from iowans all the time that they don't want the peering eyes of the irs snooping on them. >> the $600 threshold would sweep in even children who have a modestly successful lemonade stand over the course of a year. >> do you folks really want to live in a state where the government knows every one your
intimate details of your bodies? including finances? [laughter] david: when are we going to have john kennedy and chuck grassley with their own television show? i'm david asman in for neil cavuto. our lead story this hour, backlash over the irs tracking your cash. as you just heard, democrat lawmakers proposing to lift the irs' monitoring threshold to $10,000 a year from $600 following republican outrage are. the state of florida says the sunshine state will not comply with all this. i'm going to talking to florida's chief financial officer in just a moment. but first if, gerri willis is with me to break it all down for you. they claim that remember bind said he wasn't going to hit anybody over $under 500,000 a year? this hits the middle class. >> absolutely. solidly in the jaw, there is no doubt about it.
we have numbers from the joint committee on taxation showing about half of the money would come from people who are earning $50,000 or less. here's how it would work. so we changed the threshold, right, from $600 to $10,000, but that's going to hit middle class folks. i want you the hear what pat toomey, the senator, had to say. >> almost every single american. not just average american. the vast majority of americans have accounts that will go through $600 in a year. and if they raise it to $10,000, it'll still capture everybody and every small business. and you have to ask yourself, for what purpose? >> well, for what purpose is obvious, they want more taxes, they want to collect more taxes. let me talk to you about these numbers you're seeing on your screen right now. you're thinking, okay, gerri, how much money goes through an average american's account? $61,000 is the answer.
10,000 for transportation, 20,000 for housing. if you put a new roof on your house, $8-10,000 in most parts of the country. the average sale price of a car right now, $45,000. everybody would be scrutinized here. and the focus, what's so interesting, the amount of information banks would have to share is astounding -- david: good point. >> but it's also venmo and paypal accounts. they want to leave no stone unturned. they're really coming for you. i mean, i am shocked because of the privacy issues, right? david: right. >> you know, we complain about this all the time when companies lose our information. how safe do you feel with the irs having every single detail about your finances? david: and they're playing political games because they started with $600, you know, i don't know anybody who only does $600 worth of transactions over the course of a year. now they're at $10,000. i think eventually the game that they're playing, they're going
to go up to $100,000 or 500,000, and for all of the constitutional concerns about the irs being able to snoop whenever it wants even if there's no suspicion that you're guilty, just throw out a big net and see, it eventually will have a threshold high enough so the middle class say, well, at least they're not getting me. i think that's their game. >> well, it could be, but it's really a guilty until proven innocent theory -- david: absolutely. >> and i don't think the irs should have access to that information. they say that they have access for people with w2s and people on government paychecks, so my mom who gets social security, that information is with the government, so why shouldn't everybody be that way in i say, no. david: it's the called income tax, not income and outgoing tax. that's an important point. they've got to focus on what their job really is instead of just being snoops. thank you very much. well, one state not planning on
complying with this is the sunshine state. florida chief financial officer jimmy patronis joins us now. you are making kind of a preemptive strike. they're still settling things out, whether there'll be a higher threshold or not, but you're making a preemptive strike. what are you doing? >> the average american family goes through $61,000 a year. we're essentially ensnaring everybody in this massive expansion of irs full-time auditing, 24/7/365. nobody is calling my office saying, hey, can we please give the irs more powers. washington, d.c. has a spending problem, and they are looking for new ways to find dollars to harvest. david: right. >> florida's not going to comply, and the federal government, if this becomes law, is simply going to have to take us to court. david: and you make a great point. with all of the spending, they're going to need a bigger source of income, of revenue,
than they would get just by tax -- 40% of all income tax comes from the top 1% if, so they're already squeezing that stone about every bit that they can, and there's not much more to go so they're going to need the middle class, and that's why they're targeting the middle class even though president biden said he's not. >> they're trying to spend trillions and trillions of new dollars, and they need hundreds of millions of dollars of new revenue to float these programs that nobody is asking for. i'd like to see the biden administration look straight in the camera and say this will cost the taxpayers nothing. to me, that is nothing but a big, fat lie. gerry: and -- david: and these figures coming from the joint committee on taxation, not republican, it's not democrat, they're just economists that crunch the numbers. they have found that 40-57% of all the people affected by this make $50,000 or less. if you raise that to $200,000 or
less, 78-90% of all those affected would be getting less than 200. only around 4.9% of those making 500,000 or more would be affected. so, i mean, the point is, this is directly affecting the middle class, in fact, the lower middle class. not getting anywhere near really affecting only the rich. >> well, you were spot on. the proposal's the biggest shakedown in the history of the middle class. and this is being couched as a very serious public policy idea. this is something i could see coming out of cubaover venezuela. in the state of florida we have a lot of those populations represented here. they left those oppressive governments because they knew the government had control of their bank accounts. this is nothing more than the start of that very exact same process. think of the small family who's decided to want to grow their first initial business. they're going to need to raise money to do it. you're going to scare them out of entering into the business
market because they're ability to have cash on their hands. how can you get cash, going to a bank and borrowing money. there is so many bad ways this could be perverted that leads to bad outcomes. david: you've mention all the immigrants that have come here because of the american way. part of the american way is you're innocent until proven if guilty, and there is an amendment to the constitution, a fourth if amendment, that prohibits searches of papers and all kinds of personal items unless you get a particular provision from a judge and you have probable cause for that search. and this turns that on its head. >> this is the exact line of arguments that we're going to use if the -- if it comes down to it. we're going to keep fighting and fighting until this piece of garbage idea goes back into whatever bureaucrat's drawer in the bottom of the u.s. treasury. the state of florida is not
going to comply. i know for a fact, david, that the american family spends their money a heck of a lot better than anybody in washington, d.c. does. david: by the way, you're competing with john kennedy on some pretty good analogies there -- [laughter] >> he's so awesome. oh, man. david: jimmy patronis, thank you very much for coming in. well, more on the cargo ship crisis. we head to the port of los angeles where william la jeunesse has more. william. >> reporter: david, the situation's actually getting worse, not better. there are now a total of 157 ships in this area, 100 offshore right now waiting to offload their stuff and 57 in port. for context, pre-pandemic you had a total of 17 ships, so an increase of 800% in volume. and when you see congestion like this, you know, remember time is money, right? now it takes 40 -- not 40, but
80 days, rather, to get from shanghai to the shelves in the united states. and they wanted to go to 24/7 here, i talked to a long shoreman, but the terminal operators won't do it because the truckers wouldn't show up because there's no one at the warehouse to unload their stuff. so they're still only doing two shifts according to the longshoreman. >> three ships, first, second and third. we choose not to work the third because no one comes to pick up the cargo on the third shift because on the other side of the supply chain, there's no place to take the container. >> reporter: so, obviously, all the costs are going up, right? a container there china to l.a. is up from three grand to 16,000. air cargo, 500 pounds, it's gone from three grand to almost $5,000. trucking costs are up 23% this year, $2.82 a mile not including fuel. so the point is the shippers are
looking for alternatives, right? they're rerouteing some ships to seattle, tacoma, they're full. oakland actually has some space right now because of a longshoreman strike, and even air cargo, right, their looking at that because at least it gets there on time. in fact, airbus is now converting some passenger jets to cargo jets because they can make some money. and the one, david, i'll tell you the one thing that is making money are these shippers, right? there's only 11 of them worldwide. they control the market, if you will, and their profits are record, right? so there are over $13 billion, i recall, in the first quarter of this year. so they're making money, and you're probably not when you pay for all the stuff that you have to buy that's in these containers. david: they're still having trouble to unload and offload all those containers. the labor shortage is hitting them hard. good to see you, thank you very much. appreciate it.
pain from the supply chain, the bottleneck crunch hitting residents and businesses particularly hard on the west coast as we just heard. ron desantis weighing in on this, trying to take advantage of it, some say. listen. >> you've seen the images of all these ships docked off the coast of various cities in the united states. we in florida have the ability to help alleviate these logjams and help to ameliorate the problems with the supply chain. we're here, we have capacity. you start talking about supply chain inflation, that's not something that's just going to the affect a small segment. i mean, that hits very wide, hits very hard. and so florida's here, we've got capacity, and we also have incentive packages to make it worth your while to be able to bring your business through our ports. david: fair and balanced, we bring in california republican congresswoman young kim to join us now. i don't want to start an
interstate fight here, a rivalry, you're both republicans, for one thing. what do you think of that? florida's trying to attract shipping to his side of the coast. >> oh, my gosh. you know, governor ron desantis is doing a good job, and we need those the jobs here in california. and as previously noted, our l.a. and long beach ports together, this is the san pedro port complex, and that accounts for 40% of all u.s. imports. and we're seeing an all-time high in backlog of container ships. you just heard there are over a hundred of these ships waiting to enter as of yesterday. this is causing supply chain shortages, driving up inflation across u.s. communities. so it's not california, it's hurting all of our small businesses throughout the nation. this isn't a new problem. david: do you have the labor to unload those ships and to ship
the products out? >> >> you know, that is a big problem. we have labor shortages. right now we have 10.4 million job openings, and nearly half of all small businesses have reported the need to fill jobs. we need more workers to help with the backlogs, but small businesses are also hurting by the impact of this supply chain crisis. let me tell you in san pedro, san pedro port complex is the busiest in the country, and it accounts for 40% of u.s. imports. the supply chain issues and inflation are hurting our communities in southern california that i represent, but as you said, it's a nationwide problem. the problem here is not going to go away, so i've been working since january to safely increase capacity at the port. and there's a bipartisan bill i signed on to, the ocean shifting reformat. that would update shipping laws to address sly chain disruptions
in the -- supply chain disruptions in the united states regarding ocean shipping arrangements. u.s. importers, exporters, they're paying the highest shipping rates ever reported. you're talking it's going from 2,000 to 15,000, this my southern california many of the businesses just yesterday i was talking to, they're trying to get their goods out of these ports, and they're paying $18,000 -- david: oh, my gosh. >> -- just to get their goods unloaded. so seriously, we've got a serious problem here -- david: well, we do have a serious problem, congresswomanning but not everybody's taking it seriously. jen psaki was talking about the supply chain problem yesterday. let me just play that sound bite and get your reaction. roll tape. >> crystal clear that things are not improving on supply chains. couldn't get dishwashers and furniture, tread mill, all sorts of other things -- >> the tragedy of the tread mill
delay. david: there you have the white house spokesperson joking about it. >> the smirk and the comment that she made, it's unbelievable, you know? the biden administration announced to move the port of l.a. and long beach to 27 -- 24/7 operation, but that's not going to be enough to ease our bottleneck. it might be too little too late. this would not hav an impact on the shipping crisis unless all of the parties and retailers involved in moving products agree to implement this. that would take months. both ports i would call the landlord port where they have little control over port options. most of movement of goods goes through the retail. the announcement has buy-in from are if just a few retailers and -- [inaudible conversations] david: what can we do about the labor shortage? because the supply chain problems clearly are a major problem there, the labor shortage. you don't have enough people
actually willing to work. how do you solve that problem, the labor shortage? >> well, we need to, you know, just bring in more -- i mean, have this administration and congress and everybody working together. we need to insure that, you know, we bring more -- we need to pay more attention to the supplies. they need to hire more people. it's not the time to fire people let's say, for example, with the vaccine mandates, right? businesses are still struggling to keep their doors open. we need to move those goods. but this, you know, the vaccine mandate in southern california especially in and out of san francisco, many businesses are being forced to chose. businesses are firing workers right now because -- this is not the way to get our economy back to normal. david: congresswoman, very quickly, we have this huge spending plan, package, the build back better plan from the
biden administration. a lot of people say there are too many work disincentives in that plan, and during a labor shortage the likes of which we've never seen in this country is not the time to be providing more disincentives to work. do you agree? >> i agree. it's disappointing that instead of working to address the inflation and support our small business owners, biden administration and democrats are forcing this partisan wish list. it's going to increase federal spending. it's going to raise more taxes. it's going to increase inflation even more for taxpayers. we're going to be acing more for less. the taxpayer funds need to be spent wisely. this is not the way to do it, budget reconciliation is not the way to do it, and we already have $28 trillion in federal debt, and passing this kind of budget reconciliation is going to add even more. this is not the time to do it, and we've got to be smart about how we spend our taxpayers'
money. california david congresswoman young kim, you did applaud the president at some of his attempts at speeding up delivery at the ports, so you do have a bipartisan bone about you as well. good to see you, congresswoman, thank you very much for being here, appreciate it. straight ahead -- shocking schells right now. the reason why your thanksgiving dinner could actually be in jeopardy, when we continue. ♪ let's go craze, crazy, crazy til we see the sun. ♪ i know we only met, but let's pretend it's the love. ♪ and never, never, never stop for anyone. ♪ tonight let's get some and live while we're young ♪♪ ♪ ♪
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♪ ♪ david: we have told you about the supply chain crisis affecting your christmas plans, now a turkey shortage is affecting thanksgiving dinner. hi, madison. >> reporter: hey. yeah, i mean, the good thing about this turkey farmer here, as you can tell, there are plenty of turkeys, and that is good because customers are increasingly coming to small farms like this over fears that the grocery store is not going
to have the turkeys that they want. i'm here with owner ronnie lee. you guys start orders typically this time of year, but it's slower than once we hit november 1s. what are you seeing this year when it comes to preordering your turkey? >> normally they trickle in slowly, but this year it's been a throw of them coming in. >> reporter: why are those customers coming earlier? >> of our new customers have never orders from us before, and they're just worried, they want to make sure they get the right size for thanksgiving. >> reporter: that's really key, the size issue could be at play p. first when it comes to inventory, we are seeing empty severals on grocery -- shelves, they're only getting about 40% of the inventory their order onto shelves, and the second part'ses the size issue. that comes down to when these turkeys are ordered. so in general, growers and grocery stores are ordering these turkeys at the beginning of the year. if you think back to january,
february, we were still in the depp os of the pandemic, we were not doing large gatherings. now people are ready to gather with their entire families and get those big birds. so because of these shortages we're anticipating, t recommended that you buy your bird about a month in advance and keep it frozen or always go this route, order one of these lovely hens well in advance and though that you're going to get the size that you want because a lot of question marks about everything including sweet potatoes, cranberries, all of that could be running into those supply chain issues that we've been seeing constantly. teafd david you could grow attached to one of those turkeys in the month before you have to put them on the table. but that's a whole -- >> reporter: i've been growing attached, and they're so cute and inquisitive. it's not looking good for my thanksgiving turkey, to be honest. [laughter] david: in a way i don't blame you, but i do love the flavor. thank you, appreciate it. well, the supply chain crunch
wreaking havoc everywhere. a shortage of carpedboard and packing -- cardboard and acting materials may be keeping your online orders out of reach. grady trimble has more on that. >> reporter: david, you and i call them cardboard or boxes, in the industry they call this core gated packaging. what are you call it, they can't make enough of it, and part of it is the supply chain strains. i'm with andy reese who's with welch packaging here this elkhart. you're having supply chain issues, sourcing the raw material thes like these massive rolls of paper and then shipping the boxes out once you've got a finished product. >> that's right, grady. we are having the pinch points on both sides of the equation. so these big roll stocks that you see here are being in short supply. they're being allocated from our suppliers, etc. so that pinches us on that end. on the other end, by the the
time we get it through our facility and try to put it on trucks -- and we own our own trucks, but it's still difficult in getting drivers, the expense of that traffic and those drivers are going up considerly. >> reporter: and you are literally working around the clock trying to make this, and demand is only going to keep growing with the holidays approaching and people being toll to buy early. you've got back orders. what's going to happen in the next few months? >> rightful well, certainly we're working 24 hours a day on this machine making the cur got product. -- corps got product. also we're going to have to step up our procedures, our efficiencies, our effectiveness to make sure we get it out the door. >> reporter: and unfortunately prices are going up for production. >> absolutely. up 22% for this roll stock that you see behind us, and then costs of diesel fuel have gone up 48%. wood pallets, all of those kinds of things are considerably more
expensive now. >> reporter: and, david, you saw that number, 3.5%, that was the increase in demand for this corrugate material, that is around 4787 square -- 477 square miles, enough to cover all of new york city and then some. but we won't to that to you. [laughter] >> okay. david: it's incredible. grady, thank you very much. coming up straight ahead, former obama chief of staff and chicago mayor rahm emmanuel meets the squad. we'll have details of that after a short break. ♪♪ i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions.
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there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort. ♪ david: former chicago mayor rahm emmanuel is in the senate hot seat today as he faces senate confirmation to be u.s. ambassador to japan. emmanuel was once a darling of the left, but now the squad and other progressives are urging
the senate to squash his nomination. chad pergram has the details from capitol hill. hey, chad. >> reporter: good afternoon, david. the house democratic caucus is a far cry from the one led by rahm emmanuel 13 years ago. liberals are lobbying democratic senators to reject emmanuel's nomination as ambassador to japan. progressives cori bush and mondare jones accused emmanuel of covering up the murder of laquan mcdonald shot by chicago police in 2014. emmanuel was mayor at the time. today he told senators he tried to make changes after the mcdonald case. >> and it is clear to me those changes were inadequate to the level of distrust, they were on the best marginal. i thought i was addressing the issue, and i clearly missed the level of distrust and skepticism that existed. and that's on me. >> reporter: alexandria ocasio-cortez says emmanuel is not fit to represent the u.s.
overseas. current democratic caucus chairman hakeem jeffries backed his predecessor. >> president obama's chief of staff, chair of this caucus, and you have democrats lobbying other democratic senators to vote against his confirmation, that's significant. >> i represent a district where no one is talking to me about the nomination to the ambassador of japan. no one. not a single person. >> reporter: senate majority whip dick durbin says emmanuel is perfect for the job. >> yes, very few people can say that they -- [inaudible] did anything controversy. but i've seen him at his best, i've seen him as may or -- may or yo of chicago get dramatic the improvements in the city when he worked there. i support him completely. >> reporter: emmanuel earned support from the other side of the aisle, gop tennessee senator
bill hagerty backs the nomination. david: thank you very much. while rahm emmanuel deals with the progressive squad, michael goodwin writes in "the new york post" that the moderate democrat is an all but extinct political being although one lawmaker may dispute that, texas democrat congressman henry cuellar joins me. congressman, great to see you. thank you for being here. michael goodwin actually named some names of congressmen and senators who used to be considered moderate but have swung very far to the left. he mentioned kristin gillibrand, for example, from new york, pushed left by the likes of aoc and others, dick durbin, coar rebooker. when he was -- cory booker. when he was the mayor of newark, he was known as being tough on crime. now he's kind of wavering on that that issue and also on
school choice. so what's happening -- by the way, are you, do you feel yourself drifting more to the left? >> well, you know, i try to stay anchored with the bad news that -- the values that i think are important to my district, to my state and to my country. you know, i started serving some years ago as a state representative in the state of texas and now as a u.s. congressman, and i think hi values have -- my values have stayed the same. but i understand. i've seen that in both parties. the tea party folks were pushing some of the republicans to go right, and of course now we've got some very progressive folks that are trying to push some other democrats to go to the left. but i think what we're seeing if people want to govern, it has to be the people in the middle, and that includes most democrats and republicans that understand the importance of governing. david: well, and the 41% in the middle, 41% of voters call themselves independents. 29% democrat, 29% republican.
joe biden's losing a lot of that independent vote, a lot, double digits, about 20% since the time he was inaugurated. and particularly on the issue of immigration, what's interesting about immigration, something you're well equippedded to deal with, is 639% -- 69% of hispanic in america according to quinnipiac poll disapprove of biden's handling of inning great lakes. you're -- immigration. you're one of them. what do you tell other members of your party who think you're wrong on immigration? >> certainly i feel very secure on my position on border security, on immigration simply because i listen to the people that i represent. and you're right, i've seen some of those polls. and, of course, just on an anecdotal basis, i've talked to people. what people want to see is they don't want to see open borders. they want to see law and order or and treat the migrants with
respect and dignity and support dreamers and immigration reform including a guest worker plan. but they don't want to see open borders, and that is what i've been trying to tell the biden administration since december 11th of 2020 when we were talking to the transition team. david: but, congressman, you know, meanwhile you have real policies being made, you have these dropoffs of immigrants, thousands of immigrants all around the country being made in the kid of night. -- dead of night. you have huge sections of border wall, about $100 million of border wall that we've already paid for, that are rusting on the ground in your state of texas. if what do we do about that? >> first of all, we've got to keep a mind that a border wall is not going to stop folks from if from coming in -- david: well, until have stopped the flow at del rio, congressman. forgive me for interrupting. there was no barrier at all in delery crow. >> well, let me -- del rio. >> well, let me tell you, you
don't build a river -- you don't build a wall in the middle of the river. david: you do it on the banks. >> again, nor at the river bank because if you it them at the river banks, we know what's going to happen. there's a reason why they're built in the lower rio grand sometimes half a mile away. the moment somebody touches a river bank, it doesn't stop that. 63% of all of the people that are here in the last seven years that are here illegally came in through visa overstays, and the number one violater is canada. i want to use technology, i want to use more boots on the ground, i want to make sure we have equipment and get mexico to do a better job in turning people back again. and we've got to make sure we don't play defense on the 1-yard line called the u.s. border, but on their 1-yard line. david: have you changed any minds around in your own party on that issue of immigration? >> you know, i will tell you this, quietly a lot of people have said thank you for helping
us to try to save the democratic party when it comes to immigration. i would tell you also that the biden administration is slowly moving into some direction that i think they should have take the telephone a long time ago, and -- taken a long time ago and that is following what secretary jeh johnson did under the obama administration. david: they're still saying the border is closed. you don't agree with that, do you? >> of course not. of course not. i want to thank the hen and women in green and blue that do a great job, but we've got to have the right policies. we've got to address the push and the pull factors at the same time. david: henry cuellar, a brave man. a moderate democrat. this aren't that many. [laughter] good to see you, congressman. appreciate it. >> thank you so much. david: the dow just tickling that record number, 5,626. -- 35,626. anything about 36,626, you get a record if we end the day at that, and we're move being up
♪ david: many expect to see a regulatory crackdown after the gamestop meme stock frenzy, but so far we haven't seen it. charlie gasparino has been talking to insiders at the milken conference. hey, charlie. >> hey, david. a lot of great stuff happening here. i'm going to tell you a little bit about what i picked up on eric adams, the likely mayor of new york city, in a minute, because they're talking about him as well. here at the milken conference, one of the big sort of aspects of conversation here has been will there be massive market changes following gary gensler's meme stock report. that was a report on the whole frenzy back in january where a bunch of stocks -- amce gamestop, where these stocks
went crazy, parabolic. robinhood had to halt trading. there was all this talk about potential short squeezes and naked shorting and people trading in dark pools to manipulate the price. the sec report, sec investigated all those charges. people thought that gary gensler was going to use this report essentially to enact his type of market changes, market structure changes, maybe end the practice of payment for order flow, maybe push all trading into the major stock exchanges. the problem he has, and i'm picking this up from major market executives who follow this stuff and talk to people in washington, is that the report's conclusions came out bit pretty benign. they found no major problem with naked short selling or payment for order flow. maybe more disclosure is needed. they found no major problems, it was not in the report about how these dark pools, these other
exchanges which are different than the new york stock exchange, they think use of those is hurting the small investor. so what we're hearing here, david, today is if gary gensler wants to change thing, he came up pretty short with this report. republican members of the sec, the two commissioners, joe royceman and heather pierce, pushes back on a lot of his proposals. basically, people are saying here they highly doubt major changes to market structure in the next year. we may still have a conversation about payment for order flow, and gary gensler hates it, and that's when you essentially match buyers -- where robinhood pays no commission by selling its order flow to citadel, and they match buyers and sellers there. that practice is likely to stay because of this report. one other thing, people here are buzzing about eric adams, don't ask me why. we're in california, that's new york city, but he's making inroads with the business
community in new york, and people in the business community like what they hear. many top business people are talking to him because they don't want to see new york crawl into the abyss of high taxes as it's going, become another california. what i understand is eric adams is telling them everything they like to hear including 55,000 new yorkers pay 75% of the taxes, and we need to keep those people in new york. and he's telling democrats i'd rather keep them in and you leave to florida. back to you, david. [laughter] david: well, he's talking the talk the, the question is whether he walks the walk if he becomes mayor. >> that's a good point. but they like what they -- david, they like what they hear. david: very good. charlie gasparino, thank you very much. facebook getting some dislikes, coming up. how much the social media giant has to pay after allegations it discriminated against u.s. workers. ♪♪ yet.
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♪ >> another controversy for facebook. the justice department and labor department announced this week that the company agreed to a settlement admitting that they were prioritizing foreign workers over american workers. facebook settled with the justice and labor departments to a tune of up to $14.25 million
to settle some of these issues. the justice department settlement is in addition to that labor department settlement. doj says that facebook showed bias and discrimination by prioritizing temporary h-1b visa hollers over american workers -- holders, made it a little bit more difficult for american workers to get jobs at facebook, not giving american workers a proper bite at the apple. the department of justice said, quote: facebook is not above the law and must comply with our nation's federal civil rights laws which prohibit discriminatory recruitment and hirings. hiring. >> they think they operate by a separate system of justice, that there's one set of rules for everybody else and another set of rules for them. >> reporter: in a statement to fox news, the social media giant wrote in part: while we strongly
believe our permanent labor practice standards, we've reached the end to move forward with our program which is an important part of our overall immigration program. these resolutions will enable us to continue our focus on hiring the best builders from both the u.s. and around the world in supporting our internal community of high skilled visa holders seeking permanent residence. this news piles on to some of the difficulties for facebook. just a few weeks ago now-whistleblower frances haugen said the company was putting big profits over users' safety. david: david, thank you very much. meanwhile, the great resignation, as it's being called, goes global as millions across the pond are now leaving the work force. amazon's offering bonuses to lure u.k. workers ahead of the holiday season. employ c. president rob wilson joins us now. how long is this going to last? >> we see the next several
months. it's been -- you had 11 million job openings in august, 10 million in september, and you had 4.3 million people quit their jobs in september. david: well, we can't subsidize people to stay at home forever. we're already seeing the result in form of inflation. so it -- we just can't pay the bill for them anymore. >> right. exactly. and, you know, are people quitting for a number of reasons? they're not eligible for unemployment, but it's food assistance, they're getting checks from the government if you've got kids, if you make under x thousand dollars a year or are they just used to wearing from home or vax mandates. there's a lot of reasons out there, but it's time to get people back to work. david: and what -- amazon, of course, can afford to pay workers a lot more than the mom and pops, the small businesses can. is this iting a lot of mom and pops out of business because they just can't afford the workers? >> it's not putting them out of business, but it's death making
everybody that works in a small -- definitely making everybody work that much harder. they're struggling to hire people. david: there's all this talk about minimum wage. there is no minimum wage anymore, right? i mean, companies that need workers have to pay whatever their, whatever they do to get 'em. >> absolutely. there's restaurants in chicago that are paying $26 an hour -- david: whoa! >> way more than you were making a year ago. david: rob wilson, you're great. we were short on time, thank you very much for being here. appreciate it. the dow is off its session high after hitting an all-time high earlier, but nasdaq, on the other hand, is in the red as rising bond yields put pressure on tech stocks. more coming up. ♪ ♪ (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you,
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the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com david: we're off the highs. we're only about 22 points away from a record. i think charles payne can get us there. charles, all yours. charles: so you heard about the cp effect, huh? david: of course. a little bit. charles: all right. talk to you again soon, david. hey, good afternoon, everyone, i'm charles payne and this is "making money." the rally has gained steam the last six sections on strong earning but companies that can't pass along the high inflation costs are getting hit big time. in fact i have one chart formation that really suggests we'll move to big breakout territory. meanwhile china's president xi sounds more like a capitalist than american progressives, getting his people back into the idea of prosperity for all but only through hard