tv Cavuto Coast to Coast FOX Business October 21, 2021 12:00pm-2:00pm EDT
that i was a bit surprised. >> you're an honest laid ditch. thank you very much. don't forget to send in your "friday feedback." email us at varney viewers.com. we enjoy doing it. we got a lot of responses. send something in. it will be fun. look at this ashley webster in for neil cavuto. you traitor. well-done. ashley: thank you for the image of 630,000 miles ever intest teen wrapped around the world just in time for lunch. i will take it here. i'm ashley webster here for neil cavuto. we'll tell you about it all. plus gas prices over 7 bucks? yep, you heard it right.
we'll tell you where. you probably already know, inflation, sinking morale at the golden corral. it rhymes the company's ceo joins us on that. there is optimism over another issue, the return of buffets. allah the buffet. get to the top story the white house spending plan continuing to face internal opposition. senator krysten sinema pushing back against proposed tax hikes. hillary vaughn at the white house with the latest episode when the spending plan turns. hillary? reporter: this social spending plan, the programs in it and the fay fors for it are getting trimmed, some are getting shopped. this whole package is getting carved up a lot like a pumpkin. even though there is a lot of changes being made to president biden's signature legislation the white house and democrats in congress are optimistic they will at least have a deal on an outline by halloween but senator
joe manchin admitted this morning failure could be possible. >> we're looking at everything today and tomorrow and hopefully we can either a framework we agree or disagree and it is either irreconcilable or something we can work out. reporter: one of the hick couples is coming from senator krysten sinema who told the white house she is not on board to raising corporate tax rates to pay for his special spending plan. speaker nancy pelosi says it is possible to get this paid for without including those rate hikes. that committee chairs are working how to come up with the cash another way but if they can't figure it out, that takes away the president's biggest selling point for this multitrillion dollar plan that he touted yesterday in pa. >> the cost of the build back better bill in terms of adding to the debt is zero, is zero, zero because we're going to pay for it all. in addition to that half of it is a tax cut. it is not spending money.
it's a tax cut for working-class people. reporter: new "fox news poll" shows biden does have a reason to worry about the economy and adding to the deficit amid rising inflation. in just one month biden's economic approval rating dropped over 10%. now over half the country, almost 60% disapprove of the job he is doing. aroundly there has been some alternatives to a corporate tax rate being floated to pay for all of this. some of those include a wealth tax, a tax on stocks buybacks and a mark-to-market tax on assets. ashley? ashley: going after the wealthy. hillary, thank you very much. there are cost concerns. new "fox news poll" says nine out of 10 vote remembers concerned about rising inflation. it is also having a big impact on president biden. fox business's madison alworth has more on that part of the story. madison. reporter: hey, ashley, contrary to what some officials in washington have been saying
inflation is an everyone problem and seems almost everyone is concerned. as you mentioned that the new "fox news poll" shows nine in 10 voters are worried about inflation. it is hard not to be when he just see how many sectors are impacted by raising costs. look at this. we're showing you some of those increases. used car and trucks increased 24% in one year. beef is up on average over 22%, furniture is up over 11%, again just in one year. that is how of those items cost you. that is if you can get your hands on them. empty shelves across america are making it difficult for americans to get the items they need. this is a problem, leaving both republicans and democrats increasingly unhappy with the job president biden is doing. his approval rating on the economy dropped by 11 points, for democrats just last month. overall his approval rating continues to go down as inflation continues to go up. president biden is pushing the build back better plan to help the overall economy but
republicans are not convinced. >> 17 nobel laureates spontaneously, nobel laureates and economy, in the economy, sent me a letter three weeks ago saying it will also reduce, not increase inflation. reporter: biden continues to campaign this spending plan americans are just hoping to spend less on everyday necessities but with the rate of inflation and supply chain issues, it is unclear when that will happen, ashley. ashley: all right. madison, thank you very much. meantime the white house insisting that the tax plan is only targeting the wealthy, but get this one, according to reports even reverend al sharpton is worried the democrats carried interest loophole will hurt black owned interests trying to build wealth. joining me now to discuss all of this is federal reserve bank of kansas city, former ceo thomas hoenig. thanks for joining us. it is hard to know where to
begin. i want to pick up something president biden said yesterday. half the people in this country are getting a tax cut. is that accurate? >> i can't say that it is accurate or inaccurate. i'm not familiar with that proposition at all. i don't know that it is accurate at all. it doesn't sound expect to me but maybe somewhere in there is a -- no. ashley: okay. let me pick up on what he also said. 17 nobel laureates sent him a letter saying hey, your spending plans will dwell reduce inflation. can you respond to that? >> again i can't. i have not read letters. spending usually is estimate lant and i think that the tax increase would be a factor that would impede spending because of course you're taxing spending income, so that is going to
reduce spending. that is where i would see the cut coming from but not from spending increases, i'm sorry. ashley: no, that's okay. so overall look, this is a massive spending bill. it is designed to of course expand social programs, address climate change and so on and so on. but just from a economic point of view is this a positive or a negative? >> well i would say that it's mostly a negative, i'm sorry, by just -- ashley: okay. >> look it, right now we have an inflationary problem. we have supply disruptions. we know those are more than transitory. they will be here a while. this is a global issue. on the demand side we have very significant accommodative monetary policy. we have from the last major spending bills out of congress have become law, we have major
spending across the board, and increases in savings which are now able to spend. we all, and we have on the table additional spending bills both for infrastructure and for other social programs which i'm, they say will be paid for but there's a lot of questions whether or not that is possible. and so if you have that coming together, that means that you're going to have continued inflationary pressures over time. and then you have the federal reserve who is in a very accommodative position. they're talking about tapering over the next several months but remember, tapering is a slowing in your accommodation, not a neutralizing or tightening of policy. that will add to, increase facilitate demand. on balance, greatest risk for continued inflation despite what we might say about the spending bill or the supply disruption
being temporary. i think it is going to be here for well into 2022. around i think reasonably beyond that. ashley: yikes! in other words we should get used to it. also, thomas, i want to get your thoughts on this, the new democrat proposal to raise the irs reporting threshold now to $10,000 from that initial one that shocked everybody of $600. what is your thought on the latest development? >> i think it makes very little difference. if you think about it, 10,000 in or out, annual basis. that is 800 some plus dollars a month. most people will meet that criteria. so we have 400 million bank accounts. this is a massive intrusion i'm afraid into our own spending aggregates and i think it is really incontradiction to our founding principles of
protecting privacy. and i would also tell you that the amount of money that they're projecting, say, 400 billion over 10 years, maybe 40 billion a year. ashley: yep. >> terms of the imposition or the intrusion, is very little when you think of the economy as a 20 trillion-dollar economy and government spending is over 6 trillion and growing, this is, this is a very small amount and a very substantial intrusion into individuals personal spending accounts. it is, i think, unfortunate, and a real unnecessary and i think conflicts with our basic principles of this country. ashley: i think you speak for a lot of people right there. thomas, thank you so much for us. a massive over reach, bottom line. thomas hoenig. thanks so much for joining us today. we do appreciate it. all eyes are on the governor's race in virginia but the question is are president biden's sagging poll numbers hurting terry mcauliffe's
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♪. ashley: pulling out all the stops vice president kamala harris will be in virginia today stumping for terry mcauliffe in that very heated gubernatorial race. fox news correspondent mark meredith is in dunn frist, virginia. mark. reporter: the polls show a very close race right here in virginia. it wasn't that long ago the democrat in this race, terry mcauliffe who was governor before seemed like he had a lock on the race. that is no longer the case. we have a new poll among monmouth university, essentially among voters a tie, 46% support. we've seen the republican in the race glenn youngkin inch up about three points as he campaigns heavily on public safety and education. here is was on the stump last night, where els, but in virginia. >> we first are going to declare that our schools will stay open,
never to shut again. we can absolutely keep our schools open and keep people healthy. second thing is, we're going to raise expectations in our schools and then fund in the largest education budget in the history of virginia. reporter: but tonight mcauliffe will try to change his luck. he will bring in a big hitter, the vice president kamala harris will be campaigning alongside of him, 30 minutes, 30 miles outside of washington, d.c. mcauliffe says he is more than eager to have harris out on the trail with him. >> i love the vice president and she is going to do, i think we got two or three events. we have a couple she is planning on. i know her a long time. we have a great relationship. i'm excited. she already has done things for the campaign. reporter: it wasn't that long ago mcauliffe was blaming sagging poll numbers from the white house hurting his races but now of course he is campaigning with the vice president. he sent out a fund-raising blast this morning, i thought it was interesting, basically said democrats need to step up.
that they will have to really focus on this race in the final stretch if they will have any chance of keeping the governor's mansion in their hands. ashley. ashley: interesting. very close indeed. thank you very much, mark. terry mcauliffe has been trying to distance himself from the president as the polls tighten. let's bring in "realclearpolitics" white house reporter phil wegmann. phil, it is fascinating. i picked up on something mark reported with mcauliffe saying yes, kamala harris the vp has been helping us in the past, all i can say well now the polls are essentially tied. does kamala harris help him at this, with this stumping that she is going to do for him? >> the vice president has a mixed record when it comes to her success in campaigning. remember during the primary she was billed as a heavyweight but then didn't even make it to iowa. the vice president certainly was a ally for the president during the presidential election. she helped get him to the finish
line but we'll see whether or not she can be a value added in virginia as well as the president. and i think the reason why we're having this conversation billion virginia is very obvious. this is an early test balloon for whether or not or not democrats are going to be able to keep together that i recall coalition and frankly, right now, the white house is looking at virginia. they're a little bit worried because a loss there could potentially set off a domino effect in some of these midterm races which makes the rest of the president's term pretty difficult. ashley: is this a direct reflection of the sagging support for president biden, this close race in virginia? is that the main reason here? >> it could be. the conventional wisdom is always when ever a president is below 50% in the polls he has a incumbency disadvantage in the house of representatives. generally they lose about 30 or 40 seats. president biden according to the "realclearpolitics" average is
at 41%. there is not as an immediate of a translation for this race in particular but it is interesting that right now you see democrats sort of forced to play defense in the same way that republicans were. because remember, particularly in 2018 and elsewhere, you had democrats who were focused on kitchen table issues and you know, lobbing bombs at donald trump. now it is the opposite. now you have youngkin who is making arguments like we heard in the earlier segment about education, about local issues and sort of avoiding the national race. ashley: it is fascinating, isn't it? this as you say could really be a big worry for the democrats. and youngkin himself, okay, yes, you mentioned education and also public safety. are these the two key issues that he should be stressing? >> well he is keeping this race local and it is interesting that he is because right now, if you
look to the argument that the democrats made last november, it was that they could step in, they could be the adults in the room and handle the to day business of governing. well all of those arguments you know were successful for them last time around but now they have to deal with issues like inflation, like you know, immigration on the southern border, like education, and i think what youngkin is clearly doing here, because he is in a bluish state is he is not making this a national referendum. instead he is focusing on those individual issues that are affecting the lives of voters. we'll see if this is the winning ticket for him. ashley: yeah. he seems to be working at this point if you believer the polls because i believe biden won this particular region by 10 points. so this is a big slip for the democrats, is it not, 46-46? according to monmouth. >> yeah, these are not numbers coming out of some midwestern state. these are numbers coming out of
virginia which is very close to washington, d.c. you see the vice president who is going to be campaigning in an affluent suburb of the nation's capital this should be an area where the democrats should clean up. i was talking one gop strategist who compared the virginia race as an away game the refs are not in favor of you. the fans in the stands are cheering against but it is telling that youngkin here is able to be competitive. i think that republicans are more than happy if this comes down to just a photo finish because they see this as potentially a sign of things to come. ashley: right. it could be. it is fascinating. phil, thank you so much for your insight on this particular gubernatorial race. fascinating indeed. thanks, so much. >> thank you, sir. ashley: coming up supply chain issues now hitting texas. that state's congressman, lance gooden joins us with what he wants to see from the biden
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♪. >> it is crystal clear that things are not improving on supply chains. people couldn't get dishwashers, furniture, treadmills delivered on time. not to mention all sorts of other things so why is it -- >> the tragedy of the treadmill delayed. >> think about those images of ships, for example, waiting at anchor on the west coast, everyone of those ships is full of record amounts of goods that americans are buying because demand is up, because income is up, because the president has successfully guided this economy out of the teeth of a terrifying recession. ashley: the administration there attempting, well, damage control frankly on inflation and the growing supply chain issues as
areas all across the country are being hurt by this. republican texas congressman lance gooden joins us now. congressman, thank you so much. let's start with the supply chain issues. kind of a flippant response from jen psaki, oh, yes, the treadmill dilemma hasn't been delivered. then we have pete buttigieg said this supply chain crisis is created because the biden administration created such a dynamic economy. that is completely ignoring the problem. what say you? >> i totally agree. i was in california this past weekend out there and saw the thick smog layer of pollution. you couldn't even see catalina island. it was a disgrace and i think it is going to get worse. we have a biden administration that has to negotiate with the teamsters unions in california for there to be any sign of progress. it is impossible to find people willing to work because they have been encouraged, they, the democrats in washington have
encouraged people not to work. so now we're struggling to find people who will drive those trucks and who will help get our economy back on track. in my district in texas people are noticing the increases in gas prices, grocery store prices amounts we get into the holiday season i think we're in for a world of hurt unless there is really quick change and very fast. ashley: well, we've got some graphics on the screen right now, congressman, on how much food has gone up. we have ground beef up nearly 11%, so on, so on. you mentioned gas prices. you're from texas, it wasn't that long ago, was it not, this country was considered energy independent. we didn't care what happened in the middle east or anywhere else because we had oil flowing through all those each pipelines. things have changed radically, have they not? >> radically. we have traded energy independence for a border crisis. it is easier for an illegal
immigrant to get into the nation than a container off a cargo ship. it's a disagreements i think the american people are getting more and more fed up. they're not aware how bad this will get as the days and months progress. the situation in our ports, the situation in our borders is a disgrace for an advanced nation like ours. donald trump had us back on track. all joe biden had to do was continuing moving along with this economy. instead he undid so many accomplishments by the biden administration. we have the crisis at the border they refuse to acknowledge and unable to solve of the port crisis. ashley: if anything, congressman, the more you report, the more we report from the border, the more you can see it is frankly getting worse yet the silence from washington is amazing. part of that the mainstream media is completely ignoring it. >> they are, that is true. these flights are going into cities all over america in the middle of the night.
the press secretary is early in the morning. two a.m. is in the middle of the night with planes going into cities like monroe, louisiana, this week, with immigrants just being dumped on communities without public transportation. they're knocking on doors asking for jobs and shelter. this is happening across america. the media has turned a blind eye. the mainstream media has. it's a tragedy. the american people are ready for the biden administration to step up and do something because they're not. ashley: don't hold your breath. before i ask you to go i want to ask but the spending plan gone from five trillion, three trillion, to under two trillion. any way you look at it it is an awful lot of money and it is very cleared how it will be paid for. >> absolutely right. democrats on the far left is not as big as now allegedly is. i'm still hopeful the whole thing collapses. the american people no one believes we need to spend more money.
we give money to people, encouraged them not to go back to work. why we're contemplating spending more in the trillions is just unreasonable to me. ashley: yeah. well, it is just, i mean sometimes words just don't do it justice. texas congressman lance gooden. congressman, thank you so much for delving into those lovely subjects. we appreciate it. thank you very much. okay, let's move on. it is back to court today as chicago's police union argues against the city's vaccine mandate before a judge. fox news correspondent garrett tenney is in chicago with the latest. garrett. reporter: ashley, that court hearing wrapped up a little bit ago, no rulings were issued today. instead the judge hassed it along for a hearing likely next week. the union is asking the court to issue a restraining order to block the vaccine mandate and to force the city to go into arbitration. apologies for this noise behind
us. these fire trucks are going by. this all comes as officers are continuing to brought in and to be spoken to about violating that mandate which requires them to report their vaccination status. cpd tells us as of this morning the number of officers that have been taken off the streets for defying the orders is still just 21. at a graduation ceremony for the newest class of officers, police superintendent david brown said so far this week more than 500 officers who initially did not comply with the mandate have decided to do so to avoid being placed on no pay status. he expects that trend to continue. >> moving the number more towards 70% next couple days. likely 80% over the weekend. we've been seeing encouraging interaction with the officers coming in to be advised of the vaccine mandate and impact on their career. reporter: brown said all 100 of
cpd's newest officers are vaccinated that certainly helps bolster the department's ranks but nowhere near close to the several thousand officers who are still at risk of losing their badges over the mandate. ashley? ashley: garrett, that was a masterful performance against a backdrop of deafening sirens but you kept your cool and thank you so much timing is everything, garrett, is it not. straight ahead, wework goes public. plus amazon marking a milestone in the shipping wars. today's business headlines when we return.
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♪. ashley: move over fedex. amazon is now a bigger shipper in the u.s. lauren simonetti, hey, lauren, has details on that and more in today's top business headlines. lauren: ashley, good to see you. amazon is now the third biggest shipper in the country behind the post office and behind ups. it takes 21% market share for all packages shipped domestically here in the u.s. meaning it shipped more than fedex or 4.2 billion packages if you're counting. that is one billion more than fedex. also impressive because amazon amassed this size in just six years. now it still has to conquer the so-called last mile delivery where it pays rival shippers to deliver from its warehouses to your doorstep but amazon prime really taking off for the company. they're calling elon musk the potential first trillionaire for a reason. his company, the boring company,
got a green light from clark county in nevada to eventually transport 57,000 people an hour through a maze of 29 miles of tunnel underneath las vegas, connecting hotels to the stadium, to the airport. tickets cost under 10 bucks. the cost to taxpayers, zero. here is another benefit. boring company says what these tunnels do alleviate the problem of soul destroying traffic. don't i know that. wework ash, is now public. started trading on new york stock exchange with a spaces. down from 47 billion from two years ago to 9 billion two years ago when it was forced to pull the ipo. one thing remains the same. wework is losing money after the pandemic ravaged office real estate is losing three times as much money than before. but you know, some companies, while they're giving up the headquarters entirely, we could see, we are seeing for the future more flexible work space.
so wework makes sense now. ashley? ashley: it does. hopefully they can start making some money. lauren, thank you so much. lauren simonetti with the biz headlines. talk about the airlines. southwest and american airlines posting earnings beats as the airline industry does face questions about rising fuel costs and its ability to attract and retain staff. with me now to talk about this, strategic wealth partners investment strategist luke lloyd. on whether there are head winds ahead. >> hey, ashley. ashley: luke, all airlines are up today exempt for southwest, down for 1 1/2 not sure why because the earnings were pretty good. overall is it still a tough road or sky ahead for the airlines? >> yeah. i think it is, ashley. airlines were all mixed this morning with their earnings reports. they all operate in different segments and areas around the country. when it comes to sectors like airlines and cruise lines they're struggling to find
employees and are having issues with the vaccine mandates, right? on top of that they're struggling to offset fuel costs with a rising commodity in oil prices. the other issue, cruise lines, airlines are burning crash like crazy. they raises the billions of dollars, diluted tons of stock the past year-and-a-half, with all the issues in the economy trying to survive and not go bankrupt. most of the travel, leisure, discretionary stocks have nothing to do with the strength of the consumer. that has to do with other issues in the economy unrighted to the consumer, right? the average household received 20% bonus essentially past year-and-a-half for all the stimulus. the question, where is the money going? are people spending or saving money. ply experience people spend more than they save. a lot of that money will be spent by the end of the year. that will be good for most stocks but not airlines because they have other issues. ashley: airlines, luke, the real
moneymaker is business travel, right? it will be quite sometime before we see anything like normal business travel again, right? >> absolutely agree with that. when you can hop on a zoom call to get everything done with meetings. that saves cop company as lot of money. saves employees a lot of money especially from the small business side of things. a lot of small businesses would go to the conferences, go to all kinds of business meetings around the country. small business is still hurting right now. large corporations, wall street took a ton of market share. small business still cannot hire workers. this is the last thing on their mind traveling for business. trying to make sure the business still survives. ashley: you mentioned the consumers have all sorts of money in their pockets but inflation is starting to eat away at that. you look at gas prices. average national price of gas now is close to a seven-year high, around 3.25, 3.30 gallon. out west, gosh in california, it is four, five, six, some cases
$7. that ultimately will hurt people in the pocketbook, right? >> oh, absolutely. i hate going to the gas station now, almost spending $100 to fill up my tank. it absolutely stinks. it makes me cringe. oil is used to make plastic tires, clothes, electronics, medical supplies. it is powered to america. that is necessity of our everyday life. that causes all other things to rise, inflation to occur. the thing, ashley, we could solve oil issues for that example. if we turn on our oil spigot, make more oil in america. biden to ask our national partners to produce oil to be energy independent instead of dependent but producing oil here in the u.s. doesn't fit his energy clean agenda. inflation over all is definitely a concern for especially the middle class. going down to the gas station to pump your gas, spending 100 bucks, that eats into your
pockets. that is definitely an issue. stocks should be able to hedge most of the inflation concerns. overall you need to be paying attention to inflation because it is here to stay. it is not going anywhere. ashley: before i let you go, very quickly, luke, your thoughts on earnings so far. pretty strong, right? >> yeah, they have been pretty strong. i expect them to continue to be strong. i mean the thing is, the consumers are very strong right now. i talked about at the beginning of the show. consumers have the 20% bonus with all the stimulus. that money i expect to be spent mostly by the end of the year. the thing that truly concerns me is 2022, right? what will happen in 2022? consumers have been completely upgrading their life. they have been going out, traveling, going out to nicer restaurants than they have been before. shopping at nicer places how long can that last especially in high inflation environment? that cannot long especially for 2022. in 2022 stocks have a lot of to
prove. ashley: as always, luke a great round up of all the subjects. we appreciate your time. luke lloyd. >> thank you, ashley, appreciate it. ashley: tease. coming up next, interesting the next thing to drive up your grocery bill, fertilizer. i said fertilizer. we're live at a farm in michigan to explain be next. ♪. (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you give back.
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ashley: fertilizer is prices are soaring, that worries farmers at a grocery store. lydia hu, farmers in michigan. what can you tell us about all of this lydia? >> ashley, americans are really going to really feel these price increases at grocery stores across the country, driven by higher costs of fertilizer. what is driving these prices of fertilizer? well in part bad weather.
also china is planning to pull back on exporting of the fertilizer. the rising cost of natural gas, about5 to 90% of the cost producing some of the ingredients of fertilizer come from natural gas. we've seen those prices spike so too, are the prices for fertilizer and perhaps no one knows this better than joe who is here with us. the farmer behind the cu chi family farms. does this means you will have to race prizes of produce? >> we will have no choice other than to race prizes, because when fertilizer prices double, versus $350 a ton last year, to $720, or $360 a ton on to $811 a ton right now. they can't guarranty those prices right now from our supplier. >> that is an incredible jump, more than double in just a year. you never seen a jump like that before in our decades ever
farming, your supplier can't sell to you, fertilizer you need for next year. that is something you ordinarily buy now. >> we pre-buy a fertilizer lock in a price. right now our suppliers tell us they will not prebuy fertilizer because they cannot get a price. all we can do is pre-buy, take delivery now. if we wait until spring to get it, we don't know what the price will be. >> you worry about what the american's ability to put food on a table, what concerns you about this? >> the prices have to go up. there are a lot of seniors that we get here, people look back and they go $6 that is outrageous. what we look at our inputs are, we have no choice but to raise it. it will raise the price or you're going out of business. >> these are the tough decisions that are facing so many farmers in this country right now as they're grappling with the rising costs of fertilizer,
ashley. prices in the grocery store are already high, we're hearing, based on what we're seeing in the fertilizer market. they will probably go higher next year. ashley? ashley: oh, boy. really interesting stuff, we appreciate it. joe there as well, really explaining what this means to us all. thank you so much. move on to the home building side of things now if we can. u.s. homebuilders calling on the administration to lift tariffs on imported supplies and lumber and metals. get reaction know from the largest building materials supplier in the country. builders first source, ceo dave flipman. thanks for joining us. explain to me if you can what impact these tariffs are having on your industry in particular? how extra it is costing i guess is trying to say. >> ashley, great to he be with us today. we see number of effects with the supply situation, coming out
of pandemic. we saw two effects, saw acceleration in single-family home building in the country. secondarily we saw acceleration in the diy for the consumer who stayed at home who decided they weren't going to move but maybe they needed to expand their kitchen, provide themselves a bigger office because they were staying at home. so the tariffs h oneee t,t,ut wt we'nn f o ilati ryll oardro thinryingrogggumbe tototo winindodo drsrsrsrs frara as h b bro-broo it flat e etff et e heror 1 f22 :h m are w t wki w te e ed st0%, 10, wha kd kd mbermb mbeay wsar b productct sawr the avere.omfo theistoricc moved i way way wk. b is bncesncffff bot 0% of the historical
average. we've seen price increases in windows and doors over the course of the last year well in excess of 30%. we were broad-based. really varies by product category though. ashley: not only tariffs. how are you able to get these supplies and materials when so much is you know stuck at the port? >> well thankfully a lot of our product sourcing comes domestically. we have great suppliers as you know, we mentioned. we are the largest building material supplier in this country. we operate 550 locations in 39 states. we have 27,000 employees. we get a great cross-section of business from all the homebuilders in the country and sure suppliers really stepped up and supported this in the last 15 months. ashley: do you rely at all on any imports? is it totally domestically produced? >> lumber is imported. hardware comes out of china, places like brazil and
south america for molding and trim. we're not immune to any of that. lengthening of supply chains caused us to do two things, one is order earlier and secondarily, you know increase our inventory significantly so we make sure we got the products we need to serve our customers. ashley: how much of this extra cost is starting to price out the consumer? >> well, demand is at an all-time high. in fact right now we've got more single family homes under construction in this country that aren't finished than we've had since 1974. homes that have been permitted and haven't started yet are the highest levels in 15 years. demand is really, really strong i think. to effects. first of that, we've got millenials in the market, 82 million strong, that didn't exist 15 years ago. they're buying first time homes, maybe even at the step-up level at this point. but importantly we've already under built significantly in
this industry over the last decade. i've seen data recently said there has been 12 million household formations in the last 10 years and only 7 million single family homes built. ashley: would you. >> there is shortage where there is demand really off the charts. i expect inflationary effects with i will continue to for some time. ashley: carefully man, -- dave fliman, builders source. we appreciate it so much. >> appreciate it. thank you, ashley. ashley: all right, still ahead the national average gas price climbing over three dollars, one town, get this on the west coast, where else, selling gas for over $7, we'll tell you more at the top of the hour.
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♪ i've got the power ♪♪ ashley: you got the power, but it's going to cost you a lot at least in one place. look at that gas price in a california town, $7.59. i looked it up, it's between san luis obispo and monterey. i guess the people who live there can afford it, but that is a lot, $7.59. well, thankfully, it's not quite that high across the country, but a new study is finding the
spike in gas prices could mean less hundred to spend at holiday season. i believe that's called the captain obvious study. let's wring in jeff flock. he's live at a gas station in pennsylvania where i do not believe it's $7 a gallon. jeff. >> reporter: i cannot top that, ashley, sorry. you see that number back there for premium, $4, that's plenty for me. yeah, $4 is high. and the national average right now, if you put the numbers up, yeah, rate bad there too, $3.37 now, the national average. one year ago it was just $2.16. that is an increase of 56% and, yeah, it's starting to get people's attention. the latest fox news poll, out just this horn, finds that 6 -- this morning, finds that 67% of americans find gas prices to be a major problem for this nation and if this economy. and 50%, fully half of america,
says it's a major problem for them. those that don't see it as much of a problem, that's a pretty small number there if you look on the numbers. why is this? well, oil prices are up. why are oil prices up? some people say it's because we've taken the focus off oil and specifically exploration. news that exxon is now planning to dump a couple of exlo ration projects. and if you look at the numbers of the money spent on exploration over the course to have past five or six years, in 2014, $779 billion on oil and gas exploration. by 2018, $483 billion. and by 2020, last year, even less. some people think that's part of the problem. but andy lipow, one of our oil gurus, says, you know, the focus on electric cars, oil explores and developers say it's a big roll of the dice to spend a lot of money on exlo ration.
listen. >> the auto manufacturer itself or electric vehicles, that's going to take market share away from gasoline and diesel-powered cars. energy companies have to looked at changing their business plans because the demand for their product is going to start to decrease in the united states. >> reporter: i and leave you with this, ashley, you mentioned at the outset when you're spending money to fill up your car, you've got less to spend on christmas gives. and a new -- gifts. if we continue at the present if pace, we will have $35 billion with a b dollars less to spend in discretionary income this christmas because we're spending it to make sure we get enough gasoline in our tanks. thanks, buddy. [laughter] ashley? over to you, pal. ashley: all right. [laughter] always, always so smooth. jeff flock, thank you so much.
let's are get reaction now from price futures senior analyst phil flynn. phil, jeff raised a lot of interesting issues there. but -- do we have -- there you are. hi, phil. >> hey, there i am. not be beeping at him, i swear. ashley: no. but you would if you were there, i know you would. lack of exploration was something that's being talked about. we just haven't been paying as much attention to oil. i would imagine the other big eshoo is we're shutting down -- issue is we're shutting down pipelines and going backwards when it comes to energy independence. what's going on? >> climate activism, is what it is. and around the world in this rush to move to green energy, we've dropped trillions of dollars of investments in oil and gas, and somehow believing that we can replace it with renewable fuels. the rob if is that is -- the
problem is that is the dream, but it's not the reality. fossil fuels cannot be replaced by wind and solar, they can't be replaced by electric cars right now unless you willing to -- you're willing to spend three times as much this investment on ev technology and three times as hutch investment on oil because you're going to have to have that a bridge tulle to get us to that point to power that. and because of this disconnect because of the climate emergency, so to speak, it's creating a huge dislocation of the market that's going to affect everybody in the world. ashley: my next question, and i'm sure what a lot of people want to know, is for how long? can we expect higher gas prices into the near term or the long term? >> for the long term. the era of low gasoline prices is over. it's been over for some time. when you talk about exxonmobil, big oil, the biggest oil company in the world
had board members saying, hey, we're got not going to produce enough oil or stop investing in oil because we're not sure if it's going to be away, but we have the ceo saying the opposite, saying that right now the world is not investing enough in fossil tulles to meet demand -- fuels not only in the short term, but in the long term. and that is a risk to the global economy. so this rush to transition fuels becomes more political. it's not based on science, it's based on panic, and when you make long-term decisions on energy based on panic and not fact, it leaves the world short of supply, and that's whey we're seeing these -- why we're seeing these incredible price spikes around the globe. ashley: we used to be energy independent under the trump administration's policies. how much have we gone backward from there, phil? >> dramatically. in fact, if you look at the policies under the biden administration, you're seeing a drop in u.s. spending for oil and gas dramatically.
and what is worse, the biden biden administration is going to take steps to make sure that we don't invest in fossil fuels. they're calling on banks and probably companies to disclose their carbon footprint. they're telling banks, hey, don't lend money to oil and gas companies because it's adding to greenhouse gas emissions. because of the risk to these financial institutions, they're closing the accounts of oil companies and gas companies. so they're discriminating against investment in oil and gas. that means less production here, more dependence on opec and russia. ashley: so frustrating. but phil flynn, as always, explaining it very clearly. phil, thank you very much. do appreciate that. the pain at the pump is not going away anytime soon. chain . despite california ports now operating 24/7, those issues are
not going away, and officials are now warning that further action needs to be taken to free up the log jam. kelly o'grady is at the port of los angeles with or -- with more. >> reporter: hey, ashley. listen, as of last night 108 ships were waiting to offload are, the most at any point in history. we're operating 24/7 here, so it's no longer just a port issue. we're seeing issue at every part of the supply chain. california governor newsom issued an executive order yesterday tackling the trucking shortage and the container storage needed to move all that cargo that you seeing on screen at the port. but, listen, retailers didn't wait for newsom to act, walmart, home depot, they're chartering private cargo ships, and the executive director of the port of long beach tells he this is going to hurt small businesses the most. >> volume gives you more
leverage. so if you're a small shipper or a mid-sized shipper, what's your leverage? it's de minimis. unfortunately, when we have these bottlenecks and you can't get your product, your container, time's money. you're losing money. >> reporter: listen, that pain is being passed on to the consumer. 71% of voters report empty store shelves, 55 percent see slower delivery times and 83% say grocery costs have gone up. i can attest to that. to fix these issues, we need to move to what he called an amazon state of mind. that means every part of the supply chain needs to operate 24/7. but listen, ashley, expect a crunch this holiday season, and the protection for the hardest to find items? air pods. keep that in mind. ashley: ah, very good point. start your holiday shopping now is probably good advice as well. kelly, thank you very much,
appreciate it. latest from the port of los angeles. by the way, a new fox news poll showing almost 9 in 10 voters are worried about inflation. perhaps not a huge surprise. let's get reaction from capitalist pig hedge fund manager jonathan hoenig and brandon arnold. gentlemen, thank you for joining us. jonathan, let me begin with you. despite what the biden administration says, this inflation eshoo is starting to bite -- issue is starting to bite pretty hard at pocketbooks around the country, and that could have a big impact on the big holiday season coming up and consumer shopping. >> yeah, i mean, on the economy, ashley, people are worried now, but they're worried, honestly, look at history. they haven't seen anything yet. go back to the 1970s, home heating prices doubled in just one quarter in 1973, and the red meat prices were increasing at 100%, you saw housewives
protesting literally at the grocery stores. as much after -- as the biden administration wants to blame us greedy capitalists, it's their spending that's causing this inflation, and it's not turn thing around anytime soon. ashley: brandon, we just had the administration, president biden himself saying he'd received a letter from 17 nobel laureates saying, hey, no worries, your spending plan will have no impact. informs, inflation -- in fact, inflation will go down which, to me, sounds insane. what say you? >> yeah, i don't buy it. [laughter] demand side issues. there's supply side issue, of course, but a demand side as well. we put about $5 trillion into the economy over the past 18 or 20 months to combat covid, and that has juiced demand. we don't need to put another 2 trillion or 3.5 trillion or however much this package is, it's just going to cause additional overheating. of course there are supply chain issues that need to be
addressed, but the first thing the biden administration should do is stop digging this hole deeper, stop i trying to make the problem worse. ashley: well, they're digging a hole, brandon, to follow up, and yet that huge monetary hole, how is it going to be paid for? half the people in this country will see their taxes go down which means somewhere someone is really going to get the shaft, so to speak, in a technical term. i herein, this is, you know -- i mean, this is basically printing money, throwing away our future generations, we're going to be left with this problem. my question to you is do clay they'll have -- they really have a sense of how they'll pay for all of this or are they just trying to appease their supporters? >> well, they're saying they have plan, but that seems to be thrown in the trash can every 20 minutes or so. so right now we're look at corporate tax rate increases, but maybe not because sinema and
manchin are not so happy with it, so they don't know how to pay for the package. they are permitted to borrow up to 1.75 trillion. if that's their fallback solution, that's going to cause just the problem that you alluded to there. borrowing more money from abroad and funneling that money back into the economy to create more information -- >> and ashley -- ashley: go ahead, jonathan. >> we all get the shaft. not just in terms of higher taxes, but in lower standard of life, lower quality of life, and you saw that throughout the '70s. it wasn't until if reagan and volcker came in that that you saw the economy take off. president johnson called inflation public enemy number one. we're not there yet. ashley: jonathan, it's interesting, the take from the biden administration on the supply chain problems is, hey, don't blame us. we've just created a fantastic
economy. demand is going through the roof. of course things are stuck at the importants. that that, to me, is a very flip response. >> exactly. when you print hundreds of trillions of dollars and give it to people, they're going to -- [laughter] zack i key saying, oh, tread mills are going to be delayed. we're talking about people's jobs, their livelihoods, their christmas gifts. that attitude about redistricting people's wealth and not caring when it gets stuck in the process, it's just too much to handle. ashley: all right. we'll have to leave it there. so much to talk about but, guess what? jonathan and brandon, you're going to be back with us a little later this hour, so don't run off. that's what we're trying to say. okay, crisis at the the u.s./mexico border is worsening. we'll have more on that story after this. ♪ ♪
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this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. ashley: fox news has learned that 60,000 migrants amassed along the mexican side of the border could be crossing into the u.s. within the next couple of days. fox news correspondent mike tobin is in la joya, texas, with the latest on this. yet another day of migrants crossing the border, mike. >> reporter: and i can tell you this, ashley, like
clockwork. the sun started going down yesterday, the migrants started showing up by the hundreds. ultimately, they came here to this ballfield to be processed. the bulk of them said that they were from honduras, a lot of unaccompanied minors, a lot of single mothers with babies. sometimes when they arrive they're pretty beat up. they're sun burnt, thirty, tired, covered with bug bites. the ones we saw yesterday, really depending where they get dropped off, didn't look like they were in that bad of shape. life is hopeless where they're from. >> translator: the economy is terrible in her country, and being a single mother, she can't afford to send her son to school and give him an education, there's so much crime and corruption. >> reporter: border patrol sources say as many as 60,000 migrants are massing on the hex can side of the border -- mexican side. they are aware that the
trump-era remain in mexico policy is likely to be reinstated despite efforts to remove it. the policy requires a migrant to stay in mexico while his or her asylum case is processed. former officials from the trump administration talked about how effective that was at controlling the border. >> that program alone resulted in a 75-80% reduction in families illegally entering this country. it closed that loophole down. no longer was coming to our border with a family illegally automatically a passport into the united states. >> reporter: leaks from government sources yesterday said that fiscal year 2021 set a record for detentions and illegal crossings at the border with 1.7 million known cases. that doesn't count the runners or gotaways who slip through undetect thed, but those we know about include 132,000 unaccompanied minors, and we're still waiting on the official numbers.
ashleying back to you. ashley: remarkable number. mike tobin, thank you so much for the latest on the border. let's wring in republican tennessee congressman mark green. every time i hear this story, congressman, the numbers always astound me. but even more astounding is we're not appearing to do anything about it. >> yeah, ashley, thanks for having me on the show. he's ignoring the court orders. he's actually ignoring court orders which have said he must reinstate the remain in mexico. and that refusal, his refusal to enforce those laws, his refusal to deport people who should be deported are the result of that young woman on the train in philadelphia was raped. he was supposed to be deported. he changed the directions given to i.c.e. the individual wasn't deported, and a young american woman was raped. that's the responsibility of president joe biden. ashley: yeah, and yet the secretary of homeland security, mayorkas, continues to assert9 that the border is secure.
which, to me, i just don't know how you can say that with a straight face. >> it's insanity. i mean, you look at the fentanyl with already it's a 700% increase, a 700% increase, and that means dead americans to overdose. they don't care. they basically are trying to jedi mind trick the american people, and we're waking up. america's waking up. look at his approval ratings. i think it's down to 37%. unprecedented. but that's why -- i mean, it's because of the border, and it's because of afghanistan that this president is, you know, his approval ratings are so bad. ashley: well, it appears no matter how many times we tell this story, the administration is not taking action. what -- you say that they're naughting the court's orders. you don't get to come in the country, you don't get to slip
into the united states and show up for your court hearing, you have to remain in mexico. you talked about the horrible story of a woman raped in philadelphia, but what else should we fear from this? >> well, i think, you know, i mentioned the fentanyl, but it's also the criminals that are coming across, ms-13, all of these gang members. that's a huge threat to the security and safety of americans. you know, that's the oath the president takes, is to protect the people of america. he's not doing so. and really the only reason they know that the fentanyl's killing americans, they know ms-13 crime has come9 into the united states, they know that the illegal immigrants are going to take jobs away from americans. they don't care because they also know they'll come here, they'll have babies that will be american citizens, and they'll vote democrat. the point made back in july about the cubans rioting in the streets, he said not a single cuban will come to america. the reason he doesn't want that to happen, they vote republican.
this is about empowering the democrat party, that's why our southern border's wide open. ashley: just to change subjects a little bit, congressman, i want to talk about the spending plan and the back and forth within the democrat party. what has not changed, i don't think, is a viable explanation as to how they're going to pay for this. i don't know whether it's $1.5 trillion, 2 trillion, whatever it is, there still appears to be no real sense of how it's going to be paid for unless you're looking at some serious tax hikes. >> that's exactly right. they're talking about increasing the capital gains rate, they're talking about the increasing, you know, corporate taxes, all of which are going to decelerate our chi in the midst of -- economy in the midst of inflation which will bring about stagflation, the situation back when jimmy carter was president. this is kind of president we've got right now. he doesn't understand supply chains. these vaccine mandates are impacting the transportation industry. they're going to continue worsen
it as people call in sick and make their protest to businesses. every single thing joe biden is doing is destroying america whether it's the economy, our protection at the southern border or our military or, you know, our relations with foreign countries withdrawing from afghanistan and that debacle. every single thing this guy's doing is destroying our country. ashley: and is that is being reflected, i think, in the latest polls and in that gubernatorial race this virginia. in virginia. you know, this could have serious consequences for 2022, and it seems like the administration or mr. biden himself is kind of unable to take the pulse of the country. >> absolutely. their policies are designed to change, basically concentrate power in washington, d.c. which is not what our founders, it's not what americans want. and they're seeing these policies, concentrating power in washington, and they want nothing of it. and i i think you'll see in 2022
a massive win for republicans, and i -- we will retake control of the house, and then we can put a halt to some of this socialist agenda that's coming out of the white house. ashley: all right. by the way, i should mention you have done something that's very rare in this country, congressman. you mention managed to get an income tax thrown out in tennessee because once the government imposes an income tax, it's there for good. so i don't know how you managed it, but bravo, sir. [laughter] >> it took four years, and we finally got it done. only two states in the nation's history have ever repealed any form of an income tax, and we did it in tennessee with the help of a lot of my colleagues. ashley: congratulations on that and thanks for talking with us. congressman mark green from tennessee, thanks so much. >> thanks for having me. ashley: democrats divided, senator kyrsten sinema draws a red line on tax hikes. that's not going to go down well
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♪ ashley: welcome back to "coast to coast." it is moderates versus progressives as democrat lawmakers race to meet a self-imposed friday deadline on a reconciliation framework at least. fox news congressional correspondent chad pergram, the man who knows all the little details and all the goings-on has the latest from capitol hill. rather you than me, chad.
>> reporter: house leader nancy pelosi today said democrats were rounding the turn and heading for the stretch. she's not the only one. >> very, very close to having a deal. i think it's just a matter of not letting the perfect be the enemy of the good. >> the top line's what's important. >> reporter: what's in or out of the bill is still a mystery. pelosi took issue wednesday with reporting the democrats were scaling back free community college and paid family leave. >> couldn't possibly misrepresent because it isn't done yet, and it will be because now we have to narrow the scope, and we're in the process of doing that. >> reporter: -- with the senate so that everything or is signed off here -- >> our agreement is that we will have an agreement that will pass both houses. >> reporter: getting a universal agreement is key, also making sure they have the votes of moderate as kyrsten sinema
and joe manchin. manchin opposes long-term taxes for programs which may only run for a short period. >> if it's important enough for us to have new revenue, then the program should last for that. if not, your not being genuine saying, well, we're going to pay for it with ten years of revenue but only have a program for one or two years? >> reporter: they hope for a vote on the bipartisan infrastructure bill next week. ashley? ashley: a lot is being made of this diplomatic shuffle approach that the president has taken and, by all accounts, much more effective keeping the actual players apart and talking to them individually or as a small group to try and win concessions as opposed to having them all in one room trying to shout over each other. it appears to be somewhat working, would you agree? >> reporter: well, just a couple of weeks ago remember
nancy pelosi wanted to finish the bill at the end of september. there was nothing on paper at that stage, so that's why this has been successful so far. but what will probably happen, they'll probably have a pre-pre-framework, then a pre-framework, then they'll have the framework come out early next week. it'll take several days to get legislative text, and everybody has to sign off on it. we're probably at least a week or so away from the final, final, final version. ashley: and, of course, the president is trying to get this all nicely done especially the climate aspect, because he's going go off to the climate summit in glasgow in the near future. >> reporter: that's right. two deadlines there, he wants to have a win maybe to have something in principle agreed to before he goes to scotland. number two, maybe they can pass the infrastructure bill at the end of next week before he goes overseas as well. ashley: all right. lots of deadlines, as always. chad, thank you so much. great stuff, appreciate it.
democrat senator key stint cinema, as we kind of alluded to, is opposing president presit biden's tax hikes. jonathan hoenig and national taxpayers union brandon articled are -- brandon arnold are back again. jon than, seems to me senator sinema is in a tough position. she's getting a lot of pressure. she doesn't want to tax the wealthy and high earners, and that's basically what the democrat party is based on it, el -- it feels like. >> they actually want to tax wealth creation. ashley: right. >> capital gains, isn't that what we want more of in this country? there's this perception, arleigh, certainly among democrats that the wealthy have their money in a big room, all that gold. that gets invested into new jobs, new wealth creation and that's the process that's
destroyed by all these democrats' taxes. ashley: and, you know, brandon, the point has to be made that, look, the wealthy earners, they pay their fair share of axes. i mean, they -- taxes. they pay a lot, right? >> yeah, absolutely. the wealthy pay a disproportion nate amount of taxes. we live in a highly progressive country when it comes to our tax code, so the notion that they're not paying their fair share is bo lowny. finish what happens when you do that is you push assets overseas. you have something like -- elizabeth warren has talked about. they don't work. they move assets to other countries, and america is worse off for it. ashley: yeah, absolutely. and, you know, to me, how can they not see that, jonathan? that if you continue to go back to the well, eventually the well's going to, you know, go dry by moving overseas as
brandon just pointed out. >> i mean, it's almost like it's been turn on its head. for most of this country's history, you were to believe that wealth was create in the private sector. but biden and most democrats believe that government spending creates wealth and, of course, all that spending is taken out of the private product arive economy. they want, i don't know, more solyndras and less amazons? i don't understand that at all, and that's exactly what these types of spending programs are about. it's about hurting the rich. you're not just hurting the rush. the corporate income tax, ashley, who's that paid for? by employees in terms of lower wages and jobs. there is no such thing as a free lunch. you tax every american in the process. ashley: that's very well put. and brandon, you know, look, you know, it's the mantra of the democrat party, and in particular joe biden as we know, how much do you think this could hurt him when it comes to the midterms next year? i mean, we're already seeing his approval if ratings drop, and now we're seeing the virginia
governor's race in particular very close now in an area that biden won by ten points. so my question is, these policies, are they starting to turn the electorate off? >> i think so. i think joe biden almost ought to hope that this bill does not pass, because if it does, we're going to see higher inflation. we're going to see household products go up even more. even things like buying a pack of cigarettes or some tobacco products, prices are going to be absolutely through the roof. so this problem's going to make inflation much, hutch worse, and it'll -- much worse, and it'll probably hurt his approval ratings more than they're already hurt. ashley: jon than, i wanted also to bring up the question, we were talking about oil earlier, and there's a lot heads exploration going on as the global economy and the united states and the biden administration pushes toward, you know, electric vehicles. my problem with that is i just don't see the infrastructure in
place for this hassive uptake -- massive uptake of electric vehicles. and in the meantime, we all have to continue to put gas in our cars. and to be honest with you, as phil flynn said, those prices are going to continue to go up and up and up. >> well, the hidden irony of all that, ashley, is, you know, electric-powered cars, where does all that electricity come from? in most cases it comes from coal. it comes from fossil fuels anyway. so it's essentially a big run-around for no economic or environmental benefit at all. but the idea of central planning, that government's going to decide how to educate our children, how to heat our homes, what kind of fuel to put in our cars, it also ends in misspent wealth, and that's exactly what you're going to see for all these incentives for so-called green energy and disincentives for fossil fuel. ashley: i lived through the 1970s in the u.k., and it was miserable, i can tell you that.
ban, do jonathan, thank you so much for taking the time for us today. bitcoin sliding today the after hitting a record high yesterday. the new crypto prediction from elon musk after this. ♪ we're halfway there -- ♪ living on a prayer. ♪ take my hand, we'll make it, i swear. ♪ living on a prayer ♪♪ onal thie see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs... being first on the scene when every second counts... or teaching biology without a lab. we are the leader in 5g and a partner who delivers exceptional customer support and 5g included in every plan. so, you get it all, without trade-offs. unconventional thinking, it's better for business.
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ashley: the hot housing market not slowg down according to the latest data. sales of previously-owned homes increasing 7% in september, at the highest rate since january. the sales were helped by high inventories and, by the way, the median existing home price up 13 if.3% annually in september. the average price, $352,800 in
september. meanwhile, bitcoin losing some steam today after surging to new highs. susan li is here with more. >> yeah, so cryptocurrencies are coming back down a little bit, bitcoin cross 67,000 yesterday which is a brand new record high, and that's because there's been off the chart demand for the first etf from pro shares, the fastest ever to get to a billion dollars. you also have a new etf tradeable together. you also heard from billionaire peter teal regretting -- peter thiel, he still thinks investors should go long and does expect high her prices for bitcoin to come and, of course, the ultimate influencers, elon musk, prediction for bitcoin to hit 69,000, he said ether will get to 4200. and mr. trump's new spac partner
has been a huge winner this morning. again, halt for volatility, up over 240%, quadrupling in value and after trump said he was teaming up with digital world acquisition, they are going to launch a new social media platform called truth. we've seen it in the top ten of the most talked about stocks on the wall street bets page, even more popular than gamestop. and you have to remember that press release, the trump-backed entity valued at $1.7 billion, i bet it's going up quickly. and finally, one more story for you is the infamous wework communal work space company is finally a public if one, listing ya a spac on the nyse. remember when it's peak was valued at $40 billion, now when it went public, less than a quarter of that.
adam newman was kicked off the company, but he was still celebrating the listing this new york's west village. have you watched any of those documentaries? you'll see that adam newman was a very interesting character many those, and it was just really founder-led, wasn't it, ashley? it was kind of like -- ashley: it was. yeah. just a bit too much personality in the enthough, but a remarkable story, nevertheless. and finally, susan, it's going public after all this time. >> and less than a quarter of its peak valuation. going public at $9 billion, so what a difference a few years makes. ashley: indeed, it does. susan, thank you very much. how about this headline? some people may be cheering, buffets are bouncing back. coming up, the ceo of golden corral on the changes he made during the pandemic and why he is so optimistic. we'll be right back. ♪
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♪ ashley: buffets took a major hit during the pandemic, as you can imagine, but now they are on their way back. that's what golden corral ceo thinks and guess what? lance is with us right now. great to have you on the show, lance. tell me, how did you survive the pandemic? you know, people weren't, obviously, going out of the house, and they certainly or weren't going to buffets. >> well, certainly, the pandemic just devastated our revenue lines. the early days of the pandemic were incredibly challenging across the entire buffet industry. so we had to pivot very quickly. we had to think differently. we had to find out what our customers were willing to risk when they came into our restaurants, what kind of things would they be willing to change in our restaurants. and so we offered a no-touch service buffet, we had a family service. we tried about six different prototype changes in the
restaurants. the great news is, is that we have an incredibly loyal guest base. and as soon as the fears of covid started easing some, then guests started returning to our restaurants. and slowly but surely, we've begun to recover over the last 18 months. ashley: when you ask people what kind of service they wanted, what was the most popular? you said you offered five or six different options. >> you know, we're known for variety and abundance, and so people wanted the buffet back as soon as they could get it. [laughter] we tried the opportunity to bring it to their table, we tried direct entree service and things of that nature, and we had some limited success. people love a lot of our products, and they really are, have their favorites, so to speak. so during that time, they were willing to do that. but as soon as we were able to get the buffet going again, that's when they really started showing up in our restaurants. ask we're happy to have 'em back.
ashley: how is business right now, lance? when you compare it to pre-covid, are you getting close to normal or do you have a ways to go yet? >> yeah, i don't know how you really define normal these days -- [laughter] but in all honesty, we are back to about 2019 levels. we did lose some restaurants during the pandemic. it was very, as i said, very devastate ising on our revenue lines, and our franchisees really worked hard to make sure they found innovative ways to serve our guests. but at the end of the day, we're getting back to 2019 levels, and we see ad good, bright future ahead for our company. ashley: are you still seeing those tour buses compiling into the parking lot and all unload and straight to the buffet? are you still seeing that? >> yeah, we, you know, we've implemented a lot of safety and sanitation protocols, things of that nature, but people are still lining up in our
restaurants. and that's what's so exciting, and we're so appreciative that people are returning to our company if, to our buffets across the nation. it's really been -- we operate in 41 states, and they've been showing up, so we're excited about that. ashley: so the people are returning, lance, but what about the workers? we though that businesses across the country are having a hard time attracting workers. has that been the case for you? >> hard time for adjusting for, what? i'm sorry? ashley: workers, have you had a hard time getting workers? >> oh, it's been incredibly difficult. identify been in the restaurant business over 40 years, and this is the most difficult time i've ever seen as far as staffing our restaurants. we currently have over 5,000 open coworker positions throughout our company. we have 125 management positions. you can imagine trying to run one of these ships this a restaurant that's serving -- in
a restaurant that's serving 5, 6, 7,000 meals a day and doing it short staffed, it's incredibly difficult. that's going on across the city right now, so we're really -- the industry right now, so we're really focused on innovative ways to try to get coworkers engaged with our restaurants, to apply and to begin to hire them. ashley: 5,000 openings, my goodness. lance trenary, thank you so much for talking the time. continue -- taking the time. continued success. >> thank you so much. i appreciate that. ashley: thank you. quick market check. s&p negative right now as you can see. if it measure finishes in the green, that will be a new record close. we'll have more after this. ♪ ♪
ashley: my time is up. lots to talk about. it is time to send it to my good friend charles payne. take it away. charles: ashley, good to see you, my friend. good afternoon, i'm charles payne. this is "making money." markets right now are moving a little bit sideways. we're consolidating nice gains five days in a row. there is frustration with earnings season. here's the deal, if you make it the street likes it you will do extraordinarily well, if you miss, this is feast or famine, you miss, watch out your stock will get hammered. speaking of earnings crocs is my stock of the day. taking flight after earnings report. wall street kicked