tv Cavuto Coast to Coast FOX Business October 22, 2021 12:00pm-2:00pm EDT
their missiles as long as the u.s. didn't invade the island. i remember that distinctly. you weren't even born. >> correct. stuart: i was 14 years old, and all the kids were talking about it even. back then. >> i remember the movie, but i don't remember the actors. stuart: it was a good movie. it was called 13 days, budget it? okay. thanks, ladies. mr. asman, you're on. david: stuart, i remember my mother putting canned food in the basement. we were all kind of nervous back then. good to sigh you, my friend. welcome to "cavuto coast to coast," i'm david asman in for neil cavuto. markets trying to weather the port in the supply chain storm. nice turn of phrase there, with the dow and s&p losing ground after hitting all-time highs earlier today, and the nasdaq under pressure from weakness in the tech sector. plus, president biden saying there are no easy answers to the massive gas price surge.
that doesn't make it any easier for you folks. i'm going to be talking to a top oil expert who may have the answers that could help. and school mask mandate mania hitting a fever pitch as attorney general merrick garland tries to knock down claims he called parents domestic terrorists. we're going to talk to a new york mom coming up. but first, in today's top story the, a record 109 ships, huge ships -- imagine, 109 of them -- are now anchored offshore and waiting to be offloaded, and prime minister biden's plan to have ports -- president biden's plan to have ports running 24/7 is hitting speed bumps, to say the least. william la jewish he's is live off the coast of l.a. with more on all of this. william. >> reporter: david, i know you've probably been to walmart or best buy and said, you know, how did all this stuff get here? well, this is how. cargo used to go by crane and
bag -- crate and bag and barrel. now it comes in this fleet of container the ships. when there's a kink in the supply chain, this is what you get. i think you can see right now this is a parking lot, right? as you said, there's 109 ships just waiting to get in to port. in fact, there's 55 of them that are actually even outside this area, yet they can't anchor, so they're drifting off malibu and san clemente. one thing you want to do is take a look at how big these things are, right? so this is about twice as long as a football field. it can carry 25,000 tons. so think about this, a small car weighs a little over a ton, you go to a football game, college game day, there's 25,000 parking spots. that's how many cars, how many tons a craft like this can carry. as you said, president biden said ten days ago he had some good news that this was going to speed things up, going 24/7.
well, i can tell you talking to the truckers and the warehouses, it is not working. it's not solving their problems. >> the ports are already open for two shifts. you already have basically 10 hours on both shifts. so the extra 4 or 5 hours that the ports are being opened, i can't return empty in that extra time. they're only allowing containers to go out that are already on wheels. that's my problem. i don't have a chassis to bring in. >> as a driver, i think it's on the ports to organize themselves, the way to do it. they need better organization. >> reporter: so just like domino ifs, if things don't work here, there are going to be problems down the line, supply, price. and imagine if you're trying to sell artificial christmas trees, right? if things show up late, say january, they don't have a lot of value. and i'm told by insurance
brokers the insurance claims are already are piling up. >> the impact is widespread, and the spoilage that's occurring, that's where people are -- and companies are losing money. because they're not able to get products on the shelves, in customers' hands. >> reporter: so the bottom line is, david, containers of basically -- have basically revolutionized the way we get our cargo. but when you don't have the infrastructure to support and it like we do right now and america's largest port, you see the problems down the line, and i know you're seeing that in the slowing economy and the inflation numbers. david: i hope you took your dramamine, william. good to see you, my friend. thanks very much. william was talking about christmas, and it is going to be a lot harder to get presents under the tree this year. some good folks in michigan are stepping up. that's where we find fox business' lydia hu.
hi, lydia. >> reporter: hi, david. that's right, we are at american plastic toys incorporated here this michigan. the company makes toys all in the united states. you can see some of the toys coming down the conveyor belt just behind he, and we're goinged by ceo john gessert. what do you see coming down the conveyor built now? i know this is a last push to fill holiday orders. where are these toys headed? >> well, they're parts to play kitchens and basketball sets and doll buggies and any number of products. and these are headed to mass merchants, large retail theres throughout north america. >> reporter: walmart, dollar general, some of the big retailers we're talking about. using an american company making products right here in the united states, has that made a difference during this unprecedented holiday season? >> it has. we're faced with a lot of the same supply chain issues that the other companies especially that are importing toys from the
orient are as well, but labor shortage has been more of an impact. but it has provided an opportunity because even though we're producing some of this product later than normal, it still gives retailers a chance to fill their shelves with our products. >> reporter: and it's really about kids, right? what kind of joy or satisfaction does that bring to your workers knowing you're really going to make a big difference this holiday season given that so many of the toys are floating out at sea? >> that's one of the biggest aspect, envisioning the smile of a child that's playing with and learning and developing and just enjoying one of your products. >> reporter: i see a fire truck being assembled, one of the many toys that's going to make a difference this christmas season. david, back to you. david: thank you very much. good to see you. meanwhile, west coast burger chain inin out -- in and out is public my calling out san francisco officials because they
supposedly didn't check the vaccination the status of their patrons. reaction now from apple metro chairman and ceo zane tankel. zane, i'm wondering if you're kind of sympathetic to these owners. >> yeah, david, i am. and, you know, it's just a gross incompetence of government in general. in new york, you know, we have the mandate, and it's really easy to enforce it. i'm all about getting people vaccinated, i -- but it shouldn't be pushed down to private sector. they're dismantling us. what about all the people right now as i'm talking waiting on line at the dmv for a driver's license. what about making them show a vax card? what about supplements, rent subsidies, food stamps, why are you dismantling the private sector? these guys at inn and out --
in-n-out. it's just one revolving circle of, in my view, trying to get more votes. if they're calling on -- pulling on the government strings to survive, where's their loyalty, to us? no, to the guy paying them. there's ways to get it done. i'm all about mandates. i believe we should get the virus licked and out, but do it in a way that's effective. david: zane, let me just stop you there because the last time you and i talked, you didn't seem to be such a huge advocate of these mandates. you had a lot of problems with it. clearly, they're causing businesses to do things they were never set up to do which is to essentially be sheriffs to try to, try to, you know, regulate the people that come in and out of their business. you're -- particularly after all the pandemic lockdowns, you want everybody to come in as possible. now have you turned around a little on that issue of mandates? >> no, no. no, david, i still -- i don't
believe we should enforce it. i believe mandates -- i believe people should get vaccinated for the health of the country, physical health of the country, mental health, but the enforcement should be by the people who mandate it, which is government. government gets all these people that suck off of their pursestrings; i.e., food season is city dids, rent subsidies, unemployment checks. do you have to show a vax card to check that? it shouldn't be my job. somebody is physically punching somebody at my front door -- david: hold on a second, that has happened in your business? you've had actual fistfights as a result of these mandates? >> i have security, full-time security in some neighborhoods in certain restaurants because people are pushing back. i've had threats that there's going to be an organized boycott
against us. not against the whole restaurant, against us. they say you don't support new yorkers, new yorkers won't support you. i've got it in writing. i've got threats. yes, the answer is yes and yes and yes. david: wow. let's switch to9 another problem which is plaguing a lot of companies, and that's inflation. i mean, the inflation's just out of control in a lot of places particularly when it comes to energy and shipping, etc. how is it affecting your business? >> it's running our costs right up to the sky and shrinking our margins all the way. i mean, the gross incompetence of this government is beyond -- and, you know, it takes a little while for it to start from the white house and filter all the way down to the guys -- the toilet bowl, literally. we just built a restaurant, and we're building a second restaurant, that's how bullish we are on this market, on this country. however, i can't get equipment
for it. to get a fryer, to get a broiler takes eight months. i used to get it in 6-8 days and discounted because i took it out of somebody's warehouse. what does that do about employment? if -- it just goes all the way down. and we have food shortages, yes, left and is right. and who is always to blame? private sector. not the government's fault that i don't have hamburger meat as far as the guest isen concerned -- is concerned, it's hi fault. david: right. you're the one that has to face the customers face to face. what do you think is causing these supply chain problems and the inflation itself? >> the gross incompetence in washington. [laughter] nobody anticipated that we don't have, what, a week ago they said we'll operate the ports 24 hours a day, 7 days a week.
that's a week ago? that's eight months old. so we're just trying to always catch up, and we're on a treadmill, david, literally on a treadmill. standing still going faster or and faster and running out of breath. david: well, god bless you. i'm glad to hear that you're bullish, but i'm sorry you can't get the equipment to open up a couple new stores. zane, thank you very much, hi friend. best of luck to you. meanwhile, president biden was asked about when he thinks gas prices will start to go down. listen. >> my guess is, you know, start to see gas prices come down as we get by and going into the winter -- i mean, excuse me, into next year, in 2022. i must tell you, i don't have a near term answer. david: -- wealth chief market strategist kenny poll carry. kenny, thank you for coming in. we just heard zane tankel talk about putting the finger on the president's policies as part of
the problem here. can the same be said for gas price? we know that he came into office saying he was at war with fossil fuels. we know that the first act he did was shut down a gas pipeline. he's closing exploration, etc. meanwhile, enriching the russians by okaying their pipeline. how much do his policies have to do with the prices going up at the pumpsome. >> i think at least 50% of his policies have to do with what's happening at the ump because you hit the nail on the held. they're anti-fossil feel, anti-energy. just like you said is, they closed down the keystone pipeline, they're pulling back on leases or the ability for some of these production if companies to actually explore for oil. look, two years ago we were the largest supplier of oil, we were net exporter of oil, right? we were even outpacing opec, and suddenly we're on the other end of this and he's going out there and begging opec to produce more to help relieve it. and if he thinks prices are
going to come down in 202, he's obviously not paying attention to wall street, because there are estimates of $200 a barrel oil by this time next year, and if that's the case, they'll be double what we are right now. david: quickly, let's talk about supply because you mentioned the supply's down domestically. we were pumping close to 13 million barrels a day a year ago, now it's about 11 million barrels a day. how much lower do you think it's going to go? >> right. well, i actually think we're going to start to see a turn-around because what you're hearing every week is that they're adding new rigs, right? we were up, last week we were up to 545 now. again, i suspect that today we're going to hear that they're going to administer rigs, so i'd like to think we're going to hit the low and start to make our way back, especially because oil prices are now in the 80s. a year ago we were down in the 30s and 40s: now we're more than double that. you've got some of the
production companies that are trying to ramp up, and it does take some time. david: kenny, we only have 10 seconds. demand, it's outstripping supply in some parts of europe where you have gas license. we haven't seen those here for a long time. are we going to see them again? >> i -- well, i hope not. i don't think we are, but, you know, there's a very real if possibility that if the economy really starts to heat up and demand for energy is going to heat up, there is a possibility we might. i'd like to say no, but i'm not going to say i'm 100% sure we're not gonna. david: good to see you, kenny, thank you very much. straight ahead, democrats rushing to reach a deal on the spending bill. what the hidden costs and implications are right after the break. ♪ ♪♪ and i need you more than ever. ♪ and if you only hold me tight, we'll be holding on forever ♪♪
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>> reporter: david, there's a lot of optimism and potentially momentum closer to a deal. speaker pelosi was here at the white house. upon leaving, she told reporters that she believes they are about 90% there on a deal. and just moments ago house majority leader steny hoyer announced that they will consider both the infrastructure bill and the social spending bill next week which means they think they will have everyone onboard to pass both pieces of legislation. but there's still a lot up in the air. the white house is trying to push for passage before halloween, but president biden admitted that senator kyrsten sinema has taken a key revenue raiser off the table, corporate tax rate hikes. but biden says he still thinks he will be able to grab enough taxpayer cash to pay for the full tab for his social spending package anyway. >> a lot of pieces in there. there's a lot that people don't understand. and, by the way, all of it's
paid for. every single penny. it's not going to raise one single credibility. the elements of these two bills have profound impact on economic growth, reduce inflation, don't add a penny to the debt. >> reporter: -- continue the package is being chopped up. the president confirming that paid family leave is dropping down to four weeks from the twelve he originally wanted. free community college is also out. but there's still a ton of social programs making it in just for a shorter amount of time, and that has some analysts saying the price tag is a ruse. cornerstone macro says the real cost of the package is closer to $4 trillion because the promise that these programs will just end and not be extended is false. and that concern is valid is. last friday president biden said his plan is to get on the board with as many social programs as possible and then figure out how to keep them around if they
work. >> reporter: and that's a big concern for senator joe manchin who said part of his issue with all these programs in the spending package is that it would create an entitlement society. david? david: hillary, you know, the joint committee on taxation's a nonpartisan organization. they looked at the proposals to raise taxes, and according to their figures, the administration's coming up short by about a trillion dollars in terms of the spending outweighing the money that they hope to get in from raising, raising taxes. so how does the president, you know, deal with that issue? how does he square that with his promise to make things cost zero? >> reporter: yeah. well, that would be a major problem for him because even just yesterday, david, white
house deputy press secretary said it is absolutely a red line that this package will be completely paid for with new revenue, it's not going to add any money to the debt. but not only are there questions about whether or not the math adds up, but also the the price tag for this is really just an estimate. we still have not had the cbo score that really would give us ad broader, more detailed picture of how much these programs will actually cost. david: some people are estimating up to $6 trillion over a 10-year period. hillary, thank you very much. president biden says he doesn't have the time to see the border crisis firsthand. reaction from art del cueto, national border patrol council vice president right after this.
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southern border in the next week. bill melugin is in the texas border town of la jolla with more on this. hi, bill. >> reporter: good afternoon to you. it's already been a busy morning and deadly morning beginning with a suspected human smuggling crash. take a look at these photos from mission, texas, about 15 minutes away from where we are. d, s telling us local police were chasing this vehicle here, suspected to be full of illegal immigrants, when it rolled over in front of a house and ejected two men from a vehicle. both of those men dying -- [audio difficulty] texas dps investigating this as a human smuggling-relateed crash. take a look at this second piece of video we shot earlier morning here in la joya, texas, where we noticed border patrol taking into custody some of the men wearing camouflage. we typically see that when those are the runners, the ones act
actively do not want to be caught and are not willing to turn themselves in. much different from what we saw here yesterday if we can pull up this third piece of video. this is what we're used to seeing, those masses of family units who come walking down the road and are looking to turn themselves in because they know under this administration they will likely be released into the country with a future court date. it's not all just family uniting of course, there are criminals mixed in. take a look at this mug shot out of the tucson sector. this man's name is felix peres torres, they arrested him after he crossed illegally. he has convictions out of the state of wyoming for felony sexual assault. just goes to show you it's not just family units, there are those criminal elements mixed in as well. and to that point back out here live. on one single day earlier this week, wednesday, border patrol in the rio grande valley reporting in the matter of just a few hours they arrested three confirmed gang members which
were two ms-13 gang members, one with a homicide arrest out of the state of new york, another out of el salvador, and an 18th street gang member who had just been deported from the united states last month and, apparently, got caught trying to come in again. we'll send it back to you. david: well, they're moving all over the united states. there was that incident in philadelphia where the woman was raped in a subway car by an illegal immigrant who came in who shouldn't have been here too. bill, thank you very much for your great reporting. meanwhile, president biden claims that he's been to the border before but says he hasn't had the time to visit the southern border recently. listen. >> do you have plans to visit the southern border? >> i've been there before, i haven't -- i mean, i know it well. i guess i should go down, but the -- but the whole point of it is i haven't had a whole hell of a lot of time to get down. david: well, he's had a hell of a lot of time spending in delaware. reaction now from art del cueto,
national border patrol council vice president. by the way, art, the first part of that may not be true. fox has been i trying to determine whether he has been to the border before. we have no records of that happening at all, still don't have confirmation from the white house one way or the other. what would he see the he went down there now? >> see how chaotic it was, hopefully. but unfortunately, we've seen one too many times where we have politicians that come down here to the border, and this administration more so, people within the agency, they clean up the areas so they can headache sure when they show up -- make sure they don't see how chaotic is it really is. we've seen it many times before, through different presidencies even. that's why the last administration was so different. we had president trump reach out to the national border patrol council. he'd and find out exactly what was going on. but, you know, he would see the chaos, but i'm not sure how much chaos he would see because i'm sure there's individuals within
the agency itself that would clean it up -- david: yeah. >> so it wasn't so obvious. david: we did see a little of that when kamala harris went down, one of the few times she's shown interest in the situation. they did kind of clean it up. the truth gets out. certainly from the people on the border, now we're seeing signs of because of the inability of i.c.e. to arrest a lot of people, the violent criminals that bill melugin was talking about, we see situations in philadelphia and is places in new york far away from the if border because of what's happening at the border. >> you know, that's a very good point because one of the things that doesn't get talked about enough is the gotaways. when you have so much lawlessness going on on the border and you have an administration that pretty much has opened the door for criminal behavior and they catch individuals and then they release them, you have to wonder those that are going that extra step not to get apprehended, not to get detected, what kind of criminal backgrounds do they
really have? and that is where the problem has come up constantly. they've been moving agents from one area to're areas, leaving gaps. the gotaway numbers have gone up, you know, tremendously just in one station, one area in tucson alone last month, it was 3600 gotaways. david kate wow. >> that's one station a alone. >> who are these people, what are their intentions, what criminal backgrounds do they have, we don't know. and, you know, to be honest, you know, president biden's saying he hasn't been down here. the border czar hasn't been down here. she was down in texas, i guess, pretty much had lunch, had something to drink and went back to d.c. and there is a whole bunch of people that just come down here for photo ops, and they don't realize the reality of what's happening -- david: all all right art, very quickly i want to ask about the fallout from the horse-riding agents at del rio suggesting they were whipping immigrants
which just wasn't true. what is the fallout from that particularly from the agents? >> well, oven the morale goes down. when you don't see people from our own agency going up to defend these agents. i'm going to be honest, and i may sound a little upset, but i am. i'm sick and tired of going out there standing side by side with the men and women that are protecting our borders putting their lives on the line, and no one comes out and defends them. no politicians defend them, no top ranking officials this our own agency. it's very upsetting. it's very upsetting, and somebody better start speaking up because these people are putting their lives on the line even and every single day. david: absolutely. and too many die in the line of duty. we appreciate it, art, thanks so much for being here. thanks for coming in. >> thank you. david: i want to bring in former trump senior economic adviser steve moore. steve, i want to get your take on this irs snooping dragnet that the biden administration's
proposing. they have a so-called kinder, gentler version of it where instead of $600 accounts, now it goes up to $10,000 accounts. but that still is hitting the vast majority of americans, particularly in the middle class. i think what this means is that they're doing the numbers, they're crunching the numbers and realizing that their plans are so gigantic that they can't get it just from the rich and the corporations, they're going to have to focus on the middle class. is that your idea as well? >> well, david, as you know, i'm running a coalition of about, you know, 75 major conservative groups to try to kill this bill. and it's so interesting that of all the terrible features of this $4 trillion spending bill, the thing that the polls are showing and we're finding this in just talking to americans, that they are so concerned about is the snooping into their financial records. it's very clear that two out of three americans simply do not want the irs knowing every
transaction they make, how much they pay in mortgage payments, how much do they pay in groceries, what are they spending money on. and what people are saying is they're treating us all like we're drug dealers. [laughter] why does the government have to know all about records? i think this is going to be a major point of emphasis in terms of opposition to this bill. and $10,000, i mean, that's half of americans, more than half of americans have $10,000 in a bank account. so this means virtually all of your transactions are going to be monitored by the irs. that's probably, when you think about it, david, that's probably trillions of transactions. how is the irs going to keep track of it? david: well, i would imagine the computers could find some way. what concerns me most is that the fourth amendment of the constitution is supposed to prohibit this type of snooping unless you go to a judge and get a warrant for it. you have to have probable cause. there's no talk about probable cause here. >> great point. but here's another interesting
dynamic to this. the democrats think they can get 300 or 400 billion or more by, you know, closing the so-called tax gap. i've been in this business for 35 years. these kinds of approaches do not work. it's probably going to cost more money to hire these 75,000 agents than it is to get the hundred. the way to get more money out of people who are not paying their taxes and to increase compliance is what your and my buddy, steve forbes, has talked about. simplify the code, get rid of the loopholes. you're going to get more compliance. this plan raises rates, adds more loop are holes. i believe you're going to have less compliance, not more come license -- david: and not only does it target the consumers, average americans out there, but it also targets smaller businesses. the big businesses that hire about 50 million americans, they're okay. they can afford the accountants
and the attorneys -- >> that's exactly right. david: small businesses who hire much more than the corporations, i think they are responsible for 75 million of the jobs, they're the ones that are going to be hit. they can't afford the expensive lawyers and the accountants and so forth to deal with all of this. >> no question about it. i mean, is there anybody who really believes that billionaires like bill dates and warren -- bill gates and warren buffett and jeff bezos are going to pay more taxes because of this this? come on. they have the lobbyists and accountants to find byes to avoid paying the tax. you're precisely right, it's the small and medium-sized businesses that are going to have to hire more tax accountants and tax attorneys to deal with these invasive procedures. it has to come out of the bill. if they try to ram this through, there's going to be so much anger from americans about them. it's financial pryce, and you made a great point, david. this is a violation of the fourth amendment. david: yeah. but it also, it just kills me that the democrats claim they
represent the little guy, and it's the little guy time and again that's getting screwed over by some of these policies. steve moore, good to see you, appreciate it. >> thanks, david. david: tragedy on the set. alec baldwin fatally shooting a cinematographer with a prop gun, a horrible accident. new details on what exactly happened right after this. 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 everyone remembers the moment they heard, “you have cancer.” how their world stopped...
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♪ >> welcome back to coast to coast. i'm jonathan hunt. an investigation is underway and filming has been halted after the actor alec baldwin fired a prop gun on the set of his new movie, killing a crew member. baldwin making his first comments a short time ago saying his heart is broken and tweeting, quote, there are no ways to convey my shock and sadness regarding the tragic accident that took the life of haylana hutchens, a wife, mother and deeply admired colleague of
ours. i'm fully cooperating with the police investigation to address how this tragedy occurred. according to the sheriff's office in santa fe county, new mexico, the 63-year-old actor and producer fired the prop gun on the set of his new western. the 42-year-old director of photography on the movie was killed, and the director joel souza, who's 48, was injured. the sheriff's statement said, quote: this investigation remains open and active, no charges have been filed in v to this incident -- in regard to this incident. witnesses continue to be interviewed by detectives. those witnesses include baldwin who was seen seemingly distraught and in tears outside the sheriff's office yesterday. those who handle weapons on movie sets say the industry has lots of safety protocols, and this does appear to be a tragedy thetic accident. >> there are lots of checks in
place, so, with the brandon lee incident, there was an obstruction in the barrel which came out once the blank was put behind it. and nowadays all weapons are checked before any blanks are put9 into the weapon. >> reporter: the shooting brings back memories of a similar tragedy when 28-year-old brandon lee, son of the martial arts icon bruce lee, died from to prop gun accident in 1993. now, according to the industry publication variety, a movie crew union e-mailed its members saying, quote: a live single round was accidentally fired. now, we can't confirm that independently, but if true, the meet question, obviously -- immediate question, obviously, whyen on earth this gun was loaded with a live round rather than blanks. david? david: whatever the situation, just a horrible, horrible accident. terrible thing to happen. thank you very much, jonathan. well, crypto mining haven
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♪ >> i can't imagine any circumstance in which the patriot act would be used in the circumstances of parents complaining about their children, nor can i imagine a circumstance where they would be labeled as domestic terrorism. david: attorney general merrick garland denying claims that the justice department would label parents as domestic terrorists. reaction now from new york post columnist carol markowitz. carol, the point is -- which was never fully addressed by the attorney general -- his memo threatening to sic the fbi and local officials on parents was based on this letter from the national school boards association, and they are a left-wing organization. they've been supporters of critical race theory for a long time and the 1619 project. their letter which initiated
this memo from the attorney general is the one that used the domestic terrorism word. so technically, he's correct. but he's trying to dissociate himself from something that actually existed. >> oh, very much exists. because, look, if it's not domestic terrorism, if it's not threats on the level that have been described in that letter from the national school board, then why do we need merrick garland? why do we need the fbi involved? it should be a local police matter directed to the local police department at where this occurs. if something dose wrong at a school board meeting, if somebody makes a threat, if any kind of altercation occurs, that's a local police matter. when you bring this merrick garland and the fbi, it becomes something else entirely. if it's not domestic terrorism and they're not planning to use the patriot act to prosecute parents who speak out at these meetings, then what do we need him for? we don't. david: and if they jumped, very quickly, when they got a letter from this organization, they're going to react to other letters
from this organization. it's not going to be the fbi agents necessarily that are going to target domestic terrorists, it's going to be these left-wing groups that are going to put their finger on people who might have strong opinions but are certainly not domestic terrorists. they're parents concerned about their kids. >> absolutely. i think what's happening across the country is amazing. i think parents have really realized over the last 20 months or so what their kids are learning in school, what's being forced on their kids. it's not just crt, like you said. in cases like palm beach county, the meetings are up because of masking, the county school board is illegally masking kids in defiance to have governor's anti-mask border. we have this where parents are speaking out on behalf of their kids, and the biden administration is saying, no, we're not going to talk back to you, convince you of anything, we're going to send the biggest law enforcement agency in the
country after you, and we're going to shut your speech down. said david right. well, they're working against the vast majority of parent9. according to a fox poll that just came out, 73% of registered voters are extremely or very concerned about what their kids are being taught in schools right now. this is a vast majority of americans. very quickly, final word. >> right. that's exactly it, it is a majority issue. it's not a fringe group of parents that are worried about their kids are learning. the majority of parents have woken up, and they see what their kids learning in school, and they don't like it one bit. david: carol markowitz, thank you very much. the second-ever u.s. bitcoin etf or i should say, well, let's just say that, is set to start trading e today as investors show enthusiasm for developing companies tied to cryptocurrencies like stronghold digital mining. this jumped 532% on -- 52% on wednesday. we find the co-chairman, william
spence. gentlemen, thank you for being here. gregory, first to you. i'm just looking at what happened today with the value stock and, of course, every day-to-day things change dramatically, and you have to look at trends over time. we understand that. but the stock dropped pretty dramatically, then it went up to 25. it seems to have found a level about 25. does that suit you, the direction of the stock right now? >> you know, i think all of our investors should be really happy. we went public at $19 a share on wednesday, so there is no one who bought into the ipo that is, that should be unhappy at this point. so, obviously, bitcoin has been a volatile, you know, digital currency to date, and that's likely to continue for some time, but we're happy to say that it's being more and more accepted and institutionalized every day. david: william, do you think there will ever be a time when it actually becomes a real currency; that is, where central
banks might look a little her fondly on it -- more fondly on it than they do now? >> i think they're going to develop different cryptocurrencies for individual needs with financial institutions. but i think you're seeing that happen right now with the interest in it. it's been institutionalized. you see a lot of investment. i think the credibility with things like us, we went out through a conventional ipo offering, went through all the scrutiny of the sec. that's one of the things greg and i are trying to do, is legitimize bitcoin. david: and, gregory, very quickly, only got 30 seconds, do you think that it's going to come from the united states? do you think it's going to come from europe? from asia? of course, china doesn't look very fondly on cryptos either. >> yeah. we're sitting here at nasdaq. this is the financial capital of the world. right now, today, the majority of bitcoin is mined in the united states. and there's access to capital and increasing understanding, so
while it's going to be -- this is the largest decentralized competing network in the world, and i'm proud to say that it's mostly in american business today. so i think it'll be first adopted here. david: all right. sdig, the stock symbol. good luck, gentlemen. appreciate you coming on. coming up next hour, democrats rearranging tax hike plans to pay for their roughly at least $2 trillion as much as $6 trillion social policy plans after their proposed rate increases got torn down in negotiations. more details on how it's all going, next. ♪ this opportunity comes once in a lifetime. ♪ you better lose yourself in the music, the moment, you own it. ♪ you better never let it go ♪♪ ♪ ♪ ♪ ♪ ♪ ♪
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self-imposed october 31, deadline to get nancy pelosi says she sees the deal happening soon, but what about senator manchin and senator sinema? we have all the latest from inside capitol hill. hey, chad. reporter: machinations or mansion asians-- ages, the next day or so is a contrived deadline by democrats who want to secure a framework now to vote possibly next month. we could get more details today. it is probably going to take at least until next week to craft a formal framework and even longer to write the bill. one democrat who is skeptical of the timeline is joe manchin. reporter: to pass the bill democrats need the votes of moderate joe manchin and kristen
cinema, but she never tips her hand in public. reporter: however, kyrsten sinema did speak with the chair of the tax-writing committee in the house of massachusetts. >> we are in full agreement on the policy achievement and that was that she is in on the renewables, she is in on the issue of the child credit and she is in on family medical leave and that's the way she ranked them and that is a fair assessment of the conversation to paid family leave is likely down to a month rather than three months and medicare won't cover hearing and vision but there could be a stipend for dental and tax provisions are still in the air in particular a possible hike in the corporate tax for firms that could pay a basic tax. david. david: chad, thank you. meanwhile president biden is under pressure on the supply chain
crisis and shows no signs of slowing down as americans face skyrocketing gas prices, empty shelves and rising prices all over the board this holiday season. let's bring in that hill editor-in-chief. good to see you, bob. it was just last summer a couple of months ago when jen psaki was sort of making light of inflation, making jokes in the white house press room about it. look at a pole and what's happening now, a new fox news poll, 87% of voters are very or extremely worried about inflation. did joe biden get the message on that? >> well, i don't think the white house got the message earlier this year. i think there are questions about the fed chief comment jay powell, downplaying inflation. looks like it's here to stay. we see that the grocery store and gas prices are up and it's a real problem when you have a supply chain issue, you have republicans saying the white house could
ease regulations regarding covid. you could pass-- the senate passed infrastructure bill and i believe that has $17 billion for ports, but that is stuck so a lot of the problems, david, i mean, they are just here to stay. biden has said i will solve them but we haven't seen a lot of solutions and yesterday he talked about the national guard stepping in, but the white house pulled back. david: he also said spending trillions morals all the inflation problem when it is deficit spending that's causing the inflation problem, i mean, come on it doesn't make any sense. >> yeah, and democrats said from the beginning they would pay for the three and half trillion dollar plan and they were never going to pay for it, just the numbers didn't add up at least from a accounting independent nonpartisan way and now senator sam a is blocking some tax increases so less and less of the package will be paid for and that's likely to have some impact certainly as you say on the deficit and
it's already a massive problem now especially with entitlements like medicare. david: let's talk about the packages of because from that figure i just presented, the number one issue concern to americans right now is inflation yes, they have been getting raises and wages , but they are eaten up by inflation, inflation is over 5%. the wage increases are less than 5%, so it means you are underwater if you are a working american. did they care more about inflation and our polls show they do than they do about what is in the package. >> i think so, i mean, democrats have had a messaging problem, talking about numbers instead of what's in the package and a lot of people don't know it's in the package, but they see every day at the store that things are higher, much higher so this is an issue for jay powell. he doesn't want to raise rates because i think he wants another term, but
the white house has been struggling to deal with these problems and that's why as inflation has gone up biden's numbers have gone down. david: and a lot of people say that yes, they may be willing to take a loss here and there in terms of congress. they may even be willing to risk of losing the house because if they put this package in place of it will mean they have a legacy spending that will go on for generations and that's more important to them than maintaining control of the house. do you believe that? >> i believe there is some truth to that. nancy pelosi is in her last term at the top democrat and they want everlasting policy things that will be difficult for republicans should they take the house that they will have political difficulty not extending and that's the game they are trying to do right now, let's get everything we can now because we know in all likelihood we will lose at least one shaper going forward. david: bob i have to ask. you look at inflation,
border, education, covid mandates, crime, supply chain, on all of these issues, the administration and the only issue they aren't underwater on is dealing with the pandemic and they are barely above ground on that, 51% approval but it's been coming down and it may end up negative soon. have you ever seen a new administration loose so much footing so quickly? >> i can't remember one because they started out quite well on covid and i got the covid bill passed and since then it's been a rough stretch. watch the virginia governor race, i don't know if bob youngkin will win, but it will be close. david: it's because policies are working and they say they are against inflation and they say they will fix the supply chain problem in though the transportation secretary took a two month leave in the middle of it and it's getting worse, i mean, the more they claim they are going to make things better and things get worse, the more
grant they will lose. >> democrats are nervous right now, no doubt about it. david: bob from the hill, good to see you. thank you for your meanwhile, a stunning admission from the national institute of health in a letter to the ranking member of the house oversight committee, a top agency officials as the u.s. help fund gain of function research on bats infected with the coronavirus at a lab in wuhan, china. doctor anthony found she the head of the nih has repeatedly as you remember denied anything such that any such thing happen. we are live in atlanta with the latest. reporter: there is a debate going on in washington of how you define gain of function. more on that moment. the national institute of health has ordered one of its grant recipients a nonprofit called eco- health alliance to submit any unpublished data from experiments conducted at a laboratory in wuhan, china that they funded. in the experiment lab
mice modified to mimic the human immune system unexpectedly became sicker when exposed to a certain virus found in bats. nih is as this was an unexpected result of the research as opposed to something the research-- researchers set out to duplicate the nih says it doesn't rise to the definition of gain about function research, where you genetically enhanced an organism. senator rand paul and other critics on capitol hill disagree. one expert says regardless of what you call it, the research raises questions in general about the lab. >> question in my mind is not whether it was or wasn't gain of function, it's just what was it, what was funded? what was happening in the wuhan lab and that's what we need to get to the bottom of. reporter: nih issued a statement claiming that naturally-- naturally occurring that coronavirus is studied and far distant from a sars a co- v2 and
couldn't possibly have caused the culminating pandemic and claims to the contrary are demonstrably false although, the research in question is unrelated to covid-19, critics are saying it raises questions about safety at the lab in wuhan in general and that the theory that accidental release from the lab led to the culminating pandemic. scientists say that is something they cannot rule out unless they get more cooperation and transparency from the chinese government. david: doesn't look like that's going to happen anytime soon. reporter: no, sir. david: reaction from republican congressman mike turner. congressman, based on the nih letter, is it clear to say that u.s. tax dollars were used in a way that allowed the pandemic to start or loud for something to be created at this lab that leaked out and caused the pandemic? >> what we clearly have,
david, is the lab receiving taxpayer funds used in this lab where this suspicious activity was happening and from which there's been allegations that the virus may have come. if you go on the intelligence committee key republican website you will see a report of all things known publicly as to how this lab played a role perhaps in this pandemic i dropped a bill early this year on the issue of nih funding and this is an issue where we have grantees who were receiving money and a complete lack of nih providing oversight or reporting. this would require that, require transparency and oversight. certainly, this is not an area where taxpayers would expect that their funds would go. david: i have to ask a personal question about what happened between dr. fauci and rand paul, does dr. fauci owe senator paul on apology for calling him a liar about something which the
nih seems to say is now true, that is to say the nih is a supporting what senator rand was saying and what senator paul was saying denying something that after fat she was? >> i think dr. fauci out of rand paul on apology right there to begin with because there should not be anyone who is coming from any government agency who speaks to a senator like that, but the information clearly shows dr. fauci was disingenuous and the information provided wasn't correct or accurate and in fact as we dug deeper into this it showed in fact he may be in a situation where perhaps he lied to congress himself as opposed to calling randy polley liar. david: while the congressman do anything about that? >> i certainly hope so. if you look at what dr. fauci's demeanor has been and what his record has been on national television and in front of congressional hearings is always contradicting himself
and is never straightforward and is always the person of the moment, not really giving a scientific information and even saying he is above question and certainly his testimony needs to be looked at. david: do you trust him to continue to be in charge of the funding mechanism that may have helped start the pandemic? >> absolutely not, but i think the american public lost trust in him when he said we didn't need masks and then we didn't-- didn't need mask and then that we needed to masks. certainly, his statements in front of the senate concerning nih funding and oversight that clearly is questionable. david: i want to switch to another subject in bombing china and that is this a supposedly hypersonic missile test. china is denying that it happened. did it happen or not? >> i have received a classified briefing and obviously i can't confirm or deny in those areas, but i can say china has continued to
test and stretch their hypersonic capabilities. these are capabilities that go beyond trying to overcome our missile defense system here they are new capabilities that our first strike capabilities to place the u.s. at risk, both forward capacity and our homeland and it's very dangerous, something we need to respond to and they are probably violating a number of treaties. david: president biden assess the threat is twofold, not only to the united states which is of most concern to us but also the island of taiwan is concerned that it might be their first target if they ever use it if indeed it is the missile that we suspect. i just want to play something from the president last night in a town hall and get your reaction. roll tape. >> saying that the united states would come to taiwan's defense? >> yes, we have a commitment to do that. david: after all of the broken promises on afghanistan, does anyone believe biden commitment on foreign policy anymore?
>> i can't see why anyone would and even after the debacle of afghanistan where they said they weren't going to run for the exits and he abandoned bagram air base in the middle of the night and subsequently used an armed drum that resulted in killing innocents and to stand in front of the world stage and make this broad statement about china and taiwan i think really all of our allies probably question this presidents resolved. the one area where we need resolve is to make sure we reinvest in military so we have the capabilities when there is leadership at the white house so if we do have the threat of an adversary that we can rise to the occasion. david: congressman, are you nervous about the threats to the united states given the failure in afghanistan and other foreign policy problems we have now? >> yes, not just our adversaries are getting new capabilities that put us at risk or that he just-- that he abandoned afghanistan and that we now al qaeda
and other terrorist groups and organizations intend harm to the u.s., is that the president doesn't have the resolve to rise to the occasion to make certain that u.s. is protected and whether or not he has the ability to give our allies the confidence they can rally behind a. david: americans in afghanistan, do we have any further information about whether there are americans there trying to get out and can't to there are, they are trying i think this administration needs to do more to both work with the adjacent countries and with americans in afghanistan that went to get out and get them out especially since they abandoned them. david: extraordinary. a lot of the administration officials thought perhaps after time americans would forget. we should never forget about that here heartbreaking. it's up to you and other members of congress to make sure to keep a spotlight on those americans trying to get out to thank you for being with us. well, mark is looking for direction with all
the inflation and supply chain issues, stocks-- where stocks are headed, right after the spirit. ♪♪ as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com
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david: markets are mixed, but the dow jones could hit a new record high if it stays about 16 points to the positive and is well above that now but it was negative earlier signaling if it does hit a new high, it signals a resilience to the supply chain inflation problem we have been talking about. how long will it last? gary and michelle snyder are here with details. good to see you both. gary, are you kind of surprised markets are more jittery about all these biden policies that seem to be falling apart? >> actually, no. you still have a fed printing between seven european central bank's 250 billion. i'm not surprised also because the covid numbers are coming down and we are opening up and you can see if you
turn on the tv and watch some sports and see 70,000 people at the stadium, i think that is what's feeling this. i love the fact that the rails and truckers are acting better work on them that american express is breaking out to all-time highs today. you got some good things going on, but i still believe we are in the late innings of this bull market and sometime early next year, look out, but we aren't there yet and i think higher prices are too, notwithstanding what you see online advertising companies that are just getting squashed because of what you have heard from snap. david: michelle, any sign at all that the supply chain issue problem may be resolving itself somehow? >> i don't really see that. we still see a tremendous amount of cargo ships not able to command. there aren't truckers to deliver them and also you have a psychological impact hear from shoppers hoarding
mentality, which is often what happens in inflationary environment that only leads to further inflation is on the shelves are empty even though there are supposedly supplies out there that just aren't getting to the shelves and people don't want to fall short. to jump on what gary said, he's absolutely right, you have to take all of whatever seems to be common sense and look what's happening in the market and some of these relationships particularly with transportation are showing that the market at this point doesn't really care and there still a lot of optimism about growth. david: gary, there are problems not just here with our supply chain issue-- of course it's happening in asia. a lot of people who moved operations from china to vietnam are now having problems with vietnam and you have problems in europe with shortages leading to gas lines, i mean, so it's a worldwide phenomenon. >> and may i say for the record, there will be heck to play-- pay the longer this last.
as prices go up, people can afford less so they buy less and as prices go up the cost to produce it goes up which means profits come down for companies which means stock prices come down. if we lose a stock prices we lose a bunch of the wealth effect, so it-- if this continues it's all bad news ultimately, but right now-- look, i'm a big believer in reading the tape trick that's the most important thing when you manage money and so far so good, but fundamentally an oh man do we have things that better be ironed out or else. david: michelle, what about the chip shortage? that's causing problems not only with computers and stuff, but with cars ect. >> that's further exacerbating the situation and to put some context on basically everything gary just said, which i completely agree with is that we have a very key relationship here that has just split and that is believe it or not the
performance of silver to gold and back in the late 70s early '80s when siller started to outperform gold, and that's when got out of control and all of the basis of inflation had already been developed the years before so we are sort of in this repeated situation here even though the factors may be slightly different, the actual thrust of what's happening in these relationships is the same, oil is spiking, gas is spiking, we have food commodities is spiking and now with silver outperforming we could be headed into a super cycle of commodities that will wreak havoc on the market. david: we have to leave it at that, but by the ways we still have the fed buying up a 60% of all of the debt issued by the treasury. enormous amount and that is one reason we have a lot of inflation. we will see you coming up. appreciated and also coming up a new fox news poll showing how worried parents are about what their children are taught in school.
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david: welcome back to "cavuto: coast to coast". a new fox news poll showing high concern over what schools are teaching kids with that the vast majority saying there's a major problem that school boards and parents are pushing political agendas. culture intel ceo joins us now, for more on this. lily, while these schools and all of the teachers unions and these left-wing organizations push critical race theory, 1619 project ect., the 3 r, all of the testing on the basic education that we usually require a
fair schools is going way down. they are teaching more of what parents don't want and less of what parents do want. >> that's exactly right and that's not only happening because of covid and everything that erupted in 2020, but we also see that we are failing kids in the academic achievement that has gotten worse during this pandemic and also the mental health support they need, so this energy is misguided impacting our performance and our future pipeline of leaders and their workforce because all of the attention is going to the very things that as you just said the parents don't want. let's get back to the basics of academics, which is about teaching kids how to read-- be productive great citizens and for us as americans to keep our competitiveness because we are lagging and it's getting worse and worse compared to other countries. the number one company in academics is a china. david: how do you get back to the basics when you have the
school boards you now these fights at the school boards, a lot of school boards are controlled by organizations that are approving all of these wild theories like 1619 project which has been really question historically. you have the teachers unions pushing the same thing and they have been endowed with billions and billions of dollars in covid funds over the past year end a half, so, i mean, they are extraordinarily enriched. they have more power in many ways than parents do as unfair as that might be, how do you fight it? >> yeah, well, i do believe in the power and of us as parents and i think mobilizing together as one voice ultimately will get the attention of the constituents they serve which are the parents, the families and the kids. i think it is the time now more than ever for parents that maybe were waiting and hoping for others to represent their voice in those meetings to be present,
to be unified and not just to be emotional about it, let's look at this mental health, anxiety, depression and academic achievement issues we have in the wake of the pandemic to refocus efforts where we need to relief stay strong and help our children. david: there is another point we should be emphasizing that we don't do enough is the pocketbook issue of all this. in new york city and again we are one of the most high-paying, we pay more for public services than most people, but it costs 30,000 dollars per student. that was actually free pandemic so it might be more now because the more money they have the more they have a tendency to use it, but at least 30,000 dollars per student to educate our kids and to put that into context catholic schools of course they are subsidized, but they charge under $10,000 per student, so it doesn't seemed like parents are getting their money's worth. >> well, in new york it's a great example and by the way i just moved
from new york city to texas where things are very different and i think it's going to get back to the local counties, cities and state level adulation and legislators to actually support the students. this is where now options like school vouchers and school choice now hot to be dialed up more because as a parent if it doesn't agree with a certain set of values or curriculum they should have the choice if they pay their god earned dollars in wages to be able to put their kids in a place where they want them to be and learn and thrive. david: any movement on the school choice front? has there been any big moves in texas or places that might be more red estate like to increase charter schools and to give parents more choice >> well, we have seen a lot of this playing out in florida where governor desantis has been very bold in promoting this is a choice because if we are subsidizing and we pay
taxes for our kids to get the grade education, then let the money flow to the families to have that choice so a parent can make what is right for them and their values and priorities. florida is a good model. david: there our children and our tax dollars being spent whether it's going directly to the teachers unions or not, so we should have some say in how the money is spent. lily, great toothy-- see you. coming up, a huge week for bitcoin and crypto in the read on everything from bitcoin foundation chairman brock pierce right after the break. ♪♪ (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito!
david: welcome back. it's been a huge week for crypto, the second u.s. bitcoin etf begins trading today and here now is bitcoin foundation chairman brock pierce. a good to see you. what is the foundation do? what your goal? >> bitcoin foundation was created in the early days of bitcoin to assist with the development in the core code, to basically be a channel four media to contact and connect with various constituents in the industry, to do advocacy work and so i was brought in or elected to the board and then made chairman to distribute the authority. people felt the organization had too much power in an industry that's about decentralization, so the foundation is really focused right now in having conversations with foreign governments, leaders of nations and really assist with advocacy work, evangelism basically policy advising. david: central banks around the world differ on many issues
whether they are for negative interest rates were not, but one thing they don't differ on is the thirst for power appeared they love the power that they had and they are reluctant to give it up and frankly i think they are afraid of crypto, don't you? >> i'm not sure fear is the right answer. i think they generally don't know enough and so people tend to fear that which they don't understand and you conquer fear with knowledge which is why i spend so much time educating central bankers because the more you know-- david: the whole deal with crypto's is the idea of anonymity and being able to make moves without someone watching over your shoulder and big brother frankly is looming larger and larger, not smaller and smaller so i'm wondering how success me you may have with a country like china that's already thrown some cold water on the idea of crypto's there and where they want almost total control of what happens with your finances. >> that's why china has banded effectively because they realize
they can't control it and that's why places like the united states where we care about life, liberty and the pursuit of happiness, fundamentally we are so aligned, but what we have seen is el salvador did make the cash bitcoin legal tender. david: how is that working out? >> one month from the day it started over 50% of the population of the country had downloaded bitcoin so it's exceeded my wildest expectations, but the primary currency in el salvador is the u.s. dollar so there was no central bank and they don't have the ability to issue their own money similar to ecuador and panama. there's a number of countries that run solely on the dollar and so you don't have a central bank effectively in the way. david: do you now have though a case model that you can present to other countries and say it works here and it can work there as well? >> yes, i was with the president of ecuador, panama, guatemala accompanied days ago and i have 30 of the presidents in line. right now there is so
much interest and because of how successful el salvador has been, people are curious. i'm not going to tell them what to do, but i'm giving them information. david: these are itsy-bitsy at economies@compared to the united states or other european countries. is there any-- is it just unique to the size of these countries, the small size of value economies? >> the first movers are typically those that are more nimble and where they need is greater. the bigger you get you don't need to be first, you can watch and see how it's worked elsewhere and then you have the pleasure of saying this really works let's do something. smaller places benefit most from making big moves. david: have you seen any interest at all on the part of the fed? >> i was in the senate yesterday and i'm constantly in conversation with various members of our elected officials and civil servants, regulators, everyone and there is genuine interest. the real issue i see is that most people just
don't know enough so the main thing i'm tackling is education, education, education because the more informed everyone is the more sensible the decisions they will make that-- this is our future, there is a future economy emerging and our future is going to be impacted by the decisions we make and i pray we make good decisions for our collective best interests. david: is-- will crypto's take over the u.s. currency or will they just a slide side-by-side with u.s. currencies? >> a parallel economy, side-by-side. this is just what the benefits of what technology is a doing, creating alternatives and i don't believe it's threatening the u.s. dollar. i was also the founder of tether where we created the u.s. digital dollar and it's doing $100 billion a day in transactional volume so governments are looking at it, saying this technology can enhance our monetary system. david: brock pierce from the bitcoin foundation, good to see you.
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david: southwest airlines cutting more flights amid staffing shortages leading to new concerns for those hoping to travel during the busy holiday season. fox grady trimble is in chicago with the latest. hello, grady. reporter: the good news is they aren't doing this at the last minute like they had to do earlier this month. it's preplanned so that their fourth-quarter schedule will be down about 8% from 2019 levels, even bigger than that original plan of a 5% reduction and they are trying to avoid any more blunders like the costly one earlier this month when they canceled some 2000 flights in a matter of a few days. and they blamed it at that time on weather and staffing challenges. a southwest is hardly the only airline dealing with a visa staffing
shortages. southwest is looking to hire some 5000 employees by the end of the year end they are about halfway to the goal. delta wants to add 1500 new flight attendants and american is looking to add some 1000 pilots in the course of 2022 the other issue that airlines are dealing with is the vaccine mandate took some airline pilot unions are telling them not to talk about it on the job because it's creating some dangerous working environments work apparently, they are making some mistakes because they are preoccupied about chat about vaccine mandates. demand is coming back which is a concern because they are cutting their schedule, but people are really flying right now and they expected to be more pent up during the holidays and because of that and the rising cost of jet fuel airfare is going up domestic airfare for thanksgiving will be around $290, down about 13% compared to 2019 levels, but christmas
with domestic round-trip costing about $390 according to the folks at the travel barking cap hopper. that's right around 2019 levels so people are getting back to the skies again. the airlines are trying to deal with staffing challenges so there are real concerns this holiday season that they might not be able to rise to the occasion. we hope they will be able to because we are eager to be get back to the sky. david: the demand is definitely there. it's a question of supply and that gets back to the labor shortages appear americans are willing to pay more for now, but they may not be able to get what they want. a grady, thank you. president biden was asked about when he thinks gas prices might start to go down. listen. >> my guess is you know you will start to see gas prices come down as we get by and going into the winter-- i mean, excuse me into next year
2022. i don't have a near-term answer. david: gary, does he have any answer? >> negative, my friend. a look, if i was the president of the united states and i came in on my first day and i wanted energy crisis to go off the first thing i would do would be to shut down the keystone pipeline. oh, that's what he did. that sent a message, not only to the whole industry, but every trader, investor, speculator to buy because prices are going higher and then if i want to look like i don't have any control, i would then tell opec we need your help, produce more even though we will produce less and then you end up with the fed that basically did not predict or see inflation coming, then say don't worry about it , that word transitory is now gone and they say they have tools to fix it but they don't tell us what they are and i'm
worried that we had people that don't know what they are doing and everything they do-- the fed is a inflation enabler, not a fighter and i worry that they will go overboard and that we get the 3 trillion-dollar thing about bob. david: and there's another as if that wasn't enough to worry about and i don't want to scare people, but the fact is i have a sense that a lot of the people in the administration who are really diehard believers in global warming and climate change ect. are not too unhappy. to see the price rises and gas because they might sink-- think it will accelerate the move out of a fossil fuel. >> while they pay $15 at the gas pump your i think we saw in california somewhere that it was $7.50 or something like that. i got news for you, that's a lot because the lower income and middle
class, that's a gargantuan tax on the industry of trucking and airline as i mentioned earlier. a big one-two punch against them, first covid and now much higher oil prices. again, i am so worried they don't have a handle on it to work they don't have the answers, i mean, i hear some on the left is saying great, let's get rid of oil and we will just get more winded mails like that will fix the problem. david: let me just talk since you brought up the administration's management or mismanagement of all these things. the plan is called build back better. that first word to build mean the last president you may have had a lot of problems with donald trump or this or that, but he was a builder and a very good builder at building hotels, ice rinks and building walls, by the way. this president, what has this president ever built? and to begin his plan with the word build, i mean, you begin with a plan that's realistic
and a lot of democrats like larry summers and furman and others saying these plans aren't realistic and then you hire engineers who know how to build, not academics or people who were mayors of small towns in the midwest like people to judge to figure out the supply chain issues when there is a two month leave of absence, it just seems like the management miscues we have seen more from this administration than any other in my lifetime. >> it's one after the other. let me simplify things, they are trying to tell us by taking three, four, $5 trillion depending on which advocacy you use out of a functioning economy that creates wealth and jobs and puts it in the hands of people-- joe biden by the way when he started we had 500 billion in bed-- that and he signed off on every dime of that and we are exposed to
expected things to happen? i don't think so, the ineffectiveness of d.c. has happened too long. david: and they continue to monetize the debt. gary, good to see you. the dow jones is on pace for a record close at the moment. will it hold? more "cavuto: coast to coast" right after this. ♪♪ this isn't just freight.
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david: charles payne, i'm going to give you seven seconds. it's all yours is. charles: i appreciate that. i think it's because it's friday. have a great weekend to get a good afternoon. i'm charles payne and this is "making money with charles payne" raking right now, six day winning streak with a s&p struggling to stay in that plus. you have most sectors actually higher, but the biggest and most influential under pressure, it's getting clobbered. is this just a bump in the road? the battle is on between strong earnings on one hand, higher inflation on the other and the question is which lasts longer and my panel of experts and the guidance you need.