tv Making Money With Charles Payne FOX Business October 27, 2021 2:00pm-3:00pm EDT
package we don't know how massive it will be. agree to the particulars on the wealth tax. maybe the medicare provisions won't be as generous as they thought but will still be in there, holding hope for the president of the united states, that provisions get left out now don't necessarily get left out in future efforts, future tries. we shall see, still early on, isn't it? go to lauren simonetti. i went to you late because i don't have a clock here that is right. good afternoon, everyone,. lauren: i'm lauren simonetti this is "making money." despite strong earnings in tech and consumers names the street doesn't seem too excited overall. what will it take to keep the rally going into the end of the year? plus even with control of washington democrats can't agree on the most crucial aspect of
the biden administration's lavish spending plans. how to pay for them. is his agenda dead in the water? and a new report shining a light on port operations, operators, defying the president, taking the matters new their own hands to unravel the supply strain strangle. what it means for your wallet. a report you won't want to hear. that and much more on "making money." ♪. lauren: all right, the market seesawing today, coming off of record highs at some point, even after strong signs that the consumer is alive and well, still spending despite rising prices. earnings beats by coca-cola and mcdonald's, helping to lift the consumer discretionary. at one point the dow industrial average. microsoft, google posting strong numbers lifting the tech sector but is the last of a broad
upside of concern? we pose that question to phil blancato and evan. october is the biggest gains since last november. are investors waiting on a bigger pullback to put money this? the dow is down a big 70 points? >> first of all, lauren, thank you for having me. i really do believe a lot of investors have a ton of cash on the sidelines. the market rebounded so much. it is a question when they get into this game. lauren: when, when, phil? >> agree completely. reality we saw what was expected, september, early october, being relatively volatile but this is your opportunity and i think investors will start piling in with the euphoric numbers around the fourth quarter. $3 trillion making its way in the fourth quarter and first quarter next year. it is liftoff we've been waiting for. investors should take advantage of it. another 3 or 4% on the s&p
through the end of the year. >> market stays strong through the year-end, so-called santa claus rally holds despite inflation, other concerns and dysfunction in washington but looking into the crystal ball, he have have, eva, what do you see for first quarter and what we're dealing with here? >> issues such as supply chain concerns and inflation are priced into the market. so supply chain concerns. we'll see companies preparing for that earlier rather than later. i see that alleviating. i see consumers spending and sentiment really strong. because they have so much cash on the sidelines they will looking for an end to spend that cash. that is of pour earnings markets. lauren: i haven't heard that before, that you think high prices inflation is already baked in we have earnings supporting the rally. phil they have beaten on the top and bottom line.
that is pretty good. tonight we get apple, we get amazon, tomorrow, tomorrow we get those. starbucks also. you know it is not earnings what could be the next catalyst for the stock market? i'm asking that. i'm looking at a market struggling a little bit today after we got great earnings particularly from companies in the tech space? >> i think catalyst is a big word. what you're facing now the fed will reduce buying in the market that will sent shockwaves in the bond market an equity market. i don't agree inflation is totally baked in. the ebb and flow will give you opportunity to buy the dips but see numbers in the fourth quarter from earnings standpoint that are better than expected. delta pulled forward growth. that is the spending didn't ha in the third quarter will spend in the first. gdp growth 2 by the first quarter of next year that process of slowing down will be quite painful in the market.
you need to have balance in the account. good that you have consumer discretionary and tech f you don't have balance for the volatility that is to come. lauren: what will fuel year-end growth and a rally, eva, consumer federation put out numbers this morning. they say we'll spend most on holiday gifts ever, ever in history up as much 10 1/2% of increase from christmas of 2020. you see numbers like that, $859 billion, that is eye-popping. is that confidence that this all continues or do you agree with phil and start to pare down, start to take money off the table at the start of 22? >> if you think about anecdote ally what happened last year, christmas season, nobody one was able to go out as after as they are, this is pent-up demand realizing itself. is it confident?
yes i would say it is for this season specifically. in the future the market will have issue with so much tremendous growth this year relative to last year. what will happen in 2022, that is what investors want to get behind and ask for earnings, what is the forward-looking prognosis. lauren: we are showing a board of traditional brick-and-mortar retailers and online sites, and i don't know if they believe the prediction from the nrf. eva, phil, thank you. >> thank you. lauren: details of the proposed billionaires tax are out. it is getting pushback from all sides including within the democratic party. hillary vaughn is tracking it all. this stuff is changing minute by minute. hillary, what is the latest? >> it is, lauren. the billionaires tax did not live enough, long at all, it is reporting already dead after
senator joe manchin says he does not think a tax on billionaires unrealized gains is not a good idea. it is convoluted or idea concept targeting certain groups of people, billionaires like the super wealthy. he is on board with a 15% corporate minimum tax to make sure at the very least the bare minimum corporations that are bringing in at least a billion dollars in profits are contributing significant tax revenue at least 15%. that tax proposal on the table is still alive but democrats have been getting very desperate because there is not a shortage of ideas how to raise revenue and who to tax. the problem is, their party can't get on board completely with a lot of them. so they're trying to find new ideas but senator bernie sanders clearly, definitely upset this morning and frustrated, telling reporters this, every sensible
revenue option is destroyed. every progressive revenue option that the president wants, american people wants, that i want, seems to be sabotaged but right now that 15% minimum tax seems to be a feasible option that is going to be included in whatever the final deal ends up being but there is also news coming out of house side where speaker pelosi is trying to get the ball moving on at least debating, working up the social spending package even though they still don't have a price tag agreed to, they don't have the pay-fors agreed to. and they don't even have what is in it agreed to yet. they're trying to do this at least to show progressives they can vote for the infrastructure package in good faith but the signals we're getting from the progressives caucus today, there is no deal on that. they want to have that vote on social spending before they even vote for the infrastructure package that is just sitting, waiting for a vote in the house. lauren: that sounds familiar,
hillary, debate it, pass it, find out what is in it when nancy pelosi famously said for obamacare. one question for you, hillary, is surtax on billionaires a option when it comes to pay-fors? >> that is a proposal from the house ways and means committee, that seems to be something that is not dead but we really haven't heard from the senate side whether or not there is enough support for that. but from just senator manchin said today, he doesn't like these very targeted taxes on certain groups of people. so it is unclear if they would have moderates like senator sinema and senator manchin on board with that. lauren: that is funny. the whole point of it is to target certain people to pay for other things. littlery, thank you very, very much. joining me cpa dan geltrude to try to decipher all of this. thanks for joining us. >> thank you, lauren.
lauren: i guess we start with the billionaires tax, wealth tax, a, it doesn't look like it will happen. i don't believe it is constitutionally sound, likes of elon musk worth what, $300 billion he is against it too. he has a lot of billions, the most of anybody? >> when you really break this down, let's look at this from a common sense standpoint. let's not all act as accountants. first of all this type of tax has never worked anywhere. so if history teaches us anything, it is not going to work. second, even if it were to work, the projection of this is that it will generate 200 billion to 250 billion which is only about 10% or so of what the projected spending is going to be. again, remember this is supposed to cost nothing. it is all paid for. where is the other 90% coming
from? i think elon musk, who commented on this was spot on because he said, eventually the government is going to run out of other peoples money and then they're coming for you. that is the exact point here. as, was just reported, democrats are looking at anything they can possibly tax at this point because they're desperate that he will lose this bill. lauren: you get used to something. let's say, let's say such a wealth tax does go into effect. i know it is going to be tough to implement. you can talk about that in a second. it is working. we're doing it. then, oh, okay, first it is billionaires. then it's millionaires. then like my bank account they're targeting and they're taking my wealth too. we get used to it. so we keep doing it to pay for more spending? >> that is exactly it. what the real point here is, for me, the reason why i'm against a wealth tax an i'm even against
the minimum corporate tax, is because this type of spending isn't necessary. why do we need it? the president has talked about we need to stimulate the economy. we don't need to stimulate the economy. the economy is doing just fine. the federal government needs to get out of the way and let capitalism and the free markets work. and it will generate more tax revenue they will spend anyway. there is no need for this type of tax and that's why you have so much discord in the democrat party because some realize this and of course the other side says, no, we need even more so we can spend more. lauren: you're not a politician, dan. you do sound like one now though. someone ask you to read the political tea leaves here, what are chances both bills, hard and soft infrastructure die under their own weight and confusion? >> yeah. i have, if you're going to ask me to predict on this one, this
is a different prediction than i would have had a while back, i actually think this whole thing may fall apart because they just can't get together on it. i really thought they would get something because the democrats have control. how do they pass up an opportunity to tax? lauren: yeah. >> reason that they will, is because we're not going to tax enough. i mean -- philosophy. lauren: surprised your thoughts on the 15% corporate minimum tax, affects 200 companies, doesn't that jive with the push treasury secretary janet yellen is doing globally to have a global minimum tax? i would think there would be support around that? >> i think that would have a shot at passing. again whatever tax you generate will be way, way short but look, these companies are going to figure out a way to make up for whatever tax they're going to have to pay. and they're going to pass that along to consumers, or, there will be a lot of people that will lose their jobs and that is
what will make up the difference. lauren: here we are, dan geltrude. thank you for the time. much appreciated. >> thanks, lauren. lauren: yeah. nancy pelosi is determined to put the much-delayed infrastructure bill to a vote this week. the
hard infrastructure bill, the bipartisan one but will she be able to get her party in line? congresswoman nancy mace of south carolina weighs in next. growing consensus that jerome powell might soon be out of a job. gary kaltbaum warning he is nervous that his replacement will probably be a lot worse and play god with the markets, quoting gary there he is coming up at two -- two 30. we'll be right back. (sfx: video game vehicle noises, horns beeping,) (engines revving, cars hitting one another.)
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lauren: wall street following the tick tock out of washington. nancy pelosi says the plan is to vote on the hard and soft infrastructure plans this week f progressives have anything to say about it that plan would be dead. joining me republican congresswoman nancy mace from south carolina. congresswoman, thanks for joining us. you're on the infrastructure
committee. you know, you're looking at the party. how deep is the divide right now between the progressives and the moderates? does that impact the status of both of these bills? >> well it puts both of these bills in jeopardy quite frankly. we're up against this halloween deadline that nancy pelosi gave both progressive and socialist wing of her party and moderates to get it together and nancy pelosi and president biden cannot simply negotiate a deal between the two factions to get this done. we're not expecting a vote on infrastructure bill tomorrow. i am expecting we'll get a vote to extend, reauthorize transportation spending for the next couple of weeks, maybe until december 3rd, when we have to vote on the debt ceiling again but i don't see this going anywhere fast. lauren: that is the part that expires on friday, correct, congresswoman? >> right. lauren: let's say there is, the bipartisan infrastructure package is brought to the floor, would you right now vote for it? is it in the best interests of south carolina. i know you have ports there. is there enough money for your
infrastructure? >> there is plenty of money in it. the question is how we will spend that money. only 3% of that bill, that $1.2 trillion bill includes money for roads and bridges. they set aside 110 billion out of 1.2 billion for surface transportation but 70 billion of that is going to public mass transit. leaving only 40 billion for roads and bridges, traditional infrastructure. it includes 42 new taxes. when you talk about the taxes in the infrastructure bill, talk about the taxes that will have to happen for the socialist spending bill for bernie and aoc want to have happen. that is untenable for small businesses corporations, and the like. wouldlauren: would you vote for? >> no, i'm not voting for it for that reason. lauren: hillary vaughn is reporting that it is possible that the house democrats in the house, where you sit will debate the social, the reconciliation bill. details of it, the framework of
it, without a price tag. how would that even work? >> it's crazy, right? it was nancy pelosi that said you got to pass the bill to see what's in it. i wonder if that is what she is trying potentially to do again this time. there might be a skeleton framework but there is no language for that bill. so if they were to debate it, what are they debating? it is not worth the paper it is printed on. lauren: they can't even figure out how to pay for it. i'm wondering right now, there are some red lines. senator sinema for instance said you can't increase the corporate or individual tax rate. now we're hearing that senator manchin isn't into the billionaires tax. do you think eventually president biden has to cross his own red lines here and raise taxes on those who are not rich, those making under $400,000 a year? >> well if president biden was serious about taxing the rich he would close all the loopholes for the rich. what i can understand what they're talking about in the socialist spending bill, there are all sorts of loopholes for
the rich. so they say one thing and then they do another entirely behind the scenes. if you are going to tax business owners and corporations, that tax, those fees get passed down to the consumers. whether they see that in the paycheck when they go to pay for things, everything going to cost significantly higher today. inflation at record highs right now t will get significantly worse if they go through with this. lauren: that's a tease for the next rest of the show because next couple of segments are inflation taking a bigger hit. congresswoman mace, thank you so much for your time. >> thank you. lauren: president biden's pick for the comptroller office is refusing to hand over a paper she wrote on karl marx. refusing to hand it over to congress over her confirmation vote. what does she have to hide? ports are making their own rules to get around supply chain issues in the face of president biden's order that you run 24/7. i will ask douglas holtz-eakin
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a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. lauren: president biden pick for comptroller is on then ice as her views on marxism and ties to russia come into focus. edward lawrence at the white house with the details. all right, edward, what is the problem with saule omarova? reporter: that is very good. lauren: i did it, right? reporter: you got it, actually the storm clouds are coming in on this pick. more trouble for the comptroller of the currency, exactly what you're talking about, democrats, moderate democrats on the senate banking committee are now saying they're expressing concerns, that concern being expressed publicly specifically with senator jon tester. republicans on the committee
remain united against her confirmation because her job requires her to literally supervise all the national banks to make sure it they operate in a safe, sound, manner. the catch is, saule omarova advocated dissolving the banking system and moving everyone's accounts to the federal reserve basically. she was born in the former soviet union. went on to moscow state university on a lenin scholarship. she moved to the united states went to the university of wisconsin and is now a professor. she published a paper this february this year outlined why central federal government systems for banks work better. in addition she recently tweeted the old soviet system was better than the capitalist u.s. system because there is no gender gap for pay. so again the white house though still backing up this, backing up this pick. lauren: edward lawrence thank you very much. let's get reaction, kaltbaum capital management gary kaltbaum
is here. okay, so a banking regulator that hates banks i guess is how you sum it up. what would it mean for the economy, gary, if she is indeed confirmed? >> what amazes me, there are 200 million adults in this country and this is what they pick to run and regulate and supervise the whole banking industry. a woman who praised the soviet economic system over us. by the way something edward did not say, she wants price controls by the fed, meaning if things get out of whack in oil, in materials, in food, you name it, they go into the price control system and you know what happens then? i do not think she gets through. if she does, it is bad news because if you ever get those type of policies in effect, forget about it. they want to control deposits, move them from one place to the other. i think this fits in, in what we are seeing when they're talking
about they wanted to look at our 600-dollar movements in our banks. we are dealing with some control freaks in d.c. right now. and i am hoping we never get there. lauren: that is exactly what i was thinking, right as you said that, of our own bank accounts. speaking, gary of these confirmations, the biden administration is now turning to the fed and they can see at it. there is push for stricter rules, a more diverse, more woke central bank if you will. given the recent stock trading news, do you think fed chief jay powell's days are numbered? his term is up in february? >> i think they will keep him. that is my guess. i have no knowledge whatsoever but i think they think, hey, under him he has printed enough money to last a few decades and if kept markets in good stead which matters to them because, i must tell you, if the economy loses the wealth effect, all
heck breaks loose. i think they will stick with what they know versus what they don't know. for some of the people who may get in, it is no better. they all believe trying to play god with markets. every time the markets are down, easier money or printing of money, ultimately that will be bad news. but again, i'm pretty sure they will stick with him. if i'm wrong, look out. lauren: do you think though dealing with many of the people that are making these decisions and how they think that jay powell just becomes a sacrificial lam to the progressive wish-list? that they're upset what he has done with the free money? they're upset with insider trading going on at the fed? >> well one thing the progressives hate, he has created the biggest wealth gap in history, screwing every safer in the country with zero rates while bubbling up asset prices. they keep complaining how much the billionaires have made over the last 18 months. it is because of jay powell, when you print 7, 8 trillion
bucks, buy up asset prices to make them go higher, the rich get richer as they say. i give him 90% of that move. so i get that point but i think that the moderates, if there are any moderates left will win out on this. again, it is about the person you know that is already there versus the mystery of the next person. lauren: i get it, i get it. i also wonder if it is their fault too, with all the free money pumping, americans got richer. they put stimulus checks into the stock market. the stock market has gone way up. that is a lot of wealth for regular people. >> look, it's a combination of everything. lauren: yeah. >> but when all is said and done i say this all the time, every economic statistic, every data point, every asset price is working off of 0% interest rates. negative rates in many areas around the globe and the printing of unimaginable amounts of money to do that and i think if it ever gets unwound, markets
will get unwound and wealth will get unwound. i think that is an event alty. i just don't know when. lauren: gary, thank you. >> take care,. lauren: want to know what is on the table for thanksgiving this year? hopefully not a burnt turkey as usual in my house. how long will consumers accept paying more and more and more? one ceo is expecting to lose several thousand people because of biden's vaccine mandates, potentially putting more pressure on the supply chain and what you pay at the store. is all of this worth it? we'll be back. ♪. wealth is your first big investment. worth is a partner to help share the load. wealth is saving a little extra.
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♪. lauren: higher costs are brewing for your cup of joe. coffee futures have jumped more than 60% from the start of the year. lydia hu is live in a new jersey coffee distributor with details. lydia, i mean, i feel like this is the one thing, coffee that we'll keep paying more for. it might be the only thing but it's my thing. reporter: that's right. i mean how many of us drink a cup of coffee first thing in the morning? i know i certainly do. that is why i'm paying attention to this particular story. this is where it all happens for wb law coffee here in newark. these machines behind me blend coffee beans from all around the world into a single bag of beans just like these from brazil but the problem is, lauren, these beans cost a lot more than they did a year ago because after frost that swept through the country that decimated the world global supply of brazilian coffee beans. let's take a look at some of the prices right now because we know the retail price on the shelves
is about 5 1/2% higher now than what it was a year ago. it looks like the futures year-over-year are 95% higher. the futures are coming down slightly today but the owner of wb law coffee says they're still high and that means the retail price will stay elevated for the months to come. now on top of all of this, we also have global supply chain issues. while we're seeing the futures prices coming down because the next brazilian supply of coffee beans is now looking good, the supply chain backlog, the higher shipping costs, delays at the ports that will continue to add volatility to the global supply so we will continue to see the higher prices at least to the end of the year and maybe to the next. lauren: lydia do you accept a challenge? i have a challenge. reporter: for you anything. lauren: what costs less than it
did at any reference point in recent history? if you can find one i will buy you coffee for a week. even if it costs 5 1/2% more on the shelves. lydia, thank you. reporter: that sounds great. lauren: i want to bring in american action forum president douglas holtz-eakin. doug, it is not just coffee prices obviously. the whole supply chain is affected from the labor, to the weather, transportation costs, thanksgiving dinner. this is going up 5% more than last year. people are accepting the higher prices as far as we can tell. that is what corporate america is saying on their earnings reports and on their calls but for how long do we continue to say, all right, we'll pay that? >> well there is a limit to this. we know thus far this year top line prices are up about 7% at an annual rate and food, energy, and shelter which is 50% of the typical person's budget is up even more than that.
wages, however, have risen at about five 1/2, 6% rate. so if wages don't keep up with prices you just can't put up with increases forever. that is an real issue for the average american. lauren: it squeezes the american but also squeezes the company, right? >> yeah. this is a situation which really you know, one person's labor shortage is another person's supply chain problem. we have global labor shortages because of the pandemic. it has turned into cascading supply chain problems. there are things that can be done. probably the most important is number one, not make anymore mistakes. supply is important relative to the demand. the big stimulus in march produced way too much demand, generated a lot of this inflationary pressure. the fed has been a little behind the curve, doesn't look to be moving quickly because they're paralyzed over reappointment of jerome powell. aization for at least the coming months, this will continue. what happens after that? lauren: another solution could be what "the washington post" is
reporting. if you look at ports in california they're slapping 100-dollar fees on the cargo carriers who stay on their docks beyond three days time. that is supposed to be incentive, to push them to unload faster. doug i'm curious if this is an incentive because in the end it makes costs go up for them and apparently it trickles down to us too? >> they're the middleman in every sense. they have to have someplace for cargo to go. you have to deal with trains and trucks. you know if they get more expensive inputs they will pass it along with consumer prices. one of the reasons i think we should be concerned about the inflation out look, if you look at producer prices, finished goods, intermediate goods, those are double-digit rates. in the pipeline is even more inflation pressure. that has to be a concern for for 2022. lauren: when does it get better? >> the real question is do we make more mistakes?
i'm concerned about all the talk on capitol hill of front-loading the spending in this reconciliation bill, back loading the pay-fors. that is another stimulus. that is not what this economy needs at this time. that is not going to help the average american. if we avoid a big mistake there, we can start to see this in the early part of 2022 slow down. then the fed will have to make continued efforts to get it under control. lauren: noted. doug, thank you very much. >> thank you. lauren: one ceo is admitting he is expecting to lose several thousand people because of president biden's vaccine mandate. will more ceos come forward? plus the election is over, right? we had 2020 already. that is not stopping president biden from bringing up donald trump 24 times in a speech that was less than 20 minutes. deneen borelli gives us her tae on biden's obsession with his former opponent.
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raytheon says it will comply with that mandate but does expect to lose several thousand employees because of it. let's bring in fox news contributor deneen borelli. good to see you. it has been a while. my biggest question, everybody's biggest question is this mandate worth it when we're talking about defense, safety, health care, big ticket items? >> well the short answer is no, it's not worth it, lauren and look, we're already seeing the consequences of biden's vaccine mandate. people are losing their jobs or walking off their jobs, experiencing a labor shortage. people don't like being told what to do, when you look at our supply chain nightmare, that is a huge problem. up close and personal, when we go to the supermarket, for example, in my situation there are certain items not available or they're much more expensive or they're smaller in packaging, but they're still charging the
same price or more, we are seeing this on a every day basis. we are just getting started. and sadly prices are going to go up but some cannot afford higher prices when it comes to goods and services. lauren: a real kitchen table issue as they say. yesterday president biden stumping for terry mcauliffe for the virginia governor's race, he mentioned president trump by name 24 times in a speech that might have been 17 minutes. deneen, trump is not on the ballot. is biden on the ballot? because this race is very much a referendum on his policies. >> no, you're absolutely right. look it is not surprising because the democrats are desperate. they don't have a message which is why they are wheeling out biden and wheeling out obama to come and stump for these politicians and americans don't
like their message and don't like their leadership. in virginia, he is not running against, former president trump. he is running against terry mcauliffe and the voters in that area, parents especially, they don't like his message, especially when it comes to their children and parents should not be involved in what the schools are teaching our kids. meanwhile it is critical race theory which is racist and un-american. it is the vial, vulgar sex material that they're showing and teaching children. so yeah, there are some serious issues going on in virginia plus across the country. lauren: as it seems now, deneen, it looks like republican talking points for the midterms will be freedom, parents say, parents matter when it comes to the education of their children. what will the democrats talking points be and is that one of the reason they're trying to ram through the infrastructure bills and do so by tuesday, wrap it up as quickly as they can, perhaps this week? >> well, yeah, again the clock
is ticking. they are desperate. they don't have a message, lauren. it is higher taxes and more spending. they want to impose a billionaire tax on billionaires, on unclaimed investments. more spending and taxing from democrats. and americans are seeing through their policies which are failed policies. the porous border. the frail lures with afghanistan with and border, mandates don't stop. lauren: i'm excited for virginia, new jersey, two races that you would think democrats would sweep and it is awfully close when looking at the republican challengers. deneen, thank you so much for your time. good to see you. >> thank you. >> big oil heading to the hill tomorrow to be grilled on climate change. is this a signal to get out of energy and into esg? we're asking two market pros
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attend all treatment appointments. with once-a-month cabenuva, i'm good to go. ask your doctor about once-monthly cabenuva. >> top executives from oil and gas giant exxon mobil, chevron, shall are preparing to be grilled on capitol hill tomorrow and they are being questioned for downplaying the company's
roles and climate change. we bring in jim, michelle snyder to discuss, good to see both of you. what do you think their defense will be? >> i don't think this matters that tickets were comedy and the theater. i will mention something i find this to be the most interesting and nutty about this whole ordeal. the administration increases regulation and threatening regulation. with the very things that they are rallying against the big oil companies, what happens they force the price of crude oil up in the market trades these names in correlation with crude so the net result, the share prices going up despite the fact that the coming after them so hard i think it will continue. if i got my way i would love to see the ceos thank them for pushing the price of oil the way they have. lauren: the market will work as the market will work.
what do the shareholders want. there is a big push to be environmentally sound and green we are seeing and every corner from every company, what do you think shareholders and big companies want. >> one of the points with exxon and chevron there trying to protect the dividends the shareholders are receiving that's one of the reasons are not necessarily going all in and reducing the carbon footprint. british petroleum and shell are committed to it. at this point i kind of agree with jim in terms of the theater and it doesn't really matter. to me what we have seen over the last year end a half, whatever the energy source there is not enough when demand outstrip supply. at this point now, the future, let's look at tesla. we know were going towards old energy. and the oil companies will eventually have to adapt more and more. in terms of what happens tomorrow, i don't see much happening here, it'll be a
matter of supply chain and now some of the countries more globally are starting to have some issues, they may pull back but it also urged ahead and we will see more demand for oil and gas. lauren: jim, that is what makes what they decide to do. how they allocate spending in the future so crucial. for exxon they have two gas, one in vietnam. do they continue with the projects with the hope maybe the wind does not blow and we need traditional oil sources because that's what the world needs right now and you can't get it in another way. >> of course people are truly in energy experts and not just traders from a flyover state. always tell you that they are trying to push in five years which should take 30 years regarding the use, of course they have to do that. you met to the election on tuesday, the toga change completely if there is a signal
sent by the voters next week. the oil companies they have to make the assumption that they are not going to be idle threats, they really are coming after them but hopefully not so severely that they want to stop their business. liz: let's talk technology, if not the biggest reporting tomorrow. apple and amazon report after tomorrow's bell. we heard from facebook and we see tons of scrutiny, maybe it is not so much when you're looking at a company like apple and amazon. how much do you think their immune for what his facebook? >> i think facebook is in a different category than amazon and apple in terms of scrutiny. i'm not too worried that having an impact in terms of the earnings. to me if you look with microsoft and google and the micro devices and nvidia, you see a push and big tech. i think the third quarter is not so much expectation whether or
not we exceed the expectations for both companies. both companies have issues, apple has issues with supply chain and chip shortages and amazon wants to hire 150,000 more workers in the labor shortage, that could be a factor, revenues for advertising are up. i would expect things to continue especially with the rates coming down. lauren: that does it for making money, liz claman conduct to the closing bell right now. liz: look at all of these numbers, you see investors on a market playground at this hour. the most popular ride to c cell. talks are mixed, we have the s&p third straight record close. any gain will do it, the dow is down 111 points, the nasdaq is within points of its own record. the dow is on track for the three day record run. there is so much going on. twitter getting hammered all session long. is the selloff