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tv   Cavuto Coast to Coast  FOX Business  November 9, 2021 12:00pm-2:00pm EST

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there it is. got it right, ash. 17 years, two months, two days. sam rayburn. he has a huge office building named after him in d.c. >> yes. stuart: it is the rayburn building. it is gigantic. speaker for all those years. ash, thanks very much. we'll see you tomorrow. my time is up. neil, it is now yours. neil: stuart, thank you very much. for that. we're following the price of oil. energy related as you've been indicating the last few hours. that is the bogeyman. the fact of the matter, oil prices go up, gas prices go up, anything having to do with that goes up. the inflation worry persists. a number of senate democrats
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imploring the president to do something about it, namely tapping the petroleum reserve. welcome, everybody, i'm neil cavuto. we're all over the inflationary grip has the country and folks wondering how long it will last. let's go to edward lawrence with more about this concern from at least 11 democratic senators to do something about it and do it fast. right? reporter: the calls are growing older for the white house to take tangible steps to move on gas prices. 11 democratic senators wrote a letter to the president, saying tap the strategic oil reserve to lower gas prices. ban the export of cried owl out of the united states to use it here -- crude oil. regular gas sup 62% today from a year ago. the average heating oil price per gallon is up to $3.39. you see the gas prices there. the heating oil up more than a
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dollar last year. we know the administration asked opec to move more oil. so far that has fallen on deaf ears. the deputy press secretary also talked about investigation. >> specific here the president spoke to this recently and asked the ftc to crack down on illegal pricing. that is one thing he did with illegal gouging in the price market. our arsenal. reporter: producer price index hit 8.6% today, the largest gain in 11 years. as increased price companies are paying for the stuff they make to make their products. so some of it is passed on. now the white house is also confirming that they're studying a plan to close pipeline 5. that brings more than half a million of barrels of oil a day from canada into the midwest. after a recent hearing with oil executives representative jim jordan today questions the
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strategy. >> ro khanna was badgering these guys will you commit to reducing production? will you lower production? what do you guys want? do you want -- joe biden begs opec to increase production and democrat members of congress badger american companies to decrease production? this makes no sense. reporter: the two sides of pennsylvania avenue here. now we're going to ask in about an hour. the deputy press secretary again what tangible steps the administration is going to take to lower these gas prices. neil: just understand where they're coming from these democratic senators. they're not talking about increasing oil production here. >> right. neil: they want to just tap the reserve, right? reporter: tap the reserves. also the oil we do have here, that we do export, there is a portion that the u.s. does export. they want to stop those exports. so when it is produced here they want to require to be used here. in addition to tapping the strategic oil reserves. they hope that will bring the more supply in the united states, brings down the price of gas.
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or price of oil, which then brings down the price of gas. neil: got it. thank you very much, edward lawrence at white house. quick correction. i love when my producers get in my ear, pops, you did it again. apparently i referred to the show "cavuto live," which is the weekend show. they're nice bit. neil, it is not weekend, weekday, fbn. remind you they're very, very sweet bit. they're worried is this whole covid thing affecting more than we thought. i apologize for that. welcome to fbn. one of my favorite people here lydia hu following what is happening here certainly on inflation front. it will wallop the thanksgiving table? reporter: pay a lot more for your thanksgiving meal. sorry to break the news. you will pay the items if you can find those staples because the "the wall street journal" is reporting today, supplies of thanksgiving food, household items are 11% lower this time of year than normal.
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to give you context around that, you remember, neil, when we had bare shelves back in march of 2020 when the pandemic started, had a huge run on the stores. at that time we were 13% down on supplies. we are not far off from that time period. what exactly are we low on? all the thanksgiving staples. cranberry sauce, that is 20% out of stock already and in decline. ocean spray tells "the wall street journal" is having challenges with materials and transportation like some companies are right now. yams, sweet potatoes -- neil: yams? >> 5% out of stock, i know. boxes of stuffing are also low. those have increased. hopefully we have that the main course, turkey what we want to talk about, 60% of the supply was out by the end of october. now butterball ceo explained on this show, neil that they are expecting to depleted stocks of smaller turkeys. so they're encouraging folks go for the big bird this year.
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cook it just the same. you will have leftovers which is a benefit. we have to point out that is higher price tag for a bigger bird. a year the price of pound for turkey are going up. turkey prices are up more than 16% over last year according to the usda so now this might be a time when some people thinking are alternatives to turkey. what else can we have with turkey prices going up? the news here lot of prices are going up. pork roast higher, chicken up 7%, beef roast up 20%. neil: no way to hide from this, right? reporter: nowhere to hide. neil: testify if you turkey, that cheaper if you get a tofu one? >> i have to check back with you. neil: if you're a vegetarian are you getting gouged as well. >> one year i had salmon for thanksgiving. i learned never do that again. i don't deviate. neil: brussels sprouts are up double digits. i reacted to that to say, so? everything, everything is being
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impacted. lydia, thank you very, very much. lydia hu following all of that. meantime i want to give you a gauge how things are going right at the grocery store, how you might be able to dodge and weave through all the increases lydia told you about. go to stu leonard ceo, i would call it a fancy, shmancy grocery concern, new york, new jersey. good people, including the guy that runs the company. stu, good to see you. what do the customers do in the face of higher prices? where are they dodging and weaving? >> well first of all, neil, it is great to have you back, to see you so healthy right now. neil: thank you. >> i can see the antibodies oozing out of your skin right now. neil: that is just sweat but go ahead. >> you know what? i would, i listened to those statistics here, boots on the
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ground, we'll sell 70,000 turkeys this year. i have not heard of much disruption in the supply right now. one of our big manufacturers down south cut us back 30% but we're able to get a local farm right in pennsylvania to supply us with those turkeys. so i don't see any huge supply issues right now. you may have have an issue with size, okay? i would recommend get your turkey early so you can get the bigger bird because people are going bigger thanksgiving this year for sure. neil: why are smaller turkeys in limited supply? or are they the ones that most people prefer? what's the deal with that? >> well, here is what happened last year. okay, during covid we had more smaller thanksgivings. people didn't want to celebrate. this year people seem to be enthusiastic about getting their families back together again. we're seeing a big increase in our larger birds. we sold 25,000 smaller turkeys
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last year. those are up to 16 pounds. the ones over 16 pounds we usually sell 25,000. this year we bumped our order to 40,000. so we're expecting bigger thanksgiving. as far as the price goes, neil, this is the most inexpensive holiday meal you can have all year, okay? we're seeing a 5% increase in our turkey prices from our suppliers. i don't know where the 15, 20, 40% comes in. it is not that big of an increase. and i think people, you just have to navigate. don't serve brussels sprouts. neil: [laughter]. >> you know. people are very ingenius. make your own stuffing at home. neil: right, right. >> there is ways to navigate around this thing. i would tell customers, don't panic about thanksgiving. i would recommend that you shop early. get your staples like your turkey pan and thermometer, all of that. neil: got it.
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>> get them early. get them now. buy your turkey early. it will last for a week if you keep them down on the bottom cold part of your refrigerator. neil: wow. old wise words. stew leonard, jr., thank you, my friend. you always calm me down when i worry i might not get enough food. that is a crucial public service. >> sometimes i read these statistics and i can't believe them, standing here in the store. neil: you should know. you're in the business. you're on the front lines. >> yeah. you know, you hear about the meat prices right now. well it is a lot of it is center cut meat, the nice strip steaks and rip eyes, fillet. neil: got it. >> those bumped up, ground beef it is the same price as it was last year. neil: interesting. very interesting, stew leonard. great catching up with you, my friend. be well, have a wonderful thanksgiving. let's get a sense what the markets are making of this.
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inflation is the topic de jure. all three averages yesterday hit records. nasdaq has been doing this eight days in a row. we might disrupt today what has been a day after day, nine-day winning streak for the s&p 500. so maybe a little giveback is in order but there was concern when we were tipping around the 84-dollar a barrel level. a little ways from it here. since retreatings on oil. you know the drill here, as soon as that happens everything gets sort of caught up. ray wang, constellation research. he is the ceo. ray, the inflationary worries, the fact it could linger, could spread to the turkey day meal. even though stew leonard tells us it might be over behind here but what do you take how the markets are taking this? >> first of all i love stew leonards. one of my favorite places in the world. the markets are reacting the way they should be reacting. a little pullback on the nasdaq,
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a little pullback on the s&p 500. what is happening, if you look at earnings, 89% of the earnings of the s&p 500 in. they were up almost 40% year-over-year in profit growth. those numbers support where the market is at the moment. we're also seeing forecasts for q4 are higher for a lot of companies in terms of guidance. so on that front it is doing well. but there are signs of inflation. i think people are using the nasdaq, or seeing the nasdaq as a hedge for some of that inflation because the big tech stocks have been doing really well. they have been growing year-over-year, growing 40 to 50%. some big tech stocks, digital giants are growing extremely well. neil: normally see a situation where people are worried. that interest rates will be a problem and they flock to a lot of technology names, conversely when the rates go down they lose a little bit of their allure. i always wondered why that is the case. now look at today when we have yields at around 1.43% i mean is
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there a belief here that, you know, technology is an excuse to sell it on a day like this? how would you characterize it? >> i think some people are looking at taking some of the gains throughout the year. it has been an incredible runup. if you think about where things are going. they're doing tax planning, before the thanksgiving rush. we see some of that give as well in december. people will be surprised when we look at commerce numbers for cyber monday, what is going on with black friday coming into thanksgiving that is also going to create the next pop in december. but in general people are pulling back a little, taking some profits. but we're seeing quadrillions of capital still on the sidelines. it is going into crypto. it is going into nfts. it is going into real estate. it is going into high-tech stocks. that is where most of the money is going into in terms of asset growth. neil: san francisco federal reserve bank president mary
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daley is on the wires saying it is too early to know how the inflation thing plays out. particularly how long it will take for the full employment issue to come to bear on the economy. all these jobs go begging for people who are not taking them up on it. she seems to be saying, until, unless we can get that resolved, we have some speed bumps along the way. do you agree? >> i do. we're still going to have shortages, if we can't get longshoremen to work out on the west coast. that we can't get containers, can't get the right parts. people are being creative in terms of manufacturing, reassembling parts, buying smaller components to assemble them to get them out the door. all those things are impacting the economy. also labor, making sure people are paid the right wages but also making sure there is enough supply of workers. we're missing a lot of high-skilled workers. we're missing a lot of manufacturers. we're also missing people in the service industry. there is about 4 1/2 million people sitting on the sidelines
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at the moment. neil: ray, good catching up with you. ray wang, following all fast-moving developments the various members putting things out on the wires, telegraphing concerns it is looking at, not only the higher price of oil, gas, et cetera, inflation. by the way they determined inflation is no longer a passing phenomena, weighing in on the china real estate issue, how much of a risk it could, it could pose for the united states. the worse things look for real estate over in china the federal reserve is saying it could be a risk for us here in the u.s. of a. just delightful. they just compound the angst that you have. like the expensive turkey. i have a bone to pick with them. see what i did there? i got a bone. we'll have more after this. ♪.
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♪. neil: you know i know i'm a dog on a bone on this issue. look at oil up today, $83 a barrel but did you catch edward lawrence's report the idea, positioning of the administration in light of 11
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democratic senators petitioning the president to open up the strategic petroleum reserve easing the burden, you leaving aside you could lift production here. what is lost in the argument, one of the responses from the white house, there might be a case where there could be gouging going on. throwing it out there among the factors lifting oil price, there might be gouging. gouging on individual gas station? are they in this together? is it sporadic? a united call? opec and opec plus countries the fact they threw that out there among the things we're looking at addressing, reports of gouging it is a way to deflect some of this, i'm not talking about the politics of it all, you can address the accuracy of it all, something may be sinister afoot nothing to do with the administration, washington at all, every thing to do with someone gouging you.
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you mentioned words, people have a field day. having a field day in the meantime, with climate change and right now we got speaker nancy pelosi, alexandria ocasio-cortez, among those heading off to scotland right now to get a sense of what has to be done and fast. you know they have to come up with about a $100 billion globally to start you know, this going. we pay the lion's share of that. anyway hillary vaughn with the latest how that is going. hey, hillary. reporter: neil, the white house continues to insist this social and climate package, the build back better bill and the infrastructure package are popular. they say that the things are in it sell themselves and are tuning out polls that say the opposite but republicans eyeing to take back control of congress a year from now say democrats are being tone deaf. >> the democrats do what? they just proceed with their crazy legislation and they're going to pass the next bill too. of course they don't listen to the american people. this is today's left. they're smarter, they're better,
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know more than all of us regular folks and they will keep doing crazy things, the only way you stop them you beat them at the ballot box. reporter: the head of the dnc says they will blast the airwaves, once biden's full agenda, the two bills are signed together, so they have something to campaign on in the midterms. the message democrats want to get across that they delivered. >> we're going to double down even more. so we already have ads that will go out. we'll be billboards, all oaf the place, selling this accomplishment because it's big, it's huge, and it is really, really significant. reporter: not all democrats are celebrating the infrastructure bill as a win. the group of congressional democrats in glascow right now for a climate congress is happening in the shadow of several of those members shading the infrastructure bill with a no vote because it defend have the climate priorities. some of those members are doubtful that biden's build back better bill will be better for
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the climate. alexandria ocasio-cortez writing president and house leadership promised build back better will pass. we hope they are right but how much of the bill survives that we're giving away so many leverage is the question. neil where this plays in the midterms, while the white house doesn't seem to look at the poles that indicate people are not really on board with the spending. while progressives are not paying attention to it, moderates up for re-election, moderate democrats certainly have to pay attention to what is being said. neil? neil: got it. thank you very much, hillary vaughn at the capitol right now. by the way the whole infrastructure push, even though the president won't formally sign this next week until congress returns from break, it has been up until today helping the likes of caterpillar, united rentals, nucor, vulcan materials, a host of others that would presumably be very actively involved in this reconstruction effort. let's get the read from congresswoman nicole malliotakis of the great state of new york. one of those dozen or so
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republicans who voted for this measure. congressman, very good to have you. are you surprised the grief you and your republican colleagues have been taking from some in the party that you just helped nancy pelosi with this? what do you say to that? >> you know, this is a bill that started off in the senate. it was republicans and democrats who drafted it and it is good for new york city. it is good for the community i represent. it will address a lot of issues that are important lycos tall resiliency, completing the eastern shore seawall we were devastated after hurricane sandy. we definitely need what you see with transit in terms of our subway signals still operating on pre-world war ii equipment. transportation initiatives like ferries and waterways and ports, seaports, airports, incredibly important to my district. i did the right thing for the people i represent. i will say this i think the winners here are the people in this country and also those who
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are trying to push back against aoc and the socialist "squad." because as you just reported aoc is now saying that this is going to undermine them in the build back better agenda, which is the bill that contains so much that we are opposed to, the amnesty, the handouts to illegal immigrants, irs agents snooping into your bank account, bringing brother. those things we remain opposed to. we have taken away her leverage just as she has indicated. i think it will be much difficult, regardless what agreement, if it passes the house, it will not pass the senate like that. it will be dwindled down. we've seen the price tag come down from 3.5 trillion to 1.7, we've seen policies taken out. we'll continue to push back to try to kill this bill all together but you know that december 3rd, some type of spending and budget is due or else government shuts down. neil: that's right. >> between now and then we'll be united pushing against the build back better. we hope the moderates will join
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us. it seems they are going to do that, particularly senators manchin and sinema. neil: i do admire your position here because i guess the argument some of your republican colleagues have against you and others voting for this it only helps nancy pelosi. didn't want to do anything to help nancy pelosi when in fact to your point there are some things that trump no pun intended of the former president, good for your district. you made it clear you're no big fan of the other measure you're working on. they come back, to say this greases the skids for that. this paves the way for that. what do you say? >> this is absolutely not true. i have mean it has taken away their leverage. if we didn't pass it the other day, these bills would still have been combined, right? they would have had to given more to in order to pass the infrastructure bill the moderates. we've taken that away now. we freed this infrastructure bill which was held hostage since march. at the end of the day that infrastructure bill would have
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passed whether it was last week or in a few weeks. if we waited it would have given the socialists more leverage to squeeze more out of the moderates for their build back better bill. so you wouldn't have just seen the irs agents we're opposed to, amnesty, who knows what else they could have squeezed out of the moderates. all of that, socialist stuff is in jeopardy. that is the best thing that can happen for the american people. the investment, the price of not investing in our infrastructure you know, is truly to our gdp. so critically important we keep up with our infrastructure for population growth, for economic growth and i think it was the right thing to do for this country. i don't think it was, by the way, i will say this, too, there is so much to criticize the president on and nancy pelosi on, what they have done with the economic crisis, with the energy crisis. what they're doing at the border right now. the idea he is looking to give payments who are in the country illegally. the disasterous withdrawal from afghanistan. this is not going to change
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things. they still will be tanking in the polls. the only thing we got a little victory for the people of new york city and for the country. new york, by the way will receive 10% of the money. $100 billion going to new york for roads, bridges highway, transit civil, our ferry system. coastal resiliency projects, sewer infrastructure. so i think it's a win-win. we got infrastructure and we also gave a jab to the socialist "squad." neil: i always thought the argument against you doing so just to stick it to nancy pelosi just seemed half at face value. congresswoman, thank you for taking the time. allowing viewers to hear your position on that vote. very clearly stand by that vote. meantime we'll take a look at the bitcoin phenomena. whatever is ailing stocks is not ailing bitcoin. in and out around $66,000 a coin. hit a all-time high of 68,000.
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there are views it could hit 73,000 by the end of this year. one has it doubling to 146,000 at a minimum. what is behind all the bullish talk after this?
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neil: the craze is on, jpmorgan says the same bitcoin 68,000 bucks a coin a little while ago, now around the 66,000 and change level this will continue to the end of the year, get up to maybe 73, 74,000, double that next year. what is behind all of that? susan li joining is right now. here we go again. susan: i would say more importantly ethereum crossed 4800. ethereum is betting for the nft boom, non-fungible token boom we talked about yesterday. there is probably a inflation component to it. wholesale inflation at record
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levels. we saw it in the month of october. cryptocurrency, bitcoin, seen as digital gold. there might be a head. going mainstream, fear of missing out. today you had one of the most influential voices in business adding his endorsement to it. tim cook saying he owns cryptocurrency. neil: did he say how much he owns? >> ethereum, would you play around with it? >> i do, i think owning it as a part of diversified portfolio. susan: in it for a long time. he says. apple and cryptocurrency tech, apple doesn't really have plans, immediate plans right now for any cryptocurrency currency technology, however, you know, he also says that, look, it is part of a diversified portfolio. you allocate maybe five to 6% of it. apple itself has $194 billion in cash on the balance sheet. i've already asked luca maestri, the cfo and tim cook earlier this year i had to be that guy.
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so are you going to use the cash to buy bitcoin? they said to me at that point, we don't have any plans to. you buy a company, apple a company is a hardware services company. it is not a company where you buy into in order to get exposure to cryptocurrency and bitcoin. neil: he personally though is into it, right? how did he frame that? that it's a curiosity to him? susan: diversification as you mentioned. that makes sense in a very silicon valley tech forward type of ceo and entrepreneur that he is, right? also, would note that we're looking at $68,000 for bitcoin. not a lot of people, the whales in the market are the ones, there is about what, 10,000 people that hold the majority of bitcoin. imagine if some of them, some of these wallets start selling? that is a concern on the market, when the asset is held in so few hands that the market could turn very quickly, however i would say if you look at the record
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pricing not many people are selling, why supply is low, demand is high and we're sitting at these records. neil: thank you very, very much the, susan li on all of that. david smick, john and johns ceo, the world is curved. this is wrung man, covering him, the voice of the '80s. so accurately predicting so many trend then. he predicted the 2008 financial crisis. in fact pretty much to a t. so listen up, folks. this is something, you will get something out of it here. david, always great to have you. >> great to see you. neil: very good here. susan was just laying out this argument what might be propelling bitcoin and some of these cryptocurrencies and a lot of might be a counter statement to what is happening with inflation. either you see it as a hedge although lately a lot of these have been doing well whether the stock market is doing well or not but what do you make of the bitcoin phenomenon itself?
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>> any, you know, i think there is a part of it is a inflation hedge but i think there is a bigger part that has to do with global liquidity, and it has to do why if you're a trader today trading the treasury yield curve or you're trading stocks, you're going crazy, want to blow your brains out. none of the rules work. the reason is, no, we have, there is a global ocean of liquidity t started with the fall of the berlin wall. you also see look at every central bank in the world blown out. the balance sheets are blown out. you have enormous social liquidity. now if you're mr. global investor you say to yourself where do i put this money? they used to think china. now they're going back to mao. europe said we'll not in the tech game. basically u.s. and china, we're a back water in tech. they look emerging markets what is happening in china, will hurt
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emerging markets across the board. so you're left with the u.s. that is why you can have the fed say, we're going to taper. it will be beginning, for the next 14 days the stock market goes through the roof. i think the same thing, they're looking to say, we need a hedge, gold is a little passe. the other half is where do we put the money? where do we put this liquidity? it is the only way if i make any sense about what is going on in the markets today because the, the yield curve is just meaningless right now. trying to look at the 10-year. neil: right. you're talking about the gap between longer term and shorter term interest rates, the gap. a lot of people are still surprised with this inflation that is still the case. are you saying those that are let's say driven to stocks in an environment like this might be in for a bruising?
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>> look, taking a look at what the establishment said about inflation that is led by the federal reserve. you had the initial message was, it could get above 2%, maybe to 2 1/2 but it will drop back below two. then it was, it can get slightly above three, but it will be back below two. then it said it will get above four but back somewhere between two and three. every step of the way they keep moving the goalposts higher. so i, you know, to sit there and say we know what is transitory and what's not is a farce. they don't know. if they knew that they would have said we'll go to five 1/2 but they don't know that. and nobody knows that and a big part of it is, we don't have the indicators that we used to have, like the 10-year treasury would tell us something. it tells us nothing. why? because there is a global ocean of liquidity and if you're sitting there and you're looking again at europe, japan, negative
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real rates. you look at china, you can't trust them. you start to look and say, gee, 1 1/2 treasury, a 10-year treasury, it's not much but doesn't look so bad. it is actually rather state. where else do we go? neil: that is a good point. real quickly, i know my producer will yell at me but i love having you on, david, i want to pick your brain as someone who advised ronald reagan, people are using the reagan example, where he stood at his midterm in 82 with the same sentiment building around this president that he was a guaranteed one-termer. inflation was running rampant. paul veal kerr was raising rates to deal with it. eventually things stabilized. ronald reagan went on to win in a landslide. it didn't look that way for a while. a lot of biden folks go back to the era, it will happen again. all you folks are saying hang it up joe, look what you said about ronald reagan.
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what do you think of that comparison? >> i think on the surface it makes sense but if you look at the details, reagan crunched inflation right at the beginning. neil: yes he did. >> not just reagan, paul volcker under reagan. that is the most underappreciated tag-team in the history of economics. they took a double-digit inflation economy staffing nation and they crushed it. neil: you're right. >> and reagan to his credit looked the other way. volcker had enormous courage. we don't have people like that doing anything in washington today. but they did that in the beginning. neil: right. >> then when you broke the back of inflation, remember, the dow was at 800 in 1970. by the time reagan was elected, it was still 800. then it went to 3400 by the point of reagan's term. it took off because they crushed inflation. the big economy was, and the take-off wasestestf ts t wre wre i actnnino
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'rng goi gic baslyal takin takg legambhi tbaui ldiiquity ru esrushnru a a marke keep goioi an i i basic no nra.ra trehe iss crash, csh, tnk ehey're rhththt if tre tre sur s is i then theye t. il: davmick thank yha ver ay a may as think. reminderf csese the, s,fo alw as questiqut,t, onon ionth we wrong abohega rn one-term thing. we have a lot more coming up including every dog has its day, every dinosaur has its day. ge announced it would split itself in three. now the stock is getting everyone's attention. what is going on there, after this.
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neil: you know i wonder what the late great jack welch would have thought of this. reports ge is looking to split itself into three, aviation, health care, energy, not all at once, phased over years but propelling the stock again that has sort of overcome its rodney dangerfield reputation and finally getting some respect on the street. is that justified? let's go to gary b. smith, kadena group, fox news contributor. gary what do you think? >> well, i suppose it is inevitable you know, neil? one, it will make a great harvard business school study in 20 years to see whether it is in the right move or not. we're in the area of specialization. you look at almost all the
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superstars of the last 10, 20 years, they started out as specialized companies. amazon, netflix, even tesla. now you know some of those have had to grow and acquire parts that maybe without their specialty, amazon, acquiring whole foods, but right now, you know, it is the kind of environment, you have to be nimble. you have to be quick. is this breaking up going to matter for these ge parts? i don't know. i guess it depends how they managed them before but you know the market seems to like it. it is probably not a bad move. let's put it that way. neil: i heard the sort of pessimistic analogy. it can be worse. negative been percolating last six months ago but the best example of a breakup that worked when at&t was broken up in the early 1980s. the shareholders owned at that time owned all of those seven baby bells at the time as well. they did okay. >> right.
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neil: that is a standout, i'm told an exception to these break up rules. do you agree? >> you know i do as a matter of fact. i worked at ibm when lou gerstner and the talk watts breaking up ibm. the that didn't make sense. they had good vertical integration. they were doing hardware, software, started to get into services. that all fit together. so it didn't make sense to break them up into parts. there is probably very little other than accounting and legal integration between ge aviation and ge health care. there doesn't seem to be a lot of synergy there. why i say in this case it probably will, maybe a little pessimistic, it won't be worse off than they are now. neil: all right. we shall see. very good seeing you again, buddy. thank you very much.
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gary b. smith, weighing in on all of that. meanwhile have you seen all the crowds, canadian border particularly of the united states, everyone itching, americans getting into canada, canadians itching to get in the united states and a brewing company preparing to profit off of all of that. after this. what's strong with me? what's strong with me?
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neil: the border is open and for canadians eager to get into the united states and americans getting into canada, crowds are building waiting for that moment. so is my next guest, lisa smith, the horn brewing company, the owner there, looking forward to business i guess has been kind of stymied because of this freeze between our two countries and elsewhere, right? >> absolutely. you know, really slow start. we had a great tourist season i guess for east port itself but as far as -- extended community, about 50 miles from the border, we really missed our can made can customers. neil: what are you seeing right now? what are you looking forward to? how are you preparing for it? >> one thing we haven't even thought of you know, two years ago, canadian currency was a
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regular thing in our establishments. neil: that's right. >> we have to figure out how to handle that again. discuss put out welcome arms, see what happens. you know, we are in a seasonal type of area but we have a whole another, we've got a lot of anxious, anxious people, waiting on the other side of the border waiting to come over to get back to normal sy with coming over to u.s. every day which a lot of them do. neil: i think that is what unites the world in the end, good beer. you have plenty of that. who are the better customers, the canadians or the americans? >> that is a really, really tough, the canadian customers are frequent. you know what i mean? in other service industries i worked in before, obviously we're a newer business, we just opened in may of this year but consistency, you see the same
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faces over and over again of our canadian customers. you can rely on it. it was probably 30 to 40% of our, if not more for some businesses. you know, in our border community but yeah, i mean, they are good consumers. they are great consumers. neil: you handle that very diplomatically, lisa, few chair. didn't want to offend either company. that was well-played. lisa smith, horn run brewing company. border open. have a bruschi. we'll have more after this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones
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♪♪. neil: welcome back we are following tense development in china. what really got us wondering when we discovered china built up to scale models of top navy ships weatherford target practice or run salt in the gaping open nonstop leading foreign-policy wound but it does concern a lot of folks who are saying why would they do this between this and raids over taiwan airspace without dropping any weapons. but scaring the be jesus out of a lot of folks.
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now it's got some folks worried that it's escalating something. >> absolutely we've been getting a lot of reaction to the satellite photos you and your viewers yesterday, apparently of a replica of the u.s. navy ships used for target practice by the chinese. number one with the markup of u.s. aircraft carrier a former top navy official told us this should be a wake-up call for those tracking the chinese military rated version of one of our guided missile destroyers, john kirby is a spokesperson and said late yesterday they come to expect from beijing. a third show what a u.s. navy vessel on rails presumably the chinese missiles on moving targets in the chinese government today had no comment on it all. this is china's military, they were range of antiship missiles in the works and in the past
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couple of hours we got new satellite photos of the chinese building their own aircraft carrier this of either third but the first that could match the specs of some of ours. it's under construction and the shots at a shipyard in shanghai has the biggest navy in the world the latest carrier, the cornerstone of any naval power should be ready next february. this all comes as a whole bunch of tension between the united states and china and as this upcoming virtual summit approaches between president biden and president xi jinping, very full point. >> you know this better than i, china is tempted to do it all the stuff knowing full well it will be hosting the winter olympics. before it's a big event that might rattle the event or battle countries thinking of going to that event. they don't seem to care though. >> that's a very good point.
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doing everything up to but not including and unfriended north korea that are doing the same up to and not including making sure that america's seas was going on. caesar might growing but that doesn't do enough to do a boycott of this upcoming winter olympics. they are careful, crafty and potentially dangerous. neil: grade cowpox, senior foreign affairs correspondent. let's go to benjamin, the fox news state department correspondent. congratulations on that well deserved. let me ask you a little bit about the warnings coming out of the chinese government for residents to stock up on food and basic staples. what is going on.
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>> a lot of eyebrows raised last week. we saw panic spreading across the country after the department issued a directive urging all people in china to stock up on supplies including food, water, survival and the rest. initially some people thought that this could mean china was planning on an invasion of taiwan. certainly we've seen a possibility and chinese state media time and time again recently. 2 million strong army invasions of the island. tens of millions of people rushed out and they needed to prepare. many people thought this might be more covid lockdowns on the way. although there's only 50 reported cases in china the government tries to stand by every single pacing and posing severe immediate lockdown. most analysts think happened is that the government is expecting severe winter food shortages. china's food shortage is a major concern and they're only getting
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worse, causing domestic issues and a whole lot of other issues and china is located around the world to try to feed its own people. that's having a knockdown effect on global food prices. china is trying to feed 1.4 billion people, is not able to do that at the moment. tens of millions of people died in the 60s. they died of famine. if you cannot feed your people these are domestic problems as far as the u.s. were there buying up lots of farmland and this is the thing will be watching, how does china feed its people and what effect does that have on domestic politics in the country. neil: thank you very much, congratulations. benjamin hall at the state department. let's go to congressman from texas the armed services committee. looking at a lot of these developments. when you think of what china has been up to in the provocative day, you could talk about the battleship replicas that have been made, a little bizarre in a
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little intimidating. the threatened air presence over taiwan continuing in speeding up the south china sea. going after. in the markets, what the heck is going on there. >> the regime has no legitimacy whatsoever. their unchecked bullies, were seen about 150 heirs sorties into the taiwanese early october, president xi jinping said he's reserving all options on the table for clinical reunification. in the chinese communist have never rolled in taiwan since 1949 is a de facto nation and for them to say they have all
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options on the table is furthering the tension between the united states and they're not being a good actor on the global stage. neil: i was raising with her correspondent earlier, why china would be doing this so soon before hosting the winter olympics. normally countries that have that responsibility to try to do everything to carry the world favor even when it comes to issues like a pandemic in japan had to reassure people, don't worry everything would be okay. this is far from that. this is the type of stuff that some countries even pause from going there. what do you make of it? >> absolutely i think they are testing joe biden. we saw a humiliating retreat and evacuation of afghanistan and the withdrawal and saigon and vietnam and their testing biden to see if he's going to be a strong president, president trump would not put up with anything in that regard. i think taiwan was very safe
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then. they are probing and this is what you get when you have an unchecked bullies because they have their people so cowed and their cowering abominations across the globe. neil: let me ask you about what we do. but say it does advance to the point that china first starts invading, administer by taiwan. with the act warrants a u.s. response? >> we have filed in our office a bill that says the united states will guarantee the security of taiwan. this is about deterrence. they do want global legitimate, but speak very clear about that. they would prefer to achieve that goal without a hot war with the united states. i think the best deterrent is for joe biden, he can call it the biden doctrine.
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i don't care who takes the credit i just on the policy enacted where he comes on said unknown certain terms that the united states guarantees the security of taiwan. neil: we will see what the administration does. that's open-ended question whether china has unequivocal signal with the u.s. here's what we would do. we'll have a very clear. thank you, congressman very good to see you. in the meantime updating you on all these pills to address covid. here the big news about pfizer coming out with one. it says is pushing for emergency approval and it looks like coming out something that is deemed not quite as effective but right now racing closer to emergency approval. so much so the u.s. plans to buy one and a half million doses of that pill. we are on after this.
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neil: tough day the dow is down 173 had been down 220 points but the premier players are feeling at caterpillar, ibm, boeing, goldman sachs, by the large the run-up in the multiple days back to back that we've been advancing in record territory, some get back is in order. a lot of other developments in here to do the eyes, we determined following the latest. first and foremost on the covid treatment the u.s. government will buy in additional $1 billion worth of covid pill. that is 1.4 million doses of the treatment and brings the total number secured by the government by 3.1 million that has a price tag of 2.2 billion dollars in the u.s. government does have an option to buy even more. that drug has not been approved by the fda. it was the first out of the gate but now has competition with
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pfizer's treatment which is more effective in the federal government has also secured millions of doses. a sign of the times, macy's has become the latest retailer to increase the minimum wage admitted to extremely tight labor market, 100,000 employees will be $15 an hour macy's will pay college tuition, books and fees. the department store joins walmart, target, amazon and another about their companies to increase pay in an attempt to attract more workers. pinero bread is going public for years after going private, once listed pinero by shake shack in new york restaurant danny meyer is the parent company of the sandwich chain caribou and einstein brothers bagels.
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no price range yet no number of shares being offered or dates set for the ipo but it is upcoming. neil: they could make a lot of bread off of that one. anything i could do to advance these stories. were telling about the selloff. this is just a theory of mine your regular viewer of the show there might be something hidden going on and i wondering if there is a concern about deciding who's gonna head the federal reserve. it used to look like a slamdunk that jerome powell was the guy for the job then we get a report that the president interviewed op-ed governor lael brainard for the position or at least for the vice chair position in the same 24 hour. we hear another key player randall is leaving the federal reserve. there is a lot of drama behind the scenes but it got us thinking or got me thinking, what if jerome powell is not
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reappointed. let's go to a former dallas fed advisor. danielle that is me making that leap that that could be one of the factors weighing on stocks. it probably isn't but i'll keep pushing it. if it is not jerome powell, we get a surprise from the president and he doesn't reappointed, how the markets respond to that. >> i'm not sure the be markets would respond to terribly poorly but i think 100% of the reason that the market is down today is because the president had lael brainard up to the hill. i don't think that's anything crazy at all. the markets like the idea of continuity. but what the media is missing that lael brainard according to the polls cannot be confirmed. there are already enough moderate democratic senators who come out and said basically we will not support her and i don't think the senate could get 60
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votes. neil: choose to do bush? >> the same from the anxiety that there surrounded recently and that is she's been an outspoken proponent of central-bank digital currencies and it's a fancy way of saying every american could have a checking account at the federal reserve that would theoretically create a means to deliver universal basic income a.k.a. socialism to all americans. that is where the line is drawn and that's where the anxiety is surrounding lael brainard and that's what her chances of becoming fed chair remain 29%, 30% according to where as jay powell remains at 71%.
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he peaked on september the 12th at 92% probability of confirmation and what might be giving the markets nervous is the implication. if biden is not going to renominate powell in if brainard is not confirmable, who might the third cardi b that comes in the middle. the answer is we have no idea. markets don't like uncertainty at all. i think that's what you see reflected in today's trading. neil: another thing that i saw the fact that bond yields if you're getting worried about inflation, you don't see and the tenure down 1.43% even though the federal reserve in a pretty black-and-white way with the very least tapering is on. maybe interest rate hikes as soon as the middle of next year are on. why is the market behaving as it is, i'm not talking about the fixed income market.
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>> last check of the national debt clock and corporate debt in u.s. household debt. if there is one thing that we cannot withstand as a nation it is normalizing interest rates, is rising interest rates. the login tenure yield is telling you and coming down the economy is going to slow the interest rates rise because it's over indebted because uncle sam himself would go broke if he actually had what would be considered normal levels of interest rate from ten years ago, five use ago and that's where the anxiety is. when you see long rates like the tenure and 30 year yield started to come down that's indicative of an economic slowdown. that is the other worry that you see reflected in the stock market today. the federal reserve may have kept interest rates too low for too long and now the end between
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the proverbial rock and a hard place where they can't raise interest rates without slowing the economy and we just all used car prices come out a few minutes ago at the third fastest pace on record so we know inflation is out of control. the fed has really made us terrible is put us in a terrible place with very few decisions that it can make that will hurt the u.s. economy in some way. neil: very neatly and nicely laid out. i think you know your stuff. following the fast-moving developments. in it gives us one of the crazy b is the stamp of approval. i feel pretty good. we have a lot more coming up i don't know if joe lieberman feels good about the tone in washington. he is a great book out but what are the things he talks about the inability of people to come together in washington. not just between the parties but within the parties. joe lieberman is next.
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wellcare. it's medicare done well. neil: oil prices teasing $84 a barrel. gas prices not only teasing but sometimes breaking $5 a gallon. especially in the new york city metropolitan area, madison with more on all of that. >> the mobile station i am a new york city is selling gas today for $4.99. yesterday it was at the 5-dollar mark. really just tremendous prices.
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this is not the only place scenes sticker shock we see across the u.s. let's take a look at the national average price per gas today. across the u.s. the average is $3.42. that is up 60% from a year ago. energy secretary jennifer granholm saying she hopes gas prices will reach $4 a gallon. but two states, california and hawaii already have surpassed the milestone. other states are inching closer and closer to the 4-dollar. all of this is happening why opec has refused the by did a administration request for increased reduction keeping prices higher. this is forcing americans to make adjustments ahead of a really busy holiday season. we've seen 52% of americans say they plan to take fewer trips because of the increase in the price of gas and 53% say they will shorten their trips to budget because of the increase. neil: thank you, great reporting. let's go to call mcshane fox
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business national correspondent he's been looking at this dilemma for manufacturers desperate for workers but they're not coming to them. i guess those manufacturers are trying to get to them. >> we have so many of these worker shortage stories. but the idea is that manufacturing companies are trying to do something about it. they're trying to solve it. just down the street here in iowa they have a traveling roadshow set up its co-creators wanted. the idea that were talking to ceos about it. you bring young people in and you try to convince them that the manufacturing is a cool industry to work in. they have an escape the room type of experience if you know where that is they try to make the point that there's a lot of science and technologies in the sector because they know something has to be done. >> 900,000 open jobs in the
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sector that number is going to grow by 2 million by the end of the decade if we don't do something. there's a lot of jobs available so people have a lot of different options for where they want to work. we think manufacturing offers great jobs, secure jobs and i think the manufacturing world is very different from what people might view it to be. it's much more modern our facilities are bright and clean and full of technology. >> the last point the ceo at pella the window and door company. you look at this point that we've been to, it's much more cleaner than the old days. the same situation of the floor where i am right now a company called vermeer a huge agricultural machines being made. the people that you see on the floors cannot work fast enough to keep up with the demand. i was talking to one of the ceos, he said he's never seen anything like this before with strong demand, huge supply
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strength, not enough workers. it's incredibly frustrating. you have all this demand and not have enough people to meet it. they're trying to do something about it. neil: i wish them well. we have a curse of riches, so many job openings and sophia taking anyone up on them. and q, connell mcshane, i wonder what he thinks the republican congresswoman who is taking all sorts of heat, not from democrats but republicans because she had the nerve to vote for the bipartisan infrastructure package, the argument against doing so that it would only help democrats. not that it might help her constituents and again, some of the dozen or so republicans who voted for this are like big old targets because they were trying to do the right thing. why joe lieberman says that's exactly the wrong thing. he is next.
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♪ ♪ neil: are you surprised the grief you and your republican colleagues have been taken from psalm and the party that you just help nancy pelosi with this? what do you say to that? >> this is a bill that started off in the senate, republicans and democrats who drafted it. it is good for new york city and good for the community that i represent. neil: republican new york congresswoman nicole malliotakis is getting a lot of heat from fellow republicans because she and a dozen republican congress voted for the infrastructure only package he ended nancy pelosi against pre-had they not
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done that it would've stuck into democrats. that was the rationale that they should've done that. i have no doubt that joe lieberman feels about this. in case you haven't followed his career the impact this is a party hacked the latest is how we make government work and can make it work again. it cuts to the core of the problem that we don't do enough of that. always good to see you. i got an ear full from the congresswoman which she had to deal with, not from democrats but fellow republicans. sort of like the grief that you deal with from fellow democrats for your more moderate positions kinda what joe manchin is going through in kyrsten sinema. they either you're all in extreme or you're not, what do you make of all of this? >> i admire the congresswoman and she did exactly what a member of congress should do. what she did wasn't a gift to
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nancy pelosi it was a gift to her constituents and to the country because she helped pass a bipartisan bill on infrastructure reform which is really going to be good for the whole country and for our economy. what was opposite course that she should not do something good for her constituents and good for the country that she thought was right because her own party was pushing her to vote against so the democrats wouldn't get a win. that's ridiculous and happened to the democratic party all the time as well. this is a real breakthrough and bipartisan in the senate, 69 votes including mitch mcconnell. frankly it wouldn't of passed with the 13 republicans who voted for in the house. but the country when then we all went and i honor them for what
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they did. neil: part of the argument, it's just going to encourage and unite democrats because this got through, now it paves the way for a far more expensive bill getting through we have no idea in the congresswoman made it clear she's not a fan of the larger spending manager, probably will have any republican votes. once again we could have epic legislation that goes all one party's way just as president trump's tax cuts were being recorded by republicans, not a single democrat barack obama's affordable care act, supported by all democrats on a single republican. on and on we go. it does not change. >> it does not change in is the wrong way for something that happened for a lot of reasons. one of them is purely practical. if only one party and asked major legislation. and as soon as the other party takes control of congress, one of the first priorities is going to be repeal the legislation. that gives no permanent.
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incidentally i think one of the really important things that happen it took a lot of pushing and pulling is the interim structural reform bill was really infrastructure had delinked from this other large social service entitlement bill. it's going to be looked at totally separately i tell you because i talked to some of the centrist democrats in the house and senate in the last few days. they're not trying to vote for this bill unless they believe it's been thought out and adequately paid for. they do not want to increase taxes on people like the middle class that paid for and they also don't want to put the government more in debt. were already closing in on $29 trillion of national debt which is outrageous and irresponsible will be think about our kids and our grandkids and what the have to do to pay
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it off. this other bill is separate as it should be. neil: that really depends on how you feel about your kids on any given day. whether you want to stick them with a large bill. i did want to revisit your book. one of the things that you get into, a lot of good things i don't want to give it away. but those of you that didn't know you are being seriously considered to be john mccain's running mate back in 2008 and then of course everyone from karl rove and sadly the senator himself said it was a way to work because people said it wasn't going to work. but i almost think that the kind of thing in the future that could work and go a long way. if you had a ticket of one-party, the president of the others of the vice president. he could go a long way to reaching out to both sides to get things done. a lot of people tell me your practical fool and that's just my family senator.
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but i want to know do you think what you and john mccain experimented with back then could be the reality someday and that it would do some good. >> i absolutely do and it'll be a real reality with solution and bipartisan government to the people on their own. if you look at public opinion polling most of the people are in the broad middle centrist of this country and they want both parties to work together to get something done for this country and for them. i myself when they asked me if it was okay to bet me for the vice presidential running mate. they said it's impossible how can you do it. they said why is it impossible, were the best of friends we trust each other and we agree on a lot and we disagree on a lot but we work together. you're a republican, democrat.
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that is the point, i could see it now. what kind of fool are you. the country needs a bipartisan government. the republican party when it let them do what but someday if the two parties to work together again, it is going to happen either in one of the parties were in a third independent party. we will see. neil: that so abraham lincoln started. i remember covering that. look at it now. i urge you to read the book. some folks make you step back and think why not. why not. >> i want to say again based on this excursion. you are the funniest host on television today. just naturally in your also serious. >> i like to think so too. you're the best i enjoyed it.
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joe lieberman on that. one of the best coming of jeff flock with a great sense of humor. he has been looking at this worker shortage. and maybe ways around it that will involve human beings at all. what is going on? >> we all aspire to that. i will show you exclusively in just a moment what could be a solution, you'll see something that you've never seen before a solution to the shipping crisis in the backlog at the ports. standby we will have something for you that you need to see. ♪ we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones if you used shipgo this whole thing
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i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at >> welcome back i'm gerri willis robinhood the trading app making public that an intruder gained access to the system last week and made off with the personal information of millions of users and also demanding more from ransom. by the way robinhood is not small. 22 million accounts with $95 billion in assets. the breach has since been contained in e-mail addresses for 5 million robinhood users were exposed as were 2 million of the users. no social security numbers, bank
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account numbers or debit cards were exposed and customers have not experienced losses. the robinhood chief security officer put it in a press release. a safety first company we await to our customers to be transparent and act with integrity. following a diligent review putting the entire robinhood community on notice of this and this is the right thing to do. but users complained on twitter that the company's response wasn't transparent enough. check out this tweet, thanks for letting me know five days later and another user saying this taking the buy button when they get 7 million people's personal information exposed in a data breach. as you can see here anyone who uses robinhood deserves what they get. there is a reference to the companies description and other so-called means stocks as i said before robinhood shares are down
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nearly 3%. will keep an eye on this. the intruder gained access to robinhood systems by impersonating an author-based party to an employee on the phone. this is what they called fishing or a fishing campaign and those robinhood users could be exposed to other effort to steal the information now that they have all the names. back to you. neil: that is a lot of names. gerri willis following all the subelements. back to jeff flock who is following the switch from human beings to machines. if people aren't going to take you on the job offers you have to do something. what are they doing? >> it's all about shipping containers. 90% of the worlds commerce goes to shipping containers. like this one right here. the problem with these things, these were invented in the 50s by americans invention moving them. getting them off of the ships in
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a place to place. this is an invention and exclusive look with the company today. it kicks off a shipping container from off the ground with the regular truck traffic puts it on the thing, take the summer and offload the on the ground. sean jones invented this thing. you have construction companies. it's controlled by your smart phone. >> it's controlled by any smart device. the wi-fi rearview camera you can see what you're doing when you're there all of our new ones have multiple cameras. you have a 360 view around the trailer why is being unloaded. >> i can do this myself if i'm the truck driver i do not need help or people or cranes. >> is entirely automated, anybody can do it within a few minutes. so automated were almost to the point that we speak to it by itself. >> this is what the building at the factory in ohio, everything by the way is american-made, the whole set up. this is the problem we have
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right now shipping containers backing up at the ports this enables you to not have to go to a loading dock to offload. i dump it on the ground. >> that is one of a huge advantage of it. the bottleneck of these reports you cannot get to the material inside the containers. you what was inside the container to go to american factories in the making homes. the containers are sitting on the ground and suddenly you can't get inside if you want to get inside you open the doors you don't need a loading dock or wait for cranes and that smooths all the logistics. >> you delivered supplies to the folks that were flooded and what they were able to do instead of waiting to unload a truck you dump the shipping container and people walk into stuff and machine sometimes invented with good ingenuity could solve some
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problems. >> they can help, not hurt. a promising one. jeff flock following all of that one. fox news political analyst. podcast host all around the sky. he strikes me as someone who would have a lot of robots in his household and dealing with this. how are you? >> i want to tell you you're one of the funniest host on television. neil: we don't have a labor shortage, there's plenty of labor and job offerings, we have very few takers. when life gives you lemons i understand manufacturers making lemonade but this is all going the machine route. this exec a good idea what jeff flock was reporting on. i'm just wondering all the people passing up an opportunity to take advantage of all of these job offerings and they might rule the day.
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>> i would agree with that assessment. we have to take a look back in history a little bit. there was a study from 1990 - 2007 about 400,000 jobs lost due to automation. and a recent study shows by 2025 about 2 million workers are being displaced due to automation. that could be founded time magazines. the interesting fact, we know the policy a lot of times correlates with what happens in the space. we look at what happens when folks are raising the minimum wage at particular cities, mcdonald's, burger king and a lot of other places saying will get rid of a lot of her staff and you just have to punch in your order in the machine. the fact that we have a president in office now who is looking to raise taxes and i know people say just the wealthy, that is not true these things trickle down and is more for everyone because companies make changes so they don't get their bottom line hit as hard.
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this is a time where i think a president needs to be paying very close attention because is putting americans in a bad light right now. folks are not working and it can only get worse from here. neil: even monitoring the white house and they say that they understand the frustration of a lot of americans when backlog lead to higher prices or delay goods. no way they timed how long that would last. obviously it's gone back, this is all transitory, but acknowledging the first time that i can about the frustration with higher prices. what do you think of the administrations response to all of this questioning. >> i think they have a been honest. and being honest totally because i think they had a liar meter for the trump administration which i think should apply for the biden administration per he's been dishonest a number of times in the press secretary as well.
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the truth of the matter folks are trying to build back broke at this particular point. a lot of folks have lost everything in the pandemic and now we have a president who is looking at a tax increase on americans which we talked about recently could equate up to 50%. if not more when you count everything up. that is a problem. we should focus on putting people in jobs stopping certain mandates from taking place we should allow for jobs to operate in the way that they want to bring employees back in and incentivize the folks who are relying on unemployment and other things because they're making more those things need to be squashed and people need to come back into the workplace because there are jobs available. neil: plenty available. great seeing you. podcast host, very, very nice guy. he has not let the whole success thing gone to his ego. one of the qualities i like about myself. we will have more after this.
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(rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. neil: all right. i leave you here with the dow at session lows with the dow down 233 points. there is definitely a change of attitude with the fear of higher energy prices but also stepping back from this. a lot more interest from a lot of people, millenial investors, even younger are investing on their own. they don't want outside help.
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don't want to do it the way mom and dad did it. revolution of people coming into the market deciding on their own this is worth their time. a fascinating development. charles payne will pick it apart the significance of it in the next hour. urge you to sit down and get ready to have some fun. charles payne up next. ♪. >> this is a fox business special presentation, the new investor revolution. it is live with a studio audience in new york city. here's your host, from "making money," charles payne. charles: thanks everyone for being here. hello, everyone. thank you for being here for this very special edition of "making money. the new investor revolution which will really i think, this will become known as the new investor day. from here on out, we do have to share the honor with the wu-tang clan.


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