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tv   Cavuto Coast to Coast  FOX Business  November 17, 2021 12:00pm-2:00pm EST

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the middle of an antarctica in 2016. i was miles off on that one, miles off. amazing, good lord. ash, great show today. thanks for being part of it. i will see you tomorrow. my time is absolutely up. microsoft new high. neil, it is yours. >> thank you, stuart. we're looking what is going on technology, particularly with microsoft. this has been a quiet underperformer. that is what we were told, hey this thing is under fire. it doesn't translate to everyone in techland but we'll break out the numbers for you. have we a packed two hours for you. we have the best buy founder, richard schultz, what he makes of the supply disruptions that impacted what you can get and how soon you can get it in techland.
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the migration of some 2,000 disney workers from california to florida. it is causing big disruptions back in california. even bigger disruptions in florida. the housing crunch is on in the orlando area. we'll tell you all about it. in the meantime, we're focusing on the president of the united states, focusing yet again on that infrastructure-only package that was signed into law on monday. he is going to be exploring a electric vehicle plant in detroit. the big theme will be, that this will be the mode of transportation for us. maybe the only mode of transportation for us down the road. jeff paul has more right now in detroit. hey, jeff. reporter: neil, until those electric vehicles take over i think on everyone's mind right now is gas prices. short term, you talk to democratic senators like chuck schumer, they want the biden administration to tap into the oil reserves to lower the gas prices but long term the biden administration thinks best way
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to lower energy prices lies right here this general motors factory in detroit. called factory zero. this is big part of gm's push to essentially go all ev by the year 2035 and biden will be here, president biden will be here later this afternoon to get a tour of the new technology but you know, without the proper infrastructure all these electric vehicles won't have anywhere to charge. you know, maybe go on a road trip. so the idea is to have those charging stations prevalent enough on par almost with gas stations. president biden will essentially be celebrating the fact that his trillion dollar infrastructure bill sets aside billions of dollars for those charging stations to be set up all across the country. the president just the day before was in new hampshire talking about that investment in infrastructure which deals with charging stations, new roads, other elements of infrastructure saying it will only help families in the long run.
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>> folks we're going to lower costs for you and your families this congressional delegation we'll start by replacing 100% of the lead water pipes and service lines in the united states and address -- dangerous forever chemical. reporter: now, neil the other big energy headline today that is breaking, president biden is calling on the ftc to probe energy companies over, quote, anti-consumer behavior. in the letter president biden made mention to the fact that gas prices are well above the prices that they were pre-pandemic in 2019 and that there is sort of unexplained gap between unfinished gasoline and what we're paying at the pump. stay tuned. neil? neil: so he appears to be saying a good deal of this attention on higher prices owes potentially to rigging and price rigging going on, right? reporter: yeah. he sort of is working around the
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edges there without using those big charged words. essentially saying what is changed. 2019, they're one price. two years later there is dramatically different. there is certain price you pay for unfinished gasoline. there is a price we pay for consumers to fill up. he is like, where is that coming from? we'll see what happens to that. neil: could be as simple as supply and demand. jeff paul, thank you very much. jackie deangelis with me right now. jackie, you've been keeping track of the fact a lot of folks in and around us, are concerned about the president's push to go all electric right now. reporter: this is so interesting to follow up on that report. gas prices are up 60% year on year. certainly makes electric vehicles look more attractive price per mile right now. president biden is pushing this agenda forward. the republicans, they're talking about it. here is what they have to say. >> i want to make energy as clean as we can, as fast as we can. we need to do it in ways that
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don't raise costs for consumers and what you just saw in the previous report that you ran is costs are going up. who would have thought in 10 months in the white house joe biden could take us to a seven-year my in oil prices and a 30-year high in inflation? reporter: to that point what president biden is trying to do is make this a little easier on consumers and it is buried in his build back better agenda, $1.75 trillion bill. a 7500-dollar tax credit for evs made completely in the united states. 4500 in federal subsidies forepurchasing evs built by unionized labor. that would incentivized evs made here. as you mentioned, neil, mexico and canada who make car parts and make cars as well saying listen, these subsidies in the president's build back better agenda, they violate u.s.-mexico, the u.s. mexico canada agreement, usmca, passed by president trump.
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one reason to give us advantage when trading with these countries, to take stuff away from china, bring it within our wheelhouse and closer to the united states. having said that, today president biden is going to be at that plant. he will be pushing this agenda moving forward. it is one day before he meets with prime minister justin trudeau of canada and mexican president obrador at the white house. the trade minister in canada is saying these subsidies are exceptionally protectionist elements. they discriminate against vehicles and parts made in canada. while the mexican ambassador called the bill discriminatory. saying it would reduce the consumer choice in the united states market only two vehicles eligible for the credit. it is interesting, he is trying to solve one problem and causing another problem for himself. neil: you have got to wonder, buying vehicles, many are well to do. do they need any sort of a tax break to get something -- >> that is separate argument and a great point. neil: thank you very much,
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jackie deangelis. to grady trimble in chicago following the whole ev push that has some underlying stocks behind the companies involved into the strats it fear. stratus fear. let's get the latest from grady. reporter: investors like electric vehicles and they're betting on the future with companies like rivian and lucid, which so far produced delivered next to zero vehicles. show you rivian shares there. investors are pumping the brakes today after that blockbuster ipo last week and the week-long rally that followed. not the same story today. lucid on the other hand, shares are revving up, they reported earnings the very first time as a publicly-traded company this week and now you see them down. they were up earlier. when i checked but still market value is extremely high. we'll show you some of the numbers there in a second. on that earnings call though,
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lucid confirmed more than 17,000 preorders for its luxury air sedan. it confirmed the production target of 20,000 vehicles for next year. it also has a industry leading range of 520 miles per charge, but these vehicles are a lot more expensive than some of the other evs on the market. and with that latest surge for lucid, it has a market cap of nearly $90 billion after yesterday's close. that brings it ahead of ford and just neck-and-neck with general motors there. rivian's market value soared past both legacy automakers when it went public last week. the market cap at the closing bell yesterday, almost $147 billion. but look at the number of vehicles that those companies have actually delivered? not nearly as many as general motors, ford or tesla. rivian delivering so far 156 of its trucks, most of those to
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employees. we put a slash there next to lucid because they are not even saying how many vehicles they have delivered so far. meanwhile ford, general totetores, they have laid out their plans to go electric as well. albeit in the distant future. 2035 is the target for general motors to go all electric but they have a couple vehicles coming on the market. the hummer ev will be produced at that factory president biden is visiting. production actually starts just next month and ford has its mustang mach e on the market right now and the 2022 f-150 lightning coming on the market very well. for some reasons not as excited about those legacy ski automakers compared to the new on the block. neil: they're not as cool. thank you, grady trimble. to luke lloyd on all this, strategic domestic partners
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investment strategist. >> hey, neil. neil: on the ev push, i take nothing away from these vehicles and a lot of them are very cool and i get it, they're very stylish, but this idea they will then eventually be our entire driving lineup and that cars and carmakers like volvo and bmw hope to soon have all ev lines, accounting for virtually all of their sales, are we getting ahead of ourselves here? >> i think we are, neil. toe shoot straight with you when companies like lucid and rivian have yet to really sell or produce vehicles are valued more than century old american companies like ford and gm, that is exactly what a bubble looks like. my advice is, don't be the last one holding the bag. you can make money trading momentum but don't want to hold on to these stocks for a very long time. listen, i get it. evs are fun and exciting. they are the future. i have a feeling ford, gm, dodge they will start taking market share in the ev space. why bet on who will win the ev
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race when you can bet on the technology in the cars they're using. who knows if tesla, rivian, nio, ford, gm will be the future of the ev space? i do know the companies will need technology in those vehicles. one of the stocks i'm looking to pick up, indi semiconductor. they develop autonomous driving chips many evs use. people are not talking about self-driving anymore which is one of the most exciting parts for me. neil: i wonder where all of this goes. obviously it enrich ad lot of key players, not only rivian, lucid, some of the others, i'm beginning to wonder longer term on reliance on tax credits and subsidies. i can understand industry in its earliest stages providing a leg up and all of that but you know, giving 5000, 7500-dollar tax breaks to people who don't need them i'm just wondering if that's, if that's a problem
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right there? >> well, you're exactly right, neil. we're relying on these tax credits to sell electric cars vehicles. we should be relying on the free market to sell them. there is always an issue not relying on free markets to sell them, right? at that tax credit goes from $7500 to $12,000 because the extra $4500 coming from vehicles made with union labor. that will help ford and gm take market share from tesla and all the other evs. that is a big tax credit, neil. that will help sell more electric vehicles but the tax incentive comes with billions and billions of dollars of price tags we have to pay for. don't worry, neil, it is all paid for as the democrats love to say. i wish free money existed. government's mandate of electric vehicles in tax credits you will see higher taxes to pay for it. the other thing evs have lower margins of gas vehicles. cost of vehicles will rise as we go through with this, increasing more electric vehicles.
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that will increase inflationary pressures. we all know inflation is an issue right now. it will even cause more concern down the road. neil: let the market decide. some of the vehicles are incredibly cool and just eye-poppingly neat in that respect but let the market decide whether that it will make it. i don't believe they need a leg up or a help from taxpayers to seal the deal. >> right. neil: you know, we were talking about some of the big players in this field, luke. you know elon musk was one of the original ones here and over the course of just the last week or so he sold about $8.8 billion worth of his stock. now the stock has since rebounded from the drubbing it was taking and it wiped away about $50 billion of his own market value but he is not alone. i was noticing here that richard branson just sold about 300 million-dollar stake in his virgin ga lake tick. we've been hearing last few weeks and months jeff bezos is quietly unloading billions of dollars worth of amazon stock.
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obviously for his next life. not as a day-to-day guy running amazon but this smart money crowd is beginning to unload some of the stuff that made them billionaires, i wonder what to take from that? >> well i think one of the big takeaways a lot of these areas are valued. that is one of the big take-aways. a lot of billionaires selling stock because of pending tax likes coming downed the road. why pay more tax later than paying lower tax today? the democrats make successful people out the bad guys. elon specifically is showing democrats what happens if billionaires are force to sell stocks. the stock tanks, hurting everybody, not just the billionaires, right? number two, i think to start new ventures. if billionaires don't look money as money. they look at it as capital for new opportunities. the billionaires are visionaries. they sell dreams and make them
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reality. they're the best capital allocators in the world. one dollar you invest, you get $10 down the road. compare that to the government, everyone dollar they spend, get 25 cents of value. billionaires invest money into all new different areas every day of the week rather than the government. neil: we'll watch it closely, luke. >> thanks, neil. neil: speaking of taxes, the government, all of that, have you noticed what is going on with the great migration with low tax, almost no tax states like florida and texas? it is picking up considerable theme. very good for florida by the way. disney the latest to say it will move 2,000 workers from california to the orlando area. great for of the orlando housing market and the rest but what happens to the areas folks leave? after this. ♪.
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neil: you know i think we get more data on housing than we do virtually any other sector of the economy for good reason. it is such a good part of the economy. for example the latest mortgage applications up about 2% in the latest week year-over-year. down about 6%, housing starts, tumbled a little bit down .7 of a permit to sign of future construction going the other way. that doesn't look to last long. in other words this housing slow down if you want to call it that. the building activity remains robust. one number we're not adding the homebuilders see this going right through next year, maybe the year after that. jimmy patronis joins us right now because all of this is built on jobs and the prospect of an economy that will continue to zoom. jimmy is the florida chief financial officer. an every enviable job these days, he doesn't have such much of a selling pitch.
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disney will move 2,000 workers from the burbank offices to orlando. more could come. this is more of what you see already. i guess a lot of these workers will be going to the orlando area where the real estate markets already have been very, very hot. do they have enough housing for these folks? >> there will be enough housing. it is great to see you back. neil: same here. >> money, look money as you know it flows where it is appreciated. i grew up in the restaurant business for 30 years of my life. if you don't take care of the customers, the customer will go enjoy their meal somewhere else. this is no difference what we experienced in the state of florida as we have been aggressively courting these opportunities that have come to florida and we're seizing the, the wealth, the people, the entainment, the leadership, because of the environment we created here. neil: now how do you handle just the influx of people? i mean the population of florida certainly has been booming, not just since the pandemic, through the pandemic. i would go back a good eight to
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10 years right now where it is built, it picked up considerable steam right now. so a lot of people to absorb, florida is doing a very good job absorbing them, but that creates its own pressures, right? >> it does, it does. they will think about this also. the state of florida has a state income tax, the sales tax economy, but every time there is a single stud, block, pipe -- neil: we have a, we have a bit of a froze issue. continue. i think you're back with us. go ahead. nope. i apologize for that. this happens sometimes with these remote feeds we do. the bottom line florida is benefiting from all of this boom. really born of the fact that you move to florida, let's say your salary stays the same. they don't have a state income tax, estate tax, anything like that. it is the equivalent of getting a double-digit percentage raise. that is without getting a formal raise. that is the big draw right now
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and it is one of the reasons why high-tax states are taking it on the chin including california, new york, new jersey, states with little or no taxes like florida and texas are doing just fine. we'll explore that phenomenon when the show continues. keeping you updated on resilient consumer even in the face of higher prices still buying like crazy. one angle has it, they're buying because they're trying to get ahead of prices going still higher. another view is they're just buying because, well they can afford it, after this. ♪. ♪ ♪ ♪ ♪
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with chase security features, guidance and convenience, banking feels good. chase. make more of what's yours. neil: all right. think about it, you got target, you got lowe's, you got walmart, they're all saying sales are booming. they expect this to continue well through the holidays. some are talking about the fact that there might being some
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supply disruptions. they expect pretty full shelves right through christmas. the latest read with lydia hu following all these developments in wayne, new jersey. lydia? reporter: hey there, neil. we're talking to shoppers here at the willowbrook mall about their holiday spending plans. they say yes, they noticed prices are higher. after all inflation is running so hot, it has run the hottest in 30 years. but they have the money to spend. that is reflected in retail sales data out yesterday, up 1.7% for the month of october. that is helping retailers you say. just out this morning, quarterly earnings from target posted better-than-expected results. as did lowe's. they say homeowners continue to invest in home improvement. this fall with walmart and home depot from yesterday. they also beat estimates, they credit holiday spending. one habit that seems to be helping all the retailers is the
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return to brick-and-mortar. here at willowbrook, the paul management tell me foot traffic is approaching 2019 levels. >> you have to spend on your loved ones. not like make money for the holiday. >> something somebody particularly wants, i will pay the extra money to get it. >> it really won't. you need to get gifts. you spend what you got to spend. reporter: now experts say that this spending, might last through the holiday season but it is not going to carry us through next year. the holiday season is frontloaded. with inflation running hot, it is just a matter of time, they say, before the consumer grows tired of these higher prices and starts pulling back. watch this? >> near term people are ready to buy, people getting out there next five or six months. in the summertime you will see
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prices raised. are people going to continue to put up with that? >> now another sign that spending may soon slow is the consumer sentiment index, that plunged to a 10-year low, showing that as americans are growing anxious, they may pull back on spending and start saving more. neil, back to you. neil: we'll see. thank you very much, lydia hu willowbrook mall. that place is all decked out for christmas. there you go. richard schultz joins us, the best buy founder, schultz school of entrepreneurship. i don't think there is a guy with a better read of the consumer and the mindset of the retail industry than this fellow. richard, good to have you. thanks for joining us. >> thank you, neil. it is always great to be here. it is great to hear your voice again. neil: thank you, sir. let me get your read how you think these holidays are stacking up, not only at your old haunt, best buy. talk about a visionary move
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there, but, for retail establishments across the country, i know prices are going up but apparently so are retail sales and the numbers bear out through most of the retailers we have been hearing from. it seems a bit of a contradiction but maybe not. what do you think? >> i think there is an imbalance to begin with as it relates to big box retail. large, well-entrenched franchises, that are trusted by consumers, are scaled across the u.s. and -- best buy has with respect to availability of products, recognizing that we needed to get ahead of the curve. i've been close enough to senior management to flow, and clearly care about our ability to be in stock through the peak seasons. i think the names that were -- they are also ahead of the curve in terms of that irability to
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get products from supply chains. and so, we're not expecting severe or serious shortages. perhaps maybe one or two categories of product during the course of the holiday season. maybe in demand. it is fair to say that apple products, could be a bit of a challenge. i guess i would have to say gaming certainly. neil: right. >> we would expect to be -- a challenge. and appliances which have been pretty much a challenge all year long. past that i would have to say everything i know, have heard, or believe, is that not only -- [inaudible]. pricing will be as it always has been. you know best buy is a value driven company and our sense here is that inflation is not something that we expect will be hitting, you know, our products for our customers. neil: but it does seem that even when it does, not just best buy or electronics or appliances, but a host of others, people are now buying. i've always said on this show
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and elsewhere that you know, inflation stops when we stop paying those prices. we don't appear to be anywhere near that. what do you see, even beyond the holidays? >> we see little or no -- on the part of the consumer to buy the products, that they want, that they need. you know technology drives this business. it always has and i think consumers are always out for the next hot product or updating, upgrading, whether it is television, whether it is computers, whether it is, you know, appliances. the latest, the greatest is what consumers for the most part always aspired to own and we don't see a breakdown. we don't see a slowdown. our stores are busy. our online sales are busy. i would have to say that we're feeling really good about the holiday season ahead of us. yeah, there will be some spot outages but for the most part prices, we don't expect to
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change from where they have been. i think, we're going to see a pretty healthy, strong and accepting customer on in to next year. neil: richard, when i had the opportunity to talk to visionaries in the corporate world, you know, who founded companies that didn't seem possible in the environment in which they found them, you know, you come to mind with best buy. i was talking to the cofounders of home depot, ken langone and bernie marcus, who were putting that up on the drawing boards in the middle of a pretty vicious late '70s recession going on in the country. as someone who, teaches about on the onship and gets entrepreneurship and get as sense how you advance in the environment. this will be a challenging environment f inflation holds and higher taxes come down the pike, that will really test entrepreneur skills what do you think? >> i think you're right.
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there is little question the economy is volatile right now. we all know consumer spending plays such a huge part of our nation's economy. no matter where you might take a look, there is going to be ups and downs, ins and outs. but consumers have a lot of cash from the government, by and large and they have been able to pay down debt. they have been able to save some money. they clearly have some money. the job requirements right now that are available pay more money literally than they ever have. so it's a healthy environment for consumers and i honestly believe that most all the businesses are going to do well going forward just based on the health and strength of the consumer him several. neil: i hope you're right, richard. thank you very much, richard schultz, the best buy founder. the schultz school of entrepreneurship and founder. when whole people thought the concept of a best buy would make it. i think it did. i think it did. we have a lot more coming up
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including the official score on that big spending package is not out from the congressional budget office but one key component is, democrats are furious about it. if this is preview of the coming attractions, the cbo might be saying no, this is not paid for, not even close. after this. ♪
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problems for democrats. hillary vaughn has more. hillary. reporter: neil, well the president has been very clear from day one, his social spending package costs zero dollars but now that some of the estimates from the cbo are coming out that indicate his math doesn't really add up like money they would get from catching tax cheaters, the white house says they would get $400 billion from that, but the cbo says they are estimating they will only get 120 billion. the white house is turning around and attacking the nonpartisan budget office credibility and ability to do their job. >> there has been wide agreement on the part of everyone involved, moderates, liberals, et cetera, that cbo does not have experience analyzing revenue amounts gained from cracking down on wealthy tax cheats who are taking advantage of every honest taxpayer. reporter: but the cbo said this week they actually do know how
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to do that. >> people at cbo have been at treasury and vice versa. this is something that we're very, very familiar with and, and have a pretty well-established methodology. reporter: i talked to the house ways and means chair richard neal today. he is one of the guys that helped come up with the ways to pay for biden's plan. he says he told house democrats in their meeting this morning not to overreact to any of these estimates from the cbo. is it helpful for the white house to be doubting the ability and the credibility of the cbo when the whole point of them is to provide a non-partisan -- >> it's a framework. they provide a framework but so does the joint committee on taxation which i herald all of the time. so i think there are different and competing perspectives from time to time. so i don't denigrate what a professional agency like cbo suggests as much as to say it is
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but that, an estimate. reporter: but neil, the cbo is seen as the gold standard here on capitol hill. so much so they delayed this vote on the build back better bill until the full cbo score comes out. neil. neil: thank you, very much, hillary vaughn, keep us posted on that. how does the cbo go about this process? who would know better than douglas holtz-eakin, former cbo director, american action forum president right now. so, doug, this one aspect that the cbo leaked out i guess, this idea that you're going to get a lot less money from this you know, enforcement provision built into the law, or the hoped for law as democrats have it, not nearly as much money raised, that is just one part of it. do you expect that, you know, that is the way the cbo is going about this, going item by item,
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big ticket item by big ticket item? how do they do this. >> on the issue of tax enforcement cbo has a lot of experience on. this the reason i say this in 2003 the tax bill obtained a provision that allowed irs collect private agencies and give them 25% of what they collected. they had to score that. cbo has been doing this for two decades and will come up with a very sensible estimate. on every provision they will ground estimate estimates when they know about the research literature, what the consensus is. every white house find as research estimate says the high-end and touts that one. neil: right. >> i have a lot of respect what will come out of this. there are really two things that go on. first cbo will score every provision in isolation. they will look at parental leave, child care subsidies, child tax credits down the list, and put the whole thing
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together, okay if they happen simultaneously. does parental leave take up child care subsidies? probably. child tax credits? probably. see the score for the entire bill. that is a time-consuming process. neil: so, when you you were scoring a big piece of legislation obviously it's a moving target. you can't exact, you're looking at things 10 years out. already democrats are preparing themselves, seems a good many for the possibility the cbo will say this is not paid for. you have to go back to the drawing board at least to satisfy moderates to find away to pay for it. they can do that with higher taxes or cut back on some credit allowances and spending. how do you think it goes? >> i think the real issue here the white house is talking about this in terms of big numbers, 400 billion for parental leave and child care. cbo is going to read the bill. they are going to score what the bill says, not what someone
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hopes it says or what some one has said it will dot. they will look at the actual bill, okay, with open-ended entitlement for child care subsidies, open-ended entitlement for parental leave, how much will people take? let's find out how much it will cost. that is often a very different exercise than abstractly thinking of spending a couple hundred billion dollars. if it comes in with more spending than taxes they will have to go back to the drawing board. how they choose to do that is in the hands of members themselves. cbo doesn't have a stake in that they will wait for the next iteration. they will score it exactly the same fashion. neil: cbo can either be your prince or your devil, right? depending on whether the score will be accepted. >> absolutely. neil: or one that you think is out of line. democrats are already positioning themselves to say, well we disagree on this irs thing for example. then we'll go, we're going through with it. we think they are wrong. when the numbers come tout to justify what the spending plan is, then they're fine with it.
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you dealt with that yourself but the cbo does seem to be the final stamp on this. is there a possibility that some say, all right, we didn't like what the cbo said. we'll go with joint taxation group or tax policy group or you know fred's tax store to do this? i joke to make the point, if you don't like the referee, do you find another referee? >> well, the difficulty there is not the congress ability to do that. congress makes the rules t can change the rules. they can ignore cbo entirely. they have the votes to do that. but they have spent two decade or more with cbo to do exactly the work they are doing, to say they're the gold standard. it is pretty hard to turn their back on them. congress created the cbo in 1974. because they could not trust the numbers from the administration. they said four decade, these are our guys, they're the best.
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it is tough to say i disagree with you this time, i will ignore you. that is a hard thing to pull off. that would be a very tough sell. neil: douglas holtz-eakin, great to see you f i don't chat again, hope you have a great thanksgiving, doug. >> you too, neil. >> we're learning more about the president requesting the ftc, the federal trade commission it purports to think of price gouging that the run-up in prices has nothing to do with supply and demand and all of that. that it might be a coordinated rigging going on without saying it in some words, again throwing it out there you're dealing with the higher prices at the pump not because of anything the administration is doing but something the industry could be doing. we're on that and a lot more after this. ♪. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values.
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move, look, and feel better. it targets more than just joint pain and treats the multiple symptoms like joint swelling and tenderness, back pain, helps clear skin and helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections—some serious —and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. neil: you know the supply chain disruption might be tough if you're looking for perfect gift under the tree. maybe even the christmas tree itself but it's a whole lot more thorny and dangerous when you consider it is impacting vital food that has to make it to area food banks all over the country. katherine demotta, the greater boston food bank president and ceo. she is seeing it up close and
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was kind enough to join us right now. katherine, we forget about when we talk about disruptions getting stuff to places this could include vital stuff like food and to food banks period. what is going on? >> it can. we're seeing some inflation across the nationally -- [inaudible]. when you look at the holiday meal, it will be one of the moats expensive holiday meals ever. here in boston we're seeing 20 to 30% increase in the cost of that food. neil: so what do you do? >> well, we buy more and we rely on our donors to help us out, right? at the end of the supply chain here in boston. we haven't seen the disruption of not getting the food that we're purchasing but we are seeing disruptions in the planning of trucks and delays in deliveries which is a common theme as you already reported. neil: so what do you do, let's say on thanksgiving itself and through the weekend? we always figure out in this country, rich as it is, a lot of
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people go hungry and a lot of people who count on those meals and things your food bank and others pro he vied. what do you tell them? >> we have one in eight americans seeking food assistance right now. obviously a lot of that covid related, but due to high factors all across the country in our economy. what we do is your best. we try to make sure there is adequate food supply to the pantry systems across the country. here in boston we also give out grocery carts for families so they can go get things they want themselves. between the emergency feeding system and those local cards, we believe that we'll be able to provide a meal to everyone who needs one here in eastern massachusetts. neil: you do the lord's work, katherine, i'm sure you heard that before. i am curious, help me, who are the customers? who are the ones you're reaching out to provide meals? >> sure. well you have a number of
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families that are in need. you see folks who are unemployed, who are in between roles. clearly covid has caused a great deal of trauma and tragedy in people's lives relative to loss of life or loss of work. so we're seeing, you know, that trends individuals, children. the children's number is quite high. neil: wow. >> so this year we're going to provide over 23 million meals in eastern massachusetts this holiday season alone and that's where we need america's help to be able to make sure we get fresh food to people and thanksgiving is a food holiday, right? we want to make sure that americans under, have access to fresh, healthy food, not just holiday time but throughout the year. neil: is there a way we can help you out or get the word out, a url or a number that people can follow up if they want to get food out. >> well, two things. feeding america is our national
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system. we have over 200 food banks in that network. feeding, you can go there to see your local food bank in your service area. if you're in eastern massachusetts, it is gb sb .org. we would be happy to guide you, for $25 we're able to feed a family a thanksgiving meal. the important part for americans to do something, share what you have in some way, give a gift, volume volunteer, you know, be involved. neil: absolutely right on all counts. i had a feeling you would know the urls, the ways people can reach out. thank you very much. the greater boston food bank president and ceo. in this country so much going on but you can't go hungry. that is something i think we can get a handle on and we should. i hope we will, after this. ♪. (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf.
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welcome back to fox business, i'm neil cavuto. let's go to chad pergram. they really are running out of time here, at least their hopes to get something done on this. forget about the end of this week, but maybe even the end of this year. what's the latest? >> reporter: more like january. here is the timetable. the earliest the house can debate and vote on the social spending bill is tomorrow, maybe friday. fox is told this is likely to be a friday night special passed before midnight. that's what happened on the infrastructure bill nearly two weeks ago. expect a house vote this week. when is unclear. >> i have no idea, you know? a couple of votes the speaker and the leader make those decisions, and i'll be guided by their decisions. >> reporter: so even if the house approves the bill this week, the senate doesn't get to it until later this month or december, that's because of manager called the byrd bath where the senate cleanses the
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bill to see if it aligns with nat budget rules. -- senate budget rules. >> most of these byrd rules are very dry and ec call and, frankly, pretty mundane, and then that often gets litigated in written communication, and you get a written response from the parliamentarian. >> reporter: chuck schumer wants senators to clear their calendar through the end of the year. >> the bbb is very important to america. we believe it's very popular with americans. we aim to pass it before christmas. >> reporter: remember, the senate approved the first version of obamacare on christmas eve 2009. this means the house must deal with an altered senate bill in january. neil? neil: thank you, my friend, very much. chad pergram in washington. speaking of washington, a lot of business groups are petitioning the white house, democrats, anyone they can reach. they've got to remove these tariffs against china, that it's
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costing them so much that that whatever the impact on china, it's ten times worse with them. gerri willis has been monitoring this very, very closely. what's the latest? >> reporter: so a lot of groups, 26 different business associations -- neil: wow. >> reporter: the business round table, chamber of commerce, the insurance industry, you name, lots of groups, they're saying get rid of these tariffs, they're costing us a lot of money. and this is a wide swath of the american economy. in their letter, they say american importers have paid over $310 billion since the inception, about 40 billion of which has been assessed during the biden administration. now, these costs impose a significant burden on american businesses, farmers and families trying to recover from the effects of the pandemic. they quote a study showing the negative impact on families at $1300 per american household in 2020 alone. now, i spoke to one critic of
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the letter which went to treasury secretary janet yellen, gordon chang telling us that easing up on the tariffs will do nothing to stop the intellectual property theft from u.s. businesses that amounts to literally billions of dollars every year. and publicly, the biden administration said it intends to leave the china tariffs put in place by donald trump, but trade rep tye is open, he says, to changes in the policy -- she says is open to changes in the policy. big debate over that. i'm told, no, these tariffs weren't really puppet in place until 2018, we didn't really have inflation at that time. really came on strong this year in particular, so maybe, maybe not, but it's still being debated. neil: yeah. these business groups, it's the almost immaterial, right? they just know the pressure's on. >> reporter: right. neil: well, gerri talked about
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this inflationary pressure coming to everyday items you buy having nothing to do with china, but it's across the energy picture as well. heating oil, natural gas, and it is probably going to get worse before it gets better. madison alworth following all of that in new jersey. madison. >> reporter: hey, neil. yeah, we started in irvington, and i've been driving around all day delivering all day, and we've been following along to these homes that use heating oil. it's one of those fuels that have seen a price increase. pretty much every single american is going to see a higher bill no matter how you heat your home. so let's take a look at some of the most popular ways and how much more you're going to be paying this year. about half of the country uses these three energy sources that you're taking a look at, and they are seeing jaw-dropping hikes. things could get worse if prices continue to rise and if we have a colder than expected winter
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which some are saying could be the case. if that happens, you could be seeing an 80% increase for propatience over 50% of heating oil and over 40% for natural gas compared to last year. unfortunately, distributers which pick up from fueling stations say they're going to have to pass that along to customers in order to make a profit. take a listen. >> people are scared. people get scared about what they're going to be paying. they remember a few years back when they were paying $4 a gallon for fuel. >> we're at the whim of the market. if they go up in price, we go up in price. >> reporter: right. and so we've been seeing that price moving up, and that's why president biden has asked the ftc to look into illegal practices within the oil companies, regions, you know, yet to be seen if anything happens there. the ftc's not commenting because it's an active investigation at this point. but regardless, americans are feeling it right now. here in the northeast about 18% of the homes use heating oil.
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this is part of the the that pays the most. they're looking at a 39% increase right now from this time last year and, neil, if prices continue to stay high, we already told you, we could be expecting even more across all fuel categories. neil: all bents are off. madison, thank you very much. well, this is industry-wide, and if my next guest is right, especially if you are heating your home with natural gas, this new law, new infrastructure package could actually make that even pricier. karen harvard. karen, explain how this new measure could affect those gas prices. >> well, thanks, neil, and you're absolutely right. what congress is debating right now is putting a tax on every american that uses natural gas at home. that's 180 million americans. politicians should know that's more people than voted in the last election. so the idea that at this point
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going into thanksgiving, christmas, the holidays when we want to be at home with our families cooking wonderful meals, that their utility bills will go up is just politically dumbfounding to me. i think we should be talking about how to keep energy affordable, and all of our natural gas utilities are going the extra mile to work with their customers to keep their bills affordable. neil: karen, you've been patient with dumb questions, how is it that natural gas got caught up in the so so-called dirty fuel, you know, controversy? there's nothing dirty about it. i don't know how it was sort of lumped in with the, you know, pooh-poohed fossil fuels. >> well, you're right, it is the cleanest form of energy to heat your home right now. and we're working hard to make it even cleaner as we go forward. we're reducing our methane emissions, our co2 emissions, we're helping our customers reduce their missions. we have so much natural gas in
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the country, we're the envy of the world. just look at europe right now that is paying four and five times the amount for energy this winter than we are. china, the same way. we've planned for things like this. we put a lot of gas in storage so we make sure our customers are comfortable. and to your point, neil, it's the cleanest way. those customers that you just talked about in the northeast that are using heating oil, that's a much dirtier way to heat your home and more expensive than natural gas. neil: so this tax that might be impacting so many energy users in this country, how does it work? how are they going to -- is it a tax on the natural gas that you use? how does it work? >> you know, it is. it's a tax on methane emissions, it's a tax on producing it, on shipping it, on using it and, ultimately, the person who ends up paying for it is the average american which could see a bill go up by at least 1% if this -- 12% if this tax goes into
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effect. one-third of all americans struggle with paying their utility bills. 50 million households could actually pay a whole lot more because they're at the lower income side, and they pay more for their energy as a percentage of income than other higher income families and individuals. so this really is a regressive tax on those that can least afford it, and this is not the time to be doing this. congress has to walk up and realize -- wake up and realize that americans don't want to pay more tax for their gas just because democrats are looking for ways to raise revenue to pay for this huge build back better act. neil: you know, karen, it didn't involve natural gas, from what i can understand, but the administration has already petitioned the federal trade commission to look into potential price gouging. think they're talking about oil and gas prices -- i'm talking about gas you fill your car with -- but i'm wonder given the natural gas rubups the --
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runups, the possibility that there's going going on -- gouging going on or rigging going on. they've not said as much yet, but what do you make of that? >> well, sure, i'm hire they'll capture anyone they would like. we're the most regular arelated industry in america, and we have 50 state regulators, we have a national regulator, we have the fcc and the ftc look at us. we're very transparent about how our markets work. if they want to look, please do. what we should be talking about is what we should be doing for the consumers. we've advocated to increase funding for low income housing, low income heating assistance programs. i'm pleased to say that we were able to get the highest amount of appropriations for that in recent history to help our customers. let's be very clear about this, this is a clean source of energy that will help americans heat their home, enjoy the holidays, and we shouldn't be militating against something that america
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enjoys such a comparative and competitive advantage because of it. neil: karen, thank you very much. have a great thanksgiving, hopefully an affordable one. we'll see how that goes. in the meantime, millennials have had it with financial advisers. maybe they've seen bad experiences through their parent, but they don't want any of that themselves, so they're going rogue. they're going out on their own. how's that working out? after this. ♪♪ i ain't got no crystal ball. ♪ i had a million dollars, but i pend it all ♪♪
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♪ ♪ i goi home to the place where i belong -- ♪ where your love has always -- neil: all right. you know, i was eventing earlier about the housing boom that's been going on here, for example, just the latest -- housing permits, building permits, a sign of future construction, that remains as robust as ever.
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is people are seeking out some quality real estate where they can fine it. doesn't even have to be in their neck of the woods. they can be looking far away. montana seems to be a very big draw. that's where we find connell mcshane, hey, connell. >> reporter: hey, neil. we're hearing different reasons now as to why people are are investing in a house like this. you should take a look at the kitchen, 7,000 square foot ranch house. but the real way to appreciate a home like this is to look at it from above, and then you get a sense, 160 acres of land and where you are, the mountains are there in the background. i'm going to step out on the deck, the big sky forecast today, by the way, sunshine and 16 degrees. 1-6. as alan potts joins i, big sky real estate. i can guess why people would want invest or live in a place like this, but why now?
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why you still seeing this boom going on? >> first and foremost, people want their families to enjoy these properties sometimes for generations to come. but in the past few years, the way these properties have held value and continue to appreciate is just icing on the cake. >> reporter: what if we get inflation? that's been in the news recently. property like this, land like this, it usually holds up pretty well in an environment light that, right in -- like that, right? >> yeah, i would think so. land is so scarce, we're surrounded by this conservation land that can't be built on, so as demand increases and people continue to learn about these communities like big sky, there's just less and less land available. >> reporter: there's tons of land literally out here, but you're saying you can't really build on a lot of this land, you can't sell a lot of it. >> well, you can sell land that's outside of the conservation easement, but that land is very finite. >> reporter: right. and where do you see this going?
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already we've seen this huge boom. is that something that can continue for a while? it started right during covid. >> yeah. it started before covid. covid definitely picked up the pace. but i would say as places like big sky continue to get discovered and demand continues to outpace supply, i hope that it stays like this for a long way to come. >> reporter: we were hearing people might buy a house -- by the way, this is about to hit the market for $15 million. if people have a lot of money, millionaires, even billionaires, next thing you know they're buying more land are especially, again, in an environment like this where they see it as literally a hedge against inflation as traditionally farmland, ranch land, land like that has held up. neil: imagine waking up to that every day. stunning stuff. >> reporter: beautiful. neil: connell, i know you're hunting around yourself, but let me know how that goes. connell mcshane, real estate titan that he is.
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you know, also looking at stocks, you might need a little bit of help when you look for homes in areas that you don't know, but a lot of younger people when it comes to stocks have a whole different view of it. skip the investment adviser, we can coour homework, we can -- do our homework, maybe it's the experience they had with their parents who were burnt in the meltdown more than a decade ago, maybe they just want to go out for their own and see for themselves. michael is one of them. he's been following in the millennials ditching their financial advisers, he did so himself. he's the founder of swaga, and he's kind enough to join us. why are so many like yourself saying, all right, i think i can try this on my own? >> i think there's a lot of things. i think one of the first ones is control. i think a lot of young kids like to have control of their own lives. you have applications and exchanges out there now like robinhood and gemini, coinbase and all these ways which it's
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very easy, at the tap of your phone, make investments on a whim, and there's a lot of information out there on the internet with twitter and being able to tap into insights that literally hedge fund managers and asset managers are sharing directly, you know, right from the source. i think people can make their own judgment calls about what they want to invest in and given the tools that are out there, it's just so much easier. and i think there's a relative distrust for financial institutions a little bit, like the traditional ones. if you look at goldman and kind of their inflation projections over the last eight months, they keep from going to 2 to 2.5, to now 6. i think there's a loss of credibility, and i think young people are educating themselves to make decisions, but markets are moving very quickly, and kip toe's a big area -- crypto's a big area that the young people are interested in. neil: you know, maybe for a reason, michael, you've heard this before that young people can be on whatever is hot and
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new and, certainly, cryptocurrencies, bitcoin, ethereum and all the other places -- plays are a big draw. the rap against novice investors going on their own is they're very emotional, they can all of a sudden go into areas that are, you know, weighted disproportionately in risky things. what do you say to that? >> yeah, i mean, i totally agree. i am a ben graham-type disciple, read the intelligent investor, my mom's boyfriend worked at morgan stanley for 33 years, so i've been around this world, i've seen it. people who were in cryptocurrency 2017, hay dropped 85, 90%, so you've seen what can happen. but you also see the benefits of kind of holding on to an asset that you really understand and really believe n. and i think, you know, for one though financial add a visors really show their kind of merit and value in downturns, and that's a
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true statement. we haven't seen a downturn in 13, 14 years, and there are plenty of young people who are going to feel like hot shots, and all of a sudden it goes could be 50, 60%. not saying ditching financial advisers is right for everybody, but i think there's a lot of really educated young people that are making strong investment decisions for themselves that don't get the credit. and i also think i'm very interested in investing and start-ups and secondaries in start-ups, and some of these are not readily known or available to existing financial advisers also. neil: no, i think you're right. and by the way, those brokerage firms, you mentioned goldman, for example, that was wrong about so much going into the post-pandemic environment so they can lead you astray as well. but what do you urge, or what do you recommend for people who might not have the background you do and seeing, obviously, since you were a young guy, many are just into it now because it's cool, they want to be part
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of the excitement. i get that. but again, no one is has experienced a bear market in this generation, so what do you think they do when everything does hit fan as it inevitably will in. >> i think, first off, people need to get scars. people need to make mistakes and learn from them over time, and many people will. and everything seems so obvious, you know, you're probably the one holding the bag at the end of the day. so you have to try to educate yourself as much as possible, read, learn from other people, ask experienced investors and friends of yours that have done well investing. i think too many people jump on friends. you just follow the momentum, these people talked about this, i'm going to jump into it. and i never invest in anything unless i truly fundamentally believe in it because you get too nervous and neurotic, oh, is it going to go up, is it going to go down because you don't have the conviction. educating yourself enough to build up conviction, and if you
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don't have that level of knowledge, then you shouldn't be managing your own money. neil: that's a very good way of looking at it. that and keep fox business on, and you should be set to go. [laughter] >> for sure. i've definitely watched some points. [laughter] neil: well, thank you very much, michael. he's right about things, you've got to do your homework, and sometimes even though the the lead financial advisers don't bother doing that. trust yourself but again, research, research, research. we'll have more after this. ♪ and darling, darling, stand by me. ♪ oh, stand by me. ♪ oh, stand now, stand by me, stand by me ♪♪ ♪ ♪ and you could fearlessly face the unknown. (kids playing)
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♪ won't you let it ride.
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neil: you let it ride in lek trek vehicles? -- electric vehicles. between all the new entrants and everything else, by the end of next year you will have your choice of better than 60 electric vehicles if you include all of tesla's to models and all of these new ones coming from ford, mercedes, bmw. they're not necessarily all compatible with chargers and everything else. i'm just saying, dealer's choice sooner than you think. actually, right now. here to weigh in on the population and how big it's getting, susan li. we've got brett larson with us, fox news headlines 24/7. brett will be leaving us very soon. so that that's bumming me out. but here's a guy who can afford all these -- [laughter] high-priced evs, as they call them. let me get your sense then, brett, on i get that these are cool cars. i think they're really neat, but are we overdoing it?
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the whole idea that we're going to be all ev, you know, within a matter of a few years, really? >> and it's an interesting problem in that you, yes, you're taking fuel-burning cars off the rode, but where do you think electricity comes from? coal-fired, natural-fired plants. we probably need to lean in more on nuclear, it is a green form of energy. the problem that all these carmakers are having is that they're not compatible. if you buy a ford taurus or a honda civic, you can go to a shell station or a citgo -- neil: right. >> -- and get gas no matter where you are. different cars have different requirements for charging, and, yes, there are adapters and different ways of doing it. but for the supercharging if you don't want to sit for 8 hours to charge your car, for example, we're going to need toll make some inroads on that. tesla's done a lot within that space, and they'll be happy to license the technology --
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[laughter] neil: sure. >> but i think the problem with electric cars, and correct me if i'm wrong here, is what's the longest epa certification? 520 miles per charge? that's for the lucent air. you still have to top midway between san francisco and los angeles. neil: it used to be in the early days 100, 150 miles. >> well, it's an improvement -- neil: that's more than traditional cars get -- >> will it get your across montana? you tell me. >> that's an extreme example. the average commuter does 40-503 miles per day -- neil: but taking a trip. >> monterey, right. >> listen, if you're taking a trip across country in a tesla, it is not only going to tell you how much further you can go, it's going to tell you how much further it is to the next charging station. >> so you're right. for me, it's the battery length and the charge but also pricing
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because some of these evs are, what, 20, 25%. i mean, we're talking about 60, 70, 80 grand here. neil: you get a credit from uncle sam. >> yes, but is that enough for -- neil: by the way, if they're so great and so appealing, and i believe a lot of them are, i take nothing away from them, they should sell themselves. you shouldn't need necessarily help from uncle sam to get it or a credit or a check to cushion the blow. but that's the way this infrastructure -- >> you're not really getting that much though. it's like 6-7,000 maybe in tax rebates -- >> it is an incentive. look, the reality is the internal combustion engine, we've had it for over a hundred years, it's on its way out. europe has already said -- neil: why can't they just go hybrid? that technology where you have the backup of traditional but also the electric feature, you get the best of both worlds.
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>> you do. you saw that with the prius and the volt, a whole host of -- neil: and what if the grid goes down? all these cars that are looking very, very sporty in park. >> yeah. that is definitely a problem, and we don't have yet the solar capacity to where you could put solar on the surface of the car where it would get -- generate enough -- [laughter] >> there we go. [inaudible conversations] neil: panel on the top. >> push the wings out when i park at the denny's finish. neil: you know, you report on this, susan. when some of these companies come out of the gate worth more than ford and gm, you do have to wonder are we getting ahead of ourselves? it's sort of like finish. >> it's the tesla model on steroids. remember in 2010 when tesla went public? what about zero sales and being worth $90 billion and more than ford which is where lucent is at right now or rivian, right?
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$140 billion on less than $1 million in sales. because tesla has been very successful at pricing in future growth and, look, they've kind of proving it. i think people are giving these kind of names the benefit of the doubt. yeah, they will get there, especially if governments are pushing you to go all electric in a few years. >> right. well, they're also, they're pushed interest and consumers at having the cars, tesla has at least made driving an electric car sexy. i don't know if anybody remembers the ev-1 from japan concern. [laughter] it looked like a -- >> box. [laughter] >> but they gave tesla the benefit of the doubt because not only was it a car company, it was a technology company, it was a battery company, a software company. and the battery is going to be important in this electric car race because lucent has actually been trying to ramp up for a few years. neil: they've got to get
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organized, find a way to unite all the, you know, different charging options here because that was sort of like the debate in the late '70s, really '80s between vhs and beta the, which is better. >> what is that in oh. [laughter] neil: wow. i forgot. >> was that before cds? neil: in the world days when ronald reagan was president -- [laughter] i'm just telling you, they have to get on the same page, and once they do that, maybe this takes off. >> we've seen that time and again in the technology space where it's, you know, there used to be four different operating systems you could put on computers, now there are three. one of them the significant. neil: i was going to tell susan about the sony walkman if that was really big that we used to listen to music in the old days. >> before mp3s? neil: i'm feeling very, very old right now.
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[laughter] i want to thank you guys. brett, i wish you the very best, a very successful life, no tout about that. [laughter] from the backseat of his swanky limo. i wish you well, my friend. one of the good ones. there are some good ones in this field. [laughter] the three of us right here. this is it. we have a lot more coming up here, the selloff continues on the corner of wall and broad. they're worried about inflation, i don't think they're necessarily worried about these electric cars, not yet. after this. ♪ ♪
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neil: so many filing for special drug permission, is so little time. but the latest to file for emergency use authorization of its covid-19 booster with the food and drug administration,
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this is at the same time rival pfizer's doing the exact same thing. jonathan serrie following these developments in atlanta. jonathan. >> reporter: hi, neil. pfizer is asking the fda to grant emergency use authorization for its covid treatment in people in the early stages of covid-19 but who are at high risk for developing severe complications. it's a little different than previously-authorized treatments in that it does not require an iv or injection. it comes in a series of pills that can be taken at home. the company reported in clinical trials its medication cut hospitalizations and deaths in unvaccinated, high risk adults by 89%. fda is already evaluating a competing bill from merck. these at-home treatments are expected to beless expensive and easier to obtain. that's important to help reduce the risks associated with the virus that federal health officials believe will become
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endemic. >> so i don't think we're going to eliminate it completely. we want control, and i think the confusion is at what level of control are you going to accept it in its ethnicity? >> reporter: the fda says it will review pfizer's request to authorize covid vaccine boosters for adults of all ages as expeditiously are as possible. this could happen as early as thursday. cdc's vaccine advisers are scheduled to meet on friday and so if there's sign-off by the cdc director, neil, it's entirely possible that you could see some action in expanding the eligibility for these vaccine boosters as early as this weekend. back to you. neil: jonathan serrie, thank you. a quick end note on what jonathan was saying, by the way, oil is slumping not only on oversupply worries, but interesting and having to do with covid-19, fears of these spiking cases going on in europe that will, at least the way the
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markets see it, the oil markets see it with oil sliding about $3 a barrel, that will impact demand for the stuff especially if people are, you know, looking at lockdowns or other measures that would curb activity. that's one of the big reasons why we see oil slip sliding, you know, maybe after a huge runup, but keeping an eye on that. also keeping an eye on bitcoin, cryptocurrencies. they're under enormous pressure today, but we are seeing the world move increasingly in that direction including new york city, keen on getting its own cryptocurrency just in new york. after this. ♪ not gonna let the elevator bring us down. ♪ oh, no, let's go. ♪ let's go crazy, let's get nuts ♪♪ estments is different than other money managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market.
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(other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit and get started today. what's strong with me? what's strong with me? whose resumes on indeed match your job criteria. what's strong with me?
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what's strong with me? with me! with me! what's strong with me? with me! with me.
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♪ neil: couple of big things expected this week not only a potential house vote on the $1.85 trillion democratic spending package, that could happen, but the far bigger development could be what happens on the federal reserve and whether president biden makes his choice known on who's going to lead it for the next four years, the guy who already is or someone else. charlie gas freeway know -- gasparino following this.
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what are you hearing? >> i'll tell you my sources, wall street ceos and people near the ceo seat and i've been querying them, what do you think are the chances of reapartment, what are the chances that lael brainard gets the nod instead of jerome powell. here's what they're el thing me, and, again, these are the c suite guys. they have plugs into the biden administration. they all caution, you know, anything could possibly happen if elizabeth warren starts saber rattling and wants someone other than powell. but they're all saying right now the lean, the lean is that powell gets reappointed, that that lael brainard probably gets vice chair and that will appease the progressives, to have someone in there vice chair that takes a very strong regulatory approach to banks. as you know, the fed is the main regulator of the u.s. banks. progressives like elizabeth warren have said they don't like
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the fact, they don't like the way he's doing that, they don't think powell's tough enough. but the biden administration knows the last thing they need is a huge fight over, you know, putting someone in there the other than powell which, you know, could lead to maybe a senate not confirming brainard. they already have a lot of stuff on their plate in terms of confirmation including the occ person whose name escapes me other than i coknow she went to moscow university, and she's very controversial. so this is a battle they don't want. and plus the markets kind of like powell for some reason right now. he's not, he's not exactly a hawk, but he does want to do some tapering, so maybe that deals with inflation. it's an easy, it's an easy, easy choice, is what i'm hearing from wall street. and, you know, neil, decision could be made any day now. so the lean right now is for powell, again, that's the world from the c suites. who knows what happens, but that's what they're telling me,
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and that progressives get something in return like lael brainard in there maybe as vice chairman, vice chairwoman to sort of watch the store and be tough on banks in terms of regulation. neil: real quickly, what if brainard gets the nod? what do you think the markets will do? >> it's a great question. here's the thing, you know, if you look at their policies, they're not that much different. i mean, powell is not a hawk. that is, that is really clear. he wants to begin tapering, so i guess a lot of people in the markets think a normalization of monitory pail is net-net -- monetary policy is net-net good. she's very well respected in economic circlings. i just think the thing here is political. everything becomes political. neil: right. >> if they don't renominate him, it'd mean that elizabeth warren pulled that string, republicans and moderate democrats might go nuts and it may maker confirmation hearing very, very
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difficult. and the last thing the white house needs is another difficult confirmation hearing. you see where the country's going, it's center-right, it's not far left. and the biden administration is at some point going to pivot to the center, and this is probably where you'll see one of the first pivots. at least that's what the wall street guys are telling me. neil: understand. thank you very much. charlie gasparino. meanwhile, in new york where a lot of those wall street guys reside, we've got a new mayor coming in here in january. in fact, he's made it very clear, the mayor-elect, eric adams, has, that he's keen on least getting paid his first few checks with bitcoin, put 'em all in bitcoin. this as new york city now flirts with its own cryptocurrency. patrick stanley with all of that. patrick, what's going on here? and how would a currency or a bitcoin-related cryptocurrency unique to new york work? >> sure. so what's going on here is that
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mayors are realizing that they have to compete for citizens the same way that ceos compete for customers. and right now before eric adams even assumes office, he's already become one of the top 1% of mayors just by merely embracing technology and cryptocurrency. for the last 18 months, opposition has been -- [inaudible] and now he's got -- neil: you're talking about the miami mayor who's also entertaining that and maybe having all public payments done through bitcoin. where is all of this going, do you think? >> yes, sir. so where it's going, i think, is you're essentially going to have crypto cities that spring up over this decade, and they're going to be run by technologically-progressive mayors that recruit talent and capital inside their municipality. so, you know, previous to 2020
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when people could just work remotely, mayors would largely make in-group arguments to their own constituency and try to raise tax dollars from whoever's sort of inside their city. what's happening now is that mayors are making the argument to pool capital, talent and new customers -- pull capitallal, talent and new customers into their municipality. so they're doing things a typical ceo would do. they're always recruiting, they're always fundraising. things like new york city coin and miami coin which now exists are optimized for mayors who are essentially living in the 21st century and willing to compete and embrace technology. neil: well, you've got to be prepared for a little volatility. i'm going outside what the original interview was here, but what do you think would happen to bitcoin when it dipped below 60 grand after nearly touching
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70? what is going on here in it seems like the market can giveth and taketh away a lot within the same week. >> yeah, i mean, you know, i -- for folks that have been into cryptocurrency and specifically bitcoin for the past ten years, we really don't feel anything when there's dips -- neil: no, you don't. >> we don't panic. we are, like, ice cold. we're not planning on selling our bitcoin. and, you know, bitcoin is one of those things that has proven to scarce. it's not going away anytime soon, and you always kick yourself for selling it. so when you see the market guy ration, i think the smart thing -- gyration, the smart thing to do is hold on, don't sell and always be buying, essentially. neil: all right. you're talking your game there. patrick stanley, the latest now to ponder or cryptocurrency. stay with us, you're watching fox business.
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it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy. and save at (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. ♪ neil: you know by and large the better than expected numbers we've been getting out of a lot of retail giants, their view of the supply chain disruption, and all of that, from a company,
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target, walmart, lowe's, home depot they're very confident shoppers will find with they want in stock right through black friday and potentially right through christmas. the fear you will get to a store, the shelves will be empty. they seem to be saying just the opposite. they could be trying to draw you in. i don't want to be too upbeat about it. they say don't worry. plenty of stuff there. we shall see. to charles payne. charles: on wall street we call that talking your book. neil: that is exactly right. that is exactly right. they want you in. get in. get in. charles: we'll give them the benefit of the doubt. at least i will. good afternoon, i'm charles payne, this is "making money." breaking now markets are on pause but let's face it it is an amazing year ever changing narrative investing on future electric green, electric cars, electric world. could a rude aweakening be a reality check for us? the bubble crowdsi


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