tv Cavuto Coast to Coast FOX Business November 30, 2021 12:00pm-2:00pm EST
lauren: 1500, so that i. number 4, 2000, almost 1.5 gallons of blood each minute. thank you as always. you can catch him tonight on gutfeld 11:00 pm eastern time and tomorrow morning on fox and friends and susan is on gutfeld too. that is it for me in for stuart varney. neil cavuto, it is yours. neil: todd, does he ever sleep? we are looking at the selloff, a lot has to do with the electron virus and concerned that it could spin out of control. it did not help to hear the inflationary repercussions of that. the dow is down 610 points and
the slowdown this is presenting for the economy. oil prices sliding away in an environment that has a lot of people saying the fed does not pounds on inflation even though the fed chairman was acknowledging the threat so you have a 10 year note with the yield, lapsing on the idea we might as well park our money here for a while with deals at one.45% keeping track of all of this is our own jerry willis. when it rains it pours. >> reporter: lots of things hammering on stocks which investors not in a good move. market selling off on worries about the new covid variance, omicron. vaccine makers, pfizer shares were higher, barely. moderna selling off. regeneron lower after the monoclonal antibody treatment
may not be effective against the new variant. at the heart of investor concerns statements from moderna's ceo the current vaccines may not be enough to protect americans from this new strain. there is no world i think where the effectiveness is the same level we had with delta. all the scientists i talked to are like this is not going to be good. pfizer's ceo saying developing a new vaccine could take three months meaning it wouldn't be ready until after the critical winter months when people are most at risk of getting infected with the virus was all is raising questions about president biden's comments the country's best defense against a repeat of the contagion and economic dislocation is the vaccine promising there wouldn't be any more lockdowns biden pleading with the unvaccinated to get the jab. >> this variant is cause for concern, not a cause for panic. the best protection against the
new variant or any of the variants is getting fully vaccinated and getting a booster shot. >> his comments in contradiction to what the moderna ceo was saying. the biotech founder saying the variance could lead to more breakthrough infections among vaccinated people but their cases would not be severe, critics pointing to the fact that the total number of deaths this year higher than last year. we have a lot to go through. neil: every time you think you have a handle on it and the question is maybe we don't. that uncertainty, thank you very much for all of that. we are keeping a close eye on developments in washington but not any legislation or stuff
like that. jerome powell with janet yellen, what both had to say particularly jerome powell stating the obvious that there is an inflationary problem building here as if. let's go to hillary vaughan with more on that. >> reporter: months and months after americans were told by the white house, the president and fed chair jerome powell that crazy high prices they are seeing everywhere they are being hit with every day is a transitory temporary problem. jerome powell admitted maybe transitory is not the best way to describe these higher prices, that americans are going to continue to be hit with every single day at least until summer of next year.
>> how long does inflation have to run above your target before the fed decides maybe it is not so transitory? >> probably a good time to retire that word and try to explain what we mean. >> the agree inflation is a serious threat to our economy and how do you intend to address inflation? >> the risk of more persistent inflation has arisen? >> inflation pressures will linger well into next year? >> that is the expectation but what happened is that day has been pushed out repeatedly as supply-side problems have not improved. >> powell told lawmakers he has concerns about the emergence of the oma crime variant and he is worried it is going to present a major risk to employment, economic activity and create even more uncertainty for inflation. he said what they are waiting to see is how transmissible the disease is, how good the vaccines are addressing the new a crime variant and how bad the
oma and variant is once it is contracted but they don't have those answers. >> we will know something in a week or 10 days and then and only then can we make an assessment of what the impact would be on the economy. as i pointed out in my testimony, for now it is a risk. >> i'm worried the administration has a policy of zeroing out covid. the goal is to remove a virus that is likely to be around for as long as we are alive. >> we want to see this disease being around for a long time. the economic effects over time will diminish. we have to be humble about our ability to predict this or understand. >> reporter: a lot of concern for lawmakers today making the point that there's always going to be a new variant that pops
up, their concern is the biden administration is going to overreact to these variants, use it as an excuse to lockdown which would have a devastating impact on the economy. neil: thank you very much. jonathan ho won't followed these developments, we are down 641 on the dow. what do you think brought us here? i understand the uncertainty about the new variant but i wonder if powell might have added to it by saying it complicates the post pandemic return to work, acknowledging that it will lead to some bumps while inflation still lingers. in the carter years they call that stagflation. >> the fed acknowledging what anyone who has gone to the grocery store has identified, prices are going up across the board but a little bit of context, 600 points is not what it used to be.
in 1987 it was 20%, today, we are not seeing real panic just yet but when i look at markets it is obvious the momentum has turned lower. 350 lows, 25 new 52 week highs. more stocks trending downward. big picture it is a bearish sign. neil: that was the case friday, we interrupted monday. that is a market for doesn't know which way to go. i suspect where this variant goes will dictate the market, mood and performance for the remainder of the year or beyond. what do you think? >> what prompted the selloff the first time around with covid wasn't the terrible impact of the virus the government lockdowns and the fact that we started to see in
austria, the netherlands, locked down their economies. biden promised that is not going to happen here but looking at what is week, emerging markets, loans, bitcoin's, risk off, with a lot of big funds and money. >> the dow is down 663 points, major averages are down. even technology stocks which are holding their own, turned to the selloff. we went to get the read on what we are looking at with this variance and how dangerous it could be. some say much ado about nothing. atatatmccarthythrae ce stotoidem. oklog inris t ths e'thth a ot l d't dabno'tt no t not no int ou sfriterit
fis t fied theashe as seem aildy rl, miningzizieat it it it it new breed difft fro e enort how dot way u itit >> a number of things to look at. the mutation in the coronavirus very of our concerning but what we are seeing on the ground isn't all that concerning. it looks like this variant emerged in late september or early october and if that is the case it is not spreading fast and if you look at the cases they are appearing to be my old and the hospitals are not overrun. what you saw friday was an overreaction based on what this could turn out to be but when you talk about lockdowns that happened because doctors in the united states and other countries having to ration medical care, people like me were having to choose one patient or another and that's not something you ever want to see again so we are a little
triggered by that and want to make sure we don't allow that but i still offer some real reassurance that vaccines are going to hold up. moderna's ceo saying who knows what will happen but what i expect to see over the next 10 days, pfizer and moderna will release data saves variance can evade vaccine-induced antibodies but that is not the whole story. vaccine induced is be selling t cell responses that are going to provide meaningful protection. you will see some headlines coming out over the next few days that make everyone more concerned and then you have to say - and if this is the response every time there's a new variant it is going to be a difficult future.
neil: you mentioned the mutations, 50 of them. this is one of the more fascinating. for medical experts. because it doesn't follow the pattern of the prior ones but in the making, what they created it should be it is not playing out that way even on the african continent. how do experts like uss whether we should be panicked or just watchful? >> i am not panicking and panic is not a helpful response. i combined two things, one is the test tube data, stuff we see a microscopic level in and take the macro look and say what is playing out in these hospitals was what are doctors seeing on the ground and those things don't match up right now. stuff at the micro level is
concerning but the big picture, the macro level is reassuring and then i have to put together all of my experience in treating 1000 covid patients and say what do i think is going to happen and what i think is going to happen is our vaccines are going to provide protection, people should get boosted, that will give you more protection. i got boosted half an hour ago. neil: when you say get boosted bill had addressed this particular variant or will it guard you from getting much worse? >> that is what they are looking at. the boosters, the current iteration was targeted to the original strain of coronavirus, not the new variant but there's an expectation that getting boosted even with the old version will provide help and i will note for your audience the cdc changed the recommendation
last night saying everyone over the age of 18 should get a booster. previously was only 50 and up. people 18 to 49 may get a booster, now they are saying everyone should do it. that's an important message and it changed my behavior. i to make sure i get the protection in the winter in the northeast. neil: a lot of people here about the recommendation. a lot of people get a booster shot, the danger of getting infected when you have been vaccinated. i am wondering whether this gives those who have not been vaccinated reason for pause. this keeps happening american living shots and booster shots and shots for kids and follow-up shots, they are going to say i don't want anything to do with this and it will make things worse. what do you think? >> a lot of people i texting
me, i know those people. i told him science changes. when the science changes the recommendations change. they don't like that, they feel we have flip-flop or is in charge calling the shots but if you follow the details day today i get it and understand why these things change. if you are born out by this i would say hold on a little longer, people who are in charge are trying, trying to protect people, they know we are at our wits end but these vaccines are one of the miracles of this experience was i went from seeing hospital overrun with covid and when the vaccines were introduced that changed. they are working and will continue to work and the booster recommendation is if you are 18 and up you should get one. neil: doctor matt mccarthy, good seeing you again. the race to stop epidemic,
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state, some resistance to vaccines for a variety of reasons least of which is the push to mandate it, order it but in prior appearance, had they not so strong-armed that we would have stronger vaccination counts but this is added to it. >> no doubt. that has been my consensus from the beginning. i've been a proponent of the vaccine. i personally took the vaccine. on facebook live, so i could tell people of mississippi i believe it is effective but i also believe in individual freedom and liberty and individual ability to make their own choices. the administration's push to mandate the vaccine in places like our state, people who may be were on the fence to fall
off on the wrong side of the decision so hopefully as we see the variant homing out of south africa we get more data and have more understanding what it looks like i don't think we have full information yet but perhaps it will be more people to make a different decision. neil: it is too early to tell but since we got news of the virus have you seen a pickup in vaccination in your state or people holding back? >> we've seen a steady uptick in overall vaccination rate every single day, 50 or 60,000 shots in 7 days that ended sunday we have over one.605 .605 million mississippians vaccinated so that is somewhere between 55, and 60%. talking to public health officials am binding with the number of people who have
natural immunity from testing positive, somewhere from 80 to 85% have some level of protection which is not heard immunity but gets us ahead in that direction. where we find ourselves today i have been criticized but it is clear this virus moves around the country by supplying a lot of things including weather patterns and how they affect individual behavior but if you look at our state, our 7 day moving average is 225, 230 cases per day over a 7-day period, 80,000 in the us, one% of the population in the united states, if you're in mississippi you are four times less likely to contract the
virus than if the your are in the united states as a whole. >> the supreme court taking a mississippi law that bans abortions after 15 weeks of pregnancy and given the 6-3 conservative majority on the court might rule to make that essentially the law of the land. i am wondering because the number of legal experts have weighed in on this case to say there is no middle ground. a clerk for justice samuel alito said it is hard for me to see how the court could uphold the 15 week long referring to your law in mississippi without eliminating the constitutional entitlement to elective abortion in roe v wade, what do you think of that? >> there is potentially a middle ground but the point i would make is there is no constitutional right to an abortion in the united states constitution.
i believe strongly if you read the constitution you recognize the decision made by the court in roe in 1973 got it wrong, there is no guarantee to an abortion in the u.s. constitution but i would go a step further and tell you not only is there not a guaranteed right there is nothing in the united states constitution that would prevent a state like mississippi from restrictions on abortions. >> that restriction in your cases after 15 weeks. >> under the statute being tested at the supreme court's, a 15 week ban, in perspective for viewers, folks on the other side of the issue would lead you to believe this law is out of the mainstream. there are 42 countries in europe that allow elective
abortions. the court allows it to stand, in the 39 of those 42 countries in europe they still have more restrictive abortion laws than mississippi and i submit mississippi is one of the most conservative states in the united states, 39 countries in europe would still have more restrictive laws than we do. >> do you think the high court will affirm this, for the first time the time period which cut off all abortions. putting an actual time to it after 15 weeks. >> if the court were to read the constitution, individual justices would read the constitution i think they would recognize not only roe was roe incorrectly decided that casey was incorrectly decided in 1992. if you read the actual opinions from 92 it seems very much to
me that particular ruling was not rooted in constitutional principles but in the perceived political perception at that time with affect to abortions. right now in america, you and i agree, the gallup is no right-wing polling organization but the most recent gallup poll says only 18% of democrats in the us believe abortion not to be allowed in the third trimester, less than 41% of all americans believe abortion should be allowed any time after the first trimester. 60% to 70% of americans agree with us on this issue. this particular law puts mississippi law more in line with countries around the world and in europe. look at the abortion laws in states like new york and california.
they are much more in line with abortion laws in china and north korea than they are in the mainstream of countries around the world. neil: regardless where people are on this issue it could be precedent-setting what happened in your state and stands as the law in your state that could be picked up by the supreme court, and a stamp of approval by the supreme court and the law of the land in this country, could be very soon, we will be watching closely, always a pleasure, thank you for taking the time. back to business and the move to have the ftc examine companies like amazon and walmart dealing with the supply chain crisis but tucked into that, rigging the game in their fave year as a result this is having a lot with this administration. wherever you are on the spectrum, finding another culprit for what ails us after this.
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neil: an interesting one. the federal trade commission looking into the supply chain crunch but focusing on some big names like amazon and walmart and how they are finding ways around it. maybe there rigging the game in their favor as a result. and it does follow a pattern that we will get into in a second. first to grady trimble in illinois with more on what that could be about. >> the federal trade commission isn't using the word rigging. they are launching an investigation into supply chain disruptions and how they are causing economic hardships for
consumers and harming competition. they asked several big-name companies with documents, some of them include walmart, amazon, kroger, craft times, procter & gamble, he wents details on factors disrupting the ability to obtain transport and products and wants to know why that is leading to the late canceled orders and empty store shelves. they have 45 days to get back to the ftc. it is important to note this is not part of any law enforcement action. the ftc chair says i'm hopeful the ftc's new study will shed light on market conditions and business practices that may have worsened these disruptions or led to asymmetric effect. it is worth noting this comes two weeks after president biden asked the ftc to look at the oil and gas industry and how they could be partly to blame
for higher prices at the pump. the oil and gas industry pushed back saying that a distraction from policies that led to higher prices. we reached out to several companies we mentioned in this report. we haven't heard back from any of them but they would blame factors that are out of their control for higher prices at the supply chain strain they are dealing with. neil: i to go to steve more on this, pointing the finger at someone else other than anyone residing in the white house, what do you think? >> the object of the ftc, the woman who runs the ftc is a 32-year-old university professor who was never in business her whole life, she knows nothing about this. the university professor, businesses are intentionally
not stocking their shelves of goods and services to get out the consumers. she should know how could a company make a profit if it doesn't have the goods and services to the consumer to sell them. a major one, the first 11 months of this year we are paying people not to work and any company involved in the supply chain whether it is transportation people, retail people they can't get the workers and that makes it difficult to get goods on the shelves. the fact that we have shortages of energy, those are the things if we could fix those problems, a lot of these supply chain problems would go away. companies that are the victims for the supply chain problem but not the beneficiaries.
neil: you worked in the trump administration. i remember when you loved walmart and hated amazon. i get how this is done, jfk going after the steel industry but in donald trump's case, the real target seemed to be cnn is a cynical read of it. not to cast political aspersions on either party or president, this notion, things that are not working. they will try to throw out another possible culprit. blame opec for the high prices because they are not increasing production for potential malfeasance for prices the don't seem to make sense for
average folks and in the back of their minds that maybe it isn't the white house's fault. that x but what do you think? >> i did not agree with donald trump in many cases where he was villain icing american companies. we want america to be number one in every industry. i find it problematic this administration, don't know if we noticed this pattern whether there is a crisis, the border crisis, afghanistan, inflation, high gas prices, always someone else's fault, it is not a problem at the white house for this administration but someone else they point the fingers at but you could make a strong argument a lot of these policies are exacerbated by policies out of the biden administration, producing less oil and gas in the country, we
have to go to the saudi's or russians and ask them to produce more oil because we are not producing here at home and you reduce the supply of something, you know what happens to the price, it goes up. let's get back to free enterprise policies and get the government out of the way and a lot of these supply chains will go away. in the 1970s when companies couldn't get enough goods and services, this is a new phenomenon that is very trembling. neil: it can always fix prices and all that sort of stuff but your point is well taken. we look at this going forward, how much markets control this. prices in the markets are determined in those markets so oil and traders in oil responded to this crackdown on
oil production and took it from there, they trade on this and that's how it is traded. there is no machiavelli in strategy. >> one of the quick point. companies like fedex and walmart, kroger, amazon, whether you like the politics and how they made money, they lower prices for consumers. everyday low prices, they are gouging consumers, they reduced costs for consumers. neil: there are reasons and moments like my blaming the weight thing on a fibroid condition and keep going and they see me and say it doesn't. i remember, some of the things that were going on but you are
a straight shooter, senior economic contributor, former trump senior economic advisor. whether you agree or disagree, he is his own man. a lot more coming up including what was really behind jack dorsey calling it quits. the prevailing reason is you can't run two companies and i'm thinking there are lots of guys who run multiple companies. elon musk comes to mind. is there something we are missing? i think we are. ♪ limu emu... & doug ♪ ♪ superpowers from a spider bite? i could use some help showing the world how liberty mutual customizes their car insurance so they only pay for what they need. (gasps) ♪ did it work? only pay for what you need ♪ liberty. liberty. liberty. liberty. ♪
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susan lee is following this. >> the new twitter ceo stepping in but a lovely photo of him and jack dorsey arm in arm, the resignation memo, his as i see you all to know this is my decision. i own it and there are not many the choose their company over their own ego, that is interesting. twitter's new ceo on your screen, chief technology officer, not the most obvious choice but already controversial raising concern among conservatives but a lot of people brought up this tweet from ten years ago after the announcement, writing if they are not going to distinguish
between muslims and express why should i distinguish between white people and racists? to be fair this was a direct quote from the daily show but just last year in an interview he said he thought twitter should focus less on free-speech, thinking about how times have changed and most people can speak and our role emphasizes who can be heard, people see that last line they think of mister trump who was kicked off the platform after january 6th, gop voices sounding the alarm, senator ron johnson saying there's a reason freedom of speech is contained in the first amendment and big tech censorship threatens our liberty and having a ceo that promote censorship should concern every american. neil: may be what this is about, punish a former president is what it is about but not necessarily the guy running the company and what he wants tweeted.
>> he quoted somebody else on a daily news segment, but as the ceo of twitter, they are there forever. you have a great point, and somebody like elon musk could stay in power, the majority shareholder, if you look at the states involved jack dorsey only owns 2% of twitter, 11% of twitter, elon musk is dominant. 70% of tesla. neil: shareholders were richly rewarded but not to that level. >> when you only have 2% and he's a cofounder that gives you less power. neil: hugh who control the
is welcome back to coast to coast. we expect an interim spending bill to prevent the government shutdown on the house for tomorrow. the senate later this week. it is a short-term bill to fund the government through january. lawmakers must do it all over again. the debt limit looms on december 15th. >> if we do not we will of his rate our current recovery. a matter of days the majority of americans would suffer financial pain as critical payments like social security checks and military paychecks would not reach their bank accounts and that would likely be followed by a deep recession. >> reporter: human said she had confidence the treasury could pay its bills through december 15th but she's not sure after that. the gop wants democrats use the filibuster proof budget reconciliation process to avoid
a filibuster and lift the debt ceiling on their own. the gop says it won't help. >> there's only one reason our democratic colleagues refused to use reconciliation to raise the debt limit and that is because they would have to specify the amount of debt they want to inflict on the american economy. >> the senate hopes to approve the social spending bill before christmas. there are questions as to whether democrat joe manchin could impede passage of the bill. >> will be on the president's desk by christmas. senator manchen has effect on the size and shape of the bill and i don't see him being an obstacle to its passing before christmas. >> reporter: senate majority leader chuck schumer reiterated the aim to pass the bill before christmas but a number of senators are increasingly thinking the senate may meet between christmas and new year's to finish. neil: the republican from new
york voted among republicans, 13 who voted for the infrastructure package, donald trump spirit or criticism on this because he felt so highly of everything else she has done. you want to make sure the money is well spent and you come up with an idea. can you explain? >> sure. coming from new york city, mayor deblasio who is leaving office at the end of the year has mismanaged and squandered our tax dollars, it is important that we receive reports, the public receive reports and an accounting of how their money is being spent. my legislation would create inspector general that would be passed with doing audits, ensuring that money we give to the city to the state are spent properly. this would be for municipalities of 1 million or more including new york city.
if you look at what new york city has done, mayor deblasio squandered billions when it comes to his drive nyt program and renewal schools program is a complete disaster and going forward as next mayor we want to be sure any money the federal government gives to our city or state is used in an appropriate manner while democrats in washington are looking to expand the irs, with audits on regular people, i to increase audits on corrupt municipalities to ensure their tax dollars are spent the way they are supposed to be, upgrading infrastructure for education or to think people really expect when they pay taxes. neil: donald trump didn't go after you as he did some of these other republicans. to the fact that you are consistently conservative but held your guns.
what did you think of that? >> donald trump is from new york city, we had a good relationship, a good conversation following the vote and i'm glad to have his support. at the end of the day this was a bill related to infrastructure of new york city and it is important we do upgrade our sewer system, the seawall on staten island get completed, united against the bbb going forward. neil: the bills back better plan so far is going nowhere fast. more after this. a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com trelegy for copd. [coughing] ♪ birds flyin' high, you know how i feel. ♪
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but does industrial, 623 points, yesterday's come back in distant memory after the tumble we have friday when the dow fell 500-point but people are flocking to bonds right now, treasury and low yield getting lower, price goes up, he'll close down and right now you have yield about 1.45%. a couple weeks ago who are around 1.65%. a lot of despite fears inflation building in the fact that we are going to see locations in the labor market for sometimes become according to jerome powell for all of this is dictated by a virus variance right now that could complicate post pandemic coming out party the world has been enjoying. how long? anybody's guest. addressing the possibility the
omicron virus has made its way to the united states. edward lawrence is out the white house. so far they are saying it isn't here yet, right? >> that's right. doctor anthony fauci gave an update on the team you referenced saying no, the virus is not in the u.s. yet. however, to confirmed cases in canada of the virus, the head of the cdc saying there may need to be testing closer to international flights, five coming into the united states. it's within two or three days and then coming back to the u.s. so the president is on his way to minnesota. the team is updating us on the omicron variance as we speak. the president will talk to the dakota county technical college which trains workers to talk about bridges and roads and other infrastructure projects the college closed the campus today and pushed all classes virtual because of this visit. students and teachers were hand
selected to make the president. he wants to focus on the infrastructure plan and it will help the supply chain issues. the chairman points to that is one of the factors raising inflation. so far the white house is counting his plan, reports to cut 24 -- seven their issues and getting containers on trucks to warehouses. >> we are beginning to see progress at the ports. as you know, president biden worked with the ports of los angeles and long beach whether there's long delays unloading waiting for many days to be able to offload their containers. reporter: there still are issues, the present calling on more people to go back to work and imposing vaccine mandates with the trucking association is even people from taking trucking jobs. also pushing investigations on
price gouging to lower gas prices while the administration proposes to increase fees for drilling and add more regulations that could restrict oil. >> with got to step up and turn course. the last thing to do is put more trust in this administration particularly in the economy. reporter: the president laying out his plan for covid on thursday talking about how to deal with this for the winter as we deal with this variation. he will call for more vaccination and boosters on that but again, doctor anthony fauci and it's a go say not currently in the u.s. but it could be a matter of time. neil: they say stuff like that about that day it's in the u.s. thank you very much. let's go to doctor price, from a human secretary under donald trump. doctor himself. good to have you, thank you for coming. what you make of this variance and whether we should be worried about it?
>> as we discussed types of variance are to be expected, this is what new viruses do, they change over a period of time. i think it's more evidence virus itself some of the covid virus and stomach in society and will be for. time likely around the world. we've got to learn to live with it, it doesn't mean we have to run away in fear or lockdown because of but learn to live with it and that's what we do with every infectious disease that affects mankind so this is not unusual, it's something we can be proud of with the vaccination rates continuing to be higher, treatment is better so i don't think there's cause for alarm. there's cause for concern, no stops but there is not cause for alarm. neil: i know omicron had 50 new patients making it one of the more problematic virus variance to keep track of but yet in africa, there's not been a
spike, not only in the number of cases but anything serious. it could be just south africa right now, not wanting to be isolated in the global travel ban but what you make of that? >> it's a little too soon to know, we ought to know in a number of weeks the severity of the illness the new variant creates and level of transmissibility whether it's about the same as other covid variance or increased or even decreased so it appears right now level of disease, the severity of the disease is somewhat less with the variant but it's too soon to know but we do know vaccines help, they help in covid infections and decreased level severity of disease even if it doesn't stop completely. neil: to any of the vaccines
address this? they don't individually, that's what cap the market so spooked in the interview, the head of madrona conducted where it said no, it doesn't. i don't think he was saying they don't do anything that they give you some protection, don't buy? >> that's right. it's the spike protein the virus has allows it to get into human cells and that's where the major portion of the mutations are in this omicron variant so it's too soon, two to three weeks, four weeks, we can know how effective the current vaccines are against the virus and if they are not been we will know what we need to do to make an additional vaccine or booster, if you will that would allow for utilization for the variant if in fact transmissibility is greater and severity of the disease is greater if it's not, there's no need to do that but we don't know that yet. neil: the cdc says all
vaccinated adults should get booster shots, everybody. what you think? >> i think it's wise. there's a new virus, we just don't know that much about it, we don't know long-term effects. i think it is wise. i recommended brothers, especially those immunocompromised or other comorbidities and diseases. neil: secretary former florida congressman, great seeing you, thank you. you can see the dow down about 622 points and jerome powell might have gotten this when he talked about the fact that this could linger for a while, well into next year end could be the dislocation for people trying to return to work, not afraid to do suffered complicated by the fact that prices are rising so i think they will be in stagflation. let's go to charlie on this. chief market strategist as well,
but to have you. charlie, this idea that powell is trying to thread the needle a little bit say we might have to speed up in the prep the price pressures you acknowledge slowdown this could produce as a result, that's stagflation. >> it is but the only way to get rid of non- transitory inflation is to induce a recession. neil: if you think he what? >> i like to hear kenny's take on this, i think jerome powell admitted today he screwed up, all his talk about transitory inflation. neil: that term. >> by the way, the markets are losing confidence in him, not quite confidence, the word i think is they don't believe him anymore. it's literally a joke now if he
throws in the towel on inflation which it looks like he's doing. i would like to hear what he says on this. >> i think he's right, jay powell finally admitted he should have done it three or four months ago when we started coming and he stood there and stood there told everybody out of our minds. neil: you would say -- >> who doesn't say that? [laughter] >> out of our minds when we were saying this is not transitory. neil: don't you think he was doing that for cynical reasons? you start hiking rates, you're not going to get reappointed. >> so in my daily blog about a month ago i said exactly that, he's waiting to see because the narrative will change and look what happened. he gets reappointed, and now the narrative is changing. >> wouldn't it be refreshing if he was intellectually honest with the american people and say
okay, i see this as real inflation, i'm going to raise rates and if you don't want to, don't go for and watch congress go nuts on the next appointed person. watch joe manchin refuse. neil: has anyone ever talk that bluntly? >> when you have massive inflation, you have to. for all his negatives, he's obviously missed the financial crisis or may have helped because it -- helped because it. there's a lot there. his actions were pretty good. he saw inflation, he moved. 1994, induced a recession to the dow, the dow was negative in 1994, first of a bond market bubble that was insane, we have the orange county bankruptcy after that. neil: let's say we go through this again and we put jerome powell on the spot, what are you going to do? not under the protection of
knowing he's got another four years as chair of the fed than he will aggressively raise rates. >> if this is real inflation, he will have to induced a recession and that is bad for joe biden. neil: do you think you would do that i have trouble thinking he go that far. >> i think he's going to be forced to go that far. if we get inflation rates over the next week, and if we keep getting strong inflations he's backed into a corner, he's not going to have . neil: he's got to walk the talk, right? met over the weekend, he basically said he supports a swifter tapering and wanted to end by april which is exactly what jay powell said to bank so you can feel that tone is not taking over the fact. neil: when you talk about that,
using up on all the treasury and security lines may be by month. >> that is restage is the potential for reading. neil: that's very backward. >> foreshadowing for you last the possibility he will have to induced a recession. i will cite a someone who covers a trump administration and the economic policy, covid dollars trump, shocked every time he tweeted, i was like is this normal? was going on in washington right now economically with the biden administration is not normal. policy wise, they are putting far left progressive in all over the place. the journal wrote, i got a confirm, as a payoff to elizabeth warren because they wanted to reappoint, they will put him at the fed in charge of
bank supervision. on top of that, we have the president doesn't probably understand what inflation really is, he forgot what it's like living in the 70s, not taking serious what we have here. neil: fairview is by the second half of next year this is all gone. kenny, what you think? if the administration claims to this, we are seeing natural gas and oil prices, they say this is the pattern, it's going to play out just as they started with energy going up, it's going to be energy going down and all of this will reverse itself by next year this time, you say what? >> i don't think it's going to reverse itself at all this time next year. i think it's going to be worse by this time next year and i hate to say it, i don't want to see us go back to 79, 81 style inflation with interest rates were 21%. we all remember that, we lived it. i was 20 years old when that
happened. >> wouldn't it be nice to throw your money into a cd and forgot about it? [laughter] neil: that's on a cd. you guys are the old ones here. [laughter] neil: we will see what happens. i didn't mean to shut you up but i guess i did. that's rude but that's how it is. this illustrates the.here, if the market is worried about inflation, it seems to be part of the stock unraveling, but that the ten year right now a couple of weeks ago flirting with 165 level, more like 145, 146 level so that is a remarkable development. following all of that and a lot more coming up after this. ♪♪
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nuclear agreement, everyone except the united states. right now the latest following these fast-moving developments. hey, trey. >> good afternoon, the 2015 nuclear deal team is meeting again today to try to revise talks with iran. as was in the past iran in the united states are holding indirect conversation about sanctions release for iran in return for the country returning a sickly to the confines of an agreement that would allow them to have a nuclear program but not obtain a nuclear weapon. top negotiator for the republic did not want to lay out how long the meetings might take. >> it is obvious in this situation, it will be concentrated on sanction elimination. we cannot participate timeframe on the length of these talks now. reporter: earlier this year, six rounds of talks resulted in no
formal understandings between the parties for the plan of action. u.s. ally israel is morning this week they are prepared to use military action against the islamic republic of the country getting closer to a nuclear weapon by his story uranium. european parties to the deal appeared optimistic after the first day of talks as use foreign service deputy secretary general said this. >> a new administration into iran with new understandable sensibilities. they have the work done over the rounds, it's a good basis to build our work ahead. reporter: the optimism from the europeans doesn't actually match the reality on the ground. iranians have been clear they are not going to change their behavior until sanctions are lifted and the americans are going to blindly list sanctions. neil: thank you very much.
with us right now is congresswoman nancy mae, a beautiful statement south carolina. she will was just in taiwan, a very small group, congressman at the chinese quite upset. they say this visit was provocative you were trying to agitate, what you say? >> that's of course not true, in fact, it was china before we even got on the airplane to step foot in taiwan, the chinese embassy sent an e-mail jerry present on that trip, every member of congress demanding we canceled the trip battle take orders from communist china and neither do my democratic colleagues and we did the trip anyway. this was the first time we had a congressional emigration from the u.s. house, since covid in
the last two years and so it was important and another thing to mention is this was bipartisan and i was honored to be part of that delegation just doing business as usual, we have many delegations including taiwan long before cover never happened so this was resumption of the u.s. into delegations. neil: got a habit of generating controversy a few short hours ago at the gop conference attacking a colleague here, marjorie taylor greene who calls you trash for condemning islamic phobia, obviously the views on the subject. where does this stand right now? you don't often see this, where are you on this? >> i didn't start the fight but i will defend myself on record, it's it's that when a member of my own conference the size and
chooses to tell lies. marjorie taylor greene is a liar and i'm not going to tolerate lies, racism or bigotry whether you are republican or democrat. consistently call you out on that and i will continue to but i'm going to defend my record. she said today i was pro- abortion which could not be further from the truth. i voted to defund planned parenthood and voted for the heartbeat bill. there are exceptions if they are victims of rape or incest because i put them in there. i was raped when i was 16 and drop out of school. i had a devastating impact on my life and most of america agrees with me on the protections for victims of rape and i have a zero tolerance policy for people like marjorie taylor greene who think 9/11 is a hoax and has been lying about my record and others and i won't put up with it. neil: you went so far as to say she was that rhymes with bit
crazy. you think you went too far? >> no, she is crazy, bad for the party i'm not going to put up with it or tolerate from i am not a doormat. i'm going to fight for my constituents in my state and for the people of this country because they deserve it. i'd like her to name one thing she's done for the country to protect the american people are put america first. she can't because she doesn't have the ability to do so. neil: the reason i ask, a representative of a good many in the republican party, i am wondering whether intentionally or not you opened up or revealed this wound for what it is, it's a pretty gaping one within the republican party and i'm thinking if republicans reclaim the house, maybe the senate as well, it will become all the more obvious. >> it does concern me but it's not up to me to elect her or
decide which committee she's on, the voters of georgia get to decide that. i didn't boat to take off from i don't know why she believes on the target. i will tell the truth and collect members to life particularly when they lie about my record. i don't care if you have an r or a d, i'll stand up by the truth for my constituents and my country, end of story. neil: this is normal phobia charge back and forth, how do you answer that? >> i talked about it this weekend. there's no room in our party or the democrat party for racist islamic phobia, i have the comment . neil: you thought that was? >> those comments were not okay with me, i don't condone those comments in the same way i went after congressman omar when she made anti-semitic remarks or maxine waters when she was stirring the pot during riots, there's not room for any of us on either side. when i was overseas in taiwan, when the united states is
product together, republicans and democrats like when we work together, we are stronger around the world and that strength is shown by bipartisanship and i worked very hard to stay true to my conservative principles but also reach across the aisle to be an effective leader here in congress, it's not easy. it's difficult but worth it for my kids in my country to fight for those values and i'm not going to stop. neil: all right, clean up the language, this is a family show. [laughter] >> i was clean, i was pg rated on twitter today. neil: you work. great talking to you. we have a lot more coming up, the doctor continues about 616-point whether the omicron virus is real enough to stop his post pandemic coming out party, a lot of folks so our way do i want to fly in the middle of all
outright restricting travel certainly to or from the applicant but way beyond that. gerri willis has been following it all, who's leading the charge to make sure folks in certain regions given. >> that's right. cdc director rochelle lewinsky just now saying the cdc is looking into covid closer to take off time for international travel. this is the u.s. in 70 countries and territories of the post- travel restrictions from several african countries following the
outbreak of the omicron firing it's. although summer olympics were held in tokyo japan, during the delta variant surge earlier this year, some call into question the 20202 olympics will be held. the country's foreign minister saying this, i believe it will post challenge to efforts for the virus but as china experienced preventing and controlling the virus, i fully believe china will host the winter olympics as scheduled smoothly and successfully. winter games are only a couple of months away scheduled to kick off february 4 under a strict policy and without foreign spectators. ethics and olympic staff will be subjected to daily testing despite vaccination status so neil, as we look at this, travel limited now and impact felt in
the market, back to you. neil: not a surprise, reliving friday. great reporting, as always. her to mark now, the reason i love this, no matter the crisis when it comes to travel, this is who you want to be with, he could help you get out of. i have a feeling a lot of people are looking at being stranded or might not want to go right now given potential restrictions that could widen based on nothing more about headlines. >> i think is a complete overreaction, band travel from eight countries in africa it's been out there for a couple of months and people are tested and seen its positive and other places plus the fact that the female in south africa treating patients, the one who came out and said this is what's going on, she said they been treated
at home its mild so not to be a conspiracy theorist, mel gibson or anything but you have to ask yourself, skyhigh gas prices through the roof with barrels of oil, cost. barrel of oil $85 and all of a sudden it's in reverse, down about $65. what changed? the outlook changed from a looking at what's going on in the marketplace and we say can't get the gas prices down, federal lockdowns will cripple the economy, it's going to mean less usage and therefore is this a backdoor way to cut the cost of energy? perhaps? when you have the leisure stocks on the other hand, airlines and hotels, the key to look at as domestic market and look at companies that left exposure to international travel versus domestic travel because domestic travel is booming, camping world stocks have been up, about nine
times in the last 18 months because of the search to basically stay closer to home experience rv travel versus getting on a plane may be going somewhere like that. neil: a lot of people from a they've already seen these infamous images and videos of people stuck in airports, now they hear about a crackdown in foreign countries. even from this country just making sure everyone is on the up and up and they might cancel travel plans. how likely is that? forget about what airlines are dealing with, customers themselves decide it's not worth it. >> i think there is a lot of that going on. for instance, i was on a group session this morning on facebook institution of mandate of vaccines for five end up on cruise lines like celebrity cruise, i am seen travel
advisors canceling left and right because people are not going to deal with that. the more hurdles, in the end you have to look at the more hurdles and challenges you put in front of a traveler, even a departure tax, landing visa, things of that nature, it inhabits travel to those destinations starts on a global basis, the tendency will be to stay home, people will travel less and enjoy more time with family and those expenses. unfortunately, i think the problem we have in large part is the travel industry leadership has gone along with this and witness to their own destruction and i don't understand, these people need to get their mouths open and say if we don't have outbreaks on planes then why panic about let's say vaccine passports domestically and internationally if you can get infected by somebody who has the vaccine and spread it just as easily as somebody not vaccinated, why do you have to
mandate inhibiting travel? they've been strangely silent. neil: we will watch it. you think it's going to be a busy travel season? >> absolutely. people have already made their plans, they just have to have plan b. if there are shutdowns, they will have to eat the cost of their ticket, it might take a while to get your money back. neil: whether it's worth the trip, you have to weigh in whether you like your family. >> i sent a bunch of them back. neil: it looks like a nice place. thank you very much. following all of the developments. in the meantime, there's a push right now to beef up mall security in light of brazen robbery attempts. this is looking more common and a lot of fancy most. how to stop it? after this. ♪♪
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neil: university smash and grabs when they invade a store like the apple store a couple of days back take anything and everything that isn't nailed down and by a large get away with it? all over the country, more from new york city on how malls are trying to deal with this going forward. >> malls and retailers alike are dealing with this. this is an area known for high-end retail, those are the kinds of stores that have predominantly hit by the smash and grab attacks, stores on here earlier this month, the store was hit ten to 15 people who broken and in a matter of minutes they stole $80000 worth of goods. it's been happening across the u.s. not just here, it's an
increase in these types of attacks. it's a strategic approach and the stores are also now looking at their strategy for safety as a response. >> it's not new to the high-end stores but now it's a pandemic in the way it's happening. it's constant, a big fear they hire security but you need an effective plan for the security company. reporter: plan is important in terms of what goes into the security plans, it's everything from installing cameras, internal gates behind the glass doors and hiring security officers themselves. unfortunately, there are not many signs the problem is going to go away anytime soon. according to the national retail federation, 69% of retailers say they've seen an increase in this sort of crime at this has security guards at the gate now so if you want to enter into the
store, you need to be let in. the problem is not going down like i mentioned. what they do is come in and grab the goods and turn around and sell it at online retailers before the holiday season. with christmas about a month away from others still more opportunity so there is fear there could be more incidences like this. neil: broad daylight for the world to see. generally they are in no rush to leave. thank you. his omicron going to crash crypto? what if i told you know? more likely the federal reserve. after this. ♪♪
the next thing companies are capitalizing on that. we can see the staple center here, it's going to change its name to the crypto.com arena. people even want to get paid and crypto. superstar athletes like aaron rodgers, and junior are taking portions or all of their multimillion dollar salaries and bitcoin. one became the first major music artist crypto and even eric adams once his first three paychecks and bitcoin. seeing these influences legitimize crypto helps the average investor pulitzer credible currency. at the same time, crypto currency is subject to a significant amount of volatility. there been ten days with over 10% swings in the value of bitcoin, that's a lot for the average investor to handle while some critics question whether the celebrities aren't the investor, others say there's opportunity so long as you educate yourself. >> this is not a booming step. it is an opportunity so you can't touch it, you just have to
do it in the right way. every time the something new, there will be dangerous but you still want to go out and find your destiny even though for a while they will. reporter: celebrities have made their money, they can take on that risk. for the average investor, there's opportunity for you have to be willing to accept the volatility. starting tonight, you can track crypto on foxbusiness.com so had there for your latest crypto. neil: very cool. thank you very much. about the crypto craziness, is it worth the fuss? it is volatile, not for the faint of heart. i wouldn't call faint of heart and pretty much anything, chief market strategist, kenny, where are you on the crypto craze? >> i am much more of a believer in crypto now and it wasn't -- if you asked me a year ago, i would say not at all but i've done a lot of research and
reading. i just interviewed two crypto experts and specialists this morning for my podcast so it's interesting we are having this conversation. these guys -- one is in his 30s and one in his 40s, they been studying crypto for ten years and they are experts across the board. one guy is from serbia and the other guy from china but they are all in on it. they are experts in research analyst developing products, they are all in on crypto. i've had an interesting conversation this morning about where it's going so i certainly don't think the fed is going to kill it. i think it is here to stay and people need to direct. it just means you start to dip your toes. neil: when you say dip your toes, i voice that if you want to risk your money, it's going to be volatile but in the extreme case, it's money you might lose right you might get
well on as well. for a typical portfolio, would you tell people saying i heard you talking about this, i want in, or would you say? >> so listen, that's a great question but it depends on who you are. i am 60, i started dipping my toes so right now, up 6% of my portfolio, as high as eight or 9%, it's come down to 4%. if i were someone who were 20 or 25, i might say you want crypto to be ten or 15% of your portfolio or even better. a guy i met today, he's 34-year-old from serbia, he's arty retired, the money he has invested when he started ten years ago, he has the best job in the world. he's going to columbia, he's been living and folly, he's on the road so depends on where you are. i got started late, i was 59 when i started dipping my toes but he was 24 so i would say to
answer your question, you should have a little bit of exposure but depending on who you are in the lifecycle and what your assets and portfolio looks like will depend on how to answer that question. neil: for me, it's pruning for this stage but whatever. whatever helps you. [laughter] what's interesting is there is a flipside, it's becoming more standard. the mayor wants to be paid and bitcoin, the florida mayor talking about the same, more countries and cities and states entertaining, some transactions in this rope currency if you want to call it that, you have the fed and the treasury saying cool it. yet it survived back. i'm wondering if there were rules established that it would
actually help. what you think? >> i think it will help and i think there should be some rules established so i don't necessarily can view it as a negative at all nor do i think the fed will be able to kill it because it's widespread. neil: its way past. >> you are talking about all of these people coming out and wanting it and you can see what the market is and what's going on in the crypto space the fed came out today, chain-link is up 10% already in the fed came out and said they are raising rates, doing nothing to crypto. bitcoin is off less than 1% so i don't view it as anything but i think people only need to consider this as part of their portfolio depending on the level of risk and where they are in their lifecycle to dictate where you want to be in percentages. neil: same would apply to
bill de blasio is only a few weeks more being mayor of new york, a city where he hiked local taxes. to those crappy rich are up in taxes, they don't and won't. the fact is, they are the. just me. [laughter] now, charles payne. >> great seeing you. i don't if i will blame the market on you but it's great anyway. [laughter] >> good afternoon, i am charles payne. breaking right now, jay powell setting the market into a freefall after purchases, this will probably happen in a couple of months, faster than anyone thought. just as the market was climbing off the canvas from continued confusion over how we should worry a