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tv   WSJ at Large With Gerry Baker  FOX Business  December 31, 2021 5:30pm-6:00pm EST

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>> welcome back over the big show they works for next week and a brand-new time. make sure you tune into wall street every friday starting next week at 7:00 p.m. eastern. plus start smart every weekday from six -- 9:00 a.m. eastern time mornings with maria at right here on foxbusiness. that will do it for us, thanks for watching. wishing you and your loved ones a very happy new year. ♪ ♪ ♪ ♪ hello welcome to the wall street journal at large. 2021 is behind us at last thank god so what does 2020 to hold? were going to spend this year's new year's show's look at the 12 months ahead with hopes, resolutions may be a forecast or two. it's that time of year when the like to make predictions affecting nearly always wrong never deters them from making more predictions the next
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year. every year it seems they cannot even get the big stories rights. >> next year could be a lot better. i am optimistic right september the football stadiums will be full, by may or june will be getting skit lie fully back to normal for. >> the service economies are going to be booming the hotels, the airlines, the parks, everything is going to be booming. >> i think by next christmas we should be close to normal. >> everything's going to be booming and back to normal how did that work out for you? you'll search in vain for single so-called expert that warns the end of the world looks prince's a serious health crisis in a century. so in the spirit of fallibility. refer much including that, were not going to attempt to tell you was going to happen this coming year. said will try to pose some questions rather than answers. the biggest question remains of course as it has for the last two years, what happens with the pandemic and what does it all mean for the
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economy? coronavirus has defined our lives for the last year's progress is in charge of the federal government many cities and states have seize the opportunity to impose all kinds of restrictions on her way of life. straining our freedoms in ways we have not seen in this country. the ease is wishing but surely hope it will what are the odds these progressives will finally let go of the reins? or will they seek ways indefinitely. >> we know these mandates at work without pushing hard enough you got to go further records private airlines private companies should require vaccination among their employees and travelers. >> a statewide requirement for in person instruction for all of our children but. >> the federal government needs to require vaccines including booster shots for everyone in america. i say january 1. >> a terrifying glimpse of the future forever and ever and
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ever. the nation however is yearning for normality. the determent group of politicians, bureaucrats, public health experts and immediate it seems to want us live in permanent crisis. what is this mean for all of the question what global shocks throughout history have hugely consequential implications for how the economy works. in 2021 we see inflation search at its highest level in three decades driven in part by supply chain disruptions. and federal reserve policies that poured fuel on the flames. even if the supply chain blockages are removed the risk is now high that workers will be among higher wages. expectations will rise and we find ourselves with sustained inflation and the need for higher interest rate. of course that could crush the economic recovery. let's bring in our panel richard fowler show host fox
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news contributor richard failure and the guy pension show and fox news contributor, guy benson. gentlemen thank you so much and happy new year. >> happy new year. >> happy new year. >> guy, let me start with you. the issue of covid the combined initiative covid and the economy. let's hope it does do you think the taste for controlling our lives that so many authorities have got to think that is never not going to go away? >> i expect some of this people like to cling to that power forever. at least indefinitely pretty think political realities will probably intercede at some point. we saw hints of it in virginia and in new jersey. i think that is an underplayed story of backlash to covid restrictions, school closures and that kind of thing. they signal very strongly than not going to take this anymore even in very blue areas and democratic precincts. i would imagine at some point we will see a loosening of
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that grip out of a reality check. people wanting to hold onto their jobs as much as they want to wield that power. when the town from the present has planned moving into the new year on covid. it sounded different in some of the substance from the exact same podium. that might be hopefully hints of what i was talking about. >> richard you think will ever be allowed to go back to normal? >> i think the push is to go back to normal. i do agree with guy how he got to the equation was little different. we have a pandemic wary and you have a lot of officials who are very much so pandemic wary. we saw just this month in washington d.c. the mayor got rid of the mass command that showed up at the mask made it back in. then she's like we're going to do at home testing and
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everybody went to get an at-home test in the lines around the corner pretty think you have elected officials that are pandemic wary. you have a public that is pandemic wary and have a nation that is also pandemic wary. gerry: one part of the normal is inflation but we know it was caused in part by supply chain disruption. it has now become embedded with huge amounts of spending from the federal reserve pumping money into the economy two. wages are going to raise a strong link companies will be forced to push a trend you think would back to the inflationary spirals? >> i certainly hope not. think the whole countries rooting very hard it's very painful for families. everything costs more across-the-board. i think the demise it was seen for now of "build back better" and that 5 trillion-dollar monstrosity i think that will probably help matters although it may not help as fast as we would all like.
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one thing i think it's quite clear in the administration has admitted this itself of her from the treasury secretary and others the word transitory was a mistake. it actually did not apply to the inflation we've seen recently. that was a spin did not work very well. some agree inflation's going to be with us for months. see if i think it's been retired in 2021. richard, very briefly inflation has become embedded. democrats want to spend more money does this make any sense? >> i agree with guy think we are transitory was a huge mistake by both the treasury department, the federal reserve but it's really trying to do is cut down costs for working families, right? we have a conversation about the push to increase wages. the best way to succumb that is the how do we decrease the cost that the family takes on whether it's childcare, prescription doug, elderly care.
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think of the next you will see the debate play out in the united states senate and house of representatives. the really has to be a conversation about the input of cost. gerry: generally got to take a quick break. coming up foretaste of a red wave coming next year. they got that last november. is it too late for the party to turn things around for the midterms? that is next. so i'm taking zepo, a once-daily pill. because i won't let uc stop me from being me. zeposia can help people with uc achieve and maintain remission. and it's the first and only s1p receptor modulator approved for uc. don't take zeposia if you've had a heart attack, chest pain, stroke or mini-stroke, heart failure in the last 6 months, irregular or abnormal heartbeat not corrected by a pacemaker, if you have untreated severe breathing problems during your sleep, or if you take medicines called maois. zeposia may cause serious side effects including infections that can be life-threatening and cause death, slow heart rate, liver or breathing problems,
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increased blood pressure, macular edema, and swelling and narrowing of the brain's blood vessels. though unlikely, a risk of pml--a rare, serious, potentially fatal brain infection--cannot be ruled out. tell your doctor about all your medical conditions, medications, or if you are or plan to become pregnant. if you can become pregnant, use birth control during treatment and for 3 months after you stop taking zeposia. don't let uc stop you from doing you. ask your doctor about once-daily zeposia. every year we try to exercise more, to be more social, to just relax. and eating healthy every single meal? if only it was this easy for us.
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>> we are going to win in 2022 per. >> everest go there brings new evidence or democratic colleagues should give the country i break it. >> every election would say this is the most important one. it is because every election is very. >> the american billboards take timeouts all discourage all the policy but. >> you all making a decision to win the election? >> are likely to be dominated by an intensified campaign midterm elections in november.
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make big gains are paying the patent of first-term president suffering heavy losses in the first set of midterms. that's what happened in 1994, 2010 and 2018. is anything democrats can do to avoid a red wave? will they try to get major legislation true including perhaps resurrecting their massive multitrillion dollar bills back better plan scuttled by senator joe manchin. they've got that message of divisive ideology there on the anti- police messaging or turning off independent voters what about joe biden's future and that of kamala harris? present during up for reelection bid is since this question if not as his vice president a possible successor? ask this of our panel, guy, midterms coming up all of these signs point at the moment to a huge set of republican gains is everything
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they can stop but do you think? >> i think many concerns with say should never underestimate the ability of the republican party to miss an opportunity. that is sort of the cynical answer but you are right if we are talking realistically here , everything every single element you would look at on the part of the equation is lining up very favorably for the gop. not just history which i think a be a pretty powerful indicator onto itself. americans tend to want to check the new president and power and give a course correction that happens very frequently over the course of our entire history. we've also got the unpopularity of president biden right now. he is in a very toxic zone when you look at his approval ratings that would transit into significant gains for the republican party. you would look at any other metrics right track, wrong track the results in the previous section in new jersey and virginia in particular. it seems like the storm is brewing for republicans to do very well the last point i will make commentary, we
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played a clip from senator mcconnell and the montage i had in recently on my radio show he's usually pretty cagey about his predictions heading into election cycle thing is going to be very close take nothing for granted pretty set all of things is on a more bullish not to just when the house which is almost a certainty he seemed fairly optimistic more so than i've heard in the past. richard, looks like senator joe manchin finally drove a stake to the heart of "build back better" democrats are going to try to revive that do you think? we are going to have to wait to see if the president can revive that's going to have to be a skinnier version of the bill. with that being said if i look at the midterm election i do agree with guy i do think the republicans have the better hand here. but with that being said i think the democrats got to do with the present has got to do
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instead of chasing this elusive independent white working class voter i think it's really important doubles down on his base. remember what god shall bite into the white house and what got him out of the democratic primary or african-american voters in south carolina. and then african-american voters in a purple states all across the country. these voters right now field dish engaged in dejected from this president if he does not engage those voters yesterday it's going to be worse the midterms will be worse for democrats and it currently is. gerry: originally thought to take a break on to ask this question joe biden just turned 79 years old by any measure and anybody you talk to says he's cognitive abilities are obviously not as sharp as they were. he says he's going to run again in 2024 are we going to learn and 2022 that may be actually's going to be a one term president? >> i think he has a great shot to run again for president. forty-seven years in
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washington his cognitive ability to me and i think too many around the country are pretty spot on. i think it's kenny talked to his base, can he have a conversation with his base kenny turned them out once again to rally behind him as he did in 2020? kennedy: guy, very briefly of kamala harris waiting in the wings is that assure you? [laughter] >> a no for the policy standpoint i don't think she is terribly talented politically. so from that standpoint are probably going to be should she be and should present biden choose to not run again but. >> are it's gotten together a quick break coming up international crises proliferate with chinese and iran what can we expect in the world and the new year? our panic panel will weigh in on these big new threats next. (kate) this holiday, verizon has the deal that gets better and better
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>> our objective is to prevent russian president putin fuhrman leverage to deal with china and they understand strength and power they did not play by the same set of rules we do but. >> how much longer do you allow the ayatollah for before the israelis have to attack question at this outcomes are weak leadership. >> a taste of how the world may be about to be a lot more dangerous in 2022. when the autocratic powers seek the opportunity of what they see is american weakness anticline. russia seems to be threatening to invade ukraine, china is making menacing noises of ironic may be on break out. is america really back? joe biden and his team or has the administration chaos and humiliating withdrawal from afghanistan and bolding. let's issue with our panel guy benson first, the most immediate threat seems to be
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making over ukraine did they sense the biden administration, perhaps eight watch what happened in afghanistan the biden administration really is not tough enough and is not going to really make them pay and the way it makes says they will and how dangerous is a situation? >> i cannot imagine the russians and vladimir putin and other planners at the kremlin watch the debacle in afghanistan and the disgraceful situation that played out there and said okay we are terrified of this administration and their seriousness and their toughness. that is probably part of their calculation here. we should not get too myopic this is mostly about internal russian politics and power politics in that part of the world. will be very interesting to see them very much an open question and a scary one heading into 2022 is, are the deterrent factors being floated and threatened by the west and not just the united states are those going to be enough and sufficient to
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change the calculus for vladimir putin compared to his decisions he made on crimea and georgette for example? we will see. >> richard we saw the obama administration making loud noises and warning the russians. then the russians invaded and doing essentially nothing about it making warning noises to the syrians about using chemical weapons when they did nothing about it. joe biden was vice president than are we seeing the same kind of weakness vacillating now? >> listen i think joe biden is always going to lead with diplomacy with that being said i don't think he's a president that is afraid of using a stick if a stick is necessary. what the differences going to be here as this, joe biden's going to build a global coalition is going to make sure he is working with nato commies working with our european allies comics work with countries in the west. we are moving together. we saw this this past year when they decided as a bullock they would not be attending the winter olympics in beijing.
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our athletes in the western athletes will be that western diplomacy will not be there. diplomacy is always going to be the first step for this president i do not think he is afraid she's a stick of a stick is necessary. gerry: guy very quickly we are the biden team was very critical in how they donald trump treated allies by the biden team is not exactly treating america's allies all that well either up or they see very, very alarm or what happened in afghanistan and are increasingly alarmed by what they see is american weakness but. >> also the episode the french government and the submarines. i think you're right though, gerry, the bigger issue is afghanistan the fury, the shot, the horror, the surprise being expressed in the halls and corners of power across europe was significant and know they were all excited joe biden was a new president. and they saw what happened i think they were recalculating about the seriousness of the united states of america because there is no way to describe what happened other than a fiasco. >> it's going to be a challenging year no question of got to take one more quick
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break. no witness was going to happen in the year 2022 we are going to have our panelists offer at least one gas, stay with us. ♪ feel stuck and need a loan? move to sofi and feel what it's like to get your money right. ♪ ♪ ♪ ♪ move to a sofi personal loan. earn $10 just for viewing your rate — and get your money right. ♪
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christ sent the start people like to make predictions this time of year. we generally find very quickly they turn out to be wrong.
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that is not going to deter us from making our guest signal at least what they think we could look forward to in 2022 let me ask them both, guy benson the me start with you let me ask what you're looking out for in 2022 were going to put you on the spot tellis was going to happen but what are you looking out for is where the potential highlights of 2022 for you? >> this is a slamdunk going to make the prediction alluded to earlier their public is a will and the house in 2022 that is way too easily but i'm going way out on a limb here just for you, gerry. the other thing our first topic was covid pretty want to talk about that. i am hopeful i'll be looking very closely at the degree to which our leaders and our population starts to really treat covid as an endemic illness that is treatable and sort of like the flu and 2022 compared to an emergency and a pandemic. i think that is warranted based on what we know at the moment. i am hopeful, fingers crossed that will become more of a
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widespread consensus about the public health challenge we are facing. >> we just get used to it we don't have to take all these emergency measures we have vaccines, therapeutic say becomes part of our lives we do not have to continue. >> seasonal like the flu. >> alright thank you very much guy, richard fowler was going to happen in 2022 tellis right now pray. >> i tend to agree with guy i do think over 19 will become a more encyclical you treated like the flu. that being said i'm also watching what's happening in the cannabis industry is more and more large pharmaceuticals and big pharma companies get into medical cannabis i think there's going to be a lot of pressure on capitol hill to finally make the step to legalizing cannabis or at least a d schedule from the controlled substances act. >> there you go very interesting possibility. sure a lot of our viewers will be interested in that it's legal already be decriminalizing a lot of states. we will see exactly what will happen pray. >> it is been a stressful year maybe it's not a bad idea.
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[laughter] >> may be to start the new year on. look thank you very much indeed to guy benson to richard fellow that is it for us this week i was back in next week with more interviews right in the beginning of 2022 right here on the wall street journal at large were thank you very much for joining us have a very, very happy new year. ♪ ♪. jack: welcome to a special year end edition of barron's roundtable this week will look at past today's headlines and focus on the airhead i am jack otter. coming up former google ceo eric schmidt sounds the alarm on china and artificial intelligence and why he says misinformation will be on the rise. later, stop content top stock picks from andrew berry. this week will begin wit


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