tv Cavuto FOX Business October 30, 2012 8:00pm-9:00pm EDT
>> joseph said, you are truly a great reporter who speaks the truth, keep up the great work. >> i appreciate the kind words, that is it for us, thanks for being with us, good night. neil: only now able to quantify how much she will hit our wallet. welcome i am neil cavuto, we're taking a look at fast and furious fallout from sandy, tragic part you know too well, 40 lives lost as a result of this storm. that could climb, you also know it was affecting 20 states, 7 states directly with casualties this severe, you heard that it is likely going to hits our economy, hard, maybe shave upwards of a half% off our economic growth in the latest
quarter, it will likely dampen christmas shaping enthusiasm, hit consumer confidence, and likely shopping in general. so much we don't know. this much we do -- just getting back to anything approaching work in big apple, will be tough. very tough. and it all begins with wall street's hope of getting back to business tomorrow morning. jamie colby, down by by battery tunnel that will be the point of entry to many who want to return but will not be able to use that point, jamie? >> reporter: without a duty, i know one person would be happen markets are open tomorrow, this is charlie gasparino, i saw you and see discuss it earlier about the fact it had to close. but it is not only thing that closed. let me show you how sporadic thing are.
ritz-carlton, no lights, next door, an apartment building, full of electricity. i walked streets of lower manhattan today trying to find a single business that was cleaning up. but without power, so many had to day home, add to that, 8 million who lost power, nearly million on long island who could wait as long as 10 days, this is the connext or to the -- connecter to tur tunnel from lor manhattan to brooklyn, 16 million people use it every year. if you can't get in that way, there are few alternative, tomorrow, limited subway service, full bus service. but we could talking a week or two before everyone is able to get to where they need in particular con ed, reason that water complicates it. much of controls and panels they need to access, are located underground in subways and tunnel areas like this.
they are waits for water po recede, it has come up about 30% from when we saw since we first arrived here this afternoon. >> amazing. be safe yourself, that is still a very dangerous part of town, jamie colby, downtown new york. we told you they do plan after two days of storm disruption to resume trading tomorrow morning, charlie gasparino on what we might be able to expect. >> based on prior history, there should be a sell-off, there is pent-up selling, sells of stocks that are affected by this. neil: a percent limit up front? 5% or thereabouts? then it might stabilize? >> maybe, who knows. >> that is why i have you, because you know. >> nobody knows, we're entering the great unknown. neil: i know you wanted them to resume trading earlier.
>> like never stop. i just want to say there are certain stocks that will do well, transportation will not, homebuilders will do well. and we'll see if the exchange can handle it. if you listen to what jamie said, tomorrow the travel situation is not that much different from today. yet they are opening. a lot worse than yesterday. yet they are opening, that should tell you something. >>, yesterday, we were in full throws othroes of the storm. >> that was last tight. neil: you have a big beef with them having the market closed. i want to be clear, we cannot interrupt capitalism for a short-term. >> we should not have to. we don't have to operate this out of new york, every wall street firm operates around the country, i'm not saying set up a trading desk on east river and watch it implode.
i am saying -- >> computers could have handled wall street part. >> something called archipelago that does a lot of the trading in new york, every wall street firm has offices in other cities. i am wondering, a question that regulator should be asking the exchange chiefs, where was your contingency plan? terrorists have struck at heart of capitalism, after that 9/11, the new york stock exchange shut town for 3 days. neil: could computers have exacerbated events, based on very few if any actual human beings, we have seep that. >> computers do 80% of the trading, you did not have to have to have a robot could trading. why can't firms set of content
contingency plans, this is really unclear. i know nazdaq wanted to open. i know bats, they wanted to open, one place where there is stickiness, fox business first to report this sunday night, duncan with a conference call, they were like, you know, they didn't think that the electronic system could handle it, they started balking. was it because new york stock exchange of not set up, or or apple darchipelago system not established enough? there was a problem that probably should not have been a problem. neil: what is the worse thing that happens when they shut things down, how is capitalism ground to a halt? >> what is the economy worth. one way we measure wealth of corporate america is through the
stock market. we know that ibm is worth x based on the trading of its stock. neil: what is sacrificed in two days. >> when you cannot trade ibm stock, if ibm wanted financing they could not get it. neil: you could trade abroad. >> it you, it is not that easy, raise money in hodge continental stock exchange. neil: you think that established dangerous precedent. >> if i am a, and i wanted to turn to the public markets, i could not. why? there is a storm in chicago. i am a business -- there is a storm in new york, i am i a business in chicago. they did not try hard this time to make sure it has nott3 happened. it has been 11 years since 9/11, markets are not supposed to shut down, if it does it has to be an
extraordinary event, this was a very bad storm, which you know, a lot of tragedy occurred that was known, you know we didn't see 9/11 coming, we saw this coming, joe on fox, at -- >> joe, a coanchor. >> i have known him for years, he lifts weights. -eil: he does not put capitalism ahead of human beings like you do. >> i actually don't. neil: i'm kidding. >> i'm not saying have traders do the work. >> you are so bottom line oriented, you live in your -- >> hold your public officials and polluteocrats to a hiree example. >> i think that someone needs a hug. >> i need a drink, not a hug. i've been doing this since 6:00 this morning. neil: we can aban arank that, yu will be back with us tomorrow morning. 9:00 a.m. live, a gang of how wall street will play this out,
two days off, four if ut count the weekend. as charlie said, knee-jerk impression is immediate sell-off then they often times, stabilize we'll see. we'll see if charlie feels any more remorse. i have always underestimated them. when we come back, election day fallout, 20 states are involved, that could have a power outage affecting millions of people who might not be over this a week from now when we vote. what do you do? what do you do? 0t[h7 4g lte is the fastest.
going that way, does that make a difference ? look at verizon. it's so much more than the other ones. what if we just changed the format altogether ? isn't that the exact same thing ? it's pretty clear. still sticking with verizon. verizon. more 4g lte coverage than all other networks combined. neil: i'm going to defer to my historian expert.
20 states have varying degrees of damage and power outages that could still last through election day, appreciably making it -- potentially making it next to inpossible for americans to go out and vote. author and historian douglas brinkley on that. you are going to have a lot of people in that pickle next week. we can't, i guess, willy-nilly extent election day beyond a federal court order, but what happens? >> well, neil, one of reasons we have a electoral college, every once in a while people debate. but in this case, this one state has to you know have a group of people that are not able to vote, it will be a little bit
easier to tabulate a small portion of the state. imagine if we did a national recount. so in a lot of ways bad weather like this reinforces leak we s why we have a electorial college, some people will be out of luck, there may have to be a late election day for areas stricken. we've never had anything like this but on world war ii we ran presidential elects in middle of the war. to remind us our times are not uniquelly weird. neil: and a lot of else imible eligible voters were fighting overseas. we never extended the election day. assuming we don't do that, who
benefits in an environment where this is the kind of over afternooning story for the next week? assuming that things are frozen in place, that is a leap on my part, but play it out. >> well. we're so far in to the presidential election, they are doing what they need to do, romney stayed in ohio, going up florida and virginia, but low keying it a lot, and being careful not to criticized the president's handling of this crisis. we are expecting him to do that i would imagine 1 you talk about neil that segment about stock market going, once in about 48 hours, at least they seem a little bit more normal. you will get back up on the campaign trail, president obama has benefitted from this in high view, romney was gaining
momentum but it stopped poll clamor and all talk. i think that helped president. on the other hand, mitt romney had more on the ground time in ohio, the crucial state and has been able to shake more hands and meet more voters directly in the buckeye state. neil: you mentioned this appearance tomorrow with governor chris christie. i'm sure not governor's intention to praise the president to point that many say he hurt the republican nominee mitt romney. but governor kristy looking out for -- chris christie said he is looking out for the folks in his state. commending speediness of support for new jersey. you have that image of them, touring a lot of the areas, atlantic city, maybe, some of the really hard hit areas, that will be an indelible image.
>> there is nothing you can do about it, governor chris christie has done the right thing, and barack obama is president, you do not' to overdue the praise. but, i mean, you are right, a photo of barack obama with governor chris christie goes a long way. he is liked by a lot of independents in the united states i think that, i don't believe that storm will make people decide. one way or the another whether they are for obama or romney, it gets back to the economy. and you know what would hurt, president obama, is if stock market tanked -- there is that. neil: i wish we had more time, rolling stone article, getting talk that president comment i'll cut to initial calling mitt romney, a bis bs 'er, were you
struck by that? seemed out of character for a president we're told does not curse that much. a lot of republicans that look at that as well say, well, it takes one to know one. >> i was in oval office interviewing the president, after we left that is when it happened much he is telling the story, he may have been trying to be a little bit hip for rolling stone. this past week he did not just rolling stone but mtv, and things maybe he thought that would appeal. neil: but rolling stone, and i imagine you knew that would be the quote people would seize on? >> well, you know, it went up for a day, and ap did not pick up on it, and it popped, i went on charlie rose, cbs in morning and drudge report put it on the top it took off for a half day, then i don't know if it hurt or
helped. neil: they didn't read it. 9 times out of 10, you come on the show, we make a point, you have a book out real read your book. by the way you write a lot of thick books, but they are great. we feel we owe you, that in this case, a lot of people -- rolling stone, and blah, blah, they head it and said oh, my gosh, that has become a big issue. or has the storm made it dissipate? >> it probably dissipated. but it may be on history records. the harvest word -- harshest word that president used by mitt romney, but, you know it is a nutshell reflects i think the president's view of his opponent. neil: open license in your next obama book for that. i look forward to that, it will douglas. >> take care. neil: douglas brinkley, a
world-class historian. so world class that presidents feel comfortable just cursing around him 92 cell phone services disrupted, former verizon wireless ceo danny with -- how much, what if i told you 1 out of 4 cell phone towers in this country have been affected by this storm? a big deal. follow the wings.
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with this added storm, one out of four cell towers, have been damaged. likely compromised. but why is this the case? >> good evening, and nice to be with you. first, carrier install emergency back up batteries in every one of their cell sites, they will run from 2 to 4 hours. after that, the battery dies. and most carriers have a generate or. also that kicks in at that point. that will run 18 to 16 hours. and then the challenge particularly in a disaster time like this, is t make sure they e fueled. getting in with the fuel truck. making sure you can put gas back in the generate or keep it going. in a situation like we have, in
the jersey, manhattan, connecticut, long island, the issue is that these cell sites are not easily accessible. so, that is a huge problem. and -- >> not just a number of towers, it is how they are compromised in a storm, but denny, it seems every time something happens, a crisis, that is the reality, that calls into question, whole idea of cell service, always was convenience. >> we've become so dependent on cell phones, it is a tremendous service. usually versatile. but in times -- >> except when you need to most, and everything on the line. >> one thing that we -- you know step back and realize, cell towers, cell phones connection
s connection to towers, and depends on land line network, what occurred say for example on manhattan island, there is no power, in your show you had a picture of battery tunnel. up the street from the battery tunnel is one of verizon's many switch land line switching offices, it has 3 feet of water in its cable vault. now, unfortunately there is no way to get a signal through there. neil: you are right, thank you very much denny. i am not antitechnology. i love benny strigle, but any time this happens against just yell very loud. coming up, pennsylvania governor tom corbid, next.
neil: my next guest, this comes on a day with polls out that show state of pennsylvania, might be close to dead even, a possible pick up for republicans, let's address this and all things storm with pennsylvania republican governor tom corbett, in harrisberg, pennsylvania. >> thank you, neil. neil: what is the latest on sandy? we forget, you know your state is so big, that you can have snow squalls then just flooding and all under the same boarder. what is the latest? >> well, pretty much you are right, the storm came in to southeastern corner. travelled across state, over pittsburgh now.
then will travel up to eerie, then to new york state rochester. we have experienced quite a bit of wind as a result. quite a bit of rain. the flooding has been moderate in this storm compared to storms that we took last year with irene. with lee. we had 5 reported deaths so far. we hoping that is where it is. we actual have snowfall in the lower highlands. i imagine there were some ski lomgs thalodgesthat are happy. we have 1.1 customers without electric service in pennsylvania right now. major companies are working hard, they brought in about 2300 service providers, and workers from other states to help resolve problems here in pennsylvania. as i look at what is going on in new york, and new jersey, i am
counting that we're lucky compared to them. but, you know with one million people without electricity, a lot of wind damage, it appears, some flooding damage, this has been an impact on pennsylvania. neil: you mentioned 1 million or so without power, we hear 3 million in new jersey, we told most will not have it back any time soon. we're a week away, from an election. where it is conceivable a lot of people will not be able to go to polls, they would have to get a jazz group of voters to do that. do you envision a problem on election day? >> right now, i do not invick problems, i -- envision problems for election day.
they are assessing if there are polling places without electricity right now, we need to make sure they have electricity by next tuesday. i feel confident we'll be able to do that at this point. or ability to travel. we do not have the flooding of new york or new jersey, our ability to travel across state is well there. we have some roads, about 400s and drinks are that -- bridges that are closed right now, due to trees and wires down. but when it comes to election day i think we'll be able to have polls open. neil: i am interested in one thing. this is point pleasant, new jersey. by, the damage from this storm, everyone said we might make up for it later with construction that comes with rebuilding, but
near-term, impact, it will be negative. i think estimate a half percent off gdp do you agree? >> i hope it is not a near turn negative. it is, in many areas of state two workdays were lost, you can never make up lost days. there will be work for reconstruction we lost some houses in some places, but overall we trying to grow the economy in pennsylvania, we've been growing it added close to 100,000 new private sector jobs. neil: you have a very good track record, i am wondering, if it is actually helping, as some republican governors who managed to turn around, ohio and florida, come to mind, they are helping the incumbent.
but, do you think this even as competitive as your state has become, if barack obama, ends up winning the state, it might be no small measure to what you have been doing? >> it could be, i think frankly the election will hinge on whether the people accept the last 4 yeers under president obama or think that i do we need to go in a different direction, we started our different direct here two years ago, not taxing our people more, spending within our means, not beyond. other republican governors that were elected in 2010 with me have been doing the same thing across the country. neil: that would be a kick, though, right, if turns out where, president maiden roads, -- inroads, a lot of swing states, many but not all, all republican governors. it is more than coincidental, is
it not? >> i think it is, it is the vast majority of republican governors that have been able to turn this, in those areas the economy is growing, we would like to see it to know to grow, we could we need a leadership change at the top. neil: you think, that governor romney is wasting his time, as much as you love your state, he love our state, campaigning there. it would still be an uphill battle this win? >> no, neil, i think we've encouraged governor romney to come to pennsylvania, we believe it is much closer looking at polling done by statehouse and senate. this is a different election than 4 years ago. and i think he can be successful here. neil: we shall watch closely, governor thank you for taking time out of your pressed
schedule, tom corbett, republican of the fine state of pennsylvania. >> coming up, is "new york times" politicizing the storm. neil: we saw something today that, i do not care if you are left or right it would leave you with a jaw-dropping. >> and trading will resume. tomorrow morning, we're there live on this fine network, eastern time, through 10:00 a.m. taking you through well a market trying to get back to business, and capitalism trying to get back to business, tomorrow morning. a lot more now.
disaster cold face is one of the most vital functions of big government, which is why mitt romney wants to eliminate it. david asman was reading same "new york times," he ripped it up and started eating it. >> it did not taste good. neil: what do you make of this. >> they are little bit sidin politicize a natural disaster, that is what they are doing. if you can move it from state to private sector is goes in a better direction, they say, that is, i quote, an absurd notion. they say because big government is better, whether it is fema or a new department of business that president obama wants too create about which we can talk more if you have time. but bottom line, fema has a terrible track record, most big
federal bureaucracies do, they come up with their man made inside of the beltway, which does not necessarily fit when applied to a state or local community, any time there is a difference of opinion with between the local guys and federal government, the feds -- 92 bu92. neil: but they all welcome fema help. >> when it involves money. do you think that chris christie would have said that if it are not for the money. neil: that is his acknowledgment that government works ? >> no, that is his acknowledge am he could use all federal money he can get. this is a political statement, on part of chris christie, and everyone is trying to be as friendly as they can before the election. they don't want to be seen as using this for political purposes. neil: you say, the times leaves you wondering whether private enterprise can work, we know from walmart and katrina it
works. >> walmart and budweiser, gave truckloads of water, not necessarily beer, i know you were disappointed with that. but think of katrina, $2,000 debit cards they worked out well, people went out and bought tattoos and flat screen tvs, we have the mobile homes,. neil: in the mud. >> they sold them for a deep discount, and lost about a billion in that. governor jindal from new orleans, was complaining that federal government messes it up every step of the way, how could you expect them to do well, we could do much better if you just gave us the money, that is what mitt romney says, get federal bureaucrats out. neil: when this came out today, his back up against the wall, what to you say governor? do you say no fema? what do you think he should say. >> right now, it is a very
delicate time, i'm not a politician, i say fema screws it up just about every time they get hole of it since they began in carter administration, whether it is a republican or a democrat, but still screwed up, and they screwed up under democratic presidents, he said he will not because it is a couple of days before the election, he does not want to be seen as using a natural disaster for political purposes. neil: and "new york times" does. >> and they are fair and balanced, right. neil: indeed they are. >> coming up. national guard troops here in manhattan. first time we've seen them in these numbers since 9/11, we'll have a representative of the fine national guard, and how long they will be sticking around, after this.
neil: this is at attic city -- atlantic city, different from last night. last night's big chunk of the boardwalk is gone. national guard troops have been assigned that area, i don't know how many, i have seen them in manhattan myself. against we have not seen them in these numbers here in the big apple since right after 9/11. commander of joint task force for hurricane sandy, brigadier general michael swezey on the phone.
>> on security side we work closely with network this tea police deputy through one police plaza. and right now, they seem to be okay. neil: now, when the guard is called out, sir, that is the -- you know governor and others saying, look, we existing personnel we have, may not be enough, this is ratcheted up the seriousness of the storm, some say it set a bar for using national guard troops in the future, has it? >> you know, national guard troops have been used a lot since 9/11, as you remember, new york national guard responded to lower manhattan. then, with hurricane katrina in new orleans, and mississippi, the national guard with federal authorities have worked hard on working down the how we'll respond. we know very much so, moving
forward all 50 states have headquarters where they track storms ahead of time, we're onboard a lot earlier than a couple years ago 92 that is be neil: that is great, i don't think there is one ungrateful new yorker, to see your men and women here, they are class acts and a great relief. i guess, question is how long do you suspect they have to stick around, you heard with electricity out for millions, and that this could drag on for some time, we have big election a week from now, possible that there will be no way for a lot of folks to get to polls, what is the guards' role in, that vent? >> easy answer, we're going to be on station for as long as it takes to get it back together, we're assisting first responders, i just crossed over white stone bridge, heading toward the bronx, what a difference 24 hours makes with the weather. we were one of last vehicles to cross the neck bridge last
night, and weather was terrible. i also just came from far rockaway. lower manhattan, 40th street, now power is out, con ed, we're listening to same sources you are listening to, may take a couple days before, that and far rockaway, power out, i just witnessed our national guard troops, 30 of our soldiers helping evacuate 9 ambulanc 9 au laboratory seniors from a home, this is our pressure and honor to work with these first responders to help them take care of the people. >> well, at risk of sounds like i'm blowing you smoke, it is amazing how selfless you and your colleagues are, they put their lives on the line without thinking about it i want it thank you very much. >> okay, thank you so much, sir. neil: all right, well coming up,
based on this chart ? don't rush io it, i'm not looking for the fastest answer. obviously verizon. going that way, does that make a difference ? look at verizon. it's so much more than the other ones. so what if we just changed the format altogether ? isn't that the exact same thing ? it's pretty clear. still sticking with verizon. verizon. more 4g lte coverage than all other networks combined.
we will be covering that 930 eastern, on the erin 9:00 a.m. to take you through that, what could be a pretty bumpy york. meanwhile, what to make of this bumpy start today. on the air so often we have now made him an acre. he joins us out of hearing for, pennsylvania. what now do we expect? >> well, sandy will be right -- winding down and then moving off to the northeast. the pressure has failed to risen 40 millibars, and what that means is that the tightness of the store is beginning to sort of be relieved year, and while we still have a significant strong wind across the great lakes and across the very heavy snow in the mountains of west virginia, these will also be winding down over the next couple of days. the worst of the storm is over. of course, know it's a matter of cleanup. the arguing that spilling over as to the cause, let me explain to our viewers that it is either
stunning ignorance or stunning deception to blame this on global warming. simply go look at the maps of the 1930's, 40's, and fifties, especially the 1950's with ten major hurricanes of the eastern seaboard and you will get your answer as to where we are in the overall climate cycle. it happened before in this happening again. neil: what made this a unique? and dennis just about put to bed, but i know these three storms that collided, this arctic air from, failed miserably in school, appreciated, but it seems, everyone said, that the most unusual once a century event. was it just look of the draw? >> well, no. it is a storm that i have been opining on for quite awhile. it sounds pompous, but -- neil: i built a career on it. go. >> but here's the thing. i always have covered this type
of storm. pick up put into my head by my father. he called it a short cut storm, the storm that would go out to the east and turn northwest. what he showed me was maps of other storms that were still moving northwestward, except they had further west. now, if you simply superimpose their tracks further east you would see why the storm could do this. all tell you another thing. if you look at the 1933 virginia hurricane which came all the way across for africa you could see a storm like that the comes actually no. the bermuda. take a look at that. try it back again. so what you see here, not something that had this happen, but something that is long overdue. we are in a cycle where the western atlantic is where the focus of major hurricane tracks will be over the next 5-7 years. in the atlantic cools and will be back in the 60's and
70's. people say where the hurricanes. >> in the meantime is going to be have busied nearer to the be neurological. >> next year watch what happens. the main tracking areas of the atlantic were void of stores this year. down from africa over toward the west indies. next year you're going to see a lot of classic tracks and some of them will try to turn up the eastern seaboard. you'll see a more classic year rather than the more erratic stars from this year. neil: always a pleasure. great. dodger in sight and help these last couple of days. thank you very, very much. >> thank you for having me. neil: all right. he's good. the real deal. all right. well, the real deal tomorrow. it's pretty flooded down there. trading will resume. outside events. today's. have not seen it
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