tv Cavuto Coast to Coast FOX Business October 7, 2021 12:00pm-2:00pm EDT
>> i'm with you on that, if i wear jeans nobody can see me on the particular set. same with you. >> i'm wearing shorts. stuart: i knew you were, wearing shorts and sneakers. great stuff. we've had a great run on fox. i'm very greatful for being here, been here 1years. i've had memorable experiences. i'm still here. neil cavuto, you were an original employee of fox news, weren't you? neil: i was. i was cleaning out the mens room, trying to get on air. it is hard to believe, right? we always say this, where did the time go. every older person said where did the time go. where did the time go. stuart i did catch you on "fox & friends" this morning. you did a great job as always. if you go the t-shirt route, game over. the jeans are fine. if you start veering into the t-shirt thing and everything else -- stuart: it will not happen,
neil. neil: a little bit of gravitas i attach to you. t-shirt thing, it just loses me. stuart: thank you. neil: thank you my friend. we're following up bringing rally you started stuart. the dow industrials is up 530 points. a lot of this is relief. at least we passed the debt ceiling hump. i don't know if we're overreacting to this, pushing this down two, maybe three months in between that range when we do with it all over again. it gets us past the immediate concern, they will run out of dough, everything would shut down which might have been extreme. we have promising news out of the airlines, many were taking it on the chin 48 hours ago. not so much today. we are going back 25 years where the market was 25 years aguilera this day. where would the was the dow 25
years ago? i can't tell you because it is coming up at end of this segment. the whether the rally is justified or whether it will last, hillary vaughn on capitol hill. where do they proceed now with this quasi-debt ceiling agreement? reporter: neil, senate majority leader chuck schumer today set the ball in motion, really moving forward with what could be a vote on saturday to officially take this short-term extension deal that senate minority leader mitch mcconnell put on the table, essentially offering democrats an off-ramp to avert a debt crisis and democrats today announced they have taken the deal. >> the majority didn't have a plan to prevent default so we stepped forward. the pathway our democratic colleagues have accepted will spare the american people any near term crisis while definitely resolving the majority's excuse that they lacked the time to address the
debt limit through the 304 reconciliation process. reporter: this short-term extension does buy time. approving 480 billion in new borrowing that should last the government until december third. some democrats are saying the quiet part out loud, saying this two-month period is buying them time to get trillions in new government spending and social programs out the door and on to the president's desk. >> this bought us perhaps two months to work on the bipartisan infrastructure bill and the reconciliation bill. i hope that we can come up with a solution to this debt ceiling so it doesn't become a political gambit. >> are we right back in the same spot again in december? >> we could be. it is up to senator mcconnell. reporter: source told me there is displeasure of republican members how it was rolled out whether or not it was the best way. there are 60 votes needed to end a filibuster.
so they do need 10 republicans on board with this deal but i talked with senator barrasso earlier today. he told me that this narrative that the democrats are pushing that mcconnell did not, that mcconnell blinked, that mcconnell caved is not accurate. he says this short-term extension real did two things the democrats did not want. it didn't give them endless borrowing. putting them on essentially a strict allowance with the 480 billion. they put a tight timeline on it. they do have to revisit this in december. they wanted to have the borrowing extended through the election in 2022. democrats did not win on those two points with this. and, neil, what is interesting, this is going to be revisited in december. it is expected to last through december 3rd. that is the same day the government is funded through. so on december 3rd we could be facing potential government shutdown if there is an agreement and potential debt crisis if there is not an
agreement on that. neil: what did scarlet o'hara say? i will worry about it tomorrow. you had an interesting line i love there, hillary, about this allowance of $480 billion to get us through the next couple of months. i'm old enough to remember, young lady, 480 billion was the entire budget of the united states. incredible. reporter: yes. neil: i will not do the old man thing but i can't believe, that's a lot of money. hillary, thank you. you're the best. hillary vaughn following all of this. lydia hu following this inflation development. you know, lydia, if you look about the times which we live, we always show, one of these graphics, what is it our executive producer here, it is raining dollars or 100-dollar bills. i haven't taken close enough whether it is one dollar. 1996 it was raining a few of them. now it is -- reporter: right.
neil: actually said that this propels inflation all the more, right? reporter: it is already going up. we have new research from moody's analytics shows us the average american family earning $70,000 a year, they're paying an extra $175 a month on the basics, food, housing fuel. this is spurred by massive government spending, supply chain shortages, labor shortages, topics we cover all the time. even though the fed insisted inflation is transitory there is really no relief in sight here because supply chain issues, they don't seem to be going away. the backlog is continuing with scarcity in household products we all need. look how the inflation is hitting the american wallet. we have some examples here. don't shoot the messenger, neil, one pound of ground beef up 7% hitting .47 a pound. chicken breast, bacon up 28%,
7-dollars a pound. we could go on. they took a look at neighboring products we have all in our pantries. look here, a 12 pack much pepsi across the country used to cost 3.33. now running 5.95. pringle's, 1.70, from 1.50. folgers coffee up 8.8 from 7.95. a lot we have to talk about the cost of fuel, a seven-year high right now. the average according to aaa, 3.25. that is driving business costs. also hitting households. easy to see when you take all the costs together, average american family is paying $175 more a month just to get by. neil: they're not veering into healthy food items, are they? i noticed the ones you mention, the doctors say don't go that route i would love to, doc, i will not go to the lima beans. >> trying to be realistic. milk is going up.
major ingredients. neil: processed cheeses. that is another show, lydia, that is another show. you're the best. i appreciate it. lydia referring to this moody's survey. mark zandi the guy you pointed out, he will be our guest later in the show. some are saying 175 bucks lydia is alluding to might be pretty low. we'll ask him about that. i want to go to madison alworth, fox business fame, looking at new york city at another issue getting very little attention but we thought we would bring you up to date on it, talk about a concern beyond inflation, the effort to beef up the irs to the point it is looking at transactions as tiny as $600. explain what is going on here, madison. reporter: yeah, absolutely, neil. this is a new plan that is being proposed that would require banks to report on individuals at either one, have $600 in
their bank account, or two, $600 in their transactions in their bank account. a report of all the activity sent to the irs. we're looking at nearly every single working american adult or teenager, $600 is such a low threshold. as you can imagine we heard from individuals that are really upset. not just them, the banks that value their business, they're upset by this plan. we've seen some local banks reaching out to their customers via social media, calling representatives say they're against this plan. capital citibank in florida posted this on their facebook page, if passed the law will invade consumer privacy, raise the cost of tax preparation for small businesses and rain unnecessary burdens for banks. we spoke to the texas bankers association, they laid out their concerns like data security that the plan is not targeted enough. most americans if you have a bank account have $600 in it. the president told us the plan may even infringe on american rights. take a listen.
>> we have serious fourth amendment concerns for our bank customers. they don't have probable cause. in effect the policy makes most americans suspected tax cheats until proven innocent to the satisfactionion of the irs. reporter: so, neil, another concern with this it could further the divide for those who are unbanked in america. at last check, 14 million working american adults, excuse me, 14 million adults in america do not have any bank account at all. they're unbanked and their main concerns are privacy and security. you can imagine if something like this passed it would only deepen the divide. back to you. neil: likely kiss that good-bye. madison, thank you very, very much for that. meantime back to this extension that kind of keeps the government lights own, prevent as a default for at least a couple months. the thing that hillary vaughn mentioned sort of like an allowance of $480 billion over next couple months, all you
really need to know how much we spend in this country, the a sum of that size will only get us by a couple months. maya macguineas, committee for responsible federal budget. that is staggering, maya, that used to fund the government quite a few years, now two months. what do you think? >> i think it is incredible we're talking about upwards half a trillion dollars just to avoid default for two months. there are two huge issues this brings up for us. one, we're borrowing so much money in this country. nothing wrong with doing that the economy is in trouble, recession, covid, right now the economy is out of recession and growing and we shouldn't be borrowing we should be paying for things. to be clear, much of this borrowing, all this borrow something from past policies, not the new policies we're looking at, the borrowing of the past, we borrowed too much. but the second issue, two months
limp along is not how you should governor en. this creates chaos, uncertainty, expenses in the markets for families. we need a plan to not default to control our debt. and our country is so busy kind of warring with ourselves instead of governing, this is an example of how badly we are performing right now. neil: as long as i have known you this has been your cause, this has been your push and, yet the debt goes up and up and up. i'm just wondering a lot of people kind of shrug their shoulders at this. nowhere on the top 10 issues americans worry about. i'm sure if you asked the same of politicians they worry about. eventually we have to worry about this though and i just don't know what the defining moment will be because we talked about debt, the whole 25 years fox has been around and yet now when we started it was about five trillion dollars. now we're closing on
$30 trillion and the same response. does that worry you? >> yeah, it's a great point. i have been passionate about this issue because it affects so many issues. whether you care about economic growth, whether you care about economic security, our role in the world. this matters. and so it is one of the more important systems we have as a nation and i've been deeply concerned about how we focus on the short-term, not the long term. we put politics over good policy, but the situation has been getting worse and worse. many ways our best achievements when we keep our things better than what they would have been, that is not reason enough. the reason so many people or politicians don't care enough about it that it doesn't clearly demonstrate ourselves in our daily lives. when you worry about wages growing up, economic growth going up, being able to fight national emergencies and national security, and the debt
weakens us on all those fronts. it is a fiscal foundcationdation. we need to worry about it, if politicians on both parties made it a priority. but to your point they are all too willing to give voters what they have want to pretend it is free and make up all sorts of crazy theories to justify that. instead of saying if you want something, whether a new spending program or a tax cut, let's figure out how to offset those costs so we don't ask our children to pay for it. instead we pay for it today. if we did the real work of budgeting we would make better choices. in the end your last question, when will it become a problem. one it already is. our economy is weaker and our ability to protect ourselves on a global front is weaker if we hadn't borrowed. any moment when interest rates go up, oar foreign lenders stop lending to us, or domestic lenders that pushes interest rates up because there is loss of credibility and certainty in the u.s. markets. then it become as huge problem
really quickly. we shouldn't wait until that happens. neil: a whole generation knows only these low rates but just the slight uptick it is a whole new ballgame. maya, thank you very, very much. maya macguineas, fighting the good fight. she has been fighting it longer than anyone i know. to remind us it's a fight worth having, and it's a fight we don't want to see ourselves losing. we told you about what the debt was in the united states 25 years ago when fox news was just starting, around five trillion dollars. where do you think the dow was 25 years ago? i wonder. you are watching the cavuto business report. ♪. ♪. close, oh so close, but no cigar. wall street firsted with and eventually stepped across the 6,000 line early today but pulled back from there and stayed low from mid-morning on. it looked like the calm before
the storm as profit-takers stepped in to clean up after friday's big run-up. that is when the dow closed at 5992, its third record high for the week. in the end the dow jones industrials dropped 13 points to close just under 5980 on day. still a stone's throw away from six thousand. you have the best pizza in town and the worst wait times. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
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♪. neil: is this a labor of love or is it just you know, your mission statement now to get apple back on track? >> you know i think apple started in my parents' garage and and steve wozniak and i put a lot of years to it i think apple has a lot to contribute. i think computer industry is still young. it made great technology really easy and approachable for people. i think people would be a slightly worse off place without apple computers. neil: apple is in talks with linking up, the rumors cover the gamut to oracle to sun microsystems. ultimately, staying independent is that the best route for apple in the future? >> you know i don't think about these things much. i just think the best route for apple to make some great computers to tell the world about them, hopefully sell a lot.
that is what we're trying to do with the imac. i think we got a home run here. neil: do you ever get the feeling you're spreading yourself too thin? >> no, because we're extremely focused. we're focused on -- neil: focused? you're selling everything known to man. >> we're focused on e-commerce, what we're trying to build a place where people come and find and discover anything they might want to buy online, no matter how obscure. neil: all right. both those interviews with just months before puberty kicked in for me. you know my staff has been putting this together, natalie among them, i'm just thinking how, what kind of revenge can i you know, push back on them for some of these clips? in all kidding aside here, remarkable interviews over the years with some remarkable people who got things and did things against the consensus grain and were richly rewarded
for it. now jeff bezos, shooting for the stars but that vision of, and if you have to remember that period when, everything was the internet and the promise and the possibility of using our gadgets for way beyond what we could have ever envisioned was really the start of what would be the entire technology boom that if you think about it continues to this day. luke lloyd with us now, strategic wealth partners chief investment strategist. i was particularly thinking, luke, in the case of getting someone like a steve jobs and a jeff bezos, they both went against the grain at the time and they both had to defy skeptics and analysts at brokerage first who said what they were doing was all wrong and i think it is safe to say both men were not all wrong but what lessons are we to glean from that? >> well, they're the biggest
innovators and revolutionary people of their time and still today they have created the biggest companies, the greatest companies of our period and we look back to the '80s, those interviews, you said you were hitting puberty, i wasn't even born yet. neil: rub it in, luke. >> for what they had to offer, right, exactly. but, neil, i really thank them for going against the grain, going against people telling them they would fail. steve jobs got kicked out of his own company and came back, right? neil: that's right. >> these are examples of people who know the future, what the future holds and the possibilities for the future. the greatest part of is, neil, why these companies and these people were able to prosper was because of america. we are capitalistic. we are free markets. we don't have heavy regulation and restrictions and that is it what allowed these companies to grow, become what they are today, provide that innovation that makes our lives easier and our lives better every single
day. neil: i'm always reminded, one of my favorite interviews over the years, when an old fart can look back at his career, steve jobs stood out. i remember the whole notion of the imac and you know, cleaner, more impressed, just a beautiful product that he put great stock in the comfort and use and appeal, the visual appeal of a gadget. he said sometimes, neil, you don't have to reinvent the wheel, just make it easier to use and all his products followed that credo. i distinctly remember analysts at the time saying nothing new here, even the ipod, sony walkman is the rage. this isn't sony walkman this is different, this is stupid. it was all about elegance, ease of use and fine-tuning the way we receive music and later on so many other things. but time and again the
consistent theme dismissing this and people just saying this is going nowhere. >> well i think you hit the nail on the head. consistency is the name of the game. these visionaries, these revolutionaries, steve jobs, elon musk in today's world, they are going against the grain. neil: right. >> they know what the future is going to hold even if the people they're selling to don't believe it, right? that is the key, being consistent, persistent with what you have because you know what you have, you know what is coming in the future and what could, the capabilities of the future could hold. looking back you could have the best product in the world, you could have the best computer in the world, the best phone of the world, but if you don't know how to make it look good, don't know how to sell it you will not have a good business. having that good business, having things come together, having a great product, marketing genius to yourself is what creates a good business and what keeps the business flowing with cash flow.
they're investing that cash flow in new parts of business. that is what allowed apple, microsoft, all these big tech companies to become what they are today. i put this with cryptocurrency and the new technology coming right now. i really do put it in kind of a similar boat. we don't know what the future will hold with cryptocurrency, blockchain technology. the next 20 years we could see completely new things we can't even fathom or imagine right now. this is the exact replica what happened with the '80s and the computer systems and the internet. neil: at which time you had yet to be born. that comment notwithstanding, luke, i will have you back later in the show because i appreciate your smarts. >> i appreciate you are not kicking me off because i'm a little younger than you, neil. neil: a little younger? you could be my grandson at this point. hang in there, my friend. i want to go to jackie deangelis, sometimes along the way you could have some controversy for these tech giants. facebook front and center right
now. i don't know, i won't necessarily put them in a league with some other names we're showing but facebook is trying to do everything it can to patch things up but what do you make of it? reporter: i this think is a watershed moment right now, there is so much scrutiny the impact it is having on children. what they say they want to take things slow, we don't want to pause instagram kids but "the wall street journal" telling people familiar that the execs are scrambling because of the whistle-blower testimony, the leaked documents. reportedly doing internally conducting reputational views of the new products they want to roll out. they want to examine them to see if they adversely impact children, how the public will perceive that because of this scrutiny we're seeing. mark zuckerberg was quiet, you asked me other day he hadn't said anything. now he broke his silence. he wrote this, part done me, i hadhad lentty, i have time reflecting on kinds of experiences i want my kids and
others have online and it is very important everything we build is safe and good for kids. he brings up a good point there. he is a parent himself. listen i talk to people, friends, family, sources, talk about the instagram, the impact it had on them as adults. you think how it might impact a teenage girl adolescent. these images if internalized can be damaging to yourself esteem. we want to see on the street to what people think. >> social media is so detrimental. because they're making so much money they're doing something anyways. i think should definitely do something about that. >> if they're a large platform i would expect them to care about the mental health of whoever it is, girls, guys. >> this has to step. all the corporations have leverage. they have all the money in the world. reporter: how do you stop it? is it regulation? is it the company itself really in earnest trying to do something about it. do we trust them to do that.
did big tobacco do that? we'll see how this plays out. right now parents are playing the police role and trying to limit their kids screen time and monitor their activities online but that is hard to do as well. neil: safe to say zuckerberg cannot pay lip service. the genie is out of the bottle tort. reporter: thank you very much. neil: you remember frank siller, his brother dies on 9/11 and he is devoting to change others lives around ever since but this latest announcement has changed the whole meaning of paying it forward some 50 times. i will explain. actually he will next. ful stewad 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,
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have also cut the financial capital of the world to the core. i want to introduce you to this next guy who is going way outside of the traditional business model but more on the charity model to do some good, real good. his name is frank seller. tunnel to towers foundation ceo. he lost his property stephen siller way back on 9/11. >> the funnels to tower foundation will do all that stuff for military and first-responders. our first-responders, or health care workers running in every day to protect us on this battle against covid-19. there you are greeting the great caravan i had with us and it was good to see you. your son, a volunteer firefighter you must be so proud. neil: that's right. i am. >> i'm sure you are being, sir, well you should be. neil: you know i did have the chance as did my son a volunteer
fireman to meet frank siller, he is doing the 537-mile walk in honor of those he went on 9/11. he went through my son's town, frank was a rock star. you had to see him during the long walk. i chased him down coming to my town. i rudely said you ever to pick up the pace here. he is so big and what he has done big to honor his brother is something that has marveled the charity world. tunnel to tower foundation is considered now one of the most successful and efficient charities on this planet and he's the reason in memory of his wonderful brother. but it doesn't end there. he has just carried this to another level with a big announcement today. frank, it is good to see you back with us. how are you doing?
>> i'm doing great, neil, and thanks for having me on today and yeah, we're so proud of what we're announcing today, that we're delivering 50 mortgage-free homes to the greatest of all americans, those who gave their life for their country or our communities, first-responders and servicemembers. so you have 50 mortgage-free homes today. we're just so proud of that. but a lot of it, neil, is because that walk i went on, when i went from the pentagon to shanksville to ground zero where i wanted to make sure we honored all those that perished on 9/11. personally for myself, my brother, i wanted to do something what my brother running through the brooklyn battery tunnel with his gear on 20 years ago and gave up his life. because of it, a lot of americans sat up and took notice. to be quite frank with you, we had donations coming from all over. fox news corp., all right, donated a million dollars to us
on 9/11 this year, right after my walk through the tunnel on the last day. because of it we were able to pay off these 90 mortgage-free, excuse me, 50 mortgage-free homes. neil: you know it started for those who died on 9/11 or families of those that died on 9/11. it grew to as you said, beyond first-responders, to soldiers and all others and it is now become you know, a full-time global effort. i'm just wondering how you keep up with it right now? because, you could, this pool of people who are in this you know, predictment where a loved one has died and they have got a home they can't afford, it grows by the day? >> it is hard to keep up. you're exactly right but thank god, i have thousands and thousands and thousands of volunteers all over the united states that help us put on different events.
we have generosity of americans. we asked everybody to go to t 2 t.org, donate as little as $11 a month. we have had people who watched your show, other fox, you know, shows, that donated 1000, 5000, 25,000, some call us up want to pay off a mortgage. so they do it. we pay off the mortgage. so the generosity of americans is incredible but we do count on the droves of people coming together to go to ttt.org, $11 a month. that is how we're able to deliver 50 mortgage-free homes we did today. neil: i follow charities very, very closely and i don't want my money or anyone else's money wasted. 96 plus% percent of the dough of tunnel to towers, does what you said, that is ratio unheard of among charities worldwide.
that has it at the top. i have a more personal question right now. you were very wonderful to my son. he will never forget meeting you. i see this guy all the time. you know, brad, my son, what do you think? he said i'm on tv too son, if you ever catch me. no, this guy is the real deal. you walked all over the place. you had to be in great shape. you are in great shape but how did you avoid just falling away as an emaciated mess by the end of that? >> i'll tell you why. because i had four new york city firefighters, different guys, all the time, every single day book cooking for me. they made dinner for me. if you eat their food you will not wilt away. i was only guy that walked 535 miles t was quite a journey.
the truth of the matter we had so many great people join me on this mission of doing this work and, really it carried me through it. it really wasn't that difficult to be quite frank with you because the spirit of america was making every day so joyful and made it very easy to do but most certainly the spirit of my brother stephen, carrying me up some of those mountains, if you saw some of those mountains, it was a quite a challenge. once i got to the top, stephen, thank you for helping me. my brother is proud of the work we are doing. he would want to help all the families that keep on dying for you and i, neal. neil: absolutely. >> that is the least we can do as americans take care of families left behind and the tunnel to towers foundation we're the conduit to the goodness of america and generosity of america. rest assured, like you said, your money will go exactly where it is spoused to go and we're very proud of that. neil: you should be. you're not a braggart.
if i were doing what you were doing i would be bragging left and right what i did but every town you stepped in, people wanted to shake your hand, you made sure everyone who wanted to do that, take a picture with you , you did. that was remarkable, i tried to tempt you, track you on the road, hop in the car, keep walking. get out of my way, cavuto. you kept walking on and on. i would have found a way to maybe find like a train or something. but it is so good seeing you, my friend. best of luck with this, but again, a cause that has now delivered help including in this latest announcement of 50 mortgages paid off by families who really need the help and are now getting it. we have a lot more coming up, including another remarkable guy. you get used to seeing him in battle in harm's way. now trey yingst is here in new york city which is actually kind of similar.
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[sirens] >> get down. rounds being fired from gaza. that is the explosion right there that is the difference between life and death for many civilians living along the border. we'll move inside of a bomb shelter. you see families getting into the shelter. let's get out of the way. we're with a taliban unit inside of the afghan capital of kabul. patrolling streets for criminals but isis-k fighters. neil: you know his reports. you've been riveted by them throughout the collapse of afghanistan. plenty more reporting prior to that, but those are the memorable ones. that collapse and ensuing return to see what life is like after the collapse has earned him respect, note right around the world, talking about our own trey yingst. trey, hey, so good to see you,
in a suit no less. i didn't recognize you without the fatigues. that whole experience, the collapse of afghanistan later you know, getting a chance to see the taliban before completely taking over and now post the takeover what has it taught you? >> i think it taught me that humans are extremely resilient. the taliban doesn't represent the afghan people and there are so many innocent afghans trapped amid this conflict, many left behind who helped the united states over the past 20 years but how resilient these afghans are. you meet parents who lost children or adults who can't afford to feed their family and the pain that you see in their eyes, the embarassment and utter just collapse of any normalcy of life, it can be tough to consume, but also quite rewarding to be there to tell their story because many times if we were not there with our crew from fox on the ground, their story wouldn't get out to
the world. they would die, be sick, live under taliban control in the dark. neil: how did and why did they let you in afterwards? the taliban, you're on this truck with the taliban, you're walking around with them, you know their reputation, you know what they're capable of, and you went with them and you were tracking things with them. that had to be weird? >> it was very weird. they're killers. many of them signed up to be suicide bombers and wanted to show us videos on their phones where they blew up american troops. they were proud of it saying we would have killed you just two months ago sitting across from us now. i'm very clear with the taliban. i had the same conversation with leadership in kabul that i do all around the world with extremist organizations. the same conversations with hamas, islamic jihad, hezbollah. we're not there to help them. we're not there to hurt them but
tell people what is happening. if they want to cut a peace deal letting americans out of the country, we will report that. if they want to kill civilians and hang bodies of criminals from cranes we will report that. you can't show fear with these guys. they are some of the most hardened, violent and extreme criminals around the entire world and you have to be very straight with them and explain to them the role of journalists on the ground. if they try to intimidate you don't show any fear, you look them back, and say, you didn't answer my question. neil: still they're the ones with the guns. when you're following them around, sometimes right in their presence saying things i'm sure, let's say would make a normal politician blush they don't do anything but do they give you warnings? i don't want to give away anything but you obviously, they invited you to kabul. you obviously were pushing to come, to see what life was like. they said yes. and you got access that no one did but you had to be anxious?
so what made you follow through? >> they are human and they have emotions and they have motivations and they make decisions in similar ways that other humans do. so i always make a point to sit down with these fighters and have tea with them, talk to them about life, about sports, about anything i can try to find in common with them and that can be very difficult. i remember one time we were at the airport trying to get access to a hangar that had all the american apaches that left behind, it took two to three hours to get the official come into the room, say hello, sign off on us to get into the airfield to get the access we want to get. as we were sitting there, talking with fighters, i give him water bottle, thinking he would get a drink. i can make a bomb out of this in a few minutes, do you have any potassium? you are just baffled while any other conversation you might have with someone on hot day,
i'm parched, i could go for a glass of water right now, these guys are talking about making bombs. they're similar age. they are in their 20s. they didn't have a similar life experience but you have to find areas where you can understand them to try to dig in a little bit to understand why they do what they want to do. i think when we get there. we understand i'm truly trying to get a grasp on the truth, what they're doing, why they are doing it. they open up and allow us access other networks are just not getting. neil: 15 seconds here, called taliban 2.0 now. they are different. are they? >> no, they are not different. they look at cameras, and they have a great pr team. our job is to hold them accountable. when we asked them about the rights of women and bodies of they hung from cranes and why the future of afghanistan looks so dark. neil: enjoy your time in the
united states while you're back on the job. trey yingst, remarkable, the poise at such a young age. it is young thing that bothers me, trey, no offense a lot more coming up. dow jones industrials up 490. optimism not so of what is going on half a world away but what is going on in washington, d.c., where sometimes it can be just as unpredictable. stay with us. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
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neil: to the degree we are and showing u.s. debt clock where we things stand, obviously digger into deeper debt. we have $480 billion worth of wiggle room for next couple months to pay the bills we already have, limp along for eight or nine weeks or so that is relief to the markets that thought we were on the precipice of something far worse. forget about the government shutting down, maybe even forced to default on some bills, payments, bonds, social security checks. that doesn't like it will happen now. putting this in perspective, we all like good news, delays making tougher choices later that might work for you looking to take an exam at school or big deadline approaching the night before. the idea of having a couple months to think it through is
tonic enough for the buyers on wall street. stay with us. you're watching fox business. ♪ this isn't just freight. these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion, because it means everything to you.
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neil: well, they are coming together, sort of. they don't have all the is dotted and ts crossed, ultimately whether it will have some lasting value, but a debt ceiling agreement that prevents anything bad from happening on paper for at least another couple of months as the government has to scrounge about $480 billion over the next couple of months to keep things going. chad pergram on how this all looks and what happens next. hey, chad. >> reporter: good afternoon, neil. there is an agreement between democrats and republicans to sidestep a debt ceiling crisis. the senate plans to hike the debt limit by $480 billion. democrats believe they rolled senate minority leader mitch mcconnell. >> look, mcconnell blinked, so i think senator mcconnell took a hard look at the risks this was posing to the filibuster and decided that he'd ten aside and let -- step aside and leapt us move forward. >> reporter: but it takes all
50 democrats, and senator joe manchin says he would never support a change in the filibuster just for the debt ceiling. some republicans are mad as fire at mcconnell. they say he backed away from making democrats lift the debt ceiling on their own. >> -- understand why we're folding here. this is a complete capitulation. and the argument made yesterday was, well, this may be more pressure than two democratic senators can stand regarding changing the filibuster rules. that is not a very good reason. >> reporter: mcconnell's defenders say his gambit prevented democrats have having unlimited borrowing capacity for years. >> the majority didn't have a plan to prevent default, so we stepped forward. the pathway our democratic colleagues have accepted will spare any near-term crisis while
definitively resolving the majority's excuse that they lacked the time to address the debt limit through the reconciliation process. >> reporter: now, by the book this procedural vote won't be ready until saturday, especially if angry gop members hold out. that could push back a vote on the debt ceiling until sunday, and the house the middle of next week. neil? neil: chad pergram, thank you very much. it is rallying stocks today. the question is if it can hold. and tomorrow's jobs report could really clinch the deal. lydia hu with more on all of that. hey, lydia. >> reporter: hey, neil. yeah, tomorrow's jobs report could give some indication whether august's disappointing jobs numbers was an outlier or the start of a concerning trend. you may remember they were a miss of about 500,000. but setting the stage for tomorrow's release are the better than expected jobless claims from today, those numbers of americans filing for initial
unemployment claims fell for the first time this four weeks, and hopes are that the end of the federal extended unemployment benefits and seasonal holiday hiring will help with big retailers looking for workers at places like amazon, walmart, target and more. predictions are that half a million jobs were added last month. the unemployment rate is expected to slide down to 5.1% from 5 at any.2 in august. bacon is the latest victim of the supply chain and inflation. the average price hit a record high $7.09 a pound in august, that's a 50% increase over the past ten years. if that increase largely driven by uptick in demand and is rising costs. the biden administration also blamed lack of competition among meat producers. bmw reports that their car sales are sliding in the face of ongoing global chip shortage. global sales for bmw mini and rolls royce cars fell 12% during
the third quarter compared to a year ago, but note that total the sales for this year remain strong, up nearly 18% over last year. the automaker expects chips will remain in short supply moving forward, the company says sales could be affected in the coming months. neil. neil: lydia, thank you very, very much. is there a way to put a number on paper as to these inflationary pressures and how much they're ultimately costing the average american family? well, mark zandi, the moody's chief economist, has used his fine brain here to sort of crunch the numbers and came to a figure of about $175 a month. i'm generalizing here, but mark is kind enough to join us. mark, good to see you. how did you arrive at this extra $175 a month? >> well, this is what economists call back of the envelope calculations. so consumer price inflation is just over 5%, let's assume that that continues at that pace, you
know, that's debatable, but let's just say 5 percent. typically it's 2, 2%. the difference is 3%. 3% of $70 awrkz a -- 70,000 a year, the median, assuming inflation stays at 5 percent which is probably not the case, but this is an exercise. neil: and, again, it differs for different families and what their priorities are, if you really love bacon or chicken -- >> i love bacon but i can't eat it. neil yeah, right, exactly. or if you want to go the other route and eat healthy the, you might get off a little lighter there. i'm wondering inflation in the aggregate short-lived, right? i mean, it sticks around for a while. where are we in this cycle now? it doesn't have to be, obviously, '70s type prolonged
pressures, but typically how long would it last? >> well, in this case i think it's short-lived. i think it's already peaked because it's tied to the pandemic, you know? the pandemic has scrambled global supply chains. delta really messed things up. southeast asia, malaysian chip plants had to shut down, and that's why bmw can't sell cars because they can't produce them because they don't have chips. as the pandemic winds down, same with the labor market, right? you've got all these open job positions. they're not working because they've got to take care of their kids, taking care of their parents, they're sick or taking care of sick, and so as the pandemic winds down, and hopefully it does, these problems will start ironing themselves out and inflation will moderate. now, i don't think that happens next month, but a year from now i think inflation will be headed south, and by early 2023 i think
we're back closer to 2%. neil: now, without politicizing the matter, i don't like to do that on this show or any of my shows, but the government spending, the argument here from republicans is that that will be inflationary if it instant already because the -- if it isn't already. democrats counter, i know i had austan goolsbee here, barack obama's former economic adviser, but he said, yeah, you have to remember it's going to be over ten years, the impact isn't nearly as strong. even allowing for that, mark, i'm just curious what you make of the notion that all this send spending isn't going to help that inflation situation, that at the very least it's going to keep pushing it. >> i don't know, it depends. depends on the size of the package, it depends on the size of the budget deficits that result. so the package could be large with a lot of pay-fors, that's one thing. if we get these big budget
deficits -- neil: we almost always do with any government package, right? it would be rare that we didn't. >> yeah. but let's just say it's $2.5 trillion, and let's just say they paid 1.5 trillion, so that gives you 1 trillion in budget deficits over ten years, $100 billion per annum, that's about a half a percent gbp. if that's where we land, then, no, i don't think this particular piece of legislation that we're talking about right now is going to contribute significantly to inflation down the road. i don't think that'll be the case. if it lands bigger than that or smaller than that, then, you know, we could land on either side of that statement. but if it lands roughly where i think it is, no, i'm not worried about inflation. neil: i hope you're right on that. i'm also, we're talking about the 25th anniversary here at fox, mark and i have gone back even further, 40 years ago around this time there were ads for, you you know, cds fetching 15, 16%, yields were rocketing,
but you could at least do well on relatively conservative investments, and that was killing the stock market because there were these alternatives. now everyone's the opposite view. yields can't go, you know, much lower here. we don't have to worry about that because we're kind of in a fixed range here. but they said, you know, 40 years ago that, look, horrible, horrible time for bonds, interest rates going to be around these levels for years and years to come, so could we be wrong on the op sent edge of the -- opposite end of the equation now? >> yeah, sure. the thing we missed 40 years ago was the oil price shocks. we had the oil embargoes, and back then the nation was highly dependent on oil. we consumed a lot more oil than we produced, and so when oil prices rise -- and also back then the federal reserve didn't understand the role that inflation expectations played in
long-term inflation. they thought, okay, higher oil prices are killing the economy, i'm going to keep interest rates low to try to help the economy out, but that just fueled the inflation, inflation expectations we got until we started to spiral. you know, that could happen, something like that could happen again, for sure, we don't know, but i'd say the probability of that at this point is pretty low. neil: all right, mark zandi, moody's chief anyist, great seeing you -- economist. great seeing you. many, me mails, at least the few that are very nice to me because most are are not, it's a vulnerable thing, but we're going to explore on the 13th inflation and is what's really going on. i like to remind people that inflation only sticks if you keep paying those higher prices. but we're going to get into it on real estate and whether the value of your assets, that's inflationary too if they're running ahead. but we want to hear from you
email@example.com. let us know how you feel and what your worries are and what kind of questions you have about where this goes from here. again, on the 13th we try to not make that an unluckily day for you. brian kilmeade is here. this guy works so many shows, so many different things, best selling author. there's a guy printing the money, right? and there's a guy who's his own inflationary bottle, and he's here. and he's looking at baseball as well to understand something called the playoff season, after this. ♪ ♪ (vo) while you may not be running an architectural firm, tending hives of honeybees,
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they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 >> now, the sports guy, brian kilmeade. i'm thinking about it, we are friendly. stick around, all this and more is coming up. if you want to know where my scripts are, just look up there. [laughter] sports guy ever been attacked on camera? we're still looking for a new name for our headlines. on friday we had kill immediate's clipboard -- kilmeade if's clipboard. neil: all right. i'm talking to my friend brian kilmeade. you know, it's been a remarkable
career, remarkable 25 years at this place, brian. >> right. and, of course, clips of me with the yankees. neil: remember them. >> right. neil: the experience, and you know what it was like in the early days, people dismissed us, laughed at us, it went way beyond politics. the squish 'em like a bug comment was kind of universal, that we were just not liked. >> what's so interesting is immediately the psychology was embrace it. don't be embarrassed. oh, they think they're going to beat us? good. put the headlines up in the newsroom. guess who else had something negative to say about us? we kind of liked the underdog status. you and i, we were proud of the fact that everyone was getting paid more than us -- [laughter] neil: you're paid? >> right. [laughter] we had less people, we did more programming, and we did it at just that basement level. and they used to be embraced in all the messaging, and it still
is. i don't know how you feel about it -- neil: no, you're right. you are actually working a hell of a lot harder now than you were back then, and that applies to a couple of our colleagues. >> couple things. it's opportunity. people say, hey, you do other stuff, well, i'm asked. i wasn't necessarily asked for whatever reason are. this team is asking meed to do stuff, and i'm saying, fine. who wouldn't want to -- neil: i just barge into a studio. >> you're right. and your name's on everything. neil: that's a patent thing. >> your name's on everything, it's cavuto. neil: actually, they can't replace me. >> i'm not really sure, but they put in a lot of money. neil: why are you doing that? >> have i just love it. i can't believe the opportunities we have. and what we're doing now is not niche. for example, if we love painting or doing something we have a passion for, okay. it turns out what we have a
passion for, everywhere we go, every barbecue, every train ride, every plane ride everyone's talking about what we do. the news. i've never seen such passion and people weighing in on the news with opinions. neil right. >> happy, upset about an election. well, we actually study it, get contacts, talk to people in the breaks and on the air to get the latest information on things that matter most. to me, i can't believe it. if i was just doing sports like you were rolling those clips and, sadly, i was going through that phase for -- a vest phase for a high. i wanted to be neil v.a. due toe -- cavuto. neil: this is paint. >> i thought it was a snap-on. [laughter] but sports, all this serious stuff, we're covering elections, and if i was covering the wildcard playoffs i'd like it, but i'd run right to find out what was happening on the laptop. neil: yeah. you sell yourself short a lot of times, you kid a lot, but i always tell young people, we
tell our kids this, it's not how smart you are, and a lot of people are smart, it's how hard you work, and you're working your ass off. i do think that is kind of the deal, you know? there's no substitute for it. >> i would add a come things. people say is i've got this great job. i realized after 12 years of trying to get a job like this, it's like walking into the yankees stadium when their name was the highlanders, and you see the potential. you thought, wow, if they get the right players here, it's a perfect location, they could build a legacy. i really felt that way when i came in about a month if after, started filling in. i go i cannot believe the energy these people have, how driven they are. i hope i can hold on. and it turns out this was the yankees. this is the yankees. neil: is this a baseball reference? >> come on, neil, you know that. [laughter] neil: let me ask you this, because i get in very, very early, i'm watching you guys, a lot of people don't know this --
of course, they see it and hear it, your sense of humor, it's -- i call it like a bob newhart. i've heard this from those who aren't necessarily fox fans, they get a kick out of that. and i wonder, is that a thing you balance out? because you know some of the things you might say or bring up on the show, but with a zinger or a barb or a laugh at yourself kind of moment, it's almost like you deignite the situation. >> yeah, in a way. i mean, we're doing a lot of serious stuff lately, especially the things that's happening in afghanistan, not the time, you know? inflation, people are paying $175 more for their food, you don't mock that. but if there's stuff in between where we can have fun because you know what our jobs are? to be the ourselves. slice of life. this is slice of life. it's not broadway, you know? i don't look good in tights, and i'm not really a good actor, which is another story. neil: you've got a razor sharp,
fast comedic mind. >> well, thank you. it's the italian irish upbringing. neil: same thing. >> get in, get out. neil: so you work hard and feel guilty about it at the same time. >> and the catholic, i didn't figure in the catholic. neil: you have another book coming up? >> yeah, i'm pumped up. sadly, it's still in the news, race in america. where it started, the convulsion of the civil war, what happened after and before, abraham lincoln, frederick douglass and their battle to save america's soul, and to see these men battle it out and the dialogue they had and who we have in our news today, not dissimilar. neil: he doesn't like to brag, but -- >> i do love to brag. neil: i don't. it's a quality thing. >> but, but -- neil: he is wrong the author stars here as i follow those numbers. looking forward to that. fox nation, the radio thing, the show in the morning -- >> right.
what were we supposed to talk about? neil: futures, but we just -- [inaudible conversations] >> according to my -- neil: don't look at me in the eyes. >> stay away from magnesium. neil: hold on one -- [laughter] >> you actually want me to -- this is how you do -- neil: there he goes. there he goes. >> all right. bye, neil. neil: do catch him, do follow him, you know? i'm telling you, when i got into this, what makes this place click is we don't take ourselves all that seriously. we take you seriously but not ourselves. after this. >> bye, neil. ♪ the boys are back in town. ♪ i said the boys are back in town ♪♪
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neil: government that's promising tood taxing too much, and it's going to pay for it in spades. but we don't see that, do we? >> neil, you must -- i'm not saying 50%, but some gold to protect yourself. neil: you found a way to make money off of armageddon, which i deeply admire. >> i'm not saying -- no. [inaudible conversations] >> i did reporting on this. neil: back by popular demand -- [applause] neil: who let the nuts out? [laughter] >> valued the concept of permanence. they live in a world of cyber space, os and 1s -- >> you guys are so --
neil: -- all types of institutions. you kids out there might want to tune in, because the boomers are back. all right. and they are back. we've resurrected -- we started thinking, you know, what was something that throughout the history of fox, i love fox business, just to listen to response, and maybe we just didn't appreciate it enough because we didn't appreciate ourselves. the rumors, they're still there -- the they're still boomers and, unfortunately, they're all still here. [laughter] they really are. great cast of characters. charlie brady, our fox stocks editor, much, much more, he's our senior resident genius. liz by macdonald -- lizzie macdonald, and this is gasparino. i don't know how to describe that, just to say it's gasparino -- >> i'm bitter. neil: you're just bitter. [laughter] here's a guy that could be birth because he's not with us
physically, but he is here, steven lee, lee capital management. we put him in a truck somewhere, but he's here, and we're very, very happy to have him. welcome to all. >> i can't wait to hear lee weigh in on amc and the meme stocks. isn't this crazy? i mean, these kids -- by the way, i get attacked on twitter for being a boomer and not understanding meme stocks that don't make any money but are trade at these -- neil: oh, so you did get my tweet. [laughter] >> i thought this was neil's show. neil: whoa! uh-oh, no, you didn't. [laughter] a very good point, all these investment -- [inaudible conversations] neil: lizzie, think of that. meme stocks and everything else, they rise, they fall, all of a sudden technology stocks, they rise, they fall. of course, they're all coming back up, but what do you make -- are they sad? >> go ahead, charlie. i'm using a lifeline here. neil: okay. >> the big fad that was kicking off when you went on the air 25
years ago was the dot.com bubble. neil: that's right. >> and we know how that ended. neil: and that one's still raging. >> at least that was a technology. these meme stocks, i mean, think about it, amc -- neil: well, the meme stocks are the internet -- you don't buy that? >> these are old technologies that somehow a bunch of kids in their moms' basements trading on robinhood say is, hey, let's band together and buy these crappy stocks because maybe we can create -- neil: with the same froth over them. you don't worry about that? >> it's the same froth but it's different because amazon -- i mean, amc is, like, so yesterday. neil: well, i don't know, their theaters are packed. >> that's true. and at some point, you know, why wouldn't tesla be considered a meme stock? i just feel like it's a fake category for some type of pump and dump scheme. so, you know, there's -- and how do you do price discovery in
this kind of environment? it's ratcheting around faster -- neil: you're giving the perspective -- [inaudible conversations] but if i could just get back to subjects i understand, let's take interest rates, right? >> there's no -- anywhere -- neil: i beg you to stop the discovery thing. so let me ask you about interest rates. they're very, very low, but they're going higher. and a lot of people are shocked they're going much higher, and i say they'd have to double to be anything approaching what we knew, you know, years ago. do you worry about that, that we get -- >> you are, i worry tremendously about it. you're so right. i mean, interest rates are are just one example of a society and an economy that is so far out of order. i mean, we are so focused on things that make no sense whatsoever. climate change. it's not going to, you know, change the world. but we'll change the world -- what will change the world is
absence of resources. i mean, why don't we focus on things that are really relevant? you have books coming out by leading scientists, scientists that advised obama. no one reads them. no one reviews them. not talking about the science magazines. i mean, i'm talking from a bitter boomer to an apoplectic boomer do -- neil: you don't really have anything on interest rates. that's fine. [laughter] [inaudible conversations] >> they have to go higher. >> [inaudible conversations] neil: when you get that though, right, guys? brady, you can help me with this. it's the perspective that i hear. i was talking to one of the young crew members not here today when rates went over 3%. i missed boat, i missed the boat. 3% is what my wife and i were paying per day, but there's a whole generation that doesn't know that -- >> a generation that doesn't remember you have to push the horse to make it move -- [inaudible conversations]
>> wait a second, but, neil, you're making a good point. you know, we have a whole generation of investors piling into social media have never experienced a rate hike, how will they react with meme stocks? neil: well, they are reacting. i -- >> i mean, in that event. neil that's a very good point. we don't know. >> i want to get china in here, but -- china! [laughter] >> you know, you're right, charlie. >> you know, we should say these kids are, like, screwing around in these markets, you know, with stimulus checks and, you know, they have nothing bettered to do than to trade dog coin, what's it called? neil: dogecoin? well, they're not all doing it. >> a lot of them are. neil: you're an idiot. >> and it's wayne's world. neil: and the problem with that is? [inaudible conversations]
[laughter] charlie, you've seen these economic cycles -- >> the market thrive in the '90s. 25 years ago today the e 10-year was at 6.5%. it crossed over 1.5% this week. there's a lot of room to move. [inaudible conversations] >> yeah, i want to jump in because if interest rates start running up, how do we pay our debt? how do we pay -- i mean, we are trapped -- [inaudible conversations] >> millennial class, steve, when doggy coin goes down in value is. neil: dogecoin. >> it's a disaster. >> it's a disaster. >> it's a disaster if doggy coin goes down. i mean, that's what the millennials -- neil: [inaudible] >> by the way, my producer, ellie, just remindedded me, she's a millennial. neil: yeah. well, you seem to lump them all together. whole generations have come up after them since we've been on air. millennials are like the bitter ones. >> who's the ones after the millennials?
>> i just have to say something. how you character characterize the world -- [inaudible conversations] neil: but a lot of people -- gen-z,. [inaudible] neil: you don't have to answer of my questions, but this market now, do you think it's overpriced? >> yes and no. i mean, no, if you look at where interest rates are, and we don't have anything like we had in 2000. i mean, these big cap stocks today are not much more valued than the s&p 500, so from that point of view you don't have the kind of froth. in the meme stocks, yeah, you have crazy froth. that doesn't make any sense whatsoever -- [inaudible conversations] neil: charlie -- an editor looking at whole picture, do you see any signals here that would remind you of scary octobers past that we should bear watching. >> well, this market has really
been -- >> i've seen things -- knox. neil: i've moved on from you, steve. >> -- the markets being the thing for internal growth and organic growth, and that's what we don't know. will that transition be smooth, will it be bumpy, will the market continue higher -- neil: markets are always about extremes, right? are we in an extreme -- >> i think what you guys started out was interest rates. >> i appreciate that input. this is such an informative segment. [laughter] neil: gaspo, what do people tell you? are they worried? >> they're worried for the facebooks, the apples. those things correct pretty fast based on regular fundamental things. it's how many people, how many of these moron millennials and gen-zers, how many of them have piled in to these meme stocks, and when these things deflate -- and they're being pumped up -- neil: do you feel the same way about bitcoin? is it in in that category?
>> i like bitcoin as -- >> no, i think -- >> it is -- too much froth. neil: do you think it is? dr. lee, do you think it is? >> guys, bitcoin is dangerous. it's dangerous because it consumes about as much energy as all the solar energy that we have in this world right now. that's what bitcoin is. if you want a coin that does make sense, ethereum -- >> there are so many s&p stocks right now in a bear market already -- >> that's what i'm saying. neil: and when that happens, does it always turn out that a selloff follows -- >> no. neil: it doesn't, right? [inaudible conversations] >> always a selloff no matter what happens, there's going to be a selloff -- >> when you have interest rates this low for this long, you're going to create new asset categories out of thin air. >> that's right. >> doggy coin -- there's nothing backing that up.
even that, think about it, why is amc -- by the way, movie theaters are not, have not come back to 2019 levels, not even close. neil: they were packed this past weekend. charlie -- >> look at 2019. neil: charlie, amc, look at this -- >> this time in 2019. neil: we're filling them up again. >> amc is a -- [inaudible] >> i really don't even go to movies. i'm a streamer. i'm a dreamer and a streamer. neil: all right -- [laughter] >> i'm a stream ther as well. amc is just an undercurrent to all the nonsense that you see today -- >> right on, brother. right on. >> it is. neil: all right. >> i mean, this is just a nonsensical world right now. neil: you know, steven, i want to thank you. i want to thank charlie, thank you, wicked, terrific. >> by the way, can you get steve to say china once?
neil: could you say the china thing once? >> china. [laughter] not only will i say china, we have to cooperate with both europe and china right now, unfortunately, to get out of the hole that we're in. that doesn't mean that that hole is going to fall through the ground immediately, but it's going to happen. you cannot have interest at 1.5%, inflation at 5, who the hell knows how high. neil: can't carry that. >> looked at energy. we're pro-carbon. makes no sense! nothing! neil: got it. >> we've got to stop cooperating. neil: all right. steven, always good. thank you guys very much. bitter boomers. i think it should. you young ones out there, you've got to hear this wisdom, that's what they call it here -- [laughter] and only here. boy, it's been a fun 25 years. we'll have more after this. ♪ ♪ i can't get no satisfaction.
♪♪ >> in early this morning, neil -- neil: whoa, whoa, whoa. >> you know, i like to use our telestrator -- neil: mcshane? >> that's right, mcshane coast to coast. i wrote that myself. honestly, that looks pretty good, doesn't it? neil: how childish is this? [laughter] you just wrote your name -- >> i'm a 12-year-old. neil: -- over mine. >> exactly right. neil: there we go. [laughter] we've that some good times here. that was not one of them. anyway, connell mcshane, my friend and colleague for many, many years right now joins us out of rapid city, south dakota. a lot of big news going on, but that is kind of in our dna, just to be a little bit wacky. >> five years ago, i think?
neil: you're not quite boomer material. you haven't quite lost it yet, but i'm optimistic. just give yourself some time, the you could get there. [laughter] >> yeah, yeah, give me about ten minutes. that was, like, five years ago. i was trying to get rid of you, putting my name in place and, well, you're still sitting there, and i'm in south dakota. no offense to south dakota, of course -- neil: yeah. [laughter] what are you doing there? >> i don't know. well, you know, we've been talking the over and over, neil, for months about, you know, the labor shortage, about how nobody can find anybody to work, right? south dakota, they actually ditched the enhanced unemployment benefits earlier than anyone else did, back in june, pretty much earlier than anyone, but they still have a worker shortage. we're looking around here, we've been here a few days and just about everybody's hiring or trying to. the minimum wage is $9.50 an hour, but the average job
posting is $22 an hour, and they still can't find people. we spent some time at the brand new arena, it's called the monument, and the executive director's having trouble staffing up for a concert coming up. no choice, he has to be ready. >> we're automating as much as we can, taking different ways of serving and things like that so we don't have to use bodies to do it. but also, i mean, every one of our management here, every one of 'em are working. i mean, the other day i was plating food. yesterday i was moving garbage cans, you know, cleaning a bathroom. whatever it takes, that's what we have to do. >> yeah, they're doing whatever it takes as well as face technologies which is a local manufacturing company. the ceo, nate kingsbury, has raised wages for his workers and new hires. he's still short staff ised though, and -- staffed, and he's convinced it's here to stay. >> we don't see these prices as
being transitory both from a materials and labor standpoint. prices are on the rise, and as an industrial manufacturer, our price increases typically trail the market. so once they're here, they're here to stay. obviously, we're not going to go and cut our workers' wages if the economy starts to downturn. >> yeah. that's the real question about whether we're in some sort of a new normal here. kingsbury and others are concerned that the worker shortage is not going away anytime soon. the retirees stay retired thed, don't come back to the work force and others who have left stay out of it as well. if that's true, neil, you think about it, inflation may be here to stay as well, not transitory by any means. neil: it does have a habit of sticking around. and love having you around, connell mcshane. some great memories, great times, great laughs. stay just as you are. connell mcshane on all the latest developments. the dow up, what do you think the dow was, by the way, when fox was starting?
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scheduled to have a summit, but it will be a virtual affair. edward lawrence, what is this all about? >> reporter: this really grew out of that phone call that the two world leaders had, president biden and president can xi. that last september, september 9th. and during that call chinese sources were saying that the biden administration, that president biden asked for a face to face meeting with the chinese president, and the chinese president said no. the white house saying that's simply not true. fast forward to this week during a meeting in zurich, envoys for both sides worked out a virtual meeting by the end of the year. a senior administration official telling me this, this is part of our ongoing effort to responsibly manage the competition between our two countries. white house press secretary jen psaki could not say exactly when that meeting will happen. >> of course, we continue to believe that that leader-level engagement is an important part of our effort to responsibly manage the competition with china especially given the coalescing of power in chinese leadership. we're still working through what
that would look like, when and, of course, the final details, so we don't quite have them yet. >> reporter: this comes at a time that china's flexing its muscles with hundreds of military flights into taiwan air space, the chinese not living up to the phase one trade deal, and the administration wanting to reset the economic relationship to try and figure out how to streamline the supply chains coming off the china. all eyes will be on this meeting to see how president biden handles and what kind of tone and tenor he takes with the chinese president. president biden has said he wants to rally allies before he went ahead and stood against china. now, i do want to make one more point, neil. the past two segments you've had guests on with perfect tv hair -- [laughter] i just want to leapt you know that we've got to keep it real. we have to keep it real now. [laughter] neil: well, you are that and -- >> connell mcshane -- neil: no, i hear you. and as we all know, this is paint -- [laughter] you're quite right. but, edward, thanks for all your
hard work and further building the expanded fox brand on fox business with incredible reporting and a very, very nice attitude. very congenial. by the way, when we talk about the 25th anniversary of fox news and, of course, leveraging off of that like, you know, a popular tv show that gets spin-offs, same with fox business, you don't get to meet all these personalities. we live in very vitriolic times, everyone has extremes, but people here are genuinely nice people. they're good people. they love what they do and they show it. we live in passionate times, but the only passion for these folks is they love what they're doing, and they love to show that. you're looking outside our headquarters where they're really globing up that 25- gobbling up that 25-foot cake. all i asked for is an 8-foot slice, and it looks like that's gone too. stay with us, we have more delicious programming coming up.
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airlines are scrambling to find enough pilots, people, plan what they expect to be a very busy holiday travel season. these are more reminders here, a lot of concerns about the pandemic, some of these cases spiking are easing to the point that a lot of these guys are looking to expand business and meet demand they're convinces is around the corner. something my buddy charlie payne has been talking about some time. he joins us right now. hey, charles. charles: thank you, neil. happy 25th anniversary, my friend. >> you too. charles: my name is charles payne and this is "making money." i said it a million times and say it again, the resolve of this market is remarkable and shouldn't guess when this rally is over. the latest reversal last 24 hours is proof. bitcoin, you never needed suit to tell you it was the real deal. i have two crypto