tv Cavuto Coast to Coast FOX Business November 11, 2021 12:00pm-2:00pm EST
is worth well over $90 billion, much more than general motors or ford. it is "friday feedback" tomorrow. don't forget, varney viewers @foxbusiness.com. send in questions, videos, whatever you look at fox.com. regrettably my time is up this thursday on veterans day. neil, it is yours. neil: thank you very much for that, stuart. for all the veterans out there of course, we remember you, we admire you, we are in awe of you, next couple hours we'll get a sense how much we're in awe of you, what is being done because of you, what is being done to return to the favor to you. welcome everybody, this is "coast to coast" on fox business. couple things before we get into political details unnerving wall street still. what is going on with the
overall inflation rate. most are really convinced we're past deciding whether it is transitory or it is not. whether what we're doing to address it is enough. growing concerns that the administration, even the federal reserve are botching it in terms of the response to all of this. let's go to edward lawrence first at the white house on how the president and company now plan to deal with this. there is only so much they seem to be offering for the time-being. reporter: yeah, not a lot of offering of action. before we get into that, i do want to say thank you to the veterans that is the reason i can stand here and report this stuff to you but the data coming in really shows inflation is rising pretty quickly. 6.2% cpi inflation. that is the largest 12-month increase since november of 1990. that is the month and year that margaret thatcher, former uk prime minister announced her resignation. president biden, is touting the fact that the unemployment rate is coming down, wages are going up, but in the process, taking
some blame for the spike. >> irony people have more money because of the first major piece of legislation i passed. all got checks for $1400. more people with money buying product, less product to buy, what happens? the supply chain is the reason. the answer is you guys. i will get to that, but what happens? prices go up. reporter: now the fact that food prices are rising 5.4% year-over-year and the overall energy prices are up 30%, both outpacing wages, are causing some democrat now to second-guess more spending. senator joe manchin saying on twitter, by all accounts the threat posed by record inflation to the american people is not transitory and instead getting worse. republican senator tom cotton saying passing the social infrastructure bill would be a mistake. >> the inflation we've seen is shocking. the reports this week i think shocked even some of those who were predicting high inflation rates.
even in the democratic party, even people like larry summers. what does joe biden want to do? shower economy with trillions more spending. continue to pay people not to work that will only drive up costs even further. reporter: but the white house saying the fix is more spending because eventually that social infrastructure bill will end upbringing the cost of living down. neil. neil: so they hope. edward lawrence, thank you very, very much. jackie deangelis is here taking a look at how widespread this inflationary situation is getting to be and in how many states and its implications for certain midterm election about a year from now? reporter: these numbers are pretty important, neil. 6.2% edward mentions year-over-year is a 30-year high. what is interesting though regionally some areas are feeling it worst than others. take a look at the map. the yellow and orange areas are the lowest. those are the coastal areas, those areas are largely blue states, california, new england, et cetera, but the deep burgundy
states, inner more rural parts of the country are feeling inflation rates north ever 7%. why are the figures skewed by region? well cost of living in rural parts of the country in general, gop favored states are generally less than the coastal democrat regions of the country. so the increases are more palpable when you go inland. now in 23 states right now inflation is trending higher than 6 1/2%. of those 23, 18 are gop states in the 2020 election. talk about fall inflation as well for a moment. higher fuel costs is one of the fires. that was intended pun, neil, under inflation right now. in all u.s. states the average price for gas is over $3 a gallon but much higher in certain states like california because of regulations and trans powertation. that said, the cities that have seen the most fuel inflation, houston, for example. texas generally has some of the cheapest gas prices. so recent rises they're going to
hit those people really hard. it is felt less in california because prices are generally always high. the bottom line prices continue their rise. experts can't say when it will stop. you mentioned the term transitory. taking on a different meaning for all parties using the term. what is transitory to the white hours and the fed may not feel that way to you and me. neil: i always love the way they explained this. we appreciate the magnitude of the problem but as if they were reminding americans we're all too familiar with it what they see every single day. you don't have to be on the right or left to see you're losing a lot of green. >> for biden to essentially blame the consumer breaking the supply chain, that is taking it one step further. neil: fair and balanced. thank you very much, jackie. there are a couple ways to address this if it is getting out of hand. if you're the federal reserve you could raise interest rates. that is another way to how unpleasant. another way the government to
cool on spending that might be a leap where they stand now. dan getter, carol roth investment banker. carol, we know what has to be done when you're facing an inflation nary threat. those two options are unpleasant to at love folks. the federal reserve hiking rates and or the government cooling it on spending. neither seem at least immediate. what do you think? >> first i want to thank all these veterans for their service and their sacrifice and unfortunately we know everybody knows what the answer is unfortunately not everyone particularly in government has the courage to act on that. the fed should have raised interest rates a long time ago but the reason they're not raising interest rates is obviously that they know the amount that it is going to take for us to service the debt, the amount that we're paying on interest on everything that we've already bought. eventually it gets out of
control as interest rates, interest rates rise. say that 10 times fast so certainly that is the reason why they have been slow and behind the eight ball. the government spending, government spending should be coming down regardless of the inflation issue. to throw more spending in this particular point in time would just absolutely be insane. so whether you think that the government is evil or incompetent, it doesn't matter. the outcome is the same. this hurts the middle class and the poor. neil: dan, i want to help people get a sense where we go to from here a lot of people of a certain age like myself, for example, begin to think could this be another '70s deal, long gas lines, paying through the nose, economy slows down, prices go up, stagflation, double-digit rates, all of that. or is this going to be a little tamer? how do you see it playing out? >> well let's hope that we don't head down the path where we have a repeat of the 1970s with
unbelievable interest rates, neil. i know, you know, you may want to talk about what your first mortgage rate was, i teed that up for you. neil: that will be enough out of you. >> but the point is, do i think it is going to get to that extreme? no. but us why the fact that we're seeing this trend and the federal government is failing to act and it seems like they're in denial but actually they're not, neil. because they understand by raising interest rates what is going to happen? that is going to have an impact on the economy and it is going to have an impact on the stock market and no president wants to be in office where we see a major correction in the market. and that very well can happen if inflation continues and there has to be an upward tick or steady upward tick in interest
rates. neil: carol, think about it, most americans are better financial shape going into this inflationary spike than they were in either of the '70s examples, early '70s, later '70s, but you know their balance sheet which had vastly improved during the whole pandemic, they have been spending that money. a record number ever home equity loans, tapped over the last quarter, and i'm beginning to wonder if they're now piling up the debt again and is that a worry, especially if the cost of that debt rises? >> i think one of the challenges we have when we talk about this economic data as we like to look at things holistically, so we like to say, people are doing better on average but, again, the people who are benefiting the most are the ones who came into the cycle with the most money and so if you really start to look at the individuals, even though the averages may look
fantastic, i think there are a lot of people who continue to struggle. we know what happens to small businesses last year. we know what happened to a lot of people who weren't in that position of economic strength. so i do think that there is a concern that we're overstating, oh, well, people seem to be doing okay but, again we had this, sort of wealth and value transfer that happened. i think it is very important to be concerned about those who are in the middle class and who are poor potentially taking on additional debt. really just struggling to get by as they see every single one of their dollars that they earn be able to purchase less. neil: dan, if you look at the market as a whole, you look at the earnings mostly complete from the latest quarter, very few cases of worrisome guidance or, boy, we're behind an a eight ball. that obviously has been sort of like providing support for
stocks, again, today, so far notwithstanding but what do you make of that in that companies, by and large have been able to pass along these price increases or deal with these price pressuring sure for now? >> well for now, neil, the key statement there, at some point you just get to a cap in how of people are willing to pay for whatever product or service is being put out there. so prices cannot go up forever but let me say this about how the market is also reacting. it seems like well, with all the inflation, why is the market going up? it is because the fed is essentially propping up the market by keeping these interest rates artificially low. and i have said it over and over, where are investors going to go? you need to be able to keep up with this inflation and the answer is, the market. and that's why the market
continues to do well. neil: all right. we hope it continues that way. we'll watch very, very closely, guys. i want to thank you very much. on this veterans day, we honor the 100th anniversary of the so-called tomb of the unknowns, it is worth pointing out on this special day average americans, can and indeed are laying flowers at that tomb. this is special day at the lincoln memorial where the names of some 7,000 plus soldiers who have died since 9/11 are being read aloud. as we recognize the people for whom, well everything we have is on them and we're grateful. stay with us. ♪
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was the selebrant of that special day, the first day we recognized the tomb of the unknowns back some 100 years ago. another footnote on taft, the former president, he is buried at arlington national cemetery. nowhere on his tombstone is reference to the fact he was a president of the united states, very much reference that he was a chief justice of the supreme court. you learn a lot on this special day. as you remember, so many special people including the better than 7,000 soldiers who have lost their lives since 9/11. now of course on 9/11 in new york, and in the pentagon, in washington, shanksville, pennsylvania, you hear reading of the names, those who lost their lives that day but we forget, far more than double that lost their lives in battle, remembering that day, tried to make sure we don't see another day like it. that is going on right now at the lincoln memorial.
griff jenkins is there with more. reporter: neil, as long as you're talking about firsts, this is the first time that the 7070 heroes who answered the call in the last 20 years to fight in our defense in the war on terror, this is the first time their names are being read. they have been going a little over four hours. they started 8:00. we are only at h. will take a while to get it read. we're meeting gold star families janice her husband died serving overseas in afghanistan. chris, what would your husband think about this day and to you, so many of the gold star families? >> chris was a patriot first and foremost. he loved his country. today to honor those that we lost it means everything and he died with two other, two other marines and you know, to be able to read their names, make sure nobody forgets is critical. reporter: it is the first time all of these names have ever
been read. does it surprise you it is the first time? do you think it means that we'll hear things like that happening again? >> i hope so because i think people forget how many, just how many people we've lost over the last 20 years. you know, just, for people to remember, this war has been going on for a lifetime now and make sure that we don't forget those people. reporter: chris, i have to brag about your husband. also a firefighter. >> he was. so he was fdny. and he was also in the marine corps. he went into the marine corps when he was 29 years old. turned 30 in boot camp. he loved to serve the people and loved to serve his country. he was bigger than life. reporter: shannon, you and i have been talking. you're trying to get a monument to follow this reading. you want a monument to permanently honor those that fought and died in the global war on terror. >> there are amazing people to have the monument built here on
the mall and making sure that it get as place of honor because right now, they are trying to move us to a secondary location t needs to be right here where we continue to teach our children about all the sacrifices made by those people during those 20 years. >> shannon, thank you for your husband's service. and for talking to us. final note, neil. the last 13 names that will be read today, are the 13 servicemembers killed in afghanistan in august. neil? neil: wow. incredible. just an incredible story. griff jenkins, thank you so much for that. you know, in case you have any doubt of about the workforce and the mindset of veterans, just think about this, they are incredittable workers and maybe given their schooling and logistics and all of that, they're pretty original workers as well. jerry flanagan is a u.s. army veteran and you know was the type of guy that came up with an idea, look, i mean there is a lot of young people have, they want to get rid of, leave it to him, a veteran said i'm pretty
good at this logistic thing, i can figure it out. it has grown to a thriving business. hers on the side of hiring veterans to help them out. he was kind enough to join us today. thank you for coming. >> thank you, neil. neil: first off i want to thank you for your service, my friend, but more importantly what you have done since then to build on that. tell us a little bit what jdog brands is about? >> sure, my wife and i started jdog 10 years ago started with a truck and trailer. they loved the fact that we hire veterans. we hired veterans from the va hospital. it exploded over the last years. 260 locations, we have jdog carpet care. the mission get unemployment under 1%. the best way to do it is veterans in a franchise and hire their brothers and sisters.
neil: they're getting up in the early in the morning, they know what it is like, the rigors of doing anything. they are committed to that. key on that type of hiring here. what response do you get? >> it is fantastic. i mean veterans do not want to be isolated. they want to work with other veterans. they team up to go out on challenges of hauling junk or cleaning carpet or cleaning floors we take a real push on passion, respect, integrity and the customers see that we're on time. we say yes, sir, yes, ma'am, people miss that. the veteran angle makes sense. neil: i always get a kick i have a chance to talk to many of your colleagues and they call me sir. i think it should be the other way around. looking how special today is, the 100th anniversary of the tomb of the unknowns, americans have the opportunity to lay flowers, wreaths at this tomb themselves, it is is great.
veterans need to be recognized really every day. at jdog we are recognized every day. we drive around in the cool camo trucks. you see the big dog. driving down the neighborhood, the kids run around wave at us. they treat us as superstars. we go into someone's home they feel they trust you. we're able to celebrate veterans day every day at jdog it is great. neil: jerry, of the jdog founder around ceo, paying it forward in more ways than one. jerry, thank you very much. back to corner of wall and broad, we have a selloff, tesla is trying to call back here. it would not probably be in a lot of selloff an volatility experience over the last had elon musk said i might want to sell some stock. he did, he did, but lost a lot
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♪. neil: take a look at tesla, dipping a little bit today. it has been a crazy week, from the high, dropped about 200 billion in market value. all when elon musk was putting it out there for his twitter followers whether he should sell stock to pay some taxes. they said it was okay. i don't think he envisioned, maybe he did, fall out from all of that. we have susan li to talk about all of this. i guess he got five billion worth of stock so far. more to come. susan: more to come. so far five billion in stock sales. neil: he had to know this would come, right? susan: we were talking about this, the twitter poll over the weekend, should i sell 10% of my stock holdings? he knew on september 14th he would sell stock this week. i think he framed it. neil: where would the advantage
of being doing it. susan: framing it, pointing at the government, here i am being a martyr, paying unrealized gains on my own without the democrats. he knew he had to do this, look, these are stock options. i mean you use them or you lose them. neil: right, right. stuart: susan: we're talking about $30 billion. that is a lot of money. neil: what is the big deal, if you don't want to lose -- susan: right. neil: if he lost them they're gone. that is billions of dollars gone. so -- susan: who wants that? right. neil: you are thinking where is the mystery here? he is trying to bring this to light or? he would have sold one way or the other. susan: he would have sold one way or the other i think he got more bang for his buck in terms of the conversation. more marketing with the twitter poll. from monday to -- neil: five million followers. susan: at least -- neil: as many as you have. susan: right. the dollar amount from the stock
sales, sounds like neil cavuto money because his strike price was 6.24. six bucks, 24 cents. he sold out at $1000. he made about five billion. neil: that is no-brainer. you were in the camp, i'm in the camp too, susan, he doesn't just say wacky things. there is a method to that madness. susan: obviously. of course. he is a very smart man. he is worth $200 billion for a reason. maybe he wanted to get ahead of the possible increase in the capital-gains tax. there is not guarranty that will happen. if the democrats get their way, currently the capital gains tax is 23% and change. the democrats want 8% surtax for people as wealthy as elon musk. i have to exercise the options any way. might as well sell the stock, cap the gains pay 8% less in taxes this year before 2021.
neil: there is more to come. he is committed to 20 billion he wants to sell. susan: right. neil: is that the wave of options we're talking about? susan: move them or lose them, from a 2012 compensation package. there will be a lot more that expire in august of 2022. you can imagine in order to raise cash to pay taxes on, exercising those options there will be more stock sales to come. he doesn't take a salary himself. he takes zero salary but he doesn't need it when you're worth $200 billion. neil: i don't accept a salary but you have hundreds of billions of dollars -- susan: quickly bring this up. they put efforts into these brackets, i might as well use them. elon musk is worth 200 billion. bezos second. bernard arnault, only non-american. neil: quickly moving up the ranks. susan: do you find it interesting everyone else is technology based, bernard
arnault is blocks and mortars, leather, wine, physical goods instead of tech, building that 196 billion-dollar fortune. neil: rich ones are ones buying it. susan: neil cavuto. neil: i'm number six right behind varney. very good seeing you, thank you very much, susan li. meantime, we live in times where you know, money is fast and loose, right? all of sudden we're seeing even everyday folks trying to sell their home. the average home up for sale in the latest period took less than a week to unload. do you imagine that? a week to unload. katrina campins, real estate titan, campins and company luxury real estated agent, much, much more. katrina, i was surprised at this, you hear stories of homes that go begging either the seller is trying to get more but when all said and done, lightning fast, you know process here. what is going on?
>> well american homebuyers are taking note that they have to move very quickly in order to win bids because the market is moving very fast. as you mentioned, neil, home sales between july 2020 and june 2021 were on the market for about one week. that is up, that, i should say it is less than three weeks, you know the year prior. so homes are flying off the market. buyers are having to move very quickly and not to mention that also the homes are going for pretty much list price. so normally a home will go less than list price but in this market the data shows that homes are selling for about 100% of the list price. neil: some market that are superhot, state which you're a broker in florida, you almost wonder if they're too hot? if all of sudden this frenetic activity just has to cool down a little bit, what are you seeing?
>> i just think that the home market will continue to remain strong because it's a great hedge fence inflation because people have made it a priority to have the quality of life that they yearn for now. they want to be close to family. they want to be close to friends. they also want a good community for their children. they want more home space. so, they're driven by that, and they're putting that as a priority in their life which makes, which makes sense because a home is one of the biggest investments somebody will make in their lifetime and now they just have to move faster. so they can't second-guess themselves. before they come back, want to america sure. they no longer have the time for that. it is a matter of just moving quickly. the process neil, has become so emotional. residential real estate was emotional to begin with but the emotional i'm seeing in this market is really dramatic. we're talking about peoples homes and they're really frustrated they're losing bids.
are 45% of the buyers in the market are frustrated because they have been looking more than three months for their dream home. this will continue especially in the markets we're seeing homes sell quickly, like indianapolis, tacoma, washington, those markets will do well, continue to do well. neil: thank you, katrina campins joining us. mortgage rates are under 3%. i don't know if i told you what our mortgage was, 13 1/2%. that is lot lower than i and my wife paid. but i digress. if you're facing a real conundrum, you are a democrat up for re-election and you've seen what your party experienced in the recent elections in virginia and darn close to being duplicated in new jersey, you start sayings maybe i have to rebrand my several.
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cool it a little bit. i'm not saying they're all in the joe manchin crowd to say stop for a while. increasingly they're anxious. that might be a way to describe it. chad pergram on capitol hill with more. chad. reporter: neil, democrats are looking to moderate themselves in the 2022 midterms after last week's election losses. democrats are trying to break away from the left and normalize their message into bread and butter issues. >> trillion dollars in investment, will reduce congestion, address repair, maintenance backlogs, employ state of the art technologies to make our ports cleaner and more efficient. we'll do the same with our airports and freight rail. reporter: democrats may try to distance themselves from a far left message but it is still "the squad" which dominates the party. six liberal democrats voted no on the infrastructure bill last week. missouri democrat cori bush was one of them. she defended her vote of nay.
>> my no vote was not a no on infrastructure. i've been fighting for that money since i got to congress. my vote was to keep our leverage, to make sure we can deliver the full build back better agenda. reporter: democrats have still not approved their big social spending package. the gop is heaping criticism on democrats for pushing so much spending as inflation spikes. democrats are struggling to sell their agenda ahead of the midterm elections. >> political communication is not the strong point of the democratic party. you know they sell when it comes to policy and mastering policy details. selling policy and selling legislative achievements has been something that the modern democratic party has failed at most of the time. reporter: as democrats try to connect with voters in the middle house speaker nancy pelosi and alexandria ocasio-cortez have been in scotland. they have been discussing
climate change. neil? neil: thank you, chad pergram on all of that. we had a commands to talk to tulsi gabbard recently, former hawaii congresswoman, former presidential candidate. she blames her party's real extreme lurch to the left for a lot of this. take a look. you know close to half of democrats, this is before what transpired in virginia and, in new jersey, closer than expected gubernatorial contest there, didn't think that joe biden would be their ideal presidential nominee in 2024. how do you feel about that? >> i think that the american people, it's clear as we saw in virginia, it is a positive sign they're rejecting the kind of divisiveness, racialization of everything in this country, the fomenting of anger and hatred that unfortunately we're seeing coming from so many of my fellow
democrat. neil: she is just the latest. others like james carville is saying stop being so woke because you will wake up the day after the midterm elections and regret that you drove that far to the left. kelly jane torrance of the "new york post" is with us right now. the warnings are out, let's not overdo it from democrats. this is coming from democrats but not everyone is responding. >> that's right, neil and alexandria ocasio-cortez is a case in point. she actually said that terry mcauliffe lost virginia because he didn't run liberal enough. you know this is just, amazing comment that she would make. virginia, biden won that state by 10 points just a year ago. so republican win there should be a wake-up but it is not. joe biden ran and won the democratic primary, to great extent the general as a moderate, as a centrist. neil: that is what gabbard was saying to me.
this is not the same candidate she ran against. >> think about it, build back better, most of that bill is being written by bernie sanders according to senator sanders himself. neil: do you think those guys are reined in a little bit, they might not go as crazy because i don't see any signs of that? >> that is a good question, neil. looking what president biden is saying is he getting the message? he actually admitted inflation is partly due to all of the stimulus money, all of the trillions in government money he has thrown into the economy this year. neil: that was before all this recent stuff. >> exactly and he is not, he is not really scaling back. they slightly scaled back some of the plans in build back better but they still want to spend trillions of dollars, at least 2 trillion. that is with their fuzzy math. it is probably closer to that. neil: will there be as much appetite for it now or does this get pushed back into next year event? >> the problem, joe biden and democrats what will they go to
the polls in the midterms. this was supposed to be his signature piece of legislation, build back better. he has been trumping it. he is doing a national tour now trying to sell it. he is going around the country. if he doesn't deliver that, what is he going to run on with the democrats? it is going to be tough to find something. we have record inflation, 30-year highs. no economist now thinks it is going away anytime soon. neil: do we know these seven or dozen nobel prize-winning economists who think this won't be inflationary? how did they win their nobel prize? >> exactly, neil, exactly. even larry summers, who is certainly not a republican fan is cautioning against some of these big spending plans, saying it will make inflation even worse. neil: the flipside, kelly jane is, you hear the administration argue this will reignite economic activity but what we've seen is there is no doubt we've got ignited economic activity but for all the wage gains
americans are experiencing, that and more is going out in these higher costs. so they're not tickled pink by these developments. >> exactly, neil. biden has been talking about how wages are up. they're up about 2%. but with inflation at 6.4% in october and possibly going to get higher, those gains are completely lost. americans are actually making less money now than they were before joe biden took office. neil: real terms, in real terms. how does it end? with some of these democrats, those trying to get reelected, if i align myself too much with the progressives i'm burnt, now they cast themselves as moderates how will that work? >> they will have to do more, work a lot harder to cast themselves as moderates. president biden wouldn't even talk about how wrong it was for people to harass senator krysten sinema in a bathroom. he said that is how the process works. so he certainly not discouraging the more extremist elements in
his party from really sending the message to the public that is what the party stands for now. neil: we'll see how it all sorts out. kelly jane, real good. you had to run to get here. the parade going on. you did. i would have called in, said it is not happening. but not for you. >> not for neil cavuto. neil: you're a trooper. kelly jane torrence, amazing shape. i would have said maybe tomorrow, we'll do this. but not kelly jane. some things coming up. some things going on with china. the president and xi xinping are promiseing them a virtual call and promising everything how copastetic things can still be. we're told the chinese leader is set to invite president biden in winter olympics in china, in just a few months, couple months. finally about the militarization of islands in the south china sea, this other side issue, i don't know, taking over taiwan,
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in china essentially saying they're the same type of superpowerful generation-changing figure which means i guess, claudia rosette of the independent women's forum policy fellow, that he is in power a lot longer. what do you say to that? >> he is busy having himself further installed and dictator for life. unfortunately, neil, his life's plan includes turning china into the dominant power and development model for the entire planet. neil: what do you see happening now? >> i think we have, it is a real threat. we're seeing all these articles now saying, you know, china is a big problem but it also has internal programs. maybe this will sort of dissipate or something else will get in the way. that is not at all what we're facing. what we're facing a situation much more like the 1930s. we should be worried about the
militarizing china, testing of hypersonic missiles. outrageous flaunting of china of target practice of mock-ups of our navy warships. neil: that is incredible. that one blew me away, claudia. to what end? where do they see this going? some say there is not an imminent invasion of taiwan but there could be an invasion of some of the islands around taiwan, supposedly administered by taiwan. what do you think we would do if they did that? >> i know what we better do, which is we better fight, we better stand up to them. we cannot let them do that. 2 won't stop there at all. what will we do? that is a huge and rather terrifying question at the moment especially after the disasterous retreat from afghanistan with president biden it seems like saigon and it played out in my mind worse and sends a terrible message. we're seeing an administration
down playing the china threat. they technically tick the boxes but everything is focused on blowout spending in the united states and turning us into this federally dependent country for basically the socializing of america. and the china threat, which is the real serious and urgent threat, not the climate, not the economy, it's china. they're parading these missiles and weapons that they're building at great speed, modernizing. neil, while there is certainly an argument, many have been making it that china would like to achieve dominance without firing a shot, which would be quite bad enough if you look at how they rule, very repressive, i think when a dictator builds up that kind of military power he is under a certain amount of pressure at home to use it. he is despite what are basically pretty unhappy people. china is not filled with joyous people. that is its propraganda.
it is full of people who have been locked down in ways we can't even begin to imagine over things like the coronavirus for the last two years. and the country that brought us tianamen in 1989 is destroying the freedoms of hong kong utterly right now. it is threatening the democracy on taiwan. it is subverting, pilfering, threatening us for sometime now. i think you know, it is not a pleasant thought, but one i really hope this biden administration truly faces up to. we need to be building up our military capacity. we need to be sending very strong signals of resolve that we will not tolerate china making one, moving one more inch in the direction of grabbing territory and -- pressure towards taiwan any of this. neil: a lot to watch. your worry is well-grounded. thank you very much, claudia. we'll have more after this.
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dollar bills, not dollar bills, i think what are they, and they are a lot of bills but anyway, they are flowing they got new music to go with it to show the enorm it of the problem, because even after getting the roughly trillion dollar infrastructure only plan, now they are on to the far more expensive $2 trillion spending plan thereabouts a plan the chamber of commerce says is actually going to cost about 1 trillion more than that advertised figure, wharton doubles it and says more like 4 trillion but hillary vaughn is trying to keep track and she joins us from capitol hill. hillary? reporter: hi, neil. well almost a year into biden's presidency, a big chunk of the middle class says they actually haven't benefited at all so far from any of his policies. a new poll from monmouth university found that 42% of the middle class say they have not benefited from his policies, 36% of poor families say the
same, even some democrats like senator joe manchin is calling it like he sees it tweet ing this , "d.c. can no longer ignore the economic pain americans feel everyday." inflation is a tax on everyone and it's the middle class and below that's hit the hardest but a look at inflation across the country right now. middle america is taking it on the chin. seeing states that are deep red in this map dealing with inflation, over 7% on some products and republicans say plowing ahead with massive government spending with a u.s. economy grappling with the highest inflation rate in over 30 years defies economics, and common sense. >> it's making the budgets tougher and what joe biden has to do is stop exploiting the dollars and more spending and only going for jobs even
further. reporter: the answer is more government spending, right now, chief of staff says it argues that government spending under biden has an increase in gas and food prices and their multi-trillion dollar build back better bill is the answer but the private sector has some questions about the program. the u.s. chamber of commerce asking congress to detail what the impact of build back better would have and near term inflation writing this to lawmakers, "the current draft of the reconciliation bill uses gimmicks to cover up well over 1 trillion in spending. it be the height of in responsibility for members of congress to vote on this multi trillion dollar tax and spend bill with no clear understanding of its true cost or the real-world impact of the policies and even some democrats are criticizing the economic policies of this administration, the former economic advisor to president obama, larry somers says the biden administration has really been behind the curve on
this issue of inflation, saying it's only temporary but clearly, it's sticking around for a while neil? neil: hillary vaughn at the capitol, now to edward lawrence at the white house, following some intriguing comments that confirms some republicans were suspicious. the administration isn't necessarily a big fan of fossil fuels. edward what's going on here? reporter: yeah very interesting more trouble for the picks, the nominee from the white house to be the comptroller, now new video has surfaced of her saying what many fossil fuel companies feared the administration will try to find a way to cutoff the legal funding, listen to this. >> and thinking about this primary coal and oil & gas industry, a lot of the smaller players are going to probably go bankrupt in short order, at least we want them to go bankrupt if we want to tackle climate change. the way we basically get rid of
this is we starve them of their sources of capital. reporter: those were also posted on twitter by the american accountability foundation, now the president formally submitted the nomination to the banking committee and so far the white house is standing behind their pick. senator pat toomey the ranking member of the banking committee says omarova has very very radical ideas that show an aversion to america's free enterprise system and she clearly attacked the fossil fuel industry as many democrats want to force a faster switch to wind and solar at the same time, the biden administration is asking opec to push more oil. in a report out yesterday, opec reiterated increases will be measured in increments going up, ignoring the call from the u.s. to add more supply right away. opec also saying the higher energy prices will mean weaker global demand for oil. now the administration here is walking a line, on one side they have policies that are constrict ing domestic supply that's new domestic supply going
out. on the other side you have opec saying no, we're not going to increase drastically the demand to meet the global need for oil. therefore the prices are going up. back to you. neil: edward lawrence, thank you very very much. to democratic california congressman ro khana kind enough to join us. congressman, i know you tried to bridge both sides and a move forward here but there is a perception, it's increasing among the general electorate saying nothing of independent voters that the party is under the control of progressives, those which the fossil industry ill or inflation, all of this , and then that it's ignoring the signal that might have been sent out of virginia, almost out of new jersey. what do you make of that? are you worried for your party and the message it seems to be sending? >> neil, i'm back home in california. i understand that prices are going up. gas is almost $5 here, i was at the grocery store the price of
eggs have gone up, the price of milk has gone up, other colleagues get that, so i don't think we're out of touch. the question is what can we do about it, and some of us believe that we've got to get people back into the labor market that will help increase the number of goods, and the build back better agenda actually helps do that with paid family leave, with child care and helps get people back into the labor force. neil: what will make them get back into the labor force now, if even eye-popping high wages and more jobs than people unemployed are not doing it. >> neil, folks are having to juggle child care, especially in covid, with families, so i think providing some relief on child care. neil: but we had child care issues before covid did we not? i'm not minimizing the problem but what's so new now that the government has to intervene and spend billions of dollars to address? >> we did have problems before but i think people have more
challenges now as the schools haven't been open fully and now they are finally getting open. people have kids at home and there have been anxiety issues, health issues, the paid family leave will help get people back in and in general it provides more incentive for people to work. the earned income tax credit in the build back better is an incentive for people to work so there are a lot of things that are going to increase the labor supply and also, by the way, investments in the ports and the infrastructure bill, investments in bringing manufacturing back will help increase the supply chain, it's a difficult problem. neil: do you think the presidents on top of it though, congressman? the rap against him yesterday with his remarks and he was shocked at the price of gasoline , but average americans could tell him and you just mentioned it because you currently go to the gas station and see for yourself but that the president seems aloof, detached, out of touch, what do you think? >> that has not been my
experience, neil. i speak, have spoken to him a number of times and he's down to earth, he gets it. he's someone whose filled his own gas tank, gone to grocery stores. neil: yeah but he seemed genuinely shocked at these prices, and at a loss to see what he could do about them. do you think he's in over his head? >> i do not. i do not. i believe that he's going to take decisive action. i think he should tap the strategic petroleum reserve. people say well look democrats want to transition to renewable energy. how is it that you're then saying tap the strategic petroleum reserve or have opec increase production and i think, neil, this is an important point that's right now. production, you know the oil companies made a decision when oil was at $22, two years ago not to increase production. anything they are talking about now isn't going to happen for two to three years so we need to have -- neil: but you know oil is priced in the markets, you're pretty savvy with that, and the markets responded to the president upon
taking office shutting down keystone, and factoring in his favoring wind and solar. i get that, but at the expense of our own domestic production, do you think it retrospect, that was a mistake, because the very type of oil production he frowned upon taking office, he's now begging opec and opec plus countries to do. >> neil, i don't because oil is at $82 it's obviously in the president's policy and hasn't made oil go down it's much higher than it was under the trump adminitration. neil: no because the supply and the demand equation has changed, so i'm just wondering if we're producing less, and relying on that less production now coming from other parts of the world didn't we kind of make this , create this problem? >> no. the mistake was a few years ago, oil companies decided not to produce more, that's what would have been required and we also have to invest in electric
vehicles and solar and wind so that we didn't have the demand at the level it is, and we had more price stability. we're not in that situation, for four years -- neil: we had record fracking going on, record shale activity going on, the bottom line is that came to an abrupt reversal i'm not trying to cast political disbursions but what you make, congressman, of what the president could do right now , he seems to be relying on the hope that maybe, maybe things stabilize in time, maybe he can get the supply chain thing under control, and this will go away. are you in that camp that this just eases as time goes on? >> no, i'm in the camp we have to take aggressive action and tap the strategic petroleum reserve and have to tell opec that we need the supply and we give the saudis plenty of money and arms and we have to look for other energy sources, and we have to be investing heavily in renewable energy and electric vehicles so we reduce the demand
and then ultimately we have to look at what we can do on the price of things that the price of milk, look at the tools that the ag department majority it have to be able to engage in some form of relief, the ag secretary has a number of tools but i understand it's an issue. i'm back home, hearing it from my constituents that prices have gone up and we can't just wish this away. people say well it's transitory. what does transitory mean? is it six months a year two years? of course we have to act. neil: we'll watch very closely i'm impressed you go to the grocery store, you've been to the gas station to see for yourself what average americans are seeing congressman very good seeing you again, ro k hana of california, now georgia republican congressman drew ferguson kind enough to join us. congressman, you know, obviously the pressure is on to deal with the inflation that's real, and now, we're learning that there's an appreciation that it's stick ing and it has traction. the president has acknowledged
that. the federal reserve has acknowledged that, but you get a sense from some of these plans that it might be too little too late what do you think? >> look, not only does congress , the democrats, republicans, and the biden administration acknowledge this , the american people know this , and they know that it is a direct result of the crazy, out of control spending, on the democrat side. i listened to my colleague from california in the previous segment and i listened to the things he was saying and it made absolutely no sense whatsoever. listen. if you want to increase production for oil & gas to drive down the cost to provide americans with low energy, don't ask opec to produce more. let's do it with clean american energy and clear the pathway for american companies and american innovation to produce clean energy here in america, used in things like natural gas and fracking.
americans know that the inflation is being driven by the policies of the biden administration. we know this , people are talking about it, $5 gas, three times the cost for turkeys if you can find it, and look, i'm right now, i am in a small business in zebulon, georgia. their supply chain issues are real. their workforce issues are real, and it has nothing to do with covid. it has everything to do with people making enough money from the federal government that they no longer have to go to work. it's a cycle that we have to end neil: a lot of people say the federal reserve has to get involved, congressman, and start raising interest rates now that's the type of thing that would get this inflation nipped in the bud. do you agree with that? >> no, i don't agree with that. matter of fact i think that's the wrong approach to take right now to start raising interest rates when prices already are through the roof. look at the cost of new cars, new home, new borrowing costs,
they are at an all-time high because of massive failures of the biden administration both in terms of policy and things like the supply chain. i found it remarkable yesterday that president biden was standing in baltimore talking about supply chain issues and the government fixing those issues. the government created those issues. get government out of the way, let the private sector do it, and invite americans back into the workforce, we can solve these problems. the federal government just needs to get out of the way. americans feel the weight of this administration in every part of their life everyday. it's time to take a different tact. neil: congressman thank you very much, drew ferguson of the beautiful state of georgia the chief deputy whip of the house gop conference, we have a lot going on now democrat s counter what the congressman just said it's a supply and demand thing we came from a pandemic in which we were lying flat on our backs and got up and the comparison was like to moving the 60 miles an hour. demand shot up, limited supply, prices went up, so what do you
do? well, we are seeing a manifestation of that in weddings, a lot of folks during the pandemic had to put off weddings, or just cancel them outright. well, now, the demand for weddings is on, and so to all of the problems associated with everyone who wants to race to the alter at the same time, what do you think happens? we're on it, next. >> ♪ it's a beautiful night, hey baby, i think i want to marry you ♪ i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service.
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- had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. neil: that was a great movie i forgot how funny that was, right now, that movie obviously about a wedding planner and getting it organized that's what this guy does, in fact very very well, the knot, it's sort of like a one stop shop for those planning the big day. tim kind enough to join us right now. we're told that a lot of people held off on weddings, had to
push them back because of the pandemic and now they are all hot and trot to get to the altar, almost at the same time. how do you deal with the rush? >> yeah, so thanks for having me, neil. it's quite a conundrum right now , we saw the largest pause button pressed in the wedding industry in the history of weddings last year as covid hit and now that surge in demand is real through 2021, and into 2022 we expect 20-25% more weddings per an em and that has happened but at the same time, and as you just, you know, were commenting earlier, the supply chain issues and labor shortages are real as well so in a way a bit of a perfect storm. neil: you know, how are venues prepared for this , because they get packed fast. the idea of a saturday or a sunday wedding is now changed to any day i can get a booking. what are some of the differences now? >> yeah, certainly one of the trends that we're seeing and
we expect to continue going through 2022 is more, you know, weddings off the shoulders of the weekends, so you should expect more wedding invitations on thursday and friday and monday and tuesday, really just to soak up some of that excess demand that's going through. neil: you know, a lot of weddings when they had to be moved, it was hard for couples to get the money back, or to reschedule. how is all that sorting out? >> well, as you would imagine, there is a lot of demand for dates, the dates are very important right now and one of the impacts of that is if you're getting engaged today, you might be planning well into 2022 or even 2023 right now just because a lot of the dates are full right now. we've certainly encouraged couples particularly in this environment to plan as early as possible. usually, your average time to wedding is 14 months you want to try to get ahead of that right now particularly for goods and services as well, you know,
tents, flowers, registry products, you know, all of those things you're going to get , just think about more lead time than usual. neil: so either online or in person, when you address a couple or whoever, what's the first thing you tell them to get? i understand the date and trying to get it set as soon as you possibly can but be flexible on that. what are some of the things you'll warn them about? >> well so the first thing, you know, and the most important thing right now to keep top of mind is just to be really flexible. not just be on the wedding industry, right? we're seeing supply chain and labor shortage issues impact everywhere and this is a very important day. covid reminded all of us just how important it was to be close to friends and family and what better way to celebrate than a wedding and the most important ingredient of course in a wedding is the people, and so just being flexible, having confidence it's going to be a great day, even if you can't get those perfect flowers or
even if you needed to change something being flexible and really relying on all of the wedding professionals that you've enlisted to help you pull off that day they are the experts we recommend that they lean in and work with their professionals to get that day planned. neil: all wise words tim, thank you very much, tim chi, the knot , the worldwide ceo, so it's good to see couples getting back on track to get their weddings done, but you gotta be patient through this that makes sense. if you're an investor got to be patient as well corner of wall and broad we have stocks selling off this is an incredible week for cryptocurrency, bitcoin and through all of the volatility here, some say it's the new cool hedge. is it? what do gold buyers think of that? after this.
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neil: you know, stocks are having a tough time but look at gold right now its been on a roll. let's get to gerri willis with the latest on what's moving and what ain't moving. gerri? gerri: hey, neil yeah, it's mixed today, but beyond meat is stumbling this afternoon, shares down 14% as analysts worry about the company's long term growth. third quarter results were a disappointment to investors with logs higher-than-expected and revenue short of expectations. a weak outlook for the fourth quarter, the worries that the company is reaching market saturation more quickly than anticipated, michael mccain saying the plant-based food category is seeing a market slowdown. beyond meat ceo ethan brown telling investors the problems are short-term, and disney
shares also trading lower after the company reported a slowdown in subscriber sign-ups to its streaming service. disney plus adding just over 2 million subscribers for the companies fourth quarter bringing its total to 118.1 million versus 125.3 million expected by wall street, but while streaming suffered revenue of the company 's theme parks surged 99% year-over-year, as attractions reopened and covid-19 vaccinations proliferated. other in-person businesses also surged including live sports, while the company released four new in the quarter compared to one in the same quarter last year that meant box office revenues were boosted. movie pass, meanwhile, remember that name, they maybe making a comeback. the movie ticket subscription service which went into bankruptcy has been acquired by the company's original founder, stacey spikes, who says he hopes to re-launch the service next year. a judge approved the sale which
reportedly was made for less than $250,000. think about that. neil: that's a nice return. all right, thank you gerri very much, gerri willis following that. and if you were in bitcoin or any of the cryptocurrencies in the earlier phase even with the volatility since, you had a very very nice return, taking a look at bitcoin and others right now, regardless of the volatility in recent days have been on a terror certainly over recent weeks, certainly, before most, grant joins us right now the blockchain ceo, very good read of this phenomenon here. grant, always good to have you thanks for coming back. >> good to see you, neil. neil: we were just showing gold, it's doing well, its been on a roll of late, bitcoin has as well, maybe not as dramatically of late here, but a lot of people look at them as being hedges against what's going on in the stock market.
i'm not so sure i buy that because sometimes they are all in tandem with the stock market regardless but where are you on this? >> absolutely. i think it's clear as day now that bitcoin is the new gold and you see the conversations of so many people they aren't talking about buying gold as much as they are buying bitcoin and its become a hedge especially with the new inflation numbers that came out yesterday at 6.2% which is just outrageous and everyday americans, along with major companies and different people are looking at where do they hedge their money? where is the best place to protect themselves from this inflationary economy that we're now entering into, and i think the best place you could possibly put it is bitcoin, we have to realize bitcoin has a limited supply and each one of these bitcoins are slowly being mined overtime so the setup is amazing but with the adoption happening so fast by major corporations and wall street now with the etf's and nft's getting
big as well that's where we're seeing this become legitimate and becoming just it seems to be the best place to go ahead and put your money. neil: i think morgan stanley i hope i'm right on the firm, grant, said that it sees bitcoin going up into the mid $70,000 range by the end of the year and double that next year. what do you think of that? >> i think it's clear, as many people saying that it could get well over 100,000 before the end of the year. i think it's heading in the right direction, and -- neil: but what's driving it, that's what i'm asking, what is driving optimistic now in this latest wave? >> i think retail investors have been in it for quite sometime but now we're seeing macro investors and big money kind of get into this. you're seeing adoption of companies, big investors in wall street and big money now getting involved and that's when it really starts moving the pendulum in that right direction, so i think seeing well over 100,000 before the end of the year is definitely possible and multiple of that
going into 2022 and 2023. neil: increasingly, we talk about companies that will allow you or flirt with the idea of buying or selling with cryptocurrencies, but then there are political figures and athletes who want to be paid whole or in part, you know, in bitcoin. the mayor of miami, for example, the incoming mayor of new york, a host of others. how does that affect the equation? >> well i think it just makes it more legitimate. what they are doing is bringing attention to it. bringing attention to the space and i think it's just going to speed up the adoption process, so what business owner, if you're going to accept $100,000 in u.s. dollars that you're los ing essentially 6% of your money a year with inflation if you could except that same $100,000 and gain 30% to 50% on your money assuming it's going to do something like that seems like a great idea, so i think we're slowly going to see
multiple companies, major corporations start accepting this , and when you're seeing government figures really on both sides of the aisle being open to adopting this , and the sec backing down saying let's let this run its course it's a fantastic sign and it's a sign for investors that it's something they need to pay attention to and something they should be apart of. neil: you mentioned the securities and exchange commission, apparently slowing down this idea, you know, regulating this thing, i think the sec chief calling it the wild west, the rogue investment. i don't know whether that's a change of heart or just throwing up their arms saying even if we want to do something now, this horse is out of the barn. what do you think? >> well i think they don't want to make any too big changes too early, and i think some form of regulation is fine, like for example, things like stable coins and different things like that, that's fine, but i think they don't want to get ahead of themselves and let this play out and see where it goes and get the right team and the right
amount of knowledge and infrastructure so that they can make a sound decision because if they do it too early it could severely hurt the market and the future growth here in the united states. neil: are you in the camp, final ly, grant, for bitcoin to explode and take off, the market has to crash and burn, the stock market. >> i don't think so, but i think as we see inflation hitting numbers like this , in my mind, it should help crypto. i think we'll go into a bull run and through the end of the year maybe beginning of the first quarter, of course there will be a sell-off in the crypto space, but with it being more and more legitimate and more people accepting it, i think there's a great case that it's going to still continue to ride through it and i think it'll operate a little bit differently than the stock market where they won't be going hand in hand any more. neil: got it. we'll follow it closely, great catching up with you again, be well. >> good seeing you. neil: alright couple of virus updates to bring along to you right now, the surgeon general now saying that covid is not
harmless to kids, so the idea that we could get vaccines going and the sooner the better is something that he says is necessary and to do do it right now this amid reports we're getting for the 11th day running , germany is now reporting a record number of cases, it has been averaging 50,000 new cases per day, and austria is looking at a lockdown for the unvaccinated. stay with us, you're watching fox business. i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com
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trimble right now, chicago's o'hare airport, with more. grady? reporter: hey, neil, and not only will the airlines be able to deal with the big demand push heading into the holidays. that's one question, the other concern is over safety, whether the airlines are ramping up too quickly and maybe skimping in other areas. you know that several airlines are still short staffed after trimming their workforce during the pandemic, some of the most experienced pilots, flight attendants and mechanics left the industry which was already projecting labor shortages, even before covid, so now, former nts b chair jim hall is sounding the alarm warning of catastrophic consequences if airlines ramp up too quickly as demand takes off. >> it appears that some of the airlines are attempting meet this demand, not in a very
structured way, but in a haphazard way. reporter: the southwest pilots union provided us with these numbers on what they call fatigue polls. that's essentially when a pilot removes himself from the flying schedule over fatigue, and you can see there, that happened more than 2,500 times this summer. that surpasses all of 2019, and actually, on the screen you see the most recent numbers from the month of october. 738 times, seven times more than the historical average for october. the union blames uncertain last minute scheduling, as well as in part the impending vaccine mandate. >> we are concerned as well, and we're seeing some trends, but that being said, our pilots have a way to address it, whether it's fatigue, or whether it's just saying no at some point. reporter: we did reach out to southwest airlines as well as
the faa. neither of them has responded directly to our questions about safety, but certainly, something that fliers are thinking about as the holiday busy season ramps up, neil. neil: all right, fingers crossed we all get through this quietly, peacefully, and safely. thank you very much for that, grady. in the meantime here, this veterans day, not only remembering veterans, but trying to help them out, as they emerge into our society. guys done that, times about 900, i'll explain. >> ♪ america, sweet america, you know, god shed his grace on the ♪ ♪ from sea to shining sea
number of employers over the course of the almost two hours right now, and that's our good bet, they are almost trained to be great workers if you think about it, it's in their dna by the time they leave the service and then there are those who strike out on their own and do it we're giving you a mix of both as lydia hu in brooklyn, lydia? reporter: hi there, neil. i am with bronze star combat veteran natasha standard i want to introduce natasha right now and thank you for your service on this veterans day. you transitioned from military service to civilian life and launched your own shoe line, nor ie shoe, they're beautiful but what skills did you learn in the military that helped you become an entrepreneur? >> i learned flexibility, i learned leadership and tenacity all skills you need to be a successful entrepreneur. reporter: only about 6% of small businesses, neil, are run by
veterans, and natasha here is participating in the nyu veterans future lab, that helps veterans in an incubator program. here is more from the director of the lab. watch this. >> so for veteran entrepreneurs what the they look is an access to a network and a community, so we're able to put veterans in front of venture capitolists, put them in front of legal support, put them in front of folks who are really going to help them fine tune their craft and business idea. reporter: so using some of those resources, natasha, you want to take your shoe line, that's available direct to consumer on your website and bring this to retailers nationwide. >> absolutely that's the goal for norie shoes. we want to be available in-store s like nordstroms and sa chs where women go to buy fine luxury shoes. reporter: i want you to tell us the story behind your combat boots because it's very interesting what you told me about the military shoes. >> absolutely, so i wear size 7.5. when i was in the military i
wore size 6, so only men's sizes are available for boots for women, so this shoe is designed for the female foot. it's designed using the female foot last. reporter: i thought it was so interesting that women wear the men's shoes just in a smaller size, and natasha is setting out to change that both in the civilian world and the military world and natasha, my money is on you if anybody can change that it's someone with two decades of military experience and four tours of duty under their belt, right here on this veterans day, neil? neil: incredible. thank you very very much, ladies i appreciate that lydia hu following some of the constructive things and incredible things you see those who did the service and how they help everyone else in the process including my next guest, ken hix, runs academy sports, all types of outdoors activities and the rest and makes a point of selecting for his workforce, a lot of veterans, in fact about 900 by now if i'm not mistaking ken, right? >> a little over 900.
neil: wow. >> they are great team members, and really know how to take care of the customers, and how to get things done. neil: you know what i admire about you is this is a concerted effort on your part obviously you have a business to run but you obviously concluded and rightly so, that you want to stay up with the best people and there's a unique skillset you get hiring veterans. can you explain? >> well, they know how to work with others. they know how to work with others from all sorts of background. they know how to connect to people, and as i said earlier, they know how to get things done , because that's what they used to do working with others, working as part of a team to accomplish a goal. neil: ken, how are you and your colleagues, you know, adapting to the supply chain problems and everything else ahead of the holidays and you can have all of the best and brightest working for you and you do, but there's sometimes logistics over
which you have little control, so how are things looking now? >> well, i think for the holiday season, we're in good shape. next year it'll be maybe a little more colleging, but it's one of the things you learn in the military, how to respond and react to difficult situations, and as your prior guest mentioned, learn that flexibility to make things work, so we are doing things like chartering vessels, we're using alternate ports, we're down in houston so we're using galveston as a port. we're ordering earlier, and we're also being a great partner with our different vendors, and working with them to see what they need just to get the merchandise. neil: you know it's funny, so much of your business is about outdoor equipment and all of that and that too is in the wheelbarrow for veterans most of them it's their
specialty and they are quite well versed on that that's a double advantage you have. >> yes, we actually have a position in our store what we call enthusiast and it could be with regard to exercise equipment or camping or fishing, and many of those people who work in the outdoor area and are enthusiasts are veterans and they grew up camping, fishing, they know how to use exercise equipment, so they make great enthusiasts and they really know how to connect with the customer, to help them find what they need and train them into what they want to do. neil: just remarkable, ken i want to thank you for your service and now the service of helping those who have been in the service and just reminding folks that if you're looking for good workers, sometimes, they're right around you. ken hix, the academy sports chairman, president. we should think about this , this veterans day, it does sound cliche to say remember a solder
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♪. neil: all right, before i leave you here update you on rivian, the electric vehicle maker. right now it is up an additional 16% today. among the most successful ipos we've had for a while. market cap north of about $100 billion. i think it is in and out of that range right now. certainly one of the best since 2014, continuing the theme if you have an appealing product, and you're backed by the likes of amazon and ford it doesn't hurt but again this was something that was priced at 72 to $74 a share. came out of the gate swinging but what is more intriguing long before they priced it at that level, thinking maybe mid 30s would be okay. look at it now. electric vehicles all the rage. the push by the administration through this type of technology and it accepts into the infrastructure bill benefiting that. not so much tesla of course. where you had elon musk selling
some stock here and maybe talking down the stock but it is off its worst levels. tesla lost about 200 billion market value on monday and tuesday alone. lauren simonetti taking you through the next to last hour of market trading on this very, very crazy news day. to you, lauren. lauren: good to see you, neil, thank you very much i'm lauren simonetti in for charles payne today. this is "making money." stocks trying to bounce back from the hot inflation-induced selloff. the dow struggling but the s&p and nasdaq are higher. is this relief only temporary? we ask that question to our market watchers. plus main street knows inflation is alive and well. even president biden seems shocked by the high price of gas and even a loaf of bread, but that is not stopping the mainstream media from trying to provide him cover. examples of their tone