tv Cavuto Coast to Coast FOX Business December 16, 2021 12:00pm-2:00pm EST
estimated 50 million copies worldwide. i grew up with that. you did too i think, ashe. >> i did, of course. stuart: if you're young, i wouldn't expect you to get the answer right, you think it must be elton john. it goes way back to 1930 bing crosby. what a singer, what a song. time's up for me, neil. it is yours. neil, thanks so much for that stuart, a lot of people at a little schools will get a chance to get whom early. neil: take exams online if they want, cornell, princeton, host of others because of spike in cases they recommend kids do that remotely. a lot of more colleges, a lot more businesses a lot more business are contemplating that sort of thing. omicron remains in focus as we follow the markets. digesting that. now at least some certainty when it comes to interest rates going up and handling covid cases
going up as well. jonathan serrie on the latter. what we're learning. what schools and businesses are doing to respond, sir? reporter: neil, ordinarily this time of year students would be gathering to celebrate the approaching end of the semester. some even going to festivals of lessons and carols. because of the omicron variant many institutions of higher learning are canceling social gatherings and taking final exams online. multiple schools including cornell and princeton are encouraging students to head home early for the holidays as they experience an uptick in covid infections as a result of the new variant. so far cases have been mild. many of them with no symptoms at all. college students represent, younger, healthier populations in general. so federal health officials are cautious about drawing any conclusions about the impact omicron will have on the rest of the population. although vaccine effectiveness wanes over time, a real world
study out of the uk shows that a booster shot of the existing pfizer vaccine generated between 70% and 75% protection against symptomatic covid illness in people fully vaccinated with an mrna vaccine. >> our booster vaccine regimens work against omicron. at this point there is no need for a variant specific booster. reporter: in other words, stay the course. federal health officials strongly recommend booster shots for everyone 16 and older. however the cdc has yet to update its definition of full vaccination. currently, full vaccination is defined as two doses of the pfizer or moderna vaccines or one dose of johnson & johnson. neil, cdc director rochelle walensky says her agency is constantly evaluating the science, the data as it unfolds and will update its
recommendations as needed. back to you. neil: they do tend to change, jonathan. thank you very much, jonathan serrie. my buddy charlie gasparino is monitoring what businesses particularly wall street firms are doing about this. >> you didn't tell me about the collar. neil: you don't wear a tie, that is the rebel in you. >> that is the rebel. wall street is on the verge of going back into hibernation, neil that is the headline here. neil: wow. >> usually when you go to christmas parties, wall street christmas parties, you hear people about deals and -- neil: you go to a lot of them? >> there aren't that many. anthony scaramucci had a nice one. i went to the one the night before. neil: no one ever invisit me. >> you can be my date, plus one. where were we? the talk is about going back to shutdown on wall street. here is the some of the things we know. this is a moving target.
omicron clearly through everybody a curveball here. you just know it when morgan stanley, which, is run by james gorman -- neil: what a big one there. >> huge one. james gorman said we need to get back in the office on labor day. we got a memo from morgan stanley where management is telling brokers, don't come in until january 3rd. we believe this was just given to the morning city brokers. we don't know if firm wide. the firm itself is not commenting right now. clearly new york city is where a major wealth management is. morgan stanley there are probably thousand of brokers. they're being told to stay home until january 3rd, people are infected with the new variant. they have come contact with people with new variant. there is contact tracing going on in the firms. neil: that is interesting. they are not taking any chance. even though the new variant doesn't appear dangerous but it
is contagious. >> the christmas parties that occurred we're lucky to get them in, ubs, sources are telling me no christmas parties at least of yesterday. lie on tree, the media boutique bank, no christmas trees, no christmas parties. jpmorgan, jpmorgan, this has been out there, that exclusive canceled in person its big health care conference in san francisco. neil: that's right. i forgot about that. >> that's new. jamie dimon, from what i understand people inside is taking it one day at a time. i may roll back his mandates about returning to the office if this thing gets demonstrably worse. goldman sachs i hear the same thing this is really wall street having a little bit of a freakout here on omicron. neil: but citi's is more open-ended, the citi thing telling workers in new york and new jersey, you know, go back to working at home? that is open-ended, right? >> i think citigroup is telling people to stay home. neil: right. >> they have been actually, that
has been -- neil: they have always been pretty conservative about this. that was interesting itself. i wonder if more the firms talk like this, the more employees are one step ahead of them, saying all right, i'm going to really hold -- >> you put out a lot of employees like the work from home business right. i personally don't. i'm much more productive in the office. i will say this -- neil: you seem cozy when you reported at home. >> i don't mind it. like being here next to you. neil: same here. >> here is the thing, neil, i think, first of all the information we're getting about the new variant is not that, it is not that it is worse than delta. actually less severe than the delta variant. neil: right, right. >> don't we at some pint have to live with this at some point? this whole notion going back and forth, back and forth -- neil: that was the word we got from democratic governor, colorado. look, there comes a point we have to deal with this. if i have to go back to my constituents every time a new
variant shows up, a new scare, they would go nuts. >> i think the best way is what desantis, what he did, desantis did early, you protect the vulnerable people, people that have preexisting conditions, immune problems, you protect them. extra cautious. they shouldn't go to work. everybody else kind of got to live with this or else we're going to be hiding and i think wall street is so reactive to stuff and, you just know it. if jamie dimon, in jamie dimon and james gorman is doing massive 180s on this, you know the rest of them are going to be hibernating and if cases keep going on. neil: i think you're right. think you're right. but you know, got to somehow get through this right? >> yes. but you know, we've been dealing with this for how long? two years? i'm not, i'm not a denier. my brother actually treats people with severe covid. runs an icu at brooklyn
hospital. it is bad stuff. he has gotten it. i won't deny but he tells you you have to live with it. i have know one thing, you cut me off, i know you always do. neil: we have better guest. >> why doesn't joe biden and democrats take that $2 trillion of waste trying to push through, use it to get therapeutics to people? monoclonal antibodies pain in the rear end to get, essentially rationed out, new pfizer pills, why are we dedicating resources to treatments? it is so stupid. it is the best stimulus package you could ever have. instead of free college for everybody, how about treatments for covid? it is just, it is so mind-boggling how there is no comb nonsense in washington on this stuff. neil: are you off your high horse now? >> yes. get your better guests. neil: thank you very, very much, charlie gasparino, he is the best of the best when it comes to business journalism. you know that. this guy is the best of the best keeping people calm throughout
covid. talking about bob lahita, st. joseph institute of rheumatic diseases. always calm guy. always great to see you. charlie gasparino, is outlining one some ever the big investment firms are doing getting people back. a lot of schools, like cornell and princeton are concerned too, urging online classes, kids taking tests from home and all that. are we going back into something, doctor, should we? >> i don't think so. i'm really behind of hopeful. i predicted as many other scientists had we would have spikes after thanks giving. black friday, you remember omicron appeared from south africa. i'm not so much concerned about young people and all of the mandates coming forth from all of these different cities but what i am concerned about is the fear-mongering and the other thing i'm concerned about and elderly and those
immunosuppressed and those that have a immunological glitch. if you live a good life you will be okay with this variant. neil: what comes up again, you and i chatted about this before, people, who are not fans of vaccines and come back, they always say, well if they're usefulness wears over time, why get them in the first place? they say now that with two shots and then a booster, that is still not completely protecting you, why should we bother? what do you tell them, doctor? >> i always tell them look, the flu vaccine which we get every year is only 40% effective this booster provides extra protection, the third dose upwards of 75% protection against all of the variants, particularly the delta and now the omicron. and the good news is, the omicron isn't likely to kill you. it seems that the condition is very mild and this may be the beginning of the pandemic petering out actually.
neil: let me ask you about some of these treatments that are out there now? many argue i know, pfizer is saying our booster shot, our shots seem to be effective at mitigating this. i'm paraphrasing here, doctor. regeneron is apparently working on a treatment exclusively for omicron. i don't know where that stands. some of the existing treatments have been disappointing in terms of warding this off or mitigating it. so where do we stand on something that is omicron centered? >> well there is not much omicron centered anything right now. you remember pfizer about a week ago said they would develop a new vaccine, omicron specific. neil: right. >> that has seemed not necessary especially we know the booster shot protects most people against severe illness with omicron or even the delta. so right now we're looking at a population of unvaccinated who always wind up in the hospital with severest disease. so the vaccine is still a good bet. you can carry the virus in your
nasal pharynx, the part of the nose here, you can transmit the virus but you're not going to likely become very sick or die from the virus and that's important to note. so the vaccine is still the best deal. neil: what about the mask requirements popping up indoors, states like california, cities like new york, what do you make of those? >> i think that is a bit much, neil. i think the mask requirements if you're in a really closed space like a small room whooping it up with 20 or 30 friends for christmas that is probably not a good idea. if you don't know whether the other people in the room have been vaccinated or whether they have already had covid. remember natural protection is also very protective if you had the infection in the past but you still need to be vaccinated because we don't know who among the population are at great risk. you can be you know, i mentioned this before, neil, if you get 100 people, you measure neutralizing antibodies all of them been infected, only 20 have high fight is.
we rely on the t and b-cells in your circulation to protect you. that is extremely effective for everyone who has been exposed to this virus. neil: good to see you again. dr. bob lahita on all the developments. as the doctor was finishing, france as indeed blocking uk tourists as omicron surge continues unabated in britain. they're seeing those cases double. again, they're not severe cases but they're moving fast, spreading fast just the same and the french have decided for the better part of valor here we'll just ban uk tourists for the time-being. the brits are wondering what is the time being? also on the growing tension between joe manchin and fellow democrats, particularly the nation's highest ranking democrat, president of the united states. all over spending measure that looks like it is running out of steam, after this.
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joe named joe manchin from west virginia who are not really in sync when it comes to getting this thing voted or or whether he would support it right now. chad pergram with the very latest. reporter: good afternoon, neil, the senate may not have defeated the social spending bill it may still pass but time appears to defeated the democrat efforts to approve the bill before christmas. the bill is not complete and democratic senator joe manchin still is not on board. manchin lashed out at reporters in the hallway yesterday. >> you want to continue the way it is $300 a month for youngest kids? >> that is, i'm not negotiating with any of you, okay? two minutes, all the questions you want. guys let me go, this is [bleep] you're [bleep]. i'm done. >> thank you. reporter: democrats need manchin's vote on the social spending bill, otherwise they're stuck. >> it is. it shows, i think that how much power one person can have in the
senate to stop everything. it is, colleague used to say a hundred human brake pads, joe manchin is certainly showing he is a mighty big brake pad. he is a democrat in a state where donald trump won by 39 points. reporter: senate majority leader chuck schumer is now suggesting that the senate could try to do a special filibuster carveout to pass voting rights. that needs 51 votes to pass a filibuster. >> these conversations are on going. the fight to protect voting rights is still on in the senate. just because the republicans will not join us to defend democracy, does not mean the democrats will not stop fighting. this matter is too important not to act. reporter: changing the senate rules is almost impossible. the democrats could follow models from 2013 and 2017. those efforts established new precedents for the filibuster.
senate minority leader mitch mcconnell called such a gambit unhinged. he predicted the move would be mean, quote, armageddon for the senate. neil? neil: chad, thank you very much the tax foundation has been looking at the overall package here and concluded as things stand now, just taxing the wealthy isn't going to cut it if they want to pass it. if they really want to enact it they will have to go a bit lower on the food chain, the tax food chain, maybe to you. scott hodge joins us right now, the foundation president. scott, what are we talking about here? >> neil, as you saw last week, the congressional budget office found that if you made all of the temporary programs in build back better permanent it would add $3 trillion to the national debt over the next 10 years. what my economists did, say, what if we tried to pay for that $3 trillion in higher deficits, what would it take? well, basically it would require taxing the middle class and basically everybody in the
united states, much like we see in europe where they have to fund their welfare state with broad-based taxes such as a value-added tax a carbon tax and higher social security and payroll taxes on the middle class. neil: you know democrats have criticized this cbo study saying that you're making some assumptions that programs that are going to expire in three years weren't expire until 10 years. year by year will go by this. the president argues it will keep adjusting, you know, how we pay for this along the way but again, the assumptions are based on history too, that popular programs tend not to go away no matter, no matter the time that they're slated for, right? >> that is exactly right. of course democrats lobbed the same charges as republicans back when the tax cuts and jobs act was passed in 2017 but your point is right. once these kind of spending programs are put into the budget
they tend to be permanent. the biggest of course is that child tax credit which now is on an annual basis and now checks are being sent on a month by month basis. many respect this is looks like a dress rehearsal for universal basic income where everybody will get a check from the federal government. when we look at this, we look at the kinds of taxes that it would take, it would require taxing all americans in order to pay for this massive expansion of government. you know, for instance, if we looked at a value-added tax. if you had a 5% value-added tax, much like they have in europe, it would raise about $6 trillion over the next decade but it would cost the economy about a million jobs and cut middle class incomes by 4%. so that is the kind of economic consequence you're looking at if you try to pay for this fully funded build back better bill. neil: all right. we've have to watch it very, very closely. scott hodge the tax foundation
president. the democrats are saying that this math supposedly requires higher taxes is plain old wrong. they will tinker and adjust as time warrants. again the jury is still out on that, as is the guaranteed vote on a all of this. that hanks very much, scott. meantime, when it came to the jacksonville jaguars to take over as head coach, he was a rock star, everyone looked at his record and then thought about it again. now he is fired. now he is out. what happened? ♪. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back.
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controversy and no matter the dust-up over it, but mcdonald's did manage to get $105 million back from fired ceo steve easterbrook. this of course after there was a concern about his relationships and some, hanky-panky and all of that. bottom line they said this was something the company was going to pursue to try to get the money back. did get the money back. so far we have no reaction as to about he is going to protest that. very little he can do at this point. he did have other settlement proceeds that eclipsed this 105 million or at least more than counter some of that but right now out of that particular amount of dough. meantime urban meyer, you know him as the jacksonville jaguars coach that is until now, he has been fired but when he came to this money-losing, and, and, game-losing franchise he was greeted as a rock star.
he has hit the rocks because after lot of controversies. we have matt napolitano fox news 24 sports anchor. thanks for being here. >> thank you, neil. >> neil: what happened here? when they took him on and brought him he would be the savior, between him and trevor lawrence, number one draft pick, moving to that team, things would change. but what happened? >> things went downhill from the beginning. he would be rock star savior. bringing in chris doyle, strength and coaches from iowa who got released because of the allegations of racism. then you get into the regular season, they cannot find their graph, the jaguars. then you hit the point after four straight losses stays back in ohio after a loss in cincinnati bengals.
spotted out chilling at his restaurant, a woman not his wife grounding on him. leading from the jack wars owner said he has to regain our trust. weeks followed, no trust was gained, it came to a head, former kicker josh lambeau, telling us, "the tampa bay times" he was actually kicked by meyer during a practice over his poor performance during the preseason. the preseason is to room up over the regular season to get your skillset in owner. it came down to enough is enough, shaw khan said we have to let him go. neil: i had an impressive record. did people know about this, or he might have some orthodox strategies, that work? >> he had a series of ncaa violations as his time at the university of floor and ohio state university. what led to his dismissal from the buckeyes he was covering up allegations of domestic violence
against one of his coaches. he decided to leave football a little bit. cited health issues. wanted to spend time with family. nfl came calling it was his first stint in any envelope coach in any position. it was all downhill. he didn't get a grip on the difference between coaching between college and pro. there are subtle differences. not a lot of coaches handle it. nick saban didn't do well with the miami dolphins. bobby petrino was spiral out with the atlanta falcons. neil: he burned a lot of bridges with the star of the team, trevor lawrence, on a trying him out for the quarterback position it was almost my mill eighting. >> it made no sense. first overall pick out of clemson. so much hype coming out of the putting him in a battle against gardiner minute issue. he was a personality. people like him. we're not sure yet, not sure
yet, oh, yeah, trevor lawrence was our starter. they trade away gardner menshaw. neil: the jaguars have two wins to their credit so far this season, i think that is what it is. they had only one last year. maybe they had five or six, maybe seven wins this wouldn't have happened? >> if this is a playoff contending team i don't think he is let go until they see the circumstances at the end of the season. i think khan the owner of jaguars was trying to get give the benefit of the doubts as best he could, but when you're 2-11, lost the entire locker room, fights with coaches an players, brown anyone nating you kicking the kicker, you kicked to the curb. neil: that had a bad ring to it, kicking the kicker. we see this all the time in sports, at the time he was coming to the jaguars and he was a rock star, andrew cuomo was a rock star governor, chris cuomo
rock star on tv but we're reminded again and again as with easterbrook at mcdonald's not too long ago, corporate, you know, legend, so fame can be very fleeting. >> it is very fickle. you know what? a lot of people said this was the right move for the jaguars to make. i think at the end of the day jacksonville wanted headlines bringing urban meyer back to football. if you ask me this is not the best decision at all. he had a no pro football experience. had issues with players. you can't interact with a college student athlete as you can with a guy making $50 million over the fours of four years. not getting the same highway or my way approach. ultimately led to demise. it is very rare for a coach to get fired in season as it is. get fired in season in your first season is rarity. neil: he assumes the position for remaining games? >> darrell bevel, offensive coordinator for the jaguars. potential candidate to take over the role as well.
off-season, a lot of people talking who takes over the jags roll, if they want to focus on development of trevor lawrence, they need an offensive-minded coach. you will hear eric bieni from chiefs. one name that might come up, byron leftwich, who bass the quarterback for the jaguars in the day. it might bring good pr around to bring him back to the jacksonville fold. >> you know your stuff. >> we'll trait off. bond market. i ask you with your fancy football team. neil: matt napolitano, that is good stuff. i learned a lot. i will forget it but we learned a lot. dow jones industrials off 100 points, not anything to do with the jacksonville coach fired, have rates are going up, they're not interested in firing anyone at the time being but it is
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♪. neil: all right, you know that inflation is a problem here but some new fox business poll numbers out that show a lot of americans say it is a far bigger problem than let's say many in washington say it is. jackie deangelis here with all the details. reporter: neil, i hate to be the bearer of bad news here but our fox business poll did indeed that. inflation is a huge worry for many americans and no doubt it will be a big issue for next year's elections as well. look at this 67% of voters polled said inflation hurt them, 67%, 2/3s saying inflation has caused them hardship in the last six months. the next question was, do they think president biden can fix it? the short answer here is no? 47% said he is hurting the
situation. he is making it worse. now a lot of of attention has been put on the build back better agenda. 1.75 trillion more in spending that in reality could cost more than that. 46% of respondents say that will push inflation higher if it is passed. on the broader economy the president's economic policies as well, just one in six voters say that they're better off financially than they were a year ago and the majority rates their personal financial situation negatively this time. now the white house says inflation is because of supply and demand issues but we know it also has a lot to do with the labor shortage. what caused that? well a third of voters said it was government benefits. finally 2/3 of those surveyed that they don't feel the country is moving in the right direction. that they are feeling financial hardship, neil. this is really the pulse of the voter out there, giving you a sense of what is top of mind right now. neil: this is top of mind for them. it is going to lead to
increasing frustration, could even affect how propensity to keep buying. they have been buying like crazy. but that might change. reporter: it might. neil: thank you very much, jackie deangelis on all of that. let's go to lee carter on all of this, how this reverberates for the president, maybe sees it through the lens of the not only the midterms but how each party is stacking up. lee, what do you have? >> my, none of this is surprising, right? we've been feeling it, if you're having conversations with anyone, after talking to anybody on the right, the left, independents, everybody is feeling the page of inflation. people are talking about it especially as the holidays are coming, grocery bills, what they paid for a thanksgiving meal, let alone what we pay for christmas, it's painful. when you talk to people about the biden administration they're not feeling good they have a handle on it. they don't feel they're taking responsibility for it. there is a lot of shirking of blame. there is still a lot of blame on republicans.
this isn't going to solve the problem. american people are feeling pain across the spectrum. biden administration has been in charge this entire year and people want to hear them taking responsibility and they want to hear a path forward. huge opportunity for the republicans in the midterm not just to take ahold of the economy where the republicans typically do well but also help americans feel like they can take control of their own lives. we saw that happened in virginia, people said i want to have control over school choice, what i do with my children and people want to feel control back. biden administration is not giving it to them, the left is not giving it to them, around i think there is clear path forward for republicans here if they seize it. neil: you and i chatted about this before, when you admit something, acknowledge something, that the american people are feeling rather than dismissing it, it goes a long way toward, toward helping you stablize politically. i'm thinking about you know john kennedy after the bay of pigs disaster he could have blamed his predecessor he took
the blame for that, acknowledging that. you know his poll ratings went up. now i know very different time and place, i get that, but sometimes when presidents acknowledge a failure, something happening under their watch, not appreciating the magnitude of a problem, it comes back to bite them. i'm just wondering in the early days the reaction of the biden administrations the president him several run-up in prices, wealthy essentially pitching he got off on the wrong foot. what do you think? >> there is no doubt about it. he definitely got off on the wrong foot, talked about it nothing to be concerned about. he said it would be temporary. he said it wasn't long-lasting. he blamed everyone but himself. i think if he had just in the moment said, i understand, i feel your pain, i feel the pain of this country, inflation is painful, the pandemic is painful. we have been through so much.
we've got to get through this toth, he would have been entirely different conversation but what he did instead was try to minimize the problem, talk about us having minimal impact when it has a huge impact when you look at polling how many people feel the page of this. instead of trying to shirk responsibility, he needed to take some. the buck stops with him. when you look at some of the polling, 2/3 of americans are blaming covid for inflation but 2/3 are blaming, are blaming government spending and ultimately the biden administration as well. he has got to be culpable. people want to hear him responsible. they want him accountable and leadership to take charge, show us the path forward. he missed a huge opportunity and will play catch-up the entire time. neil: oil price run up, maybe oil guys colluding to rig prices doing the same, poor dairy farmers why you're seeing milk
and poultry prices extending into prices in general, farming companies behind it. throwing it out there and he has to know even if there were isolated cases, to say that is the whole phenomenon, i think he lost a lot of people? >> absolutely. the blame game doesn't work. it doesn't work in politics. it doesn't work in corporate communications. it doesn't work -- neil: in anything. in anything. >> in personal communications. if you're in a debate with your spouse, doesn't matter who is right or wrong, you have to say i understand. i understand it hurts. doesn't matter who is at fault, move things forward. that is what the american people are hungry for. we've been two years some of the most painful times in recent history. we want to hear leadership that say we will get it. you know what? we've got a path forward. here is what it is. we're tired of the blame game. we're tired of ugly politics. tired of saying the other party is going to take us down, threats of democracy, what is the way forward now? how do we move forward?
we want to hear optimism. we want hope. enough is enough already. neil: i hear you. excuses do work with weight, lie. i always tell people it's a thyroid thing and that gets me by. that is whole separate issue. as if, young lady, as if. lee carter, thank you very much. growing tensions right now with china. we've always been wondering, all right, what militarily will we do to respond to china as provocative actions. apparently nothing militarily at all. it has to do with money, after this. ♪.
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neil: all right, we're in the middle of cracking down on the chinese right now financially. we'll explain that in just a second. that has not curtailed china's rather provocative behavior. that is an understatement. rich edson with more on that from washington. hey, rich. reporter: good afternoon, neil. this is a growing campaign here, social media influencers, they tour cities and provinces across china. many are westerners. they live in china. they speak perfect english. one video blogger offered this take on shinzhen's cot on industry? >> breaking news, they are forcing drones to work here in
the cotton fields. unbelievable. i can't accept it. >> totally formal. doing their jobs, living their life. we wealth coming. reporter: there are widespread accusation of human rights abuses across that region, especially in the cotton industry. earlier this year the united states banned imports of cotton from there. shinzhen is also where the u.s. government says china is pursuing genocide against the minority uyghur population. this influencer said chinese state media never paid his company, he is trying to bring different cultures closer by presenting different perspectives. in a new report the australian strategic policy institute says across 20 months, ending this summer, 156 chinese state controlled social media accounts amplified this type of content from 13 social media influencers. the australian institute did receive funding from the australian and u.s. governments. many of these influencers admit
the chinese government paid them directly or funded their trips. >> these are very effective tools for china to be able to essentially launder their propaganda through a western voice. reporter: these influencers u.s. is perpetuating human rights abuses or suggests that covid-19 began in the united states. some of their accounts on their own have hundreds of thousands of followers. neil. neil: incredible. claudia rosette independent woman's forum, former wall street bureau chief in moscow. not what rich is reporting how we might respond in a very different way, targeting chinese companies that are listed hire, going after them, especially if they're not transparent enough. what do you make of this? >> well, its long overdue, neil this has been in the works for a long time. it is probably going to take quite some time to play out but china has benefited phenomenally
from the welcome and access to world commerce that america above all invited them to, going back years with one of the signal points being getting china into the world trade organization in 2001. china allows almost nothing in the way of reciprocal access. you end up with a corrosive valuation but chinese companies are listed in the united states but they are not held, china doesn't allow the u.s. to hold them to u.s. auditing standards. so it is sort of a defacto endorsement. they're listed in the u.s. but for an american investor or somebody investing via america that's not actually what as going on. instead, it might look pretty good but not at all and then there is the security dimension, neil, which is, there are no
chinese companies that really operate in independent of the chinese communist party. they are all part of this grand strategy of xi xinping for china world domination which would be a really grim and miserable future so -- neil: it is weird part about it, it is good we're taking this action but you know, we had responded with economic threats before this one is something we're apparently going to act on but the chinese keep doing what the chinese want to do. in the past that would have, you know, given them pause. it doesn't appear that way anymore. that part worries me. what are they up to? >> it should worry you. in fact china is encouraging some of those companies to delist. we've seen that recently. neil: right. >> the problem neil, finance alley, economically alone, we're not going to win this thing and it is a real showdown, win is the correct word i think. it takes much more than that.
china is approaching this with a sort of whole of universe approach. they're not only engaged in all sorts of corrosive practices of world trade, commerce and so on. they're also building up at very fast, very rapidly right now their poll terri, modernizing, developing weapons made to defeat our defenses. neil, we've got to not only keep up with that, we've got to get ahead of it. we're not doing that. we get a lot of speeches from the biden administration right now including secretary of state antony blinken recently talking about aggression in the indopacific of china, but we need to, the thing that is most vital, if these economic measures are actually to really go anywhere or much, there has to be a real military muscle behind it. that is just the truth of the way the world works. and the u.s. isn't doing that
right now so, it sounds, it sounds sort of more impressive than it actually is. delisting chinas firms. yeah, it's of some use and it would be dreadful to keep them listed here but it is not going to win the showdown, neil. neil: doesn't do enough. to your point. got you, claudia, thank you very, very much for that, i think. meantime we're well off the highs for the dow jones industrials. might have to do omicron and measures a number of companies are taking to tell workers they can go back to working remotely again in the case of citigroup, in london right now, a spike in commuters who are now saying we're done commuting. omicron is fearful enough that we're going to do everything from home. stay with us. light, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile-
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>> ♪ money changes everything ♪ neil: all right, money might change everything but it depends on which side of the ledger you're on. if you're making more that's great but if you find out that you're spending more that's not so great so american wages which have been running at about a 4 or 5% annual clip, that sounds terrific, until you realize that , well, inflation itself certainly the wholesale level running double that, kind of wipes out any gains you're experiencing, and that is weigh ing on american voters, and an fbn poll just proves that
hillary vaughn on capitol hill on the impact on the hill. hillary? reporter: hi, neil. well, inflation is hitting people's pockets putting lower income households in a bigger pinch than anyone else. new analysis from pen watteron says families are spending about $3,500 more this year for the same amount of goods and services they bought last year. >> family is going to have to take another $3,500 out of their pocket just to be able to remain where they are, and you know, they're losing ground and i think it is so sad. reporter: but democrats in washington from the white house to capitol hill aren't budging on plans to push ahead with trillions in new government spending, pitching the president 's build back better bill as a cure for an overheating economy, plug ging analysis from 17 nobel laureats that says social spending would ease inflation, not add to it, but some
republicans say it's spending like untargetted stimulus and prolonged covid relief president biden pushed for that has pushed inflation higher. >> do you think president biden could have seen this coming and done more to stop inflation from getting so high? >> i think that if you take a look at what the bipartisan infrastructure package does and potentially what it can do could actually lower inflation. reporter: but neil, you mentioned those fox business polls at the beginning, and one of those polls shows that the majority of people, 46% of those that were polled, think that the spending plan would actually add to inflation. neil? neil: hillary vaughn thank you very very much. one thing that is coming up and could be the last time we see it for a while, the child care tax credit, about 36 million families have been taking advantage of it, just got it in the latest installment but unless build back better goes through, that ends, and there will be no more child care tax credits.
republicans think that be a good idea to end it, democrats, anything but. what's the latest? reporter: hey, neil well that's right republicans are raising a lot of red flags about the child tax credit program in the better build back better plan and they're getting some help from some pretty unlikely sources so take a look yesterday, several senators held a news conference citing data from the left-lean ing progressive think tank called people's policy project so this think tank says this mandate could increase child care worker pay by 138%. the unsubsidized price of child care then would go from $15, 888 per year to $28, 970, that's an increase of 13,000 per year, and that's not all. it goes on to say the democratic child care plan subsidizes the price of child care by replacing flat user fees with a sliding scale income-base co-
payment and that means costs that exceed a given family's co- payment amount would have to be picked up by the government. meanwhile another bipartisan think tank telling bloomberg business week, in the short-term , this be " catastrophic" and republicans are sure angry about this. >> most bureaucratic built for bureaucracy programs you can think of, the bbb comes along and says hold my beer, we could do something stupider than that. reporter: republicans argue this bill would kill off the faith-based daycare but senate democrats are touting a new version of their bill, the version that they're pushing out. they say would include religious daycares, so republicans really just want to be part of the conversation. they say they have solutions if they were allowed to be a part of the negotiating. neil? neil: all right, thank you very very much for that. well, again, the issue here is
the cbo that has now ignited and infuriated democrats saying that this once-trusted institution has it completely wrong, foolishly wrong, and you hear jen psaki say when it argues it's going to be $3 trillion more than the sticker price of around $2 trillion, karl rove makes a note of that in today's wall street journal. i look forward to his columns but he noted in 2010, mr. biden described the cbo's estimates of the gold standard, instead of the office that no republican or democrat questions, and you go ton o write, later presidency declared the agency is widely respected unboots sides of the aisle. now, however, you point out that since the score is not friendly to their own math, that view doesn't prevail. what's going on? >> well, what we've got is a scam, and the scam is, let's collect revenue for 10 years and spend it on programs that last
between one and six years, and claim that that's okay. i mean, the bbb, the build back better bill, has $1.7 trillion in spending. the cbo scored it when it passed the house is having 367 billion in red ink, but then the senate republicans said to the cbo, tell us what would happen if you had all these programs continue for all 10 years because clearly the intention is not to have the child tax credit for one year only, it's to have it for all 10 years and what would happen is it be $4.7 trillion in spending with $3 trillion in red ink, so this is why the white house is not in favor of the latest cbo score, because they don't like having the whistle pulled on their gimmicks. think about this , neil. child tax credit, one year, earned income tax credit one year. that's all. senior healthcare, we pay for it for 18 months out of the next decade, summer food benefits, three years, salt, the tax
deduction for local and state property taxes and high income states, medicare subsidies, for hiring journalists, pell grant tax relief, the subsidies for obamacare, those last four years but we're not going to really have them renewed for the final six years of the decade, and so forth. this is albuquerque loan it. everybody knows that it's a phony. not one single democrat has said i voted for the house bill because i really want the child tax credit to go away in a year. of course they expect it to be renewed for the balance of the decade. they just don't want to tell us how they're going to pay for it or admit it's $3 trillion in red ink. neil: that's what the cbo was tasked to find out if this went, the normal duration, it's very hard to remove popular programs and features, even if republican s took over, but you do raise in the end saying the shell game democrats are playing only works if voters don't take kindly to being treated as if they were, but that would assume that voters are aware of this budget math
and what's going in with some programs that will last a year, others a year and a half. they are unaware of it. >> well they maybe but we had a new poll out that had two interesting numbers. do you think the biden administration's economic policies are helping or hurting on inflation by a margin of 47: 22 they said that the biden administration's policies are hurting. the second question was, do you think the biden administration's welfare or social welfare bill is going to help or hurt and by a margin of 42 to 36 people said it's going to hurt, not help and the relatively large numbers of people who don't have an opinion who are undecided so the game is not yet finished but republicans start out with having a good argument to make with the american people which is we can't afford this , this thing is not fully paid for , this thing is a scam, and they are going to be coming with higher taxes and red ink for you neil: all right, now, republican s are hardly in a position to be cocky about this , of course they ran up
deficits under donald trump and that's even before the pandemic. this goes, you know, through all types of administration so i'm not trying to pick on one party or the other, but do republican s risk looking too cocky or do they risk looking, we're going to criticize everything democrats are doing but we're not presenting an agenda about what we be doing. >> well, they've gotta have an agenda. they don't need to do it all simultaneously but if your point is the republicans need to have a positive agenda what they would do by all means let's do that, because elections are built around, in part, mid-term elections in particular, are built around the guys in charge are not doing a good job, but, in a mid-term election like this , the republican gains will be bigger if they layout an optimistic and positive agenda that american people say that make sense to me, and they could do it on whether it's healthcare or the economy or jobs or trade, they got plenty of good ideas, but they need to be laying them out. neil: do you think right now, as
things stand, that it be a route in the mid-terms right now , things could change, of course other developments but as things stand right now, what do you see? >> well, i think we've gotta be careful about over-hyping the republican chances. i think the republicans are going to take the house, because that's the way history goes, since we started what we call in political science, the second party system in 1818, there have only been two first mid-term elections where the white house party gained seats in the house, 1934 and 2002. the average gain is 26 seats since world war ii. republicans gained 63 in 2010, but that's after having two straight back to back losses in the house races and 2006 and 2008 and frankly 2020 the republicans did the unusual thing. they picked up 14 seats in the house of representatives over the 2019-2020 election cycle and that's unusual. the white house, if you lose the
white house, since world war ii, 19 presidential elections, 11 times the party that lost the white house lost seats in the house, eight times it gained seats, most of the time it's one , two, or three and then this election, the republican simultaneously lose the white house but pick-up over the course of the cycle 14 seats , 13 in november of 2020 o loan, so we've already got a head start, republicans do on getting back the majority so i think that it's not going to be 2010 blowout, but the republican s take the house with a comfortable majority. neil: and they could have hung on to the senate and not the back and fourth over georgia and everything else. >> exactly right. neil: karl rove thank you very very much, taking a look at all of those numbers and data and how it all crunches down when you go to the polls. right now a lot of people are in a nasty move when it comes to inflation, how that translates how they voteless than a year from now anyone's guess but we're following it as we are, trading right now with the dow up about 47 points, we're seeing up-tick in some of these omicron
cases. that, you know, household companies and big universities like cornell, and princeton, are responding to that by doing things more online & companies urging workers to go back doing things remotely and that scares some people, after this. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com
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neil: all right, coal prices have not been jumping for the obvious prices you might think including the push for cleaner fuels and the rest the bottom line is it's getting to be a building problem, jeff flock is seeing it close in philadelphia. jeff? reporter: if you get a lump of coal in your stocking this year neil, you should say thank you, because there is a coal shortage , believe it or not. didn't see that coming. behind me, perhaps, you see a famous old coal generating plant in philadelphia. it was called the delaware generating station and it is now not a coal plant anymore, it's being converted to offices and residence. it's emblematic with the situation, our deemphasis took a look at this stockpiles at the nations coal-fired power plants 80 million tons as low as its been since 1978 and more normal
ly, it's about 200 million tonsa shortage, and the folks that operate the grid in the north east said we could be facing this winter a situation like they faced in texas last year. not a good situation at all. listen. >> i think once those continue, not that we're wishing for that, but the forecaster out there, because this could be a very very tough winter, that may open some eyes to folks that haven't been paying attention before it helps solve this problem. reporter: now, what is the problem you ask? well the problem is we don't have enough coal. why is that? well take a lack at these number s, neil. we now generate 40% of our electricity in the u.s. from natural gas. that's a good thing, except natural gas costs a whole lot right now. about 20% renewables 20% nukes and fourth on the list is now coal. problem is we're competing in the world marketplace, i guess, with folks in china and if you are concerned about the nation's
climate issues and the world's climate issues and you should be , certainly, it's worth noting that coal now, generates 58% of the power inclinea so they're turning it like crazy and also burn 20% oil to get their electric power, far less renewables, natural gas, and nukes, so, you know, we're trying to do the best thing we can here for the economy, not getting a whole lot of help. i guess it's worth saying that, you know, back now, there's no smoke coming out of those smoke stacks at this new redevelopment now. those are decorative now. that's a good thing but now nobody wants to live next to a coal plant so we don't get new ones, we don't have new investment in coal and right now it looks like this winter, we're going to need it. neil? neil: getting it on both ends here jeff flock thank you very much for that. jeff following the coal developments here. energy a big, big issue certainly in the state of alaska and thanks to return of more oil and related revenues, alaska could be looking at a deficit
free budget first time in about a decade. the state's governor mike dunlea vy joins us. good to see you. >> good to be on, thank you. neil: explain what's going on in your state fiscally it seems like a major major development that thanks to all of these developments, we will not be in the red or you do not envision being in the red. >> yeah, correct. we're going to have a balanced budget. this year we don't have to draw upon savings and we'll have a little bit of surplus and this is due, in part, to the increasing prices of oil but also our production is also edged up a little bit more here in alaska and so we're grateful for that, and we're looking forward to trying to stabilize this budget going forward and making sure that we meet our obligations with regard to our basic core services. neil: through the pandemic, governor, and you were seeing this yourself, a lot of people vacation and go to alaska, it's a beautiful state of course, all those cruises stop and
everything, that was a big chunk of revenue you lost. how are things looking on that front and how do you see them looking going forward? >> well it's a great question. we're crawling out of that. i think out of all of the states alaska was hit hardest especially when it came to the tourist industry because the canadian government closed down the overland routes, the cdc closed down the cruise ships and there was demand destruction with regard to the airlines, but this past summer, we're happy to say that through some advertising and word of mouth, a lot of independent travelers came to alaska more than we expected. we didn't get back to our records before the pandemic, but we're looking for sort of a pretty good year coming up, so as you know, neil our tourist season is basically in the summer from may to september , but again, we're looking forward to, i think, a more robust season. neil: and you've been pushing to say it's not just for the summer i don't know how many takers you have but it's a bold marketing plan. let me ask you do you worry when
the omicron, i believe alaska just reported its first case, obviously when you hear news like that, you worry, here we go again. what do you think? >> you know, we're going to see these waves. we're going to see these variants. we'll probably see them for sometime well into the future. i think most locations, most leaders have decided that we're going to work through this virus and we gotta live with it, it's with us for a while but nonetheless we'll see variants and cases go up and down. alaska had a spike here in september and october, cases have dropped dramatically. we have 67 folks in the hospital now with virus so we're going to see this on and off until this virus gets its footing, and we learn how to deal with it, and we're just going to have to keep working with vaccines and therapeutics. we gotta move forward. neil: all right, governor dunleavy very good seeing you hope you have a wonderful christmas, the governor of the beautiful state of alaska and leading the charge to come visit not just in the summer any
time of year. a couple of developments to keep you aware the wall street journal is reporting that kamala harris is saying that she and joe biden have not discussed, have not discussed running for re-election in 2024. quoting here, i'm not going to talk about our conversations but i will tell you this , without any ambiguity, we do not talk about, nor have we talked about re-election because we haven't completed our first year and we're in the middle of a pandemic. that's kamala harris talking to the wall street journal. we'll have more after this. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank.
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♪♪ neil: all right, we're clawing our way back right now, the dow up about 1 hub points there have been a lot of concerns up until yesterday we got clarity on interest rates everyone kind of suspected they were going up. we got a little bit of closure and now we exactly all that's true, and we even have a number of hikes we kind of know about so some of the uncertainty taken out of that and new uncertainty
of omicron, how it's spreading and investment firms company, big schools are dealing with that more remote learning, more remote working, all of that stuff sort of going and pushing and pull on prices here keeping an eye on that but we're doing it with one of my favorite segments evan the 25-plus years i've been at fox, and still going back to fox news and fox business, now i know a lot of young people look at this segment and said all right, let me get this straight. this is about an older guy bitch ing about everything and yes that's pretty much what it's about, but in good humor and fun and one of the things i want to pursue with my friends, that i'll introduce very shortly is a new survey out that talks about whether the markets are getting long in the tooth and that we can't keep these double-digit increases going year after year after year, and that maybe we'll see growth rates of no more than two, three , four, 5% if we're lucky going forward. young people are the first to quit the markets in that event,
they're the first ones to bolt, if that happens. so we got charlie gasparino to weigh in on that. we've got charlie brady, our fox business senior editor to weigh in on that, and last but not least, i've known this guy since the days of ronald regan, when he would entertain all my idiotic questions, steve leave, capital management, the founder so steve, if i may begin with you, my friend, do you think that it's wise to leave this market or for young people to think twice about this market , because they're the ones who are more likely to bolt. >> i think, neil, you know the question is, where do you go if you leave the market? if you put your money in cash, you get taxed by inflation, six or 7% who knows what the real inflation numbers are in this country right now but they're up there. neil: so you'd stay? young or old you'd stay? >> in a word, i would stay. i be selective. i would want stocks that are not
trading at 100 times earnings, but stocks that are in the energy field. they're not expensive. they're fairly cheap and do you know what we're going to need all that oil, despite what we're saying about green. neil: so bottom line too soon to quit. where do you stand on this? >> the young people came of age during the financial crisis and right after that recovered, we had the pandemic so they are looking at markets that are see ing tumultuous downturns. neil: but they've only just lately gotten into this bull market and now, they are the first to consider getting out. >> well yeah, and looking to more, you know, further out on the yield curve, on the yield spectrum, because our rates have been kept so low by the fed for so long, now they are moving to things like spacs and nft's and things further even out from stocks. neil: they have money, i was reading they are the biggest buyers millennials more to the point buying up art and real estate. >> some of them. charlie: some have money. neil: they are obviously, you know, good at a lot of things.
charlie: if you think about it, they haven't really seen a bear market, because they got in, a lot of them, in 2008 and it's funny because i'm very critical of these people who buy the meme stocks. i think -- >> it's horrible. charlie: it's all these millennials and they keep calling me an old man. i'm old and i don't understand that a company like amc, that's trading like apple or amazon, and loses money, i don't understand that. >> no. charlie: really moronic these kids are. neil: older people are that way too. charlie: it's a big millennial thing. by the way, it's literally, i don't want to say a circle blank , but i'm not going to say that. neil: thank you. charlie: it literally is just like everybody feeding off each other. neil: but everyone wants to make a quick buck. is that a curse of the youth? there are a lot of, you know?
we were young one-time, right? >> yeah, i can't remember [laughter] i'm too old to remember, but neil, i mean, the point is, stocks have value. that's the thing and the one thing you can say about this -- neil: you don't think they're a little rich? >> in some cases. charlie: the meme stocks are rich. >> the meme stocks. neil: charlie brady is the overall market multiple-wise rich to you? you crunch these numbers all the time. >> yeah, earnings season we just came off was better-than-expected and that actually brought the pe ratio down a little bit. neil: but it's not wacky high. >> no, it's not wacky high, high by historical measures. charlie: i want to get back to something you said about inflation. we don't know what it is. jerome powell was so absurd yesterday. >> what they said was -- charlie: think about it. he's saying oh, we may have to raise rates. he said may. only three times, and -- >> [laughter] charlie: but may, three times, when you have 7% inflation?
neil: so why did the markets respond? charlie: because of that. it was weak and it was doveish, and -- neil: do you think it was weak so much as getting uncertainty out of the way? charlie: no it was weak. >> neil it was so weak it's unbelievable. what he said, if you just look at the language and just focus on exactly what he said, it said , we now will buy at least $60 billion worth of securities a month as opposed to -- neil: and be done with it a lot earlier. charlie: remember the taper is not a tightening. the taper is cutting back on the purchases. >> he didn't even say he was doing that. charlie: this guy is out of his mind. neil if you think inflation is bad, it's going to be out of his control and the markets will crash. neil: you know, here is what i want to raise and charlie brady maybe you can help me with this. people were polled on the subject about inflation, are you worried? older people tend to be much more worried maybe because in our lifetimes, we remember long
gas lines and all that but young people see it in terms of am i going to spend, you know, 3.50 a gallon or $4 a gallon, they don't look at it the same way we do and they don't remember a prime rate of 21%, they don't remember mortgage rates in the -- charlie: wait until their breakfast burrito goes from this big to this big which is going on right now. neil: but my point is if young people are looking at that's a big adjustment in their eyes. charlie: it takes a while, so what do they consume? when the cost of air jordans go up? right? neil: no, but they are serious to them as you and i talking about that. charlie: yeah but don't these millennials eat anything but ram en? they eat other stuff, right? or am i wrong on that? neil: you know, you are a global ly respected business reporter. a lot of times i ask myself, how is that? charlie: let me ask you this , neil.
do millennials eat steak? neil: yeah. charlie: they don't know the price of steak is going up? neil: they are annoyed too. you see these fox business polls young people realize they are all getting alarmed. charlie: do you know why the millennials don't, because they live with mom and dad still >> they do. neil: they do not live with mom and dad. >> a lot of them do, and -- neil, this is their fault. it's in their lap. it's this green stuff. yes, there's no doubt the world is getting warmer but instead of -- neil: well they blame you for that. >> no, but instead of banning oil, and oil drilling -- neil: they're mad at you steve because all you want to talk about money, money, money, and then the whole world goes to hell. >> focusing on climate mitigation, let it rise, there's a guy, steve kooman, who worked for obama, who came out with a book called "unsettled" and he said if you let it go, the
damage done will be very very little. yes, there will be -- neil: let what go? charlie: just burn oil and stuff >> whatever. but co 2 helps plants grow, there's more green on this planet than there's ever been. charlie: don't you want like spring every day? >> yeah. look, spring every day. charlie: work on my tan. neil: put yourself in their shoes, younger people are looking at this and then this is a first that we haven't had it, any note in their lifetime so all of a sudden they do remember , i think their first impressions were formed with the meltdown, they remember what happened and some of the older of them remember what happened to them, so just as they're dip ping their toes back in, we could be in for , i'm not even saying a crash but they're getting used to 20-25% returns and they might be, the journal today was talking about the possibility of just that. then what? >> they are going to go further out on the risk curve looking for returns.
>> no, i think -- neil: or they go to bitcoin. charlie: do you know what's really absurd about a lot of these millennials and you could, through the prism of aoc, -- she and i went to the same high school. >> well you're both very very bright. charlie: she always talks about how hard it was during the financial crisis when she was in college and her mom almost lost the house, you know? actually in the town we grew up in and what she leaves out is that because of massive amounts of fed intervention, her mom didn't lose the house. >> did or did not? charlie: didn't. the housing prices went up and she did okay. neil: every generation makes mistakes or pushes bubbles too far. our generation did too, remember charlie: we did nothing wrong. >> i don't think it was that. neil: i think charlie brady did
nothing wrong but you made up for his doing nothing. charlie: i worked my way through college how about you? >> well through graduate school , i mean -- neil: everything they had was handed to them? charlie: a lot of them except for the ones who served in the military because those are some of the best kids i ever met >> they are and the religious kids. charlie: it's like the kids that go into the military, the millennials and younger ones are such solid people. neil: but a lot of generations parent the one before, right? nothing will be like the greatest generation, our parents, but i think that's just my personal view, but -- charlie: my father was korea. neil: my father was world war ii but my point is that is still in our dna, including the millennials. charlie: like i said -- neil: you have a negative view. charlie: it's a dichotomy. the ones that i know that go into the military are such amazing kids. neil: you didn't answer my question. charlie brady, are you confident of the generation, because you work with them.
you work with very young people here, to guide them, to sort of provide your yoda-like wisdom. >> you speak of the military seeing army-navy game last week, it was inspiring, and uplifting and did give you confidence but no a lot of the young people here especially those in college age are just out, i think, have their head on straight, economic ally. charlie: here at fox is one thing i will say. the kids at fox are pretty good. well yeah, because they're interested in learning what's happening in the world. charlie: they have drive. smart kids. neil: you don't hate everyone. charlie: but i know so many, by the way there was a couple millennials that i had that weren't so great, trust me. >> right now our education like fifth and sixth grades and it's the millennials that are teaching these kids is just terrible. it's beyond belief how bad it is neil: and all of the teachers are millennials? >> no not all of them but a lot
of them are, yes, and basically, we need a huge wakeup call on this country. neil: we all need that wakeup call. charlie: when i was a millennial like back then, i remember i threatened to smash my editor in the face. neil: that's real nice. charlie: i'm just telling you. neil: well, i want to thank charlie gasparino, i want to thank charlie brady, especially want to thank my good buddy steve leave, all these years, you know, you always talk about what you wear on your sleeve. i'd never know just that you were all numbers all the time. >> i'm still numbers i just don't like the numbers i see right now, neil. charlie: it's great to see you. you're so smart. neil: he's very smart. charlie: i'm surrounded by geniuses here. >> no, i'm just obsessed with numbers. neil: aren't we all? now, if any younger people are watching us that are annoyed, we'll try to do something.
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neil: all right, time to go to a younger journalist, we have madison, east rutherford, new jersey, toys "r" us, opening, that's right a brand a name you thought was gone, apparently not , madison very good to see you. reporter: yes, it's great to see you, neil. one of those millennials you were just talking about this brand, toys "r" us, they're relying on us to come back to their stores so we do have some use in today's market let me tell you, because this , today, they are opening up the first retail store in the u.s. again after some really tough times. this store is going to really rely on experience, to bring us back and to bring younger shoppers back as well. so, like i said this is all happening after a couple tough years for the brand toys "r" us.
in 2017, they did file for bankruptcy and they had to liquidate all of their stores and many many stores before that in the 90s they had 1,400 brick-and-mortar stores and controlled 25% of the global toy market. this time around, toys "r" us is going to make that location more of an experience, the store has a slide, ice cream parlor and interactive setup. the ceo of the toys "r" us brand , they are taking the dive back into retail because of how important it is to have a digital and brick-and-mortar presence. something that the developer at american dream mega mall, where we stand right now, echoed to us moments ago. watch. >> we want to have a great digital presence, we want to have a really awesome interactive and engaging retail presence. >> today's world, online apps, there's also a very special role
for physical merchandise and locations. reporter: all right, time will tell, neil if the millennials come back in droves this toys "r" us opens this weekend and it'll be the only one in the united states for now. neil? neil: we'll see , all right madison thank you very much, madison alworth. retailers are dealing with something else though that has nothing to do with getting people in the stores, but keeping certain criminals out of them, after this. as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage.
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tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. reporter: welcome back to cavuto "coast to coast." the legal community is saying it's time for the biden administration to get tough on the smash-and-grab crime prices at the federal level. they say the white house has been dragging its heels leaving it mostly to city and state leaders to fend off thieves and vandals across the nation. some smash-and-grab perps are stealing millions of dollars of goods from brick-and-mortar stores, reselling them and getting away with it so now the senate judiciary committee republicans are stepping up saying they'll come up with a national level solution if the white house won't. they write, given the many cities that are impacted by the crime surge, we believe it be even more useful if we could explore these problems on a
national scale with the full committee. it's not just republicans though , who are desperate for a national solution. >> it's not just san francisco. it's in our entire country, and that's evidenced by the appeals that we are receiving from across the country for the legislation. reporter: the justice department tells fox, they are looking for federal level solutions to the crisis, but legal experts say it is far from clear, whether they will actually clamp down. take a listen to the white house >> our focus is on making sure that the local leaders, the police officers and departments who know what they need for these communities have the assistance and the funding they need and that's what we're working around the clock on. reporter: legal experts tell us the doj could bring criminal charges under what is known as rico, short for the rack a tear influenced and corrupt organizations statute. they say the doj has already used similar federal statutes to go after parents at school board
meetings, so could they and would they do the same thing to crackdown on thieves and vandals in city streets? neil? neil: well, desperate times might call for desperate measure s jill ran turner following all of that in washington, let's go to mike ber navich, the attorney general from arizona. how do you handle this , attorney general? you think about it, in california, they're blaming the retailers, in chicago they're blaming some stores that aren't doing enough. there's gotta be a simpler way to focus on this problem. what would it be? >> well, neil, thank you for having me on and i can't help but think what billy shakespeare once wrote that the fat flies not in the stars but within ourselves and the problem is states line california most of the states in the country increased the threshold of property crimes they will prosecute. the far left is undermined the importance of property rights in our society and as a result of enabling criminal organizations and criminals to steal stuff and there's no penalties when you incentivize
and decriminalize something you get more of it and whether it's the crisis at our border or whether it's organized retail theft, this is what the left has done to our cities so the answer , the answer is absolutely not more federal money or more federal prosecution. the answer is holding local district attorneys, holding legislators accountable that have enabled the mob and looting and prosecutors that won't prosecute real crimes. neil: you know, but sometimes it is the money isn't it though? if you're cutting back on police funding and fortunately, a lot of that movement eased up a little bit and it's a welcoming development, but it is still given the police pause in some of these communities where crime is the most rampant. they are just a cell phone shot away from being exposed and something that could end a career or worse. how do you deal with that? >> well, neil, i was a gang prosecutor, and i was a federal
prosecutor and so i worked with leon all levels and i've never seen this demoralized in so many places and whether it's the unconstitutional vaccine mandates or lack of resources or it's public officials undermining law enforcement. it's a very very difficult job. you never know when you're going to return home to your families and so when you have communities like chicago, cook county, san francisco, these large cities run by leftist mayors, democratic mayors that don't care about public safety, that demonize law enforcement officer s, that will not allow prosecutors to prosecute crimes, the end result is you get more criminal activity and this is nothing new. we saw this in new york city when james q. wilson and the broken windows theory was something that helped crackdown on crime so the reality is if you allow some lawlessness you're going to get more and more and then you end up with violence, and so you know, there was a time when tourists in san francisco had to worry about getting maybe pick-pocketed at the mall, but now, the entire
mall is being knocked over by organized criminal gangs. neil: you know, do you think if you got rid of this feature where you can steal up to 1,000 or $2,000 worth of goods and not have to worry about being apprehended, if that were to stop, like tomorrow, what do you think would happen? >> i think that's a big part of the problem, neil, is a majority of states have increased the threshold on what constitute s a property crime. you see more and more people stealing that so you end up with more pick-pockets, more retail theft when you have less prosecutions and so that is definitely a problem. it's a big part of the problem and also, it's this fundamental misunderstanding of the nature of property rights, when people are ripping off the department stores, that means lost jobs, and these lost productivity and it means higher prices for all consumers and so one of the biggest problems facing our country is not only the disruption in the supply chain. it's in the fact that prices are rising as a result of not only
the biden administration's policies but as a result of crime in these criminal gangs that are essentially stealing and then reselling it, you know, at different third party markets and in fact, if anything, we need to start looking at what i call the fences and that's these platforms like amazon that are allowing these people to sell their stolen goods online. neil: yeah, it bears watching, mark brnovich, the dow jones industrials up about 97 across-the-board for the market averages we'll see , after this.
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neil: all right. citigroup now telling workers in new york and new jersey, you want to work from home, go ahead and work from home. jpmorgan chase, morgan stanley, also advising those who feel uncomfortable working in the city go ahead work at home. implies at jpmorgan chase, people visiting the building, better be vaccinated. here we go. charles payne. charles: thank you very much, neil, my friend. i'm charles payne. this is "making money." the tech wreck began with profitable names. now gobbling up with the most profitable names in the stock market. is this more than profit-taking? after the fomc gathering reverberations are being felt. what if i told you jay powell thinks it is still transitory. i have buyen