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tv   Cavuto Coast to Coast  FOX Business  May 2, 2022 12:00pm-2:00pm EDT

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>> if mike he gets right, does he get a new shirt? i will go with 13. stuart: i will go with 13 as well. nine. >> when it doubt say it with authority. stuart: barry bonds holds the record, 762 career home runs. mike rowe thanks for being on the show. ashley, you too. time is up for me. neil, it is yours. neil: thank you, stuart. this confusing market up a lot, down a lot. one thing i've been watching a lot lately, what is happening on the interest rate fronts. we've been following seven year, 20 year, 30 year bonds, all going over 3%. 10-year bond, crucial one attached to most mortgages, car loans, et cetera, that one is so close to 3% right now, keeping an eye on that. man, oh, man, do we have couple busy couple hours. we have henry fiskar, fiskar
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auto. you might remember the old days, electric vehicle maker. has two models coming out. one is $37,000. hopes to disavow the notion evs are not for you because they're too expensive for you. he is not afraid of slapping elon musk around. as soon as he got word musk was kicking tires over at twitter, he decided i'm going to instagram. he is off twitter on instagram. will talk to us next hour. that will be fun. what is not fun, lockdowns spreading beyond shanghai, talk bejing could do the same. we'll get into that. one of the things weighing on the markets, they had been hoping with a lousy month for the nasdaq, s&p, much worse in the decade, much driven by big technology problems. that was behind us. turns out it is not behind under
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the circumstances. jonathan hoenig with more on that. jonathan this idea about china, you know, in a weird way we welcome the notion its problems means it can do little to help russia in ukraine, i get that. we're realizing those problems, at least on the covid front are hurting the world when it comes to, well, production, right? >> yeah. neil, the market and the global economy, it is really a interconnected whole. china, the more they locked down, the more they restricted their population, the worse their own markets are doing. the markets are interconnected. u.s. suppliers source so many of their goods from china and that is showing up not only in chinese markets, neil, which have gotten obliterated but our own markets. we're amidst a historic drop in stocks. no way other way to say. s&p off to the worse start since 1939. the nasdaq is worse. they say when elephants dance mice get trampled. the elephants are dancing in the
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markets as we speak. neil: i heard that line, elephants dance, mice get trampled never once happened in "dumbo." disney -- >> disi, i have to say, neil -- neil: i digest. >> disney, one of the stocks at new 52-week low. neil: you're right. >> citibank, boeing, amazon, adobe. people are wondering is the bottom in. bottom is in when stocks stop going down. 400 new lows, only 10 new highs. no sign of real capitulation just yet. neil: got it. market, you made the disney issue come to light, it is goofy. it is gave if i. i'm done. we will expand with a lot what is going on in china, gordon chang, jackie deangelis, where the hurt could be for us. meantime the volatility you talked about, jonathan, a lot of investors have seen their holds
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not only go into correction but a bear market and then some. some like peloton cut in half and then some. a third of the s&p 500 stocks are well, well, well into bear market territory. so you could say it's overdone. do you think it's overdone? >> neil, we're starting to see the kind of the scale of some of the wealth destruction in recent months. we talked about some of the reasons. inflation at the top of the list. as you alluded to early on. as bad as the devastation has been in stock markets what happened to bond investors, neil, it is even worse. if you own a bond fund this year, a bond fund, down anywhere from six to 16%. this is credit markets. this is what people invest in safety. people felt huge losses not just in people's 401(k)s, but pension funds, insurance funds, so many invest in the bonds and fixed income instruments. that is the cruel thing for
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neil. that we're paying more in prices at grocery store, we are but it destroys savings, destroys production and that is what i fire hurting most stock investors today. neil: i heard warren buffett saying the mood is like a gambling parlor. i thinking to myself, there i'm shocked there is gambling going on? isn't that always the case? >> of course, neil. robinhood is today's iteration in the '90s, called, soes bandits. neil: i remember. >> there is nothing new under the sun when it comes to market consist. that is true even with the conditions station. we talked about the concentration of assets in these major tech stocks which are just now starting to correct, apple, facebook, netflix, all the rest. 20 some years ago it was oracle, it was sun microsystems, it was cisco. that same concentration of great money in a few names. no inevitable explanation how this will turn out but athlete i'm now seeing a lot of falling
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knives. those can be very dangerous and very expensive to catch. neil: i got you, my friend. thank you very much, catching up on this so many other matters as you uniquely do, jonathan. just to put the issue with china, i want to make this front and senter, china accounts for all of tesla shares, half of its manufacturing, much of the iphone supply comes from that region of the world. so when it slows and stops it's a big worry. we're into the fourth week of the rolling shutdowns going on in china, but to put it in perspective in shanghai alone you have 20 million people still stuck in their apartments and homes. they can't come out. imagine all your in-laws, just saying it's a long, long time. let's get the fallout from that from jackie deangelis. because now even beijing hinting of some restrictions, right? reporter: good afternoon, to you, neil. that's right. these lockdowns are pretty
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significant as you mentioned in shanghai going into their fourth week. similar measures imposed in dozens of smaller cities around china, inside of china as well. this is part of the zero covid policy trying to control covid outbreaks in the country. as we learned here this comes at a huge cost. china is the world's second largest economy, you shut things down there will be a ripple effect across the globe. one of the areas impacted the most, electric vehicles. china's ev market was booming but with the lockdowns first there was supply issues because the vehicles were not being made. now there are demand issues because people in china are not ordering cars. look at tesla, sales in china jumped 56% in the first quarter. we'll see in the next report how bad the sales are hit. not just cars, everything from clothing to fast-food. ceo of yum china said there is impact. the company is trying to adjust to the shifting trends. think about this showrooms, stores, malls, in shanghai all
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shuttered. 25 million residents in that city are shopping for not much other than food and basic necessities. nomura investments said last month alone, 45 he cities in china represent 40% of its gdp were at full or lock downs. that china is at growing risk of recession. speaking of recession here at home. we'll look what the next quarter gdp numbers look like. two consecutive quarters of negative growth the u.s. is in recession. china, a quarter of economic growth over the next five years, you get a sense just how dependent we are on that economy. neil: to put it mildly. great reporting as urge, jackie. go to my friend gordon chang. take a leap. great respect for him what he was seeing going on back in a country called home, wonders what the heck happened. gordon chang, china expert extraordinaire, great u.s. china
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tech war among others, growing problems there. gordon, great to see you there, this spread potentially to beijing. one thing is shanghai, bigger than all of our american cities in its own right but this is a special one but like "whack-a-mole." the chinese can't get a handle on it these covid spikes. what's going on? >> you have covid spikes throughout the eastern portion of the country, from the south to the north. three or four days ago they closed down the gate way to north korea. they shut the whole place down. neil: when they shut it down, you mean it, they shut it down. you can't venture out, can't do anything. >> reports are authorities told everyone to stay in their homes which is really what shanghai is. you have that in inner among mongolia and. shinzhen is various viruses. this say rant has been jumping from city to city, to city, they
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can't whole it. neil: is it severe? we see jump in spikeses in cases to ba. 2 to your point. we shut don't it h it down, fiddle with masks, spikes rao real even even here not increasingly notable hospitalizations. i notice increase in hospitalizations was from a very low elf. we have a different at thud bit or is the chinese strain of cases or hospitalizations god forbid deaths much worse? >> they're different things. for instance, they have two primary vaccines. neither of them work very well for any type of strain of coronavirus but certainly not ba.2. neil: their own vaccines? not using pfizer or moderna or any of that? >> they won't import pfizer and moderna for political reasons. it would be an admission that western technology is superior to china's.
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neil: they're willing to risk the health and safety of their own people in the face of this? >> it is even worse than that these covid lockdowns, zero covid policy doesn't make sense. you won't find any chinese official say they do. the reason they're doing it is political. xi xinping the chinese ruler, wants unprecedented third term of general secretary. he is considered author of these covid policies. he can't admit they're wrong otherwise his political enemies will have a dagger. the other reason is, the first months of this pandemic going back to february of 2020, china made the point that its governance was superior to the west because they were able to control coronavirus and we weren't. so when you look at the case numbers, death numbers, those are considered to be critical to communist party legitimacy. so they cannot have cases, and they will go to extraordinary lengths to make sure they don't, including misreporting but they will go to extraordinary lengths to be sure they don't because this means communism is not superior to democracy.
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neil: can i ask you a dumb question of these cases? hear the people screaming from the balconies in shanghai. they don't like being cooped up. how the heck are they getting food? >> a lot of people are not getting very much food. the government has authorized distribution channels. they will distribute food. they don't distribute much. they distribute more traditional chinese medicine which is again political. the other thing there are food delivery services, priest ones bah they have problems delivering. there are not enough people. put two things together. those are two-ways to get food. that's the reason why, neil, there was a run on the grocery stores last week. people said, oh, the lockdowns are coming. we saw what happened in shanghai. we need to stock up on our own. neil: everything disappears all over again. >> everything disappears. neil: how bad is it? i have known the chinese to lie on economic statistics for years. are they undercounting severe cases or god forbid deaths they're seeing in the latest
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wave? >> yes. for instance, in the u.s. if you have a comorbidity, you die from covid it is listed as a covid death. that is why we have almost a million covid deaths. in china, it is the other way around. they're just not reporting deaths. in the early weeks of the shanghai lock down people were dying they were being reported because they weren't being reported. neil: wow, gordon, thank you, i think. very good review what is happening. gordon chang. alert of january 6th committee in congress looking to uprisings on capitol hill. slightly separate issue. a grand jury has been convened will probe former president trump, any georgia election meddling that might be going on. that georgia grand jury is being seated to look into this issue. separately the committee is asking three more republicans to sit down for a deposition. andy biggs of arizona, will brooks of alabama, randy jackson
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much texas. it had asked and been refused by three other republicans who said no way in hell we're going to talk to you. they include kevin mccarthy, jim jordan and scott perry. so again, it's very, very hard for the committee to move forward when the people it calls won't talk and the back and forth goes on. but they insist the investigation does as well. stay with us. ♪ you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness,
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got for this, number of shares he is pledging. controversy whether he dotted the is, crossed the ts on all of that. what is the latest. reporter: it is ominous music i agree. it has been one week since elon musk reached agreement on the massive twitter buyout an new insight on his motivations are coming to light. according to reports tesla ceo was receiving influence from a group of influential billionaires including, peter neil, david saks and frustration surrounding the content moderation gore gore and banning key accounts is what drove over the takeover bid. his key friendship to jack dorsey, the lack of clarity since stepping down as ceo. dorsey recently tweeting a quote a transparent system both in policy and operations is the right way to earn trust whether it is owned by a company or open protocol doesn't matter as much as deliberately deciding to be open about every decision and why it was made but to fix the company musk will contend with
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intense pushback from within. during the company's second all hands meeting in just a week employees voicing their frustrations about the prospect of working for musk. a source within the company telling me, a significant number are considering walking to leave new leadership without core institutional knowledge. while elon did not outline a specific plan to lenders, costs were set to be key factor securing funds. billionaire said slashing board salaries, cutting jocks to improve margins of the according to reuters, musk has a ceo lined up for when he takes over this alleviate advertiser fierce ahead of the new front and congress requiring musk to testify on a designs for the platform even though he has yet to receive access to twitter's financial. so neil, his plans are speculative at best. neil: to put it mildly. thank you very much for that, kelly o'grady following the latest musk developments. we have henry fiskar, really competitive, hot and sexy
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electric vehicles, some that are now affordable to take on elon musk this is no longer just tesla's world, my friend. that is coming up a little later in the show. we have brendan carr, senior republican, federal communications commission. brendan, thank you very much, my friend, for taking the time. first on the offer itself for twitter, elon musk's, does the fcc have any authority over this? >> no. we don't have any authority at the fcc to block this transaction t was sort of not surprising, at least disappointing one group publicly came out called for the fcc to block the transaction. they claim it's a threat to democracy and free speech. they cited the telegraph act of 1860 among different sources of authority they claim gave us ability to block it. the fcc shouldn't and i made it that is an absurd claim. they don't want neutral competition or antitrust law. i think they're happy with the
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type of political censorship going on in twitter right now and they want to preserve the status quo. neil: talk about pursuing this, i trust this crosses political lines. republicans agreeing with a number of democrats that the europeans are onto something looking at antitrust violations particularly in the case of apple. a little afar what i'm talking about. i will talk to a republican congressman on this issue separately but it seems technology companies are looking at relief if republicans take over the house and or senate, brendan, i'm not so sure that's going to happen. >> yeah. i think one thing this transaction and the reactions to it have exposed is a free speech divide in this country. as we talk a lot of conservatives look at this and they're hopeful they will see less censorship, more free expression. a lot of progress serves are calling for crackdown on and intense scrutiny of the transaction. when it comes to republicans we talk about my view shouldn't place hope in one billionaire in the hope he is a benevolent one.
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i think we should put in pro-speech protections, common sense applies to the digital town square, that republicanses are about laissez-faire that a large corporation get away with everything they want. those days are largely in the rear view mirror. we need transparency, accountability, user reform, 230 reform. there is a lot of common sense regulations republicans can get behind. neil: does the fcc have any role in the disinformation board the president wants to start up and this woman who presumably wants to run it, and might have a fine voice but should get a role in "mary poppins" recast, but shouldn't get a role what do you think. >> if we get a song stuck in my head we'll have a beef to talk about. the fcc doesn't. this is so orwellian, the best time to shut down the disinformation board when it was announced. the second best time is now. this should be a softball down the middle for republicans and
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democrats and the like. this is disappointing that republicans raise concern about the disinformation as we all should. if president trump had a disinformation board we should step up no we shouldn't do that. now that we have a democrat president we should all do that as well. neil: that is a very good point. it doesn't matter who is doing this. this is a little orwellian to your point. thank you very much, brendan carr on those developments. we're continuing to follow that, as well as new spending initiatives on capitol hill. we've committed $33 billion for ukraine. the idea was for military help right away. but only 20 billion best we can figure is going to the military. i did the math, what about the other 13 billion? after this. ♪.
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♪. neil: you know there is an old adage, if you're digging a hole you should just sort of put down the shovel but that as not applied to washington in a number of years because right now in the face of these record deficits, ballooning don't, of course inflation out of control there is a push right now for still more spending ahead of the midterm elections. chad pergram following all of that hey, chad. reporter: good afternoon, neil. well there are two supplemental spending requests from the president, one for ukraine, one for covid. those bills are in addition to the 12 annual appropriations bills which congress approves to run the government. 33 billion for ukraine, 22.5 billion for covid. some republicans support these plans but they have aways to go before passing. >> my view is that they're both important of. covid is about preparing for any new iteration of a new wave, a
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new element of the virus. ukraine is about you know, defending the international order and making sure that we can help ukraine defeat russia. so they're both distinctive but they're all essential to the national security. reporter: congress could merge both bills into one but the senate needs to go first this week. the house is on recess. >> time is of the essence. the next two to three weeks are going to be very pivotal and very decisive in that war and i don't think we have a lot of time to waste in congress. i wish we had this a little bit sooner but we have it now. reporter: house speaker nancy pelosi is just back from meeting with ukrainian leader volodymyr zelenskyy in kyiv. she is pushing congress to approve the ukraine money and the covid funding. >> i think it's very important we have emergencies here. we need to have covid money and we need the, time is of the
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essence because we need the ukraine money. reporter: there was a deal between senator romney and senator schumer, a lower figure. do you see that figure coming back up to 22.5? >> i would hope it comes up to 22 five. as you described this is a senate negotiation and we'll see what they come up with. reporter: some gop members don't want to spend the full 22.5 billion on covid especially if some of that money goes overseas. republicans prefer to tap unused covid funds. neil? neil: chad, while i have you this 1/6 committee looking to get three more republicans to testify when so many others refuse to including kevin mccarthy, jim jordan, others. where is this whole thing going? what's at timeline? reporter: to things, they came out with three new names this morning. ronny jackson from texas, mo brooks from alabama is another one. they want the members come in. a lot of republican members say they will not come in, kevin
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mccarthy, jim jordan and others. i was told over the weekend they will have eight hearings between early june, june 9 and the 4th of july to try to put a button on this early september. that is when they release the report. eight hearings probably in the early summertime here. wrap this up right before the midterm elections. neil: so republicans if they were to take the majority in the house, forget about the senate, how would they treat those hearings? >> well they would get rid of this committee to start with. every majority creates its own committees. the democrats, they had committees on the climate. they did back in 2007. they did when they got the majority back in 2019. those committees did not exist under republican rule here. keep in mind that it was republicans back in 2013 who put together the benghazi committee, something the democrats wouldn't have done had they been running the house at that time. neil: would republicans automatically nix the hearings? >> they would get rid of the
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committee period. they would get rid of the committee and they have said as much. neil: if you're donald trump you're hoping for that kind of an outcome, right? >> that's right. neil: thank you very much, chad pergram. want to go to congressman ken buck. republican congressman on the house judiciary committee among others. do you agree with that? i didn't want to hit you blind side, congressman, if republicans take over where you are in the house, this whole january 6 committee hearings, et.al. go away? >> i think the january 6 committee as it is currently structured goes away. there are a lot of questions republicans want to answer about the summer of violence with antifa and rioters. i think also when he need to get to the bottom of what was nancy pelosi's knowledge at the time of the january 6 riots. i'm not sure that the whole issue goes away but certainly the focus changes in terms of what the investigation would be involved in. neil: all right, so the focus on
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former president trump and whether he galvanized this, that would go away? >> well i think it's clear that president trump isn't responsible for what protesters do after they leave the mall but it is also clear that the national guard could have been put on standby, a number of other measures could have been taken. neil: so the response, expressed by kevin mccarthy in the taped conversations which he was concerned about the president's behavior when this erupted, that he was going to raise the possibility of the former president resigning, all that too goes away? water under the proverbial bridge, so to speak? >> i think what kevin mccarthy has said publicly he wished the president had done more, but it wasn't a matter what the president did before people breached capitol. neil: got it. issue at hand, first 33 billion-dollar rescue package for ukraine. best as i can tell while $20 billion is committed to
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military, largely military aid that president zelenskyy desperately wants. the other 13 billion appears to be a jump ball. does that concern you? >> i really haven't studied this. it's fairly new. i think in terms of politics, most republicans and most members of congress are going to do whatever they can to support ukraine and speaker pelosi has in the past put a number of things into a bill that is identified as ukrainian aid. so i think it is going to have to be examined more closely before republicans decide what they're going to do. it has to come out of the senate. we'll see what kind of amendments. neil: got it, you talked about how things could change if republicans take over the house and you're very concerned about the need for antitrust reform in this country, that you shared with a number of your democratic colleagues. in fact a number of european regulators who cite apple, google, among others as overdoing it and leveraging their distinct advantages.
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what would you like to see? >> well i think it is really important, we passed six bills out of the house judiciary committee last june. the senate has been working on those bills. i think we'll see two or three of those bills pass before the august break and then i think it's important for republicans to look at the rest of the bills and take them up. basically we want to create more competition in the marketplace for these big tech monopolies. neil: so, you do share the concern of a lot of your democratic colleagues a lot of these guys gotten too big for their britches, these tech companies. would you be in favor of breaking them up, some of them up, or changing their business lines? >> i think that when we talk about breaking them up, at least from my perspective, we're talking about some mergers that occurred during the obama administration that went unscrutinized and making sure that those mergers aren't anti-competitive at this point in time. there may be some product lines.
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there certainly is an issue about amazon web services and their e-commerce division and the web services really, the profits from the web services being used to supplement the e-commerce side that continues to lose money. there are some areas where i think that congress needs to look at but until we have further investigation, i'm not willing to say, you know, few tube needs to be broken away whatsapp, or some of those very specific product lines. neil: that is where you part with your european colleagues and friends, right? >> oh, i think we part in a lot of ways. neil: i was being subtle about it, congressman, but you're quite right. >> i think that when we've really got strong supporters in the senate like senator cruz and senator hawley and others and i think when we look at this in terms of the republicans in the house and the republicans in the senate, we will come up with a
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plan to move forward after the midterm elections. neil: got it. congressman, thank you. that's like me comparing myself to triathlete, we're both human males. i leave it at that. congressman thank you. ken buck, from the beautiful state of colorado on this. meanwhile what is happening at the border that is getting more dangerous but even more so after you catch it on video after this ♪. bonnie boon i'm calling you out. everybody be cool, alright? with ringcentral we can pull bonnie up on phone, message, or video, all in the same app. oh... hey bonnie, i didn't see you there. ♪ ringcentral ♪
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oh... hey bonnie, i didn't see you there. since i left for college, my dad has gotten back into some of his old hobbies. and now he's taking trulicity, and it looks like he's gotten into some new healthier habits, too. what changes are you making for your type 2 diabetes? maybe it's time to try trulicity. it's proven to help lower a1c. it can help you lose up to 10 pounds. and it's only taken once a week, so it can fit into your busy life. trulicity is for type 2 diabetes. it isn't for people with type 1 diabetes. it's not approved for use in children. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. serious side effects may include pancreatitis. taking trulicity with sulfonylurea or insulin raises low blood sugar risk. side effects include nausea, vomiting, and diarrhea, which can lead to dehydration, and may worsen kidney problems. the choices you make can help control your a1c. ask your doctor about once-weekly trulicity.
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bonterra resources new experienced ceo is overseeing a pea on the company's estimated 3 million ounces of gold. while drilling and permitting continue across all of the company's assets in quebec. bonterra resources.
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neil: ahead of preparing for the throngs to come at the border some tragedy that we saw at the border. bryan llenas in eagle pass, pecs sass, with more on that. bryan. reporter: neil, good afternoon. the video we're about to show is disturbing to watch. it shows two men, migrants trying to illegally cross the rio grande river from mexico
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into eagle pass, texas. on the right you see a man who is struggling to tread water. his friend to the left is holding on to a is cement pillar. screaming for help. eventually he goes back under and doesn't come back up this was witnessed by dozens of people u.s. and mexican authorities. they got the surviving man, who clinged on the pillar. he let go, was carried 150 yards down river. the currents were strong the nearby dam just released water. the man floated to a bridge, sits in the middle of a river. he takes out a cell phone in plastic bag. he is visibly exhausted around shaken, at this moment we started to talk to the man. [speaking spanish] >> [inaudible]. reporter: speaking spanish. ♪. to not cross, i shouted back and forth to him. he was contempt lated making a swim for it.
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he is 42 years old, from nicaragua. his friend nelson was 38 years owed. he knew how to swim. obviously the currents were too strong. they left home from nicaragua from september. they eventually picked him up on an airport. his friend's body floated down river. mechanic can authorities came over, bagged the body. brought it over to the mexican side. this whole incident took two hours. the drowning took place 50 yards away from two u.s. national guardsmen and three of their rescue kayak boats. the national guard humvee on site had orange rescue floatation devices. national guardsmen told me they had not been ordered to perform any water rescues following the tragic death of 22-year-old national guardsmen blip shop evans who heroically drowned trying to save two migrants. it took four days to find his bodily in the river. good people are suffering on all sides.
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we spent a week here. americans are suffering, mexicans are suffering and migrants are suffering. they're putting themselves in mortal danger. a lot is fueled on false hope, rumors, confusion about the current immigration policy neil? neil: bryan llenas, thank you very much. we'll have more after this. if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable
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♪. neil: all right. the push for more student loan forgiveness, with some caveats and now apparently lower income thresholds being considered. edward lawrence at the white house with more on what the president could be cooking up. edward? reporter: good afternoon, neil, progressive democrats would like to see this campaign promise delivered by the time the midterm elections come around. the president has said he is not going to cancel more than $50,000 in student debt but that number could be $10,000 or more. now the white house reportedly considering making the relief eligible for families earning under $300,000 as a married filer and individuals making less than $150,000 a year. still progressive democrats would like to see all student debt canceled. >> it is time for to consider what it means for people to be
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worried about putting food on the table, keeping a roof over their head, while still having this massive debt. as it is a economic issue and some families will be freed by the cancellation of student debt. reporter: so, if republicans are saying yes, some students do need help but canceling debt is not the way to do it. >> when you take out money, there is a promise to pay. that is a contract. what does it say for the value and stability of contracts in the future that white house can come down in the future and eviscerate other contracts they don't like? this is bad precedent for our country. this creates a moral hazard. reporter: canceling $50,000 in federally-backed student debt per student without limits would cost $904 billion according to the new research by the new york federal reserve. now the same move for $10,000 in student debt would cost taxpayers $321 billion. now the freeze currently on
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federally-backed student loans, that ends on september 1st. neil? neil: edward lawrence, thank you very much for that. i want to go to austan goolsbee, former top economic advisor for barack obama. jen psaki mentioned your comments and your concern about the first quarter gdp. before we get to that on to the report they are still looking at ways to forgive student loan debt. what do you think of that? >> well, i like that they're backing away from the most expansive plans. i have not been a fan, either coming from democrats in congress, i have not been a fan of blanket debt waivers for everyone because if you go look at the numbers and unpack them, the biggest debts are medical school debt, law school debt, business school debt. i teach at a business school. it doesn't seem like for debts where the student has very high
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income prospects and they can pay it back. to me that doesn't make sense. so i like that they're looking at in an emergency situation we've gone through covid. so i can see why this isn't just a general debt waiver at a random time but if they tailor it i think it is important that they analyze those. neil: austan, you had raised concerns last week when the first quarter gdp number came out showing contraction in the economy, 1.4% and you became and your comments became a subject at last week's press conference with jen psaki. i want you to react to this. >> former chair of the council of economic advisors under the obama administration said that he felt that the president yesterday in his comments about the gdp report was potentially underplaying the risks of a recession and he pointed to geopolitical conditions with ukraine, with russia cutting off gas to europe and also gdp
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shrinking, saying people should be nervous. how do you respond to that? >> i have a great deal of respect for austan goolsbee. he is a former colleague and so does the president but what we look at is a range of economic data including economic data that was in the gdp numbers. some of the data that was in there show very encouraging signs that economists look at. many independent economists monitor closely. american consumer spending, business investment, residential investment, all up. neil: she apparently, the president apparently does not see things the way say, austan, this risk that you see, they don't see, what do you say? >> well, i mean first of all, how weird was that? they asked that question in the press conference. i have absolutely the highest respect for jen psaki and for the president. as you know, neil, when i was in the white house the job of the economist is to always be paranoid and always be looking for what can go wrong and to be
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ready for it. neil: you're right. >> and you know, the political impulse is to always point to what's best and everything that jen psaki said there is true, that those, those measures are important and they are up and they are the strongest part, plus the job market. those are the strongest parts of the economy. my only thing is i mean, look at the price of oil and look at what's happening with the virus. those two things are quite influential both about how people feel about the economy and the progress of the economy and we just got to always keep one eye on the horizon for what those threats might be. so i didn't disagree with what she said. what she said is correct but the slowing of the gdp in the first quarter of this year i think is kind of a, it's an indicator of caution. neil: they're not being very cautious though.
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that could be my read. the i think as you quite point out i think i've seen this with top economists and smart money guys like yourself. they are sobering backdrops for republican and democratic presidents the like to remind them of the risks of things. is there someone doing that for the president? is there someone saying no matter what you think of this, mr. president, bad idea? i get the idea when you were working with barack obama he valued your counsel, what have you, i don't know if there are sobering types spelling it out, the half empty glass as well as the half-full glass. >> i'm not in the administration so i don't know. i know that the chair of the council of economic advisors, cecelia rouse is a wonderful economist and will i would imagine always tell it like it is. and if you look in treasury, janet yellen is also one of the rock star economists of all
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times. so they certainly have the pieces in place. it should not, i want to correct the impression, it's not, it's not the job of economists to say everything is bad or to try to convince them that the strongest parts of the economy are not strong. they are absolutely right. there are some very strong parts of the economy. it is just i want everybody whether in politics, in business or investors, to just always be, just think through what the contingencies are? what will we do if we get another variant and then we're back to square one on the virus? >> austan. i wanted to start another food fight needlessly. >> trying to get me in trouble, neil. neil: great seeing you again. thank you for that clarification. austan goolsbee, former top economic visor to president obama. we'll have more buying your star.
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♪ we're gonna rock down to electric avenue -- neil: see what we did there? you know, this is all basic cable. you're paying nothing extra for this. [laughter] you're welcome, america. probably you know elon musk a little better, i don't know why that is because this guy is actually the earlier entrant in the ev reap that. he's back right now -- arena. he's back with a couple new models, including one just gorgeous to look at and about
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$37,000 which in this environment is a lot cheaper than the 50,000 and over that you're seeing as the big draw. he had some interesting things to say about elon musk. they have kind of a kidding, rib aring relationship. but, for example, when he heard that elon musk had taken over twitter, he was on twitter himself, jumped over to instagram. [laughter] it's that kind of pitttyness that we -- pettiness that we deeply admire. i want to thank the staff for booking him. meanwhile, also for weeking lydia -- booking lydia hu, she's here to talk about the back and forth over who's going to control things in the airline arena. we're seeing the airlines respond to higher prices that they don't seem to care about, we're also getting more i haves talking about higher prices that so far customers are wondering. but when it comes to the grocery store and what's happening on that front, there is a great deal of concern because those prices are still rocketing, and the first signs now that a lot
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of customers are saying, no, we can't keep taking this. but apparently, get ready for more of this. let's go to lydia hu on that in new york. lydia? >> reporter: hey there, neil. we are at a butcher shop across new york city which frank. we're talking about how this butcher shop is getting ready for memorial day weekend. you're expecting a lot of demand even though we see prices are so high right now, beef and veal, they're up more than 16% over last year. and you actually had to increase your with prices. i know it was a really tough decision for you. tell us about that. >> yes. we had to increase our prices but, actually, we didn't increase them as much as 16%, we only increased hem 5-10%, you know, taking things into consideration that people have other inflation costs, rent. incomes have gone up, but they didn't really balance out the increase of inflation, the cost
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of living. you know, you have energy costs going up, gasoline costs going up. so we just didn't want to bombard our customers with another high cost, so that's why we only raised our prices 5-10%. >> reporter: and you've seen consumer habits may be changing a little bit over the past couple of years because of meat prices high. people buying more poultry, you say. >> yes, it has happened. you have prime, of you have select and you have choice meats. we only handle the prime spectrum. and, you know, we try to -- those prices have gone up significantly but, no, we haven't raised them that much over the course of the years. >> reporter: truth of the matter is prices are high, and now the usda is saying they're expecting prices to even increase a little bit more through the end of the year, maybe not such a little bit depending on how you rook at it. beef and veal prices are going to go up another 6-7% before the end of 20 2022, when we look at pork, they're expecting another
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4-5% increase. but frank here says he expects demand for memorial day weekend, till going to be strong. we're looking at some of the offerings that he has right here. i can tell you these burgers smell amazing. and for anyone who wants to know more about the cattle industry, what goes into making these products available on your dinner table, airing tonight a brand new episode, neil, of "how america works" with mike rowe at 8 p.m. they're gong to be answering some of these -- going to be answering some of those questions of how they bring these products to table. neil? neil: thank you very much, lydia hu. you might have noticed something over the last week or two, gas prices have been jumping again. they had reached what had been a sort of a post-war low, but in some parts they've gone 20, 30, 40 cents a gallon, actually. ken with the western states
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petroleum association. what's going on there? >> i think we're seeing the effects of supply and demand again. a year or two again when there was little demand due to covid are, prices were low. and now we have big demand and a lot of things going on in the world that are affecting prices. neil: the big issue, whether any of the oil we've taken from the strategic oil reserve has helped. 360 million barrels out on the open market which presumely should -- presumably should lead to prices going down, but anything but. >> yeah, there's a couple factors there. certainly, the release is a temporary solution. when you look in the bigger picture, in fact, that doesn't even get to all parts of the country. california, for example, we don't bring pipelines in from other parts of the country with crude oil. so it's a temporary solution. we need to look at maybe some of
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the extreme policies we're seeing in this country that are really affecting the long-term outlook on costs. for example, you look out west, you have got basically the pact of production bans where permits aren't being issued for drilling and production. you've got even bans on the command side when you look at internal combustion engines in california. they look at 2035, really it's the 2026 ban. in the state of washington they're talking about banning not only the sale, but the registration of internal combustion engine cars by 2030. so when you look at all those policies and what that does to a market, to outlooks, you know, when you determine what you might invest in, you can see that it's not just, you know, supply and demand is a big part of it, but there's a bigger picture, and it really comes down to policy. neil: and if that's not going your way -- kevin slagle, thank you finish very that. some dance can be very much for that. some dances going on, particularly for spirit airlines
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which has turned down jetblue, right? lauren simonetti is here following this and other business headlines. >> reporter: well, this is all maybe to prevent higher prices from hitting the airlines which is already seeing higher prices. spirit has said no to jetblue where's $3.6 billion offer to buy it. it's going to go with frontier. that offer is significantly less, 2.9 billion. the reason is spirit thinks government regulators won't approval -- approve the deal because you would eliminate an ultra-low cost carrier, if you will. but let's look at how investors feel because the might surprise you -- oh, actually, all the airlines are down now. the markets have been very chop choppy. spirit down almost 9%. the reason jetblue is not tanking is that investors might think they're going to go again for spirit airlines as they say they're, quote, going to
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consider all other options available. all right, let's go to the hertz shares, higher by 3% on pent-up desire to travel. lawyers now preparing 100 new hasn'ts on -- lawsuits on behalf of hertz customers who say they were falsely arrested. they're driving their car, they're pulled over by the police, they show their paperwork hey, look, i legitimately rented this car, and yet they're told, no, this plate is from a stolen car, a car that has been hi -- hijacked and stolen. these customers are totally embarrassed. hertz's response, we are committed to doing what is right by our customers. some are urging a federal investigation here. that's that story. i hope that never happens to my of us, because that's a nightmare. netflix finally getting a bump, up about 3%.
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as you know it was down, what, 49% last month? they're now starting to cut more content because they need to cut costs. the latest is the animated series, it's called" pearl" by meghan markle and prince harry. that one series has been dropped. they're dropping a bunch of content. neil: why? was it a cost thing? >> reporter: think it's more a cost thing. archwell is still doing business with them, just not that one particular series is. it was about influential women. neil: netflix is dropping a lot of expensive programming, a lot of big names. dropping the obamas for renewal for their podcast. >> reporter: the sky is not the limit for these once-popular fang companies. neil: lauren similar net the city, thank you very much. -- simonetti.
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i want to get reaction from carol roth. is this a war on a particular type of content, carol or, or is it just a sign of the times? we've got to cut, consistent, cut. -- cut, cut. we had these outlandish contracts with certain folks, and we've got to look for money wherever we can with. what do you think? >> first of all, neil, you're doing an excellent job in containing your disappointment at the dropping of the series. i'm sure that we were both really look forward to watching the "pearl" animated series -- neil: i was, actually. they have a couple of italian cooking specials, which if hay touch those, well, don't get me going. >> then it's really going to be an issue. i think this particularly in the animated space we see a couple of animated projects being dropped. you heard reed hastings a few years ago saying that they wanted to go after and and compete with disney in the segment of the market, and i think that he's realizing that
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that's probably not so easy and, certainly, very costly to do given disney's library. so given all of the issues they have, i think that they need to ramp up their core content the, those big name programs that draw people in, you know, the house of cards of yesteryear -- neil: right. >> -- the bridgertons. those are the things that they immediate to invest in for people to keep their the netflix subscription going. i don't think trying to compete with disney right now given everything is probably what drove this decision. neil: you know, i just wonder though what does this say, carol, stepping back about the ap appetite of the consumer, whether he or she really wants five or six streaming services, whether they need or want as much as they bought in the past particularly during the covid lockdown that that -- their temperament has changed, hair wallet is a little lighter? maybe that's what's going on here. it's not about people going woke, it's about folks going broke. what do you think?
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[laughter] >> well, i remember making the joke back in the day when everyone said, oh, we need to cut the cord and go to streaming that eventually 2004 doing -- you're going to pay more for all these streaming bundles than you do for your cable. neil: right, right. >> and i think that's sort of come to fruition. certainly, this was everybody's crutch during the pandemic. you wanted to sit home and watch content. but now people are really itching to go out and to have experiences and to travel. and given the fact, as you said, that their wallets are lighter, they're having to make decisions, and do you really need to have netflix and amazon and apple and paramount +and disney+ and hulu and all the different ones out there. so i think that particularly since there isn't sort of that big project to hang hats on at some of these places, the consumer's saying, well, at least for the interim i think i'm going to back off of this, and if there's that fabulous show, perhaps i'll reengage.
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>> today we finally managed to start the evacuation of people. after many weeks of negotiations, after many attempts, different meetings, calls and proposals. for the first time, there were two days of real ceasefire. more than 100 civilians have already been evacuated, women and children first of all. neil: but it is a slow departure from mariupol, and we're polling it very, very closely. a momented russian author and expert -- noted russian author and expert kind enough to join us. claudia, a hundred people might have found their way out, but by my math, there are at least 2,000 soldiers in there there, maybe as many in terms of civilians through the tunnel network underring the steel plant, whatever they call it. so it's a slow go. what do you think is? i think we're having some audio
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issues. hopefully we'll fix it. just to let you know, and if we can hopefully fix this as i'm talking to her, i think we have her back. claudia, i'm sorry for that. >> you do. neil: go ahead. >> yeah. first of all, it's atrocious this is happening at all. it's an unprovoked war. these people should not have spent weeks in a tunnel, but it also is a very important thing to note this is russia's technique, and this is part of putin's long game. and what you're seeing here is complete indifference, really, to the pate of these human beings. he's after real estate, neil. he's after real estate on the sea of azov which is, which opens into the black sea is, which opens into the mediterranean. fundamentally, this is sacrificing human beings, misery no object, agonies to the side. that's where putin's coming at this. he wants the entire sea of azov.
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that's what he's been working at for years. that is the strategic point of mariupol. and what he's made clear to the world is that he's willing to destroy it in order to take that that slice which is part of a land bridge from russia's crimea, it was ukraine's biggest port on the sea of af solve. that steel works was a may major part of their economy, and it's all being destroyed because putin wants it for russia. and from there i think it's very clear, plans to move forward. so this is a humanitarian horror taking place, and it's in service of something that aims to bring more of that style governance to other parts of the world. neil: claudia, you often hear that he has lots of support back home -- that is, vladimir putin -- for what he's doing. does he? >> yeah. again, neil, it's hard to say because there's a rein of -- reign of peer in russia as well.
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-- of fear as well. there's a double think that takes place in that kind of regime which is even when people see what's right in front of their eyes, they're afraid sometimes not only to say it, but to see it. what it makes is some kind of mass uprising where everybody communicates and says, yeah, i thought that was that that too. putin's doing a lot of things, arrests, the shutdowns, the basically purges that have been going on in russia while this has been happening. so it's hard to say. you can so many that families that have their -- assume that families that have their sons die are probably very angry. but again, what can they do? so there may well be enormous discontent. we're hearing all sorts of rumors about putin. conspiracy theories abound in russia. but i wouldn't bank on that to save the day. the best thing that we could do
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is we're shipping heavier weapons to ukraine at this point. we should have been doing that months ago. we might have deterred this war. we might have allowed the ukrainians to break the siege of mariupol and prevent it from happening. but we need to speed it up, send more, do everything possible. and if we could stop being so worried about provoking putin and talk much more forthrightly about defeating him, that would be a great help. neil: i just imagine the pickle that putin could be in to retreat now even with the land he's gained, that wouldn't be received well back home. and then the pile on him begins. so in his kind of perverse interest to keep this hell doing -- going, isn't it? >> yell,away -- well, yeah. he's got a big propaganda machine, he's very good at that. they can portray it to russia,
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not that people need to believe there's been a great victory, but the polite order is you better behave as if you believe it. yes, i think his incentive is to keep going. that's the rate danger here. and again, look at mariupol. he's troy canned a she of almost half a -- destroyed a city of almost half a million people. and what for? again, it's a long game he's playing. he's got bigger ambitions. this is part of it. so will he do extreme things inside if russia to try and contain dissen content? he's already done things like that, you know? poisoning one of the leading opposition figures, navalny, with nerve agents is quite a move. so, again, there probably is discontent9 in russia. at the same time, the sanctions have not so far taken down the russian economy. and people are afraid to do the much of mig. so -- much of anything.
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so odds are goods -- the odds are that he will keep going with sledgehammer. neil: claudia, thank you very much. you lay it out as it is whether people like it or not. in the meantime, quick break, and we talk to the founder and ceo of fisker, the electric vehicle maker. the 10-year note has now followed the 7-year, the 20-year and the 30-year treasury instruments over 3%. her all over 3%. pleasure that crossing of the 10-year might have been the precip for the dow, along with at least three other treasury securities getting pricier to borrow. we'll have more after this. ♪ we can work it out, we can work it out. ♪ think of what you're saying -- ♪ you can get it wrong and still think that it's all right ♪♪
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muck. neil: it's getting pricier if you want to borrow, the 10-year note just crossed 3%, in and out of that level, but the 7-year, 20-year and 30-year already well over 3%, so this continues the trend that if you're looking to finance something, could make it problematic. that is, even if you're looking to finance maybe a future electric vehicle purchase. enter henrik fisker. one of his cars, they're taking advance orders on and, indeed, record advance orders, the ocean, which will come out of the gate at around $37,000. henrik is here right now to talk to us about it. very good to have you, sir. >> good to see you. neil: let's talk a little bit about the two models debuting, the ocean and the pare.
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they -- pare. they -- pear. the ocean is technically the first one out of the gate? >> yeah, the ocean comes out here in november, and it's an suv. the pear's going to be slightly smaller, and it really doesn't fit in any market segment we know today. it's a completely unique vehicle with a unique design, something that's never been seen before with a lot of high-tech in the vehicle as well and under $30,000. neil: under 30,000, i misspoke. so you got 31,000 advance orders sight unseen. did that surprise you? >> well, we have over 40,000 orders actually for the fisker ocean here, and a lot of people haven't seen it in reality withe we have taken it out a little bit and we keep getting more and more orders on the vehicle, i think, because we have so many unique features. one of them is we've got the longest rain of any crossover suv in our price class, 350
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miles, in the base model 250 models, and we're also using batteries which doesn't have nickel and cobalt so that's go the increase in commodity price as well. neil: all right. that gives you an edge over some of the others, but it is confusing to a lot of buyers who have to go to different charging stations here. how many of those are around, for example, just in the united states? >> well, i think there has been a consolidation now where everybody's using the same plug, so whatever charging station you go to, our vehicle will fit. and i also expect over the next two years a lot of new charging stations will come up. but the fact is 90% of people so far is really charging their vehicle at home. neil: so let me ask you about this, because this has come up again and again that this is a field dominated by tesla and elon musk, accounts for more than 7 out of 10 evs sold. you had said not too long ago the future will be determined by
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who has the right product, not the most products. do you think he lacks the right products? >> no, i think he has the right products, but there's not any competition, and i think we're coming out with some really exciting products really as a great alternative and, of course, i feel over 40,000 people so far think that too. and i think there's a lot of opportunity, and i really think the opportunity is here until about 2025. after that you're going to see large carmakers coming out with a second attempt of evs, and there'll be a lot more crowded market. but until then i really see that we are going into segments which are not so occupied like a 37,000 or a $40,000 suv, you know? everyone's making luxury cars for $100,000 or 80,000, and that segment is already getting crowded. what we really need is some cool, exciting vehicles with long range for affordable prizing, and that's what --
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pricing, and that's what we're doing at fisker. neil: you hinted that tesla continues to have car problems. you've more or less said that that has become something that consumers have accepted. are you saying that by comparison you will not have problems? >> no, i think this is a little bit of a misquote there from an article. what i was saying is i think consumers are value ising other things that we have traditionally thought was important. in our auto industry when you hook at future electric vehicles, consumers are more interested in range, technology, design -- neil: but they do want them to work. they don't want problems, right? >> they don't want problems. look, our vehicle is in a factory wherest the world's fourth largest supplier, they make mercedes, bmws, so i expect our vehicles to roll off the line in high quality, and i
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think that's the expectation for our consumers as well. neil: i wondered when you were zinging him when you announced you were quitting twitter for instagram when he announced he was going to buy twitter. >> i don't want to be on a social media platte form that's owned by another -- platform that's own i beside another -- by another vehicle maker. that's really what this is about. neil: it wasn't9 a way to ding him. you have questioned the quality of some of his vehicles. i do wonder though is part of it, i mean, you were the earliest entrant in this business before he came into this business. you had problems at, you know, coming out at first having nothing to do with what you were doing, you know, everything to do with your suppliers, providers, but you were first with the karma here. i'm just wondering if there's a bit of a resentment there between you two over that issue.
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>> no. for me it's business. look, i've had my dealings with elon, you know, worked with him. i think he's an incredible, smart guy. he has done, as we all know, an incredible job in putting electrification on the map. again, this has only to do with, as i said, i would not be on a platform -- just like i don't see the, you know, ceo of cnn sitting on your program every day talking to his pollers, right in. [laughter] so i don't want to sit on a platform own by another automotive ceo. now, if it turns out that he's going to be be able to make it completely independent can and he's just a stockholder, maybe that changes. but for now, i just chose another platform, and that's all there is to it. neil: what do you think of him buying that? >> well, look, it's a free economy, it's a free market. i guess if you have the money, you can buy what you want. again, i think that as being in the automotive segment, for me it's important to be on a social
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media platform that's not own by another automotive sew owe. like i said -- neil: no, no, i actually get that. do you think there's another opinion out that some are distressing that his eye getting auto-- gets off the ball, his concentration isn't on all things tesla. that between twitter and spacex, he's spread kind of thin. hasn't husbander production -- hurt production of vehicles, to put it mildly, but what do you make of that? >> i think he's shown he's been able to juggle these different businesses, and i also think in the meantime tesla's up and running as a company, so it probably doesn't need as much attention from him as other companies that are not many that level where they are. so i think tesla's up and running now. he has factories all over the -- neil: but he has a good deal of them in china, right? you kind of played this a little more carefully.
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where are most of these vehicles made? yours? >> well, we are making all of our vehicles right now in a factory many europe. like i mentioned, that's also where b if mw withs, mercedes, ar produced. so we are expecting to bring to the u.s. with a lnd battery. we have also managed our chip supply and other suppliers, so we're actually looking to increase production specifically in '24, maybe as much as three times what we have planned with the success that we see right now and the orders that we're taking. neil: you know, there are some in your industry including elon musk who are very nervous about the pellmell rush away from fossil fuels or traditional energy sources. i don't know if that is shared in europe where you are, but we've learned that to be dependent on russia for a lot of
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these traditional things like natural gas, oil and other e nefarious characters, even elon musk is saying that the electric vehicle push notwithstanding, it's in all our interests to keep that going. in other words, traditional fossil fuel, production and spending what do you think of that? >> yeah, i agree. we have already made this giant turn in industry. i think there's no way back. les not any more matter of whether we're going electric or not, we are going electric e. it's happening all over the world. and the automotive industry is a global industry. we have a lot of natural resources here in the u.s. you know, i sat on a mining board that was looking at mining ballot here in the u.s. we just very many done it yet. america has everything we need, we with just have to get it out of the ground and do it. and so far it's just within oil only, but we have some other natural, you know, materials
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here that we can use, and we need to set up more battery manufacturing, etc. so i do think we need to get regulation. neil: of course, when you hear some of the major automakers talking about all electric lineups in the next few years, do you believe that's doable in. >> probably not as quick as some people would like it to happen. neil: right. >> but i think in our case, you know, we are only evs, and we have access to the capacity. by the way, we're also working with a group that owns a manufacturing plant in ohio -- neil: why is it pear, by the way? who came can up with that name? >> with the pear? neil: yeah. >> it actually was starting as a little bit of a joke is as an apple car. [laughter] neil: oh, i see.
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it's quite a revolutionary vehicle. neil: people look at the vehicle and say i like this, or it's called the pear or an apple, right? >> we might change the name. we'll see. [laughter] neil: we'll is have to watch very, very close closely. henrik fisker, founder and ceo, coming up with not one, but two molds, very fairly priced. maybe he's single handedly changing that. we'll have more after this.
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neil: this is a field dominated by tesla and elon musk that accounts for more than 7 off the 10 evs sold. you had said not too long ago the future will be determined by who has the right product, not the most products. do you think he likes the right products? >> no, i think he has the right
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products, but there's not been any competition, and i think we're coming ott out with some real exciting products that i think really is a great alternative. and, of course, i see over 40,000 people so far think that too. and i think there's a lot of opportunity, and i really think the opportunity is here until about 2025. after that that you're going to see the large carmakers coming out with their second atent of evs, and there'll be a lot more crowded market. neil: all right. don't tell henrik fisker that all of this push is something that only tesla will enjoy in this market and some of the big players coming in maybe are overdowning it. carol -- overdoing it. ing carol roth back with us. how's this all going to go together? if. >> well, first of all, it was a tremendous interview, neil, so kudos for that. i think his timing couldn't be
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better. you've got musk who's making all sorts of noise with his purchase of twitter, and, you know, he's starting to feel a little bit of cancel culture. and the people who are, you know, components of that are going to have a hard time if he's the only ev game in town. but now all of a sudden you have this new competitor, and so, you know, certainly i don't think it's intentional, i think just very lucky timing on his part that he may end you were getting some great attention, great media just for being an alternative to elon musk if his personality. neil: right. you know, carol, the backdrop is as you correctly predicted that this inflation which you said would never be temporary, turned out not to be, and the 10-year was just over 3% following a pattern where rates are rising and the fed will once again keep the rate rising going this week, maybe more to come, that's not ad good environment for the consumer looking to borrow for
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anything for a car to a host of oh things. -- other things. how to you see it all going? >> yeah. and not only that, you know, i think we potentially are on the precipice of a commodities super cycle because as we have this push for decor bannization, electric -- decarbonization, we don't are have the levels of commodities that that go into making every component of that, particularly the battery. so i think that could end up being a potential issue, you know, not only for this new effort by fisker, but, you know, for tesla and for everybody else who's trying to make a push in the space. i don't think that has been appropriately considered. and when you hear joe biden say, oh, just go out and buy an electric vehicle, you know, to bring down your gas prices, i think we're going to see those prices creeping up given the backdrop of the supply and demand to the supply on the
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market,. neil: do you think the fed does three-quarters of a point after wednesday? that that seems to be the futures trading view of it. >> yeah. so i'm in the if camp that we see two with 50 basis point hikes in a row. neil: okay. >> i think if they try and go with 75, i think the market is just -- neil: yeah. >> yeah, we're just not in a good space. and as much as we with like the to think they have this dual mandate, their hidden mandate is to support the market, and they happen to be dovish. so everything that they're saying they're going to that take to a certain point, but there's going to be that pushback and eventually they are more comfortable in the dovish scamp, so i don't think t going to go as far as some are predicting it will. neil: carol roth, "the war on small business," is the book. can't miss this, the dow jones industrials down about if 350
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neil: well, thing is about ron desantis, he knows how to get investors' attention especially at the milliken global conference. it's a big week conference, that's where you'll find our charlie gasparino who's in l.a. right now. this is a big theme, huh? >> and, by the way, i have a tough job, but someone's got to do it, you know? neil: yeah. >> here in beautiful beverly hills. yes, neil. i mean, this is, you know, the epicenter of corporate america this week at the milliken conference. s lots of buzz here about politics too. including ron desantis, you know, i've met several people who think he's definitely going to run. he's been holding informal fundraisers, and he's become a leader of the republican party. and here's one of the ways he's leading the republican party.
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what i'm hearing from if from my congressional sources, people who work on the hill, deal with republican members of congress,s is inside, in florida. they're looking at that as a template essentially to go after corporate america. increasingly, republicans believe that companies are sort of an addendum to the democratic party, that they are preaching progressive values to their workers either through soft brain warrenning or, you know, edicts that -- brainwashing or edicts must follow. republicans despise that. they look at desantis, what he did with disney and, you know, basically the positive feedback he's gotten from that -- so how are they going to do it? they don't control the white house, so there's not a lot of
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laws they can pass, but if the republicans as expected get the house and the senate, i keep hearing there's going to be hearing, and the notion of esg being mandated for corporations, there are going to be hearings on that. gary gensler, the sec chair, he's going to have some explaining on how he's leading the sc -- sec. i think9 another thing that -- republicans on this deal, again, speaking with people here, is elon musk. elon musks attempt to take over twitter may have a lot of woke journalists up in arms. but if you look at all the polling, people love it. woke just doesn't sell very well despite the fact that you people selling it all the time.
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ceos, if you want to go woke, you know, be prepared to get your rear end on a seat before congress. back to you, and i'm about -- neil: did they keep one to eye on what's happening on wall street? the dow off nasdaq. do they worry about that? do you think do they think this is overdone? what are they telling you? >> you know, it's funny, it depends on who you talk to. there's a generational divide here. when you talk to some investors that are younger, there's a lot of crypto stuff going on here. ip. but the problem is you don't give people my age the olders -- the elders, i i should say -- we think this could be pretty bad. here's the thing, neil. : the goingsters have never
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lived through a bear market. and it may be 50 basis points tomorrow, and you talk to people here, it may be 75 the next time. and this is going to ramp up. by the way, until it goes back down to 5 thousand. good to you. neil: always good talking to you, charlie gasparino. it's just who he is. we'll have more after this. wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, . . yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq
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neil: all right. yeah, interest rates backing up. you have a lot of companies giving some warnings that make you feel, hey, last week might be a continuing preview to ongoing attractions. the dow down about 333 points. i'm sure my friend charles payne can fix this or at least explain this. to you, my friend. charles: i will choose the latter for right now, neil. neil: good move. charles: thank you. good afternoon, everyone, i'm charles payne this is "making money." breaking right now after the worst start to a year ever for the nasdaq, second worst session to end a week ever, section work h worse ever for the s&p as kneel pointed out everyone is flying to the exits. professional investors are bearish because they want more individual investors take more pain. guess what? that is exactly what the fed wants to do. the investing g.o.a.t. isn't off when it comes to age bute

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