tv Cavuto Coast to Coast FOX Business August 4, 2022 12:00pm-2:00pm EDT
send in "friday feedback" questions, comments, critiques, we do it all. send in the fan friday videos. record yourself, tell us your name where you're from. you have to say you're watching "varney & company." you do that you could be on television. i have 10 seconds to pitch to jackie deangelis. i might pitch her the show five or six seconds early. maybe she could use the time. jackie: send mine in the email, stuart, thank you very. welcome to "coast to coast," i'm jackie deangelis in for neil cavuto. stocks lower after the best day in a week. we are following swings ahead of the july jobs report. mass layoffs and hiring freezes are causing tech workers to lose confidence in their job security. plus mortgage rates sinking to the lowest level since april. how it could help bring some perspective buyers back to the housing market.
and liv golfers teeing up a lawsuit against the pga tour to challenge their suspensions from the league. that is all coming up on "coast to coast." first let's start with our top story. china firing multiple missiles around taiwan in the largest military exercise near the island in 27 years. this is very significant. fox news senior foreign affairs correspondent greg palkot explains the growing concerns of china invading taiwan. reporter: good to see you, jackie. taiwan under fire or at least the area around it. this is a little more than a day after speaker pelosi visiting island. china says it calls unprecedented life fire strikes in waters near taiwan. taipei said 11 missiles were lawn of today. the drills to last four days, biggest held ever in the region in response according to china to that pelosi stop. china claims taiwan as its own.
some of the fixed target zones overlap taiwan's maritime borders and are close to its coast line. china threatened to fire missiles over the island and through its airspace. taiwan is on high alert. it is military on the move. exercises include chinese ships, planes helicopters. taiwan calls the drills irresponsible an invasion of its territory space, flights, shipping in the region have been disrupted. as the uss ronald reagan aircraft carrier group remains deployed in waters east of taiwan secretary of state antony blinken is warning china against increasing what it calls aggressive military behavior. jackie, that military behavior impacting others as well. japan says five of those missiles fired by china landed what it calls its exclusive economic zone. that is a pretty big area, still a first. according to beijing three more days of this, with all the risk, it could be a dress rehearsal
for the real thing, a invasion of taiwan. back to you. jackie: greg palkot, thanks so much. joining me to dig a little further alabama senator tommy tuberville. your reaction to what we're seeing from china now, aggressive actions. they threatened, warned, whatever you want to call it. nancy pelosi is fon and now they're taking aggression out on taiwan. thoughts how this could escalate? >> this was planned obviously. knew this was not something that just happened. democrats and joe biden and biden administration need to wake up, jackie, about the belligerence of china. it is all out there. it is all country. all over the world. they will not slow down. they will keep trying to control everything. they're all around taiwan shooting missiles into international waters, which is wrong. they shouldn't be doing that. we're over there worried about filling our quotas up in the military because we're teaching transgenderism. we're teaching different pronounce, crt.
we're trying to be woke and you know, our military is the strength of this country and, you know, we're looking the other way. we better start doing something. right now we're getting ready to vote on in the very near future hopefully a climate bill and a tax increase for all american people and chuck schumer has the ndaa, military budget we just finished in the armed services committee which i'm on, sitting on his desk but they always hold it to get something more out of it. that is how the democrats work around here. they want to get something for doing and giving something back to the american people. we got huge problems within our country, not just china. jackie: senator, it is difficult to have a conversation about what is happening overseas without taking a food look at our leadership. many people say from a foreign pond s s tintresi emens, old o lders adersdersour sult osue offf our o o
lucy berer fo yrs psi tru t t nemieses tesk uuchuc me heyhen'het kno kow pridentmp was going to react because heed into leading from in front, not from behind. president biden is always making a weak decision, it started with afghanistan. we all know that. what a debacle that was maybe the worst in my lifetime of treating our military and our country in a way that we may not ever get over but you know, china i growing. i've been to taiwan. i went there six or seven months ago with three or four senators. same thing happened to us. we were called dirty rats by the china niece. called our offices told us not to go. you have to remember this, jackie, this is a home game for china. they're very close to it. we are thousands of miles away from the indopacific in terms of moving our armaments in that direction. we're trying to do that. we're trying to make plans. being on the armed services committee, but it's a huge problem with them being right there at taiwan, we have to let
china know. joe biden has to be the guy to let china know do not cross this line. he said it once. he tried to back off of it but we got to keep pushing that narrative that we will stand up for taiwan. jackie: president obama was notorious for drawing red lines and allowing or the leaders to cross them. that is not a surprise to me biden is handling it this way. many people say ahead of nancy pelosi's trip, his issue of his statement, rhetoric put out there, not being on the same page, not necessarily being a unified front is certainly part of the problem. how do you get the party to come together on this issue? you know, even nancy pelosi going oaf and not asking any republicans to come with her indicates there is some division here at home and so without being unified in that way, how do we send that message abroad? >> we can't do it the way we're doing it. i learned in my former profession of being a coach for 40 years, organization is a key
to winning. we have no organization in terms of everybody being on the same page. we should have, we'll always have problems in terms of democrats, republicans, how we handle the economy and certain things but when it comes to national defense, everybody has to be on the same page. we have to buy in. the democrats with republicans and on armed services committee now, that is the most bipartisan committee that i see up here. we work well together. we understand the problems. we understand what the military has to have to be successful but then you have the white house talking out of the side of its mouth. a few other democrats doing the same thing. we have to be united as one. if we don't unite as one over a group that is well-funded, china, they're doing everything they possibly can to out run us in terms of nuclear weapons, ships, armaments, in space. it is a, it's a race it is a
race right now and i will tell you we're behind. we have to catch up. we've got to get everybody on the same page that is the key to winning this whole thing. jackie: go back to your previous point schumer is not making a move on defense spending at a time like this they're trying to push their spending bill through, that is obviously the priority. last moment i have with you, senator, there is a lot of issues when it comes to china. you are leading a call for an investigation into some of these stock trading apps, these chinese-based apps, wemu, mumu. talking about intellectual property, talking about infringements with respect to data mining information. tell me about the work that you are doing? >> well china is in our country sucking the information out of all of our citizens and these two trading apps are owned by the chinese. tiktok is owned by the chinese. president trump kicked tiktok out shut them down. president biden first thing he
does opens them back up. everything we're doing here china knows. it's a huge national security problem. so we've got to get control of that. we have to control what we have within our country. they owned 10 years ago 10,000 acres of farmland in this country. i'm talking about foreign adversaries, china being one of them. today they own close to 350,000-acres of farmland here in our country. if we don't stop that, we'll have huge problems agriculturally and also being able to control what we do with imports and exports. jackie: we've been reporting on those purchases. it is just mind-boggling they're allowed to buy farmland here. senator, great to spend time with you here today. thanks so much. >> thank you. jackie: senator krysten sinema now demanding some changes to the democrat 700 billion-dollar spending bill before she will give her support. fox news congressional correspondent chad pergram explainses the proposed changes. chad, what do you have. reporter: jackie, good afternoon, they're still stuck for a week after senate majority leader chuck schumer cut a deal
with joe manchin. krysten sinema of arizona remains skeptical. she isn't sold on the bill just yet. her concern taxing something called carried interest. that is a tax break for big investors and managers of hedge funds. >> i hope she will consider supporting the democratic position. carried interest is a travesty. they are some of the richest people in america, wealthiest millionaires and billionaires capitalizing on this loophole. they don't risk a single penny in. they walk away with special tax treatment. that ought to come to an end. reporter: that provision could cost the bill 14 billion in revenue. sinema also wants a special payout to help with the drought in arizona. manchin and democrats insist that the inflation reduction act does not raise taxes. >> the inflation reduction act will not no matter how of our
republican colleagues to the contrary will not increase taxes for any family making less than $400,000 a year. reporter: republicans claim democrats are playing semantics. >> technically it is not raising their tax rates. it is raising taxes and they are paying them in terms of they will be the ones who incur the burden of these taxes. so we could get into you know, arguments over technicalities and language here. reporter: democrats still hope to pass the bill over the weekend. the house next week. manchin has been making media rounds of late. when you have the votes on capitol hill you vote. when you don't, you talk. that's why there is a lot of talk. jackie. jackie: chad pergram, thank you so much. fox news political analyst giano caldwell is here. always great to see you. you're essentially saying raising taxes at a time like this, semantics don't matter, they may not raise rates on
individuals but overall we'll be paying more essentially. you're saying that is irresponsible. inflation is at a 40-year high. we're entering a recession. times are tough for people now. don't they get it? >> most people argue we're in a recession. joe manchin which i'm quite frankly disappointed in, to see him really support asking like this when he has been for months hey, i can't sport "build back better" because it will cause greater inflation. one is one of the biggest contributors to inflation? government spending. here we are looking to spend more of the peoples money. now also think about joe biden one who said he cared about the poor, he cared about the middle class. we look at consumer price index are being taxed. higher fees for much of everything else. we're not seeing wage growth kind of balance out what is going on here. you see high rents. people are having rents increase by $1000, $500 or double whatever they're paying. this is a real pain that will
impact the democrats in the midterms. the fact that they continue to spend and not think about these things shows that we have leaders like joe biden who lack gravitas on these major issues that impact the american people. jackie: it is amazing, joe manchin stood up to his party on the previous versions of the bill that were "build back better," right? now they renamed it inflation reduction act, so many say it will contribute to inflation. having said that the weight will fall on the shoulders of krysten sinema. she is picking on carried interest right now but there are a lot of other aspects of this bill are very problematic. even in its skinny version. >> talk about the climate provisions. we talk about a bunch of other things as well but the truth of the matter is i don't think this has been well-thought out as could be, it is not bipartisan. republicans are right to push back. why should you try to increase anyone's taxes especially when you got companies that are laying people off because of a recession? you talk about elon musk. he was saying hey, i will have to lay off some of my workforce
because i see recession coming. so if you're doing that, you're putting countries in a greater position to lay off even more people. that is trickle-down effect a lot of people are talking about. jackie: what happened they got themselves deep in the hole here they need this bill, aspects much it to raise revenue to dig out. they don't say that this is the right thing to do at this time to reduce inflation. having said that the tax revenue they're trying to generate is dig out of the hole because of massive spending they did previously. so you know, the american people are not stupid, right? we talk about this all the time. paying more for things, good, services, gas across the board. they feel it. the poor in this country, middle class in this country, as you point out the president said he would protect do you think when it comes to the midterms they are going to wake up? >> in terms of the democrats waking up? no. we've seen the level of insanity we didn't think was possible honestly.
that is what it comes down to culturally with some of the political pieces they have been pushing out or even the economy. we're now in a place where the u.s. debt, "wall street journal" reported back in 2020, in 2021 that the u.s. debt was going to be larger than the u.s. economy. i mean, what are you thinking? you know, it just doesn't make a lot of sense to me. in this place joe biden i think is worse than jimmy carter and that is going to be his legacy. democrats are in a horrible position trying to get something done oh, we did something but you're putting people at greater risk to lose their jobs, bigger recession, more inflation. that is where we are today. jackie: tying back to the conversation we have in china you see what their priorities are, when it comes to their territory, when it comes to educating their children. comes to essentially saying we want to outpace the united states and become the world's largest superpower. >> yes. jackie: their priorities are very clear and in this country we're having debates over nonsense, trying to spend more
money and create a deficit that is even larger and you have to sit back and say where is the leadership? what's happened here? you and i were talking about crime during the break and we've seen a city like new york city took so long to clean up quickly unravel right before our eyes. it is sort of part of the zeitgeist, psychology and culture of everything happening right thousand as well. >> not only that you've got a president who is gaslighting americans it is the putin price hike. if i got caught in traffic, you could say it is the putin traffic jam. this is where we are. i will tell you china is absolutely better positioned than they ever were due to covid to take over the u.s. economy and be the world superpower as you said. that's why president trump pushed tariffs so of when it came to china. he wanted to balance out that deficit. jackie: right. >> and now we're in worst
position we've ever been and we have a president helping them along. on the crime piece -- jackie: that amazing me, yes. >> i know exactly what you're talking about. new york, my brother lost his life. he was murdered. i want to make sure that is consistent. in chicago. people murdered across the country. people that used to be safe. you saw what rudy giuliani come here, last time i came to fox headquarters in 2019. i wasn't looking over my shoulder. when i'm outside i'm looking over my should. in downtown chicago i'm looking over my should. baltimore, detroit, chicago, wherever you are people are looking over their shoulders because democrats have not provided the safety as they should have. this is not a left-right conversation when it comes to safety and crime. it is about humanity. we need to protect victims that punish the criminals. that is the system we grew up in. now it is reversed and criminals are being protected and victims are being outed. they're letting folks come in
like like a revolving door. shoot someone, stab someone, whatever the case is they leave the same day. they don't fear prosecution, don't fear police. and economic conditions in the u.s. jackie: in you're a victim, hard-working citizen looking over your shoulder to defend yourself. we're so sorry for the loss of your brother. >> thank you so much thank you so much. you're absolutely right. like the bodega situation trying to defend themselves and prosecutors are trying to throw away the key. thank you, thank you. jackie: we have the conversation, trying to shed a light on it things will change. but hopeful sometimes can take a while reality. >> god is with us. faith without works is dead. let's do the work. he will do the rest. jackie: great to see you. mass layoffs are fueling job insecurity in the tech sector. we'll tell you how many workers are worried about keeping their positions coming up next.
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♪. jackie: welcome back. walmart announcing layoffs for 200 corporate workers. this after the company cut its profit outlook last week saying consumers are spending less due to skyrocketing inflation. walmart says the job curts are part of restructuring effort reflecting merchandising, global technology and real estate teams. workers are feeling pain of mass layoffs, hiring freezes. new survey shows that less than 9% of tech employees feel confident in their job. constellation research ray wang is here to discuss it. i said this all along. it doesn't happen overnight t happens in a slow trickle. you will see big companies like walmart laying off employees. these are the signs, even if you want to redefine what a recession is or technical definition, these are the signs that we have economic headwinds
ahead. >> jackie, you're absolutely right. we have 75,000 people in 2022 in the tech sector that lost jobs. 20,000 job cuts in the last three weeks alone. it is kind of interesting, we still have 10.7 million job openings as of june 30th from bureau of labor statistics. 4.3 million people quit. it is confusing where we are. we're starting to see signs recession is happening. we're seeing especially on the tech side a number of layoffs happening anything from oracle's recent layoffs to conversations at amazon, microsoft, shopify, netflix, 10-cent, crypto space which has taken a big beating. jackie: i think the job market is really fragmented right now to the notion that you raised there are a lot of job open national this country. as a matter of fact two job openings for every person looking. so many people are sitting on the sidelines right now. you go to a restaurant they're struggling to hire wait staff.
trucking companies can't get drivers and they can't deliver goods. you compare those kind of jobs with corporate, technology jobs, you see a little bit of a different picture. what we're seeing on the higher end corporate side seems to be the restructuring plans, basically management teams saying we need to make our bottom line look right f we have to cut costs that is how we'll do it. they cut where they can. layoffs are the last thing you want to do. >> you're right, service sector jobs, trades are in short supply. we have underbalance of trade skills, trade jobs. we overbalanced on college jobs, white-collar management jobs. we see that massive imbalance. great example, my brother is gi dock, making $200 an hour. but the plumber is making $300 an hour. it is crazy. 10.7 million job openings.
2.7 million people quit. where are they going? some people taking care of loved once. some changing jobs, work life balance. some people left the workforce. so it is pretty interesting. the tech side, tech workers had it good for a long time. jackie: that was bound to happen, some people exiting the workforce but the pandemic in this new lifestyle we created as we say. people are prioritizing work life balance, work from home, what they want in a job that has become a priority. having said that i want to switch gears for a moment because some people may say this isn't relevant but i think it is. "new york post" talking about wall street bonuses potentially being slashed by 45%. that gives you a sort of sense, i'm not crying for analysts and executives on wall street but it does give you a sense where the banks are coming from as well. >> it does, right and when you see banks slash bonuses at that level you realize they're preparing for recession as well they're worried about the bottom
line. we're seeing that across the board. you're right. this is financial services. white-collar jobs are definitely ones taking a hit. travel, hospitality, can't find enough people. jackie: that is great example. i have not been to an airport. we hear nightmare stories of cancellations and problems people are facing as they travel as well. ray, let me ask you quickly. dow down 60 points right now. it has been a choppy week, we've seen nice gains, bargain hunting investors wanting to get back in, little cautious ahead of the jobs report tomorrow. >> people are waiting for the jobs report. trading volumes are a little bit thin. we're in the midst of august vacation season. in general we've seen a floor for the nasdaq. 11,000 was the floor. we're inching 12, 13 at the moment. there is some sense of optimism. i think a lot of it is we'll see where the fed rate hikes are in the long run and of course we're all waiting for forecasts but the tech forecast last week were pretty good. i think people are a still lit bit optimistic on the tech side
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states which could involve a prisoner swab. griner has been detained in russia since february. opec announced just a modest increase in oil production that will take effect in september. fox business correspondent edward lawrence has reaction from the white house. good afternoon, edward. reporter: jackie, you can see the track behind me causing all that noise this morning, not running on electric on diesel, all day, every day. you can imagine the spin from this white house is actually on. president's top energy advisor, energy security advisor says the trip to saudi arabia was not a waste because if you go back and look saudis increased production in june and july. 100,000 barrels a day in september that opec plus announced was just not what the white house needed. >> given what the president has invested does he feel like the increase was an insult? >> i, look, and i said this earlier and i will say this again, the fact of the matter is
that oil and gas prices are coming down. they are coming down and they have been coming down since the president announced his trip. reporter: so it's true gas prices have been falling but when president biden came into office gas was $2.39 a gallon. we were in pandemic. month ago, year ago, gas prices were a full dollar cheaper than they are today. still there is no change in the president's energy policy which the administration says is working and republicans strongly disagree. >> we have to make sure that we have enough energy supplies and oil and gas we're doing that. >> when oil prices go down, gas prices tend to go down and reason why that has occurred is because futures markets are looking at a recession. they're looking at slowing global growth and that is what has been the primary driver of this. reporter: meanwhile americans are having to make tough choices, possibly leaving some
things on the shelves as more things are more expensive. jackie, back to you. jackie: still hurting a lot of people. edward lawrence, good to see you. well there is a little bit after glimmer of hope out there, some good news for prospective homebuyers. interest rates dropping first time since july. real estate agent kirsten jordan is here to discuss it. this is mind-boggling. we saw rates creep over the 5% mark and we thought next stop was 6%. we're seeing 4.99. how does this impact the market across the country. >> buyers are seeing this as glimmer they have been waiting for. prices come down, inventory coming up. sellers reckon with the fact they can't keep pushing prices upwards. i think we'll see more buyers come into the marketplace. we were already seeing more buyers step in now that there is more inventory to choose from, now bidding wars are going back
to homes trading in 25 days instead of 24 hours with multiple bids. i think we're really seeing a positive number especially going into sent. jackie: the bottom line is if you really want to sell your home you price it right, there will be a buyer, studying the market and knows when something is well-priced. we were talking about at the break how we see prices come down a little bit. more in some places than other places. the drop in mortgage rates could really for the properly priced home, present an opportunity for a buyer? >> absolutely. if the home is well-priced, you're in it for the long haul, this is really great time to get into the market. you have to be careful trying to time the market to be speculative. speculation is for real estate developers. it is for people who do this for their living. if you're investing in your own home for a primary homeownership it is about a long-term plan and that is what people need to be thinking about. jackie: we were talking about some of the specific cities and the trends we've seen here in new york and down in florida.
what are some of the hottest cities right now and is that changing post-pandemic? >> hottest we saw are the sand states. there was a lot of movement to florida. those areas are still really seeing strong pricing. in some cases prices are going up especially in miami and some of those areas. we're definitely still seeing that. in new york city quality product that is well-priced and is turn-key still flying off the shelves doing very, very well in spite of it being august. jackie: i love watching all the listings on street easy. i look for sport. i think it is so interesting. you will see good ones they move in a day or two if they're priced right. you see other homes sitting on the market 90 days or more because they're overpriced and the math doesn't make sense. where do we get to a tipping point where sellers are holding out not just in new york city and across the country, mortgage rates are still high at 4.99 than they were roughly a year ago. we got to adjust our price.
i know they're scared to do that, because they feel the environment of inflation around them. they want to get as much out of their nest egg as possible but at a certain point reality has to kick in, right? >> definitely it has to kick in. there is still a, a lack of product for buyers looking around the country. there are areas, however, where demand was created where there wasn't demand before. and those, those areas really saw price increases that were, was drastic increases. we're talking i was reading boise idaho is the most overpriced area of the country. those areas we'll have to see some real adjustment there because they are overpriced, they're overvalued. when you see overvalued product at some point they have to come down and it is better to come down now than come down later if they have to come down a lot more in the future. jackie: what happens to investor psychology when you look at the stock market, when you have the technical definition of a recession, we're in one. we know there is some bumpiness,
headwinds to come. does that detour buyers from making a commitment. >> depends how analytical the buyers are. buyers are in new york city are always in a bear market, tell you they will be the end of the world. those with the spreadsheets -- jackie: i'm a spreadsheet buyer. you don't want to deal with me. >> those are the ones most difficult to deal with. everybody else, long-term real estate houses go up over time. you need to buy at relative value. you need to buy good quality product you know will hold value over time. you will have to improve it. you will have to work on the rest of your life to be able to live there as long as possible. that is how you make money off of real estate. jackie: great to see you this afternoon. thanks for coming in. >> thank you. jackie: democrats pushing to expand the irs through their 700 billion-dollar spending bill. how that plan could hit middle-class americans next. ♪.
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reverse mortgage lender. - call the number on your screen. jackie: welcome back. the democrats proposed spending bill would beef up the budget by $80 billion. gerri willis explains how that could impact taxpayers. reporter: good to see you, jackie. this is major upgrade for the irs but not necessarily for us, right? the so-called beast mode irs will have budget 6 times the 12 billion budget given to them in the spending omnibus bill in 2022. that was the biggest increase in funding since 2001. the proposal will double the agency's capabilities, hiring 87,000 agents and calls for tougher enforcement, more litigation, criminal investigations, digital asset monitoring with additional
45.6 billion at its disposal for just that. the democrats say the supercharged irs will go after high income earners and tax cheats but not so fast, according to the joint committee on taxation. congress's official score keeper. up to 90% of the money raises will come from folks like us, right? making less than $20,000 a year. critics say wealthy targets can afford powerful lawyers around tax accounts who have resources to protect themselves. the irs will have to target small and medium businesses because they can't fight back. listen. >> the irs itself says they will dramatically increase how they go after independent contractors and small businesses, not general motors, smaller businesses. that is where they think they will make their money. they're massively increasing their ability to audit you. reporter: thousand one thing the bill won't do is improve service for taxpayers. as of may 31st the irs was still sitting on 21.3 million in
unprocessed paper returns and just 10% of phone calls of the irs in this tax season were answered. there is a long way to go. you will not get service help. jackie: sounds like it. we were talking to senator tuberville earlier. how senator schumer isn't moving forward with respect to you know defense spending at a time like this which is so critical. yet they're moving forward with all of this kind of spending. gerri, we'll watch it closely. thank you very much. trump former economic advisor steve moore is here to break it down. i'm glad to have you on. i saw your tweet the other day. 80 billion in new funding for the irs, 87,000 new agents, 1.2 million new audits. 800,000 new tax liens. i don't know, doesn't sound good to me? >> i agree, jackie, with your analysis you just did. this will not be general motors and google and big corporations. it isn't going to be bill gates,
warren buffett and millionaires. they have swarm of tax accountants and lawyers to protect them from the irs. it will be people like you and me who maybe make 75,000 and $250,000 a year, that are going to get walloped by this the problem, the irs when they have this much of an enforcement mechanism they can kind of intimidate the little guy. just settle these disputes. i want to make one other quick point, jackie, if i may. i don't know if you saw a report two weeks ago the army is short 40,000 people in recruiting soldiers we need for our armed forces. there was also a report that the border patrol needs thousands of more agents to protect our border. at one fraction of the cost of this bill we could put the people we need in the armed forces and we could secure the border and yet the priority of this congress is to add, what was number you said, 87,000 irs agents. i find that to be a warped sense
of priorities. jackie: i hear you. i'm glad you made that point. i was trying to make it with the defense spending as well, you bring up the border. some places we could spend more money to shore things up in this country for our national security. yet this is what the administration choosed to prioritize and the reason they're doing that, steve, they have dug us into a spending hole, essentially generate revenue to try to get us out of it. it is not really a drop in the bucket when you think about it. this will come off the back of hard-working americans in the country. they will get the letter in the mail. they will not have legal help. accounting teams, pardon me to help them as well. they will not push back. they will get terrified. they will work it out with the heirs. kind of like, it is kind of like a shakedown. >> it is, jackie. tell you a quick personal story. you know i had a 40,000-dollar tax lien from the irs that we disputed. we said that they owed us money. they said we owed them money. anyway, it went on and on.
i would go to my tax attorneys they would say, steve, you're right on the facts here but you might as well just settle this because the legal costs of disputing anything the irs says is going to exceed the amount of money you will save. by the way at the end of that story is we went forward and disputed it. the irs said whoops, we made a mistake. jackie: wow, imagine that. >> point people get intimidated to settle these things if they don't have owe the money. jackie: think about small, medium-sized businesses in the country as you point out. it will not be the microsofts in the world, it will be mom-and-pop across the country who are struggling with so much will have to take this on as well. many cases it is not even, that it is so provable. when they send you that letter, whatever, it is not black and white. some of the elements and how people calculate their taxes are subjective to a certain extent. they're saying we're going after the tax cheaters. not everybody is cheating on their taxes.
some of the laws, they are ambiguous how accountants interpret them and how businesses use them as well? >> so, jackie, let me make a quick point about that. you're 100% correct and steve forbes, who is regular on this show and others and i just written a piece basically saying wait a minute, you want to have increased voluntary compliance with our tax system because the whole system is really based on people voluntarily complying with the system. you have to have simplicity. you have to understandability, you have to have fairness in the code and low tax rates. you know i got a solution to this, jackie, steve forbes has a solution, why not a simple flat rate tax with no deductions and loopholes? and we wouldn't have to have 87,000 more irs agents. we could cut the number of agents in half because people can figure out how the system works? jackie: you make a lot of sense. great to she your perspective on this. we'll see how it plays out in
real life when it impacts people. >> thanks, jackie. jackie: those liv golfers are teeing up a brand new lawsuit against the pga. why they say the tour is using its monopoly to exclude them next. ♪. d a phone open to libertymutual.com they customize your car insurance, so you only pay for what you need... and a blowtorch. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪ ♪ ♪ ♪ ♪ ♪
jackie: 11 liv golfers filing an antitrust lawsuit against the pga tour challenging their suspensions from the league. fox business correspondent mad san all worth is here. she has been all over the story. who is involved and what are they asking for. reporter: jackie, 11 players from liv are filing suit against the pga. when you look at the two organizations there is so many back and forth. that is the latest. those 11 golfers on the screen. they're arguing that the league is being anti-competitive because the pga tour suspended their ability to play in tour events. bryson dechambeau, one of the ones that filed, he told fox before the suit was filed he is confident things will be resolved. >> i think it will get figured out. i personally know it will get figured out whether legally or they come to the table to work out terms. i definitely think it will all wash itself out in the future. reporter: the pga tour are not so confident things will be figured out. they sent a letter to members
they shared with us. in that letter they said quote it is an attempt to use the tour platform to promote themselves and free ride on your benefits and evident to allow reentry into our events compromises the tour and competition to the detriment of our organization, our players, our partners and our friends but those liv golfers want to compete in the playoff events. on top of antitrust suit, three golfers are seeking a temporary retraining order. they qualified for the playoff. the pga said last week they would not be allowed to participate. if the judge grants relief they will play. it starts next week. not just the two organizations are going back and forth. the department of justice is also looking into the pga tour. jackie: we'll watch it closely. madison, thank you so much. a choppy trading session on wall street after markets saw the best day in a week. we're tracking those moves.
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senator kirsten sinema proposing changes to the democrats spending bill, where negotiations stand. new york business openings slowing down, the sunshine state is still ahead. back to the board, low morale causing border agents to leave their posters, how border patrol is responding to that but first i want to get to kelly o'grady with the latest news out of walmart. >> reporter: walmart is joining the job cuts trend, the retail giant confirmed it will lay off its corporate staff as part of a restructuring process. in a statement, walmart sharing, quote, we are updating our restructure with select roles to provide clarity for a strong future. at the same time we are further investing in key areas and creating new roles to support growing numbers of services can the company has not released an exact number, a source familiar with the situation, to put that
in context walmart is the largest employer with 1.6 million workers in the us so that figure is very few, they are adding jobs in areas of growth like e-commerce, this comes as walmart's investors, and spending more on groceries, skipping high-margin merchandise including apparel and electronics. amazon cut jobs, with paul back. and earnings on the sixteenth of this month, with overall head count. jackie: i want reaction to the latest job cuts with nancy mace.
and it is not just layouts and hiring freezes and freezing salaries. and how you define a recession, we are getting through difficult times, and how to brace ourselves as a nation, >> you can't wordsmith your way out of a recession, this is another economic indicator. the first 2 quarters of this year, going in the wrong direction, you see companies freeze and making layoffs and liberal elites are out of touch with the rest of the country,
don't understand a recession because they don't know anyone who works at walmart and don't shop there. this is where people go to save money. when you buy eggs and a gallon of milk i checked early this morning comparing walmart to my local grocery store, 20% less to purchase basic necessities at walmart than any grocery store where i live. most families are seeing that. other indicators with walmart, not buying whole-wheat product but white bread. they can handle recession and inflation with more spending and congress will be called on monday to vote for or against another massive deficit spending bill by the biden administration the bleak peace taxes and increase inflation. you can't stop this by having more taxes and spending, you've got to cut taxes and spending and president biden and the administration doing the opposite of what is needed today. jackie: how can we push back a little more?
a lot of weight on kirsten sinema and joe manchin. giving some pushback now, asking for revisions and negotiations. it seems like something of this ilk is going to pass. >> it does. you are seeing a lot of pressure on senator sinema getting on board with that bill and schumer's comments, i am thankful that she's holding it up at this point and pointing to some of the taxes. with tax corporations, the $350 billion hole they are filling now. that tax is not free to the american people, some but he will pay that bill and it is largely on the backs of hard-working americans and their families because prices will go up inevitably and
whatever product they are producing, that's not the answer and if sinema does come on board likely could pass potentially which will be devastating to our economy and continue to record inflation we are seeing which is 9.1%. when you couple that with the crashing real estate market because interest rates are going up it is a dire forecast for the next 12 months. jackie: there were a lot of semantics involved in what constitutes a recession. we are talking what constitutes a tax hike. democrats are saying we are not raising your tax bracket, we won't raise taxes on individual for $400, making under $400,000 a year, and the other side argues, and dealing with inflation, effectively these are tax hikes and people are feeling that.
>> reporter: absolutely. inflation is taxation. when you run up the score and look at the cost of everything being higher than a year ago or two years ago and you see american families losing a month's salary due to inflation and not to mention cost of utilities are up, this is a tax on every hard-working american. i talked to her mom who had a $200 allowance for clothing for herself and the kids and now that $200 is going to gas and fuel to get kids to school and activities and people are making tough decisions and it will not get better. you can't raise taxes and increased spending and expect the american people not to feel pain at the pump at the grocery store or when they are at walmart. jackie: when that mom makes the decision not to spend $200 on her clothing budget, that is when the corporation will
suffer if enough people do that and they suffer they report weaker earnings and maybe then the democrats will realize we are in a recession. good to see you, thank you. let's check how markets are reacting with strategic wealth partners investment strategist luke lloyd and managing director michelle snyder. not a dramatic day on wall street, trading a little lower, nasdaq being a bump but investors are being cautious ahead of the labor report tomorrow because that will give us signs, a strong part of the economy. that gives a clear indication of where we are headed. >> the stock market is grabbing on to any kind of small positive news and it is bigger and more important than it is. powell had interest rate hikes at the end of the year, the fed isn't going to hike 75 basis
points, the market will take that statement that the fed was going to pivot even though that is not what the fed said. when pelosi landed in taiwan, and in 2024. they make the same territorial moves and geopolitical moves, china could play economic warfare in taiwan. in the us including the biden administration doesn't want to admit that, deeper and more painful of a recession but i hope the market keeps going by and the economy gets better and stays better for americans but i don't see that happening anytime soon. jackie: the point i want to make, sources are telling fox news it is possible to see the chinese invade taiwan before the 2024 election. the markets reacted, the
uncertainty we saw, and markets are very sensitive, how geopolitics will impact markets in the fall as well. >> there is that risk but we can't miss the fact the strait near taiwan has access to american military where we can block a lot, the ability for china to take over semiconductors out of taiwan. the chinese stocks are up and american stocks are selling off. and geopolitics is a factor. over this tour's -- the force of time, we are seeing strikes
and revolts, feeding their people, their populists. the whole idea of geopolitics be in a mess is a scene we can count on. what will matter is what will happen here not just with fed policy because that is important but how much the interest rate, aggressive hike plays out in terms of inflation. jackie: investors will watch that closely. august is slower but sometimes can't fall asleep at the wheel. good to see you. china flexing at cemetery muscle. the biden administration is going to respond after this. ♪♪
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>> a takeover of taiwan, head of the 2024 presidential election. we spoke to a former intel official familiar with the classified material about chinese plans and they told our colleagues, quote, we have always been aware china has an ever present plan for an amphibious assault and military invasion of taiwan. if they are not successful in re-unifying politically they will do so with forced. force. >> i believe they will invade taiwan sometime in the future if the united states does not make clear that we won't accept the chinese invasion of taiwan or forcible annexation of mainland china. the way we do that is arm taiwan now and make it clear that we will come to taiwan's defense. that's not so we can win a war over taiwan, it is so we can prevent or more over taiwan.
>> reporter: the white house has refused to say if they think speaker pelosi airstrip taiwan was worth it and that is before, during and after pelosi went there. in a bloomberg story, the biden administration is trying to kill a bill in congress the would make taiwan officially a major non-nato ally. they are more concerned with g-7 allies. >> it is concerning to the people of taiwan and our allies in the region especially japan. >> president biden is watching, for the fifth day, tested positive for covid as part of the second round, this rebound case. jackie: joining me is dan joseph.
i'm grateful to have you on so we can dig deeper into this issue because what seems to be a problem for me at least is the ambiguity around the term one china policy. the united states sees it as one thing, and xi jinping sees it as another, saying we want to unify, and essentially it is an attack on taiwan's democracy, united states seeing we can be under the same umbrella but operate independently and part of this is not drawing a line and telling china this is how it is going to be. >> part of the problem is relative power and position is changing. during the communist period the communist party didn't bother with taiwan and 1980-2005-2010 the communist party in china the country itself was immersed in the economic goal, economic growth.
they pivoted over the past 10 years, much less reform, emphasis on making the party the center of the power structure in the country and more emphasis on nationalism. as china moves in that direction it changes the dynamic of what was an informal relationship. if they are not going to act on their attitude toward taiwan it doesn't matter. now it looks like they will, we have to consider possible scenarios. jackie: forces are telling fox news it is possible china could invade taiwan before the 2024 election, some say judging by the action we are already seeing, the aggressive action it could happen sooner. your thoughts on how xi jinping is looking at this, he's more emboldened in the last year or so. >> i am not sure completely is to timing. i would think longer rather than shorter, if you asked me ten years ago i would have said not going to do it but as they
lean on nationalism, economic growth slows at this is a popular issue in china, the people support taking taiwan back, not that they want to go to war but they believe in the territorial integrity story and would support the government. this is something she can lean on, don't know if it is two years, a year, 5 years but we have to plan like it's going to happen. "barron's roundtable" jackie: semiconductor manufacturing and now china is looking at it differently than it once did and this is going to be an issue that affects geopolitics, the stock market as well. we will be watching and have you back on. the battle over businesses, new data showing florida outpacing new york and new business openings, we will look at the data when we return.
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jackie: new business applications surging with the sunshine state seeing double the openings, let's get the read from president emeritus and senior policy advisor scott hodge. even post pandemic, it is the hotter state right now. >> for the last 20 years the tax foundation ranked all 50 states in terms of quality and competitiveness of tax system, florida can ranked number 4 in
terms of the best tax climates for business anywhere in the country, new york ranked almost dead last at 40 ninth. only new jersey has a worse or less competitive tax system, it is not surprising people are moving to florida to start businesses especially during the pandemic. florida is open for business and boasted about that. new york and many other northern states were closed for business. it is not surprising to see such a boom in the sunshine state. jackie: there is no state income tax but has drawn people down there as well. i talk to people across new york city that are in business here who say crime is a huge deterrent for them with respect to being able to stay open and that must be a deterrent for those considering starting a business here too. >> certainly. of course unfortunately new yorkers pay a high price for
the crime they get and when you look at the relative tax burdens between the states new york's tax burden is 70% higher than that of florida so not only are people feeling more safe, more open, more able to start businesses but their tax there tax burden is so much less. it is a huge advantage over other northern states like new york, new jersey, illinois and so forth. jackie: what do you think politicians could do. mayor eric adams is not tackling the big issues in new york but is there anything he can do at least superficially to encourage businesses to want to set up shop up here? >> he will have to do more than superficial changes and new yorkers have to realize they are in a competitive world with a competitive business climate across the country, states like
florida, texas, tennessee, and others are becoming havens for new businesses and companies moving to these low tax areas and new york, california and new jersey have to get with the program and make themselves more competitive and that is it. they have to lower their corporate taxes, lower income taxes for individuals, quit chasing retirees out of their state with high taxes. and a better start now because the flood of immigrants in the state has been considerable. in 2020 alone, new york lost $32 billion of gross thomistic income to other states without migration. $6 billion of that, as a result. jackie: that is a massive amount of money the city can use. your quick thoughts on how the democrat spending bill is going to expand the irs, talking
about small businesses, a huge target on the backs of these small and medium-sized businesses. >> when the irs looked at the tax gap, those revenues they think they should be earning, much of that comes from small businesses like us court, llcs and privately owned businesses. we will see them crackdown on those businesses. question every deduction they make and tried to lean on from for higher revenues and that will create a chilling effect on small businesses across the country. jackie: part of the incentive for people to want to start or be in a small business is that the tax code can be on their side with respect to the deductions you mentioned but some of these things are
ambiguous so people have a hard time with the microscope they will be under. >> the tax code is so complicated. when you're in small business you're trying to run the business, not comply with the tax system. we are forcing small business owners to lean on experts, tax lawyers and accountants to help from comply. that means they spend time complying with the tax code than running their business and that's not fair. jackie: great to see you as always. now to a story that charlie gasparino has been ahead of the curve on, a major restructuring. charles: the only time they cut movies -- a great guy, one of the few, has his work cut out for them. $3 billion in cost savings is what he needs to pay off the debt on the balance sheet, $14
billion in debt, the way i read the financials, he's got to do a lot of cunning. cnn plus was first ago, cnn is part of the big umbrella warner bros. and discovery have. the second part comes today and he is going to merge the two major streaming services, discovery plus, hbo max into one. will this lead to announced layoffs? this is announced, during earnings call at 4:30 eastern time. are they going to announce specific layoffs? no but from what i understand they will talk cost savings, this will lead to significant layoffs, management teams, duplicate of management teams, duplicate of marketing teams, tech teams, that is what
happens, not a fun thing to report but it will happen. everyone is cutting to make numbers particularly debt burdened media companies in fierce competition, streaming was thought of as the wave of the future. it is so competitive and hard to make money, netflix after recent travails, that is where we are. we will get some more detail. it will be interesting to see the name of the new entity. i hear rumblings that hbo is unlikely to be the new name. that is what i heard but who knows? we will see what they say. casey is head of hbo content, likely to play a major role from this whole thing, they say no but still going to play a major role. he signed a 5-year deal and it
will be interesting, he is the guy in charge of game of thrones and things of that nature, the scripted content comes from him. there is an unscripted part, reality shows on the discovery side. i am old enough to remember when aol merged with time warner, $165 billion deal in 2000. over the next ten years they literally took the thing apart. first goes the cable operations, the time inc. stuff, magazines, thyme, sports illustrated which aol, wasn't the new new thing everybody thought it was, thought to be a great internet product and wasn't and they had to sell what was left, the studios, hbo, cnn, turner, tmt and a few other things. they sold that to at&t and then at&t had to get rid of it and sold it to discovery and david
-- jackie: here we go again. charles: it wasn't really the shareholders, guess who made money, the bankers, the lawyers. it really was an abject lesson of how bankers and lawyers no matter what happens make money even in all these mega mergers and the bag holders are often the shareholders. it is an unbelievable thing. does that mean david's as of is going to fail? i don't want him to fail. jackie: he is a smart guy. charles: he has been through the trenches. if anybody you want to make it through the trenches and worked his way up, he is a good guy and now he is the king of all media. jackie: i could see him streamlining and cost cutting. charles: i could see him fail and don't want him to fail.
look at ge. all the deals ge did even post jack welch that they had to take apart. look at citigroup merging, they essentially had to bail out because it was too big, unwieldy, these mega mergers, good case to be made they shouldn't happen but they do. jackie: you will bring updates of this as they unfold, thank you, great to see you. bonuses at the border our new measure customs is taking to attract agents, we will talk about it next.
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mayors hypocrites for objecting to immigrants while turning a blind eye to the worsening crisis at the border. griff jenkins live in mission, texas. >> reporter: good afternoon. not just worsening but never been this bad and i have been covering the border for 15 years. this video shot by drone camera. i can see migrants crossing in massive ways in eagle, pass, texas. if you add up the del rio and eagle pass area, it is more than 1 million migrants crossed this fiscal year but eric adams says he has no interest in accepting governor abbott's invitation to come here and see it firsthand. here is what the mayor said. take a listen. >> what the text governor should do is invite those trying to find housing in their state to give them housing
instead of sending them here. >> reporter: look at this video we shot in la jolla early this morning, migrants crossing before don broke. among them a 19-year-old guatemalan man who told us he wants to go to washington dc. what is interesting about this, there was one border patrol agent in the la jolla area 5 to 6 miles, once that group had to be processed he could not go back to the border, that is why you see this $10,000 incentive to get people to join because morality so bad. but the mayors would see if they were here, here's what governor abbott told us, listen. >> what they are missing is what most americans are missing, most americans have no idea how very bad the situation is. we have thousands of people coming across the border every day.
>> you might have heard the helicopter overhead, border patrol helicopter, it's callsign destroy and it is working on runners because they come across if you don't surrender to authorities, border patrol agents chase them, there are very few extra hands on deck to do that. the helicopter helps numbers coming across far outpaced the number of agents here trying to get them apprehended. jackie: good to see you. the sinking. national border patrol president brandon judd is here. let's start with those incentives, we look at the defend the police movement, what is happening at the border and $10,000 bonus offered to somebody to come to a grueling
job. i am not sure that is enough. >> it is not at a short-term fix, short-term gap, $10,000 covers two years, once those years are over, they will leave the agency it again. there has to be a permanent base. there is no satisfaction in the job you are doing and when you see this president make this politics and arizona filling in the gaps, senator kelly trying to get those gaps build in, this administration has ignored one of their own, now because of politics, and to do something. and border patrol agents see that and there is no job satisfaction, they know everything we do is politicized. jackie: he's calling the governor of texas saying why are you sending migrants here.
his state is overrun by migrants, he doesn't have room to house anymore and just shows you how out of touch our democrat leaders are in this country. >> they will say things like that because they know the mainstream media will pick it up. it won't be called on their lot, eric adams is lying when he says governor abbott, he's not sending him to new york, the administration is sending people to new york, why isn't eric adams housing these individual's? he wants to put the burden on everybody but himself. in politics -- that's the problem. jackie: the administration is sending them to these cities to disperse their votes across the country rather than keeping from concentrated and that is why we are seeing what is
happening and the surge at the border despite the consequences that result from the humanitarian aspect of it. >> every thing is politics in this admin station, all about staying in their elected positions, they don't care about the american people or the damage being done or the 100,000 deaths, that we are going to break the record again this year. and making billions, and -- they do not care about anything but the next election. jackie: you are breaking up so i will let you go but we heard you loud and clear, good to see you as always, thank you. coming up, a look at new york city's crime crisis, mayor eric adams looking at broken bail reform laws but is anything going to change? ♪♪
eric adams and keeshan see will slamming the city bail reform laws saying they are using them to continue to inflict violence. nate for is here with more. >> good afternoon. new york city has a problem with repeat offenders in the city of 8 million people, 716 people account for 30% of all shooting since last year and mayor adams says bail reform is why. >> our criminal justice system is insane. it is dangerous, it is harmful, it is destroying the fabric of our city. time and time again our police officers make an arrest and the person who was arrested for for loneliness assault, robberies and gun possession finding themselves back on the street within days if not hours after
the arrest. >> reporter: one of those repeat offenders has been arrested 101 times including 88 times since bail reform was implanted in 2020, that person is still on the streets today. mayor adams has used this as a perfect example of the need to rollback bail reform. this teenager beating a new york city police officer just three days after being released for robbery aref to. new york is not safe. >> the laws were and acted, and effect on me. every one of those changes give them the tools they need to work toward our common objectives of increasing public safety. >> reporter: republican gubernatorial candidate lee
zell done, not doing enough, he tweeted if kathy huchul were serious about putting a stop to new york's crime crisis she would fire manhattan district attorney alvin bragg for refusing to enforce the law, back the blue and support cashless bail to keep dangerous, roles behind bars, house republicans leader kevin mccarthy in new york city today, meeting with members of law enforcement talking about the hurdles they case to keep new yorkers safe, that starts at 2:00. jackie: i want to bring in lieutenant darren porch or. the tweet by lee's eldon spells it out, get rid of these laws and restore some order to the system but that doesn't seem to be happening. we are seeing repeat offenders constantly let back on the streets. >> bail reform is catch and release stream operated by our
lawmakers in albany. that being a police commissioner or mayor, you need to maneuver around these hurdles and implement, we don't want the speeches but solutions and haven't heard solutions that worked accordingly with precipitous drops in crime. jackie: geon oh caldwell said liberal das use one or two cases where people were treated unfairly in the system to create this umbrella link at rule that allows criminals to come back on the street. there has to be balance. how do we achieve that. >> we are under siege for residents to reside in new york. we need a strategy to reduce crime. that should be the focus of precision based policeing, that is placing officers in areas that have the greatest propensity for crime. city hall and the police department have not provided
that asset to us, bail reform, is a problem? absolutely. the same token, we need to get around obstacles and keep new yorkers safe. jackie: i talked to so many people on the streets that are really struggling, having a tough time and you see video like the one nate showed us a little earlier where officers are getting attacked and you don't question why some of these people are questioning their desire or commitment to being police officers here. >> when you look at the attrition rate of the city of new york police department it is something that is floundering. we need to do a better job to recruit candidates but the social contract needs to be upheld and public officials need to ensure they get those numbers of officers into these spots. you may need to reform how you recruit people, that is fine but the onus is shouldered by
city hall and they haven't been effective. jackie: it wasn't about defunding the police at all. you should be working on programs that help train the officers and create a better stronger system and so many cities in this country were willing to cut the budget, cities like new york city in peril in this way, hard to dig out of the hole now. >> when you look at the down ballot elections democrats lost in the wake of the funding police. the tea leaves were reflective of you need to fund police. the upholding of public safety. jackie: nice to get your perspective on this. waiting patiently for some time. we are going to have more coast to coast after this.
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very, very closely. that is caution we're seeing reflected in numbers. dow off 83 points, off session lows. in technology we're seeing strength and nasdaq composite trading higher by 30 points. of course this has been a volatile market this week with ups and downs and watching geopolitical issues and events as well. markets are cautious. people just didn't sell in may and go away. charles payne to you. charles: we had a huge july, jackie. under the surface something big is brewing. i can't wait to talk about it. the nasdaq might be in a bull market before the show is over. i'm charles payne this is "making money." breaking right now, don't look but the nasdaq is inching closer to bull territory. the federal reserve is not happy about that because investors are not listening to them. mary daley having the let them eat cake moment. she doesn't feel the pain ever inflation and you wonder
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