tv Cavuto Coast to Coast FOX Business November 14, 2022 1:00pm-2:00pm EST
beijing's actions towards taiwan , why he now says he does not think there is an imminent invasion attempt. and the collapse of ftx dragging on the crypto industry ink across globe. what the fallout means for the future of ftx, and that arena in miami, miami mayor francis suarez is here on that. plus, tesla shares falling after elon musk says he has too much on his plate, with the twitter takeover. one democratic senator telling the billionaire, "fix your companies or congress will." that's all coming up, on "coast to coast." first to our top story, fox business chief national correspondent connell mcshane joins me. connell: jackie, we'll talk about elon musk in a few minutes too much on his plate but i want to start with oil today which we've watched move lower. opec didn't make any huge changes in its forecast for supply and demand but it did warn about some big-time unknowns out there. it says that leads to a highly uncertain environment. the price now down to the mid-80
s just under $86 a barrel for oil all part of the monthly report opec puts out. the unknowns include the war in ukraine, as you might suspect and covid cases in china were specifically mentioned by opec. a quick check as well on the bond market today. we've seen yields moving up today, we're just below 3.90, on the 10-year treasury yield, today, you know the fed governor waller has been getting a lot of attention for some comments he made over the weekend, where he basically said we've got some work to do at the fed. it's not over yet and keep raising rates to fight inflation despite the slowdown that we may have seen in the cpi last week essentially the message was that's only one report so let's not get crazy about that. now, jeff bezos behind me now, because there's news from amazon today from the new york times, there a short time ago had a report out that amazon plans to lay off about 10,000 people in both corporate and in technology jobs. this could start as early as next week these job cuts and they would reportedly focus on
the devices unit, the retail division, and also human resources. the stock price for amazon actually came back a little bit today, and 99 and change right now. it's down about 1.5% was down a little bit more earlier in the session, but now down by $ 1.63. give or take amazon is down about 11% since forecasting a slowdown in holiday sales growth that was back on the 27th of october. now, from jeff bezos and amazon, let's talk about elon musk, something you mentioned at the top there. obviously, a busy guy, right? lately maybe a little bit too busy though, if you're a tesla shareholder. musk was asked a question at a conference about his twitter acquisition and he said he was working morning until night, seven days a week and he has too much on his plate right now. that was a quote. those comments were made at a business conference on the side lines of the g 20 and you know, obviously, if the guy in charge has a little bit too much on his plate, one of his other companies maybe not great news for tesla. the stocks down 1% today, but
its been cut in half, market values been cut in half since april when musk started to go after twitter in the first place jackie? jackie: connell mcshane thank you so much. speaking of elon musk, now, taking some heat from congress. one democrat senator telling musk to manage his companies or congress will. fox business kelly o'grady joining me with the latest. hi again, kelly. reporter: hi, jackie. yeah, a number of musk headlines to get to as always. the first he is sparring with democratic senator ed marquise and it started when he questioned how a washington post reporter was able to say simply pay that $8 for the account impersonating to be verified without using the word parity. musk fanned the flames tweeting "perhaps it's because your real account sounds like a pair." and senator responding more aggressively saying one of your companies is under ftc consent decree, auto safety watchdog and tsa is investigating another for killing people and you're
spending your time picking fights online. fix your companies or congress will and some critics question why musk is taking on a u.s. senator when lawmakers have social media platforms clearly in their sights but the back and forth underscores the heat musk 's new twitter is taking especially fro, and now questions like connell mentioned, whether this maybe too much, musting recently sharing he's working and sleeping at the headquarters until twitter is fixed saying at the b 20 business conference he has too much work. >> really working at the absolute most amount that i can work from morning until night, seven days a week, so this is not something i'd recommend, frankly. reporter: now all this is a trial over musk's $52 billion pay package at tesla kicks off this morning. a shareholder seeking to null you friday the 2018 compensation grant alleging the board failed to disclose crucial information about that package to shareholders who signed off on it. note the judge is actually the
same that would have presided over the twitter trial, and she made it very clear she was not a fan of musk's antics so that should be interesting to watch this week but regardless, jackie, hearing musk say he has too much work can't give tesla shareholders a ton of confidence jackie: i imagine it wouldn't. kelly good to see you, thank you lawmakers of course are back to work today, now facing some pressure to tackle the debt ceiling before the new congress is seated in january. fox business correspondent hillary vaughn is on capitol hill for us, with what it's going to take to get this debt under control. that's the million dollar question, hillary. reporter: the trillion dollar question, jackie, and that's because republicans, if they manage to secure control of the house, say they will have leverage and they plan to use it , to force democrats to trim fat from the bloated budget and say no to any new government spending that does not come along with cuts elsewhere. the u.s. right now owes more than $31 trillion. that's about $93,000 of debt, for every american that debt is
growing by the day. it's just getting more expensive to pay off, as interest rates are rising. democrats promise though, they will not give into any pressure to make cuts, but senate majority leader chuck schumer says he's willing to work with republicans to try to avoid a government shutdown looming over the holidays and fund the government. >> there are a lot of things but debt ceiling is something that's important but the number one thing we have to do when we come back in the lame duck is fund the government, you know, government funding runs out at the end of december. reporter: democrats also claim that republicans want to put social security and medicare on the chopping block to achieve those spending cuts, but the committee for responsible federal budget says the priority should be stopping new spending. >> the narrative in the media i think has been pretty slanted as though this is going to be the gutting of social security and medicare if you attach changes to the debt ceiling increase. i don't think that's right. the debt ceiling has to be increased because this is borrowing from the past. what we need to do is first and
foremost decide no new borrowing no more for the rest of this year. no more for next year. reporter: and jackie, if the debt ceiling is not lifted, then the u.s. government defaults on its bills and that could be a major national security issue when the bill collectors are foreign governments like china. jackie? jackie: hillary vaughn, thank you for that, i think. we'll discuss it more because there are some economic storm clouds ahead and they aren't going away. moody's analytics chief economist mark zandy warned a recession could be on the way. others warned that as well calling employment level s the most important indicator, mark zandy joins me now. great to see you, mark. i agree with you 100%. i've been pointing to the labor market saying that is the shoe that has to drop for this market to really turn in earnest. it hasn't happened yet, but having said that, jerome powell is going to continue to raise rates until he slows the labor market . it's bound to happen. >> yeah, jackie, well the labor market is slowing.
job growth, monthly job growth at the start of the year was about 600,000 per-month on average. now, from the vague ares of the data it feels like it's 250k , 300k, still too hyatt that pace, per-month, unemployment will continue to decline, and of course the economy is operating at full employment inflationary pressures are high, so we need job growth to slow further but we're on our way, and most of it so far, most of it in fact all of the slowing so far is related to less hiring, layoffs remain very low. some tech companies are laying off but if you look ink across economy, layoffs remained extraordinarily low so its been all about that but you're right. we need to see further slowing in job creation. jackie: let's talk about the inflation that we have on our hands, last weeks cpi was reported 7.7% still relatively high, food costs, heating home costs, gas, price at the pump is an issue when it comes to most
consumers and how they are looking at things. your thoughts on consumer spending, how the consumer feels , we do know that there's evidence people are dipping into savings putting more on credit cards but i imagine at a certain point that's going to also shift a little bit too. there's only so much you can borrow to pay for everyday essentials. >> yeah, i mean, consumers are doing their part. they are hanging tough. lower income households are getting creamed by the high inflation and they have blown through the excess saving they built up during the pandemic. high income households, middle income households still have plenty of saving and you're right they are dipping into that to help cushion the blow from the higher inflation, but so far so good. i mean, consumers are out there spending extravagant but just enough to keep the economy moving forward. they are shifting what they are spending their money on, clearly i mean, back during the pandemic they were buying lots of stuff, goods. they aren't buying that anymore, but they are now out traveling and going to restaurants and
ballgames, so what people are spending their money on is shift ing, but in aggregate, the spending is just about what's necessary to help the economy slow but not go into recession. jackie: okay, and so if that's your view, do you think that's what's holding the stock market up? because, you know, let's say a year ago before rates started to rise we would say well investors are pouring their money into the stock market because there's really nowhere else to put it. having said that there are choices and safer options now for investors, but yet, they are still pouring money into stocks. >> well, i mean, stocks are down 20% from the peak at the beginning of the year and i think that reflects the higher interest rates so if you go back this time last year interest rates were still rock bottom. the fed still had the federal funds rate target to control at zero, 10-year treasury yields were, you know, half of what they are today. rates have risen with the economy and the inflation, and that's taken a bite out of the equity market. i don't think the smart is discounting a recession, at
least not at this point. that would suggest down 30%, 35% at least that be how far the market be down in a typical economic downturn, so we're not there yet. jackie: right and looking at the fundamentals of the economy as a whole, for investors who are looking to get into the stock market, or put capital to work, or there are certain areas that you would suggest that the safer areas with respect to, i mean, technology for example, may not be the place that you want to go right now. >> yeah, you know, i don't have a specific view about specific sectors. what i will say is the stock market is still a pretty difficult place to be when the fed is raising interest rates and the fed still has much more rate hikes to come here, so as long as there's not clarity with regard to when the feds going to stop raising rates, and we're not there yet, and we're not close to that, stocks feel a bit intrepid. i don't know if they go down but i don't see them going up so i wouldn't rush into equities
right now but you know, for the typical american, you shouldn't be looking. you should be investing regularly every month with your paycheck, and look for the long run. jackie: 401 (k) that kind of thing. i hear you long term time horizon. let me just ask you because it feels like i agree with you, yes , stocks have gotten beaten up but they are rebounding somewhat, there's some optimism in the market and i'm just trying to figure out if the market is saying things that jay powell isn't going to raise aggressively so i'm just wondering where the disconnect is. >> well, i think they have taken away some of the , if you go back a few weeks ago before the inflation number we got last friday, which is very good and the jobs number of two weeks ago that was also pretty good from a perspective of interest rate hikes, there was a lot of pessimism, so that dedecember a mix, the recession december a mix has been rung out of the market but as you know jacket the market goes up and down and all around so you have
to step back, take a look and it hasn't gone anywhere since hitting bottom back in june and it feels like where we're going to stay until it's very crystal clear that the fed has done all it needs to do to get inflation back down and we're not there yet. we've got a few months to go at least before we get to that point. jackie: i do know, i know you know, great to have you on the programmed to, thank you so much, mark. >> take care. jackie: coming up, what's next for ftx? we are breaking down the fallout , next. it's the end of the world, as we know it ♪ i'm so glad we did this.
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>> like i was saying it's ftx. a safe and easy way to get into crypto. >> i don't think so. i'm never wrong about this stuff never. jackie: turns out, larry david was right. fox business charlie gasparino is here with the latest on this epic collapse. charlie: was he paid in ftt coin jackie: that i don't know. charlie: was tom brady paid? this is a legitimate question now that this thing is coming un glued.
how much of this ftt coin by the way which is not registered with the sec. jackie: yeah. charlie: it's not registered. how many people received this thing and should it be registered? this is a tremendous debacle. it's probably the biggest one so far in crypto, and i'll tell you it's going to have some implications for gary gensler going forward particularly if the republicans and it looks like the republicans get congress now and there's what, i think there's nine races left and they are leading in all of them. they only need six to get a majority. there will be hearings on this , because bankman-fried, the sort of guy behind ftx, the exchange that imploded was a huge democratic contributor, gave a lot of money to his boss, had a lot of doors open for him in washington when he wanted. he was a wonder kind of in the crypto market and now he's in the middle of something some people are calling a scandal. it's definitely a debacle and you know, we've been able to get some interesting details on meetings that the sec had with bankman-fried and with a guy
named brad ketsiama, remember the protagonist in flash boys, runs an exchange called iex? both of them were going to team up to do a crypto exchange and they did have, from what i understand, a 45-minute interview with gary gensler back in march. we know that it was in march. that's been out there. i'm going to give you what's new it was 45 minutes. it was ftx people. iex people, gensler, all done by zoom, had some sec officials where they made their pitch essentially to him, among other things, about trying to feel them out about an exchange and how a regulated exchange would work and could they get the sec 's approval. from what i understand there was no approval given, i also understand that gensler kind of lectured him on what he believed should be how an exchange should look like that's approved the sec. remember, there's exchanges out there but they are operating in a regulatory grey area, including ftx. you know, the ftc has not
really approved an exchange and a lot of these exchanges trade unregistered securities, so maybe that's an issue. jackie: well right? charlie: so all this came up in this thing. there is talk among republicans about whether they had a sort of , they would get a regulatory monopoly on this business by sec granting them approval of an exchange. i will say this. it is unusual that they met with the sec chairman before an official rule was out there on what constitutes a regulated exchange. that rule, from what i understand, is forthcoming. they are working on it so that is interesting. so they would get a jump start on the competition, no doubt about that, if they approve this i don't know if it be a monopoly because others can essentially copy their model and you know the new york stock exchange could do it, but this is going to be a huge issue. republicans will dive into this and they are going to ask this of gary gensler. you go after ripple for its xrp, we know about that case, been covering it for years, ongoing,
likely to go before a trial next year, brad gastrointestinalling house the ceo says early mid- 2023 sees that being settled by the judge, judge tores, so, he's pressing that case, why didn't he press ftt, because if you look at bankman-fried's operations, and they are sprawl ing. i mean he's invested in everything. he invested in skybridge, he's got an investment in iex. he was using ftt, from what i understand, when he invested in all these companies as some of his currency. jackie: right. charlie: i believe scaramucci got cash and ftt. jackie: oh, interesting. charlie: he's been using that as a currency. why didn't gary gensler crackdown on that? so these are all questions that are going to be answered. i think the republicans are on weakest ground when they say he was granting regulatory monopoly there's no such thing. if you approve ftx iex, you know
, jackie deangelis can turn around and team up with me and we can copy that and start an exchange. it's a defacto rule. they would have a jump start. that is interesting and this be a guy whose given gazillions to the democrats. you know, bankman-fried has been a huge democrat. jackie: huge donor. charlie: he was worth $30 billion until what is he worth now? less than a billion i hear. jackie: i'm not laughing at all i'm wondering why there isn't more outrage. he's in the bahamas answering questions but where is the accountability and what's going to happen to him? charlie: he's being investigated , and gary gensler is going to have to answer what he knew, and my guess is he didn't know much. jackie: okay. all right, fair enough. we'll see. charlie: okay. jackie: thank you so much charlie always great to see you. meantime there's still no winner in arizona's gubernatorial race. coming up we'll take you to phoenix with a lack at when we can finally expect some results.
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jackie: the governor's race in arizona still without a clear winner, as vote counting continues in this late race between kari lake and katie hobb s: fox news is on the ground in phoenix with the latest. alecia, hi, thought we would have something by now. reporter: hi, jackie. they are getting there that's what they tell us. we did just get more votes in from the conservative-leaning county and you add that to the 98,000 votes that were counted and the results reported yesterday from maricopa county and other scattering of counties and we can show you exactly how things are shaking out at this moment democrat katie hobbs is leading republican keri lake by more than 24,000 votes. lake is tightening things more than she did over the weekend, they are now one percentage point apart not long after the numbers over the weekend
came out, the hobbs campaign issued a statement, "katie has led since the first round of ballots were counted and after sunday's results it's clear this won't change." according to the arizona secretary of state' office, an estimated 15 8,000 votes are left to be counted, more than 94,000 in maricopa county. the count continues this vote is from inside the maricopa county elections office where they worked through the weekend. >> we're waiting for the vote to be counted. i consider someone's vote their voice. i think of it as a sacred vote and it's being trampled the way we run our elections in arizona. reporter: on the senate side after democrat incumbent mark kelly was projected to win re-election his opponent blake masters did not concede. he has released a tam saying he will wait until every legal vote is counted and looking to nevada and the senate race which democrat incumbent katherine cortez masto was projected to win re-election we have not
heard from republican challenger adam laxalt and getting back to your questions maricopa official s expect the vast majority of the vote left to count to be reported sometime later today or tonight, so hang on. jackie? jackie: we will, we'll be waiting patiently, alicia, thank you so much. meantime, lawmakers are back on capitol hill today for the first time since the mid-term elections, with control of the house undecided party leader s are discussing who could become the next speaker of the house. fox news senior congressional correspondent chad pergram on capitol hill with the latest. hi, chad. reporter: jackie, to decide leadership elections, you first need to know which party controls the house. the gop is currently at 212 seats, 204 for the democrats, republicans lead in 10 remaining races. democrats in nine. four of those races are on the edge. democrats could hold the house or republicans could be mired at 218 if those races don't break-in favor of the gop.
218 is the magic number for house control. president biden weighed in about the house when asked a question about banning abortion. >> i don't think there's enough votes to codify unless something happens unusual in the house. i think we're going to get very close in the house but i don't, i think it's going to be very close but i don't think we're going to make it. reporter: that's why leadership elections are up in the air. house speaker nancy pelosi is deferring her plans until more is known. >> any decision to run is about family and also my colleagues, so my decision will again be rooted in what the wishes of my family and the wishes of my caucus but none of it will be very much considered until we see what the outcome of all of this is. reporter: on the republican side , house minority leader kevin mccarthy lacks the votes to become speaker should the gop become in control.
democrats could grow their senate majority to 51 if they win the georgia runoff next month. florida's rick scott wants to postpone gop leadership elections here. >> having these elections, but we've got to go back and say to ourselves, when republicans do what leadership has done this last year and our candidate s are helping leadership cave in on the debt ceiling, caved in on a gun bill, caved in on a fake infrastructure bill. reporter: scott planned to challenge senate minority leader mitch mcconnell but mcconnell thinks scott is partly to blame by not getting involved in gop primaries. scott ran republican re-election efforts. jackie? jackie: thank you for that chad pergram, always great to get your take on things. really just lay it out for us. meantime our next guest is considering his own run for president in 2024. republican miami mayor francis suarez joining me now. good afternoon and good to be with you. one of the big questions right
now is surrounding party in- fighting and chad kind of laid it out. everybody is pointing the other way saying its somebody else's fault. your thoughts on how this is all shaking out since the elections. >> yeah, i mean, it's an unfortunate result of an under performance in the mid-terms. obviously when things don't go the way they were anticipated and sort of according to expectations, it's to be expected that there's going to be finger pointing and blaming. i think we're going to see what happens tomorrow with the former president and there's going to be a lot of discussion about not only how we should control the senate, how we should control the house, assuming the republicans get the house and hopefully speaker mccarthy is made the speaker but then the questions going to turn very quickly to 2024 presidential election, so there is going to be, you know, no shortage of topics to talk about over the next coming days and weeks. jackie: and speaking of 2024, you were asked about that yourself, and if you would consider it.
you said that you would consider it. what are the factors that would make you decide to run for president in 2024? >> well, i said them before, you know, i think number one, we're going to see who the candidates are. that's certainly important. i think number two is what is the mood of the country. where is the country at? is the country looking for someone whose generational? is the country looking for someone whose inspirational and aspirational as opposed to someone whose divisive? does a country want someone that can broaden the base as we saw the way hispanics broke in the areas where hispanics broke pro-republican, republicans won by a landslide. in the areas where they didn't, there was, they were close races or basically races where a libertarian could disrupt the outcome and i think the fourth question is, is it a candidate that can understand where the economy is going, it's becoming an economy that is less industrial, more experiential and digital and obviously, as that presents challenges for , you know, competition globally and how do we make
america the most competitive global country? jackie: and when you look at miami-dade county it was the first time that they voted for that the county voted for a republican gubernatorial candidate since 2002. that was a huge flip, so we've seen all these people, all this influx of outsiders, many from blue states, coming down to florida and yet this county flipped. it really shows the leadership in florida is something that people are getting behind. your thoughts on that? >> well, i'm glad you said it. there was a big fear when i started inviting people to come and create the best city on the planet, what we call the miami miracle where we keep taxes low, keep people safe and lean into innovation being number one in the nation in wage growth and 1.4% unemployment. there was a fear oh, my god are people coming from the liberal cities and states and they are going to change our city and the way it is and what i said at the time was look i don't see anybody taking a boat back to cuba. i don't think anybody wants to who came from cuba wants to recreate cuba's failed policies
here in miami, and i think that the same is true for people coming from new york and chicago and san francisco and l.a. they were not coming over here to recreate the failed policies that drove them out, so i'm not that surprised that we saw the gains that began in 2020 where, you know, miami-dade county went from plus 30 for democrats to plus eight for democrats to now being plus 10 for republicans that's another 18 point swing. jackie: pretty remarkable. i want to switch gears for a moment because we had you on the program before and talked about the pioneering things you're doing with crypto in florida, in miami and obviously this is a huge story with ftx and there was this tie to the miami heat with the renaming of the arena and that was i think $135 million deal and so people are wondering exactly what's going to happen there. >> yeah, that was, that's owned by miami-dade county and obviously the city of miami but my understanding is that
miami-dade and the miami heat already called a breach and it may be stemming from the fact that ftx filed for bankruptcy because my understanding was ftx had paid the first two payments in advance and there may had been some time left over so they may have called a breach because of the bankruptcy, the chapter is 1 filing of bankruptcy from ftx and look, i think miami is a great brand. people are going to want to step up and rebrand our arena so i don't think from the county's perspective they are going to lose much resources, but it's going to give miami-dade county another opportunity to find someone whose going to represent our brand well. jackie: okay, all right, fair enough. good to see you this afternoon thank you so much for joining us >> good seeing you too. thank you so much. jackie: president biden meeting with chinese xi-jinping ahead of the g 20 summit. coming up, what biden is saying in the wake of that high stakes face-to-face.
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jackie: welcome back. president biden meeting with chinese xi-jinping in a high stakes face to face ahead of the g 20 summit. fox news white house correspondent jacqui heinrich joins us live from bali, indonesia. hi. reporter: hey, jackie, good to see you. president biden was asked point- blank if he had issued any warnings to chinese xi-jinping about how the u.s. would respond if china invaded taiwan. now, biden did not answer that question but he seemed to conclude that this is not something we need to be worried about, at least in the near term >> i do not think there's any imminent attempt on the part of china to invade taiwan, and i made it clear that our policy in taiwan has not changed at all. it's the same exact position
we've had. reporter: tweets from the chinese side right after the press conference would indicate things stand exactly where they did right before the leaders met face to face. each side warning the other not to fake a step too far. the chinese foreign ministry spokesperson said the taiwan question is at the very core of china's core interest, the bedrock of the political foundation of china-u.s. relations and the first red line that must not be crossed in china-u.s. relations, and cross straight peace and stability and taiwan independence are as irreconcilable as water and fire. from that, we can surmise that biden likely did not make any warnings about u.s. military intervention, because every time he has said something like that in the recent months, the chinese have strongly responded and the white house had to walk it back as not a change in u.s. policy. we're not seeing of that kind of language right now but it does seem that some progress might have been made on biden's goal to ramp up pressure on putin who did not attend the g 20. biden claiming he and xi agreed
use of nuclear weapons is unacceptable and that is the strongest condemnation of russia's posture we've heard from china albeit from biden's mouth. they also talked about collaborating to counter north korea's nuclear threat. >> it's difficult to say that i am certain that china can control north korea number one. number two, i made it clear to xi-jinping that i thought they had an obligation to attempt to make it clear to north korea that they should not engage in long range nuclear tests. reporter: biden said he's confident that china at least doesn't want north korea to escalate things, jackie. jackie: jacqui heinrich, thank you so much. let's bring in former u.s. coal commander kirk lipphold. it's great to be with you this afternoon. your reaction to the meeting and some of the takeaways some of
the things that were said and some of the things that were not said. >> hi, jackie. well, when you look at the meeting itself at the g 20 number one i think president biden and president xi would both attempt not to say or do anything that is going to cause everyone else to have to react. clearly, the relationship between our two nations is very tense right now. president xi has been absolutely unwavering in his stance regarding what chinese a is going to pursue with respect to a reunification with taiwan, plus we have to remember, their projection of power into the south china sea has gone unabated and the united states and other nations in the region have essentially done nothing even though its been in violation of international law, so we're the ones that have compromised and have continued to give in, and nothing really changed today in president biden 's meeting with president xi. jackie: and what i see is a chinese president that's been emboldened, elected to his third term to congress. he was waiting for that to
really start to feel some of that power i think. the ties to north korea, the ties to vladimir putin, this stance on taiwan that he's been pretty much very clear on all along. it makes me feel that he is almost in some ways, again without saying it, being somewhat defiant. >> absolutely. after his election for a third five-year term, president xi right now looks at himself as being strengthened and emboldened. he has put his people in position throughout the chinese communist party to allow him, with the central committee, to be able to control the military, foreign policy, and how they are going to continue to project power, both economically and militarily, not only in the region but worldwide, and that is what should be of greatest concern. when you look at it, china has one allie and that's north korea there is nothing that north korea does that doesn't happen without chinese approval, whether it's a long range ballistic missile shot, whether
it is getting ready to do a nuclear weapon. china says oh, we don't want north korea to do it. north korea does nothing without china's approval and we need to realize that. those two are intertwined and connected. therefore we should not just pay attention to north korea. we should hold china accountable for those actions. jackie: but do we hold china accountable? there hasn't been anything really tangible with respect to consequences, right? i'm sure i'm not the only person looking back and thinking about that. i'm sure the president of china is thinking about it too. >> i don't think we have held china accountable. when you look at it, the build up that you're seeing start to occur, china right now under president xi is making calculations on a daily basis with respect to taiwan. they are watching what is going on in russia, they are watching the weakening that is continuing to happen with russian military forces, and they are looking at not just what weapons are
flowing into taiwan, but whether they are going to be able to overcome them and how they will be able to do it. they know the fault that president putin experienced in trying to spread too many ways and his miscalculations with respect to the resolve of the ukrainian people. president xi is not going to make that same mistake when it comes to taiwan. they are going to go in overwhelmingly and they are going to make strikes that make an absolute difference and that's what we have to watch. my sources in the pentagon continue to say it is going to happen sooner, not later. jackie: that was my next question and you answered it directly. thank you so much commander, good to see you. >> you as well, jackie. jackie: all right, well, the stock market rebounding today. all three indices are now in positive territory as you can see there. the dow is up 186 points. our experts, our market panel, they are up next to tell you what exactly is going on here.
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vice chair layle brainard said we could soon see the fed slowdown on rate hikes the dow is trading up almost 200 points let's bring back our panel carol roth and jonathan hoenig good to see you both again. carol let's start with you. your reaction to the markets and still not sure i agree with the fed commentary even though that's the fed, but you know having said that, you're thoughts? >> yeah, i think it's a very generous interpretation of what brainard and some of the other fed folks have been saying. they are talking about the slowing of the pace but they are not necessarily talking about the terminal rate going down. that could still end up in a higher terminal rate. it's kind of like thanksgiving dinner, go oh, well i'm just eating appetizers instead of dinner and then you end up consuming more calories and i kind of think it's the same thing here and then we're in a space where good economic news is bad for the fed and bad for the markets. we have retail sales later this week, you know, something
the consumers holding up, california which is 15% of the economy, has started sending out stimulus checks, jackie, last month. jackie: here we go. >> going through january, so you know, so the consumer could really be holding up that could be bad news for the market. it just seems like there are more headwinds at this point than tailwinds. jackie: that's what i was afraid of. we've seen it in other states as well with an inflation problem out of control and then democrat leaders saying oh, well we need to send out more checks, jonathan, to help people with inflation because they are struggling. >> carol and jackie you're both right. the news, the fundamental news, the economic news is pretty bad, but it's out. the news is out already and you're starting to see stocks in effect rebound. just think about it again. the early part of the century, i mean the market bottomed in march of 2001. it started to rebound only then did the news really get bad so i'm seeing 66% of stocks now above their 50 day moving average so there is short-term momentum here and again, even in
the 70s you had big bull markets but jackie, i'm seeing strength in areas like technology, areas like emerging markets, areas like small cap and value stocks. it's not those beaten down tech names, the crypto names, if you will, that have led the market for basically five years or more. jackie: and let's switch gears to the consumer we were talking about this a little bit earlier. we've been talking about people digging into savings, putting stuff on credit cards. so far consumer spending retail sales, its held up leading into the holiday season. i mean, eventually, you feel like at some point, people enough is enough right? and other people would say well, this is america and people kind of believe in living a certain way and i deserve it and i'm somehow going to figure it out, carol? >> yeah, no, i definitely think that the consumer will do everything they can to spend but if you look at their balance sheet, you would definitely see that they're running out of space, they are running out of space in terms of their personal
savings rate. they are running out of room in terms of their credit cards. we have the historic credit card debt, and -- jackie: looks like carol froze there. jonathan i'll come to you and just ask you about the credit card balances. something really interesting that i've been seeing promotional offers, the credit card companies are saying oh, we'll finance your purchase for , you know, six months at 0% and then of course when the time comes that you are paying interest, it balloons out of control. >> yeah, and at the time jackie that a credit card interest rates are now at their all-time high. look americans are, i think, with respect to carol i don't think they are idiots. they have been cutting back, seen the impact of inflation and every survey after survey says, jackie, for example, the americans are going to be spending less this christmas season. it's what's so frustrating about inflation. it's not a wall street story. it is a main street story, lower quality of life for every american, so you're going to see in my opinion a lot of belt tightening come this christmas. companies will be innovative trying to find ways to cut costs , keep prices down, but
tighten their belts. jackie: thank you so much great to see you as always, thank you both. of course we're watching oil prices moving a little bit lower today. opec cutting its global demand outlook, warning about some big time unknowns including the ware ind ukraine. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock?
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