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tv   Cavuto Coast to Coast  FOX Business  November 18, 2022 1:00pm-2:00pm EST

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dave: welcome back to a second hour of cavuto coast-to-coast. very busy hour ahead. first, for the first time in history the united states is set to import more agricultural products than it exports, and farmers are telling fox business it is their livelihood that is on the line. live report from a new jersey farm on exactly how those farmers are dealing with this at the white house looking to ask the supreme court to reinstate student debt cancellation as it considers pausing loan payments yet again but the plan has some surprising critics this time around and department of homeland security secretary alejandra mayorkas saying there is a migration crisis in the entire hemisphere, not just our southern border days after saying the southern border is secure. we are going to get the read
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from florida congressman mike walsh coming up. a busy hour straightahead. first we begin with kelly o'grady looking at the biggest business headlines. kelly. >> reporter: working out the last 4 week of trading before we get to thanksgiving next week. couple headlines to get to. let's start with carvans about a laying out 1500 employees, 8% of its workforce mainly in their corporate and tech departments, this is following a freefall in the company's stock and concerns about his long-term trajectory with higher car financing costs and consumers delaying vehicle purchases, the layoffs add to a growing number of tech focused job cuts amid inflation and fears of economic down. after wrapping up hiring during the pandemic and that brings us to amazon. the tech giant planning to layoffs as many as 10,000 workers.
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the online retailer began the cuts earlier this we cannot just incorporate but their devices and books businesses, they can but he didn't confirm the total amount but the ceo shared and a letter that more pain is coming, he said, quote, our annual planning process extends into the new year which means moral reductions as leaders continue to make adjustments, those decisions are shared with impacted employees and organizations early in 2023. switching gears, as the holiday season is in full swing a new lending club report shows consumers are struggling to pay the bills. as of october, 60% of americans are living paycheck to paycheck, 49% shifting their shopping preferences. a lot of folks cited home heating bills as a major strain and this has retailers skittish going to the next you which is always count on is the busiest holiday shopping days, we are seeing more concerning signs, most important the credit card balance surging up 15% in the
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most recent quarter. a lot of people want to splurge for the holidays but that means tough decisions come january when those credit card bills are due. i want to end of the bright thought. gap, footlocker, all up sharply on strong earnings and forward guidance, they must know that my husband wants sneakers for christmas. dave: ending with good news is a good thing. president biden looking for a boost to his weak economic approval rating. this hour he meets with the business and union leaders, expected to tout higher wages, inflation, pulling all the gains away from higher wages. rich edson at the white house with the latest on this. >> reporter: very much and economic focus at the white house this afternoon. a half-hour for now president biden holds that event across the driveway from here meeting with the ceos and labor leaders, some will be virtual, some in person. white house officials say we
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can expect the ceos of carrier, ford, kaiser permanent, presidents of united auto workers, united food and commercial workers and sdi you. janet yellen and brian dietz will also attend, democrats have been more aggressive in their messaging on the economy is or publicans highlight inflation, high energy costs and rising interest rates. >> hard-working americans are being hurt by the reckless party line spending the democrats ran through during this congress. >> reporter: christopher waller said he's more comfortable with rate increases going forward though he says wage increases across the economy need to slow down. the president says he thinks the economy can get out of this high inflation without a major economic slowdown. >> president biden: we can have what most economists call a soft landing. i'm convinced we can gradually
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bring down prices so that they in fact end up with us not having to move into recession to get control of inflation. >> reporter: white house officials will continue to focus on the law democrats passed before the midterm election that puts a cap on certain medical costs. inflation remains persistent and stock prices are down significantly from where they were this time last year. dave: thanks very much. this next story is extort nearly important. in the coming months the united states is set to import more agricultural products than it exports for the first time in us history. madison allworth has this story, the most important store we are reporting on today. give us details. >> reporter: we've been talking to farmers and they are telling us the current politics of the
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us is threatening their livelihood and that matters for all of us because of farm's livelihood directly translates to our meal. i want to show this chart from the part of agriculture, that shows that imports are now going to exceed exports for the first time ever. thing about that, just another way we are furthering our dependence on other nations. part of the problem is it has been very hard to farm in the us because of different factors, energy being one of the biggest ones, diesel and crude are so important to pretty much every corner of the farm, that in combination with the anti-fossil fuel policy of the us and the ukraine war driving up those prices immensely, fertilizer which is key for every farm, they are -- fertilizer cost is up 45% in just one year. you understand how that has an impact on how much product they are able to output. particularly in the northeast,
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labor laws make it difficult for farmers as well, new york state is the latest state to pass overtime pay for agriculture workers, joining other blue states and the move. new york knicks to new jersey, farmers have a policy like that, came to the garden state, it would be detrimental for the farm. take a listen. >> if that would change it would cause at least 10% to 15% cost and we would end up looking for more labor and giving them less hours which would be a direct challenge in itself. it is difficult to compete against places in the south or the midwest where labor is less expensive, less regulation from government. >> reporter: the change in american farming has been happening for years but we've seen so much change, they made the decision to grow less produce this year and sell less on the commodities market because they wouldn't be able to compete with southern states and the international market so
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the big message is politicians need to step up and make a change because we could be losing agriculture in the us which would have a rippling effect across every aspect of our lives. dave: hard to believe with all the progress we've made in farming and technology, the extra ordinary work farmers have been doing over the past couple decades is off or not it seems right now. thank you very much, let's bring in former senior economic advisor to donald trump steve moore. it harkens back 50 years to 1970s, we had this era called limits to growth where we were supposed to limit energy use, the capital you use it if you were an entrepreneur and now even food. this really is a disgrace, not at all what america should >> you said a few minutes ago this is unbelievable and when
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your producer told me about this story i said i didn't believe it because we are the breadbasket of the world, the most productive, the most incredible farmland in this country. my wife grew up in california where you can grow everything, wheat, fruits and vegetables so i'm disturbed by this. i think your analysis is spot on. energy is incredibly cortical to growing food. most people don't realize that. not only is it important in terms of the fertilizer and irrigation that are necessary for agriculture but energy is necessary for transportation of the food and look what happened to diesel. these are all making unfortunately american agriculture less productive relative to other countries and that is a c shift because we've been for the last -- and
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exporter, not an importer. dave: the bottom line is what makes america great is there are no limitations to growth. we have the capacity to go to the moon, we have a capacity to become energy independent, to feed the world, and by the way, become energy independent by having cleaner air as we proved over the past 10 years through the use of natural gas and cleaner forms of fossil fuels so we can do all that unless you have this confining mindset and remove all the capital from the private sector and give it to government bureaucrats. >> one of the things that worries me, we are a country where food production falls a little bit, we could get the food from somewhere else and i want it made in america but we have other options but we are seeing increase according to the united nations, hunger and famine and even starvation in some cases in some countries
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because they've done the same thing, the united states had developed countries are going to other nations saying don't use modern fertilizer, don't use coal plants and that is causing real hunger problems all over the world so we better get serious about producing the energy we need to produce factory goods and agricultural products because as you and i know there are no limits to growth as long as we have cheap and abundant energy which we should have but we don't have right now. the diesel prices i was just talking about our twice as high as they were when trump left office. dave: if you can't do any of this, can't have innovation or productivity with stagflation, that's what you have when you have the government draining the resources of the private sector that has to change. energy is the key component to
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turning things around but you have to stop for grab by the government to become a more socialist country. >> i was with your buddy larry kudlow and we made exactly is that point the top priorities for republicans should be number one, to secure america's energy supply and move away from the policies of biden so we can be number one in energy but number 2, making sure we are not diverting resources from our private businesses to government and that means some big cuts in government spending, so they are freed for our productive private sector weather is farmers or manufacturers. dave: is the gop congress, the majority gop congress, are they going to have the power to pull back on this, and one thing we
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were talking about, not supersize the irs, putting money in bureaucrats office but supersize the private sector? >> tricky question. do they have the power to do it? yes. it takes two chambers of congress to pass any new spending so republicans have a one house veto overspending they don't want to do but do they have the backbone or fortitude to do it? we have to see about that. dave: backbone in the beltway is in short supply, always has been and always will be but you are there to push them along, thank you for coming here, appreciate it. the biden administration is aiming for a reset on student debt looking to the supreme court to get the handout back on track for them, we are right back with the latest on that story. story. ♪
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turning to the supreme court to revive it student loan bailout program. lucas tomlinson live at the white house with more on this. >> reporter: the biden administration has officially filed emergency request to the supreme court to have the vacated ruling from the appeals court in st. louis block, the biden administration's plan to forgive all student debt relief, up to $20,000, the white house wants to do this, the white house releasing a statement saying, quote, we are confident in our legal authority to carry out this program, we will take this fight to the supreme court, said borrowers can get the clarity and relief they deserve quickly. the biden administration weighing plans to extend its covid your a moratorium on student debt relief payments for the eighth time. washington post editorial board strongly disagree saying the president himself called the pandemic over and the economy
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very strong, quote, around 35 million americans to delay paying their federal student loans was a questionable policy when it began in march 2020 amid the depth of the pandemic process. it is terrible idea now, the white house did not extend the student loan moratorium. years mitch mcconnell on the floor yesterday. >> the biden administered and decided to insult working americans with another reckless give away that would transfer more wealth to highly educated people who tend to be more well-off. >> reporter: the biden administration getting more young voters particularly in georgia, georgia tech, the university of georgia having a runoff next month. dave: your great father would have taken me to the woodshed for calling you luc instead of lucas, that is lucas tomlinson, good to see you. let's get reaction from t on a low tiana lowe from the washington examiner. the senate and a bipartisan
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vote tuesday about ten democrats joined with publicans to get rid of the covid emergency procedures and that is what this administration-based this 500 million bailout on. what justification is there anymore from the administration's perspective for the student loan bailout? >> reporter: that is the thing, there isn't one. any presidency trying to usurp congress's powers of the purse like this would be questionable enough but the fact that biden has revoked title 42 down at the actual border crisis while saying we are still in a covid crisis for the case of student debt cancellation which is not remotely the same makes it pretty clear to judges that there is no real emergency power here being exacted. there's a reason you see national democrats pivoting away from this, jared paulus just won a very big reelection,
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someone was noted as a democratic up and comeer, if biden who turns 80 doesn't decide to run again, they are turning away from this covid forever, perpetual invocation of emergency powers and also as we've seen in some dissidents, the washington post editorial board and democrats nationally, the student debt cancellation and student debt moratorium is polarizing, it is good to galvanize the young vote but overall when you explain what it entails to voters, 3 quarters of them oppose a student debt cancellation scheme that winds up jacking the costs up for future borrowers and future students but also taxpayers are effectively footing the bill. dave: it does give incentives to colleges to raise their tuition even more, going up so much more than inflation over the past couple decades and this is going in the wrong direction and then you have the
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constitutional issue, they keep losing, i think they' ve won maybe one but keep losing others. here's what one judge said about the authority of the executive power in the united states to spend $500 billion or even more, quote, the program is an unconstitutional exercise of congress's legislative power and must be vacated. we are not ruled by an all-powerful executive with a pen and phone. is that precisely what the supreme court is likely to say? >> absolutely and it is unfortunate that it has already been predetermined under us law that you and i as treasury holders of outstanding debt, we don't have standing here to say the united states, that president biden is threatening the credit, full faith and credit of the us dollar buys canceling student debt and not paying it back, but who does have standing according to
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these judges and the reason there's a pause on this cancellation is a private student loan debt holder, especially in this era of increasing interest rates, interest rates aren't going to slow down because inflation is still too high, close to a 40 year high. as that gap between the massive interest payments the private holders of private student debt, student loans, the gap grows because they are paying interest rate payments, compare that to the students of federally backed loans backed by uncle sam, you and i and every taxpayer, that will further, not only the standing, how the courts see this but also exacerbates the fact that biden is picking winners and losers in this economy and abusing his constitutional power to do so.
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stuart: dave: we may be overthinking this. clearly their intention to come out with this plan before the election was to win the young votes. young people were energized to come out to vote, it apparently worked and maybe they never had plans for it to be permanent, maybe they knew it would be permanent and used it as the lord to get young voters in and then remove it? what do you think? >> definitely but there is one more election to happen, the georgia senate runoff which may explain the final pump back to the courts. dave: thanks, appreciate it. a closer look at the class-action lawsuit against ftx and the celebrity's the promoted the exchange. how strong is the case? we talk to an attorney about that after this. ♪
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dave: judgment day for elizabeth holmes, facing 20 years behind bars for defrauding investors. buddy cowan joining us outside the courthouse in san jose, california. >> reporter: this hearing is just now starting because a victim impact statements and other housekeeping procedures, could take a few hours before the judge hands down her sentence. lisbeth holmes may address the court in a last-ditch plea for mercy but she had nothing to say to reporters as she arrived at the courthouse this morning wearing a black suit, holding hands with her parents and her boyfriend clearly pregnant, she faces 20 years in prison it hopes sympathetic letters to the judge from friends, family
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and former colleagues will result in a lenient sentence. the disgraced founder was convicted in january on four counts of fraud after a jury found she knowingly lied about the effectiveness of her blood testing technology and bilked investors out of millions of dollars. according to court filings her romantic partner billy evans 10 to 12 page letter to the judge last week letting him know holmes is expecting their second child. they have a 14-month-old son and describes her as the best person he ever met, the judge received 130 other letters of support including from investors and employees, even new jersey senator cory booker who wrote that homes, quote, has within her a sincere desire to help others, to be of meaningful service and possesses the capacity to redeem herself, the defense says home should be sentenced to house arrest and community service avoiding any jail time. federal prosecutors want her to
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get 15 years behind bars and paid hundred million dollars in restitution, homes try to get a new trial to no avail as soon as she is sentenced, her defense team will file an appeal so big question today, will holmes get to stay at home while she appeals her conviction or if she does get jail time will she start serving her sentence right away? she's a new mom, also pregnant and has no criminal record, we will see if these factors play into the announcement today. dave: moving from that to crypto fraud, the mass of ftx having reverberations, charlie gasparino has breaking news. charles: scrambling to bring the case, prosecutors want to
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bring a case against sam bankman-fried related to the exclusion of ftx before the end of the year, bohemian authority looking for the case. here's what we know as they expand the investigation. sources tell fox business the us attorney's office is now calling business partners of the fallen crypto star for evidence looking at them as potential business partners, as potential witnesses. the us attorney has started at the southern district, to call influencers in the class-action suit, we know there were a lot of them. i don't know that tom brady has been called. they are starting to focus on those celebs calling them as witnesses, not targets. the class-action lawsuit
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against them, people always look for the deepest pockets on demand they turn out to be nothing. tom brady one of the influencers involved, had dealings with sam bankman-fried. the us attorney's office wants to know the dealings. what was disclosed? this is a forensic accounting case. did sam bankman-fried use nefarious means to prop up bets, tell other people to lend their name to something not farias, or an effort to dig himself out of a hole? in the context of digging out of the trading hole which involved his alameda hedge fund, did he commit fraud? some of these people with business dealings with him. i believe tom brady, got
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private shares of the ftx exchange for his celebrity endorsement. others got that. did they get ftt which was the coin associated with ftx that by the way its implosion led to the implosion of the company. dave: you don't know which celebrities might be dealt with, district das -- might they be exempt if they do cooperate? could the us attorney say you are exempt from other prosecution? dave: i don't want to go there because they are not being targeted as potential. the target of the probe is sam bankman-fried, his girlfriend, the people in management position. they want to know, so many information flow went back and
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forth, how did he push the ftx, what do you know about this? i am just, some of this i am surmising. dave: i would like to hear from these politicians. dave: don't be surprised if they go there. i don't have that. what i do have is, the interest in business partners, they are calling the celebrities up, but other partners that dealt with them recently, they want to talk to him, not as targets but as witnesses. dave: i spoke to the lawyer in the class-action suit on coast to coast. take a look. >> there is clear law. you must disclose in the same commercial, you're getting money, benefiting from this promotion you are doing, there
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is no dispute that none of these celebrities said anything of that but if these are illegal investments, anyone who promotes them is liable. dave: ronald chapman joins me now. i asked the attorney would you take advice from a celebrity, football player, dealing with a sensitive financial instrument or in a complicated world of crypto and he said that's irrelevant. there are presidents in cases like this if you are part of this. what would you say to that? >> there is not precedent. there was a lawsuit where court did determine promoters of crypto currency could be liable, but those are owners of the crypto currency. extending liability to celebrity endorsers, imagine public policy implications if
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before endorsing a product you had to know everything about it, whether it was defective or not. we can extend liability that far. i don't think this is the way he believes it is. dave: on the other hand, you look at the accounting practice, cans, accounting practices that were being used, the wall street journal spells it out. even the current head of ftx hasn't seen anything this bad since and ron. isn't there some due diligence for a company to make sure it's not a phony operation? >> we have an enron moment, they are being subdued by chat and sloppy business practices. when you look at liability in that context you might look at the statements of mister wonderful who himself was an investor and said i'm not worried about this company or they have high compliance standards. those statements get us closer
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to the line of liability but somebody who's responsible for knowing information about the company and provided false information. dave: on elizabeth holmes, she is one of the celebrities to push a fraudulent scheme. she could get a maximum of 20 years, she argues, her lawyers argue for home confinement. any chance she gets the maximum or just the home confinement? >> no chance of the maximum. the statutory maximum is 20 years. prosecutors asking for 15. it is tough to call. the sentence comes around 8 years based on looking at the judge and his prior sentences. i think probation, home confinement is a stretch. the 18 month sentence is a stretch. they will be looking at deterrence given what happened with ftx. preventing people from creating schemes like this and damaging investors will be on the menu
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for the judge today. dave: good to see you, thanks for coming in. potential gop 24 contenders gathering this weekend in las vegas. who will be there and who won't? the details in a live report next. ♪ and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. moving forward with node- positive breast cancer is overwhelming. but i never just found my way;
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needs to redirect, to focus on issues rather than past leadership. we spoke to maryland's outgoing governor larry hogan who says midterm candidates who did this were successful. >> trying to relitigate the past and focus on other issues the average voter wasn't concerned about. we lost almost every single race and can't let that happen in 2024. >> reporter: the annual leadership meeting is time to introduce potential alternatives. over the next two days expecting to hear from the likes of florida governor ron desantis, mike pence, tim scott, nikki haley, texas senator ted cruz among others. donald trump is the only declared candidate slated to speak, this happens by satellite feed, not going to be here in person but the chair of the transition team is here,
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for me new jersey chair chris christie who feels the former president's impact on the gop is no longer helpful. >> i did everything i did to help them to be the best president he could be. politically he's become a loser. he is losing campaign after campaign after campaign. what we getting a return are these awful policies from president biden and kamala harris. >> reporter: that will likely be a common sentiment over the next two days. this will be a time for big names to differentiate themselves from one another. dave: dhs secretary alejandro mayorkas admitting there's a migration crisis. next we will ask florida congressman michael walsh about the secretary's like change of tune next. ♪
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>> is the southern border and crisis? yes or no?
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>> the entire hemisphere is suffering a migration crisis, we are seeing an unprecedented movement of people from country to country. it is not restricted to the southern border. we are seeing an unprecedented movement of people through the western hemisphere. dave: the entire hemisphere suffering a migration crisis days after repeating for the umpteenth time that a border where millions of migrants have been pouring in at record numbers is, quote, sick your. great to see you, thanks for being here. it is an insult to the american people when you think of the consequences of this unprecedented disaster of a broken border we have with millions of migrants causing economic problems, tremendous transfer of drugs, increased
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influence by the drug cartels and they are distorting law enforcement system tremendously and to continue to kind of wink and blink and say it is normal is insulting. >> add to that list, 30% to 40% of the young girls making the trip are sexually assaulted or sold into human trafficking. it is heartbreaking but just a few days ago in front of the house dhs committee, mayorkas continued the fiction the border is secure and shifts his story, maybe facebook will label that misinformation but we have an issue where the secretary of dhs won't admit to what the problem is much less the point where we can start
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talking about solutions and route causes behind kamala harris throwing billions at the problem. how about we shift 87,000 irs agents to border patrol agents. how about we incentivize coming to central america or we stop kowtowing to venezuela where maduro is pushing people out of prisons across the borders across entitlements in the united states, and infrastructure strained, millions pouring across the border. the migration refugee crisis across the entire hemisphere, we are seeing it in haiti, cuba, border patrol agents get shot trying to stop smugglers
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off of puerto rico, this is a crisis on all borders and this administration is doing nothing about it. they won't say what it is. dave: it's not the biggest part of this but it is illegal to lie to congress, to be in contempt of congress, ask trump officials who are facing jail time. why does he keep getting away with that? >> he keeps getting away with it because democrats, at least for a few days still in charge of congress, that will change come january 3rd. dave: he will be forced to pay a price for his lies to congress? >> i would like to think so. jim jordan is head of the judiciary, future chairman of dhs, will hold him accountable. kevin mccarthy told him to
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clear his calendar. if you are lying to congress, whistleblowers coming out of the woodwork, i would not be surprised if you see full investigation into move towards impeachment. it's that bad. it's that devastating. this is a humanitarian crisis the likes of which we've never seen. it's one thing to disagree on the solutions but to lie to the american people that the problem even exists is something we can't tolerate as a country. dave: we have breaking news. the attorney general is announcing there will be a special counselor appointed to look at the whole mar-a-lago thing, whether the president told documents in defiance of courts et cetera. i know it is sandbagging to hit you with this breaking news but what are your thoughts? is he doing the right thing by appointing a special counsel? >> donald trump said to me that
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if he declared today that he was no longer interested in running for president all of this would stop. this is about politics. has always been about politics from russiagate and moving forward. what is a shame is loss of trust in special prosecutor has also occurred because muller loaded up his team with so many democrats, so many clinton people, people that were tilted against donald trump that there is no confidence this won't be the same but no surprise now that donald trump has announced for president they will put a permanent entity in place that can hang this cloud over him until 2,024. dave: got to leave it at that. i hope your baby is doing great, first birthday is coming up january 10th. congratulations. we will be right back.
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and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as
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you can see, they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance. but they often have higher monthly premiums and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospitals stays, doctor office visits and your original medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. with no copays or deductibles on tier 1 prescriptions, and zero dollars for routine vaccines, including shingles, at in-network retail pharmacies. in fact, in 2021, humana medicare advantage prescription drug plan members saved an estimated $9,600 on average on their prescription costs. most humana medicare advantage plans have coverage for vision and hearing. and dental coverage that includes two free cleanings a year, plus dentures, crowns, fillings and more! most humana
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medicare advantage plans include a silver sneakers fitness program at no extra cost. you get all of this for as low as a zero-dollar monthly plan premium in many areas; and your doctor and hospital may already be a part of humana's large network. there is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you could save on your prescriptions, and to get our free decision guide. humana, a more human way to healthcare. >> a quick look at the markets and the nasdaq is down and dow is slightly up pairing earlier losses and something good to hand over to charles payne. charles. charles: i'll try to take it from here, dave. thank you, my friend. good afternoon, i'm charles payne and this is making money. breaking right now, the federal reserve has shifted its jawboning campaign to a whole new level. mueller and company daring


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