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tv   Your World With Neil Cavuto  FOX News  October 19, 2022 1:00pm-2:00pm PDT

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interesting mainstream media is a threat to democracy. >> there's nothing to add to that. that's the perception now unfortunately. i am out of five seconds. the media has to do a better januathan it has the last few years. >> that's the story. that is always. the story goes on. join me for fox news at night. >> the price of gas has fallen 30% from the summer highs. >> it is going up and up. kind of hard to survive. >> grinning and bearing it. it is a joke we're not producing our own energy. >> families are hurting. you heard me say it before but i get it. >> gas prices for me have been a hell of a problem. >> challenging times, you have to balance all of the other expenses. >> he needs to do whatever he has to do to keep the gas prices down because it's getting to be unbearable. >> what a pain in the gas.
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fed up, just fill up and a president doubling down on relief he says will soothe the sting. but will it? we are all over it with peter doocy and a president yet again to tap the reserve for more oil a and colin mcshane on two races that could determine if the president succeeds or fails. and how he would put the saudis in their place. then, remembering this day 35 years ago today when a bull market was put in its place and capitalism itself seemed on the brink. funny thing, history. funnier thing, how they looked covering it back then. welcome, everybody. i am neil cavuto. this is your world, where we're ready to tap a reserve that's quickly running out of oil. that's a separate story. first, following the political impact. >> hey there, neil.
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there's a relationship between gas prices and electoral prospects. earlier this year, gas shoots up, the president and other democrats saw poll numbers plummet. over the summer, gas prices come down, suddenly the democrats are polling better. as we approach election day, it is worth noting the price at the pump started to creep up again. you look at the average price for regular 3.85, a month ago, 3.68. we're starting to move in the higher direction again as the president taps the str. most are out west here, you can see on the map. there are a few back east, but when you think about politics and the races we're looking at, two we are going to zero in on today, two that could very well decide the fate and control of the united states senate, nevada. look at the price in nevada. 5.18, the average price at
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the pump in nevada, well above the national average. gas prices are a big story in that race. the second one, it is not as high but it is just as important, pennsylvania. pennsylvania, 3.95. just ten cents over the national average, but again, it is higher than the average. and in that state, close race between john fetterman and dr. oz. and new analysis from an energy research firm, clearview energy partners, and it suggests in the state of pennsylvania, they're more sensitive than most to energy price fluctuations when it comes to voting and politics. same suggestion about nevada, democratic governor up against a republican, former state attorney general. another very, very close race. you hear about the president, and we'll hear more about tapping the strategic petroleum reserve, think about price, prices go up and down, but also think about time frame and remember
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that the most important date, neil, is it i will to come, election day, november 8th, 2022, especially in those two states, nevada and pennsylvania. neil? >> yeah, everything hangs on them. thank you very much for that. meantime, would we be tapping the reserve had the saudis not snubbed us and decided to cut oil production and opec and open i can plus cutting to the tune of two million barrels a day. anybody's guess. my next guess has some ideas. california democratic congressman going to join us. >> always a pleasure. >> how should we respond to the saudis? >> well, there need to be consequences. we provide them with 70% of their arms. u.s. technicians allow their planes to fly. president bush senior defended them against saddam hussein.
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you need to say we're going to suspend weapons sales and technicians if they don't reverse the decision. >> how long would we keep that going, you look for them to reverse that decision. that doesn't seem imminent. what would that mean? >> in the legislation, senator blumenthal and i introduced, it would be up to a year. we would put pressure on them to reconsider. here's the thing. they can't go to china and russia forearms, it would take five to ten years. they're very dependent on our parts. we have tremendous defense agreements, sending them sensitive u.s. technology, producing it in saudi arabia. i understand that they're an ally, we need the alliance. there are other nations that are threats in the middle east. i'm not saying do away with the total alliance, but i am saying you don't create an ally -- treat an ally the way they're treating us. >> congressman, because of
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overy overtures to iran, trying to recook that deal, they look at it as harmful, endangering them. what do you say? >> they don't dictate how we act with other countries, they're the ones that rely on our military and whose oil is beli being drilled by our technology. i have been critical of big oil, but saudi makes big oil companies look like saints. they're making 70% profits. >> oh, no, from the saudi perspectives, far from an apoll gist for them, they look at iran as sponsors that tried to topple the saudi kingdom a number of time and here we are in their eyes in bed with them. what do you say? >> we're not. we're not providing arms to iran, we're not providing defense sales to iran, we don't have troops in iran nor do i think we should. we clearly sided with the
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saudis, but the saudis engaged in a brutal war, murdered khashoggi, there's no doubt gas prices have gone up and are starting to go up again. they're slapping americans in the face. allies don't do that to each other. >> we wouldn't be in this pickle if we explored more energy on our own here. >> i have said let's have a ban on exporting gasoline. as you know, oil production in this country is up. it is up over 2021, not quite 2019 levels. 2023, supposed to be record production. >> comparing to 2021, we were dealing with covid and everything else. >> by 2023, is supposed to be around 2019 levels and perhaps exceed it. refineries, that's a five year horizon in terms of building refineries. short term, biggest thing we can do is stop exporting gasoline other than to allies in europe
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and be tougher on opec. >> isn't it weird having to get oil, reach out for oil and not getting enough from opec and opec plus countries when we have plenty of it here. i see what you say about exporting it, but we have known to make overtures to the venezuela and iranians, that's a weird position to be in, don't you think? >> sure. that's why we need more energy independence in the long term as renewable energy, so we're not as deep debt on petro states overseas. short term we need more production. the challenge is on production, a lot of it takes years to build new refineries and build more oil capacity. short term fix is to ban exports. >> has the president, obviously he knows of your and senator blumenthal's
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goal to stick it to the saudis, maybe arms sales, to respond to the snub. has he said he's interested, that he might do just that? >> we had conversations with senior people at the national security council, the president was asked directly about our legislation, he said he is considering it. he said there will be consequences. my view, he should give a prime time address to the american people explaining what saudi arabia did and laying out very specific consequences. it is not just to the saudis, to any ally. they shouldn't be allowed to treat the american people this way, and i would feel this way one month or six months from the election, it is not about the election, it is about the people at the pump. >> speaking of the president, we go to peter doocy and tapping the reserve again and logistical reasons for it. peter? >> neil, i had a chance to ask the president something i have been
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wondering for a couple of days now, what is the top of the presidential agenda when he comes into work every morning and opens his notebook. we were told in may his top domestic issue was inflation, but now he's saying if democrats maintain control of congress, the first bill will be abortion related. so have a look. >> midterm voters top domestic issue, inflation or abortion? >> all important. unlike you, there's no one thing. it crosses the board. domestic, ask me on foreign policy, too. multiple, multiple, multiple issues and they're all important. and we ought to be able to walk and chew gum at the same time. >> president biden announced today that by december, he will release an additional 15 million barrels of oil out of the strategic petroleum reserves, they'll buy it back when prices go down around $70 a barrel, and
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they're blaming this problem in the first place, this high gas price on both vladimir putin and profit hungry oil companies. >> you're asking oil companies to further lower gas prices. what makes you think they're going to listen to an administration that is ultimately trying to put them out of business? >> how is the administration trying to put them out of business? >> well, they produce fossil fuels and this president said he wants to end fossil fuels. >> oh look, you kind of asked me this question yesterday and here's what we would say. u.s. oil production is up and on track to reach a record high next year. we've seen that from their, from where we see their profit margins. >> couple more things on this. president biden says the timing, less than three weeks before the midterms is not political and he says to critics accusing him of taking these
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barrels out at the risk of not making the strategic petroleum reserve as strategic in wartime. he says there's more than enough. it is about half full now, 400 million barrels or so. >> peter doocy, thank you very much for that. meantime, want to focus on the big election, 20 days away. you know about polls that show the edge going to republicans to retake the house. what if i told you the senate could be likely as well? what's behind that after this. all across the country, people are working hard to build a better future. so we're hard at work helping them achieve financial freedom. we're proud to serve people everywhere, in investing for the retirement they envision. from the plains to the coasts, we help americans invest for their future. and help communities thrive.
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>> all right. the big election is still 20 days away, but early voting is on. incredibly long lines of georgians trying to take advantage yesterday and today. i don't know who that necessarily benefits, republicans or democrats, but passions do run high in a midterm election, and that's not always the case. in fact, these passions are such that momentum could be shifting. i stress could be shifting now to republicans in this environment. they were always thought to have a good shot at taking over the house. numbers have improved for them somewhat in some of the latest power surveys we have been doing, power
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rankings. now it could extend, real clear politics, to the senate where republicans could have an edge there. phil wegman of real clear politics with that. phil, tell us what's going on. what are we seeing in the senate we didn't see a little more than a few days ago? >> so democrats in the white house would like to see roe on the ballot this november, and certainly it will be, but not to the extent of economic issues. democrats had a lot of momentum over the summer but that's been blunted by concerns about the economy, inflation, high gas prices. i was speaking to candidate adam webbingal and i asked about his record on abortion. he said the frequency of that issue, at least in his mind is because democrats don't have anything left, this is their last silver lining, trying to make as much of it as they can. >> when they try to make as much of it as they can,
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what has changed to produce the possible flip where the republicans take the senate, are they factoring in a possible pickup, herschel walker, for example, in georgia? >> so if you look at georgia in particular, we have projected, our polling team based on current numbers that can and often do change, not only is he going to force a runoff, that he would actually go on and win that runoff election in december, and i think the take away from that is that the "daily beast" story and the allegations that were inside that story were not determinative. a number of core supporters of herschel walker, either they don't believe that report or they're not disturbed about his past conduct and are more interested in how he would vote if elected. i think it is very zero sum. right now, people are focusing on the most basic of kitchen table issues.
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how much does it cost to fill up your tank, how far is your paycheck going. we see economic issues driving this shift. >> georgia requires 50% or more vote, that would apply to the governor's race and the senate race, if in either case a candidate is under that, they go to runoff, right? when would that runoff be? >> that would be in december and based off the current polling picture, our polling team is projecting herschel walker would win that coming contest. >> so we would have a scenario, meanwhile, where the fate of the senate may not be determined until potentially then? >> it would be almost a replay of what we saw previously when there was the race between perdue and loeffler and they lost there. this is what's so interesting about the coming map. we're going to have a lot of americans voicing displeasure over the way things have gone in the
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last couple of years, and it is going to be hanging in the balance. i would not be surprised if it takes awhile to figure out who is going to control the senate, but it is going to be certainly very interesting to follow. >> to put it mildly. thank you. phil wegman from washington on a scenario that may pan out, maybe not on election day. it bears watching. we'll keep watching it. watching the student loan relief effort, it is on now and a lot of people are taking advantage, in fact millions of kids are doing that and maybe their parents. but there's an app for that. boy, oh boy, are people getting on board. jillian turner knows. stories of bipolar depression. i just couldn't find my way out of it. the lows of bipolar depression can take you to a dark place. latuda could make a real difference in your symptoms. latuda was proven to significantly reduce bipolar depression symptoms. and in clinical studies, had no substantial impact on weight.
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>> neal: it is earnings season. ibm has better than expected numbers and the stock is jumping after hours. tesla, well, not so much. the stock is falling. more after this.
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>> neil: there are millions of americans who could benefit from the student loan relief that the administration has proposed. a lot of republicans are dead set opposed to it or fighting it in courts across the country, but there has been a website set up to help kids get this money, and about 12 million people have taken advantage of it thus far, sort of get their order in line. jillian turner has more from washington. jillian? >> hi, neil. the department of education website for student loan forgiveness has been life just about 48 hours. already the applicants have major obstacles, website glitches, lawsuits, fraud warnings. so far, they're blocking foreign ip addresses, millions abroad are locked out. department of education is scrambling to produce paper applications. married folks with joint federal loans face a glitch, they've been locked out and have to
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request a special waiver before applying for debt relief. another major problem, it is ripe for mass fraud and abuse. >> there will be people that will see there's no verification and lie on the application, say they're eligible when they're not from an income perspective. >> applicants will have to provide their full name, date of birth, social security number and contact information. that's it. they won't have to provide proof of income which the forgiveness is supposed to be based on. president biden insists the biggest obstacle his plan faces is his political opposition. >> talk about who is against helping millions of hard working middle class. they're trying to do everything they can to deny this relief, even to their own constituents. >> 12 million are getting loans wiped away. despite the problems, the
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fed expects 40 million to qualify for debt cancellation between now and december. neil, a cost to taxpayers according to congressional budget office of $400 billion over the next 30 years. >> wow. jillian, thank you very, very much. bad news for you, the weather is going to be cold, i mean really cold. subfreezing, maybe a lot of snow cold in large swathes of the country. here's the other part of the bad news. wait until you see the utility bill to stay warm. what should the future deliver? (music) progress... (music) ...innovation... (music) ...discovery? or simply stability...
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>> neil: all right. a good deal of the country is in for nasty, i mean super nasty cold weather, a big blast that will
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effect up to a third of the country. adam has more on what we could be looking for. adam. >> hey, neil. you said it. cold weather is on the way, yes, it is cold in new york city, but places that don't typically have the cold weather will be seeing it. the temperatures are sitting there in the 50s and back in the midwest, temperatures sitting into the 40s in some locations. it is all part of a huge cold air mass sweeping in across this region, pushing deep into the south where we see watches, warnings, freeze advisories as far south as into florida where some of those cold temperatures are setting up. that means potentially some record breaking daytime highs across the south and even some record breaking daytime lows. the record breaking highs, temperatures topping off only in the upper 60s in south portions of florida because cold air is in there. and talking overnight lows
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across some of the regions, temperatures getting down into the upper 20s, in some cases topping off only at freezing, neil. now, the good news is winter is not here permanently to stay, this is one more early morning, so thursday morning where it is going to be absolutely frigid out, then this breaks and we set up to a bit more of a seasonal type pattern. winter is not here for good, that is my message, but boy, it is cold tonight and early tomorrow, neil. >> thanks for the warning. cheryl ka sony has another warning, she's here to say ul pay through the nose for it, paying the utility bill. host of american dream home, cheryl, what are we looking at? >> mortgage rates going up again. we got a new lead from the bankers association, 7%. your mortgage has doubled if you get a new mortgage from january to now.
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we're starting to see prices fall. that's what a housing market does. they go up, they go down. we're trending downward. a lot of agent s and brokers say we have further to fall, maybe not bad if you're a buyer, places like phoenix, vai vegas, markets that were hot in the pandemic saw double digit increases are showing us double digit dec decreases because of the fed move. we can debate if we're in recession, that's just me, you know me 16 years, i go by the data. it says we're in recession, might be longer. >> jeff bezos said we're in for rocky times, heard warnings from morgan stanley, goldman, sachs, jpmorgan chase, but the
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notion that interest rates have essentially doubled to get a mortgage, it is one thing if you're putting up cash to afford that, quite another to get approved at that level, right? >> certainly. and this is not 2008. i have seen the comparisons out there and disagree with that, this is not the banking crisis because standards are still strong to get a loan in this country, but the person that was making $100,000 a year last year is still making $100,000 this year, but the amount of mortgage they can afford has now been cut in half basically. >> when you say it is not like the 2008, i agree with that, you should run the other way, but there's not the devil may care giddiness we had, anyone with a pulse got a mortgage then. nevertheless, some hot markets are coming down to size, these are the issues you deal with. is it enough to say we have a crash or correction, 10, 15, 20% off highs? >> i think a correction is the way to characterize
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it. it is not a crash. there will be some buyers remorse, people that may have overpaid likely overpaid last year. >> but if they locked in at lower rates before. >> if you had a great rate, say you got the 4% on your loan, what if you paid 50 or $60,000 more than the home is now worth, how does that sit with you. i think there's definitely a shift. doesn't surprise me, seen this is how the housing cycles go like the stock market, you have to kind of ride the wave. i think for buyers out there, here's the only thing. first time home buyers are really getting priced out. more than 30% of buyers is the millennial generation, they're having kids now, not to make us feel completely old, 15 years later by the way on fox business, but they're having children. they're looking for starter homes for themselves and their kids and have a difficult time affording it. the house they would buy is now being sold by a
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seller in 40s or 50s or 60s. sc renaming it american nightmare home, how do you look at it. do you look at the eye popping properties and -- >> "american dream home" is special, it focuses on families and stories. tonight for the premier episode on fox business, we go to galveston, texas, a hot market that's still somewhat affordable. also to north myrtle beach, south carolina. in the next ten weeks, yes, we go to hawaii, i'm sorry i had to go to hawaii. >> something you have to do. >> but we go to georgia, we go to arkansas, colorado. we go to places we look in smaller markets where you can get more bang for your buck. a lot of people still work remote, neil, you and i don't, but a lot of people do. >> some of these are aspiring properties but are not all out of reach
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properties, right? you find that balance and all of that. >> it is still a dream home, they're still beautiful homes, still talking 2 and $3 million, but remember, we filmed when interest rates were a little lower, so things have changed a little bit for these families. again, it is the stories. tonight, the couple in north myrtle beach, south carolina, lost their home to foreclosure in florida back in 2008. they were young, met in church, have seven kids. >> seven kids. >> so when i say dream home, this is their dream home. they were finally, finally able to leave new jersey, apologies to those that love new jersey, wanted to head down to south carolina and they found it. so again, you've got a lot of adversity and inspirational stories. america, we're a great country, we're going to recover, going to make it fine through all of this i do believe in our country. >> you do. 9:00 p.m. tonight,
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"american dream home." fox business channel. if you don't have it, demand it. up to you. i look forward to it, need a picker upper to get through difficult times. we have more coming up, including this particular day. where were you 35 yeears ago this day? i certainly know where i was. >> market analysts won't mention the word crash to describe what's going on. instead, they like to look at it as a correction that has to work itself out. what they don't know and readily worry about, how far down the correction has to go, how long it will take, and how many more people will be hurt in the process before the markets decides, if it decides, to turn around. from the world's #1 selling nerve care company. nervive contains alpha lipoic acid to relieve occasional nerve aches, weakness and discomfort. try nervivenerve relief.
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fanduel and draftkings, two out of state corporations making big promises. what's the real math behind prop 27,
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their ballot measure for online sports betting? 90% of profits go to the out of state corporations permanently. only eight and a half cents is left for the homeless. and in virginia, arizona, and other states, fanduel and draftkings use loopholes to pay far less than was promised. sound familiar? it should. vote no on prop 27.
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>> well, there weren't exactly people flinging themselves off buildings, at least not we could see, but there were a record number of people gathering outside the stock exchange to witness history in the making and the opportunity to see incredible drops in the dow right before their eyes. >> i want to see what it looks like and i wanted to see the stock market anyway. >> we want to see a piece of the action, i guess, wall street.
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>> what they saw was program selling taken to the ultimate artform as wall street's biggest players stepped in and unloaded multi billion dollar blocks of shares. >> 35 years ago today, the irony with that, the next day puberty kicked in for me, but at the time -- anyway, hard to believe, 35 years ago. in one day the dow lost almost a quarter of it value, that's like getting a bear market like that in a day. that's what happened. what's interesting about that day and all of the media attention to it, people thought it would be years, years before the market would ever right itself. within less than a year was back where it was and the boom market would ensue. that was then. could anything like that happen again? we've seen numerous scares since then as you see and review what happened in 1989 where we had the cr crashette, the asian contagion, 1998 with devaluation of the ruble,
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i could go onto the most famous meltdown in late 2007 into 2008. so what have we learned, that these things do happen. larry glaser, mayflower advisers, could it happen again? >> despite a laundry list of economic challenges, arguably worse than then, the odds are remote. volatility setting through the american people. what's worse today is the bond market because we have the highest inflation in 40 years, something we didn't have in 1987. you have a different circumstance. ten year yields are at a 15 year high. for retirees, a double whammy. stock portfolio is down like 11997, but bond portfolios down worse than a generation. history doesn't repeat itself but it does rhyme, and some of lessons from '8 7 are evergreen,
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stay with us. the lesson was don't panic, have a plan, be opportunistic. if you stuck with those ideas, you realize you're in the best economic environment in history, a president with beret profl ratings than today, pro-growth policies, and kicked off the best 35 years of innovation this country has ever seen. >> i remember ronald reagan at that time not too bummed about it, faith in capitalism and markets and that they would come back. would deliberately not take questions. sam donald would shout a question, can't hear you. his confidence in capitalism was boernz /* boe borne out. back then, i remember portfolio insurance, a notion that maybe you could guarantee or lock in whatever gains you have in the market. but we've seen that since, packaging with the meltdown, all these bad risky subprime loans, thinking you can get away
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from it for an extended period of time, there are always bubbles we don't appreciate but that p pop later. are we already with the sell off in pop? >> you make a great point. keep in mind, in 1987, federal reserve was willing and able to come to the rescue of the market and restore confidence. today they're in no place to do it because of reckless washington spending. the federal reserve can't bail us out this time. the belief the last few decade, if we ever get in trouble, the fed has our back, until this time when they can't do it. neil, i'm real optimistic with midterm elections, we get into an incredibly favorable environment. you talk about bubbles. last year we saw crypto, housing speculation, maybe not the magnitude of the prices or crash of '87 or 2000, but elements of that, essence of that. that needed to be
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restored. you had stock boards with companies that didn't make money. we washed that out of the markets now. it will be a safer environment post midterm election. you'll have gridlock in washington, more favorable environment. elon musk was in elementary school, amazon didn't exist, google didn't exist. all those companies are dominant companies. apple, you were listening to a sony walk man with guns and roses and whitney houston. >> no, i was not listening to guns and roses and whitney houston, but i did have a sony walkman. >> of course you did. you look comgreat in that picture. you probably still have that outfit. >> i have a better toupe since then. man, oh man, bwhere did the time go. you're the best. larry glaser. i want to add perspective on this day 35 years ago. i bore people with this story, you heard it
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probably a thousand times, not going to repeat what my mortgage was when my wife and i bought our first home, but i keep a chart of the dow in my office, from the early part of the last century. that chart goes up. now, of course, the closer you get to the chart, you see the jaggegentlemaning edges, world war i and assassinations and eventually swallowed up opec, through watergate, scandals, crises, controversial elections, we got through it, we went up. when you get real close and in the moment, it is awful, it is painful. but the one thing we learned as ronald reagan accurately pointed out 35 years ago, stocks go up, stocks go down. but they mostly go up. and through time we appreciate the magic of capitalism. it is not necessarily the perfect elixir, but i
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think about the best night's sleep you've ever had. at tempur-pedic, we're dedicated to helping you sleep like that. every night. so you get the deep, comfortable, undisturbed rest you deserve. for a limited time, save $300 on select* tempur-pedic mattresses. >> neil: all right. this is in paris where protests have been building over recent days concerning run away energy prices. so far no help from the government. a lot of folks there are just getting their first utility bills, in many cases having doubled or
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tripled, not only in france, but england, germany, italy. across europe, growing concerns folks can ill afford what's coming down the pike and a cold spell for much of europe. lieutenant davis is here with us, more important than me, someone who can make sense of what's going on in the world and the protest that's building, danny, over just giving money to ukraine at the same time a lot of folks say give that money to us. does that worry you? >> yeah, it does, and you're right. i mee mean, most countries have similar protests. 10,000 people showing up, some of them in germany earlier. you know, as the weather gets colder, these things are only going to increase because when people see themselves suffering hardship, they see they don't have enough electricity for their own enterprises and factories and see their prices go up
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at the same time, the government sending large number of dollars to ukraine which only fuels the problem, they're going to be more unhappy about that and i think that's going to start to be a problem as the weather sets in. >> not only a problem there, as you reminded me, now you have kevin mccarthy who could likely be the next speaker of the house saying maybe it is time to re-examine all these aid packages and money we sent to ukraine saying it is not a blank free check. >> glad to hear it, should be the view of every politician. if we get tranche after tranche of money to ukraine that continuously harm our own interests and does nothing to further our own national security, you have to ask why would we continue to do that. there has to be some kind of end game or clear demonstrable benefit to the united states. right now, there's neither
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one of those. >> when we are giving ukraine the weaponry and money that we are and we're already seeing some other nato members not too keen on following up, i think we give close to 85 or 90% of that aid, if that's pulled or cut just when they have the advantage and lead to the russians on the run, or that's the supposition, then what? >> well, that supposition is rampant in western media, but not matched on the ground by reality. ukraine made significant gains in the last month or two, but those things are tentative. russia is now probably weeks away from having some of the hundreds of thousands of mobilized troops come in, at the same time they launch strikes, knocked out 30% of the energy infrastructure in ukraine, which is making it even harder for them to come back. right now, i don't see any military prospect, no matter what we give ukraine, that will turn this around anytime soon.
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>> all these areas, i'm sorry, danny. all the areas that the russians have annexed and are losing some of the same territories, that doesn't have much staying power to you? >> no, it doesn't because when you look, right now what russia is doing is they're trying to hold onto what they have, pretty much you've seen since beginning of august when big gains were made by ukraine, they petered out. the only place is kirson. they're going to bring in potentially 70 to 80,000 additional troops next month, the whole thing could shift by then. that's why i say that. >> i want to get your thoughts, we had a congressman here who had his own ideas about how to go back at the saudis for snubbing us and going ahead and cutting oil production or leading opec to do that by about 2 million barrels a day. i want you to react to this. this is what he thinks the
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president should do. >> how long would we keep that suspension going, looking for him to reverse that, it doesn't seem imminent, what would that mean. >> the legislation we introduced it would be up to a year, and we would put pressure on them to reconsider. here's the thing. they can't go to china and russia for the arms, it would take them five to ten years. they are very dependent on our parts. and we have tremendous joint defense agreements where we're sending them sensitive u.s. technology, producing it in saudi arabia. now, i understand that they're an ally, we need the alliance. there are other nations that are threats in the middle east. i'm not saying do away with the total alliance, but i am saying you don't treat an ally the way they're treating us. >> i should have been more clear going into that, danny. what he is saying is stop sending them arms until they reverse this decision or treati us like the ally and friend we are. you say? >> he is certainly right.
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the saudis can't just say we're going to get all our weaponry from china or russia because there's an infrastructure that's built over decades and you can't just undo that. we have leverage over that. look, i think it is time to reassess our overall relationship with saudi arabia because the middle east is not near as important to us as it used to be based on our own domestic oil situation, and i think it is about time to reset that so that we take a little more concern with our national interest and not just give a blank check to saudi arabia with whatever they want. >> so when the president is tapping the strategic petroleum reserve again, what skodo you think of that? >> i am not really for that. that's why i've been so much an advocate to put as much diplomacy to ending the war to end a lot of the sanctions to protect our own self. i'm not sure, because that's not a long term solution, and right now we're just going to be allegedly cutting off all the russian oil on december 5th, and that's
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going to put more pressure on the price of oil, so the strategic reserve is something that should be kept for an actual emergency and not depleted before that happens. >> got it, my friend. good to see you as always. more for your incredible service to this country. a modest guy. would be incredible if it holds. danny davis on that. that will do ♪ ♪ >> hello, everyone. i'm judge jeanine pirro, along with piers morgan, jesse watters, dana perino, and greg gutfeld. it's 5:00 in new york city. this is "the five." >> president biden's desperation is showing again, as he tries to pump up democrats before the midterms


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