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tv   Cavuto Coast to Coast  FOX Business  June 21, 2021 12:00pm-2:00pm EDT

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your body mass. two millimeters, covers 22 square feet. what nonsense a organ is collection of tissues that form a particular function. i guess the skin qualifies, not in my book. but in the book of our producers the skin is the largest organ. jackie deangelis in for neil. jackie: thank you, stuart. i actually got it right, as skin is the largest organ. you're not buying it. jackie deangelis in for neil cavuto. markets kick off the week in the green. some headlines we're watching for you. california is the largest state that residents require proof of job search to receive unemployment benefits but does it go far enough?
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we'll get reaction from south carolina congresswoman nancy mace. bitcoin prices dropping as china intensifies the crypto crack down. is this an effort for china to boost its own state-sponsored currency? our panel is here to react. the battling the border crisis, the surge shows no sign of stopping, texas attorney general that the lone star state is taking matters into its own hands over building the border wall. the market rebounds over the worst week since october. president biden will sit down with jerome powell for the first time as president as he meets with financial regulators to get their read on the state of the economy. let's bring in capitalist pig hedge fund owner jonathan hoenig and price futures group phil flynn. jonathan, start with you. janet yellen is the former fold
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chair and is the treasury secretary. she has to give insight what the fed may do. jerome powell tipped his hand last week and markets no the happy with that. your ideas how the conversation will go. >> these are professional regulators. it is terrible in finances. you have to go back to dodd-frank from sarbanes-oxley, so-called landmark regulation efforts have done nothing. in fact they only papered over the problem again and again. they made markets more volatile. i am worried about the meeting between biden and regulators. robinhood and crypto phenomenon, there will be a crack down from both sides of the aisle. i don't think that will be good for the markets despite today's rally in the dow. jackie: phil, jonathan is talking about the regulators aspect looking at stock market, how normal people are trading and mechanisms there to protect them. the second aspect is the market
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overall. broadly looking at administration policies and inflation. i'm wondering how the two topics might come up in these conversations? >> you know i think it is going to be a situation where they're going to be worried about the wrong things. when it comes to regulation, jackie, it is like the referee in a football game. you need him to be in the game but not take control the game. i'm afraid that will happen, if you see some of the regulation in cryptocurrency. some regulation around some new issues. i will tell you what, when i look at these regulators right now, the risk of inflation right now, it is not their job as regulators to non-regulate inflation, right? that is policy. that is the federal reserve and the federal reserve acknowledged that inflation is getting out of control and i think the reason why the market reacted so negatively not because we're starting to see some inflation risk. it was probably because the
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federal reserve seems to be so surprised. who knew that by printing all this money we would have inflation. all they had to do is listen to hoenig from the last couple years. he could have told you that. jackie: we have the hoenig crystal ball on this show. to that point phil just made, jonathan, let me ask you, why wasn't the fed so sort of surprised by this? we've been talking about it. we've seen the money printing happening. we've seen the programs extended and what the administration wants to do and the paths it will take to achieve that end going through with some of these bills with budget reconciliation. there seems like nothing anybody can do about the inflation problem. >> everyone seems so surprised to phil's point. we've been seeing it, we've been monitoring it. that is simply not the rise in prices but the cause of rise in prices it is all the money printing going on for several years now. we've seen it nearly almost everything. so many commodities phil follows but also the devaluation of the
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dollar. inflation is really a major risk here t might be a surprise to the fed, jackie, central planners are always wrong. they didn't see 2008 coming and they won't see the next crisis coming whether it comes from inflation, the housing market or anywhere else. in fact they're building the next crisis. i fear biden by meeting with these regulators, encouraging them, is stoking the fire. stuart: we shall see. gentlemen, stay right there. the push to get people back to work is certainly an issue that we're dealing with here. more than 400,000 americans losing those extended unemployment benefits over the weekend, raising hopes there would be more job growth amid worker shortages. blake burman is live in washington, d.c., with the latest for us on that. good afternoon, blake. reporter: jackky, good afternoon as well. now up to 12 states ending that extra federal unemployment benefit across the country. eight more states doing so just over the weekend. i will show you the map real quick so show you exactly where this is occurring.
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just so many states doing so in the upcoming days and weeks. unemployment benefit which included an extra $300 paid by the federal government was first championed by the last administration and congress at beginning of the pandemic and further extended to early september by the white house and democrats earlier this year. now some economists and governors feel the benefit could potentially keep workers on the sidelines. earlier this month the white house said the governors had every right to end the benefit but would not say whether or not they believe that federal plus-up is discouraging workers from enter, the workforce. >> the president believes that the temporary unemployment benefit around temporary boost to those benefits has provided a critical lifeline. that that lifeline was designed to be temporary and to expire in about 90 days. that's, that's appropriate. reporter: coming weeks, jackie, you can also add california to the list. more than 30 states now which will make sure that those who are receiving unemployment
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benefits are doing so while also simultaneously trying to find a job. jackie? jackie: blake burman thank you so much for that. reaction from south carolina republican congresswoman nancy mace. congresswoman always great to see you back on the show. wonderful to see you today. you've been saying businesses are the ones that are suffering because of the government incentivizing unemployment. it seems like it is winding down right now but it is still a problem. it is still something that we're going to be watching potentially until labor day? >> right. until those benefits actually run out what are the odds? why would you go work hard for 40 hours a week when you can just stay home making that much in your wage or salary or more in some cases in south carolina. many folks on unemployment are actually making more than they were than at work. why would you go back to work. when governor mcmaster, south carolina was the second state in the country behind montana to announce we would
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forego the federal unemployment benefits, the extra $300 a week at end of this month, week after that, our unemployment claims went down 50% for that week. so you're sighing states that are going to forgo that, unemployment claims are going down and opportunities to work are increasing. it's a great opportunity for folks ready to get back to work. jackie: in blake burman's report, we had a sound bite from brian deece, talking about payment as lifeline for certain americans who needed them. i will not say a blanket generation that everybody needed them and everybody didn't, the truth is probably in between. wasn't there a way the administration could have balanced this a little bit better? especially it knew, and signed 9 legislation in march that the coronavirus with vaccines coming out and being rolled out in timely fashion it was going to improve rather quickly? could they have managed this
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better? >> i think it could have been done sooner. we see a state like south carolina, there are 89,000 jobs available in the market today. we have approximately 116,000 people on unemployment now. if you want a job you can have a job. one of the things stopping businesses from growing, those that are struggling is the fact they cannot get people to work. and so when we forgo that extra federal unemployment check, there are still state unemployment benefits. we could have done it too by looking how much they were making before or making 2/3 or 3/4 of their salary. there were a lot of different ways this could have been handled or the unemployment could have ended sooner. we're stagnant of growth in some sectors because people don't want to go back to work. they are being paid to stay home. jackie: sticking to this point, the administration was talking about $15 an hour federal minimum wage that went away
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because there was too much opposition. as a result what we're seeing with respect to the recovery, and these payments, wages have to go up to get people back to work. this is almost unintend #-d consequence or perhaps intended as a result of what we see. >> if federal government only knew consequences of supply and demand, free market, mcdonald's paying people $50 in cash to show up to an interview, not take the job. papa john's in atlanta offering 2,000-dollar signing bonuses. if you have a job before the federal unemployment. this is a better job, better benefits for your family, there is great opportunity now. when there is demand for jobs wages will go up naturally as a product of the market. jackie: right. i want to switch gears while we have you, infrastructure talks, they are continuing on capitol
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hill. some lawmakers want to abandon bipartisanship all together. they pushed for nearly $6 trillion in spending there are some concerns that look, if we put so much money into the economy we'll increase the inflation problem. jerome powell already saying, you know, that is an issue, it is an issue. the fed will have to react. listen to this. >> my colleague senator sanders he said at one point with regard to the 6 trillion-dollar package, the list goes on and on and that's the problem. it is not about infrastructure. it is kind of a 6 trillion-dollar grab bag of progressive priority. >> the cost is rising through the roof. you can't buy a home. the cost of home prices. remember a home is core part of the american dime. what does that mean? you basically get priced out of owning part of the american dream. everything is going up. this is a problem. we have to control the spending. jackie: it is a problem, congresswoman. i can tell you specifically here in new york city we were so
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beaten down by the pandemic, we're trying to reopen, get back on our feet. but you can feel inflation. you can feel the price rises. they're palpable. what that says to me, people will not be able to afford to come back as quickly as perhaps they were planning. i wonder about the future of this city. i look at it as a microcosm of things happening across the country as well because of this spending? >> no, absolutely and inflation is taxation. you saw the fed last year, they printed $4 trillion. they're on par to print another $4 trillion adding to this and washington wants to do the infrastructure and any spending through budget reconciliation which is one-sided. when we did the covid relief package of 1.9 trillion, not a single republican amendment passed. in the infrastructure package alone we're talking art, talking sculptures, landscaping, things that have nothing to do with filling a pothole in this country and when i go to the grocery store today, i'm shopping on exterior aisle, meat, fruit, vegetables.
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the cost of groceries gone up 21%. cost of lumber to build a house up 381%. to build a house today over last year 30% more expensive today than it was a year ago. after colonial pipeline we all saw gas prices go up. my gas prices stayed up. they haven't gone back down. jackie: that is the problem. you see the price rises, whether at the pump, a restaurant, whether at a grocery store. when i used to report on energy, prices go up real fast and there's much slower to come back down. that is not just with gas. think about a restaurant raised prices 30%, what do you think they will say, we'll dramatically decrease the prices 30% right now? >> not at all. seeing people can't afford it. they keep the doors open by raising prices. it is astronomical for the future and untenable in the long term for the american people. jackie: i don't think we've seen the worst of it yet, congresswoman. you brought up a great point.
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thank you for being with us today. >> thank you. jackie: coming up on the show sellers on amazon are warning there may be fewer items in stock this year as consumer are shopping amazon prime day. we'll explain when we get back. ♪. the lexus es.
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taking migrants and rafts from the mexican side of the river over to the american side over and over and over again. feet, yardeds away from border patrol, and a texas state trooper. we're told this happens pretty much each night. the smugglers had no fear of being caught. they were laughing, making jokes. they take off their head covering. they know law enforcement has not been able to grab them. as you look at the video, they ferried over 60ing migrants from what we saw. many were families, women, young children. there were single adult men. what they had to do was bring, the pus can't come down to the river es edge. border patrol lead up the migrants up the hill march them to processing area where they were taken into custody. i asked the state trooper why are you not able to snatch one of these smugglers basically arriving on our doorstep and dropping these mic grants off. they told us it is too dangerous
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for the migrant families. the smugglers are ruthless f they make a move, the smugglers might take it out on the women and children. take a listen. >> but the challenge when they're bringing children and families, this happened before with these smugglers. they get very bold. when they start fearing law enforcement, law enforcement will engage them, they push families, children off the raft. it become as rescue operation. reporter: a short time i asked that lieutenant how frustrating is it for you on a personal level, to stand here watch this. watch these smugglers as these guys are laughing, knowing nothing will happen to them? he said it is incredibly frustrating. they had had enough of it. they will put a plan together to literally yank one of guys out of the water when it is safe to do so and won't risk the migrants. jackie: bill, thank you very much. texas governor greg be a so the saying his state will step up where the federal government has not, promising to build his own
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border wall. that is how bad this has gotten. tettorney general ken paxton is here with us. good afternoon to you, sir. start with the report we just listened to. it is amazing. the smugglers know they're in a power position. they're totally taking advantage of it. that has happened since day one of this administration. >> you can't really make this stuff up. you wouldn't think it could possibly happen. bill was there on the border. he saw it happen. it happens every day and hapns all along our border. thousands of people coming across. there is no consequences there is no protection for the people along the border. even these migrants are putting all of their trust in the cartels. that is the last place we want them putting their trust. we need a system that works, that protects everybody. does not take care of the cartels. jackie: there was two billion dollars to finish the wall that is now since been reallocated by the administration. that is why texas governor is saying look, we're a border
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state. we have to do this ourselves. >> well, i love what the governor is doing. i've seen the wall that president trump was working on. it was amazing. it was very high. it had a lot of technology associated with it. it also worked as a levee for floodwaters. it had a lot of good purpose. it is sad we have to spend our money along the texas border. we'll do it. i commend our governor pushing forward on that. we need to protect our people. if the federal government will not protect us, put us at risk, then we need to do it ourselves. i commend the governor, governor abbott for doing this. jackie: part of this is in the messaging, right? the border wall is deterrent and physical barrier t certain as very clear message that something this administration has not been doing. they're talking out of both sides of their mouth. they are giving the message you can come but say, no, no, we're saying don't come. that is what we're saying. kamala harris who is in charge
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of the crisis, she has not seen the border in 89 days. she gave the laughable interview, saying we went, referring to some time in the past. saying i haven't been to europe either. there is crisis in this country. does she want to ten up to acknowledge isn't. >> you're right. the border wall is not just a physical deterrent. it sends a message. it works wherever we had it. as far as the vice president she won't come to the border, the president weren't come to the border, they know exactly what is happening. people are running of should over our borders. people don't have time one day, to come here. meet the people suffering as a result of these policies. jackie: children are suffering. you see pictures of people in the boats with the smugglers. law enforcement in this country is getting tired of our prescription for the crisis of doing nothing and seems like they want to take matters into their own hands. but that also creates a situation where things get
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dangerous. >> there is no doubt. i talked to sheriffs. i talked to state police. i talked to border agents. there is tremendous frustration. people have immigrants cutting across their property, stealing their property, putting their livestock at risk. feeling them feel unsafe. i'm afraid some people will react. sheriffs are worried about this. law enforcement is worried about this. joe biden is creating a difficult situation for people that have to deal with it every single day. jackie: we don't want to see people taking matters in their own hands. unfortunately that is how you feel when you deal with something like this. ken paxton, thank you so much. >> have a great day. jackie: we're watching bitcoin prices, folks. they're crashing as china's crackdown on crypto miners is intensifying. we have those details when we come back. ♪.
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jackie: mega-retailers going head-to-head. walmart is challenging amazon's prime day with its own deals for days. fox business's lydia hu joins us with more now. hi, lydia. reporter: hi, jackie. amazon moved up the prime day sales to june this year to round out its second quarter. they're usually in july. shortly after amazon announced that the prime day event would be happening today and tomorrow walmart came out and announced their own competing deals for days to happen simultaneously. now there is a lot on the line for the two retailers as jpmorgan recently released a report that projects that amazon will overtake walmart as the country's largest retailer as soon as next year. now that comes as amazon is coming out of a great 2020 in
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terms of sales. it was boosted by consumers shopping online which accelerated amazon's growth to 39% of the e-commerce market. it also had a strong start to this year. amazon reported a profit of $8.1 billion during the first three months of 2021 compared to 2 1/2 billion during the same time last year. now these dueling shopping sales will test whether consumers will continue to shop on line with amazon or perhaps go back to brick-and-mortar with walmart, other retailers, also offering sales and discounts. >> there is definitely appeal, an appeal to go out to a store. so i think that is going to work to walmart and target's advantage. but long term if they can't figure out this logistics and retail strategy, they are going to be on the sidelines watching amazon dominate. reporter: retail sales were down last month about 1.3% but,
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experts project that we are going to see retail sales surge this year. the national retail federation is predicting a growth of 10% or more in retail sales through the end of the year. much of that spending they say could happen during these sales taking place right now, jackie. back to you. jackie: forecast for a lot of spending and everyone wants their piece of the pie. lydia hu, thank you so much for that. president biden saying for the united states to lead the world in clean energy the odin lithiumteriat.y in pth sbleom rostslistre a b ain iuductronio. x corsponrentonre wiiam lasselaslalate forors. u , ll, iam.llm. poer:kier: youe, kw s electricric bececf alal wmingar mtheaeanseaum batteriries esobobnd win ainnddd e lee s, i iom o of th openites eh thenoror there pdent and and dd i i fore
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nmentats. t he t k p elect erilectrileri atteryatte : batte b b mad m m esidprt bid can change that by approve two mining permits in nevada. >> lithium is vital to enable technologies that combat climate change. reporter: lithium is a key element in batteries. the problem is the u.s. produces just a fraction of what it needs to meet the president's climate goals. >> the real question is whether we'll lead or fall behind to the race to the future. reporter: yet some environmentalists are suing to stop the mines. >> this mine would destroy between five around 6,000-acres of this habitat. reporter: at this site near the oregon border, another near california. >> this plant is facing extinction. reporter: center for biological diversity want team buck wheat killing the permit at the ridge. >> we think there are twin
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crises, climate crisis, biodiversity of the crisis. none is more important than the other. reporter: they think global warming is killing the planet. not because of the mine but ground squirrel looking for water why other environmentalists favor the mine. >> if we don't do something about climate change, the ex tinge shun of the species will be much, much worse. reporter: so the problem is it is very hard to favor climate change policies and oppose lithium. the question, jackie, where are you getting it, china, south caffrey africa, chile or source it here. jackie: it is a good question. i was going to say china is a top five lithium producer. administration, environmentalists say we get it from china. others would argue very dangerous. william, thank you very much. oil prices are surging as summer demand increases and
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nuclear talks hit a pause. jonathan hoenig and phil flynn. jonathan, talk to you, look at oil prices, 73.46 for wti. we saw them climb. this is a little bit of a reopening trade. a summer driving demand. i typically feel these prices started to rise as soon, pardon me, the biden administration says we want timely meant the green energy policies. that is a freudian slip but not really, right? >> right. like biden years all over again. we're going back to policies that failed eight years ago and bringing it back. you're absolutely right. and i think, you know, it is kind of interesting, the fact that federal regulators are meeting today about the impacts of climate change. the financial risks of that. i think the biggest financial risk to our economy is the realization it is that, you can't just replace all these fossil fuels overnight without
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having a viable replacement and you and i both know it is not there yet, okay? now they can have all the aspirations you know, to get the carbon neutral by the year 2050 but that isn't going to come without a significant economic cost. as well as a geopolitical cost. because you're right, you look at these lithium mines all over the world, impact it will have on the environment. the u.s. is going to have to do some dramatic changes. i don't think they have thought this thing through. meantime, you know, when you talk about the impact on the poor across the world, one of the things you will have to realize we're going to have sharply higher energy prices. we're just starting to price all of this craziness in now. jackie: geopolitics are a big part of this, jonathan. whether or not we're talking about gas prices or the green energy policies or the lithium production, whether we're dealing with our foes in the middle east or we're dealing with china who is a huge competitor. and a huge threat right now.
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you ask yourself, when you're looking at the policy and thought of rejoining this nuclear deal, you know, why, we had and the trump administration energy independence. we were producing here. we were able to you know, take some of that back. yet, now we're getting some of that power, handing it right over again? >> yeah. jackie, my opinion the whole idea of green energy is not in favor of green energy. it is actually against mankind. it is against helping man use the energy he and she needs to succeed. as phil pointed out whether people in emerging parts of the world, or right here at home, so-called green energy is produces ultimately by the same fossil fuels that so-called dirty cars are, coal, et cetera, and the like. ultimately the green energy program, it is bad for man, but also bad for business. must we remember the chevy volt all that subsidy from government. we're making the same problems once again under president biden as we did under president obama. in this case we're not learning
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from history. we're repeating it. jackie: i want to make a little left-hand turn to talk about bitcoin. bitcoin uses a lot of energy to mine it, phil, you talked about that but it is sinking to a two week low as china is cracking down on cryptocurrency mining. i wonder if you think this is just an effort from china to sort of boost its own state-sponsored crypto because it knows that is the next phase, that is the next wave of this? >> i'm surprised you would say that. you don't trust china? they talk about saving the environment. you know how environmentally conscious is. they're worried about the mining too much energy. jackie: mining, yeah. >> yeah, you're absolutely right. it is about control. china wants more control and they don't like these up starts but i do think, we keep coming back to the problem with bitcoin and the blockchain. it uses too much energy. they have to find a better way because it is unsustainable the way they're doing it. there will be a better way. i don't know what it is right now but that definitely is going
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to have to happen if cryptos will continue to innovate and change the world. jackie: it seems like crypto isn't going away, jonathan. so i imagine they will come up with some sort of a solution for this but back to our earlier conversation about regulation around biden's meetings coming up. do you think that the market is bracing for some regulation here when it comes to bitcoin, others in the space? >> keep in mind, jackie, just because bitcoin doesn't go away, doesn't necessarily mean the price keeps going up. i think back to so many internet stocks in 1990 and 2000. those businesses didn't go away but a lot of their stocks didn't recover for, you know, many cases a decade or more. that is the real fear about bitcoin. regulation is built into the cards. this i was an asset un$10,000 a coin just a year ago. it is still above $30,000 a coin. in my opinion it has a long room to fall if and when it really will correct. i think the correction has already begun.
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jackie: it is difficult to know because it is so volatile, where the baseline of normalcy is. we'll have to watch that to figure it out. gentleman, thanks so much. great to see you. >> thank you. jackie: coming up is president biden putting enough pressure on china to find out where covid came from? the latest from the white house after this. ♪. you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq
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whole lot more to hold china accountable for this pandemic but the white house insists it is already doing that taking a diplomatic approach even though they are trying to get more u.s. allies to try to put pressure on china to get a better idea through the investigation how covid-19 first spread. >> biden has rallied democratic partners to say there must be access to china to be able to get the data necessary to understand what happened here. we are not at this point going to issue threats or ultimatums. what we'll do is continue to rally support in the international community. reporter: now the president has already ordered his intelligence community to investigate how the virus first spread. the administration admits there are two theories here, one that it could be a lab leak, transferred from infected animal to human and spread there but increasing number of republicans say this is obvious to them of something developed in a lab. they're calling for sanctions to be imposed quickly and criticizing the administration
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diplomatic efforts so far. >> well past time the biden administration began imposing consequences on china. pulling motion favorited nation trading status or visas that chinese party members and kids can come hire every year. they're not doingnough. reporter: interesting how many lawmakers are speaking out to hold china accountable. we'll see whether this changes the administration effort to do the diplomatic approach. how long they pursue that. china is waiting for that possibility of additional sanctions. we've seen them impose counter measures available basically to protect their own chinese companies and citizens in in the event of sanctions in the future. this debate will not go away anytime soon. stuart: jackie: certainly not. people want answers, the chinese are not open to providing them. mark meredith, thank you very much. coming up the supreme court making a major ruling when it comes to compensating athletes. the details on "coast to coast" after this.
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♪. jackie: big apple crime is becoming a bigger focus for new york city voters ahead of the huge mayoral primary tomorrow. fox news correspondent aishah hasnie has the latest for us. reporter: good afternoon. one voter said he was assaulted on the subway three times in a year. of course he will base his vote entirely on crime. we're hearing it is impacting the campaign trail directly. a 42-year-old volunteer for the eric adams mayoral campaign stabbed multiple times on sunday in the bronx in broad daylight. this happened as adams was consoling the family of two children caught in the crossfire of this tragic shooting last week. nearly every single crime category in the city is up from last year, jackie and voters tell me they're angry that the nypd was defunded by a billion dollars. they don't like bail reform.
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now local nbc here in new york, reporting that nearly half of those arrests made over riots, lootings in manhattan last year, they were dropped by the d.a.'s office. business owners saw their life's work, businesses destroyed are furious. >> you want to lose, go ahead, go for it. you will get away for it. the looters know. these are criminals out there knowing the system around the system has failed us. reporter: they failed us, she says. who is going to save them? this mayor's race is heavy on democrats. that is because registered dems outnumber republicans nearly seven to one in this city. it is a very blue town. what is interesting, jackie, thousands of republicans have switched. they have swapped their party affiliations to democrat now to try to have an impact, to sway the election toward a more moderate mayor might be a little more supportive of policing, harder on crime, but jackie,
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new yorkers are fed up. tomorrow, they will vote with furry. jackie? jackie: we're watching very closely. aishah hasnie, thank you very much for that. markets surging nearly 500 points on the dow. phil flynn, jonathan hoenig back with me to talk about it. gentlemen, a rough week last week. fed tipping its hand interest rates will go up. inflation is more of a problem than everybody thought it was going to be but today we have a rebound. your thoughts, jonathan? >> jackie, inflation, no one alive has ever seen. go back to the late 1970s. this is uncharted territory for the fed as well. they never wrap ad package with this much intervention and money printing. my advice for investors of all size, don't make all or none decision. all in or all out when it comes to the market. it is rarely that accommodating
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especially many factors at this point. that is my two cents. investors don't make all or none decisions. jackie: you made a great point. "wall street journal" had an article about inflation historically, phil. they talked about the '60s and '70s, and there were so many factors and different than what we have right now. difficult to look at history to predict what will happen this time. >> it is. i'm worried about a new type staffing -- stagflation with this biden administration. new type staffing nation. back then we had prices going up and no economic growth or economic growth was struggling. part of problem we have right now. look at issues of problems with the supply chain. that comes from years and years of underinvestment. now we have a energy transition going on i think will not cse economic growth. i think it will slow economic
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growth. i think because of that we'll have rising prices. we're going to have higher commodity prices, supply chain issues around we can't, you know, go to the way we used to fix that. that would be innovation, manufacturing investment in that growth. so i think right now, because of the biden administration's you know, goal to get off fossil fuels it will create a even worse situation going forward where we're going to see growth get restrained, and prices go up. jackie: okay. jonathan, i'm wondering if you're looking at the flattening of the yield curve and thinking that the bond market may be signaling this is happening and that possibly even a recession is yet to come? what we're seeing is yield on the short end are rising a little bit higher. which means people are selling short-term bonds. your thoughts? >> once again the game is shifting under our feet. ironically most investors are not as concerned perhaps as phil and i am. optimism about the economy, jackie, about the stock market,
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individual investor participation in the stock market, it all has been going up. it was negligible 10, 15 years ago in the height of the financial crisis but we're seeing more and more optimism out there. that reason alone, even beyond like individual machinations in the bond market, that people are so optimistic, warren buffett had a great line, you have to be bullish when others are bearish, bearish when others are bullish. i am seeing more thoughts on the bearish side than ever before. jackie: final thoughts to you, phil flynn, taking all the circumstances together, if you're invested in this market it will be a choppy for a while, right? >> it is. listen there will be a lot of stimulus in the system. that will cover a lot of sins for a short period of time. even the federal reserve cutting back bond purchases, raising interest rates, i still think there is another pop in the stock market but that doesn't mean the underlying fundamentals
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of the economy are strong. we'll get to a point where the debt is unsustainable. that will be a problem some years down the road but make no mistake it is coming. jackie: you can kick the can but you eventually have to pay up. gentlemen, thank thank you for r insights. after the break we'll talk about staff shortages giving major headaches to american airlines. that story coming up. ♪. (vo) while you may not be closing on a business deal while taking your mother and daughter on a ...
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usaa. what you're made of, we're made for. usaa >> welcome back everybody to the second hour of cavuto "coast to coast" i'm jackie jackie deangelis in for neil cavuto. we have news coming in from all over the world at this hour. markets kicking off the week with a bang. the dow reversing course from its brutal week last week just as the nation's top financial gurus head to the white house, we're going to tell you why they're there. >> plus gearing up for the games athletes worldwide head to tokyo in just 32 days. organizers lifting a major restriction despite warnings from health experts. will the gamble on the games pay off? we're going to bring you the latest, and iran elects a hard-liner as its new president, and the new leader is not a fan
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of president biden. will prospects of a nuclear deal blow up? we're going to break it all down but first, our top story that we're following this hour, the country possibles top financial regulators heading to the white house for a meeting with president biden amid a push to inject woke policy into our financial system. blake burman live in washington d.c., with the latest. hi, blake. reporter: hi there, jackie. a meeting here at the white house later next hour really at the intersection of the who's who when you think of washington d.c. and finance. let me take you off some of the participants including the president, of course along with the fed chair jay powell, the treasury secretary janet yellen, and the sec chair gary gensler. also, a part of the meeting the heads of the cftc, the cfp b, and the fdic. a white house official telling me earlier today that the conversation will focus on a few issues, they say that includes things like climate- related financial risk, actions to promote financial inclusion, and increasing access to credit.
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now the white house says a meeting like this has happened in the past when you talk about the president, and key regulators, for example, they say there are meetings like this at the white house during the great recession. also of note, this will be the very first meeting, the first time, that president biden will be sitting down with the fed chair, jay powell. that coming up, later this hour. jackie? >> i find that very very interesting. we will be watching and hear more from you blake. joining me now to break down what we might hear former congressional budget office director douglas holt ekan. your thoughts on what's happening here. blake says we haven't seen meetings like this in quite some time. >> well, it's actually pretty conventional for the president to assemble the financial regulators earlier in his term, and sort of layout the agenda. i expect that they will, in fact , talk a lot about disclosures at the sec on so called esg, climate-related disclosures they are doing rulemaking on that now it's a controversial area and they will go through that. i think there's a very good
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chance that given the opportunity to have jerome powell and janet yellen in the room the president might ask about inflation and all he's heard in recent weeks and get a quick briefing on that and then certainly, they have been not shy about their desire to use the regulatory powers across government, not just in finance, to pursue a fairness agenda in access to credit, and the locations of houses, and a whole variety of issues and i'm sure they will talk about that as well. >> something on everybody's minds has been what we saw the sort of gamestop stock frenzy, the meme stocks that we've been watching. robinhood's role in trading and making trading as accessible as using an app on every person 's smartphone. your thoughts on what they might talk about with respect to that specifically, do you think they make it harder for people to normal people to access the markets? >> i think they have a problem with that. it's hard for them to say we
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don't want real people, retail investors to be able to purchase stocks and it's the 21st century and a lot of that's going to be done on app-based applications and we're seeing a revolution in fintech in general that they aren't going to turn that tied back. the real issue is looking forward in those areas, and talking about what gaps in the regulatory structure they might see for fintech applications. i don't see a lot there but they may see it differently and i'm sure it'll come up. it may very well go on to digital currencies and other things that have been volatile investment vehicles recently, so that's a good guess at the kind of thing that might come up. >> let's talk about inflation for just one second because i find it so interesting the juxtaposition if you will, that you have janet yellen, the former fed chair within the administration and jay powell coming in current fed chair having to deal with policy and remember the fed is separate from the administration. it's supposed to act independently. what do you think those conversations is going to be today when they start talking about inflation?
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>> well i certainly don't think they will pressure the fed in any way. administrations are far too careful on that front, but that might be some tough questions asked. where is the inflation coming from? how long do you think it's going to last? what's your best guess as to how high it might get? and those are hard questions to answer but the president's entitled to know and i do hope the conversation on both inflation and the volatility and meme stocks and retail investing that we've seen does go back to the american rescue plan. it's $2 trillion that in it end was the source of this volatility and stimulus and financial markets, the source of the inflation in goods and services markets and having honest conversation with the president about where they stand with that, because you have to level with the president it's a mistake to try to sugar coat it and not tell him the truth about the lay of the land. they did something that's too big. we're dealing with the consequences and he should know that. >> we're not only looking in the rear view mirror at that plan, but looking at spending plans in the future and that's why the smart is reacting
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because it's looking and saying if you're going to use budget reconciliation to pass and push all this stuff through, all of this spending then that inflation is here to stay, and janet yellen, you're a part off this administration. how could you not be saying something to the president? i mean, jerome powell basically told us we'll have to adjust and be nimble to deal with the inflation problem. >> there is no question the fed has had to move quicker than they thought it would and it will have to be more aggressive than it would like to, i think, in many ways and it should affect their thinking about the passage of the american jobs plan, the american family plan, whatevers going to happen in nciliation. the biggest mistake be to once again front load that with a lot of big government spending, financed by borrowing. that would repeat the american rescue plan problem, that would exacerbate the problems they have with inflation and financial volatility, if they are going to go forward with that kind of a plan, they better push the spending to the out years and make sure the upfront makes miss call sense. >> they better we're not sure if they are. we'll be watching thank you so
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much for that, great to see you. the restaurants of course are the next industry that have been hit by the global chip shortage. it's not the kind of chips that you eat we're talking about here it's creating all kinds of challenges for restaurants. "coast to coast" trying to bounce back from the pandemic, grady trimble joins us now in chicago with the details for us, hey, grady. reporter: hey, jackie. the big problem is what they call these point of sale systems you might have heard of the brand toast that makes this one and a lot of restaurant s across the country, but of course, there are computer chips in these and therefore, restaurants are having a hard time getting their hands-on them. you place the order with the waiter or waitress, it sends it automatically right back into the kitchen so they can do things a lot more efficiently especially right now when they are dealing with a labor shortage. kristin vaughn is the owner here at corcran's one of them, so you are having a heck of a time getting these things you just got your hand on some but when did you order them? >> we ordered them in february, and we just got some last week
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so we're glad to have them and we're glad to be open. reporter: talk about, i mean they pretty much do everything, these days. everything is electronic. people might not realize that, but it really helps your business run more efficient. >> other than making the drinks and making food, it does everything else for you that's correct. reporter: it keeps the books even right? you've got receipts on here, everything. >> right it's everything. reporter: it's critical for the business if you don't have them it's a challenge. what about new businesses? i would imagine this be a big barrier-to-entry if you're trying to find these point of sale systems and they aren't making enough of them. >> that be difficult to be open without them but you could obviously start with the old keeps and stuff like that but at least take your credit card so without taking credit cards now days you aren't able to do business. credit cards are everything. reporter: this is sort of a one- two punch because a lot of restaurants all over are dealing with the labor shortage, prices are going up, how much of a factor are these challenges with the chip shortage or is it just an ancillary additional problem that you deal with?
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>> it's just one more thing we have to adjust and make work and make do with what we have and we are able to do that because in this business you have to be. reporter: you've been resilient all year. i know you'll get through this as well. jackie we came here on a good day, it's beer delivery day on this monday. we did reach out to toast which as i mentioned makes these systems and we have not heard back. >> [laughter] good to see you, thank you. amazon prime day is live, but sellers are warning that there may be fewer items in stock as a result of these supply chain sn afoos. let's get perspective from george b. and michelle schneider on how this could impact e-commerce giants and their customers as well. this is a huge issue, george hitting industries and big box retailer, hitting small industr ies everywhere. a girlfriend of mine was telling me it's hitting the bicycle industry, i mean, just everything is getting backed up
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because of the pandemic, people not working, it doesn't seem to be getting better yet. >> well, jackie, you put the car in the garage for months and months and months and then you take it out and expect to go 0-60 in three seconds and it misfires and kind of curves over to the right a little more than you'd like and you're surprised by that, and really it's absolutely no surprise, the supply chains were basically dormant for quite some period of time, and now they are hot and there's a need for all of this stuff to flow through the supply chains efficiently and effectively, and they just aren't. it's going to take a while to re coup and then you've got inflationary pressures beyond that so people with getting squeezed on the margins having to reprice their goods so it's a lot to juggle all at once. >> michelle? when you look at this , when do you think things will be back to normal, there's part of, you know, the school of thought that things will never be quite as normal as they were again, because the pandemic has just shifted our consumption patterns and all of this online shopping that we're sort of just going to have to readjust a little. >> well, yes definitely we can
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say more of a new normal than back to the old normal but in terms of amazon just looking at that and the supply chain, i mean, that is totally real, but what's so interesting about amazon in general is that the 24 hour delivery has already stopped, even before prime day. when i order stuff on amazon now , i have to wait two, three, sometimes four, five days to get something even though i'm an amazon prime member, and so with all of these sellers that are saying they are going to have tough time of delivery because of the supply chain disruption, and you've got the sue easy canal blocked up a couple of big ports in china, when will that go away? i think that it's going to take a bit longer here, because it's not just the only problem. it is definitely illustrates the entire problem that we have, which is just a whole cost of raw materials going up, the shortage of raw materials going up, the demand out weigh ing the supply, and then you add the shipping problems and those costs going up, so i
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think it's going to be an interesting prime situation, prime day situation, for amazon here. last time they made 10.4 billion they are projecting 7.3 billion, and we'll see if they meet that goal. >> it will be interesting to watch and george those numbers are really important. look amazon was seen as a saviour during the pandemic, right? we all were stuck at home and we were ordering packages and we didn't care if they came in in two days or 10 days as long as they came and we were able to get the goods that we needed; however, now that things are up and running and people's expectations have changed, their expectations for prime day has changed too. if they don't necessarily get the items when they were expecting them, they maybe disappointed. >> they will be for a while. i do think things are going to get back to normal. i think the wonderful thing about capitalism is it's ruthlessly efficient at maximiz ing profits and maximiz ing speed of delivery and amazon is a genius at that but it will take sometime and in the long term the inflationary threat is bigger than correcting
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the supply chain situation, because i think it's going to be really hard for these wholesalers to pass through their price increases to retailers and retailers passing through to consumers. i think there's going to be a lot of pain along that supply chain in terms of pricing as we go forward. it's going to take a long time to reset because i don't think the inflationary pressures we're seeing are done. i think they will keep coming. >> that's a really good point because i think a lot of market participants would agree and they are worried about the inflation, how long it lasts so michelle i'll go back to you because you broke this out very nicely for us looking at some of those specific industry groups. when you see the price of the raw materials go up, the only thing that could happen is it gets passed on to the consumer, but at a certain point the consumer is not going to be able to afford those prices and maybe isn't going to be spending as much. they tighten up. when you see that happen, not just on amazon, but at restaurants and across-the-board with spending, all of a sudden you have a bigger problem for the economy. >> yes, and i certainly totally
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agree with gary but i also will say that i think the stagflation scenario is something we've been talking about for a very very long time. i am around long enough to have seen the last inflation cycle and the stagflation happen and even before my time there was a stagflation period that went on for a very long time from the late 60s until we got into a hyper-inflation and finally after that we got into more of a growth, and i think that all of these factors that you just mentioned, jackie, are real. these raw materials, you can't just say wow, we need more raw materials and take them off the shelf. they grow, they mine, and there has been a real deliberate cut back before the pandemic because there was such low prices and then you have that factor took so when you add it all up, i do think it's going to pinch the consumer. it already is, anybody who goes shopping now realizes they will spend a lot more and i see that continuing, at least, at least for another year, maybe two. >> and george i just want to make a point because we've
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talked about it indifferent aspects on this show, where we're getting the raw materials from as well, right? inflation sends prices up and that's part of the problem and the supply chain but a lot of the problem is something president trump was trying to do away with getting a lot of our supplies from china and this almost makes it impossible not to, right? >> that's exactly right, and i would focus on something more high-tech too, jackie, which is taiwan semiconductor, which manufactures most of the semiconductors we utilize in all our high-tech components and automobiles and everything else, we've seen a severe shortage in that and there's a major effort on the part of the government to bring manufacturing capacity for semiconductors back to the u.s. , so we don't have a bottleneck there which is very possible especially with china rattling taiwan right now, jeopardizes that whole situation so there's lots of things like that going on lots of cross currents and it's very difficult to manage effectively right now. >> you can see with the semiconductor shortages doing right now to us here at home. there are basically semiconductor chips are in
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everything that we use, some component of that. even in cars you wouldn't imagine it so it be a big impact and we need to work on some things, trump adminitration was doing it doesn't seem like this administration is. george, michelle, great to see you both thank you for laying this out it's such an important complicated issue for people to understand. >> thank you, jackie. >> coming up the 2021 tokyo olympic games just around the corner and officials are making an announcement pertaining to fans attending the events. we're going to discuss that after the break. >> ♪
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or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. >> just 32 days until the olympic torch is lit in tokyo for the start of the 2021 summer games. now officials are allowing limit ed capacity to attend the event. fox news has more. reporter: yeah, hi jackie well the goal, of course is to
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try to prevent the summer games, the world's largest sports event , from becoming a super spreader event, and with a little more than four weeks to go until that olympic torch reaches the opening of the welcoming ceremony, today, officials said they think they've got the right formula to do just that, and allow spectators to attend. the japanese are going to cap the number of fans at 10,000 per -venue, or 50% of a venue's capacity whichever number is smaller. so even though, for example, japan's national stadium has a capacity of almost 70,000, they are only going to allow 10,000 people inside. effectively, one person for every seven seats. if a venue's capacity is 500, maybe the swimming pool complex if it's 500 that means 250 can go in, but that's not even the half of it. the rules are what are really interesting. you have to wear a mask of
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course, and you're not allowed to cheer. that's right. no cheering and when your event is over you got to go straight home, no hanging out at the bar. that won't be far for most people because fans from abroad were banned from attending all the way back in march. even still, more than 50,000 foreign officials, you know, are related to the olympics and of course the athletes themselves are allowed and one member of ug anda's team who was vaccinated by the way just became the first athlete to test positive in japan so this is not going to be easy, especially considering that only about 6% of the japanese population is fully vaccinated. that's, by the way, one of the lowest vaccination rates in the world for an advanced economy. now, japan's chief medical advisor says the only real way to hold these games at a safe way is to have no fans inside the stadium. the organizers argue no, we can do it we'll try to make this work, though they say, hey, with the time we still have to go, they're not ruling out
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having to change course, and in terms of how far we have to go, the games start on july 23, so that's what, a little more than four weeks from now. jackie? >> all eyes will be on it, thanks so much for breaking that down for us. meantime, we're following a story about the supreme court ruling unanimously today that the ncaa has legally restricted benefits that could be used as compensation for student athletes. sports agent and dle agency founder doug eldridge joins us now. it's always great to see you. this is a really interesting story the national collegiate athletic association their argument, right, was basically that amateur status of players be impossible to maintain and if they were receiving money for things before they sort of, they were on, they graduated and got on this larger stage. the supreme court is saying no, they are allowed to get that compensation so how does that change the playing field? >> well first of all, it's unique that this decision was a
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9-0 unanimous decision given the division and the court right now. judge gorsuch wrote the unanimous decision indicating which upheld all of a sudden which said it was illegal or improper, the violation anti-trust laws for the incident related to place an artificial limit on the education connection benefits, and obviously education connected is the caveat there. essentially what that allowed to open up jackie is no schools can place this artificial ceiling on how much value could student athletes, a marketing term created by them, the student athletes can receive in terms of education connected benefits. the interesting thing of this and this really goes to your question which is what judge kavanaugh wrote as well, he took a different view in this regard saying that the ncaa is not above the law and they really tipped their cap and led the pathway for an absolute wild west, name, image and likeness, regulation coming down the pike which is on the table just up the street on the capitol hill, a july 1
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deadline for congress to have a mandate passed but we're not there yet. it's interesting because as i'm hearing you explain this it's almost like a free market conversation, right? the ncaa is saying, we want to regulate this , we want to control it, in some way, and in the justice's opinions they are basically saying no, we're going to let free market dynamics rule >> 100% and look i'm an agent, a publicist and analyst but i'm also a capitalist and you hit the nail on the head. this is absolutely a free market dynamic. you're placing artificial barriers and ceilings on growth potential and arbitrary limiting who can benefit under what circumstances. this goes beyond basic regulation of the market. this is unfair and undue in pinchment of that regulation. not allowing students drawing a salary to be a football player, i'm saying not being allowed to cash in on your name, your image and your likeness, being used up the street. >> yeah, you're the up and coming michael jordan, you know, you should be able to get those education-related expenses but i guess that is the
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fine line and you bring that up as well, that you got to walk that line, and stay within the confines of it, right? >> right, well and remember, in 115 years that's how long the ncaa has been around they've become a multi-billion dollar entity. march madness alone does $1 billion in revenue for the ncaa. the bowl games add-on top of that a multiple so this is not little sisters trying to maintain their status saying we need every penny we can keep. the disparity in income and value being exchanged between the two propositions is staggering and that's why judge kavanaugh took a fervent role out of the gorsuch majority opinion and why, by large part, we looked at a 9-0 decision. i don't think anybody necessarily predicted that but it seek speaks to the fact everybody including a robinhood dynamic they are viewing the ncaa as the sheriff of notti ngham in terms of what they're owed. its been a longstanding imbalance and i think we're going to see a writing of the
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ship in the very near future the writings on the wall. >> there are check and balances within the court, 9-0 says al doug always great to see you thank you. >> thank you jackie. >> coming up, moderna ramping up production for covid booster shot. and some people may need them as early as september. so we've got those details for you coming up ahead. >> ♪ there's interest you accrue, and interests you pursue. plans for the long term, and plans for a long weekend. at thrivent, we believe money is a tool, not a goal. to learn more, text thrive to 444555, or visit this isn't just freight. these aren't just shipments. they're promises.
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bob lahita joins me now. this is a big concern we've got variants out there, vaccination rates that are dropping off and so we're doing great as a country, but the worry is that things could get bumpy or potentially dicey. >> yeah, i agree, jackie. things could get bumpy with the two variants from india, the kappa and delta variants. we think pretty much that the delta variant is here in the country right now. it is very infective, and highly transmissible, and in states like alabama, mississippi, wyoming, louisiana, where the vaccination rates are very low, this is a risk. we could see surges in those states. >> when it comes to the vaccine that we have right now the ones that have received their emergency use authorization, you know, it seems like the general montra is get the vaccine, it'll protect you from covid-19 covid or what they thought it was but it'll also impact and protect
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you from these variants as well. >> yes, that is correct. it will protect you. now, we have some data from pfizer which says that one shot is not good for the variant. you're only about 33.5% protect protected but if you get the second shot which we hope everyone will do with both moderna and pfizer vaccine, it will protect you against these variants. we don't know and don't have much data regarding the j & j vaccine but i presume it is the same as far as the variants go. >> okay and we have the numbers up before roughly 47% of americans are fully vaccinated, a little bit more than half have received the first shot as you're saying because a lot of these vaccines are two doses. let me ask you about thias we're heading into the fall for those of you who are fully vaccinated, we've had the shots i hartsfield-jackson and j so i only one one, but what are the options for booster s and what's the reality that i'm going to need a booster shot to get back to business in the fall?
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>> well the data are not really in yet regarding the boosters. they're looking now at the 60,000 people that were in the phase iii trial. essentially, the phase iv is the public general. most of us are protected the numbers have plummeted we're not wearing masks outdoors. both moderna and pfizer are developing booster shots. now, with regard to novavax which is not approved for use in the u.s. , they're also developing a booster. so i think the booster, we've heard from moderna that they are going to make the boost era available in the fall but i'm not so far it's going to be necessary. cellular immunity, and adaptive immunity is very very potent and strong and should last over a year. >> final question, really quick because we're talking about the olympics and some of the rules they are going to impose have you to wear masks, you can't cheer, you have to be seven seats apart yet last night at madison square garden it was a concert and packed, but entrants had to show they were vaccinated first to enter.
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this seems to be the new normal, that either to get those stadium s packed you need to show that proof. >> yeah, i think that's a little bit out there, my personal belief, it's sort of an infringement on personal freedom, but we do want to keep those people who are not vaccinated safe. most of us have been vaccinated. i don't know whether i agree with them having identification cards that are sort of an intrusion on your personal health records et cetera but that's my feeling and my feeling alone, jackie. >> doctor great to see you thanks so much for your insight. >> thank you. >> well, iran's new president-elect starting off with a bang, if you will, refuse together meet with president biden. what it's all going to mean for nuclear deal negotiations, next. when traders tell us how to make thinkorswim even better, we listen.
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>> well, iran is saying that it
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wooten negotiate on tehran's ballistic programs this as new president-elect reici said monday that he's not even willing to meet with president biden. fox news national security correspondent jennifer griffin joining me with the details on that. jennifer, hi. >> hi, jackie. well diplomats met in vienna on sunday for a sixth ground of indirect talks between the united states and iran, about reviving the iran nuclear deal, just hours after iran held a rigged election that saw a hardliner elected president with a historically low turnout. the new iranian leader who takes over in august, abraham rieci, the chief justice of iran's judiciary is already under sanctions by the u.s. for his role in human rights abuses. he said he would refuse to meet with president biden and that iran's ballistic missile program , as you mentioned, something the first nuclear deal ignored is non-negotiable.
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>> we vigorously object to the world view and the outlook that he has put forward, we don't share his values or interest but chris we also have to keep our eye on the ball. the person who will call the shots on iran's nuclear program. it's the supreme leader. >> israel still strongly oppose s a new nuclear deal. its army chief of staff was at the pentagon today, over the weekend, israel's new prime minister naftali bennett issued a warning to the united states. >> selection is i would say the last chance for the world powers to wake up before returning to the nuclear agreement and to understand who they're doing business with. these guys are murders, mass murders. a regime of brutal hangmen must never be allowed to have weapons of mass destruction. >> meanwhile iran's only nuclear power plant mysteriously
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shutdown on sunday. iranian officials said the emergency shutdown would last three to four days. jackie? >> jennifer griffin thank you so much for tax a lot to watch as we see the situation unfold in iran. meantime, president biden meeting with financial regulators including fed chairman jerome powell right now , at the white house, charlie gasparino has more on what we can expect there. wow charlie if i could be a fly on the wall in that ram, room, ha? >> it's not about interest rates ironically. it's about how these regulators and i believe janet yellen is there, the treasury secretary, gary gensler, the sec chairman, and jerome powell the fed chair, and how these regulators can essentially force corporate america to adopt social governments environmental goals. again, i do not know how the fed weighs into that whole scenario but that's what they are talking about. how do you guys, you meaning the top regulators and the top head of the central bank of u.s.
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corporations and wall street, how do you get companies that you regulate meaning public companies, to endorse essentially a political movement that's going on right now, in corporate america that corporate america must abide by very woke standards in terms of reducing carbon footprint, in terms of diversity goals and mandates, and a host of other issues so that's what they are talking about now. what i've been doing is talking with pr people, and executives in business, and as to what might come out of this , and what might happen if this stuff gets basically codified into law and what they are talking to me about is that public companies, big and small, are bracing for this to have to spend tens of millions of dollars each to comply with these edicts, these disclosure edicts so you're a public company x, whether it's jpmorgan, or some small company , amc theaters, for example.
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you're going to have to go out and hire teams of lawyers and consultants to make sure every one of your builds has environmentally, meets certain environmental standards. you're going to have to make sure that your business itself meets certain environmental standards. you're going to have to make sure that even your offshore subsidiaries might have to meet these specifications and you're going to have to disclose all that to investors and i am telling you, jackie, that the numbers that they are talking about is for a big company, a multi-billion dollar conglomerate. might have to spend 70, $80 million to comply with these things. they can handle it. they can spread it over their, they have economies of scale, but if you're amc theaters, a smaller company, that's a little bit of a problem right now, with streaming and pandemic lockdowns you're going to have to spend millions of dollars to comport with that stuff. >> and charlie it'll put you out of business.
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>> that'll really eat into your bottom line so here is what we know. they are meeting today. i talked to lawyers and consultants they say the biden administration is deadly serious and pushing us through, it'll likely be pushed through by the securities and exchange commission that will pass some rule that will demand certainties closures and there's pushback from the business community no doubt look for pat toomey the senator from pennsylvania to pushback as well but until the republican s take kong congress and house and senate or both the sec will probably get this through and it's not much anybody can do about it. back to you. >> well i think you just explained why jay powell be in the room if they aren't talking about interest rates or the overall economy right now in the state of it. policy like this could create a very very up-ended situation for many different businesses, as you mentioned the smaller businesses are going to have a tough time and then that will become jay powell's problem. charlie: well, i don't know about that. he is the nation's central
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banker. he's supposed to be worried about creating full employment and low inflation. my guess is he's involved there, because biden just wants to show a solidarity but i just don't know what the fed could do. i mean could the fed say we're going to keep interest rates low forever so it'll enforce, so we can advance environmental goals? i mean, maybe. but this is really like we're in indiana comedy hour here, to a certain extent. >> it's not that funny but i hear you charlie gasparino, great to see you thank you so much. coming up, senate democrats are set to bring a voting reform bill to the floor this week, but their main goal may have nothing to do with elections. >> ♪
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>> democrats will bring their sweeping election bill to the senate floor this week, where the plan appears to have zero chance of passing, but sets up a possible filibuster battle, chad pergram live on capitol hill for us. reporter: good morning, jackie. well, this is the first real test of president biden's agenda
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the senate takes a procedural vote tomorrow to launch debate on s-1 the democrat's voting rights bill. but 60 votes are necessary to trigger debate. it's expected to fall well short republicans won't help democrats , the bill lacks the support of all democrats, but that isn't stopping the white house. >> this is going to be a cause of his presidency, and yes, i wouldn't say we expect there to be 10 magical votes to appear from the republicans and the senate. they've been pretty clear that they don't want to make it easier to vote. they don't want to make it more accessible to vote, so this is just a first step. reporter: democrats will use tuesday's vote and others in the coming weeks to show the gop is blocking bills and that's why some liberals are pressuring moderates like joe manchin of west virginia, to change filibuster provisions. lindsey graham has been there before. >> it was very unpleasant to be beat on every day by the president of the united states, president trump, and his allies, to try to change the rules in the senate, to have their way. i said no because it's bad for
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the senate. i hope these democrats understand it's bad for the senate to change the rules. reporter: the pressure campaign isn't working, democrats are also undercut by their own side and this would demonstrate the limits of the democratic majority in a split senate. jackie? >> chad pergram thank you so much let's bring in republican florida congressman byron donald s. congressman great to see you. you know, lindsey graham, in part of the conversation, he also talked about it's a big power grab in this country, specifically this bill that mandates ballot harvesting, no voter id, it does away with the states being able to re district when you have population shifts, yet you have jen psaki in that sound bite saying oh, see the republicans they don't want to make it easier to vote. no, the republicans have a very specific agenda, and that's to prevent voter fraud. >> jen psaki continues for this administration, and it's terrible policy that's her job that's what she's doing but the reason why s-1 is never going to pass the senate is
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because you're not going to find 10 republicans to vote for it, even joe manchin doesn't want to vote for it and it's very simple it's a bad bill. it destroys voter laws all across the country. listen, florida has the best election laws in the country. people can freely vote, there's two weeks of early voting they can get absentee ballots, go on election day nothing that stops a person of color or any person for that matter from voting in the state of florida. s-1 will complete it evicerate florida's election laws. it's a bad bill. it's a bad idea and furthermore, the federal government has no business in elections. under the constitution, it is the priority of states to conduct elections, not federal politicians. it's a bad bill it should never get out of the senate. >> but part of the problem here is the messaging right? when you have jen psaki making statements like that the average person in this country that may flip on the news and really as informed as they should be, for example, might just think oh , of course, well you've got the republicans and you've got
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the gop saying we don't want to make it easy to vote. i mean, that's a problem with respect to how people understand what's happening across the country. >> listen i'll tell you right now i'd love nothing more than to debate jen psaki on this point because if you look at florida's election law, even proposals coming out of texas it actually does make it easier for people to vote. if you're working class american , whether you're black, his hispanic or white you have more access to the ballot. nothing stops you from going to vote. i can't help that the democrats lie about this issue, but the fact of the matter is, it's easier to vote in florida than it is in delaware, which frankly has not been run by republicans for a very long time. so it's important for them to understand this point, republicans want to make sure that elections are secure while providing people access to the ballot. we've done it in florida. we've been leading the way for a very long time. >> we've seen legislation in georgia and we've seen it in texas as well trying to sure up
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the rules, to make sure everybody has access to vote, but that they could vote with integrity. >> that's all this is about. we want to make sure that everybody's vote counts. it is protected, the counts are secure, so everybody can believe in the results. hr-1, s-1, whatever you want to call it, that crap bag of policies would make our elections even more chaotic. it will bring more distress. you would have more questions, and we wouldn't be able to actually move off this question. the reality is, in most of the states, the vast majority, frankly, all of the states, as long as people don't change the rules, elections are simple and people can go and cast their ballot. they are not being stopped and i'll challenge jen psaki, and the left. if you're saying people of color are being discriminated against or disenfranchised bring the civil rights lawsuit. they won't bring one, because it doesn't exist in america. >> congressman, we'll have to leave it there thank you so much for your time today. >> anytime. >> we're watching the dow
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♪. jackie: some big news coming for netflix. stephen spielberg's production
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company signing a deal with netflix for multiple films. no details yet when we see the movies hit the streaming service or how many the legendary filmmaker will produce. shares of netflix currently down over 1%. meantime it is to send it over to our friend charles payne. we have a dow up 598 points, charles. i'm expecting you keep it in the green? charles: i will try my best. thank you so much, appreciate it. good afternoon, everyone. i'm charles payne. this is making money. breaking right now, the march of the if he soldier. federal reserve speakers including jay powell lining up to pick up the pieces after one of their own hints at a rate hike sooner rather than later. what does the street need to hear and how should your portfolio be positioned? money coming out of commodities, except bank of america calling chorus of folks calling now 100-dollar oil. i will ask scott


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