tv Cavuto Coast to Coast FOX Business September 24, 2021 12:00pm-2:00pm EDT
an eyesore. so gustav reitched to another city -- repitched to another city, paris. you didn't know that, did you? >> i can't imagine paris without the eiffel tower, can you? [laughter] stuart: well, thanks, everybody. lauren, susan, ashley, great show. neil, in three seconds, two, one, it's yours. neil: all right. stuart, thank you very, very much. we are following what's going on with the washington drama here as to whether we're going to see the government shut down. there are a couple of key moments in in that you're going to want to pay attention to. in fact, we just got word out of nancy pelosi here that she's optimistic that things could get done, saying that the house will move forward, her words, next week on infrastructure and the $3.5 trillion budgeting bill. that's significant because they've been sort of joined at the hip here. but timing is everything. some of the looming deadlines
include monday when they're, hopefully, hopefully, going to vote on that roughly $1 trillion infrastructure measure, then a couple of days later, on the 30th, government funding technically runs out. that would be bad if you have no more money, but again, there are ways they could rob peter to pay paul to keep the whole thing going. but that would be the exact date we are technically out of dough. engen, i stress that there are ways -- again, i stress there are ways to push the deadline further back. october 15th, if nothing has been done, we would be facing a default on our debt. remember what defines default is not making a payment on a treasury note or bond. some extend that to believe not making a social security payment, a payment to a soldier. you could argue the nuances here, but if you're at that stage, trust me, you're in default territory. let's go to chad pergram where we stand right now. chad, what can you tell us? >> reporter: good afternoon,
neil. the first test vote to avoid a government shutdown and a crash with the debt ceiling comes monday afternoon in the senate. majority leader chuck schumer has teed up a vote to clear a filibuster on the bill. it needs 60 yeas. it will likely fail. the gop will filibuster. republicans say democrats should stuff the extension into their social spending plan. it's exempt from filibusters. >> the ability to carve out just for a tet ceiling vote -- debt ceiling vote, they have a hard time doing that on their own because it may harm them. >> reporter: there's growing worry in washington about the consequences the train wreck with the debt ceiling. >> we hear all of these horror stories about the four men of the apocalypse and locusts and everything else coming, why would we think that wouldn't happen this time? >> public sentiment is everything. again, we'll keep government open. we'll have the votes to do that. >> reporter: a default could force treasury to suspend entitlement payments to
americans because it simply lacks the cash. house speaker nancy pelosi will call the shots on what to do. >> i think speaker pelosi is the tom brady of the legislative process. you can continue the football analogy and say that she's got the design play, she has the read option and she has her second read option, and she knows how to use those. >> reporter: the government shuts down thursday morning. congress could probably address the debt ceiling in early october. neil? neil: the first time i've heard the speaker compared to tom brady. you get something new every day. chad, thank you very, very much. chad pergram on that. hillary vaughn, meanwhile, on the rollout here and what the speaker is juggling to keep everybody happy. hillary, what can you tell us? >> reporter: neil, we knew that speaker pelosi is holding a press conference on the build back better act including the hard infrastructure bill and the $3.5 trillion reconciliation bill. we're expecting her to reiterate what she told house democrats in
a letter just moments ago, that they do have a date or at least a time frame for when they're going to pass the $3.5 social spending package. that will happen, pelosi says, next week. we'll see if that placates progressives who wanted a firm commitment to make sure that the reconciliation package is prioritized and, ultimately, passed before they have a vote on that a hard infrastructure plan. but pelosi is also having the house begin mark-up of the reconciliation bill. we just got the full text of the house version of the bill. it's about 2400 pages. that is also a good, a show of good faith for progressives who have made it very clear they plan to sabotage the passage of the hard infrastructure bill if it goes as planned on monday without any commitments that the reconciliation bill will be passed in the senate and ultimately make it to the president's desk. but not only are progressives threatening to revolt the hard infrastructure bill if it
happens on monday, but, of course, as we've reported, republican members are also whipping their members to vote against the hard infrastructure bill as well. >> and a trillion dollar infrastructure package that's historic that's literally out of the senate and sitting here waiting for us to consider in the house, you know, that would be horrific, obviously, for the country. >> reporter: president biden also saying today he gets why people are frustrated with the way things are not working in washington right now, and he says he's frustrated buzz the think -- because he thinks all the back and forth between the progressives and mod rates, these negotiations are overshadowing what's in the social spending bill. >> but the problem is with everything happening, not everybody knows what's in that plan. we're at a stalemate at the moment, and we're going to have to get these two pieces of legislation passed. >> reporter: and, neil, one important point to note, what is the ultimate, ultimately the house is trying to vote for next week, that $3.5 trillion
reconciliation bill. that does not necessarily reflect what will ultimately get passed in the senate. so even if there is a vote on this reconciliation bill, there still is not necessarily a deal between mod rates and progressives -- mod rates and progressives in the senate over what should make it into the package. so the house could be voting on something that, ultimately, will never make its way to the president's desk as they voted on it. it could significantly change in the senate. neil? neil: all right. thanks for that, hillary vaughn at the capitol. now let's go to the other end of pennsylvania avenue and how the president is weighing in on all of this. he has some big meetings there including an unprecedented four-way meeting. let's go to edward lawrence at the white house with more. >> reporter: should be very interesting, all of the countries involved have had issue with china's sort of testing limits there. some of those issues were economic, some of them more overt. right now i can tell you that
the president is meeting with the prime minister of india, that's going on the oval office which india shares a physical border with china. now, a senior administration official tells me china has increased tensions on that border. listen. >> -- that the relationship between india and the united states, the largest democracies in the world, is destined to be stronger, closer and tighter. and i think it can benefit the whole world. >> reporter: the president showing. unity with india there. the chinese flexing muscles also affecting japan and australia who will be are in the meeting later on this afternoon with the prime minister of india. japan seeing an increase in chinese ships in the south souta sea, china saying any ship entering that part of the sea has to announce itself, the u.s. sailing the seventh fleet into that area. a senior administration official tells me this quad meeting today
is not about a military alliance. it's the countries that will look for other ways to push back against chinese aggression. that official adding we're coming out of a period of really long and consequential conflict, and we are now doubling down on diplomacy like the president told the u.n. this week. >> and as we close this period of relentless war, we're opening a new era of relentless diplomacy, of using the power of our development aid to invest in new ways of lifting people up around the world. of renewing and defending democracy. >> reporter: and in one of those examples, the might be the u.s. giving australia the nuclear-capable submarines that are silent. they'll get those in about 18 months from now. so as the chinese come with maybe a stick, the u.s., the white house now indicating that they may try to work with allies, try and find other methods and use diplomacy to sort of counteract what the chinese are doing.
back to you. neil: all right, edward lawrence at the white house. there's a lot we still don't know about evergrandor e, in fact, did it even make that note payment that was due yesterday. no way of telling. it doesn't look like they did, but of course, that would technically be a default. i want to get an idea whether we should be worrying about any of this, whether there are any reverberations here. some have said this could be the modern day version of the lehman brothers collapse. i think my next guest would know. dick grasso is the former ceo of the new york stock exchange. let me just ask you outright, is this another lehman in the making? >> well, i think beijing and particularly president xi wants to avoid creating another lehman brothers default. you have to remember, neil, the interest payment due yesterday and the one that's due next week both carry 30-day grace periods.
so i think beijing is now trying to figure out what to do about those payments, recognizing that they have a domestic payment that was due this week that they met. so i'm troubled, and i think investors outside of china have got to be troubled by the fact that they appear to be taking care of domestic investors and turning a cold shoulder to those outside of china. that's a major problem both with respect to evergrande and in terms of public confidence going forward making investments in china. you also have the great difficulty that beijing's leadership is facing as to what to do with these uncompleted projects within china. so i think the president,
president xi, has a lot on the plate now, and the credibility of beijing is on the line with investors both domestic chinese investors and global investors. i don't think he wants to see a lehman-type collapse. i think he's taking a hard line right now with evergrande, but i think it's much easier to back down than it would be to back up. neil: you know, it's interesting when you talk about maybe his concern for chinese investors or, you know, keep it within the country than outside players, but there are a lot of outside players who directly or indirectly have interest in how this all sorts out including blackrock, jpmorgan, vanguard, fidelity, ubs, goldman sachs. this is not a large a part of their overall portfolios, but for some of their asian funds and the rest, it's a significant
weight. and i'm just wondering if the whole thing goes belly are up, what would be the impact then? >> well, and i think that's exactly why beijing is trying to figure out right now how to avoid the whole thing going belly up and how to avoid, most importantly, the global perception that domestic chinese investors would be treated differently than global investors. remember, neil, this company has $300 billion worth of debt, and that's a very, very significant number. however, there is perhaps as much at stake in terms of global investors looking at equity participations within the people's republic. so -- and i don't think it's in president xi's interest to see this thing go toes up. i do think they're trying to
work out how the workout will occur, and, you know, he thinks in cycles beyond the next year or two. he thinks in cycles of 5, 10, 25 and 50 years. investors, global investors will not forget if they're treated differently than those within china. so i think whether it's blackrock or any of the other major players who have the debt but also have large equity stakes through their sector funds, they're right now sending an important message to beijing's leadership, do not treat us differently and do not create a lehman-like catastrophe. neil: to that point, jim they nose, you know, the -- che nose, the hedge fund giant, he said there are many more evergrandes
out there, they're all simply, you know, looking at departments that can't be serviced. -- debts that can't be serviced. he's saying the whole chinese property market is on stilts. now, if he is right, this could go way beyond just one company, right? >> well, there's no question, neil. but again, if you're the leadership in beijing and if you're president xi, all right, recognize that you've got both a domestic problem on your hands, and you've got a global problem on your hands. and of course the long-term focus of the leadership in beijing is when do we become the world's global economic leader. that will never happen if they allow this thing to go toes up. i think they're right now trying to figure out a proper balance and a proper, if you will, due
diligence making certain they don't interrupt their 50-year plan to be the world's largest economy. you treat investors outside of china differently than you treat those domestically, it will never, they will never achieve their goal. neil: that's very interesting. that's very interesting. dick grasso, very good catching up with you, my friend. the former big cheese at the big board, dick grasso. want to remind you of something, we're talking about the spiraling effects of something like this. some say it could lead to runaway prices, that things get out of whack not so much for stocks, but the underlying inflation problem could really, really get out of control. that's one of the many issues we're going to be exploring on a special show, inflation in america. it's coming up on wednesday, october 13th. you've seen the uptick in prices that have proven a lot more than just transitory. i believe we were among the first to say that history shows that inflation is never
transitory. it sticks around a while. sort of like me, if you invite me to your house. i just stay and order takeout and watch pay-per-movies. you can't get rid of me. but we want to hear from you on, we're very interested in your questions. please send them to invested in email@example.com. video questions are always, always preferred. some of you sometimes can take nasty swipes on me or comment -- at me and comment on my weight or my hair. those will be thrown out. [laughter] you get the point. what are your questions on inflation, what are your questions on what is a serious price uptick and how do you define transitory, and does it worry you for your future, your retirement savings, for your kids if you like your kids. come on, let us know. it's a special show just for you. in the meantime, have you ever been kicked off a jet for unruly behavior? well, delta has you on a list.
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♪ neil: all right, we are getting some more details op nancy's pelosi's letter to colleagues right now in which she promises the house will, indeed, move forward next week on infrastructure and that $3.5 trillion budget bill. we didn't know whether she meant con currently or one at a time. obviously, progressives have said you can't move on the infrastructure measure without getting the $3.5 trillion thing cleared first. moderates just the opposite, so the devil's in the details. she did say as negotiations continue, there may be changes. she has also indicated the talks
over the president's agenda may look like they're at a stalemate but added -- and this is coming from the president now -- that he was confident that both measures would ultimately pass. nancy pelosi seems to be saying that as well. so we'll keep you posted on these developments as they move forward here. that would seem to indicate that come monday they will vote on the infrastructure only package, then shortly thereafter take up this far more expensive human infrastructure package. but it's like pardon pardon pary kabooky theater that would put me to sleep. [laughter] in the meantime, vaccine boosters, some of the confusion, we were told, was going to ease up as soon as we got the fda saying vulnerable americans first and only for the time being. the cdc saying essentially the same thing but then kind of amending things or leadership
amending things by saying front-line workers, teachers, they too can get these shots. it's a mess. but the idea was to make people endorse or sort of wrap their arms around raising their arms again for more shots, it has not done that. lydia hu with the latest. >> reporter: hi, neil. the confusion might be continuing here because it was a rare move when cdc director dr. rochelle walensky broke with the cdc advisory panel when she authorized the pfizer booster shot for workers that are at higher risk. the panel has specifically included people in high-risk jobs like health care workers and teachers, but she agreed with the advisory committee that people 65 and older and adults with underlying conditions should get the booster shot. now, the cdc director is not obliged to follow the recommendations, but it is a rare move to disagree, and it comes after the fda refused to endorse the biden administration's original plan for making boostest widely available.
is now -- boosters widely available. boosters will be offered as soon as this coming week to 65 and older, underlying health conditions and workers at higher risk, they'll be eligible six months after their last shot. there's still a push to get people their first shot. more than 20 statements have mandated health care workers get vaccinated, and millions more will face weekly testing. the policies are raising concerns about worsening the nation's health care staffing shortage. the health care industry's already down more than 500,000 health care jobs since february just before the pandemic, and turnover, it is high. it stands near 20%. and, neil, across the country 993 hospitals reported yesterday that they were critically short staffed. one public health expert tells us she doesn't expect a mass exodus because that plan needs to be put this place. >> i'm sure there will be areas in the country where they will experience that more than
others. and so in those areas where they do experience that, we immediate to have sort of a back-up -- we need to have sort of a back-up plan to make sure there's access to care. >> reporter: the vaccination if rate among health care workers in august stood at around 75%. it has surely gone up since then with this nationwide push to get health care workers vaccinated, but just by how much remains to be seen. consider this, new york's mandate on health care workers to get vaccinated goes into effect on monday. the vaccination rate in this state, new york, for health care workers is 84%. hospitals employ around 450,000 people. so by monday under the current vaccination rate, that means as many as 72,000 workers could risk termination if they don't get the shot. neil: wow, that's pretty soon. lydia, thank you very much. lydia hu. in the meantime, you've heard back and forth about how pivotal it is to fly these days, the mask requirements, in some cases
vaccination requirements. but it leads to some kerfuffles up there, and a lot of people get kicked off for fighting and, i don't know, knocking the teeth out of a flight attendant. but we know who they are. in fact, the airline industry knows who they are, and the head of delta wants to get a list of them together that the9 airlines can share and make sure not a one of them gets to fly again. jackie deangelis on where that's going. >> reporter: good afternoon, neil. no more antics because we're hooking at the airlines, and covid has impacted everything in such a significant way. there's an unexpected consequence here, unruly passengers, and they are becoming a problem. now, during the pandemic because of the new rules like wearing masks when you fly, complaints about unruly passengers have risen. what can the airlines do about it? delta's proposing a unique solution. the airline sent a memo to employees earlier this week advocating for a national no-fly if list to ban passengers who have been reprimanded for inappropriate behavior.
let's take a look at some of the numbers here. unruly passenger reports? they are close to 4,284, and that's coming from the faa. the faa has also logged nearly 4300 of these reports, as i mentioned -- delta, sorry, has more than 1600 people on their independent no-fly list. but creating a national no-fly list, there's a lot more involved there. delta said yesterday's house hearing on rage in the skies is a starting point for this conversation. but, of course, opponents of this argue it's all going way too far and what constitutes unruly behavior, well, having rules and regulations seems to be reasonable, but con text matters here as well. additionally, flight attendant safely would also need to be address as attendants would be essentially policing, and that's not necessarily in their job description, neil. so this is a tough one. neil: yeah. you know, you act up on a flight, you might never
another -- >> reporter: don't do it, young man. [laughter] neil: right? i don't know if i can when the person in front of me puts their seat down, you know? that is when i become wild -- [laughter] i'm not a small guy. i get so enragedded, jackie. thank you very much, my friend. meanwhile, you've probably heard already this has been a busy hurricane season. it just got one hurricane busier. sam is the name, a category 1 storm right now. adam klotz with the latest. what's going on with this one? adam: hey, neil. yeah, this is another hurricane in what's been an active season. this is going to strengthen a lot here in the next couple of days, so hurricane sam currently way out the sea. no threat for landfall now, 75 miles an hour gusting up to 90 miles an hour, but jumping over to a category 4 by the time the weekend is over. not likely to make landfall at least anytime soon. these are several of our
forecast models, and you see a all of them passing to the north of the leeward islands. we are not talking about a landfall, and that runs you at the end of these tracks all the way into thursday. so a slow mover, and we've got a lot of time to pay attention to this one and see what it does. in the short term, it is not going to impact anybody, but it's been an active season. 17 hurricanes thus far, excuse me, named storms. average would be 4. we predicted it to be a busy -- would be 14. we predicted it to be a busy season, and it still continues. we're really chugging along here with our names in alphabetical order. only three more left before you'd again go into the greek alphabet with. we did that last year, it's almost never if done, so it has been an active season. where are wesome statistically we peak in the middle of september, so we're get on the back side -- getting on the back side. we typically have seen big storms in october, it's not over yet, neil, and of course we will
be watching it. neil: thank you very much. man, no rest for the hurricane weary. in the meantime, no rest for bitcoin investors. china has all but effectively said dealing in any of this stuff is illegal. we're cracking down. if you're in it, involved in it, we're coming after you. that should go well. ♪ ♪ ! ♪♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. that's a nice truck. yeah, it's the chevy silverado. check out this multi-flex tailgate. multi-flex, huh? wow. it becomes a step.
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are we still exclusive? absolutely. and that's exactly why you should join. neil: all right, taking a look right , there's been a lot of real developments on this and this crackdown that china now is leading not in the banking area, but what's going on with clip clip to -- cryptocurrencies, vowing a crackdown the likes of which makes the sec head's gary gensler's efforts pale by comparison: this is different than just saying we want to rein this in. this is saying we want to stop it now. what do you make of this?
>> yeah. they've basically came out and said it's illegal, basically, right? neil: yeah. >> they want nothing to do with it, at least that's what the headline says, that they're going to stop it all. you know, it's curious because i think if the market really thought that was going to be an issue, we would have seen a much more dramatic selloff in the cryptos today. and while it was down at one point, ethereum and bitcoin were off 5% and 9%, they've since rallied back. but with by no means are they falling out of bed. so i wonder what the market really is thinking about this, is it going to move somewhere else. i actually think the fact that china came out so hard against it actually gives more fuel to the fire for people to want the continue it, right? -- adopt it, right? in other places around the world. neil: so in other words, they doth protest too much, this notion that you want to kick it to the curb reminds people who might have been 50-50 on this,
what is it about bitcoin and these cryptocurrencies that has all the established players in the world freaking out? >> all freaking out. now, listen, gensler's going to -- talking here in the united states on gensler wanting to regulate it, okay, i get that. i think a lot of people might want to support it because then it gives it more legitimacy and clarity around it. but china suddenly saying, huh-uh i, not legal tender, we're coming after you if you start playing in the space is a whole other level of conversation. so i guess we can only see how this is going to unfold over the course of the next couple of weeks in terms of what the response is. but like i said, if the world thought or investsers thought this was really going to be putting bitcoin and ethereum and the rest of them out of business, i think we would have seen a much more visceral reaction, and we really have not seen that. and so i actually think it's going to embolden it versus, versus kill it. neil: you know, kenny, while i
still have you, cathie wood of ark investment fame made a curious statement about tesla saying, you know, she would sell it when it hits $3,000 a share. it's about a quarter of the way there. what did you make of that? >> listen, it's a great trade. if it gets to $3,000 and she sells it, she's made a tremendous trade. so it's hard or to tell her, you know, that's a bad choice or a bad position -- neil: she seems to think it's going to happen by next year -- >> well, and listen, when it gets there -- right. listen, stranger things have happened, right? but who knows, she may now change -- that's what she says today, but it's not there yet. when it gets there, suddenly the narrative might be different, and she might say, huh-uh, i'm not selling it, or yes, i am going to sell it, it's hit the target, i am going to take some hundred off the table because
she didn't say she wouldn't buy it again if it comes back in or if the if narrative changes and she thinks there's a great opportunity she'd buy it again. i have no iue with the fact she's saying i'm going to sell it at 3,000 because you can't argue that would have been a hell of a trade for her. neil: yeah. and she's been on this since it was under, like, $50 a share. >> right. neil: she's ridden a monster here. kenny, thank you very much. kenny poll carry, slatestone wealth market strategist. we've got a couple of things going on about everyone getting back to business post the pandemic. it's one thing to worry about whether people are vaccinated or not, but do you know the number one problem for restaurants and businesses in the new york metropolitan area, other big urban areas, not so much the status on vaccinations, the status of crime. i'll explain after this. ♪ ♪
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♪ >> happy friday. welcome back to "cavuto coast to coast," i'm casey stegall in our texas newsroom where we're following a story at this hour with the city of austin as it pertains to police calls and the response times. that city is still feeling the impacts of last year's controversial city council decision which eliminated more e than $21 million from the austin police budget and diverted another $128 million to other city departments. that took about a third of their funding away, but just last month the city council voted to give the money back for the upcoming fiscal year. but after the state legislature just passed a bill that prohibits the defunding of any texas law enforcement agency as primarily the reason for that, critics say. it will take time, however,
before that cash is unfused back into the system. so for now, with a shortage of some 150 police officers, they say they'll no longer be able to answer non-emergency calls. listen. >> we recognize the impact that this is going to have on so many across our department. a lot of work went into making these decisions. i am confident that we as a department will again get through these difficult times. >> reporter: now, over the summer many were criticizing the police response times to actual emergency calls. priority ones, as they're known, are the most urgent, and on average it was taking officers up to nine minutes to get on scene to those. so again, these are true emergencies where those precious minutes count. fox news reached out to both the austin police department and the austin police union for comment on this no longer responding to emergency calls. it goes into effect on october
1st, by the way, when the fiscal year begins again. neil, no one has gotten back to us with something in response to this. keep you posted. neil: just incredible. casey, thank you very, very much. casey stegall on that. well, speaking of all things police, you know, crime is a very big issue for those returning to work post-pandemic in a lot of cities, particularly in new york city where crime has been running rampant. it's a particular issue to my next guest, richard cohn. you've been seeing this right outside your restaurant. it obviously scares your workers, probably scares potential customers. tell us about it. >> it is, it is scary. thank you for having me on. you know, our first concern is the safety of our guests and our staff, and if a diner is sitting outside and can't feel comfortable dining subject to somebody coming up and having an armed robbery, it makes an
already difficult business impossible. but on the positive side, we're looking forward to next administration and eric adams who will likely be the mayor with his 20 years of law enforcement, his unique perspective. and, you know, this year it's better than last year, and we're hoping, you know, with the new administration new measures will be taken and people can feel safe dining again everywhere. i mean, it's on 60th and madison. that's restaurant row. if it can happen there, it can happen anywhere. neil: yeah, i know where you are, and it's not an area where you would cite crime as an issue. but it does kind of dovetail, richard, with people returning to the city or the virus is the least of their worries. it's crime that leads the list. probably doesn't surprise you one bit. >> no. i mean, they need to feel safe in order for people to come back
to work, in order for tourists to come back. everybody needs to feel safe, you know? i'm confident that we're turning a corner and things are going to get better and, you know, there'll be a bright future again. we just have to get there. it's been a long road since the start of this pandemic. we're looking towards the end of it, you know, there's new mandates coming down, but, you know, we have to get a handle on the crime, and i think we're on the path to do that. neil: yeah, well, there's going to be a new mayor soon. we don't know which ultimately wins, but they're both hoping to crack down on this sort of thing. richard, i wish you well in the meantime, very, very popular eatery, high-end, good food. all of that. in the meantime, the president of the united states getting ready to meet with his counterparts from india, squaw pan, australia -- japan, australia. he's sending a message here to china.
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presidential powwow, and it has everything to do with china, to send a message that we're a united front, that we won't take a lot of the craziness anymore. i'm just sort of putting it in layman's terms. someone who's far more eloquent joins me now, former wall street bureau chief in moscow. claudia, always good to see you. what do you make of this quad meeting, whatever they're calling it? >> well, i'm actually really happy that there's some good news finally coming out of foreign policy. this is a good thing, that'll. the members of this quad -- japan, india, australia and the united states -- sort of map out the area in which china has been massively expanding its maritime influence, making grabs for footholds and so forth. and while there have been security challenges as the sort of later item, what this really
needs to be all about, has the potential to be all about -- and i'm really hoping is all about -- is countering china. that's what all these four countries have in common, and that's what they should be discussing, and i hope they will. i'm hire they will. i'm sure they will. the thing i hope they recognize if or treat very seriously is that the big threat to us right now is not actually climate, it's not even covid which we are dealing, you know, it's the real threats from a rising and aggressive china. neil: you know, i had a guest on earlier, claudia, who was talking about this dust-up with evergrande and the concern it seems to be on the brink of bankruptcy, and early signs -- still early -- that china will do whatever it can to protect, you know, chinese investors, the hell with, you know, american or
outside china investors. that probably doesn't surprise you, but it rattles a lot of folks. what do you think? >> well, i think part of what's going on there, china actually has been, under xi jinping, has been doing some things pretty devastating to chinese companies. but the point over and over is consolidating communist power. making this monolith of economic -- that they can use as a lever and a club against the world. divide and conquer the rest of us. and with something like evergrande, what they're very likely trying to do, we'll see if they succeed, is kind of gently bail them out in some way that doesn't result in some truly horrific crash. they're not going to do that for anybody else. this is china where they have tremendous problems with overleveraging anyway. neil: right, right.
>> so the question is will they be able to sort of wind this up, remedy this carefully enough so they don't get some horrific crash which i wouldn't rule out at point. but all their efforts are and have been for decades as they've gone through ups and downs -- badly organized economy -- neil: you know, real quickly on that, claudia, i get the sense from them, sorry to jump on you, limited time, that they don't care about the economic impact. it's all about power, getting their way. they go after their most successful companies and ceos, they punish them if they get too big for their britches, and we've seen this play out again and again even if it hurts china economically. all right, we lost her. did she hung up -- oh, go ahead. >> neil, that's exactly right. neil: all right. >> and they're not concerned
with the world. neil: no, they're not. no, they're not. i'm sorry for that confusion, i thought we'd lost you, but we didn't. [inaudible conversations] >> no, i'm talking to you from a hotel room in england. let me just clarify really quickly because what's going on there is china is interested in china. that's it. and anything that will amass power and expand their influence, this is the dream of china.com innocence of the 21st -- dominance of the 21st century. whenever they're talking about concern for covid, all that stuff said is earlier this week including the shared future for all humanity, what he means by a shared future china runs your life, it's that simple. anything that interferes with that, they're not interested. this is all about china by china
for -- neil: well, they're acting out exactly as you said they would years ago when nobody was on this, but you were. we'll see how this plays out into the second act here. claudia, thank you very much for that. all right, the dow essentially kind of flat right now weighing all of this, not too panicked about all of this. more after this. ♪ ♪ (vo) singing, or speaking. reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.
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neil: it was wild, remains of wild for the market, down over 600 points monday, bouncing back kind of the next day and then a really sore in the day after that, flat to today. these are swings i guess we have to get used to lauren simonetti, talk about wacky. >> very wacky and it's a relief the trade today is a very tight range after that topsy-turvy week we saw. monday as you noted look at this the dow jones fell 614, another 50 tuesday and then gained back almost 900 points wednesday and thursday, so from the lao of the day monday the dow jones surged almost 1200 points. on the week the dow and s&p 500 each up about a half a percentage point with the nasdaq under pressure as a value outperforms a growth for the past three days and
tech is also getting hit by china's move to ban crypto currency. you can see bitcoin down to a 400, ethereum down 245 today and so are that minors and the exchanges. why is beijing swinging a hammer again right now? it's easy to say they want to mitigate financial risk, but it could be that china fears capital flight with ever brand-- evergrande, they miss the interest payment today and entered into a 30 day grace period. what happens when that ends? chinese leaders must facilitate an overly wind out of one of the biggest companies without feeling a rush because the property market is 40% of chinese household wealth and all of this, neil, has two or should be done in the next week or so because the golden week holiday is the first week of
october. neil: that's right. lauren, thank you for that. again, we touched on this, but if it's a worry there in china, it's not a huge worry so far here in the u.s. of course, the bigger focus here is on possibly a government shutdown and getting infrastructure measures three with a lot of shouting back and forth. edward lawrence on the efforts the white house is taking right now to communicate to agencies to prepare for the worst, i guess. reporter: not just the white house but treasury secretary janet yellen is sounding the alarm with more than a dozen meetings with the ranking members as well as chairman of financial committees on capitol hill and also meeting with party leadership on both sides, treasury department saying the u.s. won't be able to pay its bills starting at least by the end of october. they don't have an exact date, but republicans say they won't help democrats with unlimited
spending by just suspending the debt ceiling. at the administration as it drives towards the cliff is dealing with the potential of government shutdown and that is something the white house press secretary says the administration is spending a lot of time trying to avoid. >> shutdowns are incredibly possibly disruptive and damaging. direct public health efforts can proceed during a shutdown, but they are exempt and that's our intention, but large swaths come to a screeching halt, but not beneficial to pandemic response but we are doing what we can to mitigate. reporter: the office of management and budget has been telling senior managers and all government department's to review any plans they need for possible shutdown with the senate having a book vote monday to end the filibuster to vote to suspend the debt ceiling until 2022 and fund the government through december. is likely to fail setting up a showdown with republicans assaying democrats control the white house, the house and the
senate, so they should be able to keep the government operating without adding extra stuff. >> they had tied all of these together and i think that's where the problems are and obviously i'm a proponent of stopping the insane spending we see that's triggering inflation and it's horrible for the economy and it's not the right time to spend this much money on policies that americans don't want or need right now. reporter: we have a game of economic chicken. on the debt ceiling no one believes the government will default on their debts were allowed to happen, but the government shutdown has happened in the past appeared on one more note late today in about 30 minutes ago or so house speaker nancy pelosi says the bipartisan infrastructure bill will come up on monday on the social infrastructure she's willie-- a bit wishy-washy. listen. we may not have that. she was asked if they would put the social spending bill up for
next week. her answer was, be patient. we will have to wait and see the picture is obviously trying to get the votes to have the bill go forward at the moment and it doesn't seem to have it. neil: edward lawrence, thank you. this is not only rattling obviously republicans who aren't keen on a lot of the measures the speaker seems to be taking, sort of a balance of the moderates and progressives within their congress, but fellow democrats worried about where it's going particularly the former white house chief of staff under bill clinton listen to this. >> time is up. it's time to do both of these bills. they have to be done together. they have to move it forward and find a number. it will be lower than 3.5 trillion. they have to settle on a number and then find an honorable compromise about what's included in there . it's politically catastrophic if we don't move forward with these bills at this time. neil: the key mentioned there
from him is the number a lot lower than the three and a half trillion, i don't know what the number is they are looking out or mansion and some other democratic senators have been mentioning something that would be substantially less. former obama economic council chair, good to see you. what seems to be saying is you want both past, infrastructure, but not at the three and a half trillion dollars. do you agree? >> i think that's what he's assaying and he was delivering the old line that oatmeal is better than no meal and he wants both bills so he said whatever you got to do, shrink it, change it, move it around to get both bills through, you should do it. far be it for me too argue about negotiating tactics with john podesta, i mean, he knows a lot about that.
i think what joe mansion is willing to do is still a matter of negotiation and he's talking to the president i think they will be able to sort out something, but i don't know for sure. neil: if we don't get to a vote on monday, for the infrastructure only measure, a lot of people say things blow up from there that it's next to impossible man to address the more expensive-- what the progressives one in the party and this could boomerang on democrats. what do you think? >> i mean, if there are dangerous for things like that. the public positions that everyone takes are different from forced to would you vote for this bill with the alternative is you will never get it and we have seen that over the years in the budget negotiations many times. both sides will say i
will never vote for a before b or i will never vote for c, but when it comes down to it if they have to they will, so i think nancy pelosi is playing her cards close to the vest as you would expect. this is playing out exactly like i don't know if it's the nba game where they play back and forth and then the last two minutes they shoot free throws to see how the game will turn out. neil: i assume you are making basketball knowledge there. i'm not really a big sports fan. anyway, i'm curious on another issue hard getting back to your days of president obama with the affordable care act and getting you know that went along party lines, but even-- well, democrats, but that's when the margins were bit bigger. there's no wiggle room right now. nancy pelosi can't lose more than three on her side.
dead heat, can't even lose one if you think about it in the senate, so this is theater that plays out, i'm trying to -- people who would not otherwise vote for something, how did president obama at the time try to close the deal cracks what we hear today is that the president's people are we have to do this modern-day version, has to get done if we have any chance at all of advancing the party in 2022 and the midterms, so they are more or less saying we have to do this for the team. not everyone will like what they will get, but we got to get something. what you think of that? >> a look, that was the argument the desta is making, it's catastrophic if we can't pass these bills so let's just do it. if you remember back in the obamacare days, there was a dynamic where the house passed something, the senate passed a different thing and then went back to the house and the house
who knew the senate might do that, we will never vote for it but then came back and said you have to vote for it exactly how the senate did it otherwise it won't work and so then they ended up passing it that way. i wonder if there's a similar dynamics that will play out here the senate, where there's literally no margin for error has made it so that 50 senators have a veto and that's a lot more complicated than even if you have a margin of three. a margin of zero is more complicated. neil: the president likes to talk about strong economy and you know the wind at our back and all, so you could make an argument, could you not we don't need it something is expensive, i mean, we are going deeper into debt and republicans are fine wants to start lecturing people, i get that, but given what we have seen, given the inflationary spike that's already out there, do we need
something this big? again, not really getting into the size, but the fact that anything of this have to at this time. >> you know, i looked into that. i wonder that. the only things that i will say our number one, this is over 10 years bill and is arguably one 100% paid for or if it's 94% paid for, the paid for spending that is something where you raise tax on high income people to pay for the spending, that's not inflationary and doesn't overheat the economy and is certainly something if we are talking about investments over a 10 year period for infrastructure and other things, i don't think the immediate business cycle is really the relevant thing because as we learned back in the stimulus days, it's not that easy to get shovel ready projects and get the money out
the door in six months or the kind of thing that would be relevant for inflation. neil: he know obviously people will argue that point, but curious about how you feel about the taxes in this and i know the rich we keep hearing should pay their fair share. fair share in the obama years bringing it back up to 39.6% top rate in that rate will likely go back to where it was before president trump to get to 37% but you add on all the other ancillary taxes and then they will be in the low 40s and then you add-ons or taxes for multimillionaires and now you are adding that with high state taxes that bring the top rate well over 55% depending on where you live. what do you call a fair share for the rich? >> look, what i think is a fair share is rooted
in what they are actually paying, not what the statutory marginal rate on one billions dollar is and what we have seen is that since the 2017 tax cut, which was arguably the biggest tax cut for high income people ever in the history of the united states, they don't pay very much money. there are all sorts of income ways that they get capital income that they can pass, kids never having paid taxes-- neil: you are right, but for that crowd, i get that, but we have to go by the published rates what they are and you know no one usually pays in which they are grouped. >> i think the interpretation of the fair share would be to look at the average tax rate that high income people are paying and i think it should be substantially higher
than where it is now. neil: all right, so if the growing rate is 39.6% that very few pay at that level, you are quite right, what should it be? >> look, i have gone through many times and we have talked before. i like the marginal rates going back to the levels that they were kind of historically whether it's under the obama administration or under clinton administration and then i favor getting rid of a whole bunch of those what i consider loopholes, others consider deductions and that you can raise more money from high income people in that way. it's the same-- it's the same on the corporate side where statutory corporate rates that companies don't actually pay and you have got 25, 30% of the most profitable companies in the united states pay
zero, that doesn't make sense to me. i kind of think we should aim for a bunch of revenue sources that you raise the tax rate pay and if we can keep the marginal rates from going up too much, that would be better. from what i have heard-- neil: you are not-- you are not in the bernie sanders camp that says back in eisenhower and kennedy years, kennedy tax cuts, the top rate was around 70%. >> 90% or something. neil: 90% in eisenhower. you are not in that crowd? >> no. that doesn't make sense. you would be far better off rather than just raising the top marginal rate of 90 plus percent, you would be better off going at other parts of the tax code where you get rid of deductions and raise the taxes paid without raising the marginal rates average. neil: do you think companies,
wealthy individuals will just dodge this or leave as a result or find clever ways to avoid it? i mean, you are right, only going by the established rates the way they are printed, but right now if we bring the top corporate rate to 26.5%, all of a sudden you are in the mixed with countries that have lower rates including china at 20%. do you worry that it has a boomerang effect in all the revenue, joe biden and others expect to get doesn't materialize? >> i'm not-- i have a lot of academic research and i know all of the economic research on this question. let's call it the can you raise revenue by cutting the corporate rates, can you lose revenue by raising rates. i think that's nonsense and if you look at 2017, proved its nonsese straonrump corporate tes teoror they have e hvee er bee b cucucu with wit tromise
tre was goio be ave increas ie iasas thewt ratee,, ma ssiv ing itself iitre ireninvestment,nd e sethinidgs dot happen. happened a-tim thathat lump sum some companies ought back mkoney that they pai pai p out to themsethesn dnidendsdsds or sor sor s ras r and -- neilne lot ofm did hire a lot ople. millionli ofli >> there is no evidence the hiring rate went up, neil. actually, wage growth-- neil: the unemployment rate fell. it did go down three and half percent. that didn't happen in a vacuum. >> and it started before the tax cut was passed. it had come down from 10.5% to 4.5% then they pass the tax cut and it went down another 1%, but like i say, wage growth, investment growth and gdp growth
worth faster before they will pass the tax cut then after. there was no evidence the tax cut when they cut corporate taxes did these magic things they promised, so i don't think that there is as big of a fear when we go well, halfway back to where it was before they did that, that it would be some devastating detail. neil: when you think about it wage growth and real adjusted gross income where it was going has been flat, arguing that you know the last couple of decades. maybe things change, but thank you. i was great catching up with you appeared. former obama-- obama economic counsel chair picked the dow jones is kind of a flat on the day. waiting on getting a budget, trying to avoid a shutdown of the united states government and yeah, going big on spending, really big.
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their debut this day, kurt, what can you tell us? >> every single iphone launch to date, i had the record going. today is the big date for order number 13, not unlucky for everyone, but apple hopes it will be lucky for them and it could be based on the four new phones. you have the many that is a real small all the way up to the promax spending over 1099 just to start that one. they are impressive, incremental upgrades, though. much faster processor, longer battery life, up to two and half hours on the larger phone and one and a half hour longer on the smaller fountain and a processor that is faster and really gate-- great camera sets on the pro line. where the real incentive is is in the fourth quarter of every year wireless carriers fight for your contract. they want your business and as a result apple is leaning on the fact that-- i'm scanning right now to see the offers, at&t $1000 up to
a thousand dollars credit when you get into a new iphone 13 and t-mobile sprint between 400 and 1290 and verizon matching everyone at about a thousand dollars depending on what you are trading in so maybe it could be valuable if you are not locked in a contract to give that a look. if you have a phone that is say older than an iphone x, maybe it's time to look at that because you will see some major investments. in the meantime, a solid phone, not a screaming brand-new design, but solid. they have a solid product. you will see some traction here. neil: wild, kurt, thank you for that, my friend. no one follows this industry better. ray, of course with your research you look at this whole supply chain issue, chip shortage and it could affect product launches, but what is weird about this is it's
not affecting this. >> it's not and what's interesting as we talk about high-end processors and these are the ones powering everything else and there could be some impact with display drivers on the lower end chips but you see this in china sales and if you look at china the iphone is the premium market and they will actually outsell some android phones because android phones don't have chips so some of the high-end processors -- they have done a good job on the supply chain and making sure they have enough on the lower end processors a. neil: you know, i'm only startled to see how well iphone cells around the world, but not particularly in china not only is the big market, but for where the phones are made but a big market period, so there's a sort of a worldwide allure, isn't there? >> there is. the iphone is the status symbol around the world whether india or china, everyone wants the
iphone so it's like having a gucci bag, like having a swiss watch and that's how people see that in terms of the status symbol having apple there. also, the fact that the security on the iphone in terms of how encryption works, in terms of-- it's tougher than the u.s. government to get into and that's an allure especially for foreign governments and foreign countries. neil: you know, if you get the whole cadillac treatment here and you have a souped-up iphone 13 promax whatever it is, the maximum, you could be looking at $2000. that seems i'm high-end. >> it is on the high end. my father's birthday is coming up and that's one of the things we are getting him. hopefully he's not watching the show. it is on the high end. it should be interesting
neil: that's the way of not answering my question, a little on the high end. >> it is on the high end a. neil: now you are talking. great catching up with you, but obviously this thing is a hit. we have a lot more coming up including what's happening at the border with some startling developments. a crowd was developing, thousands along the crowd, it's gone. what happened? ♪ ♪ ♪ ♪
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use of horses in the area as a result, but a lot of people have come back to say you know what she's talking about, these border guards, their job on horse or any other vehicle is it to round up those who are illegally trying to get into the country, but she conflated that something into an investigation, but nothing to look into or even call an investigation to the massive border the last couple of months. jeff is in del rio texas the crowds that were there are suddenly not. what's going on there, jeff? >> neal, we are just learning that there's absolutely no one left here now. a few days ago there was 15,000 people out here and to confirm to us that the last bus of migrants mostly haitian nationals that were camped out underneath the bridge and dell rio texas have been best out of here. this place is cleared out and they are trying
to clear some brush and clear other things out and get rid of some of the trash and makeshift tents and restore this bridge and hopefully reopen the bridge backup to allow people to travel in between the two countries. a portion of the group of 15,000 people were deported back to haiti, ran 2000. another 3900 have been moved from this camp and they are now in the custody of the united states, which will likely either expel them under title 42 or give them a notice to appear at a later date and we are also told a portion of that whim-- went back to mexico kick when it comes to the viral images, border patrol agents on horse patrol confronting migrants a few days ago, some of things will be changed as a result. homeland security said it temporarily suspended the use of the horse patrols in the del rio sector. they faced a lot of criticism after some lawmakers on both sides of the aisle found the treatment was aggressive
and appalling, but the president of the union which represents border patrol agents branded judge, is responding saying the agents were trying to hurt anyone, but just doing their job >> put that uniform on because we care about people and we want to protect people, we want to protect the united states. law enforcement officers throughout this country are extremely good people. they go out and serve every single day. >> as they get this place cleaned up and restore back to what it was they will hopefully open up the international bridge in between del rio texas and mexico. and that is a big deal for especially a border town like dell rio which counts on people who live in mexico working in america or vice versa and some of the commerce to trade that happens for this border town and that border town. neil? neil: jeff, thank you. in the meantime, all lines on washington about the progress of getting a budget through, maybe the infrastructure package
monday and then the spending showdown over the real big one, the three and a half trillion dollar infrastructure measure that could be worth considerably more than matt's. an issue i took up with austin who says it's well worth the price. >> even with the inflationary pressures, given what we have seen, given the inflationary spike that's already out there, do we need something this big? >> that paid for spending, that is something where you raise taxes on high income people to pay for the spending, that's not inflationary and doesn't overheat the economy and is certainly something if we are talking about investments over a 10 year plus period for infrastructure and other things, i don't think that the immediate business cycle is really the relevant thing. neil: all right, so not inflationary to cut austin.
has appropriations committee, what do you think of that, congressmen? >> i could not disagree more with the gentleman. america has had a courageous-- voracious a spending problem, it's not a taxing or revenue problem, we can't tax our way out of this. if we are going to grow our economy and get our country back on the right track and we are 30 trillion with a t dollars in debt with an administration that wants to spend another $4 trillion, it's sad, it's wrong, it's detrimental to our country long term. we have got to stop that and get back to a strong fiscal policy, but the worst thing we can do is raise taxes on anyone. i have a long subscribe to the ideal that if you keep taxes low and incentives high the government will get more money. that's not just me talking or ronald reagan talking and jack kennedy talking as well so we have to get back to common sense and real
growth and wealth in america. neil: congressman, republicans are no stranger to building up debt, grew eight trillion dollars in the trump administration. but, we have seen other democratic president the debt grow and grow and grow and i'm wondering is it at the point of no return down cracks is it your sense because it doesn't show up on paul's and you know motor surveys, everyone ignores it and doesn't think it's a problem. do you think it's a problem? >> i think it's a real problem and i think this is a problem that is a hidden misleading danger , neither major political party really wants to address it because there is a political cause of-- cost to do that here the deficits we are seeing and when i went to congress we were $15 trillion in debt a decade ago and we are now $30 trillion in the
biden administration wants to heap on another four or 5 trillion they think they can pay for, they can't. it's going to turn to debt and that's dangerous i don't want the united states to become a nation that is a so far in debt that he could never turn around from that and the markets always have a way of correcting themselves appear if you are a borrower, if you are in debt and you continue along that path, someday they will sadly have a day of reckoning and i hope we can turn it around. the key is to educate the american people and to educate corporate business leaders and people in government to realize we cannot tax our way out of this. we have got to get back to fiscal responsibility and that means looking at everything. neil: congressman, let me get your take on this plan that nancy pelosi has outlined to try to get the bipartisan infrastructure package, the trillion dollar one floated on on monday.
if it's happening, in other words if it's pushed back and most people say is falling apart, would you vote for that measure on monday? >> now-- no. i think this is the dangerous tip of an iceberg that could lead to the 3.5 trillion dollar debacle that they are holding in reserve. sadly, the democrats just cannot be trusted with domestic or foreign policy under this administration. nancy pelosi and chuck schumer are complicit in the failure of this administration, but they will push this agenda and it's a fiscally irresponsible agenda. they are going to meet this weekend. at the budget committee is going to be this weekend, neil. they will try to put something together, but the american people need to know, this is not infrastructure. to me, infrastructure is roads, bridges, airports and things like that,
dams. this is a social justice. it's a step in the wrong direction. they call it a bipartisan bill. they will get a few republican votes, sadly but this is not what a third-grader would even call infrastructure. neil: if he could spell infrastructure, all right. thank you very much, congressman. good luck this weekend with everything going on. we have a lot more coming up. you know, all of a sudden china is in the news with probably the biggest thing that alarms me is what the country is doing about all these crypto currencies. it has effectively to date ruled they will be illegal. it will be a crime and they are cracking down. charlie gasparino on that next. ♪♪
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>> welcome back to "cavuto: coast to coast". i'm hilary volunteered president biden's renewed push to be-- beef up the irs and make the rich pay their fair share is putting his own millions under a microscope. somehow-- some house republicans are taking advantage-- calling out biden taking advantage of a loophole to tax returns released by then candidate joe biden show the biden's funneled about $13 million in profits through s corporations in 2017 and 2018. at this helped them avoid an additional 3.8% tax on the cash that they would have had to fork over to the irs if they had been compensated directly rather than through the s corporation. if the entire amount
were considered compensation the bidens could owe about half a million dollars in back taxes. this is completely legal as long as what the s corporation ultimately pays the bidens as employee its reasonable compensation. in this case the bidens made over 13 million, but were paid less than $800,000 of salary so congressman jim bates wrote in a nonpartisan congressional research service to get answers about whether or not they still crackdown on people who might be abusing the s corporation loophole to avoid paying more taxes. he says this in 2017 multimillionaire joe biden skirted his payroll taxes, the very taxes that fund medicare and obamacare and according to the criteria he owes the irs and the american people hundreds of thousands of dollars in back taxes. every american should know about joe biden's tax hypocrisy. the white house is pointing us to a statement from two years
ago when they address this controversy saying: the salaries earned by the bidens are reasonable and we-- were determined in good faith to tear us considering the nature of the entities in the services they perform the common method for taxpayers with outside sources of income to consolidate their earnings and expenses. the question here is whether or not the irs thinks the salary the bidens were paid from the $13 million was, in fact, reasonable. that's a determination for the irs to make. we'll be back with more shortly. nicorette knows, quitting smoking is freaking hard. you get advice like: try hypnosis... or... quit cold turkey. kidding me?! instead, start small. with nicorette. which can lead to something big. start stopping with nicorette
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neil: this time bitcoin is tumbling on what the chinese are up to, removing any doubt that they aren't only interested in cracking down on crypto currencies but making them virtually illegal enjoying a-- china. charlie gasparino keeping track of all of this. >> neil, that is what oppressive regimes generally do, they make stuff they don't like illegal and bitcoin and crypto currencies in the whole block chain technology is something that they know they really can't control as
it is on the platform that exists, so the end result is they make it illegal and that's what they did today and you can see the price action of all the top crypto currencies going down. i know there are negative price action. a lot of crypto players i spoke to say and maybe it was wishful thinking and they are trying to downplay the negative impact but they aren't as worried about this as they are worried about what's going on in the u.s. and what we have in the u.s. is not quite the outlawing of crypto's and block chain , but we had this sort of weird uneven regulation of it that's clearly picking winners and losers and some are winners like ethereum in the way crypto is let regulated particularly by the securities exchange commission and some are losers like ripple, the cross-border network that allows you to transact or send
payments using crypto currency particularly its crypto currency x rp across borders. and just announced charges against ripple end on a day were bitcoin and crypto is a huge story foxbusiness has an exclusive interview today layer on on the claimant show on liz's a show i will interview brad carling house, the ceo. it will be interesting to see how he approaches what he has to say about the fcc, why is he singled out and ripple as opposed to others like ethereum are allowed to expand in the u.s. again, neil, the china thing is big news obviously. china was a place where a lot of crypto business was being done, but the crypto people i speak with are more worried about what's going on here because even if it is outlawed in china and is okay here with clear rules crypto will expand here and across the
world where you don't have regimes. we should also point out it's kind of interesting people always talk about the u.s. pulling what china did today because to the treasury department can't get its hands around an alternative currency, you know will it ever outlaw these crypto's because they want everyone transacting and dollars that they can trace and manipulate and that they could do what they do with the money supply. you know, you can't say it's purely theoretical that u.s. won't follow chinese lead particularly if crypto keeps gaining speed. neil, back to you. neil: the more they do i think the more attention it drives. >> absolutely. when you really start to study this stuff as i have been doing lately, you realize a couple things. number one, it's an amazing technology with the potential to be bigger than the internet and number two, they talk about crypto made
out of thin air, how about the u.s. dollar, just think how many dollars they had been printing over the last two years? neil: you are right. alright, my friend, keep at it with the breaking news when everyone else is just breaking their chops. down about 15 points. stay with us. ♪♪ dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones let's partner for all of it.
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neil: all right, a wild weekend, we are still not done with a couple more hours to go up your market averages might have a tougher go but we will keep a close eye on it as well my buddy charles came-- charles payne who told me too calm down on monday. remember that. charles: good afternoon, folks. it's been a real crazy week and it ain't over yet. this is "making money with charles payne" i have to tell you one thing that's not in the news, it's a great time to be an american. our wealth is a soaring and it's mostly because of the crazy stock market. the question is why are you still on the sidelines? i say congratulate, get in, the water is five. we will talk to brian westberry about tax policy that could derail the party and did you get your piece of the action, get anything from the oldest industries to those