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tv   Cavuto Coast to Coast  FOX Business  October 1, 2021 12:00pm-2:00pm EDT

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i went with mariah, and i happened to be right. stuart: would you have guessed, susan? >> no, i thought elton john, the oldest of the bunch. stuart: he has been around, that's true. great stuff for friday feedback. >> happy weekend. stuart: i'll leaf you with this -- leave you with this, the dow is up 240 points and the nasdaq is up 21 is. neil, it's yours. neil: stuart, thank you very much, have great weekend. and, indeed, we are starting the month of october, not the worst month of the year -- remember, it's september, and boy, did it prove it this week -- but it is also the most problematic month, a dozen or so times we had violent movements in this month. but on this young first day of on the, so far no indications of that. much of this might hipping on what happens or -- hinge on what
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happens or doesn't happen in washington as they try to hammer out an agreement really among moderate and more liberal democrats when it comes to this $3.5 trillion human infrastructure package. i'm told that they like to call it the social policy reconciliation package or build if back better package, but they prefer that we not use human infrastructure. so i'm going to use human infrastructure -- [laughter] with those other titles. whatever you want to call it, what are the prospects for it let's go to chad pergram on capitol hill with more. >> reporter: good afternoon, neil. democrats are slightly closer to an agreement on the social spending plan. there was a lengthy night of negotiations at the capitol, but where this goes is unclear. house majority whip jim clyburn said he had no idea if the house would vote on the infrastructure bill today. liberals are blocking the house from voting. >> you all didn't believe me, but i kept saying to you we're not going to have a vote, and i kept telling her that we didn't have the votes, and i knew she
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knew that. also let's just remember the speaker has been a great champion for this agenda. >> reporter: liberals want the senate to vote first on the big social spending bill. that doesn't work for centrist democrats. moderate democrats are pushing hard for the infrastructure bill, but they believe doing nothing outwaiting approve if -- outweighs approving the other. >> obviously, we haven't reached a point where we're agreeing on not just the top-line number, but we need to agree what the programs are and how we're going to pay for them. >> reporter: the gop is relishing the democratic impasse. >> often is the best result. gridlock within the democrat party is, for sure, the best result. i hope the progressives stand their ground so that nothing happens. that would be the best result. >> reporter: a deal on the big social spending package could pry loose votes in the house to
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pass the infrastructure bill, but even though the focus is on the house, the problem is the senate and what works for moderate democrats kirsten sinema and joe man chip. ing neil? neil: -- joe manchin. neil: when you hear from the progressive caucus members, they're saying that the $1.5 trillion figure doesn't cut it but not so much as even a point of debate, but they want to know what manchin and, i guess by extension, kyrsten sinema -- also no fan of the big figure -- what they would cut to bring it down to that. have they gotten into any of that? >> reporter: they're starting to kind of coalesce around four different areas including health care and also the environment. those are two of the four areas there. and i've been told for a couple of days now that it's really not so much about a top to the-line number, it's about what the -- top-line number, it's about the policies for both sides. there's a reason why the memo came out that was signed between chuck schumer and joe manchin back in late july saying manchin
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would only support $1.5 trillion. to manchin, establishing a number there, a ceiling, a floor, whatever you want to call it, that was important to him. he established that. to everybody else, it's not so much the case. and, again, if they maybe have a problem that goes for five years and cut it back to three, that makes it a little cheaper. maybe it's 2.5 or 2 trillion, something like that, for the top-line number. that's where you get into different cost estimates. it depends how long these programs will run are. neil: do you think, because you've covered this a long time, that nancy pelosi will be able to pull off a vote on the bipartisan infrastructure package, the $1.2 trillion package, that has bipartisan support in the senate, presumably has some republican interest in the house? do you think she'll get that today? >> reporter: keep in mind that the senate already passed the infrastructure package, the house just has to -- neil: right. >> reporter: now, i've been told there's at least 10 and
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maybe more republicans who would vote yes. i asked someone who knows the vote counting on the republican side of the aisle, and they were very cagey because they don't want to give democrats a win, but some of these republicans will vote yes. let me take you the rabbit hole, neil. something very interesting happened overnight. the house never adjourned last night. at 12:01, nancy pelosi said we will vote teefnltd though it's friday on the calendar, legislate ily it is still thursday on capitol hill. we are still in the same legislative day. house speaker nancy pelosi said yesterday i think we will vote today. josh gottheimer, the democrat from new jersey who a's in charge of the problem solvers caucus, the bipartisan group, he said i think we will vote today. it is still thursday here on capitol hill, and that a day could extend the later into today, into friday, into saturday into sunday, so you have a couple of days to do
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today. neil: well, that's the problem right there -- [laughter] all right. chad, thank you very much for that. chad pergram. it is friday, i just want to update you. but in some circles it's thursday, don't you forget it. lauren simonetti on the end of the week, friday, depending on your perspective on the actual day of the week, wall street -- [laughter] is sort of digesting. man, oh, man. that's the problem, lauren, they can't even agree what day it is. >> last i checked, it's friday, october 1st. a lot of people want to call it up-t the ober, get it? we are seeing a comeback today. the dow is being helped by merck adding 45 points. the news there is they have a covid-19 treatment pill. the stock at a new high, up almost 10%. the nasdaq over its earlier losses. it snapped a five-day losing streak, so that's good news for the nasdaq. let me give you the economic
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calendar. you have a lot to sift through. we've got data coming out, but the bottom line is most of the data points to a status quo. consumer spend ising picked up a little bit in the late summer, but incomes were a little weaker. then we got consumer sentiment that rallied back from a decade low. but here we are, we're starting the new month and the new quarter, and a lot of analysts are asking, well, what changed? the inflation is still hot, the spending agenda is on the table as is the deadline to reach the debt limit. i want to end on good news, this is a rally, bitcoin, at $47,310, a gain of 8%. at one point it was at a two week high. the fed chair, jay powell, said there will be no plans to ban cryptocurrencies, and the sec delayed their decision on the bitcoin etf. is hope that one could be coming for investors who are looking to access cryptocurrencies without having to hold them outright.
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so i'll say the cryptocurrencies, very resilient on this friday, october 1st. neil? neil: rz a you, lauren. incredible number of hours you put in. lauren simonetti on this friday. if although in some circles it is thursday. i can't stop thinking about that. there's actually a way in washington to look at the calendar and i say i know you guys think it's friday, but it's thursday. gary kaltbaum, that pretty much sums up the state of washingtoned today where they can't even agree on the day, where infrastructure's going, whether it's the lean, mean, fighting machine $1.2 trillion bipartisan package or the far more expensive $3.5 trillion package, but it doesn't seem like they're close to anything. what say you? >> i sure hope they're not close to anything. you know, neil, cori bush, part of the squad, said the 3.5 trillion, basically 5 trillion, saying it's a compromise.
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i'm imagining if they ever really got their way, how much would they extract off of an economy that's created extraordinary wealth, extraordinary amount of jobs and put it in the hands of a government that has done nothing more than put us at $29 trillion in debt? to me, that is the most basic misallocation of funds you can possibly look at and a long time will affect the economy, will affect if jobs, will affect if profits, will affect if markets, and you want to see headwinds and downturns, you will get 'em. neil: you know, gary, the one thing that struck me there, and it makes sense maybe, just maybe, i'm taking a leap here, you didn't, the market is up today on the prospect that this thing, both things could potentially go down in the next few days? obviously, that would be the street's way of saying if either of these gets delayed, especially the big one, that's going to delay tax increases.
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how likely is that scenario? >> i think the markets would love for that big eni chi lad da to go by the wayside. why? because, again, all that money out of the economy, all that money out of producers, and i have a very good friend that's on fox all the time, carol ross, that's a genius on small business. i can't imagine what it would do to small businesses if they came at it in such a big way. and, again, it all comes down to custom markets, how much profits are are in the markets, how much profits are in corporations and small businesses. you start taking that away, that's when you get the headwinds, that's whence you get lower -- when you get lower prices. and if anything's helped the economy in the last few years, it's been the wealth effect of markets going higher because of central banks. you lose that, you lose a big linchpin. i keep fingers crossed that the small numbers come in and the big numbers go by the wayside. neil: gary, i'm looking at
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bitcoin today, we were talking about it with lauren, and it's up about 8% told, back over $47,000. much of this pegged to, you know, jerome powell saying he has no intention right now of shutting this thing down. i'm just paraphrasing here, but it's volatile. these days it tends to follow the regular stock market anyway. it might be a rogue invest. , but it tends to dovetail whatever equities in general are doing. what do you make of that? >> to a decent extent. you have to remember it got smacked down recently because of china, basically saying good night to all the crypto, and now you get some more favorable talk out of our regulators in the last day or so, so they pop it back up. but, you know, a message to all of your viewers, neil, that this 2, 3,000 of these coins out there and a opportunity of them already down 70-90% if not more,
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just be very careful. this is very speculative in nature, and it gets moved around like crazy. all the a talk of 500,000, million, that means somebody's going to have to pay $499,999.99 to get it there. so just be careful. again, a lot of the coins have been crushed already. i think bitcoin's going to stand tall, ethereum, maybe another one, but most of them are going to go by the wayside. neil: all right. we shall see. it's a bumpy ride, so don't use the kids' education money. it depends on how you feel about the kids, but we'll watch it closely. gary, very good seeing you, my friend, on all of that. the. you've heard about these vaccine mandates and all, some of them have deadlines. by the end of today, health care workers in new york are vaccinate or out of a job. new york city schoolteachers
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have already taken their case to the supreme court. now what happens? after this. ♪ ♪ when you need me, darling, can't you hear -- ♪ the love you gave me has saved me ♪♪ ♪♪ ♪♪ ♪♪
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♪ >> i do believe that there's many other ways that this could be handled. i believe in choice, and so whether that be testing, perhaps even masks, you know, it's too much. but i would be willing to do that in order to continue to serve my students in the city of new york in my best capacity. neil: all right. the new york city school district is making it very clear teachers better get vaccinated, or they risk the chance of losing their job. it's playing out across the country, variations of this get the jab or lose the job. finish bryan llenas with more in brooklyn, new york, how all this is going down, because they are taking it to much higher authorities, aren't they? >> reporter: neil, that's right. after making their case and losing in lower courts, four new york city teachers are now going
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to the supreme court in a last ditch effort to try to get the u.s. supreme court to issue an emergency order to block the new york city vaccine mandate for all public school employees. they argue that the mandate is not only unconstitutional, but it's also discriminatory against teachers because unlike other city workers, teachers are not able to opt in for weekly covid tests instead of the vaccine. this is a part of the petition to the supreme court. while doe workers maintain close indoor contact with children who are dramatically less susceptible to illness from covid-19, firefighters and police officers who routinely deal with the public are exempt from the vaccine mandate. look, 148,000 new york city schoolteachers and staff have until 5 p.m. today to provide proof of vaccination. currently, 90% of all department of education employees and 93% of teachers are vaccinated. mayor de blasio says
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unvaccinated people will be put on unpaid leave starting monday morning, and the mayor insists there won't with staff shortages. >> yeah, we have many more vaccinated, ready, willing, able institutes than the number of people -- substitute than the number we expect to be out. teachers, paraprofessionals, folks who do general education, special education. we have a lot of folks in reserve. >> reporter: meanwhile, new york state -- new york's statewide mandate is in place, 87% of health care workers are thousand vaccinated, that jumped 10% in a month. governor hochul says the mandate is working, and she will expand it to include thousands of health care workers in the prisoners and mental health facilities. bottom line though also, neil, yesterday a panel of three federal judges ruled at least in a temporary win for critics that those health care workers do not want to get vaccinated for
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religious reasons can be exempt for religious reasons. but that same group of judges will be meeting in two weeks, so we'll see if that ruling holds up. neil? neil: all right. thank you, bryan, very much. bryan in brooklyn on those developments here. so can companies, districts, cities force this? there probably is a distinction between the company part of that and cities and states. to brian kelsey last night, liberty justice center managing attorney, you know, prepping for a lot of legal action in the face of this against these vaccine mandates. brian, is it different for private enterprises or companies versus, in this case, you know, the school districts, is -- cities and maybe down the road states? i think california's very close to mandating vaccines for everybody. what are your thoughts? >> absolutely, neil, it is different. and thanks so much for having me on. as you've heard whether it's in new york or other states, there are particular exemption laws that are nuanced that may make a
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difference and state laws may make a difference in what they can do. i can tell you one thing for sure, and that is that the biden administration proposed rule to mandate vaccines on employers and workers with, at places with a hundred workers or more, that is blatantly illegal. that's why at liberty justice center we are prepared to fight that. neil: all right. they'll a make the argument, a lot of these states and cities make the argument, brian, that it's for the protection of everyone, and that they're being selfish, these workers or teachers or whoever, who are not going along with a threat to their colleagues and in the case of teachers, to their students. what do you say? >> well, the constitution in america was design for exactly that, to protect rights of minorities against the majority. and these are deeply individual and personal health decisions that americans have to make, and they need to grapple with them. this cannot be forced top-down
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from the federal government. they simply don't have that power under our constitutional form of government. and so again, now that president biden has said that he wants to mandate the covid-19 vaccine on 100 million workers, that's approximately two-thirds of our work force, we're going to fight that at liberty justice, and we'll represent you for free. so, please, if you find yourself in this situation, please go on the web site and leapt us know. neil: you know, you're a good lawyer and i'm not, but i watch a lot of law shows, so i think i qualify as an expert. i'm wondering if there's a weird strategy to this on the part of the white house to recognize the fact that, you know, we can't force these mandates like we're doing. but we'll get enough people vaccinated that the problem goes away, and when an ultimate court, even the supreme court says we went too far, doesn't matter. we're in a better place. what do you think? >> well, we've seen that happen on things like the eviction
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moratorium where president biden said very clearly he didn't have the authority to do it and, ultimately, the supreme court did strike that down. and i think that the same thing could happen here as well, and it will happen if we can have enough workers and businesses to stand up to work with us at liberty justice center to fight it. because, look, they're trying to back door this power through an osha workplace emergency rule, and it just doesn't fit there. this is not a workplace-specific issue. this is an issue that affects americans every where they go in their everyday lives whether they be in the grocery store or picking up their kids. it's not a workplace rule, and it's not an emergency rule that's meant to tackle things like toxic spills. so it's the illegal, and that's why we're going to fight it. neil: keep us posted, brian, brian kelsey, liberty justice center managing attorney. we're still discussing the virus, vaccines, etc., we're following very, very closely moderna's push to get this half-dose vaccine to fda
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approval and soon. right now pfizer has its booster vaccine, moderna very, very close with a half-dose version that does the same, or so it says. separately hearing a lot about merck, that stock up 8% on word it has a pill that will address all of these ailments and and half hospitalizations and death rates in so doing. so again, promising news of the virus or particularly on the vaccine front, those stocks tend to benefit and, indeed, they are today. we'll have more after this. ♪ ♪ do you, do you want my love? ♪ woman, do you, do you want my faith? ♪ i need it. ♪ do you, do you want my life? ♪ i'm saying, do you, do you want my love? ♪♪ i promise to serve, not sell.
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♪ neil: all right, you're probably not going to want to hear this because you're already familiar that the price of almost everything from bacon to pork and beef and chicken, all that other stuff, has been rocketing. now get ready for getting hit at the dairy aisle. and much, much further than we have in the past, because for dairy farms, they're facing, if you can believe this, a supply crunch. i don't know whether it's a supply chain issue, but i know that lydia hu does. she is in pine plains, new york. lydia, what's going on here? >> reporter: hey, neil. yeah, we're learning about the supply chain issues impacting ronnie brook farms in upstate new york. i understand that the cows are working hard and doing just fine, but the trouble, finding the bottle, both glass and plastic. we're joined by rick, he's the owner of the farm, been in the family for 90 years. tell us what's going on, i hear you're having one heck of a time finding enough bottles. what's happening?
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>> supply chain in general, never knew what it meant really, but it's bottles, it's plastic bottles, it's plastic cups, it's paper. this is an excuse whenever we try to get something, someone's telling me they don't exist, they're back ordered, transportation is a problem, they can't get help to make them, but it's the really been a bug struggle. >> reporter: i understand you've gone from one supplier up to four, and you're also paying through the nose, up to almost 10% more than what you used to pay, and it comes at a time when we know cardboard and plastic prices are setting records. are you going to have to pay more, as you're paying more, are you going to have to pass those prices along to your customers? >> know question. we have such -- no question. we have such small margins anyway, we're going to pass it on. it's inevitable. >> reporter: yeah. a tough decision but one so many businesses are confronting right now. i also ls understand the farm is
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having to make selections about what types of products they're packaging. you now buy different colors that you didn't stock in the past. all this comes at a time when milk is up 4.5% over what it was last year, the national price standing around $3.56 for a gallon of fresh whole milk, and this is just a little bit of insight into why that is, the supply chain issues. back to you. neil: just incredible. lydia, thank you very much for that, i think. lydia hu there. mt. meantime -- in the meantime, imagine if you're a global franchise in casual dining, the fast-casual dining arena like my next guest and you've got some pretty e impressive brands, johnny rockets, it's all part of the empire, andy wiederhorn joins us right now. andy, very good to have you.
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been dealing, obviously, with some of these pricing pressures. obviously, you continue to expand and acquire, so it's not put a dent in any of that, but how long do you think this goes on? >> hi, neil. you know, listen, we've made three acquisitions during the pandemic, and it's been a great opportunity for the us to acquire brands that fit into our portfolio. the pricing situation from the supply chain is really hurting operators at restaurants. they're seeing their margins erode, having to raise prices on the products they sell, and i think it's going to go on for a while. i don't see it being transitory. neil: so what do they do in that case? you know, as this last guest was saying, dairy farmer, i have to pass this along to our customers, you hope to be able to do that, but there are limits, right? what are they doing, how are they responding? >> well, restaurant operators operate on 5-15% margin usually, so that's pretty thin.
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if you have a significant increase in your food cost, you're really going to have to raise the price to stay this business, to pay the bills. so you're going to see 25 cents or 50 cents in a burger, shake or fries, something like that, for sure. and that really goes across the board into all the different brands we have because the supply chain -- as you well know, it's not just about the food costs, it's about the drivers and the shortage for labor everywhere -- neil: right. >> and it isn't going to go away. the stimulus checks started this whole thing, and they're still out in the system to some extent. for some states like california that keep sending them out, and that's just adding to the problem. you know, whenever this elasticity is going to spring back, i don't know. i thought it would happen by the end of september, but we just haven't seen it yet. neil: so what do you do -- obviously, it hasn't harmed your acquisition spree. that continues. maybe you're buying properties that otherwise might have been pricier before any of this developed, certainly before the
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pandemic itself. do you just plan on things stabilizing, hopefully stabilizing and move forward from there? how would you describe it? >> well, so we will open somewhere between 50-100 new restaurants this year across our 15 brands, and the existing fran fran -- franchisees can shuffle around their labor to find the managers and assistant managers to get stores end each, but the guy first time out trying to find a manager and hiring a team, that's where it slows them down and puts them behind a month or two as their trying to find people. that's a challenge, and we're trying to lend as much support as we can. the restaurant industry is booming, it's only going to go in one direction. we're just getting started with acquisitions. you know, we're just getting started. there's more to come, and we're excited about it. neil: finally, you know, i don't know where all of your vast restaurants are across, but are are some of them in areas where
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there are these so-called vaccine mandates, especially the new york city metropolitan area where, or you know, restaurant owners and workers have to be the vaccine police, check on their customers, there are fines if they haven't checked or some customers have gotten in there and they discover they didn't check, how does that impact you? >> it's really hard on the operators. they have enough going on to start their business back up after covid and shift from delivery and to go from having customers back in the restaurants now to have to be the vaccine police is really putting the burden where i don't think it belongs. it shouldn't be on the restaurant operator at all, and is i think that's one more challenge for them right now. everybody needs to be patient and supportive, and government needs to be understanding. of course i want everyone to be vaccinated, but this approach of having the restaurant that, you know, the hostess or host checks for the vaccine card, it's nuts. neil: we'll watch it closely. andy, thank you for taking the
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time. congratulations on your success through all of this. andy wiederhorn, fat brand ceo and he's clearly not fat. i'm expecting to talk to a big guy, what is the deal with that? they always said from the beginning of covid, right? forget all the other elaborate ways to get your vaccine. there ought to be a pill. there ought to be a pill. just take a pill. merck is very close to just that. after this. m so glad we did thi. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones (vo) this is more than just a building. i'm so glad we did this. it's billion-dollar views. perfectly located. an inspiration. and enough space to start an empire. loopnet. the most popular place to find a space.
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they cover the same things as original medicare, and they also cover your medicare deductibles and co-insurance. but, they often have higher monthly premiums and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospital stays, doctor office visits and your original medicare deductibles are covered. and of course, most humana medicare advantage plans include prescription drug coverage. in fact, in 2020 humana medicare advantage prescription drug plan members saved an estimated $8,400 on average on their prescription costs. most humana medicare advantage plans include a silversneakers fitness program at no extra cost. dental, vision and hearing coverage is included with most humana medicare advantage plans and, you get telehealth coverage with a $0 copay. you get all this for as low as a $0 monthly plan premium
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from gerri willis. >> reporter: hey, neil. you've got that absolutely right. merck shares spiking this morning after company announced it's seeking emergency use authorization for the first effective oral treatment for covid-19. they're comparing it to tamiflu. remember that? well, what merck is saying is it's in stage three trials and that it reduces the risk of hospitalizations and deaths by 50%, half. amazing, right? now, merck's treatment could be taken orally at home, and that's really the significance here because other drugs require that you go to the hospital to be infused with the drug. but this is very different. the government is expected to order some 1.7 million courses of the drug if the eua is granted. now, with regeneron, as you can see over my shoulder, they developed a drug cocktail that's very effective. the government has just ordered
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another 1.4 million doses of that. they already have 3 million that they've ordered. so you can see there's a lot of demand. now, all of this is coming as local, state and federal officials are talking a lot about vaccine mandates, but it's becoming increasingly clear that therapeutics need to be part of the equation. well, that's at least what one regeneron scientist told us. listen. >> i think we learned a very important lesson with now delta showing us that vaccines, which undo you wantedly are absolutely -- undo you wantedly are absolutely critical, they do not protect everyone, and some individuals are still at risk of severe outcome. you cannot substitute a therapeutic for a vaccine, but you can also not dispense with therapeutics. >> reporter: so hhs spokesman telling us that they are shipping twice as much of the monoclonal antibody treatment in september as they did in august, so that's good news.
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it also comes as we're seeing a flattening of the curves of deaths from covid-19. that seven-day average is now hovering at 2,000. neil, back to you. neil: all right. thank you very much. i take it, a decline of at least 15%. gerri willis on that. as stocks are racing ahead, the dow up 300 points, the fact of the matter is that if you were in bonds, you'd be a little worried right now. it just finished the worst week we've seen in close to three decades. and to hear some tell it, it could get worse still. we've already seen 30-year mortgages back over 3%, as if that's a crisis, but most people had gotten used to 2 something, hasn't the after this. ♪ return of the mac, return of the mac. ♪ oh, my god, here i am. ♪ return of the mac, return of
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♪ neil: you know, there have been a ton of cyber attacks in this country, and more often than not we sort of think of russia or entities close for being behind
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them. more often than not that, indeed, has been the case, but china's no slouch. directing a worldwide effort to peck up the pace. pick up the pace. rich edson has more. >> reporter: good afternoon, neil. the director of the national security agency's cyber connect rate says when it comes to chinese state-sponsored hacking, china is off the a harts. other -- charts. when it comes to the relationship between united states and china, the administration is walking a very complicated line here maintaining tariffs, warning of sanctions, pressing on human rights, though in other areas the biden administration needs china. as officials have reportedly been asking chinese officials to cut back on their oil imports from iran. >> talking to all of the other countries engaged in this effort including china about, and i think there's an understanding among the europeans, among the russians and chinese that the
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possibilities of getting back to the jcpoa under its own terms are not indeft. rich: and that's the iran nuclear deal the u.s. is trying to put back together. climate envoy john kerry says that addressing climate is more important than the politics between the two the countries. axios is also reporting that the administration is letting a prominent chinese tech company called cent time avoid measures that were designed to punish that company over its alleged involvement in the repression of muslims within china in shenyang. several house republicans on the china task force have also written a statement, saying, quote: we are greatly concerned by both the tone and language being used by high ranking biden administration officials. president biden must provide congress with a comprehensive
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strategy, pressing them to come up with something here as you look at this very complicated relationship between the united states and china in all these different facets coming together. back to you, neil. neil: rich edson, thank you very much, following all of that. you know, you've been looking at the stock market and the comeback today after, you know, a horrid, certainly, month of september. but lost in the sauce is what's been going on in the bond market right now, finishing the quarter that saw one of the biggest slides we've seen, more than 4% in price. that brings us to the performance that's the worst this some 30 years. you're already seeing anecdotal evidence of this, countries like norway and russia raising interest rates and corporate debt and all with higher yields as well. it's across the board and happening across the world. so should we worry? to mark hamrick, bankrate senior economic analyst. mark, i guess rates couldn't stay this low for this long, but i guess it's the abrupt nature of it that's rattling some
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investors. what do you tell them? >> well, i would say that as you wisely point out there, neil, the earlier level of interest rates, we just want to look, for example, at whether the combination of what the federal reserve has been doing or our benchmark 10-year treasury, those are not sustainable over even the long term or, certainly, intermediate terminal though we've had longer locates than anyone would have probably reasonably expected. and, yes, we can blame the pandemic for that. but i do think there is some risk in the sense that we remember yields and bond prices move in the opposite directions, and as yields move up, obviously those prices move lower. you know, i've been surveying people for a month, both economists and financial markets professionals over the past few weeks, and i would say that people are basically looking for a 50 basis point rise in the 10-year treasury yield over the next 12 months a. that's not a huge rise, but, you know, we've
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been lulled into a sense of complacency here. and i think the central bank will continue to be accommodative. i think that's important. neil: you know, it's interesting too so much is affected by the market having nothing to do with central banks. and if you're a prospective, let's say treasury or bond buyer, you might say, all right, well, i see yields going still higher. to your point, prices still lower, so i'll hold off until it gets low enough price wise, the yield's high enough, and that could be bad too. i mean, it would create a vacuum of potential buyers, would it not? >> well, that could be the case, neil. but i think a lot of this is essentially automated and, you know, over the last 12 years going back to the beginning of qe, if you can remember that time, the inflows into bond funds has been much larger than what surprisingly enough has gone into equity funds.
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and and so we still have to have asset allocation and diversification, and i think you and i have been watching this long enough, neil, to know that it's one thing to try to time the stock market which is a dicey proposition, trying to time the bond market? give me a break. [laughter] neil: no, i agree with you. i'm curious though, it is very unlikely and i always a hastennen to add that, but looking at the craziness in washington, they just avoided a government shutdown with this short-term funding measure, but they're not all on the same page on these other packages, enough to say anything about the debt ceiling issue they have to address presumably before october 18th. finish what would be the effect if they did not, if something went wrong? it hasn't in the 78 other times we've dealt with this since 1960 and the 20 plus times in just the last five, six years, but what if it did happen? then what? >> i mean, it would be calamitous. it would be a manmade, although
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there are women involved as well, financial crisis that would be just so unnecessary. and as i've been pointing out for a number of days now, over the roughly century that we've had this debt ceiling, it has been totally ineffect call in the intended effect of trying to restrain spending or otherwise we wouldn't be in this condition in the first place. so, you know, if it doesn't work and all it does is really set us up for the potential for disaster which we're praying we avoid. neil: you know, janet yellen is a big fan of just ending the whole debt ceiling kabooky theater thing. what do you think of that? >> well, again, it's been totally ineffect effectual. it's a little like russian roulette, and you can only pull the trigger so many times hoping the chamber is empty. neil: i'm wondering too, when you mentioned what the fed would or wouldn't do, do you expect them to start tapering as soon
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as next month? in other words, swimming their number of treasury securities that they have been buying? >> i think what they want to do because they make communications a priority is to announce their intentions as soon as next month and then probably begin that scaling back by the end of the year. and as chairman powell has said, they have to get all that behind them before they can begin raising interest rates because ago -- as long as you're still buying these securities, you're still being accommodative. and that's the kind of dysfunctionalty we see in congress. neil: yeah, i got you. you're right about that. mark, thank you very, very much. mark hamrick. mark was a alluding to rates that are startling for some. i know i heard it a lot yesterday in the latest mortgage reading, typical 30-year mortgages did cross over 3%. a lot of people had gotten used to 2-something mortgages, and they had been for a while in the
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high 1-somethings in the midst of the pandemic. that's when i'm reminded of my age. did i tell you my wife and i, our first home was at 13.a 5%? oh, i did -- [laughter] we'll have more. ♪ that building you're trying to buy, you should ten-x it. ten-x is the world's largest online commercial real estate exchange. and it's fast. if i could, i'd ten-x everything. like our lunch. (laughs) amazing! see it. want it. ten-x it.
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♪♪ neil: you know, i don't want to be-- you know give you a spooky story on october. you know it's memorable for some of the biggest we have seen in history, the whole month as a whole even though subs-- september is statistically worse. 87 brought us a 23.2% headcoming in on the 29 crash so on and on as we were showing you, there have some we have had in october but even averaging that out september is actually the worst month and a lot of the catalyst in prior years had something to do in washington, either them and screwing something up, delaying a crucial about or just doing their calendar thing where they think a thursday is a friday or a friday is a thursday,
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but that's us everything we will get into later, but hilary vaughn is following that because the focus again in october whether they can come to an agreement on anything particularly these two gargantuan packages they are looking at to say nothing of it raising the debt ceiling and avoiding a financial crisis. >> and speaker pelosi's mind it's still yesterday because the house and didn't adjourn which means she still has a chance to follow through on her promise to vote on the bipartisan infrastructure bill house democrats were huddling for over two hours today as they are expected to meet again and speaker pelosi in that meeting apparently said that president biden may be speaking about this issue. at the back and forth between the bipartisan infrastructure bill and reconciliation package at some point today, but with all happening democrats are trying to figure a path forward and the state of the
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bipartisan infrastructure built. we did hear from congresswoman alexandria ocasio-cortez who set a framework agreement between moderate senators and aggressive's is not enough and she actually needs a vote on the reconciliation package in the senate so no moving forward on that point, but one interesting thing we heard from the chair of the congressional progressive congress, she said there is no counteroffer on the table at this point, that she has broken from senator mansion and cinema. >> we have been waiting to counter the three and half trillion, but it is on the table so until we get that we don't have anything to say about number so if you ask me about if i'm willing to accept a number or not there is no number on the table and i'm not negotiating against myself. >> interesting because we talked with senator joe manchin who said he has been clear since the end of july with leader chuck schumer that he wants no more than 1.5 trillion and had a list of conditions he
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wanted included in the reconciliation package including targeted spending limits on any new social programs, but for burke-- progressives have made it clear they are standing at their ground and either way any agreement between the two doesn't matter because they are going to wait for a vote in the senate and senator bernie sanders is set as much today tweeting quote to senators cannot be allowed to defeat what 48 to senators and 200 house members want. we must delay passing the infrastructure bill until we pass a strong work and sally-- reconciliation bill, but as you know it's not too senators against 48, it's a bipartisan group of 52 senators not going for this massive push to expand a social safety net in the country. we will see if we get any movement today, but the senate is adjourned and out for the moment, so nothing's getting passed on the senate side at least not today. neil: so, the house democratic
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caucus, does he like nancy pelosi to your point expect two votes on this infrastructure only plan today since they are thinking today is thursday i'm thinking maybe tomorrow, but that aside, they have god enormous hurdles to clear before that can even happen; rightfax if i know nancy pelosi, she likes to introduce something knowing the votes are there and not risk and embarrassing defeat >> exactly in the progressive caucus has been clear even until moments ago that they think their 90 plus members are standing strong on this point, so they will sink the bipartisan infrastructure bill if it goes up for about before the reconciliation bill. we know there isn't going to be reconciliation vote today in the senate, which means the bipartisan bill if it comes up for a vote which is really what pelosi promised and what she would like to follow through on, it's not going to pass so she may follow through on her pledge to put it up for a vote, but then she
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risks kind of that about failing and that's exactly what she really doesn't like to see. she only brings things up for about when she know she has the bow and it will pass, so from the strong language we have heard from progressives in the senate and the house, they are devoting for the infrastructure bill if it goes up for a vote they will sink it, so unless that changes we are really in the same standstill we have been over the past several weeks. neil: but, if she can create her own time more you know she can even go-- the route of saying we already voted on it, we already passed the whole thing-- i have no idea. i don't know how you keep track of it hilary vaughn on capitol hill. to edward lawrence at the white house and we are learning that the president plans to travel to the hill later today to speak with members of the house democratic caucus, again the same caucus talking
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up the possibility of a vote on this infrastructure package later today. what are you hearing on that front? >> the white house has always left open the possibility of meetings weather here at the white house or on capitol hill and president joe biden is looking a win in the face by getting us bipartisan infrastructure bill across the finish line, already passed the senate so trying to get that something on his legislative agenda and that could be what he's doing with meetings on capitol hill to push this across the finish line and like the house speaker issue the progressive members there would be a reconciliation bill put up for a vote at some point later. i will tell you talking about inflation that's wrapped into this. on capitol hill this past week, the treasury secretary janet yelling on march 5, this has been her changing prediction for inflation, march 5 she said inflation would end about 2% this year discounting what treasury yields were saying at that time and
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then june 5, she said it would be 3% at the end of the year. tuesday, she said inflation would be closer to 4%. you can see where this is going so the white house economic advisor also tells me he sees inflation at 4% this year and then settling down to back 2.3% for 2022, but he can't say when the pull back on prices will happen. new york federal reserve president said it could be a year or so paying higher prices. in fact, that it is going in the wrong direction. inflation measures the federal reserve uses came out today and it ticked up to 4.3% in august to get the number was 3.6% last april. this is why republicans worry more government spending on the reconciliation-- reconciliation bill will keep inflation higher. >> i hope the progressives stand their ground so nothing happens. that would be the best result and then when we win in november, 2022, we can reverse the damage of the biden administration of the
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progressive left and we will pass real infrastructure programs. >> economists say spending on true infrastructure could add value to the economy for future productivity so press secretary has not called on us this week at the briefing as i have had a ton of questions about inflation specifically. she was about-- asked about inflation yesterday without pushback and sibley said on the spending will lower the cost of living in the long run, but then specified-- didn't specify the long run. it seems we are aware senator ron johnson said we are that they are pushing back the stalemate within the democratic party, so nothing is moving forward. neil: got it. thank you for that, edward lawrence, good wrap up. i want to go to steve moore on the significance of the president indicating he will go to capitol hill himself to see what's happening and maybe try to twist some arms. i know donald trump would do that and other presidents have done that to make sure they
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can close a deal. what do you make out where we stand now with this, steve? >> well, as you know i'm probably one of the loudest opponents of this bill in the country. i think this bill is a disaster, so from that point of view, this last week was a total disaster for the democrats. it was a train wreck. and they can't seem to get the debt ceiling bill passed and now it looks like they will have to put that in this 5 trillion-dollar reconciliation bill, which makes it really difficult to pass. you have got signed a circular firing squad in the democratic party right now and what's really interesting about this is republicans, neil, are pretty unified. they are pretty unified data saying no to all of this, we don't need trillions of dollars more spending and i think you guys have done a good job of linking, by the way, all of this spending and money printing to the higher
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inflation for wages have been growing at about three to 4% this year, but inflation is growing at closer to five or 6%, so you have got a decrease in living standards for americans because their paychecks aren't keeping up with inflation. right now if you are an opponent of this bill, it looks like the momentum is with the opposition and the democrats, there's just nowhere, they can't get their act together. neil: any democrats i have been checked-- speaking to one right after you and they are arguing much of this run-up that we have seen across the board is a result of coming from an economy a year ago that was sort of, you know, dead man walking so we will see a pickup in consumption and run-up in prices, but that it's a short-lived. not as short-lived as they were hoping and obviously has staying power and even jerome
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powell acknowledged that when you look at the inflationary spikes with washington drama now withstanding, do you think it will stick around a while and how will that complicate things certainly for the federal reserve? >> i have always like to look at one thing that was controversial when i was nominated by donald trump to be on the fed, i basically said i would like to look at commodity prices to see where they are headed because i think they are one of the best indicators for what direction inflation is going in and the picture is really interesting, i mean, i did an article about this yesterday. in 2020, we had deflation, no question about it and the fed was to tighten 2020 and they didn't do donald trump with a lot of favors with a restrictive monetary policy. this year, commodity prices this year are up almost 50%. they were slumping last year, but it is still an
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amazing increase and commodity prices obviously get circulated into higher producer prices which then is circulated into consumer prices, so i don't see an alleviation of this inflation issue right now. i know jerome powell has been saying for months in the white house has picked up the theme that is transitory, but show me that, i mean, they have said that for four months and if anything the inflation is picking up. i do agree with you in your reporters that if you think inflation is that now, if you pass a four or $5 trillion spending bill that is basically by printing money, of course that will make inflation worse. neil: well, then they go back and say it's over 10 years, it will be staggered, but your worries are well documented here and we will see. good to see you again, steve amore appeared the former d.c. democratic party chairman, scott,
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whether this is inflationary or not, i wonder what you make of the predicament democrats find themselves in with moderates in the progressives, seems like hatfield and mccoy's right now. and neither is budging to the other. what do you make of it? >> you have got negotiations and i got to tell you, everyone wants to hold their ground, but there is a deal to be had because if they don't cut a deal , this will pour into the confidence by their own democratic voters in 2022 as well as 2024. we are coming off afghanistan, there's about five or six crisis is a sense afghanistan with the biden administration, so we knew that the progressives have been waiting for this opportunity to take a stand. you have the moderates there who say listen, we have all got to get reelected to elect more democrats and so those are the political discussions going on. i have always thought that if you shorten the time frame
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notwithstanding the inflationary conversation you just had with your other guest, i have always thought that instead of cutting the money per se, then you cut the time, so the settlements, these entitlement programs at the progressives want instead of doing it over 10 years, even cut some of the money you do it over five years or seven years and you actually cut both if you could get the moderates on board. i think the $2.1 trillion package is wet mansion is looking for. it will be easy to bring him and the cinema than it will to get the progressives to come down that far so it's about-- i would not that against nancy pelosi but the president has to be stronger. he has to go to the hill and twist arms and give these holdouts something else off the table besides this infrastructure bill is one of the budget reconciliation bills. just got to do appeared he seems hesitant to use the power of the white house to whip his
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democrats into shape. he has to exercise that power now. he cannot wait much longer because his presidency and the next two or three weeks will be over if they don't get this deal done. neil: you know, you mentioned because the push of progressives to do this and maybe come up with a way to make the price tag cheaper and of course if you limit the programs that benefits and all that and cut it to five years rather than 10 year plan, you know the side could look at that and say well, they get what they want anyway because who's going to resend a program that benefits for people. >> it will be tough. >> i get that, but don't you find it a little surprising, scott, but that the harshest criticism that joe manchin is getting from progressives in his party for being a traitor and you know he's cheap with this and
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the package is only one and half trillion and yet this is a guy that has-- if this goes through tribe trillion dollars in spending, that's hardly you know a spending cider there, but he's deemed reckless for being so cruel. >> i think he's welcome, we just don't understand because he takes this position which is counter to the majority democrats in the house and senate and if you look at the polling in one of the four states that he represents, west virginia, the polling says it's everything he votes against this safety net that the polling as his constituents welcome. i know he's in a tough spot, but he's voting against the interests of his constituents pure. neil: more often than not, scott, he does vote along party lines 95% of the time. now, he might change the debate, the price of the
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package, but in the end he votes with mm i'm wondering if this intra- fighting and treating him and senator kristin cinema of arizona, i can imagine that's constructed for the party. >> the margins are tight so you need every vote if you are the democrats at the democrats love to stand on principle, but this is beyond principle of what you believe. it's about putting america forward, coming back stronger after covid and delivering on what the democratic voters asked you to do and that is why you got elected and i'm talking about the president and many senators and congressmen and then you look at the polling and it shows his constituents want what he's voting against, it's just real disingenuous and you say i can deal with the republicans they are unified against the democrats. you don't see this disunity with the republicans pick they are a party of no and we have a close margin to
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move the country forward as democrats believing what is best for the country. 2022 is coming up and if you lose the house and senate in 2022, now you are starting all over. you risk losing the white house. there's a bigger picture here, bigger political picture here for the democrats than those in her fighting. i think the republicans get a better when they were in control of all three houses. neil: let me-- you say the republican party at least 19 republican senators were for the infrastructure only planted one other quick thing i wanted to bring up and i know my producer -- i went to pick your brain on this, when the administration argues that this three and half trillion dollar package whatever it ultimately is is zero cost, how the hell do they explain that? they are saying because they have tax hikes to pay for this that it means if i am making a mortgage payment and i have the money to make a mortgage payment it's zero cost to me-- i've
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never heard of anything so asinine in my life. what do you think? you are a smart guy, that makes zero sense to me. >> at first blush you have some skepticism, but the reality is that if they raise those taxes, if they raise the taxes based on the tax reductions, if you attack tax reform and you create revenues as a result and you create jobs and expansive tax base and do that through the climate change legislation-- neil: it would be the first time in human history, scott. >> i didn't say it would happen, i said theoretically that's how it would. [laughter] neil: that's a very shrewd answer, my friend. >> i'm a lawyer. neil: i know, i know. scott, former d.c. democratic party chairman. we will see where they settle on all of this
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and again, that president is going to capitol hill to try to get some sort of deal cobbled together. for democrats, hope springs eternal, for republicans, not so much i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit and get started today.
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♪♪ neil: very popular in the 1970s. anyway, they are one of the various-- very best bands ever. the living thing might be referring to in the rally we see on wall street and our next guest, charlie gasparino , the living thing right now, the government is worried about, all of these game making and other stocks in this sort of-- i don't know, just hyperkinetic activity that the fcc in particular is not a fan of so what's going on there? >> first, i have to ask was that yellow?
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neil: yes. >> i can't believe i got it. number two, did you where platform shoes? neil: i just decided. >> i did not hear you say it. the music was playing over you. better question, did you where platform shoes? neil: now-- no. >> i don't believe you for some reason. [laughter] neil: cut his microphone, everyone. what is going on here? >> the fcc is still all over the main stock frenzy, january, what were the root causes, did anyone violate security laws. here's an interesting aspect, they are investigating this part of the trading of the main stock. the meme stocks were largely traded through robinhood, the no fee brokerage act and a lot of the mima stock traders just went nuts
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on robinhood, you know they hated them because robinhood couldn't handle the activity and shut down the trading on those stocks and because the prices to go down. it was a real mess. robinhood had to raise more capital and they said it was a capital problem but there's a conspiracy theory that they shut it down to benefit big hedge funds that were there clients like citadel securities, no evidence that that's the conspiracy theory you will see on the reddit message boards and producer the fcc is looking at that. one of the interesting things coming out of the investigation is that a robinhood top executive was also trading those meme stocks at the time. he is the president of robinhood. some of the stuff came out in private litigation, some of the shareholders are suing robinhood in a class action saying they were unfairly treated when they stop trading the main stocks. it came out during that that these lawsuits and
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the discovery that he actually traded, sold shares of amc, you know the movie theater chain, that's a big mima stock before stopping trading of amc during those tumultuous dates, pretty wild stuff and a couple things i want to point out as we reported yesterday the fcc is investigating trading and that doesn't mean he did anything wrong, but the timing obviously looks enough to investigate. what we hear from robinhood and people close to robinhood is two things, number when they don't believe he violated the law. that when he traded his stock, this is what i hear from sources close to robinhood is that there was no decision made and not even talking about stopping the trading which sent the prices are lower and also if from what i understand they don't believe he's made a significant amount of money on the timing. he sold around $5 a share. shares of amc actually
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went up higher in the days after they stopped the trading, so that's where we are now. this is a sticky situation, neil. i would say one thing and this is just me talking covering wall street all these years, i can imagine a top executive should be trading stocks involved in you know your business in such a major way. it just invites too much trouble. i just wonder even if he doesn't get charged, i know they think he's innocent, whether he gets disciplined in some way, it's just really not a smart thing to do in the middle of that-- it's like goldman sachs bringing a company public and it david solomon buying and selling the shares when it's going public. it's just in saying. he would never do that, by the way. along the lines of this because remember amc was one of the stocks that were huge on robinhood and everyone was talking about and here's the president trading it,
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you know. it's crazy. neil: appearances count for a lot. sometimes even if it's not illegal it raises enough eyebrows. >> senators always get rich. he didn't get charged, but he looked bad and kelly leffler might have lost her election because of that, just crazy stuff and they should be careful. neil: i will let you change back into your leisure suits. charlie gasparino. >> and gold chains. neil: absolutely. some news out of california, gavin newsom ordering: vaccines for all eligible students from kindergarten right through 12th grade. this is the first a statewide mandate in the nation. we will keep you posted. more after this.
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>> we must remember that taliban was and remains a terrorist organization and they still have not broken with-- >> we needed to maintain about 2500 and we also needed to work with our correlation partner. >> the issue of why we didn't bring out some million and siv's sooner again, love, on how to do that and when to do it is really a state department call. neil: you know, really was a remarkable week with stunning testimony from the president's top military advisers all of whom had to said they warned the president about the dangers of drawing down troops and the result that would follow. it's an issue i want to pick up now with probably one of the more -- more harsh questionnaires, florida congressman, of course a veteran of operation
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freedom. lost both of his legs in that war in afghanistan and it joins us now pure congressmen, very good to have you. honored. i did want to get your take and "my take" of those defense advisors, the president effectively saying now, we did warn the president and now, we do not stand by the notion that it was a wise move. what you think of that? >> it was nice to hear them say something that i think most of us said that seems like a logical statement. members of the military advising the president that it's not wise to pull the people with the guns out before the civilians that seems logical to pretty much every single american and i'm glad to hear them say that but i still don't cut them any slack because whether they are being honest now or a week ago or the president was or the secretary of state was, they wove at a ridiculously tangled web of lies in classified
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briefings with the media in front of cameras and every other place that they were talking to the american public or overseers or anyone else and is going to take so long to untangle these lies in this timeline because of the way they were so dishonest with us. neil: and on day one of them indicated they would resign over this or whether the president has even requested that a man. what did you make of that? >> well, to resign would be an admission of failure and let's take one of the quotes directly from general millie. i believe he said it was a logistical success, but a strategic failure. it was both a strategic and logistical failure. again, this is a place where they are not honest about what really happened. leaving behind billions of dollars of taxpayer equipment is a logistical failure and having 13 u.s. service members killed, that's about as big of a
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failure as any one incident can be, so to go out and try to justify well we were successful in one way, but not the other, no, they sunk the ship and they want a pat on the back for sending out lifeboats. there is no way to spin this that it was strategical or a logistical success and we are thankful that no one-- that not more got killed. neil: quickly while i have you, you also sit on the transportation infrastructure committee and i'm curious now the back and forth on whether we are going to get the infrastructure only built today, where are you on this? >> one, i am a no, just to answer for myself and the spending levels republican or democrat anyone spending too much maxing out the credit card again you know what the debt ceiling and pushing closer towards that i don't like it on either side of the aisle, but do i think we get to it today, i know president biden is coming to the hill to meet with some of the
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democrats and that he has a meeting scheduled with what they call the progressives at the white house later and my bet is they don't get to it. neil: to be clear you don't like the 1.2 trillion dollar plan and you are not a fan of the far more expensive at least for now three and half trillion dollar plan that democrats are trying to push? >> that's exactly right, certainly not a fan of either especially as reconciliation, its taxation, higher taxation whether it's on capital gains, on a stateside, getting rid of that 20% deduction for small businesses, raising the corporate rate, all of the different pay for as they are looking to do on top of the places they are looking to spend the money, to me it's not something that adds up in any way whatsoever. there's basically no republican input on the house of representatives side at all. neil: congressman, we will see what happens. thank you for joining us and thank you for your service.
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republican, florida congressman going back to 2017, we are up about 388 points on the dow jones. president is to arrive on capitol hill to try to twist some arms. he's had difficulty doing that within his own party.
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neil: not president is due to make a trip to capitol hill to meet with the democratic caucus and others to see if they can submit anything even in on the 1.2 trillion dollar infrastructure only plan, anything to look like they are making progress. chad, what is the latest? >> good afternoon. president biden is coming to meet with democrats in the next couple of hours here and this means things are getting serious. no vote is scheduled today yet on infrastructure but there
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have been late-night meetings in early morning meetings and asked speaker nancy pelosi was cagey when she left the capital just after midnight. >> piece or pelosi, after hours of meetings, how do you break this down? >> how disappointed on you that there is not a vote tonight, madam speaker? >> we will still note today. >> it's possible that house could vote later today to free up highway programs that expire last night and that was supposed to be part of the broader infrastructure bill. a deal on the social spending bill unlocks the votes of liberals who have blocked passage of the infrastructure package. >> are you going to vote today, sir? >> i have no idea. >> if you asked me if i'm going to accept another number or not, there is no number on that table. >> they have to get agreement with two democratic senators to make this work. christian cinema and joe
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manchin. >> when might we see a deal here? >> we are working as hard as we can. no one is giving up spinning democrats must have developed some gel mansion and a cinema to pass the bill or that bill is toast. liberals when the senate to vote first on the social spending plan. neil: chad, when nancy pelosi said they are not trillions of dollars apart, they are, aren't they? >> they are in the sense that it might not come down to actual dollars and cents. it will be the programs they put in here. again, if they were $3.5 trillion a couple of days ago and joe manchin says 1.5 trillion that is a couple of trillion dollars obviously, but the interesting thing is that nancy pelosi apparently didn't know about this agreement between joe manchin in the senate majority leader chuck schumer that joe manchin would go no higher than
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$1.5 trillion. that is a significant and tells you when they have been talking about 3.5 trillion for a wild nancy pelosi said on multiple occasions that she was writing the bill to 3.5 trillion and that might be an optic issue so you say you are right to come down and then you can mollify moderates and say we brought the cost of the bill down, but that doesn't do much work with progressives who want a higher figure. it's about the math in that regard but they are trillions of tar on paper, but not trillions apart when it comes to policy. neil: god it. i think i understood that. chad, thank you. we just told you about california setting a mandate vaccine for every kid, kindergarten all the way up to the 12th grade. at the airline industry meanwhile, is split on this. how far do vaccine mandates go? that's after this.
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>> welcome back to "cavuto: coast to coast". i'm grady tribble. alaska airlines is the latest to tell all of its employees they have to get vaccinated. they sent a note to their 22,000 employees saying their federal contractors of president biden's vaccine mandate applies to them. they also say that other major airlines will be impacted by the mandate, but as of now united is the only other airline requiring its employees to get vaccinated. in fact, it just started this week firing employees who have refused to vaccine. so far, 320 of them are being shown the door, that's down from around 600 earlier this week. several employees since then have uploaded their vaccine card. meanwhile, the pilots union for american and southwest airlines are warning of major operational problems if the vaccine mandate from the president is put into place during the busy holiday travel
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season. in a note to the white house as well as several lawmakers, the union representing pilots for american airlines said airlines generate a substantial portion of their annual revenue during the holidays, our nations airline and the traveling public cannot afford significant service disruptions due to labor shortages. meanwhile, senator dianne feinstein is introducing a bill that would require all passengers traveling domestically to prove that they are vaccinated , if not vaccinated they would have to take a negative covid test within three days of their flight or show they recovered from covid within a three months of their flights. although, it's unlikely a bill like that will pass especially anytime soon because i'm sure you have heard there is a bigger fish to fry in washington d.c. right now. neil: yeah, and they can try to many fish at the same time. kind of overextended. thank you, grady trimble went to go to jerry
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leavy right now. taking a look at the dow jones that's a story in three of the worries in washington and everything else. september, bumpy, when you think of how we are kicking off october? >> a bit of a balance. at the market got battered and bruised over the past week and this is to be expected. and the economy is still humming. remember, a lot of what happened last week was due to bond yields a so treasury yields and the interest rates, those were not so a lot of investors thought to take a a lot of the risky tax money off the table and throw it into safe bonds, but there is still opportunity. not quite sure that i'm feeling like it will be a calm fall season, but i am a buyer moderately out there. neil: so, travel and leisure
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stocks not surprisingly benefiting on the news from merck and moderna working on a sort of a booster vaccine of its own and these numbers, these covid cases that are now going the other way and beginning to decline. how do you play that? >> okay, so i like the momentum we see. i think the critical thing that investors really want to see our vaccinations for young people. the delta variant number one issue is with kids, kids are in schools and children under 18 or 16 that are packed densely and i have a 3-year old that slobbers all over anything, i mean, they are probably the ones bearing the virus so i think if we see progression and what we are starting to see is the development with merck was nice and when we see juvenile treatment and one that is accepted and one that parents will take on, i think that's where the
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momentum builds, but again vaccinations are going the right way and trends are going in the right way in terms of covid cases and i like what i'm seeing. not to say there isn't risk of other variants popping up. neil: thank you, jerry did very much. we told you a few seconds ago about california enforcing a vaccine mandate for kids across the state from kindergarten all the way to the 12th grade and in new jersey they could be next as we are learning they have 219 positive coronavirus cases linked to some 30 school outbreaks. new jersey health commissioner saying we all must take a concerted effort to get more young people vaccinated, so could the garden state be next? we will see. randdaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement.
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just learning the president will go to capitol hill to meet with democrats on this back and forth on all these packages. we will keep you posted. here's charles payne right now. charles? >> charles: hey, neil, thank you very much, my friend. good afternoon, everyone. i'm charles payne. this is making money. breaking right now, we've got a potential game changer in the fight against covid. merck is seeking emergency authorization for a pill to keep those with the virus out of the hospital. what it means to getting all of our lives back to normal. also of course can it help your portfolio? we're through the worst month of the market and on to october. even though it is halloween, it won't be as spooky as investors thk.


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