Skip to main content

tv   Cavuto Coast to Coast  FOX Business  November 12, 2021 12:00pm-2:00pm EST

12:00 pm
stuart: yeah, i'm surprised. sweden has 267,5703 islands which make up about 3% of that country's land area. only about 1,000 of them are inhabited. so now you to know. you learn some very interesting stuff on this program, don't you? those trivia questions really are good. susan, lauren are, have a great weekend. my time's up. neil, it's yours. neil: you know, sometimes, stuart, there's useful information and information that really can't advance the ball, so to speak. stuart: true. neil: i'm not saying that's an example of it, but i'm glad i know this now. it's something i can't get out of hi held. [laughter] have a wonderful weekend, my friend, good seeing you. okay. [laughter] we've got a lot going on on the corner of wall and broad. any of these inflationary concerns and, believe me, they are still out there, the president holding a meeting with his cabinet today. first one since july, by the
12:01 pm
way, that surprised me. to try to address this issue, the supply chain disruption, all of that stuff. and we've got all of these companies that are splitting up. that's sort of, like, the new, cool thing to do to get a little more juice in your stock. if it worked for at&t some 40 years ago, remember when it split itself into 7, 8 different companies? the so-called baby bells? investors were very richon that one. often -- rich on that one. often times they don't do theory as well. i want to go to peter doocy at the white house and the president's dealing with this inflationary spiral. at least he's acknowledging the problem. the question is, what is he going to do about it, peter? >> reporter: well, what he's going to do today is talk about this bipartisan infrastructure package that's already passed but he hasn't sign yet, and it's unclear exactly how bipartisan the signing ceremony, for example, is going to be for that infrastructure package because mitch mcconnell has already said he's not going to show up
12:02 pm
as democrats and biden officials here at the white house say that they deserve credit for passing the infrastructure bill, but they needed republican support to get it. >> part of the infrastructure bill benefit is most recently what we will do to assist savannah in broadening their ability to be an active port. and we've seen a reduction in the, in the container ships off of the long beach and l.a. ports because of what we have done. >> reporter: curious yously, kamala harris is out of the country for this long-scheduled cabinet meet. as secretaries descend on the white house, jennifer granholm will be on hand to talk about $73 billion for the electric grid. pete buttigieg will talk $66 billion for rail. michael regan will be here to talk about billions for the environment, and republicans in the senate say they should just
12:03 pm
stick to this infrastructure bill and keep the social spending bill known as build back better on ice. >> the president should do, in my view, is call the infrastructure, the actual infrastructure bill, call that a victory and and you should if off the rest. push off the rest. but i think they're too committed to, you know, the process of socializing america, so they're going to continue to push this. >> reporter: we think we are about two and a half hours away from that first cabinet meeting since the middle of the summer but only one hour away from jen psaki's first briefing back from a bout with covid-19. neil? neil: peter, i don't want to it you on the spot, that seems to me like a long time between cabinet meetings. i don't know if it holds any sort of distinction or record but, man, that -- i had no idea a full cabinet meeting was back in the middle of the summer. >> reporter: and it's the interesting, neil, they have had the cabinet meet virtually, and they do a father amount of that. -- fair amount of that.
12:04 pm
but in terms of getting everybody here, i know this white house is concerned with covid-19 restrictions particularly for indoor meetings, but they do all kinds of stuff, and they travel all around the world, so it's not clear that covid-19 restrictions would be the thing keeping the full cabinet apart. and i know i mentioned this earlier, but it is very notable that they planned this thing weeks this advance if not longer to make sure that everybody's schedule has room for this friday afternoon cabinet meeting, but it just happens to be the day and the time that the vice president, kamala harris -- who is in charge of a couple huge things like the border and space and voting rights -- so she can't come because she's still in france. neil: you could athe interior secretary can't make it, prime e minister, but that's one thing -- mr. president, but that's the vice president of the united states. peter dos i city at the white house. i want to go to kelly o'grady
12:05 pm
out in los angeles where prices are jumping but not, ironically, nearly as much as what's going on elsewhere. what's the latest on all of that, kelly? >> reporter: inflation is hutting across the country, but it isn't spread evenly. costs are going up much faster in middle america. now, october's consumer price index revealed prices had risen 6.2% from a year ago, but there are 19 statements in the middle of the country that are dark red. those are experiencing inflation above 7% while the pacific and northeastern states are seeing rates below the national average, in the 5-6% range. this is even more stark when it comes to the midwest. coastal cities saw utility rices jump over 20% but nowhere near as much as those in the midwest. look at minneapolis at 86.
12:06 pm
we know how kohl minnesota can get -- cold. and that price increase is felt in housing prices. cities in california and new york are at 3% or lower versus st. louis, detroit and chicago all above 5% there. now, if you it this disparity this context of wage increases, it gets worse. the national average has increased 4.9%, but california and missouri show a troubling trend. look at that, missouri's at 3. so the areas hit high by inflation are also seeing poor wage growth. while some are claiming inflation is transitory, many experts tier this is just -- fear this is just the beginning, and as middle america feels this crunch more deeply, many are asking why the administration isn't taking more note, neil. neil: kelly o'grady, thank you very much for that. now back this washington as we sort of go around the country and where the spending plan starts right now, chad pergram here to do the honors. chad, a lot of the behind the
12:07 pm
scenes deliberating shows that some of those tax increases are being watered down if not removed entirely. what do you know and how is this thing coming together? >> reporter: we have to actually see what can get through senate. remember, the bill is not ready to go just yet. soaring gas prices, empty schells at the grocery store -- shelves and recent election results could imperil the chances for democrats to pass the social spending plan. republicans note democrats are still touting the big bill as inflationary fears intensify at the holidays. >> in this last effort to hit the economy with one more big tax and spending bill will bog down -- [inaudible] into the christmas season. if you're in a deep hole, quit digging. >> reporter: west virginia senator joe manchin is already sounding the alarm about inflation. hand chin is still at the
12:08 pm
controls -- manchin is still at the controls of this bill. >> the price is probably going to continue to go down on this bill. the fact is that a democratic majority that has 50 seats plus the vice president is only going to be able to move as far as the most conservative democrat is willing to move. >> reporter: manchin and other democrats could modify the special spending bill which remains mired in the house, but liberals are standing firm. >> my families are telling me, look, i still don't have childcare. my kids are just starting to get vaccinated and go back to school. that's the uncertainty that families are living with, and we have to respond by cutting their costs which is exactly what we do this bill back better. >> reporter: democrats are worried that a bad cost evaluation of the bill by the congressional budget office could prompt moderate democrats to have second thoughts about voting yes and deduction this state and local taxes costs the state $200 billion in revenue. neil: chad, when i hear the
12:09 pm
argument for a lot of people not taking advantage of all these open jobs, 11 million of them, they say, well, there's a lack of childcare, you know, help from the government. yet that was the same phenomenon we had prior to the pandemic, and it wasn't affecting the job, you know, growth. so i'm just wondering, is that an excuse? are people holding off on getting jobs or an attempt on the part of progressives to push this through come hell or high water? >> reporter: well, progressives certainly see the opportunity to it the family leave into this bill. that's one thing they want to do. this is a little bit of political opportunism. the they don't get it now, they're probably never going to get it. as some people people have said, this is really where the worker is this control of the economy right now. i spoke to somebody yesterday who talked extensively about how their rue -- and this is somebody who worked in business for decades -- argued that basically the worker had not been in charge. the shoe is on the other foot
12:10 pm
ask, basically, a lot of companies had been abusive to the worker in many respects. and some of them to peez are not willing to go back. that's why it's interesting to see how that family leave provision applies if to you still have workers sitting on the sideline. neil: yeah. and a good many are. thank you, chad pergram. to sell out what chad and i were just talking about that, a point i want to bring up with john cat my tee d.c., an interesting stat for you. there are 11 million job openings as of right now. 7.5 million unemployed americans. something is wrong with thattic church what is it? -- thattic church. >> a lot of people haven't gone back to work that want to go back to work that don't appear on the lines of being unemployed because they're just not coming to work.
12:11 pm
but they're there. they made money in the stock market, they mawed made money -- neil: so they're taking their time. >> they're taking their time coming back. that was the you were originally for ellis island. i believe in immigration, but we have to bring in qualified people for all the categories that we want x. that's what ellis island was all about. bring in immigrants, bring in people that love america, bring in people that don't have diseases, bring in people that the can help america. and that that's what we really need, neil. neil: you know, we live in an environment where all these jobs go begging, but they had some stats out, and i know you pay well above the minimum wage. amazon is at $18 an hour, disney at $15 an hour, walmart anywhere there 12 to mostly $15 an hour. bank of hurricane, $20 an hour. -- bank of america -- what will it take to bring people back?
12:12 pm
>> people made money -- the. neil: they certainly didn't all make money in the market. >> well, a lot of money was made, they just don't want to go back to work -- neil: do they not like it? what happened? >> they were incentivized with the bonus checks they were getting from the federal government. now i think it's going to start trickling back -- neil: so that money has to dwindle down a little bit before you force people -- >> yes. and the word inflation that aye heard on your show many times, i don't use the word inflation. you know why? was it's too confusing to people. -- because it's too confusing to people. washington says we're only going to tax the corporations, we're only going to tax the rich. that's a lot of bs. neil: yeah. >> and the truth is the prices are going up like never, ever before, higher than the last 30 years. and who are we taxing? you're tack taxing the -- taxing the poor, the middle class of america because they're paying more for their food, they're
12:13 pm
acing more for their gasoline, they're going to be paying more for their clothes, and god knows what they're going to be paying for the toys at christmas. neil: yeah. >> and the price of turkeys have gob up substantially. neil: you also own a high-end grocery store. i'm just wondering what your customers are doing. we hear that businesses are able to pass along these increases to customers, and the customers will pay it. i assume that's the case for you? >> they're still buying because of the holidays, our only advice is shop early because we hay run out of product -- neil: what's the most in danger of running out? turkeys? >> turkeys are in short supply this year. even though the prices have gone to the moon, turkeys are in short supply. other, cranberry sauces -- neil: i'm ott9 a big can -- not a big cranberry fan. are you? >> hi sugar goes up.
12:14 pm
[laughter] neil: in other words, i guess a more serious point i always have said, and you and i have talked about this before, john, that inflation stops when people stop paying higher prices. they don't seem to be at that point, and that's why some companies in the latest earnings period gave negative guidance or warnings that, you know, headwinds were coming. even though they are, they're apparently not serious enough to have them think that their bottom line's going to be impacted. what do you think? >> i think during thanksgiving, christmas, new year's nobody's going to give up the holidays because we gave it up a year, two years already. if you're going to have an effect, it'll be in february. neil: okay. in new york, eric adams, the mayor-elect, has indicated he's not going to bow to black lives matter, that he's going to return to plain clothes policemen, sort of monitoring developments around the city.
12:15 pm
that's got black lives matter folks saying, no, not on our watch. butting some heads. what do you think? >> i applaud eric adams for taking that position. he was a policeman, he was a police captain the originally, and the fact is the black lives matter, that's only the name of the organization. black lives matter, matters to all of us. but the name -- and more people have died with that organization going out there yelling and screaming, more black people have died. and that is a sin, and those people, they want a terror theist-type -- terrorist-type organization -- neil: the guy who runs it here, one of the key people here has promised there'll be protests, blood on the streets. >> well, e applaud eric ad a also, he should make sure that new yorkers are safe, and i think he will. neil: now, you also, you own
12:16 pm
work wor -- >> wabc. neil: i apologize. curtis sliwa is back on the air? challenger for for the new york mayoral -- >> curtis has been at wabc for 30 years, and i just extended his contract for another 30 years. neil: that's a good contract. how's he doing? >> he's hurting because he got hit by a taxi cab drive, and he's hurting. but curtis is always there. the one thing i say about curtis, he knew every subway stop -- neil: he did. >> -- every neighborhood, and he is one of the most -- new yorkers, and wabc radio is lucky to have him. neil: this is such a democratic town if you think about it, john. can a republican win in this town? >> can a republican win? i think -- neil: it's been done. >> it's been done. a common sense republican can
12:17 pm
win in this town. i am pro-common sense republicans, pro-common sense democrats, i am pro-common sense independents. it's about the person, not about the party. neil: you considered it, right. >> i considered it, and if i stay young, maybe one more time someplace in the future. neil: okay. just want to keep track. john, wonderful to see you again. have a wonderful thanksgiving -- >> thank you. neil: united refining company chairman. got started with nothing, i mean, poorer than poor, now a multibillionaire. he bet existence the grain on every single thing he did. not too shack by. restaurants are coming back, but it's how they're coming back that's unique. in new york, a lot of them have annexed themselves on the streets, and we're trying to get outdoor dining, make it easier for folks to set up shop outside their regular restaurants, now,
12:18 pm
of course, they go right out into the middle of avenues and streets. how long do you think that's going to go on? stay with us, you're watching fox business. >> you guys own 60% of the business, you control it, and you guys think this is funny. ♪ ♪ i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit
12:19 pm
at t-mobile for business, unconventional thinking means we see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs... being first on the scene when every second counts... or teaching biology without a lab. we are the leader in 5g and a partner who delivers exceptional customer support and 5g included in every plan. so, you get it all, without trade-offs. unconventional thinking, it's better for business. 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. what's strong with me? what's strong with me? whose resumes on indeed match your job criteria. what's strong with me? what's strong with me? what's strong with me? me? with me!
12:20 pm
12:21 pm
12:22 pm
♪ ♪ neil: all right. well, fine dining, any kind of dining, is back right now for a beleaguered restaurant industry. can't come a moment too soon. jon taffer trying to help them out. he never together the his roots, the "bar rescue" host was there for his colleagues when they were hurting. not as many hurting thousand, jon. the anything, the same bureaucrats who were holding them back during the pandemic might be returning now post-pandemic this new york. growing concerns about these outdoor spaces they have set up to allow them to cater to customers concerned about indoor set-ups. what do you make of that? >> well, neil, it's getting cold
12:23 pm
as well, which is going to impact outdoor seating, for sure. restaurants have sort of pate rated the sidewalks and the streets in front of them and, you know, i applaud the municipalities, neil, for providing that flexibility at a difficult time. that move allowed many of these restaurants to stay this business in the first place. neil: oh, yeah. >> but i think the rules are going to start to tight then up. of course, winter's going to work against it as well. restaurants are going to be confined back to their normal four walls in most markets pretty soon. but the price increases, neil, are devastating it not only because of price increases. for example, i know you're a steak guy. it isn't whether i get steak or not. the new york steak i used to get isn't available anymore, so now i have to get a different grade, a different cut, a different thickness. now my kitchen staff needs to be trained to cook the new one. maybe it doesn't fit on the plate like the other one. so specifications are changing on everything.
12:24 pm
we can't get this, we can't get that, we've got to get this. chicken breasts that used to be like this are now like this. the whole cooking process has changed. it's difficult for restaurants when we're short staffed to constantly keep training people on these changing food specifications. so that's impacting us as well as price which, as i know you well know, heat is up about 20% -- meat is up about 20%, and restaurants are hesitant to as that cost on, but we have to. neil: and i understand, jon, what you saying about they have to adjust to that or go to a cheaper or smaller cut of meat, but their customers if notice. i noticed it when it happens, and i can understand why, but do you think that potentially boomerangs back on them? >> i think it can, neil. but there's an interesting dynamic flight. the consumer -- right now. the consumer is so aware of the plight to have the restaurant industry that they're very accepting. they understand service might be longer, neil, because we're short staff thed.
12:25 pm
they understand employees might be new. they understand our prices are going up. so it's almost like john was saying earlier about the supermarkets. we're finding that consumers are accepting this now at this point. i'm not sure how long they accept it when the holidays end. i think people are just excited to reengage in life, neil, to some degree. neil: how do you think this whole inflation thing is going? you know, it's one thing when we were talking earlier in the year when prices were spiking and there was a hope it would be short-lyed, transitory the. -- short-lived. i can remember you saying i'm not so sure this is transitory and, obviously, it keeps going on and on. what do you think happened? >> i think we're looking at a two-year run or so, neil. i don't see how this changes quickly -- neil: wow. >> cha's what i -- that's what i sense. certainly until summer or so. and it concerns me very much. but how much will the consumer accept, and at what point do people move from steak to hamburgers and hamburgers to hot
12:26 pm
dogs and hot dogs to spaghetti the, right? and how do people's lifestyles change? what is the lasting impact when we do come out of this? the restaurant industry is clearly suffering, but the good news is almost across the board, neil, revenues are up 15-25% bo pre-pandemic levels. neil: that doesn't necessarily mean profit, but at least that part -- >> oh, no. neil: there's momentum. you were talking about various cuts of meat. i know you're buying beef shank coming to some costco locations. i normally don't think of that kind of upper end type of meat at costco, but explain what's going on there. >> well, you know, people looking for family meals now, we introduced a beef chiang with a piece of bone -- shank. it's the 7 pounds, neil. it serves 6-8 people, so it provides great value -- neil: one person could also have it. >> well, i'd like to see 'em
12:27 pm
try. [laughter] neil: now, how much -- >> it's going to be around $50-60. it'll vary from market to market. but when you look at the per-person cost, it is a really good value dinner and very high quality. and, you know, that'll, the i could make one more point about the restaurant industry, our food cost is normally 30%, our labor cost is normally 30%, beverage cost is normally about 20%, our occupancy cost is about 10%. there's not that many points left over. when our food cost goes up, that's the end of our profits. that's all the margin that we have. so this inflation their impact on the restaurant anywhere is every bit as devastating as the cutbacks of a year ago. so restaurants have to figure out how to get through this, and consumers have to be supportive at this time. neil: you're ad good man, jon, you nebraska forgot your roots roots -- never forgot your roots. the beef shank, i just want to
12:28 pm
remind you, hi friend, can also be good for one person, but i'll prove it to you one of these days. have a wonderful thanksgiving. >> good to see you, buddy. neil: war rescue hoassments -- bar rescue host. j&j following the likes of ge, toshiba's doing it, they're all splitting up. weaking up for a company -- breaking up for a company is apparently the profitable thing to do. we're on it after this. ♪ ♪
12:29 pm
♪ ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to unveil them to the world. ♪ [gaming sounds] [gaming sounds] [gaming sounds] just think, he'll be driving for real soon.
12:30 pm
every new chevy equinox comes standard with chevy safety assist, including automatic emergency braking. find new peace of mind. find new roads. chevrolet. as i observe investors balance risk and reward, find new roads. i see one element securing portfolios, time after time. gold. your strategic advantage. there's a different way to treat hiv. it's once-monthly injectable cabenuva. cabenuva is the only once-a-month, complete hiv treatment for adults who are undetectable. cabenuva helps keep me undetectable. it's two injections, given by a healthcare provider once a month. hiv pills aren't on my mind. i love being able to pick up and go. don't receive cabenuva if you're allergic to its ingredients or taking certain medicines, which may interact with cabenuva. serious side effects include allergic reactions post-injection reactions, liver problems,...and depression. if you have a rash and other allergic reaction symptoms,
12:31 pm
stop cabenuva and get medical help right away. tell your doctor if you have liver problems or mental health concerns, and if you are pregnant, breastfeeding, or considering pregnancy. some of the most common side effects include injection site reactions, fever, and tiredness. if you switch to cabenuva, attend all treatment appointments. with once-a-month cabenuva, i'm good to go. ask your doctor about once-monthly cabenuva. look! oh my god... oh wow. ♪ i want my daughter riley to know about her ancestors and how important it is to know who you are and to know where you came from. doesn't that look like your papa? that's your great grandfather. it's like opening a whole 'nother world that we did not know existed. ♪ you finally have a face to a name. when you give the gift of ancestry®, you give the gift of family. ♪
12:32 pm
♪ neil: all right. right now j&j the latest company to say, you know, we're going to slit up into at least two companies following the likes of ge and toshiba, so the pace is picking up here. jer -- jerry wig lis tolling
12:33 pm
what's -- gerri willis following what's going on here. >> reporter: it's a trend. we officially have three, we can say it's a trend. i guess wreaking up is not hard to do these days. j&j the latest to say it will create two publicly-traded companies by separate its consumer products business from its farm that ask medical device operations. now, ge announced it would split into three companies earlier this week, and toshiba announcing a similar three-way split only hours ago, 3m rumored to be doing the same thing. j&j will trade separately from its faster growing acquisition which makes and sells medical devices including the vaccine. the ceo saying the planned separation is the best way to accelerate our efforts to serve patients, consumers and health
12:34 pm
care professionals, create opportunities for talented global team and drive profitable growth. and most or notly, improve health care outcomes for people around the world. glad he got to that part of it. investors, i wouldn't say they're completely thrilled. j&j shares drove the dow up about 16 points but only about 2% here. on the conference call this morning the company told investors a settlement stemming from litigation claims over johnson's baby powder, whether it causes cancer, that's separate from the announcement, apparently. the company has denied the claims. the pharma if unit will inherit the j&j name ask had been the larger of the two companies, 65% of sales and faster growing. okay, health care priorities, a shift to e-commerce, an interest in personal care, that's why they're doing it right now or that's why they say they're doing it right now. neil: but 3m could be next. they have to break into three
12:35 pm
companies -- >> reporter: otherwise it would not make -- 6 or 18? neil: we'll have to wait and see. that's your homework assignment. gerri willis following that for us. erin gibbs, get her take on this right now. very good market watcher. erin, what do you think of this trend that gerri was outlining? you know, there does seem to be a pattern here, could pick up the ace. how do these things usually go? >> you know, it's not surprising how high priced the overall stock market is, and this is a time where companies can try to extract just a little more juice out of their prices by splitting up. but this has been in mace for a long time. -- place for a long time. it's usually the type of companies that are not highly valued, that are lower values. you see companies selling lightbulbs and diapers and shampoo. so those companies that aren't
12:36 pm
the really hot, faired companies. we're not seeing amazon split up, that's not in the rumor mill. it's the companies that want to be able to split up so at least one of their business units gets to be that really highly valued company. and in this case the pharma is splitting away your shampoo into the pharmaceutical to get a little more price push on the pharmaceutical side. it's a trend that has happened in the markets, i guess i would expect more companies to be announcing these types of splits. neil: you know what i wondered about too, if you're in washington and ask you're seeing how easy these guys make it look -- they're not targeted companies, i want to say, but there's been a move to get some of the tech titans to split themselves up so they're not the single, you know, shop conglomerates that they are. and if this, you know, goes well for these companies, i can definitely hear an elizabeth warren saying, well, it worked for them, it could work for you,
12:37 pm
let's see what you've got. >> yessing i completely see washington saying that. it's just that it doesn't actually work with these huge conglomerates that are already highly valued because they're less likely to get more higher stock prices if they split up. they actually work well as being an amazon and being that the mega cap. that's something that this underneath it all the companies know that's not the case. they're going to do what's this their best interest. neil: got it. erin gibbs, gibbs wealth management, the president there. by the way, we told you earlier about the planned incoming new york mayor eric adams to take on black lives matter and that he is going to the return to an old police policy in combating crime where plain clothes policemen would go around new york, look for suspicious characters. some claimed that was racist. the mayor-elect is keen on that.
12:38 pm
the fallout in thy and reaction to it all with bryan llenas after this. ♪ -- can't start a fire sitting around crying with a broken heart. ♪ this gun's for hire, even if we're just dancing in the dark ♪♪
12:39 pm
12:40 pm
12:41 pm
- there is a very small radical group in our society trying to browbeat and bully our fellow citizens into their control. why is this happening? what are they really trying to do? i share my findings in a brand new book, 'hope for this present crisis'. get your copy today and arm yourself against their misguided and destructive mission. - [narrator] in 'hope for this present crisis', doctor michael youssef presents a seven-part plan providing practical steps on how to be a godly influence in our society, and how to take a stand for our faith in a culture aggressively opposed to the truth. there is hope for this present crisis if we act now. this book is now available to you for just the cost of shipping and handling: $4.95, and if you order today, doctor youssef will also include the action guide: 'practical questions and answers for this present crisis'.
12:42 pm
call or go online today for your free copy. ♪ neil: you know, new york is obviously a heavily democratic city, but one thing is very clear on voters' minds when they went to the polls. eric adams and his 20-year experience in the new york police department was a key factor for a city just mesmerized right now by the crime problem. in fact, a lot of the skittishness has more to do with fears of crime and deteriorating conditions than anything having to do9 with the virus. to do with the virus. somewhere the incoming mayor who i says he is going to crack down on this and has reminded black
12:43 pm
lives heart that violent will not be tolerated, he'll return to the day, you know, police officers were sort of torn around all of new york city without formal uniforms on just to look for suspicious characters. a spokesman here this new york has said that is going to be greeted with resistance, and he fears bloodshed if the mayor-elect goes through with it. bryan llenas right now in central park. bryan. >> reporter: neil, good afternoon. i spoke to cofounder of black lives matter here of greater new york, can is he said on wednesday after meeting with the new york city mayor-elect eric adams that will thereby bloodshed and riots and violence if the mayor brings back plain if clothes police officers back onto the streets. now, when i soak to newsome he said, look, i'm not personally advocating for violence, but i am saying that it will be
12:44 pm
inevitable that it will happen if the mayor-elect does this. listen. >> when these plain clothes livers come back into the -- police officers come back into the street with the mentality that they're going to eradicate crime, they're going to make a mistake, and they're going to kill someone. when that happens, there will be a repeat of george floyd. it's simple hathmatics. it's not about making threats. >> reporter: all of this started when newsome and his organization met with eric adams in a meeting live streamed on instagram wednesday. it got really contentious at one points. they claim adams doesn't have a plan to reform the lis, and after that meeting -- the police, and after that meeting the incendiary remarks about blood being in the streets of new york. well, adams, he soak if, and he is not backing down. he says that he will follow through with his campaign
12:45 pm
promise to fight back crime with these units. >> this city is not going to be a city of riots, it's not going to be the city of burning. this is going to be a city where we're going to be safe, we're going to have effective policing that's not heavy-handed. >> reporter: crime in new york city has surged over the last year. in fact, just yesterday there were two sexual assaults in broad daylight, one here in central park. a 20-something woman jogging or walking here in the park was sexually assaulted by this man that you see. and then this another neighborhood in manhattan, a 54-year-old jogger or woman was sexuallyed allegedly by howard shaw. shaw has a criminal history. -recrease he -- he was released from prison on tuesday and is now back in custody. neil: thank you very much for that, bryan. keep us posted. in the meantime, the very, very latest on what is going on with
12:46 pm
all these electric vehicle merricks who are getting rich overnight. the late one caught elon musk's attention. you won't believe what he said about the guy. after this. ♪ ♪ we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones ♪♪ l it starts with a mother's. determination to treat her baby's eczema. and grows into a family business that helps thousands more. it starts with an army vet's dream of studying the stars. and grows into a new career as an astrophysicist. it starts with an engineer's desire to start over. and grows into an award-winning restaurant that creates local jobs. they learned how on youtube. what will you learn?
12:47 pm
your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit this is elodia. she's a recording artist. m 1 of 10 million people that. comcast has connected to affordable internet in the last 10 years.
12:48 pm
and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities.
12:49 pm
[swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.
12:50 pm
♪ ♪ neil: i see what they did there. this is the great thing about having a young staff that could with your grandchildren. [laughter] they pick out a song to go with the subject du jour here. very clever. electric because that's all the rage right now. heard about rivian coming out of the gate on fire, and elon musk, who's never one to miss a moment to comment, but in this case it's kind of funny and interesting at the same time. susan l are i with us who follows this stuff very, very closely. >> i thought it was the '80s music for you. very vibey, back in the day, a few decades ago. they could have chosen -- neil: they could have gone back to the '60s. of course, we didn't have electricity when i was a kid. >> oh, stop. neil: elon musk is essentially kind of ribbing rivian for a market valuation that seems --
12:51 pm
>> phenomenal. neil: but anyway, what's he saying? >> let's go to the tweet, and then we can comment, and i'll show you the valuation differences between tesla back in 2010 and rivian 2021. but here we have elon musk, i call it truth, he says there had been hundreds of automotive start-ups but so far the only american carmaker to reach os cash flow in the past century. now, i should note that there have been lots of auto start-ups over the past 100 years, only 2 have avoided bankruptcy. that is tesla and that is ford, right? everybody else has tried, and they failed, and they've been brought back to life. general motors, we know, back in 2008. so if you look at the metric between the differences in tesla's ipo in 2010 ask rivian this year, it just shows there's so much hundred out there chasing companies that don't have is as hutch sales. here's -- much sales. tesla in 2010, rivian at its
12:52 pm
ipo, not today, but at $78 it's worth $66.5 billion. the we can turn the page and show you the difference in sales, i mean, tesla had $2 billion back then. they had $90 million in sales. rivian in 2021 worth $70 billion at ipo, $1 million this sales. neil: wow. >> both of those going to their employees and staff. and look at the market cap -- neil: didn't their employees get, a lot of the buyers too go got a chunk of the stock -- >> of the allocation. neil: interesting. >> it's like an ecosystem that feeds on each other. it just shows you people are valuing future growth a lot more than actual sales right now. so, for instance, we bring up market cap in terms of the auto stocks, tesla worth a trillion dollars and rivian in second place with only a million dollars in real life sales. general motors is worth less even though they sell tens of millions of cars each and every year. what does that tell you?
12:53 pm
people are just betting on future technology and the world going electric -- neil: but is the whole world going electric, or is it just being rammed down our throats? >> i think the world is going electric -- neil: you do? >> it just feels like that's the trend. apple's going to produce an apple car at some point, and that's based on the tesla no el. neil: what if the grid goes down cleat my, then all those fancy cars can't run, right? >> if you look at the infrastructure bill, aren't we investing $7.5 billion into ev charging stations? neil: it sounds like you're in the hip pocket of the ev industry. >> i'm just telling you we're going green -- neil: your generation, that whole green thing -- >> electric avenue, i call for if, next time for the music. neil: there's a get gore january chant that, i think, has something to do with that. [laughter] love her, love her, love her. gary kaltbaum, i love this hand too. he's been looking at these
12:54 pm
eye-popping numbers. gary, this whole electric vehicle valuation and what's going on for anyone and everyone having anything to do with it just seems kind of wacky to me, gary. but it is what it is. you can't deny the numbers. what do you think? >> until it isn't, neil. i just want to remind everybody a couple of names. lordstown motors, from 32 down to 5. nikola's gone from 92 down to 13 because they have not been able to deliver. so if rivian doesn't deliver, all heck will break loose, valuations will matter which it doesn't right now. and just all you've got to do the is look at comparisons. gm and ford both do $130 billion in sales and have a market cap less than 100 with. rivian just delivered 42 cars to employees, and they're over $100
12:55 pm
billion. so be very, very careful. neil: you know, i'm not besmirching this technology, far from it. i'm very impressed with it. i just do wonder when so many automakers, involve slow wants a complete electric vine -- involve slow, so many are, i'm just wondering whether the people behind it are rushing something that might for an appetite that might not be there. what do you think? >> i think you said something earlier, neil, about forcing down throats. i just wonder about that. you know, economics is about demand for whatever's being supplied, and if there's too much supply and not enough demand, forget ability it. and, look -- forget about it. i just think that everyone when it's all said and done, valuation is going to heart. we're in a moment in time right now, 99-ish, where it does not matter what it is, and you never know which area the market is going to get the boost like
12:56 pm
this. we've seen it in marijuana stocks in the last couple years, and outlooks like electric vehicles are getting going again. but again, when the market breaks, we get a normal bear market, i will tell you the curtains will come down. again, it's just all about knowing what you're paying for, how much and what is going to come of it. let's be clear, amazon's ordering 100,000, and that's good news because they are investors, but again, that's still not good enough to take a $100 billion market cap and keep it up there. neil: all right. stick around, my friend, because i do want to pick your brain on what's happening with disney telegraphing maybe some slowdown in theme park activity in florida. also getting the latest, we're told that jack ciattarelli who came, oh, so close to being new jersey's governor, is going to concede later on. we'll keep you up-to-date on that and what he does after
12:57 pm
that. at t-mobile for business, unconventional thinking means we see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs... being first on the scene when every second counts... or teaching biology without a lab. we are the leader in 5g and a partner who delivers exceptional customer support and 5g included in every plan. so, you get it all, without trade-offs. unconventional thinking, it's better for business. as someone who resembles someone else, i appreciate that liberty mutual knows everyone's unique. that's why they customize your car insurance, so you only pay for what you need. oh, yeah. that's the spot. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪
12:58 pm
12:59 pm
1:00 pm
1:01 pm
neil: there's a second stanza to that song that goes if you don't mind paying through the nose with taxes that are out of this world, but we never get to that. welcome back. that's not really the peppy song i've heard about new jersey, but again-- new jersey and snow it, taxes are high, property taxes are through the roof. that's what you take as a given when you live in new jersey. it's a very tax unfriendly state, shall we say and one of the biggest developments this year that sort of showed how new jerseyans are getting annoyed is that the news that governor philip murphy in this bluest of blue states barely one reelection. he was up by about a dozen points going into election day and ends of winning by about a couple of points. jack ciattarelli is the republican challenger and almost pulled it
1:02 pm
off, but we are now minutes away from jack ciattarelli announcing he's not going to call for a recount. he's going to stand down, but he's not going quietly. kelly mcgee white joins me. kelly, the one thing we are hearing is that he hit a nerve with a lot of voters and i'm wondering what nerve that was. we were focusing so much on the virginia race that we almost sought bigger development in new jersey and i'm not sure it's a done deal as far as further volcanic political developments from that state. what do you think? >> i think a lot of it has to do with covid, generally. i mean, new jersey and phil murphy in particular implement it some of the strictest restrictions in the country on par with new york and los angeles and is something that you saw frequently among the republicans who one in
1:03 pm
new jersey's ballot races is that they said they campaigned against the covid restrictions. i'm thinking here specifically of the new jersey truck driver that beat the state senate president and all he said in his campaign ad was, new jersey's covid restrictions-- neil: i'm jumping in. jack ciattarelli is speaking right now and maybe we will get an idea of his next plan. let's listen. >> january, 2020, i sought to surround myself with a campaign of professionals of the highest caliber, people known throughout new jersey for being amongst the best in their fields. most of them are here today. one such person is counsel mark sheridan who i trust implicitly and argued the state supreme case. following election day as vote by mail and traditional balance workout i would speak of mark daily and ask him a single civil question, can i win the election
1:04 pm
and if i can't, should there be a recount. late yesterday was the first time based on a vote counts to date that mark sheraton answered no while a saying we would continue to monitor the vote counts. so, i called governor murphy early today and congratulated him on his reelection and wished him well in a serving the people of new jersey. why are we here? one hundred years ago my grandparents immigrated to this country settling right here. they raised their children in a four family house not 300 yards from this building at my parents had but one high school diploma and between them and raise their four children in this great borough starting out in my grandparents for family home. my dad worked 38 years in the street department for public service gas and was a union pipefitter. my mom worked midnight on the line for j&j, two blocks from here my parents owned a restaurant, all the
1:05 pm
while never leaving their employer at public service or j&j no two people ever worked harder and every dime they made went to their four kids. it's where we started our family in a two family house right across the street from my grandparents house. new jersey is my home and it always will be. for nearly two years i traveled every corner of this state engaging with new jerseyans of every race, color, creed and religion listening and discussing their concerns i'm talking about the issues that matter, teaching table issues, commonsense solutions, it was an exhilarating experience that i enjoyed immensely. being on the campaign trail only reaffirmed the people of new jersey are amongst the most decent and hard-working in the country. they are also the most frustrated. with a state they love, the state i love that is broken. adding to the frustration is political leadership that is out
1:06 pm
of touch with what it is that really needs fixing here in new jersey. there are those who seek to get things done by raising taxes. i prefer to see things happen by fixing our problems and so let me be clear, the people of this estate do not want a handout what they want is for us to fix the country's highest in the nation property taxes. the countries worst in the nation business climate especially for small businesses. a bloated and inefficient state government has been corrupted by special interests. communities, people want them safe and secure by supporting our local and state police. they want their public school curriculum to get back to basics and teach critical life skills providing vocational training and never ever seeking to assume the role of parent. i was fully confident that in speaking to these issues each and every day with the people across the state who are-- you i'm proud
1:07 pm
too fellow new jerseyans that i would win on election day. of course, there were those who thought i couldn't win. though her-- there were those who told me i wouldn't win. the fact is we almost did win. why cracks because every single time misguided politicians take this state too far off track, the great people of this estate push, pull and prod it to write back to where it belongs, right back to where it needs to be, commonsense center. i do not see the result of this election as a failure. on the contrary. i'm proud of what our campaign accomplished, proud of how we helped reinvigorate republican party and mobilize new people who have never been involved before, so to that end despite those who told me jack, don't talk about the legislative candidates, just run your own campaign. we learned-- we leaned into down ballot races
1:08 pm
and the results were the greatest election night for republicans in the 30 years. republicans won eight targeted legislative races we flipped six assembly seats. we defeated two democrat incumbents in the senate and picked up numerous seats and what many consider to be blue counties. so, i'm also proud that there is now a greater balance of power. suddenly, suddenly, i'm here-- hearing politicians talk about lowering taxes, kitchen table, commonsense solutions and paying closer attention to what it is that's really bothering every day new jerseyans. to those who are disappointed that i'm conceding, to those who state and our election system is shaken, for those who are angry that i'm not asking for a recount today, let me say this, i have worked every day and night for 22 months to become new jersey's governor. if you think i would be
1:09 pm
standing here today conceding if i thought i won this election you couldn't be more wrong. i hate to lose. ask the mayor. i'm also someone who believes strongly in our republic, in our democratic processes and enough votes have been counted. there does not appear to be a path to victory or the basis for a recount. nor do we know of any systemic or widespread fraud, so no, i see no proof that this election was stolen. as my campaign said in a press release earlier this week, the new law the governor rushed to enact led to this disjointed and excruciating slow vote counting process sadly in our current climate that slow count and constantly changing online numbers gives rise to doubt in the system and unfounded conspiracy theories. that is not healthy. the fact that we are 10 days past election and votes are still being
1:10 pm
counted is a problem for every close election to come. voters do deserve better. i propose that the legislature in partnership with the county clerk's association and the election board officials association standardize election reporting. we desperately need uniformity and strict reporting guidelines doing so would bring order to and most importantly renewed faith in our system. keeping that in mind, i say this to my supporters, let us continue to fight the good fight. let us harness our frustrations and focus our momentum on what it is that made this campaign so very successful, positive energy, positive messaging, positive commonsense solutions. let us continue to listen and in so doing here and elevate the concerns of people throughout the state because on this election night, we sent a
1:11 pm
powerful message to trenton, and although it was never my intention, we sent a very powerful message to the nation our message is simple. we are tired of hyper partisanship, tired of divisiveness, tired of tone deafness, tired of the dismisses citizens real concerns. here in new jersey, for a lot of individuals and families, taxes are an issue. standing in line at motor vehicle is an issue. not getting someone on the phone or any other state department is an issue. properly teaching our children in school is an issue. supporting our local and state police is an issue. excess government spending is an issue. undue influence of special interest is an issue. our hard work and success on election day lifted new voices that will be going to trenton to carry that message. new voices that will work to fix new jersey. if you think use-- thank
1:12 pm
youse. thank you to the new jersey publican party for giving me the honor of being their nominee. thank you to my campaign team for their outstanding effort. thank you to our four children who inspire us every day. they do inspire us; right? [laughter] thank you to my wife, melinda, who sacrifices made my candidacy possible. thank you to senator diane allen for being what i believe the best lieutenant governor ever in the state of new jersey. [applause]. most importantly, thank you come into the people of new jersey for welcoming me into their homes, their neighborhoods, their communities and yes, their favorite diners. i have been to everyone. our work is not done. let us fix new jersey together. you also very very much. [applause].
1:13 pm
neil: indicating that he is not going to challenge the election results from new jersey saying that there does not appear to be a path to victory, adding that there is no signs that this election was stolen, but given the closeness of the race and the fact that incumbent democratic governor phil murphy only won by about two percentage points when back in the summer he was a by close to 30 points and really into the election week was sub a dozen points. this was something that was startling in and of itself. he has a pretty good future ahead of him we are told as well with a number of republican authority officials in the state already saying he should run for senate , may be bob menendez see in 2024 or even take on cory booker in 2026 or weight to run for governor again in another four years. sort of got fielders choice with kaylee mcgee
1:14 pm
white with washington examiner, kaylee, it took a long time to get to this point, but also it took along time to get the ballots in and the dirty little secret in new jersey is it's still coming in and he referred to that, but did not take up the idea of pulling for a recount, which he could have. it's not automatic in new jersey, but given the gap he could have pushed for that, but he did not. what do you make of that? >> i can think of several political candidates who should have been more like jack ciattarelli. i thought his concession speech was fair and respectful in terms of his loss which must be disappointing, but he's right that the fact that new jersey was still counting ballots-- what are we more than a week and a half pass the election? it's absolutely-- absolutely ridiculous and he is correct there needs to be a standardized process where if we have mail-in ballots and extensions for absentees to come and then there you needs
1:15 pm
to be a uniform process by which everyone knows there's a deadline that ballots have to be in by then and they need to be counted at this specific time so everything can be done in an orderly fashion because if you don't have that then you have a lot of questions. you have a lot of concerns from people who are like what's going on here, why is it taking a week, we can have, two weeks. there are a lot of concerns there. neil: you know, wonder if the position he took to say that there's nothing going on here that this election was not stolen, was he making a slight to donald trump? what was he doing there? >> he my dad been, but donald trump is not the only one. we still have stacy abrams in georgia insisting she is the rightful governor of the state so it's a problem on both sides of the island he is right to want to take a jab at anyone who's going to promote a theory that they are the rightful when in fact they aren't so i think he was right to concede i think he
1:16 pm
was right to waited out given how narrow the margin was to see if there was a path to victory to see if it could have turned out more votes in his savior but ultimately i think he made the right decision. neil: i went to get your thoughts on you know for governor murphy and jack ciattarelli was right we are already hearing from powerful democrats i don't know when the governor's office about tax cuts and the rest, but something resonated from this election and the closeness of it that might change behavior as he was saying republicans picked up seven to eight seats in the legislature here, toppled the senate president. you know, so there is some reason to believe that democrats should be looking over their shoulder; right? >> absolutely and jack ciattarelli is right this was not a failure by any means. no one was paying attention to this race and everyone assumed murphy added in the bag and that there would not even be a close contest. jack ciattarelli put a good scare into not just
1:17 pm
new jersey democrats, but democrats across the country looking at their districts which are probably more rollerball than any district in new jersey and they are thinking wow, am i next and you note virginia's election did the exact same thing but in a different way. neil: interesting. thank you very much, carol-- kaylee mcgee white of the washington examiner. later we will talk to steve moore and what he makes of this and he has been trained with what the trend was in virginia and new jersey was a preview-- bigger issue nationally. we will speak to him and get engaged on how the white house is weighing in on all of this as well after this.
1:18 pm
kevin! kevin? kevin. oh nice. kevin, where are you? kevin?!?!? hey, what's going on? i'm right here! i was busy cashbacking for the holidays with chase freedom unlimited. i'm gonna cashback on a gingerbread house! oooh, it's got little people inside! and a snowglobe. oh, i wished i lived in there. you know i can't believe you lost another kevin. it's a holiday tradition! that it is! earn big time with chase freedom unlimited. how do you cashback? chase. make more of what's yours. i am robert strickler. i've been involved in communications in the media for 45 years. i've been taking prevagen on a regular basis for at least eight years. for me, the greatest benefit over the years has been that prevagen seems to help me recall things and also think more clearly. and i enthusiastically recommend prevagen. it has helped me an awful lot.
1:19 pm
prevagen. healthier brain. better life. (vo) the more we do with our phones, the more network quality and reliability matter. and only verizon has been the most awarded for network quality 27 times in a row. that means the best experience with calls, texts and data usage of any major carrier, according to customers. there's only one best network. the only one ranked #1 in reliability 16 times in a row. we are building 5g right. what's strong with me? what's strong with me? what's strong with me? what's strong with me? with me! with me! what's strong with me? with me! with me.
1:20 pm
if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. the smart, fast, easy way to travel.
1:21 pm
neil: build back better by taxing people-- it's not quite that simple but we are getting indications in the latest from the policy center that a lot of the tax hikes built into the president the big spending initiative that democrats are cobbling together on capitol hill involves more than the
1:22 pm
400,000 and over crowd. hilary vaughn has more. reporter: that was a campaign promise from president biden, not raise taxes on the middle class or anyone making under $400,000 a year, but the new analysis from the nonpartisan tax policy center that looked at these tax provisions included in the build back better bill, house version of the bill says the middle class is going to be paying more in taxes, not less and each bill they admit that amount is ace pretty small amount, 20 to 30% of middle income households would pay more in 2022 including low and middle class who would pay about $100 or more on average in their taxis. the analysis also finds that the salt cap provision, the state and local tax deduction for those in the middle class would not really benefit them while it would benefit high earners in a really big way.
1:23 pm
the rich also would see a tax cut under biden's build back better bill according to their analysis with the 56% of people making over $1 million would get about a 16000-dollar cut on their tax bill. 78% of people making between half a million and a million would get about $8400 taken off on their tax bill. this is prompting outrage for some pro-business groups and the ceo of the job greater network saying, tax increases on the middle class and special tax breaks for the rich disqualify this legislation from consideration among sensible just like ours. some of those legislators democrats argued the bill back better bill would reduce inflation and overall make things like child care and prescription drugs cheaper for the middle class. >> act by economic science because democrats listen to economists, but it's also backed by common sense. i no doubt he will get the build back better and that it will help
1:24 pm
with inflationary pressure. reporter: neal, what democrats are keeping an ion is that cbo score that will give us the gold standard for whether or not this really does raise taxes on those and middle class and whether or not it's completely paid for. neil: so the argument they will pay more is based on tax allowances and others that bring that figure down, that threshold figure down below the $400,000 crowd, begin you need the cbo to confirm that; right? reporter: exactly. the cbo is really what congress uses for their budget office to really make sure that the number and map adds up, but of course you have policy centers, outside groups that have their own analysis and put that forward and a sometimes there's competing interpretations of this, but lawmakers will wait for the cbo score to come out. neil: got it. thank you. let me get the read from steve moore. steve, if this is true,
1:25 pm
and it could now-- this plan ensnare the middle class or folks who definitely wouldn't consider themselves rich , it sort of reminds me of the alternative minimum tax that was meant to focus on just the wealthy guys and soon grew to include half of all taxpayers. could the same thing be happening here? >> no question about it. you know, we are not done with this bill. they are still adding new provisions to it with a lot of talk of adding some type of energy tax which would be paid by all americans , so much for this pledge that no one less than $400,000 would pay more taxes. i think what is more fascinating and infuriating is this idea of massively increasing state and local tax deduction. this has put very simply , neil, a giveaway to millionaires and
1:26 pm
billionaires, the exact group of people that joe biden and democrats said they went to tax, so if you live in a state like new jersey, new york, california, illinois, connecticut, you may-- and you are a millionaire or a billionaire you could actually pay less taxes than you pay now under the biden plan and i know that because as you know, neil, i helped put together the trump tax plan. the left is saying this is a big tax giveaway for the rich and it really wasn't because we did take away one of the biggest deductions in the tax code for rich people which was the state local tax deduction, so if you live in new york, if you live in california and you are a millionaire or billionaire your taxes could depending on your circumstance go down under this bill, not go out. neil: what's weird about it is and i understand the pressure republicans are under when they built the feature and to limit deductions for state and local taxes to pass muster and make the numbers over the 10 years i guess, what democrats are doing
1:27 pm
right now i can't see them allowing when all is said and done if it will be broadcast just as you said that this helps the rich, they might sort of phase these benefits out. it's too early to tell, but we know they are already thinking of dropping a 3% surtax for those earning over $5 million, pushing it back to $10 million. we know they will proposal the proposed tax on at least 700 billionaires, so steve, you can breathe a sigh of relief on that one. they are also going to scale back the 15% corporate minimum tax. we just don't know how much. and maybe when all is said and done, no individual tax rate hikes at all, so that in the end we left with? >> i mean, that's a great point. i mean, where will they get the revenues? i think what they are trying to do now is put a square peg in a round hole. they are not close-- you know my sources on capitol hill say their numbers just don't add
1:28 pm
up now and the idea that it will pay for itself, remember joe biden said this is free and doesn't cost anything, boy, they will have a really tough time making that case. the other point is, i remember the 1986 tax reform act which i think was something that was really-- that was passed in a bipartisan way, 97-three in the senate, 97-three and what that bill did was lower the rates and got rid of loopholes. what we are seeing in this bill is tax deformed basically raising tax rates and ads in these new loopholes, the worst way to makes tax law. neil: what i remember of the 86 taxes you couldn't write off tax interest and that's when i woke up and said we really have to watch our spending. quickly, i don't want to put you on the spot, my friend, but we just heard from-- >> yes, you do want to put me on the spot. neil: you know me. so, jack ciattarelli the republican candidate from new jersey said he
1:29 pm
won't challenge the election, but obviously he has a future there, but he did make a, that there doesn't appear to be a path to victory and no sign that this election was stolen. so, he didn't want to do what obviously donald trump and by the way a number of candidates have done, stacy abrams of georgia comes to mind and that he thought it was good for the people of new jersey to move on. do you think he was sending a signal to your old boss that that is not the way to proceed after you lose an election? >> no, i don't, but i think he showed a lot of class today, no question. a classy defeat speech. i'm frustrated by the way with the republican national committee. i hope they are watching the republican governors association. i have been telling them all along to keep an eye on this race that it would get really close because i have been to this movie before and it's frustrating because if the republicans had put about $2 million more in the race he would be the governor today, so this was a repeat asian by voters
1:30 pm
and not just against the high taxes in new jersey, but also what's going on in washington. neil: so, when he was talking about you have to look at the legitimate issues versus those that you aren't happy with, i keep going back to donald trump, do you think in retrospect at the former president done that and acknowledged his defeat, maybe his misgivings about-- he would be even in a stronger position pulling today for reelection? >> are you talking about donald trump? neil: yes. >> i talked to him last week and i think he has to put the 2020 election behind him. he has made his point people will make their own decision, but i think he's in a much stronger case if he talks about the future. president drumm, i hope you are watching. concentrate on how-- his new theme by the way he announced last week is you know make america great again again. neil: okay.
1:31 pm
and you thought i would put you on the spot. steve moore, always good to seeing you. we will look at the fallout from all of this after this.
1:32 pm
to run a growing business, is to be on a journey. and along the ride, you'll have many questions. challenges. and a few surprises. ♪
1:33 pm
but wherever you are on your journey. your dell technologies advisor is here for you - with the right tech solutions. so you can stop at nothing for your customers. (vo) singing, or speaking. with the rireason,h solutions. or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything. (dramatic music) - [narrator] as the eyes of the world focus on the latest flood of calamities, the most urgent may not be the most visible to the average person. for decades, we've seen an erosion of our nation's values, but today we are experiencing a world gone mad. the country is facing an inflection point
1:34 pm
and cultural norms are turning away from traditional values. in "hope for this present crisis," dr. michael youssef presents a seven-part plan providing practical steps on how to be a godly influence in our society and how to take a stand for our values in a culture aggressively opposed to them. there is hope for this present crisis if we act now. a dear friend of dr. youssef so wants you to have this book that he will pay for it. all you have to do is cover the shipping and handling: $4.95. and if you order it today, we will also include the action guide, "practical questions and answers for this present crisis". call or go online today for your free copy. (dramatic music) (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf.
1:35 pm
neil: this has been a crazy week, but one thing that struck me besides the streaming thing going down even though it's still up the chart was this little subset and the earnings report that theme park business was to slow a little bit. it's a still robust to put it mildly, but not what it was. wanted to go back to my friend who of course lives in the orlando area. gary, that was an interesting development. i wonder, disney has been raising prices throughout all of this and it's been very effective. you know, people still pay, but i'm wondering if there is a limit to that and that's what we are seeing? >> when you see headline today, us consumer
1:36 pm
sentiment drops to a 10 year low, we are talking about discretionary spending, so that can be an effect but we have a simple motto here in central florida, never bet against the mouse, so we think there will be pent up demand international is coming here and if you ever go to disney world it's a melting pot of people from around the globe. again, this is not good news. if it continues the longer it goes the worse it gets. that will eat into the pocketbooks of the people and instead of saying to the kid, hey we are headed to disney they may just head to the pool and do some swimming and that's just how life works in economics 101, so hopefully things get better, but right now there's a definite issue for any business out there. neil: i wonder also because we
1:37 pm
can ask about inflation and you are right to mention it and you were early on, but we are seeing it show up in some spending figures on the part of consumers slowing to about a 2% rate in the lowest quarter versus six times that in the prior quarter. we are showing it in consumer sentiment surveys out at a multi- year low, but the trend is definitely not the consumer friend right now what do you make of the traction of this? >> look, you worry about you know when you come out of covid and people want to get the heck out and they want to spend, but how long will they be able to stand for. you still have a lot of people without jobs, so it's a definite issue going forward. i speak to restaurant owners all the time. i speak to restaurant ceo and they are worried they are worried on the production front as far as what their costs are and they are worried about the consumer going forward if this
1:38 pm
continues. people don't remember what happened in the late 70s. i think coming out of college the prime rate was like 18% and i'm not saying we are going there, but just the trajectory will change people's actions and how they spend and the more they read about it, the more they see it where shelves are empty and prices are doubling on things they are used to buying it will affect things and then it will turn into a bit of a vicious cycle so i know i hear some people shrugging it off as transitory and it will go away i don't think they know what they are doing. i don't think they know what's possible and let's hope they are right and the bad is wrong. again, tomorrow is another day. neil: got it my friend. to his point, folks it's what you are used to so if you are used to interest rates around 2% and they get to 4%, that's a big deal. i don't know if i told you about the first mortgage my wife and i got for 13 and a half
1:39 pm
percent. perspective is everything. ♪♪ ♪ ♪ remember when no dream was too big? ♪ ♪ and you could fearlessly face the unknown. (kids playing) you still can. ♪ ♪ (blowing dust) when you have a rock you can depend on for life, you'll be unstoppable. that's why over 5,500 companies rely on prudential's retirement and workplace benefits. who's your rock? at t-mobile for business, unconventional thinking means we see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs... keeping crews connected as they help build
1:40 pm
communities... or providing patients the care they need, even at home. we are the leader in 5g and a partner who delivers exceptional customer support and facebook advertising, on us. network. support. value. no trade-offs. unconventional thinking, it's better for business. today, your customers want it all. you have to deal with higher expectations and you have to lower wait times. with ibm, you can do both. your business can unify apps and data across your clouds. so you can address supply chain issues in real time, before they impact your bottom line. predicting and managing operational issues that's why so many businesses work with ibm. (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first.
1:41 pm
(other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different.
1:42 pm
1:43 pm
neil: i can see a lot of workers who are passing up all of these jobs available, better than 11 million, but all of the workers quitting the jobs they already have is happening by the millions. lydia from new jersey. this blows me away. what's going on here? reporter: neal, this is unprecedented what we are learning today. 4.4 million americans quit their job in the month of september. that's the highest in a single month since the government started tracking this particular data 20 years ago and
1:44 pm
this really illustrates the competitive job market where employers have been hiking wages and boosting hourly wages and offering bonuses to attract talent trying to fill the near record number of job openings which is it's at 10.4 million. all of that adding to growing inflation. these revelations come less than a month before the biden administration vaccine mandate, companies with more than 100 workers is supposed to be phased in. recent survey shows the mandate may only further tightened the workforce. more than a third of unvaccinated workers say they would leave their job if their employer required them to get a vaccine or get tested weekly. that rises to seven in 10 unvaccinated workers that would quit if a weekly testing option is not offered, but some businesses with fewer than 100 employees like the restaurant where we are, they hope the mandate will help them find workers. watch.
1:45 pm
>> hopefully, it will open up potential people who don't want to get vaccinated because they don't have to require and it will open up the pool for us and we will be able to hire people. reporter: the latest jobs report, neil, also showed a persistence in the labor-- in the low labor purchase and-- participation rate which shows the higher challenge is not going away anytime soon, neil. neil: lydia, thank you. some cross-- thoughts from the american trucking association president ceo. chris, are you facing the same conundrum here of not only finding truckers, but keeping truckers because if this is the trend that's a worrisome trend. >> i think every segment of the economy is starting to feel it, but we came into the pandemic 61500 drivers short and we are now 80000 net short as a result of the pandemic,
1:46 pm
and trying to retain people in their jobs and service through the holidays is becoming a growing task. with the latest vaccine mandate, we surveyed our carriers and learned that up to 37% would leave the industry let's just say conservatively 3.7% of our drivers leave the industry. that could be catastrophic for the supply chain with their ability to serve the economy so we are moving 71% of the domestic freight in this country, so you have to look at that seriously and understand the impact that could have on our ability to come out of the pandemic more quickly than we would. neil: when you think about it also, situation with all of these container sheds and getting them empty, they have to be emptied out in the trucks and if you don't have enough trucks and enough truck drivers it compounds it and it's not because truckers aren't offered generous pay packages. so, what is it? >> pay is an issue and
1:47 pm
if you look at long-haul, which is the hardest segment in the trucking industry when you are away from your home and family for at least three weeks, they will see a lot more retention issues with the turnover rate higher and is higher for that reason. they want to be home. they want to be with their families. they want that family time. they obviously you know are looking for a way to earn a living, but the pay is just one of those issues and we need to take care of healthcare. we need to take care of our employees better and reap-- improve the retention rate, but they are also looking at it from the fact that they can move to any carrier and get pay increases, signing bonuses so they are skipping around. that will inflate the retention rate and you will see that the numbers, but i think this is a typical thing that happens when we have fluctuation in the supply chain. you will see reverb occasion across our industry like this and the retention rate is simply one of those symptoms a. neil: i hope it's short, but it
1:48 pm
doesn't appear to be. keep us posted on all of this, chris spear of the american truckers association, president and ceo. you probably heard the big news about adele. she's finally sat down to do an interview with the release of her new album. it wasn't with me, but apparently it was with oprah pick she foolishly thought that's where she would get a bigger audience, whatever. ♪♪ ♪♪ yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya.
1:49 pm
ah, they're getting so smart. choose the app that fits your investing style. ♪♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit ♪♪ ma it starts with a mother'sn. determination to treat her baby's eczema. and grows into a family business that helps thousands more. it starts with an army vet's dream of studying the stars. and grows into a new career as an astrophysicist. it starts with an engineer's desire to start over. and grows into an award-winning restaurant that creates local jobs. they learned how on youtube. what will you learn?
1:50 pm
1:51 pm
1:52 pm
neil: adele speaks to oprah winfrey. i will give this one a pass. i'm probably-- anyway, in this interview she's talking about, you know, her new album, her diet. she's lost a ton of weight. her divorce, settlement, all of that stuff. i think this is a great time to have alex clark back on. one thing i love is the way they describe themselves and i thought this was a great way to describe what you do. daily show for people
1:53 pm
who love pop culture without the propaganda. i like that. alex, good to have you. >> thank you so much, neil. i always love coming on with you. neil: same here. adele was supposed to talk to me-- we keep, you know missing each other's call. i'm just wondering, so maybe she didn't call, but she was probably thinking about it. let's say she wasn't remotely thinking about it, but i'm wondering, what are we going to hear in this interview that we don't already know, you know? >> there's a lot we don't know, which i think she's kind of waiting to reveal when this album comes out in the next couple of days in this live interview, live show that they will be televising. she will be going into why she sings hello first and all of her sets, and more details about her divorce, her family life after the divorce and the weight loss and i think she gets personal about how people have been so mean to her after losing weight, which is very shocking. you know, people thought she was like-- it was so
1:54 pm
empowering with all the body positivity stuff for her to be overweight when that she lost the weight they didn't like her and i think that hurt her feelings and she will get into that a little bit. neil: she has a great voice, but she's also known from sort of you know kind of debbie downer lines in the songs she has not veered to too much from the in this album, but that's her ash i don't want to say shtick, but that's what people know her for; right? >> they do, but here's the thing she says that in this concert special sunday night that she will tell a lot of filthy jokes in an elegant setting which i think is cute and fun this is what i love about her, my favorite thing is even though she does have these really dark sad songs and she's known for that, her real-life personality is so fun and funny. she has a great sense of humor. she's actually hilarious, and so i love that she's like we are going to tell filthy jokes in the middle of me talking about my heartbreak from divorce.
1:55 pm
neil: now, that divorce i guess ended amicably, but i have not heard from her former husband. i know they had a son so is it joint custody, i mean, he never says anything. do you know anything about that? >> i don't know anything. maybe oprah will get into that her, but i don't blame her not wanting to say much because his ex-wife is adele so the public will side with her no matter what and i think he knows that. neil: i don't want to give away any questions to oprah since she will probably stop by this show right after. no freebies for oprah. how do you think she's doing right now? you mentioned the weight and all that stuff and why they are giving her grief, she lost too much or that the question whether it was enough, why are they giving her such issue? >> i think people are unhappy. a lot of people that struggle with their weight look to people like adele or liz though in these overweight celebrities and think if
1:56 pm
they are overweight that it's okay for me too be overweight and go through this and i think when people like adele lose the weight and show that self discipline and take their health back i think you know it's hard for the public sometimes, but i'm curious, her new boyfriend who is an agent named rich paul, he was present for the interview with oprah so i'm curious how much of a sneak peek we will get into their relationship. i guess oprah was extremely nervous for this interview because she had never met adele before and she even called beforehand to ask what she would be wearing so that's why in the pictures and in the clips we get they are both in these white pantsuits. neil: that's wild. you need to give it the spice that we needed, but thank you, alex
1:57 pm
(vo) the more we do with our phones, the more network quality and reliability matter. and only verizon has been the most awarded for network quality 27 times in a row. that means the best experience with calls, texts and data usage of any major carrier, according to customers. there's only one best network. the only one ranked #1 in reliability 16 times in a row. we are building 5g right. trelegy for copd. [coughing] ♪ birds flyin' high, you know how i feel. ♪ ♪ breeze driftin' on by... ♪ if you've been playing down your copd,... ♪ it's a new dawn, it's a new day,... ♪'s time to make a stand. start a new day with trelegy. ♪...and i'm feelin' good. ♪ no once-daily copd medicine... has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function.
1:58 pm
it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy, and save at
1:59 pm
2:00 pm
at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. neil: the markets are doing flaw-- fine with all of this inflationary talk. up up up we go. charles: thank you, neil. have a great weekend, neil. good afternoon. i'm charles payne. breaking right now, but only some headlines on you 3 million more job openings than unemployed consumer sentiment cratering in part because 25% of people say their living standards are lower so again neil just asked the question why is the market rally and melt up mode and i have the answers and i will share semi- does i gave you


info Stream Only

Uploaded by TV Archive on