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tv   Making Money With Charles Payne  FOX Business  November 15, 2021 2:00pm-3:00pm EST

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attention of the transportation secretary of the united states, having nothing to do with views on hiss taxes but having everything to do with the safety of those vehicles. the back and forth continues this has not formally been signed but will be in the next hour. charles payne to take you through that with the averages fairly mixed for the time-being. charles, back to you. charles: the union thing might sway the white house one way or another. neil: one way or another. charles: good interview, neil. i'm charles payne, this is "making money." at this moment president biden is set to sign the new infrastructure package amidst new lows for his approval ratings. the white house says it will fix it all. this will fix inflation but economics 101 too much money chasing too few goods is not the cure but the cause of inflation. we should know who the next chair will be. lael brainard may be a dove but wall street loves jay powell. i think they would like to see him to stay.
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meanwhile the bond market seems to be taking control of interest rates from the fed as everyone, sees making who the next chairman a moot point. i will ask the market pros with some unknowns out there, what is the next big catalyst will be for this market? how you should be positioned. the media answer to the supply chain crisis. they say we should start living like europeans. be sure larry kudlow is ready to sound off on that. all that and much more on "making money". ♪. charles: we're mostly sideways today. the market is on autopilot although the nature of the action certainly defensive. when ever you see the utilities number one of 11 s&p sectors higher you know there is cautiousness to it. sell on the news notion, obviously was the biggest winner last week ahead of signing of infrastructure.
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this bill will be signed in the next hour. there a lot of anxiety out there. the rally has come a long way. valuations come too far too fast. getting out too soon is always been a mistake but where do you stand? where should you be at this stage of the market rally? bring in two nice, if you listened to these guys you made a lot of money, you're in the market at least for right now. gary kaltbaum, luke lloyd with me. another trillion dollars hitting the economy, gary. you're licking your chops. i know i'm being facetious about it but the market likes this kind of stuff. where should you be in this massive inflationary environment that will get worse? >> on the infrastructure, be careful about owning infrastructure plays. that will be over many years and i can promise you when government spend as dollar, 25 cents gets to intended
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target. pops in things like united rentals or martin marietta materials. i would be a little bit on the careful side. look, as far as inflation i just watched the bond market which is basically being controlled by mr. powell. if it ever gets out of hand, that is where the big worry comes because if interest rates go up, valuations on all assets come down and the good news is, interest rates have cooperated throughout this. whether it is him just buying the you know what out of it i don't know but that will be my trigger. if you start seeing 2%, 2.25, 2.5, which is still low by the way but the markets aren't used to it, at that point i think markets can suffer. right now i think we're in good stead, notwithstanding we need pullbacks here. neil: no doubt because of earlier this year, the 1.75 on the 10-year, will be something of a sell everything moment if we get back there, when we get back there. meanwhile, luke, we get the
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infrastructure thing today. stuck inside of there a lot of electric vehicles inside there. i don't know if you heard neil's interview with pete buttigieg but the administration pushing it hard. rivian up again today. are you behind any of these names? >> you watch the original wall street movie in the 1980s, gordon gekko says he only bets on churchings. i think he represents that in a different context. one thing, evs will be here in the future. they're here to stay. who knows if tesla, rivian, lucent, ford, gm, who knows they will be at the top of the helm or be here in the future. i do not have the answer to that question. but i do know the companies need the technology in their vehicles. i like aspen aerojell they work around batteries to make them safer and work better initially. charles: i love that. the picks and shovel approach. i saw the movie "wall street"
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with rex reed, much and a bunch of movie analysts. every an lyft asked rex reed what he thought of it and wrote their review. sort of like wall street these days. talk about the fomo market. gary, do you think we have come too far too fast? you're one of these guys you listen to the markets, you don't fight it. by the same token moving obviously the bias to the upside but feels like everyone is jumping on the bandwagon. >> semiconductors have gone vertical. when i mean vertical like a flagpole. that is not normal. in the short run too far too fast but the next few months i think there is more to go. i believe we're in the late innings of the bull. i think there, i've been telling you for months, charles. at the end of a real bull cycle you get a lot of fireworks, people jumping on top of the market. valuation, you named rivian,
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trading getting close to the market value of gm and ford put together and they still, i think they sold 42 cars to employees so far. so there are certain areas just ridiculously out of hand on valuation. charles: right. >> there will be a comeuppance eventually. i'm not saying they will be big but ridiculous price. charles: hold on a second, gary, on rivian i put you down as a maybe. >> yeah. charles: luke, you've been very well with it. you've stayed the course. staying the course right now? >> yeah. not only should you hashtag buy the dip, but hashtag let it rip and not sell the dip. more important than ever to buy the dip in this high inflation environment. if you're in cash you're losing money to inflation. if you're in bonds you're losing money to inflation. so the stock market is one of the only places you can hedge yourself right now. which means more money will flow into stocks for the next few years. that is bullish for stocks.
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when things, charles, i will let you know. i don't think it is anytime soon. charles: sounds good. gary, luke, great starting off the week. appreciate it. new york manufacturing fed came out this morning. i tell you it was much better than consensus, powered by new orders and shipments. employment rose fastest pace ever. prices received near the all-time highs. joining me crescent capital jack ablin. jack, as i was reading the empire state report. i also read your piece earlier about ememployment, wages, federal reserve, people working more hours to stave off the harsher impact of inflation but does that mean consumers won't pull back at some point even though they have been able to pay the higher prices? it is excruciating, all the effort, all the raises they have gotten barely keeping them above water? >> that is the main point. the thing is, we cannot have sustained inflation without sustained wage growth because we
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need people to pay those higher prices. for right now, if you look at america's collective paychecks, number of people employed. times the work-week, times the average hourly wage, the america's collective paycheck is up 8 1/2%, 8.8% actually year-over-year. so it is still beating inflation at 6.2 or something like that. as long as that relationship exists then there will be the firepower to continue to pay for these higher prices and that's a cycle we have to keep really close watch on because i think if there is anything that upsets the bull market applecart it will be inflation. charles: certain we're knocking on the door. also this scuttlebutt maybe this is the week president biden finally announces his decision on the next fed chair. does it matter for you if it is powell or brainard? >> not that much. i mean the fact is, you know, unfortunately, and it hasn't
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just started here but it's, the fed chair has increasingly become a political appointee. find a fed chairman that shares your philosophy and then appoint them and hope they kind of go along that way. i think that lael brainard is considered a little more dovish than jay powell. we're losing three i think fed governors stepping down and they're on the more hawkish side. charles: right. >> of the equation. so i do think the fed is going to be more dovish as we enter next year. charles: let me get back to that manufacturing report because there was another part to it that was really intriguing. the surge in cap-ex and tech spending. seems to me businesses right now, workers have you know, have businesses over a barrel, there is no doubt about it. i think workers better take advantage of it. if you look how much money is going into cap-ex tech spending,
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seems only a matter of time where businesses say, hey, i don't need you. having said that, if i'm in the market, i look for a company with fewer workers to revenue or look for companies so worker intense it may actually weigh down the stocks for a while? >> yeah. i mean you know, if you look at consumer discretionary, consumer staples, they have a lot of people on board having to generate the earnings they generate or representing the value of their company. whereas if you focus on communication for example, or even some of the tech utilities, very few people for the amount of work that they, that they produce. now, that said, charles, mcdonald's is spending money big time on these self-ordering kiosks. in fact they will put kiosks in 600 stores this year and eventually they will tell those cashiers you know what? don't bother coming in. we don't need you anymore. charles: jack, before i let you go i have a minute to gold.
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i like the way gold looked. i brought on peter schiff on friday. i think it will make an historic move and i think you like it as well? >> i do. we liked it a little earlier than now but thankfully it is starting to move. gold as your previous guest said, bonds, cash, are not keeping place with inflation. the one thing proven to keep pace with inflation is gold. whenever financial assets are offering yields below the rate of inflation historically gold has done very well. charles: it might just be time for it to shine, no pun intended. jack always appreciate it. talk to you soon. >> thanks, charles. charles: folks if you thought inflation was bad now i have a guest who says just wait until this boondoggle goes into effect. so what is it and how bad will it bet? stay tuned we'll let you know. eclipsing the united states and worry that it will cost us more jobs, will president biden push
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back, really push back when he sits down with president xi in that virtual meeting to night? what makes salonpas arthritis gel so good for arthritis pain? salonpas contains the most prescribed topical pain relief ingredient. it's clinically proven, reduces inflammation and comes in original prescription strength. salonpas. it's good medicine.
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♪. charles: headline in the "wall street journal" underscores the administration's
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outlook tonight. biden and xi team set modest hopes for monday's talks. apparently the administration trying to ease tensions through what they're calling intense diplomacy. i guess that means behind the scenes where we can't see it. they're trying to rally our allies. they say that will be enough to dissuade president xi and his grand schemes which are essentially to become the preeminent nation in the world. i want to bring in former military analyst, bret -- give me your last name, brett? i don't want to mispronounce it. >> vella velicovich. charles: thank you. on the flipside president xi aggressive and provocative, he is makes statements, making really hard statements and his actions. i don't get how we can curb this with sort of tepid approach. what are you expecting? >> well right now the stakes are
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high with china and that's a fact, right, and the president of china is running circles around our administration trying to basically outmanueverrer us on different fronts and i think our leaders need to wake up. america is losing its competitive advantage and globally as a result. for the first time since world war ii, charles, america's technological dominance, all right, the backbone of our economy and our military power is under threat. even the administration has said that america and its allies need to prepare for a long-term strategic competition with china. they seem to recognize there is a threat but i don't get the feeling necessarily they're doing anything about it, okay? we have got the national defense strategy where the administration came out recognized china as revisionary power and reorder areas in their region and compete with the united states across all nations and technology to displace us as preeminently the global power. china has become overconfident
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and emboldened. for years they have simply gone unchecked. they expanded their military capabilities. extended intelligence collection efforts and cyber warfare and diplomatic presence around the world. they have demonstrated this willingness almost to upend the global status quo. we're seeing that in things like the territorial disputes with india or build up of islands in the east, south china sea. it will only get worse. >> they build up the islands by the way and militarize them while at the same time saying they wouldn't do those things. even if the administration is looking the other way. i saw a poll that americans sense china is eclipsing us economically. and many in this country are worried we will lose even more jobs. how close are they to upending us economically? >> very close. the u.s. is on the verge surrendering our most important advantage over the rest of the world.
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the economy. that could happen when the china flips u.s. economy. the belief that will be 2030 or 2032. the chinese economy is moving at a rate that will surpass the u.s. at some point that will reverberate for decade that will be influence from global military, the foundation of our is economics. we'll not feel it immediately. i don't see it as five to 10-year issue. it will be five to 10 decades it will reverberate. they're completely reshaping the world. investing in things like artificial intelligence -- a way to catch up with us, and it's terrible. charles: with that in mind where is the sense of urgency? if the administration is saying you know what? nothing really bad will happen on our watch can they sort of skate through it all? >> i don't think they have a choice. they just don't have a choice, right? within the next decade all these different technologies will start using things like artificial intelligence. china is poised to become the lead of that. the president of china says
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whoever controls art official intelligence controls the world. we're sitting back focused on counterterrorism issues while chinese diplomats are in other countries and continents. they're funding roads, hospitals, financing cars. they're backing big banks in places like africa and they are slowly outmaneuvering us in different places and in the end it is going to have widespread implications. this is not even a left versus right thing. >> sure. >> make mo mistake china is at war with us behind the scenes economically. i'm not so sure we're at war with them. we're bordering on the fact almost to a point it is too late. charles: i always said. that they, i have said the same exact thing although you have a lot more expertise in it than i do. you can see if you read the speeches. see what they're trying to do. they put it out there. they actually print it up and put it out there if anybody would bother to read it. brett, thank you very much. >> appreciate it charles.
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charles: larry kudlow will join us on the effort by the administration to make inflation a good thing. it is a tactic that didn't work so well for jimmy carter. we have a "snl" skit to prove it. i've been skeptical from the ese movement from the beginning. it is a scam that is maybe infiltrating retirement plans and maybe your retirement plans. that guest is next. ♪.
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call or go online today for your free copy. (judith) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different. ♪. neil: so the woke movement, well, for me it's a big umbrella that really looks to take control of all the major levers of influence from education to finance. in the finance world it has given us esg, come on really with the speed and precision after marine seal team. already, folks, trillions of
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dollars are earmarked towards meeting environmental, social, governance objectives. there is no real effective way of measuring if companies are even complying. it feels like mostly lip service also. for those that have gone down this road i tell you it is tough sledding. the best example which is the container store which went public in november of 2013. they were ahead of everyone else. in fact their perspective was opus against traditional capitalism, taking a shot at milton friedman who famously promoted the idea, the that businesses existed to maximize the shareholder return. skip kendall was the founder. he said his approach as wrong. his approach was employee first. he called it yummy. ipo 18 bucks, closed at a week later almost $44 a share. it has been anything but straight down. the stock has cratered.
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it continues to trade way below the ipo price from eight years ago. i will bring in ria advisor cio lance roberts. lance, you have important issues also with esg. i know you don't, you have some misgives about it. i have thought it was interesting. i want the viewers to really hear your thoughts on it because their money could be at stake. >> sure. well a couple of things. first of all, if you're investing back in the '90s, when i was coming up through the ranks, you know we had, it was no investing in sin stocks. no tobacco, no gambling, no anything else, right? so those stocks were taken out of indexes and people didn't want to buy those or have them in their portfolio. those became the best performing stocks over next few years. a company made more money than just about any other company on the planet for investors has been philip morris over all the decades. it is important to understand what are we actually investing
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in. with esg, if i want to scan for esg stocks, there are no fundamental variables that i can for. what is social environment context. what is governance? how do we measure these things? there is no real measurement for these things. in fact a lot of esg funds are mutual funds getting no fund inflows for years because were underperforming the benchmark index. now they're getting millions of dollars because they simply changed name of their fund to esg but didn't change the holdings. exact same holdings but getting inflows this is wall street making money selling you product. it is not necessarily the investor or the climate. charles: oh, boy. the old thing that wasn't working. slap a new name on it, remarket it, make a fortune. i'm glad you brought this up, i hope people are paying attention particularly with the retirement accounts. the infrastructure bill, with the impact on the economy and stock market?
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>> the infrastructure bill is always a good thing. remember barack obama was in office in 2008, we launched a infrastructure bill. we found out shovel-ready jobs were not quite so ready. the problem with infrastructure is this, can it be a good thing? absolutely. rebuilding roads, bridges, power grids, electricity systems are very good for the economy and also important for national security. the question though is when we invest these dollars they have to pay for themselves. it is what is called a productive investment. if you want to spend money using debt you need something that pays itself back. for instance, build a nuclear power plant. a cheap form of clean energy but then people pay for that energy through taxes and fees and revenue and eventually over the time that debt pays itself back. that actually leads to an economic multiplier, not doing a lot of things in this particular infrastructure bill is a lot of things that are socialist, kind of left wish-list items that have no payback over time and this ultimately, this increase of debt continues to drag on
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economic growth. which is why we struggle along here. charles: it is another disingenuous, i think it is another disingenuous message to the public. i'm running out of time. i have to ask you about elon musk. he got a little hot water over the weekend. he took a shot at bernie sanders last week. you talked about writing elon musk in for president. what is it about elon musk? he is maverick. he doesn't care. almost anytime he speaks he speak as certain truth that i happen to agree with more often than not. >> he does talk about capitalism, look, america was built on capitalism. we're not a little richer than the rest of the world. we're head and shoulders over any country on the planet due to capitalism. his comments on selling stock, paying capital-gains tax, is a direct impact on the socialist idea that the rich need to pay more this is great because he is selling his stock and the stock price is going down. that is exactly what you would expect to happen.
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can you imagine if the biden administration passes through a capital-gains tax on every wealthy investor what happens to the stock market? i don't think investors will like that very much. neil: charles: yeah. pull up a one-week chart of tesla if you don't believe it. lance, thanks a lot. i appreciate it. >> my pleasure. thank you, charles. charles: folks i love hearing from you whether you have a comment on the show or question, tweet me @cvpayne. in fact i go a good one from richard. i keep thinking i should pull all of my money out of the market to hold cash for couple years. my investment manager says i shouldn't worry but i do. richard, you're not alone. always worry but never panic. coming uprising inflation for families across the country is a real thing. democrats still pushing for more federal spending. as a result republicans are seeing a lead in the polls not seen for 40 years. larry kudlow is up next to give us his take. we'll be right back.
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♪. charles: so the weekend airwaves, i don't care where youing to felled the channel, mainstream media filled with biden officials or the media types downplaying inflation or in some cases even making out the spike in inflation, all that pain you're feeling, that we should be celebrating it. kind of reminds me of a dan akroyd portrayal of president carter who also tried to put a happy face on inflation. >> inflation is our friend. [laughter]. think what this inflated world of the future will mean. most americans will be millionaires. everyone will feel like a big shot. [laughter]. wouldn't you like to own a 4,000-dollar suit?
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[laughter]. and smoke a 75-dollar cigar? drive a 600,000-dollar car? i know i would. [laughter]. charles: [laughter] >> that is unbelievable. [laughter]. charles: larry kudlow is with me. how good was that? >> at that that is really good. charles: that was 1977. >> akroyd, perfect imitation. charles: i was scrolling through youtube, he did a lot of those carter imitations, the fireside chat. just some good stuff. that was the media this weekend. hey, this is a good thing. this is not a bad thing. you should be cheering the higher price. >> the only people who disagree are the voters as their polls go through the floor. even the republicans are ahead 10 points in generic ballot for next year's midterm elections. what "the washington post" said biden is at 41%. everyone in the biden
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administration loves inflation but entire rest of the country does not. charles: it was interesting two or three weeks ago, ron klain said it was a high class problem. >> yes. charles: you had granholm who laughed at gas prices. and now of course they're seeing the writing on the wall. they respond to polls. now, but they respond through messaging. they're not doing anything different. in fact they're still pushing as hard as they can to get another two trillion in but they keep telling people build back better will curb inflation. i don't -- that is not even economics 101. this is, you know, too much money, chasing too few goods! >> yes, sir. it will be a tough product to sell. look, more entitlements. more social spending and higher taxes. so in some sense you're feeding demand and you're cutting off supply, hence prices rise. the most interesting thing i saw this weekend on all these shows, charles, janet yellen, who blamed everything on the
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pandemic, there is some logic to that but took it way too far. however, she said, the inflation rate would come down probably until the second half of next year. now that is the first concrete forecast. she has been late in her inflation but many of us have been late in the inflation. okay, fine. so let's go back to what joe manchin said. let's pause, remember he said let's pause until we see where the inflation is going. i want to put yellen and manchin together. they make a lovely couple. she says not until the second half of next year. that's the only time they should even consider this 4 trillion-dollar additional spending package. not another year until we see where inflation is really going. and i think manchin should jump on that. i think republicans should jump on that. hold her too it. that is the first concrete forecast we've seen. plus as you know better than anybody else with gold breaking out now, which is not good for
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the inflation signal, the fed has to be much, much stronger in ending quantitative easing, okay? much stronger. they should chop that thing off right away. charles: to that point, where are you with this whole politicalization now, appointment should have been done a month ago. it is pretty clear biden is struggling with this. maybe a gift to the progressives for not pushing through enough spending, enough of their agenda. i've been saying that for two months. tester is the one who tipped me off started to go toe bat for powell, it wasn't even a topic. you wonder what was going on behind the scenes. would that matter to you? it may not matter a lot from policy, but if you had brainard who wants to go after banks, omarova who wants to go after banks and elizabeth warren, wouldn't that be diss is truss from our banking system? >> omarova is in a class by
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herself, okay? she is breaking new ground, okay? from moscow state university to the lenin fellowship to the facebook marxist study group. now it comes out she has been pushing federal reserve should make all the credit decisions, banking decisions and bankrupt fossil fuel companies. put that aside. she is lunacy. she will testify this week, if they let her. i don't think they should let her out of the pen, it will be a field day. the other point, look i suspect, i have no particular intel, i suspect jay powell stays. he has a lot of support among democrats in the senate. i suspect lael brainard becomes the vice-chair of all these things. charles: right. >> and then they will have three or four open seats and appoint a bunch of lefties. appoint woke lefties who will not worry about inflation but worry about climate change and
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gender identity politics and critical race theory. that is what i expect. charles: isn't it so ironic they do all of that they will make things worse though? in terms of income, in terms of wealth equality? whole balance between assets going up, if you own a home, own stocks, if you own something with the low interest rate environment it is pretty fantastic. if you're on a fixed income, you don't own anything, you're outside watching inflation with nothing to offset it. >> you know in the short run these big puffs of inflation are actually bullish. they're bullish for stocks. they're bullish for revenues. they're bullish for earnings. they're probably bullish for the economy in some sense. then you get into the medium, longer term it as catastrophe. markets will revolt. interest rates are going to go much, much higher. i don't like it. look, i would like to see biden and his crew out of there but i would like to see the country prosper. charles: sure. >> i don't think this should have or needed to have happened. that's my point.
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for example, let oil companies produce, don't worry about saudi arabia and russia. you would knock the gasoline price in half if we restored two million barrels a day that we lost. stop the quantitative easing. the emergency is over. stop the fiscal spending. the emergency is over. these things could have been avoided. not all of them last winter and spring, i get that pandemic stuff but the rest of it, absolutely. we're coming to the end of the year and they haven't changed their policy one iota. it its crazy. the american people will suffer from that. that could be avoided. charles: they know it too. i wish i brought my tambourine because i wanted to play when you were talking. >> get akroyd on the show. he will come on. charles: how good was the clip? unfortunately timeless. larry, thanks a lot. folks, we'll be right back. [laughter]. of the
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♪. charles: despite president biden admitting inflation is at 30-year high partially because people have more money, democratic lawmakers are pushing for fourth round stimulus checks. despite 11 million unfilled jobs. what would that mean for the economy? hillary vaughn joins us from capitol hill. reporter: charles, the president
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also specifically acknowledged that the 1400 stimulus checks through the american rescue plan in addition to the expanded child tax credit monthly checks that families are getting is part of the reason why a lot of people have a lot more money than normal and he says part of the problem is they don't have anything to spend their money on because of these supply chain issues and that is why it is adding to inflation. so far eligible adults have received $3200 in stimulus checks throughout the pandemic. a fourth stimulus check though is not likely but still some democrats in congress have been pushing for more government money n the spring they wrote to the president this, as you prepare your build back better plan for long-term economic recovery know we're ready to work with you in support of recurring direct checks and extended unemployment insurance benefits. there is not a stimulus check in the current version of the build back better bill but it hasn't pass #-d house yets and senate democrats have a chance to make
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changes to it. there is cash for families, the beefed up child tax credit gives up front cash payments to kids every month even if they don't file taxes. democrats want to make it permanent through the build back better bill. republicans say if there is not a work requirement, it is a basically a monthly check the families are getting from the government even if they don't work or file taxes, that is disincentive to work. that is what republicans say. charles? charles: hailry, thank you very much. wages have been climbing for lower income workers. women have seen their wages go up. sadly, unless you're hustling working extra hours it is not keeping up with core inflation for sure. obviously having a detrimental impact on younger families. my next guest wrote about the insidious nature of inflation in the current crisis. we have iwf director, patrice lee onwuka. patrice, tell us about the attar
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kel you wrote. we talk about numbers all the time. behind the numbers are human beings and nations and our neighbors, you put a number behind it. tell us about it. >> thank you. i wrote recently for fox news what inflation means for families particularly those at the end of the economic scale. when we think about inflation a tax that everybody is paying but some people pay more disproportionately. people on fixed incomes, elderly, working poor in america, these pay disproportionately more on items like milk, fuel, gas, to get cars to work every day. i try to lay it out why it is record high inflation is not just something that should be dismissed, overlooked and even belittled frankly the biden administration. it is something that needs to be taken seriously, it means a lot of families making tough choices especially as they head into the holidays how their paychecks can be spread to meet all of their essential needs.
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charles: what is interesting about that is the administration is saying that's why they're working to make permanent, you heard hillary talk about that child tax credit. they want to make that permanent. other people who really have seen the real harsh impact of cradle to grave inflation, particularly before bill clinton brought in some of the work requirements say, you're not doing anyone a favor by paying them essentially to have more children. that is a disincentive to reach your own goals and could hurt the kids, meaning any of their folks. your thoughts? >> absolutely. i mean, let's think about welfare reform in the '90s. work requirements, work was a critical aspect of that because it reminds folks, you know, we want them to be independent and government checks or social welfare programs are supposed to be temporary, to get you out of that and get you back on your feet. it is sad we're in 2021, now we're hearing the same arguments being made in the opposite direction, no, we need to get as many households, flood them with
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cash as possible regardless whether they are working regardless whether they actually need it. charles: yeah. >> so that is why i think it is important that we make the connections for regular folks about why massive federal spending, more additional trillions of dollars in federal spending, flooding households with cash will not help beat back inflation. it will supercharge it and that means if you're a worker, all of your gains, year-end bonuses, incremental increases in wages will be eaten up when you go to the grocery store or go to the gas pump. charles: on the government transfer side, all those welfare payments and child payments a great movie calling claudine with diane carroll. you're too young to remember. if you get a chance check it out. patrice. always appreciate it. folks, we'll be right back. 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,
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visit and get started today. charles: all right, folks, heading into the final hour of trading the, and the focus is going to shift back to the earnings calendar. finish in fact, now we're going to be the focused on a ton of brick and mortar retailers. the giants, walmart, target, lowe's, some of these names that have risen out of the ashes, kohl's, macy's. bringing in nicole webb and jim. they've done extraordinarily well, they've shocked a whole lot of people, and i think they're going to get a nice
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boost from folks who are reluctant to order online. many think they won't get the gift in time, and that could help retailers out. are you a buyer of any of these names? >> i'm looking at some things. i'm looking at the xrp for a couple of reasons, i think there is a real fear, you know, we've been conditioned for this now, things in front of us are a lot more attractive. looking at that xrt etf, for a year it's been left behind, and recently it's broken out of that. just today they talked about giving another stimulus payment and i know they're probably not gone that, but it really does underscore how much the fed and the federal government want to continue to artificially prop up demand. so i think it's a pretty good play too. charles: nicole, i want to kick myself. so for three years in a row i told people never sell etsy. i sold etsy. [laughter] you know, that's one of the big names driving up retailers and
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now, of course, amazon starting to pick up also. so if you don't like individual names, i agree with jim, maybe the etf looks intriguing. what about you in. >> yeah. i always love your confessions, charles. [laughter] what i will say to jim's point, retail is making breakout. we're going to find its momentum. i'm still very bullish on the omni channel retailers also. so not only has e-commerce really delivered in the uptick and its adaptation of the consumer, but i think also when we think about ability to source online, pick up in stores and then still go back to these brick and mortars for some of those fun purchases that weren't maybe on the list but continue to drive the sales volume at places like walmart and target. that is client experience that's going to help them not just through the holiday season, but probably well into 2022 and beyond. charles: nothing like strolling through walmart, is there? [laughter] we've got a minute and a half to go, but i'm curious, we're
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through earnings season, through the jobs report, through almost are all of the critical things, so what would be the next catalyst? it feels like the market is sort of searching for a catalyst. >> i'll kick it off and say that one of the things the ceo of ups said recently was better not bigger, and this is very much the theme we're talking about behind the scenes too. inlog atat wreheheliualilind a gioneallyll imphatha he spect s ntum g gngo 2sie a aot see eieieiei a add t n nls n n wa theonsu conhe t d wande'vee'e' af tlayyyy iwentwenten mtuen f xt year. y jimust 3 3ec,,, at 's most imp int tntnt our min wes to is >> the the. f n? theythile le buyin bgg $105 ionll worth theynkeyhe emergencycy siatsiio a iofte economy, when in reality it's
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been inflation. i don't even blame jay powell. they keep dangling lael brainard as a possible successor if he's not dovish enough, so i get it. but i don't think they're going away as fast as people think. the market likes inflation if they can convince themselves the fed is going to willfully ignore it or doesn't see it. charles: we've got to leave it there. jim, nicole, appreciate it. liz claman, you've got a big signing this hour, don't you? if. liz: how about that? get out that bic pen -- [laughter] breaking news perhaps, after months of wrangling in negotiations over the trillion dollar bipartisan infrastructure bill, we have a little bit of sell on the news here as the white house gets set to celebrate the bill's signing into law. president joe biden will deliver remarks on the south lawn in this hour before putting his john hancock on the bill. we're going to go live to the white house when that happens. blink charging is one company primed to capitalize. the stock has been


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