tv Cavuto Coast to Coast FOX Business December 1, 2021 12:00pm-2:00pm EST
tapeworm. concha and i are going to the tapeworm. the answer is, lauren. woman is right as usual joe concha is shocked. >> burn the tapes around here? david: great day on the markets. send its over to my buddy neil cavuto. it is yours. neil: i would have got that one wrong. thank you, my friend. we're following the same market you were at corner of wall and broad. at least extreme manic reactions to the virus variant out there. yesterday panic, the day before that we were overdoing it. the big day friday we fellower on 900 points, the idea we would go back to something cataclysmic when just coming out of it. take the extreme swings maybe, maybe with a bit of caution. something crossed the wires right now we're following, very,
very closely here. this could give them a bit of a bounce later on, or add to that later on. senate majority leader chuck schumer says that he is still talking to republican leader mitch mcconnell to avoid a government shut down. they're making good progress. they have very little time to do this, by midnight on friday they have to come up on something or they start shutting off government lights. remember on december 15th, we're up against the wall on the debt ceiling, where if we don't have anything, there is hell to pay. we heard this so many, many times, 62 times since john f. kennedy was president. it does get a little old but that is where we stand. we're waiting to hear from the president of the united states talking about supply chain disruptions, and how hopes to avoid them. today the markets seem to be easing on whether this will be a nightmare just depends on your time frame. edward lawrence has more from the white house.
reporter: we're just getting used to the clog we currently have. it will be very busy, next 30 minutes or so the president will speak how he plans to fix the supply chain, continuing to fix the supply chain issues around the country. his address was abruptly canceled after speaking with various ceos on monday. this is the meeting from monday. he will remind americans that he brokerd a deal to get ports to go 24/7 but in many cases the trucks needed to haul shipping containers away from the ports are not there. the president believes everything america wants to buy will be on the shelves. the president is asking for infrastructure money to help. the republicans are out of patience. >> i said to a group the other day, when you pay people not to work you shouldn't be surprised you can't find workers. when you spend like crazy you shouldn't be surprised when you get a 31-year high inflation rate. that is where we're at. reporter: the administration is telling me requiring all
travelers within 24 hours coming into this country regardless of vaccination status because of the omicron variant. that is rapid tcr test. they would be needed to be quarantined for eight days. there is ban on 8 countries in south africa. the cdc lists 80 countries highest risk for covid, urging americans not to travel there. also including germany. the white house is not saying how long that would be in place. >> it kind of depends. week to week, to determine what we need and the state of affairs. we'll learn a lot more next couple weeks about the lethality of this virus. reporter: going week to week it could change. the travel also recommending, the cdc recommending travelers coming to the u.s. get another test three to five days after arriving in the u.s. that is not mandatory as it is in some other countries. it is just a recommendation.
neil: edward lawrence, thank you very much my friend, edward at white house. the administration is having a devil of a time getting mandates through. another federal judge said go slow. we don't think it is a good idea, could be very disruptive. for now the president stymied on another mandate push. the latest from madison alworth on that. madison. reporter: neil, since monday big blows have been dealt to the biden vaccine mandate. the latest mandate requiring health care workers be vaccinated is halted for the entire united states. this decision came down tuesday afternoon by a federal judge in louisiana, and stops the requirement for all health care professionals at facilities accepting medicare and medicaid to be vaccinated. the judge argued that the executive branch does not have the constitutional authority to go around congress to issue such a mandate, stating during a pandemic such as this one it is even more important to safeguard the separation of powers set forth in our constitution to avoid erosion of our liberties.
this all happening after a federal judge in missouri blocked the same health care worker mandate on monday. that decision only impacted 10 states. the biden administration has acted quickly to seek reversals on all orders blocking vaccine rules. the mandate would have required all health care works to get vaccinated on monday in order to meet the january 4th deadline with the two shots. in last cdc survey of health care workers, 70% of health care workers were fully vaccinated against covid. and the other mandate neil, requiring employees at companies with over 100 people to get vaccinated or tests twice a week for covid that is still halted after an appeals court blocked the mandate in november. neil: madison alworth, thank you. following all the developments there is school of thought on the omicron virus and made speed
up people to be vaccinated on the safe side. the contrary to that, people not keen getting vaccinated in the first place will hear all the problems of those dealing with this and still getting covid cases or seeing spike in covid cases not worth the trouble. souther of like a battle royale on that front. we'll follow it for you, touching on this with the idaho governor brad little. he is leading the charge among the nation's governors, saying mandates will not solve this. this is a state issue. these are local issues and not a federal issue. against really the backdrop of this supreme court hearing argument on the abortion case any roars -- mirrors what is going on in mississippi, let the states decide, not the federal court. the governor will join us shortly. erin gibbs, john lonski, two market gurus. good to see them in the flesh. good to see you.
erin, let me get your authorities on the extreme swings in the market what do you make of it? >> with this new resurgent variant looks a lot like what we had last fall this is basically three months later. last fall we started september 1st we had three month of side way patterns. largely started with concerns around the delta variant back then. this looks somewhat similar. we're selling into equities, buying into bonds. yields going down, bond prices going up. neil: mirror opposite each day. >> yes. every day it is similar. off equities into bods. it is that risk-off type of fear trade. neil: i would note interest rates are back up a little bit today, but still way below the 1.65 on the 10-year note a couple weeks ago but if they're worried about inflation john, they're not showing it at least there. what are we to make of that? >> they are really not. i'm surprised. we're looking at a 10-year yield under 1 1/2% again?
neil: yeah. >> peaked in late march at 1.75%. this is strange. getting warnings from federal reserve jerome powell -- neil: are they thinking of a slowdown? >> that is very much the case. they're looking at the 10-year treasury yield providing some sort of insurance against the possibility of a deep and extended slide by equities. there is some worry out there. i think a lot is justified. kneel look at the rate of inflation, 6% for the cpi. go back historically, the only way we got rid of rapid inflation in the past was through tightening of fed policy severe enough to trigger a recession. with that, of course a contraction of profits. neil: you know, erin, i can remember 1970s inflation, long before you were born no doubt but there is a whole generation that doesn't know or remember that but for whom even a 1 point backup in mortgage rate for example, can be a calamitous
event so perspective is everything but on this inflation threat and obviously the fed has put away the transitory talk, i get that, but what are we looking at here? how long does this linger? >> you know, it could easily be one to three years. neil: really? >> yes, depending on, because it is so commodity spaced. different from the other types of inflation we've seen that have come directly from the commodities. that is where all of this started. it wasn't just -- neil: that is the cycle in your eyes, this would go up to three years? >> it is possible. i think the fed is more on top of it. we learned from our lessons. we did have short inflation in the '80s which was corrected pretty quickly. i think that was a very different fed back then. i think this could be much shorter. i think we probably would see at least certainly diesel -- deceleration by next year,
certainly, but if we see actual contraction in inflation that may not be until 2023. neil: john, when you look at it you can also see what is been happening on these fed fund futures and betting that rates start rising earlier than expected next year. you know they're betting bettinh money and they could be wrong. what if the federal reserve more aggressively start doing the buying up treasury, mortgage-backed securities, really cool that to degree wrapped up in a couple of months, not maybe half a year or more? that too would have effect if tapering goes on a tear. >> it would have an effect but remember it comes at a cost. the cost will be lower than expected sales. when you have lower than expected sales you may find yourself suddenly with your payroll costs are too high. so the company will say to itself, i got to get rid of some
people. when you start laying people off -- neil: but we're not at that stage. >> we're not close to that but that could be coming. neil: verify telegraphed problems in that regard. >> neil, you said you could remember the inflation of the 1970s. you mentioned that. that was so true, 1981 was the last time i received a raise for reasons other than improved performance. i got a 10% wage hike in '81 because of compensation for higher rate ever inflation. everybody was getting a wage hike at that particular sort. what that helped to do, it helped to sustain inflation. i'm looking now in the labor market where wages are growing very rapidly, consumers will be better able to afford higher prices. this is sort of like preserves this wage price spiral. this isn't going to change anytime soon. erin's right, this could be with us a couple more years and
unfortunately the only way to get rid of persistently rapid rate of inflation is through a pronounced slowdown of economic activity that often results in a recession. neil: are you looking at that? >> i'm not quite ready to predict a recession but it is true. this is the problem, employers are willing to raise wages and we're seeing wages go up which is contributing to this inflation. so that is why it looks a little longer term. so how the fed enacts with this and really tries to avoid any type of recession, whether it comes from -- neil: if they raise rates, the next step after tapering. >> yeah. neil: i know the markets are kind of psychologically prepared for it but once it happens i don't know if it will be so well-received. >> there is always a little tantrum within the fed market. always initially but usually very short-lived fortunately.
>> we have aways to go. you may have to have 10-year yield under 1 1/2% to three% to do damage to the economy. the fed funds, the market expects it will be 0.875% by end of the year. neil: you were talking about the economy, john, erin you mentioned this as well, the underlying economy is pretty strong. home sales slowing a little bit. still very strong. industrial activity very, very strong. >> bond markets are backing that up. longer-term rates have been very stable and actually declined initially in november. when you're looking at the 20-year and 30 year, that is saying yes, we believe there isn't going to be sustained inflation. it will be five years out we'll be fully recovered. so i think that is what we really need to look at longer term, that is something one to three years because the bond markets are definitely indicating no massive long term recession. some difficulty with inflation.
neil: what did jerome powell do? you guys are experts. you may one on tv. i've been noticing powell with his remarks yesterday, again today, he is feeling his oats a little bit. he has more job security for four years. he might go on a bond market tear here aggressively raising rates, speeding up the tapering to get ahead of this thing. is that a worry? >> i think right now the market doesn't appear to be too worried. look at 10-year treasury yield, under 1 1/2%. they're not very concerned. neil: should they be? >> should -- neil: they're not always nostradamus here. >> 1.5 10-year yield versus 6.1% of annual rate cpi inflation? we haven't seen a situation like that with inflation so far above treasury bond yields, the last time was 1975. neil: how long did it take in the past to correct, to recalibrate? >> what will happen eventually the fed is going to be forced to
start hiking rates, short-term rates, fed funds, moving well above 1%, 2%, whatever it might be. as i said the 10-year yield has to more than double where it currently resides. neil: it would still be low. >> still relatively low historically,. that is quite a jump what we've become accustomed to, what the equity market is become accustomed to and what homebuyers have become accustomed to. it's a shock, would lead to slowdown, intro speck tougher spending and hit equities. neil: erin, the markets have a strong year unless they go kablooy last few weeks. they normally followed by weak year but they said that last year. what you do look for 2022? >> i think it is time for consolidation. definitely more of a sideways pattern and see more up and down days that would be actually healthy as we figure out what will really be the growth.
it doesn't mean it has to be a down year. i'm predicting 0 to 5% next year. neil: not bad. >> slightly up but certainly not the double-digit gains we've seen. neil: that was our birthright. we had it coming. guys, i want to thank you both, sighing you all a again. couple things we're following. we told you about the optimistic tone set by chuck schumer with ongoing talks to mitch mcconnell to avoid government shut down. there are pieces to the puzzle. get that settled friday night, they start turning lights off. debt ceiling tucked into that. then build back better. democrats think chuck schumer will force a vote before christmas recess that might be a herculean leap. all of that has come together. they have done it in the past. sometimes a deadline staring at you in the face can get you to move. we'll see. stay with us. you're watching fox business.
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>> neil, there are 42 countries in europe that allow elective abortions. if this becomes law in mississippi and the court allows it to stand, in 39 of those 42 countries in europe they will still have more restrictive abortion laws than will mississippi. neil: all right. those representing the mississippi view of things on abortion about not allowing it after 15 weeks, they made that very clear to the nine supreme court justices hearing the arguments for and against doing this. that wrapped up a short time ago. let's go to david spunt on what we learned. david. reporter: hi, neil. historic day here at united states supreme court. the oral arguments were supposed to last 70 minutes. they last the two hours long. pro-life groups have been trying to reverse roe v. wade, sending
the issue back to the individual states. they have never been successful since roe v. wade decided in 1973, but with this conservative majority it may happen. you mare noise behind me. i'm sure you hear the noise behind me. a lot of people have been out here since 2:00, 3:00, this morning letting their voices heard. inside of the court today not only was it a historic day but historic for people watching at home because fox news covered the entire oral arguments. the reason we could do that, neil, because at the beginning of the pandemic the justices met just by phone. the supreme court for the first time started piping those arguments through, that everybody could hear the arguments that exactly what happened today. i want to play two sound bites from inside of the court. take a listen. >> the constitution places its trust in the people on hard issue after hard issue the people make this country work. abortion is a hard issue. it demands the best from all of
us, not a judgment by just a few of us. when an issue affects everyone, when the constitution does not take sides on it bees to the people. >> eliminating or reducing the right to abortion will propel women backwards. two generations relied on this right, one out of over four woman makes the decision to end a pregnancy. mississippi's ban would particularly hurt women with a major health or life change during the course of a pregnancy. reporter: this is important. if roy v. wade is overturned it does not mean abortion will be completely outlawed across the united states t means it would send the issue back to each individual state. for example, nevada may outlaw abortions but women would have to go to california to travel for abortions. creates some sort of patchwork that is the issue that roe deals with from 1973, neil. we'll be getting a result, a decision from the supreme court
at the end of june or early july. that happens to be in the middle of the midterm elections. a highly, highly polarized issue in the middle of a highly polarized election year. neil? neil: put it mildly, my friend. david spunt outside of the supreme court. get a perfect read on this, into only well-regarded senator from the state of kansas but a physician, ob/gyn to be specific. very good to have you, sir, the arguments when i was listening to the justices questions, they did fall along their philosophical lines. largely not surprising questions, looking and finding intriguing the mississippi law that stops abortions after 15 weeks. the more liberal justices led by sotomayor saying just the opposite. is it your sense that it will go along those lines? >> neil, we would have to assume
so but i just want to emphasize, i think this is an issue of the heart. i had the pleasure of delivering a baby most every day for 30 years. one of my favorite visits was the 15 week visit i could ask a mom, are you feeling the baby move? the mom if it was her first baby or 7th baby, her eyes would light up, yes, doctor being i'm feeling the baby move. it would respond to my touch, hear voices in the room, heart rate would go up. when a big sister would say mommy, is that my baby brother and sister? i knew decades ago that babies could feel pain in 15 weeks. supermajority of americans are against abortion after 15 weeks. we're one of seven nations that allow abortions after 15 weeks. those other nations totalitarian governments. typically people have little if any faith as well. so i'm not sure what the constitutional arguments are going to be but i hope the
supreme court follows traditional values of americans who want to protect life especially after 15 weeks. neil: if you don't mind my pursuing a medical question here, it came up with the questioning back and forth with justice sotomayor said some of studies that we see purport movement at 15 weeks, you know, in the womb, are not reliable because she was mentioning, i think, i might have this wrong, that we also noticed movement in people who long died, when you touch them a foot moves, a hand moves, whatever, so she was dismissing that. that was my take on it. but you say indeed at that stage, at a minimum you've got movement? >> absolutely. the baby is moving by that point in time but i can tell you, i would see, 20, 30, 40 women every day, prenatal visits. most every one of those babies you could he associate baby start moving in response to a mom's voice, to my voice, to a sibling's voice and a baby's
heart rate goes up and down based on its activity. so when that baby in the womb, hear's a big brother or sister, mommy is that my little brother, the heart rate goes up, when the baby hears the heart rate go back down a soothing voice, you know the babies are feeling pain, they're moving. we can see it on the sonograms even before then, but certainly by 15 weeks most americans think life should be protected. neil: senator, while you have you here, obviously we're getting word out of chuck schumer that he and mitch mcconnell are having productive discussions. i think i characterized that the way he put it to avoid a government shut down friday night. what are you hearing? >> well, we got a long ways to go yet. we have asked senator schumer to not include any type of funding for the osha regulations that would enforce the federal vaccine mandates and what we, up
to schumer right right now. does he want economic shutdown, does he want brownouts or threaten national security. we don't want any money that would fund osha federal regulations on vaccine mandates. neil: if that is in there, you along with 10 others, at least 11 including yourself feel that way, if that is in there, this thing doesn't happen, right? >> that's right. if he funds osha to enforce this unconstitutional mandate, i don't see this legislation going anywhere but it is on the back of senator schumer. those jobs in kansas are every bit as important as these federal government jobs here in d.c. that his mandate would shut down the economy in kansas, across the nation t would threaten national security, the aerospace industry back home, making weapons for the military, those workers will be shut down. about a third of our workforce is not vaccinated yet. of course i encourage people to
get the vaccine. i encourage to get booster as well but the federal vaccine mandate will shut down the economy. neil: we'll watch it closely, senator, thank you very much for the time. we tapped your medical side, political side. we appreciate that, roger marshall of kansas. we're still following the debate on keep the government lights on and federal raise before december 15th, but build back better but the huge spending initiative president saying would be nice to have a vote before christmas. chuck schumer want as vote before christmas. he is running into problems with joe manchin who says we need to check the figures on this, after this. ♪.
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neil: busy week certainly for democrats cobbling keeping lights on by friday night, debt ceiling raised, the build back better thing. the problem isn't so much with republicans but one democrat in particular, joe manchin. aishah hasnie, on what his latest beefs are are with the big spending measure. reporter: neil, if joe manchin has a problem then democrats have a problem. joe manchin is no rush to get the big spending bill passed by christmas. he has got two issues basically. let me break them down for you. the first is that manchin says he wants to look at the house bill through the lens of the ongoing inflation crisis. he already narrowed in on paid leave. says it shouldn't even be in this bill. second of all, neil, he doesn't like the cost structure of this legislation. we heard this before. there are some social programs in this 10-year bill, like
universal pre-k, aca subsidies, that are written only to last one to six years. it is an effort to trim the bill's price tag though really everybody knows these programs will be probably extended, then somebody has to pay for that. republicans call it a gimmick. manchin doesn't like it either. >> this is -- for the american public to understand that if we're going to have revenue coming in for 10 years what are you using revenue for? we use it one year for a program or maybe three years? i'm more or less looking at 10 for 10. reporter: frustrations are bubbling over though. senator dick durbin today with this message for manchin. >> major work dramatically decrease the amount of -- in this bill. some programs have been eliminated. ones that i dearly loved have been eliminated at his request. now it is time for joe manchin and krysten sinema to close the deal, for goodness steaks, enough is enough.
reporter: for goodness sakes, enough is enough. not just manchin though. take a look. these are all the issues democrats still need to work out, many amongst each other. immigration with likely get cut by the senate parliamentarian. we're waiting on that. so christmas might need a christmas miracle. neil? neil: i told you many times, things were quiet and calm before you became our congressional correspondent. every day there is drama. reporter: i'm bringing it to you with all the drama. neil: neil: thank you very much. democratic congressman henry cuellar of texas here. congressman, great to see you. hope you had a great thanks giving. do you think, hearing senator durbin that it is time for joe manchin by extension krysten sinema of arizona to stop the
fight? they have got a lot of what they want, support this thing? >> first of all i hope you also had a good thanksgiving to you and your family. look, i know joe manchin and i know krysten sinema. we've worked together on many issues. in fact we worked on some of the issues on this. they are very principled individuals and they're going to take their time. i don't know if it will be done. i would like to see it before christmas myself personally but again, they have to look at it. they are thoughtful individuals and they're going through a process. whether it is next year or this year, we just have to wait and see but again, you know, they're putting some thought behind it. they have had their food print footprint already on this. i think we'll see more things that will be changed and shaped by those two senators. neil: i wonder how much this whole omicron variant has
affected thinking, not only on the course of negotiations on build back better but even some of these other initiatives and concerns of that going to complicate things for not only our economy, maybe the global economy what do you think? >> certainly the omicron variant is something that we're looking at. we've got to wait for the science. we do know that at least the early reports that it is more contagious than the delta variants, at least on the unvaccinated ones. i certainly ask people to get vaccinated, so we go ahead and move on but, look you what happens outside certainly we got to make sure we keep working on getting people vaccinated, number one, but at the same time what happens within the build back better i think there is other considerations. there are considerations that mr. manchin, senator manchin said to your reporter, those are
things that we'll be i think taken at heart than the variant itself but certainly i hope people get vaccinated as soon as possible. neil: are you troubled that nowhere in these lists of priorities in any of the president's spending initiatives, much to do with the border and that, remains pretty glaring, congressman, what do you make of that? >> certainly in the appropriations it is one area that you know, we don't want to have a shutdown. we certainly want to go ahead and keep the government working. so i don't believe, first of all i don't believe in shut downs or crs but you need two sides to work this out. we're waiting for our republican fellows to get together so we cannot have a shutdown, not have a cr that goes beyond long period of time but i am concerned about the border as you know because if you look at numbers, the numbers are still
high. we haven't talked about it much lately because other issues have come up but if you look at the numbers, the numbers are still very high, coming in through the border. my understanding that the mpp might be implemented this week, at least in the laredo area. they're making some movement toward that. if you have title 42 and mpp, do the mpp in more humane way, i think that will send a signal that you got to come in the right way into the united states. neil: the mpp addresses those cases adjudicated here in the u.s. versus mexico? >> that is correct. look, the bottom line is this, look at reality. if you have 100 people that asked for asylum and think go before an immigration judge, 88 to 90% are going to be rejected. so my question is, why are we letting 100 people in when should only allow 10 or 12 of them into the country? so we got to look at how we can
treat the immigrants with dignity and respect but at the end of the day you've got to follow the law. that is the bottom line. you have got to follow the law. if the law says you have to be deported or expelled then you got to follow the law. other wise why have books or laws on the books we're not going to follow them. neil: we'll watch it closely. congressman, thank you very much. good seeing you again. henry cuellar of texas. leading the charge going after republicans and democrats dealing more what is at the border, right in his neighborhood as they say. we're also following what is going on with itwer right now, in and out of 52 weeks lows but the new policy with the best of intentions could test that even lower. we'll explain after this. ♪. care. it has the power to change the way we see things. ♪♪ it inspires us to go further.
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twitter one appealing aspect of it get pictures, photos, illustrations from friends, share those with friends even those not your friends. twitter is putting a stop to that. the fallout is probably more than the company's new chief had expected. kelly o'grady has much more than expected from los angeles. kelly what is going on here? reporter: critics are claiming the new policy equates to censorship. social media platforms have become modern version of the town square where most debate takes place. but in addition to the backlash the move is drawing a number of questions what even constitutes a public or private figure when coming to sharing of these photos. dig into that a bit. in a statement to fox business, political leaders, executives, news personalities, public speakers, any person written about in the press qualified as public. adele, hunter biden would be public figures but camera crews here at folks would not. media showing individuals at public events like a protest would generally not violate the
twitter to play in the public discourse. neil: got it. thank you very, sorry, i had a momentary pause there. thank you, kelly o'grady on that. twitter, the stock is in and out of 52-week lows. change in management, everything else, dorsey running the one other company, not this company is probably adding to that, certainly the confusion around the stock. we'll keep an eye on it for you. we're getting news that could be a little disheartening to the white house, all but begging for opec, opec plus companies to open up the spigot to produce more oil. we have the oil slide with the new covid variant. indications that opec plus countries led by russia are going to say sorry, we're not going to do anything about production, after this. ♪ limu emu... & doug ♪ ♪
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just a buck. as you can imagine customers outside of the store are divided. watch. >> how many years has dollar tree been around? that is sad. >> sad for the elderly on fixed income or come here or send things like me come out here to pick things up for them. cost of living is so high. >> everything is going up so i don't think $1.25 is too bad. reporter: now the dollar tree's price hike comes as the company is dealing with rising wages and rising freight costs that have cut into their profit margins this year. usually the profit margins hover around 35%. they have slipped the past few quarters. charging extra 25 cents for most things helps them go back to the 35% profit. customers that shop at dollar tree are undoubtedly
looking for a bargain. recent data shows spending at discount stores like dollar tree was up 59% the week ending november 21st over the same week in 2019. dollar tree executives acknowledge customers are already feeling the pinch from rising energy and fault cost but they seem pretty certain will shop with them despite the price hikes of $1.25. that is consistent what i'm hearing, neil, from shoppers outside of the store, even if they're disappointed paying an extra 25 cents. the change goes into effect for 2,000 stores across the country starting this month. it will be in effect for all 8,000 dollar tree stores by next year, neil. >> still call themselves the dollar tree, right? they're not the $1.25 tree, right? reporter: that's right. no name change expected right now. neil: we'll watch it closely, lydia my thank you very much.
who false the oil markets. energy arena has been depressed of late because of the whole variant thing. we still have tin cup in hand to the opec plus companies to increase production, to ease the pain. they appear to be saying no. what is the latest? >> that is the latest that we're hearing, there is a big debate within the opec cartel right now whether they want to raise the anger of the biden administration or reflect reality that hey, you know, right now with this new variant of the virus we think demand is going to be hurt. we already are seeing potential lockdowns of certain travel restrictions going into place. we're going to see an oversupply of oil next month. so if you're looking at this from the opec cartel's point of view, there is every reason in the world why they should pause from the 400,000 barrel-a-day
expected production increase, but, you know there is politics here, neil. telling you what, when you look at the pressure they're getting from the biden administration if they do decide to raise production, that could be viewed as a slap in the face to the biden administration and they might come back and get into kind of a competition with the biden administration where they're threatening to ban u.s. exports, which would be a total disaster but at least some type of response. you're getting into this and that competition with the biden administration. at the end of the day, it will be consumers that will lose. neil: they're not happy with what is happening right now. phil flynn, thank you very much, my friend. let you know we're waiting to hear from the president of the united states. he has more solutions he says to help with the supply chain problems. just how credible are they? after this. hey, guys! they have customized solutions to help our family's special needs... giving us confidence in our future...
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neil: all right, up about 200 points the corner of wall and broad for the dow jones industrials all the major market averages getting a real pouncing yesterday been extreme one day, an the high side today of course it was double that a little more than an hour ago and then of course, what happened yesterday after the huge sell-off, of course after what was a big run up and then of course on friday, it was better than 900 points so a little dramatic behavior there but stabilizing so far.
there might be some confusion though about with the supply chain disruptions and no matter how many times the president comes to address them, he seems to add confusion or people aren't put at ease here, we're told that he is ready to announce some further details or plans to try to stop this bottleneck largely around the port of los angeles, the full details we're monitor ing very happy to have the governor of idaho, brad little joins us right now. governor so much to talk to you about ahead of the president. i'm wondering first off on the supply chain disruptions and his confidence that it's going to get better sooner than we think. do you agree with that? >> well, it's hard to tell. you know, we're a very lightly, the least-reg youlated state and one thing i know if you allow signals to get to individuals, consumer, and businesses they will produce. it's when government gets in the
middle of it, and that includes vaccine mandates, that things go awry. our system is predicated on individual businesses and consumers making the right choice. the signals out there that there's a big demand and it's where federal government, woke governments, whoever else gets in the way, there's a profit motivation, people will do the right thing. neil: governor i'm wondering given this omicron virus variant , hard to read how serious it is, even africa is saying it's not as serious as some have made it out to be, its gotten the cdc and others to say get vaccinated. that's one step shy of mandating it, of course but the president has pushed for that and that's got your goat, and that's you're leading this charge to stop that sort of thing. do you think though that the variant has changed that
though? >> i remember from the very beginning, neil, my very capable healthcare team here said virus es will do what they will do and they will mutate and they will change, everybody knows about the flu and the common cold, and so it should not be a surprise but generally, they mutate to where they're more spreadable, but less severe, and we don't know yet. it's too early, but awareness is always a good thing, transparency is always a good thing, fear mongering is not a good thing, and i just want people to be aware, we want more people to get vaccinated. i was just actually on a call with other governors and everybody was talking about the vaccination rate going up in their states and we're all happy about that. we got vaccine industry that is creating enormous amounts of
vaccine. we in the states and private industry are making it available we just need more people to get vaccinated. it's the right thing to do, but if you tell them they have to get vaccinated, there's always going to be pushback, and that's why we're very happy that all three of our lawsuits in different states whether it be for the osha mandate, the cm s mandate or the contractor mandate, are all stayed or about to be stayed and we're very pleased with that neil: its been a tough legal fight for the president he's lost every one of the battles governor brad little thank you very much. we do want to go to the president right now at the white house talking about the supply chain disruptions. this is following up on earlier proposals to allow speedy release of funds, even materials that make it into the port of los angeles, but he's also responding to some of the latest news developments today. let's tip into the president. >> if you're over 18 years of age, you got vaccinated before january, excuse me, june 1, go
get your booster shot today and if you're not vaccinated, now's the time to get vaccinated and take your children to get vaccinated. every child over the age of five can get a safe, effective vaccination. tomorrow, i'll be putting forward the next steps we'll be taking to fight covid this winter, not with shutdowns or lockdowns but with more widespread vaccinations, booster s, testing and more. now on to the economy. if you watched the news recently you might think the shelves in all our stores are empty across the country, that parents won't be able to get presents for their children this holiday season, but here's the deal. for the vast majority of the country, that's not what's happening. because of the actions the administration has taken in partnership with business and labor, retailers and grocery store, freight movers and railroads and those shelves are going to be stocked, and many have heard that the ceo of walmart, who i met with this
week, speaking about the steps we've taken. he said and i quote, "the combination of private enterprise and government working together has been really successful all the way through the supply chain. there's been a lot of innovatio" here's what the progress has looked like. the first thing we had to do was speed up the operations at our ports. americans are buying more goods than ever and a lot of those goods come through our ports. 40% of the goods that come into the country on the west coast come through two ports, los angeles and long beach. to help relieve congestion i brought together labor and management and asked them to step up and cooperate more, to move forward and operating those ports not five days a week , 40 hours a week but 24 hours a day, seven days a week, providing more shifts at night and on the weekends. then, we had to make sure that people could transport those goods from the ports to stores and homes across the
country. we broken up log jams there as well. private sector port terminal operators at the ports of los angeles and long beach, for example, have announced they're going to eliminate fees when truck drivers come on the port to pickup the containers. if they do it at night or on the weekends when roads are less congested. working with my administration, a major ocean carrier, the fourth largest in the world, announced on monday a new $100 discount when containers are picked up quickly, with larger discounts for nighttime and weekend pickups, and we announced this week we're employee tending through february extra flexibility that allows truckers to drive more hours when they're transporting critical goods like gas, food and fed call supplies. paired with these important safety measures, all of them are going to help move goods more quickly and get products that people want on to the shelves all across the country. over the last month, the number
of containers left sitting on docks, blocking movement to those stores, was for over eight days. now, it's down, it's down by 40% , which means they're heading to shelves in stores more quickly. that's an incredible success story. the ports of los angeles and long beach have moved 16% more containers so far this year than last year. by working with business and labor, my administration has been able to handle the huge surge in goods moving through some of our biggest ports and that's translating into shelves across our country being well- stocked. you don't have to take my word for it. on monday, i convened a group of ceo's from some of the largest retailers and grocery stores in the nation, as well as companies who work with small businesses across america, including the ceo of walmart as i mentioned along with best buy, c vs, samsung, mattel, etsy
and qvc. my administration and working with many of the ceo's and others who keep these goods moving through our supply chain to ensure the shelves are stocked heading into the holiday season. the ceo's and i met with this week, reported that their inventories are up, shelves are well-stocked and ready to meet the consumer demand for the holidays. the ceo of etsy represents over 5 million small businesses and entrepreneurs. he told me, and i quote, "our data says there are less concerned about supply chain challenges this year than they were last year." i've also spoken with the ceo of ups and fedex, which are on track to deliver more packages than ever. now, i can't promise that every person will get every gift they want ontime. only santa claus can keep that promise but there are items every year that sell out that are hard to find. some of you moms and dads may
remember cabbage patch kids back in the 80s or beanie babies in the 90s or other toys that run out at christmastime in past years when there was no supply chain problem, but we're heading into a holiday season on very strong shape. it's not because of luck. we averted a potential crisis by figuring out what needed to be fixed and then we brought people together to do the hard work of fixing it. that's exactly what we're doing with the second concern i want to talk about today, prices. here are a few things you should know. just about every country in the world is grappling with higher prices right now, as they recover from the pandemic. and the united kingdom price increases have hit a 10 year high. in germany a 28 year high, in canada price increases are the highest they've been since the 90s. this is a worldwide challenge, a natural by-product of a world economy shutdown by the pandemic as it comes back to life.
prices are still out of sync as the world comes back, but as we continue to overcome these obstacles, the more price pressures will ease, but i have not been content to sit back and wait. i've used every tool available to address the price increases, and it's working. take gas prices. last week i announced the largest-ever release from the united states strategic petroleum reserve to increase the supply of oil and help bring down prices. i brought together other nations to continue and contribute to this solution, india, japan, republic of korea, united kingdom all agreed to release additional oil from the reserves and china maybe doing so as well this worldwide effort we're leading will not solve the problem of high gas prices overnight but it has been making a difference. over the last month, likely due in part to the an piss station of this action, we've seen the
price of oil & gas o lien on the wholesale markets come down significantly. in fact since the end of october the average weekly price of gasoline in the wholesale market has fallen by about 10%. that's a drop of $0.25 per gallon. those savings should reach the american people very soon and it can't happen fast enough and i've asked the federal trade commission to consider whether potentially illegal and anti- competitive behavior in the oil & gas industry is causing higher prices to be maintained for consumers when the overall cost of oil is down. we can also ensure that american people are paying a fair price for gas. so, let's take a step back and take stock in where our economy is. wages are up, thanks to the american rescue plan, we've delivered significant tax cuts for families raising kids. tax cuts and rising wages for middle class families mean the americans on average have about $100 more in their pockets
every month, and than they did last year. about $350 more each month, than they did before the pandemic even after accounting for inflation, let me repeat that. even after accounting for rising prices, the typical american family has more money in their pockets than they did last year, or the year before that. in fact, we're the only leading economy in the world where household income and the economy as a whole are stronger than they were before the pandemic. you know there are other signs of strength too. the number of small businesses up by 30% compared to before the pandemic, thanks to the american rescue plan, we've cut child poverty in america by more than 40%. think about that. millions of children who spent last christmas in poverty will not bear that burden this holiday season, and the treasury secretary janet yellen described it yesterday that it is, "a profound economic moral victory for our country."
since i took office, we've had record job creation, 5.6 million new jobs since january 20 of this year and unemployment rate has fallen to 4.6%, we're seeing more new small businesses, higher wages and more disposable income, fewer children in poverty, fewer people getting unemployment checks, none of this was inevitable. it was because of the american rescue plan, which virtually every democrat in congress voted for and every republican voted against. it was because of the hard work my administration has done to try to solomon the challenges in our economies instead of just pointing fingers and complaining now, now it's time to build on our success and cut costs further for families. that's what my build back better plan does, and it will lower out of pocket costs for child care, elder care, housing, college, healthcare and prescription drugs. these are the biggest costs most
families face. in fact, a new independent analysis released today showed my build back better plan would mean $7,400 in tax cuts and savings from the typical family with excuse me, the typical family of four with two kids. 17 nobel winners, nobel economic winners have written a letter affirming that this bill will reduce inflationary pressure in the economy. two rating agencies in wall street confirm this month that my plan will not, will not add to inflationary pressures. in fact they will, "take the edge off of inflation." now our republican friends are talking a lot about prices, but they are lined up against my build back better plan, which would go right at the problem for rising costs for families. why is that? i don't want to speculate on
anyone's motive, but it's always easier to complain about a problem than to try to fix it. one republican senator even said that rising prices were "a gold mine" for republicans political ly. imagine rooting for a higher cost for american families just to score a few political points. the fact is the build back better plan is fiscally responsible. it's the first major piece of legislation in more than a decade that not only fully paid for but will generate more than $100 billion in deficit reduction. it fully covers the cost of its investments, by making the largest corporations and the richest americans pay a little more in taxes. think about that. that's a trade-off worth making in my opinion, having those who have done very well pay their fair share in order to provide a little breathing room for millions of american families. my critics don't seem to agree. they have a lot of speeches about high prices, supply chain,
and other challenges we're facing, but they don't offer any answers, so they're just doing the no vote. that's their plan, vote no. but what does that mean? what does a no vote mean on this bill? not on cable news, not on fox, not in the real-world, in your life. around your kitchen table. here's what it's going to mean. it means for millions of american families this bill that the bills you're paying right now for daycare could be substantially lowered, capped at 7% of your income, republicans said no, pay more. it means the bill you're paying to take care of your elderly parent could have been lower, a lot lower, but republicans said no, don't vote for this bill, pay more. it means the cost of your prescription drugs could have been lower, a lot lower, republicans think that those 200,000 children, for example, who need regular doses
of insulin, should continue to pay as much as $1,000 a month instead of $35 a month. think of that. not only affects the health of a child and the family but imagine being a parent and not being able to afford $1,000 a month. not only risk the health of your child but it robs you of your dignity, but the list goes on, but the points the same. what i propose is the way to lower some of the most difficult costs families have to pay every month, by asking big corporation s, the fortune 500 companies paid zero in taxes, making $40 billion in the process, and the wealthy americans pay their fair share in taxes. look, remember, we're in a situation as far as republicans are concerned they would rather the bills at your kitchen table be higher so the tax bills of corporate conference rooms and big mansions can be lower.
in this case, let me tell you something. nothing be more expensive for american families than a no vote on the build back better plan. i believe we simply can't afford to do nothing and wait and see what happens, and the moment s we face today, that just isn't a responsible course. we live in uncertain times, families are anxious about covid , the economy, the cost of living, and the way to relieve that anxiety is with consistent, determined, focused action. i started my presidency with the american rescue plan. now that law is carrying our nation forward on vaccinations, boosters, keeping our schools open, and so much more. i designed it as a year-long plan because i knew we'd have a lot of obstacles to overcome. next, we passed the bipartisan infrastructure law, because a lot of our infrastructure is crumbling. we have to prepare ourselves to cop pete and win 21st century
global economy. for most of the 20th century we led the world by a significant margin because we invested in ourselves. not only in our roads and highways and bridges, but in our people and our families. we built the interstate highway system, we invested to win the space race, we were among the first to provide access to free education, beginning back in the late 1800s . these decisions to invest in our country and our families were a major reason why we're able to lead the world for much of the last century. somewhere along the way we stopped investing in ourselves. america is still the largest economy in the world. we still have the most productive work with the most innovative minds in the world, but we've risked losing our edge as a nation. our infrastructure used to be the best in the world, today according to world economic forum we rank 13th, and we have to invest in our greatest asset as well, our people. for example, we used to lead the world in educational
achievement. now, the organization for economic cooperation and development ranks america 35 out of 37 major countries when it comes to investing in early childhood education and care. we can't be competitive in the 21st century global economy if we continue to slide. one of the reasons i believe so firmly on this is because i know what this country can be. we've always been a nation of possibilities. we didn't become this nation, we know by dreaming small. throughout our history we've emerged from crisis by investing in ourselves. during and after the civil war, we built the trans continent pal railroad uniting america during the colder war, we built the interstate highway system transforming the way americans are able to live their lives, and now, we're building the economy for the 21st century. i truly believe that 50 years from now, when historians look back on this moment they are going to say this was the beginning of the moment when
america won the competition through the 21st century. i think that's what the we're going to see happen. god willing. and god bless you all and may god protect our troops. thank you very much. reporter: mr. president, what's your level of concern that the new variant will end up exacerbating the very issues on supply chain your team has been working on? >> well, look. you know me. i'm an optimist. what we have seen so far does not guarantee that's the outcome as a matter of fact, we're going to know in the next several weeks that just not only how transmissible this disease is, but how extensive it is, how dangerous it is and what damage it does and most importantly, whether the vaccines we have are capable of dealing with this virus, particularly if the boosters we're trying to get everyone to get , so i think the jury is still out. i think it's a little early to make that judgment but am i concerned?
of course i am. until we get the final answers, i'll take a couple more questions. reporter: mr. president, what the is your reaction to the supreme court today on the verge of major changes to abortion laws in the united states? do you have any plans to codify the law, what the is your reaction to that? >> first of all, i didn't see any of the debate today, the presentation today, and i support roe vs. wade. i think it's a rational position to take, and i continue to support it. reporter: mr. president, thank you so much. there are a number of presidents from jimmy carter to richard nixon who really tried to impact inflation and weren't able to largely do that. how confident are you that you have the power to do something about this and help americans? >> because what i've seen so far based on what we've done. this is the first time i've seen where labor and businesses so ready to cooperate because they
didn't go through a period of year, over two years almost, of the impacts that was a terrible virus that has caused real damage to the world economy, so i think people are in a different state of mind than they may have been during the carter years as well as the nixon years. it's just a different world. reporter: and mr. president, quick question. mark meadows has written a book revealing that president trump has tested positive for covid a few days before your first debate. do you think the former president put you at risk? >> i don't think about the former president. thank you. reporter: whatever happened to -- neil: all right, joe biden commenting on the push right now to deal with the supply chain disruptions, just clarifying a couple of things or correcting maybe some facts here. he said that this build back better plan is all paid for , the fact of the matter is according to the congressional budget office, it's about
$365 billion revenues the president said so it's not paid for. now the final product, if it comes out of the senate at all, might address that but it isn't right now. he also said that this will address inflation, that this multi trillion dollars worth of spending we've been see denuclearizationing beginning of his administration would deal with the inflationary problem but the fact of the matter is the more government spends the higher the inflation rate has been going and that is pretty much the case, with big spending initiatives of any sort, that they obviously spike the economy , the government begins to march to a lot of the money that's out there and drives prices up that is something that's happened again and again and it's happening right now so i don't know where he was getting the notion that the build back better plan would all of a sudden erase that problem. many argue it would indeed compound it, some are arguing, in fact, that just giving people more child care credits and the like and making them earn more on paper doesn't do much for the rest of the nation that's dealing with the higher
prices including those individuals with the credits and other things when they go to a dollar store that's now $1.25, and so many others that are exceeding whatever they're making. for example, inflation right now is running at about a 6.5% clip, average american wages are running up at about a 4.8% annual clip so i'm not quite sure where he got that. he also talked about the rich finally paying their fair share in this latest plan, that depends on what your definition of fair share is, when all is said and done, the highest component in that bracket will be paying a federal rate north of 50%, that's not even including those who live in very expensive states like new york and new jersey, california, massachusetts, where the rate presumably could go up into the high 50s to 60%. it's a moving target, of course we're told that if we had a 37% rate, the rich are getting away with murder, and 39.6% less so
getting away with murder, but over 50% still closer to their fair share but not there yet. i raise pete buttigieg the transportation secretary about two weeks ago whether he thinks we're at that fair share for the very wealthy, he says we are getting closer, again mirror ing what the president is saying but i just wanted to bring those facts along to you here, not to take political sides here, but just to correct the measure is not paid for , the inflation situation is real, its been spurred on by a lot of the government spending, whatever your views on it, it had that resulting effect and that's very weird. you could separately argue that we've come from an economy in part to one that's now moving along this nicely. it's not surprising we'd see a spike in prices but certainly government spending has not help ed matters any and it never has in american history, never ever ever. there are ways to mitigate that, but there's very little mitigation going on here, that's not a left or right view just
looking at the facts thought i'd get that out there. also, keeping track of this covid variant that's getting a good deal of attention , the omicron variant. the president did acknowledge that that could be a disruption when it comes to the supply chain disruptions so many countries are essentially closing themselves off or being forced to close off business, so it could keep that going for a while. how do address that now with dr. debbie nepiaranple a physician here. doctor, on this variant, is it fair to say that i understand the fact that it's a wildcard but that some nations might be over reacting, by shutting things down, turning off travel when african leaders themselves are saying it's not a huge issue now they could be talking their book, i understand that, they don't want to be ostracized and sort of, you know, isolated but what's your take on what you know and have seen of this?
>> i think so, i mean, in general, so viruses as they mutate so historically, they generally become more contagious because they want to survive, right? it's survival of the fittest, so they want to become more contagious where they spread to more people but they want to become less deadly, case-for- case because if they kill the host, then they die also so generally speaking we're not going to see covid disappear , but we're going to see variants where they become more widespread, and you also don't want to create an incentive where countries don't want to report the new variant because they're afraid they are going to be punished with travel bans and stuff because otherwise, we created incentive where we don't hear about the variant. i mean, we're seeing that a little bit in new york where we have this new sort of ban on elective surgeries for certain hospitals because what's happening is with this sort of halt on the elective surgeries that's how the hospitals actually make money to pay for this so if you halt them,
then these smaller, medium-sized hospitals they don't have enough funding to kind of stay in business overtime, and so that's a punishment on them, rather than offering them help to be able to take care of the sick whether it's help in the form of surprise because a lot of them have trouble getting medical supplies perhaps and on top of that, staffing, because staffing is really where you see trouble in terms of that capacity. neil: the bigger issue to your point, doctor, is those who have these ailments, that now have to push them off and maybe suffer. >> exactly. neil: the icu, then is it your sense these are mostly un vaccinated people who are in them, because you hear back from them it's not just the un vaccinated but almost all of the numbers i've seen, i get them everyday, show that it is overwhelmingly the case and that's what's creating this icu problem. >> well talking to my colleague s, you know, so people who are unvaccinated generally speaking are more at risk for any of the covid complications. i mean it's not separated out
though to whether those un vaccinated folks are people who previously had covid or whether they are people who have never been exposed to covid that be an important statistic to have, to have available to us , but also, icu's are filled with all kinds of other patients right now we're seeing flu coming up, rsv, which is another virus that's extremely contagious, parents influenza so you want to look to see whose in the icu, can you do anything about any of those other conditions, and then you want to they think in terms of staffing, so people talk about bed capacity, it's the resources that go into that typically we think about 24 hour nursing but also think about you need the sheets laundered and have the room cleaned by housekeeping , so if you don't have enough staffing and all these different areas, then that bed becomes rendered useless, right? so can you get other staffing and other help for these types of functions, because then immediately your bed capacity will go up, so really, we need
to look at all of these different factors and see what we can do to increase that bed capacity all around. neil: yeah, make it good for everybody. doctor thank you very very much for that. the dow right now up about 192 points, the concern and confusion of exactly where this variant stands is what's been whipsawing the market ever since friday, we'll stay on top of it. stay with fox business. l adviso i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com
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wellcare. it's medicare done well. >> welcome back to "coast to coast" i'm chad pergram on capitol hill. the house aims to vote on a stopgap bill to avert a government shutdown but congress is running out of track. there is increasing concern that conservative senators could filibuster government funding over vaccine mandates. house conservatives are also bau lking. >> fund a government that is forcing people to get a vaccine that they don't want to get. the courts are doing the work for us right now, three times courts have shutdown these unconstitutional unlawful
mandates but congress needs to step up and get in the game. reporter: republicans could force the senate to pass the bill by the book, that triggers several in the senate and the gop could make the senate burn time and that means the senate may not be able to finally pass the government funding bill until early next week. funding expires friday night. >> we're just waiting for mitch mcconnell to put the american people first, and not be so intent on trying to create chaos reporter: then, there is the debt ceiling, some gop members believe democrats should lift the debt ceiling on their own, if they're going to pass the $1.75 trillion social spending bill. >> the only way that we have to express to the american people how much that's going to cost them long term is if we require the democrats through the reconciliation process to identify a dollar amount that they are going to increase the debt. reporter: senate majority leader chuck schumer dodged when asked if democrats would use the
filibuster proof reconciliation process to lift the debt ceiling without gop help. neil? neil: chad pergram, thank you, let's go to art laffer and what he makes of all of this. you've been there on capitol hill, and here we are again, art eventually someone is going to screw up, but this is getting to be ridiculous, isn't it? >> it is ridiculous, neil. i loved your monologue, by the way, when you said government spending is always bad for the economy and you're completely correct on that, neil congratulations. it's not republican, it's not democrat it's not liberal or conservative it's just called economics, and that's where we are -- neil: and it's inflationary you can't avoid it when the government begins to crowd out the market, it's unavoidable but where does the president, you know, i corrected your old friend in the past, i tried to be bipartisan about this , fair and balanced but this notion that spending or giving someone a tax credit will give them more money and that isn't necessarily
going to have inflation implications. i don't know, but he's using that as an argument to address inflation, the very spending that's prompted it. >> there's just grasping at straws and i don't even know whose speechwriter would write some nonsense like that, neil. everyone knows the government spending and giving people money they didn't earn, they are going to buy more than they otherwise would, by giving people money, these lower income people are going to leave the labor force because they don't like their jobs or their pay, and you're going to have less supply, more demand, that seems to imply to me you'll get a higher price. it's straightforward, simple basic economics and its always been true and then they come to this brinkmanship of the debt ceiling what are the republicans supposed to do, be the santa claus for the big spenders? it's just not right, and i understand the republicans to let them have a debt ceiling increase when they're proposing
all this nonsense . the republicans cannot stop the spending because they don't have the political power, except through the debt ceiling, and let the democrats pass it on their own through reconciliation , and let them bear the consequences of all those actions is what i say. neil: why aren't they doing that no matter how people feel about this they could always do it that way and i'm always confused about why they don't. >> i don't know why they don't either. they're scared, scared of, you know, several times when congress has blocked the debt ceiling, congress has lost a lot of political support, remember under clinton, i remember it under kennedy, douglas dillon famously said if the debt ceiling failed and they have to go for recourse on the debt it goes to the secretary of treasury first and douglas dillo nfl told president kennedy i can hold this off for four hours and three minutes because he was very wealthy, but all of his stuff is just, it's just amazing. just let the democrats own it. neil: yeah, all right, amazing
student of history my friend. i forget that but you're right i forgot about that jfk stuff. great catching up with you, art. i apologize for the truncated time. art laffer the former reagan economic advisor, one of the best economic thinkers probably the last century that has certainly paid always was in the room when it was big decisions were made. we have a lot more coming up including fannie make, freddie may making news where the mortgage is close to a million bucks, what the could go wrong, after this. ♪ ♪ ♪ ♪
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clearchoice changed my life. neil: homes are getting more expensive so probably not a big surprise that mortgages will be backup to close to 1 million bucks in one tiny room in the gasparino compound. what's going on here, bud? charlie: show the stock prices. neil: i was shocked looking at it. charlie: so the stock has been
up, it's a penny stock, but its been up like 25% in the last couple days, and the reason why, it's the oddest story i've covered in a long time, is because donald trump, the former president, has weighed in on the potential privatization of fannie and freddie. he put out a letter, we verified that it is really a letter from the former president, he sent it to rand paul saying listen, we need the congress to get on the ball here, and get ready to privatize fannie and freddie because if we don't, well these things are ticking time bombs. neil: hasn't it been out there like forever? charlie: it was out there when he was and he didn't do it, he tried to do it and he lost. neil: why is it so difficult? charlie: well think about it. neil: they are a quasi government agency. charlie: fannie and freddie were outside and now they are part of the government, taking over after the , during the financial crisis because if the government didn't take them over and recap
tallized them and stabilize them you might not have a 30 year mortgage. they allow banks to make 30 year mortgages. neil: without that stamp of approval then they make a lot fewer. charlie: without them buying the loans, the 30 year mortgages from banks, banks won't make them. because you're tying up capital for 30 years so why make a 30 year mortgage and there's a public policy arguing to have 30 year mortgages for average people. be that as it may, they become part of the government, the government was stealing or taking, depending on who you talk to, all their profits, the trump adminitration comes in and they start floating the ideas to privatize the stock s go through the roof, budge hedge funds buy them, john paulson buys a chunk, bill akman another guy buys a chunk, they report to the fhfa who really wants to privatize them but his secretary of treasury, steven mnuchin a little hesitant and in the end doesn't do it, now stocks get crushed after biden wins because its taken over by the
government, just going to be squeezed and used essentially as an arm of the government to promote housing policy, and then low and behold, out of nowhere, donald trump comes back into this argument and rights rand paul and the stocks take off and i guess the question is, will republicans do this , push for privatization if they run, if they get both levers of congress, very difficult to do that, you need the executive branch but if they win the executive branch, it seems to me, and it seems to a lot, i would ask people why would donald care about this of all of the things, he's basically staking out some territory here, he's going to run again. it's like no doubt in people's mind he wants to take a position -- neil: but how would that help him politically? it's such a unique subject. charlie: i think what he sees, and this , remember, they cause the financial crisis, when he sees is if they're part of government they are going to be
even more toxic to taxpayers because we'll definitely have to bail them out if they are an essential part of the u.s. government, as joe biden has made them and not only that they are expanding their powers. they are now, by the way, guaranteeing, by buying those mortgages, they allow a bank to make a mortgage, by buy ing them. they are guaranteeing million dollar mortgages, not just the little ones, so there's risk here. neil: that's just in population though, if you think about it. charlie: i just can't believe trump is part of this debate right now. neil: that i did not know. i always learn something thank you, my friend. charlie gasparino on that. by the way we are getting updates on this back and forth whether we have a government shutdown, chuck schumer said he's had very positive conversation with mitch mcconnell avoiding that as of midnight friday that is if they don't get something done but chris coons of delaware, i believe, has said no he doesn't sense anything like that happening, and is hanging on republicans likely to force the country to the brink and the government lights start going out friday night, so pick
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about whether other not essentially eludes from some of the protection from monoclonal antibodies. whether or not the disease in general will be severe and what is a difference between individuals vaccinated through unvaccinated. boosted versus not boosted. we'll get that information. i appreciate your question about one individual, we'll get into a lot more information. >> dr. fauci, you said the person had been fully vaccinate
ed. did they have a booster shot. >> no. >> stricter requirements to get into the united states a 24 hour window before taking off, to have a period of retesting once you get back into the united states. would that have helped in this case if that would have been employed. >> i'm not so sure. the person did what we hope other people do. as soon as they got off, got symptomatic and went and got tested. reporter: when will the restrictions being implemented given something already accepted in the united states? >> that is something considered and under the discussion, caitlyn. i don't think i can make a statement when and if that will happen. >> thank you. dr. fauci, in addition to any new testing requirements what about new requirements for self-quarantining for travelers returning to the u.s. which in this case might have made a difference if he was quarantining for seven to 14 days? >> you know the recommendation is that people, individual would
self-quarantine if they are not vaccinated and would get tested within a period of three days. that is a recommendation right now. reporter: can you help us understand why the travel gahn is effective right now for those particular eight countries especially when omicron has been detected in other countries including here in the u.s.? >> if you go back to look and first found out about the cases that are emerging in south africa no one feels, i certainly don't, that is travel ban will prevent people who are infected from coming to the united states but we needed to buy some time to be able to prepare, understand, what's going on, what is the nature of this infection what is the nature of the trans missability. we wanted to make sure that we didn't all of sudden say it is like anything else, don't worry about it. all of sudden something unfolds in front of you that you really not prepared for. so we look at this as a temporary measure. reporter: thank you.
dr. fauci, do you support vaccine requirement for domestic flights? the president was asked about this earlier this week. that had not been recommended to him. you're a chief medical advisor. do you think that is something the country should adopt? >> i'm not so sure we should say that would be a requirement. i will say what you've been saying all along, that we have 60 million people in this country who are not vaccinated who are eligible to be vaccinated. let's get them vaccinated. let the people that are vaccinated boosted. charles: you're watching dr. anthony fauci. i'll charles payne. as you may know, the first person i think in the united states with omicron variant has been identified. the traveler who returned from south africa november 22nd. fully vaccinated. dr. fauci not aware whether or not the person has a booster shot. mild symptoms, self-quarantine.