tv Cavuto Coast to Coast FOX Business December 27, 2021 12:00pm-2:00pm EST
as we head towards the end of this show. the dow as you can see up some 212 points. we have gained momentum all through the morning. that is good for a .6 of a percent gain. nasdaq come poise up 169 point and the s&p 500 which closed at a record last thursday, up again today nearly 1%. all right. david asman in for neil cavuto. david, take it away. david: ashley, good to see you, welcome to "cavuto: coast to coast." i'm david asman in for neil cavuto. happening this hour president biden speaking with a group of governors right now as omicron surges all over the country. he admits he has regrets how it has been handled. we have the latest on that. the administration trying to build back up from the build back better bust. will the president try to push this megaspending plan through by executive order? a mass migration is happening.
we're not just talking about the southern border. new census data showing people fleeing blue states for red states. the chief financial officer of florida is here to discuss that. but first, president biden joining a big meeting between governors and his covid response team to lay out plans to deal with the rapid spread of the omicron strain. steve harrigan live in atlanta with the very latest. hi, steve.port david, the press able to see the start of the meeting president biden with white house covid response team virtually were a bipartisan group of governors. the president said the omicron variant of was a source of concern, it should not be a source of panic. he also asked the governors what they needed, promising to give them what they needed. several governors spoke up, said what they needed was testing. if you look at the testing situation across the country especially in major cities there are long lines people waiting sometimes hours to be tested. those home test kits are often
in short supply as well. if you look at the numbers at this point, 198,000 new cases per day, that is the most recent seven day average. new york, new jersey, massachusetts, setting records for the number of new cases. the only bright spot for this, hospitalizations, they are not keeping pace with the number of new cases. new cases up 47% in one week but in at that same time period hospitalizations up just 3%. that gives some backing to recent theories and recent investigations which say that the omicron while being more easily contagious causes less severe illness. so some bright spot as far as number of hospitalizations go in this case. david, back to you. david: steve harrigan, thank you very much. did you see this stat? from december 24th, christmas eve to the day after christmas, yesterday, around 8,000 flights were canceled. flightaware.com reports more
than 700 u.s. flights have been already canceled this morning as airlines blame staffing shortages due to the omicron variant and all the mandates. madison alworth live in laguardia airport in new york city with more. hi, madison. reporter: david, thousands of flights canceled during one of the busiest times for year of travel this past weekend. we're still dealing with the issues today. the spread of covid-19 dealing with the staff and staff getting planes off the ground. cancellations, sunday saw the most cancellations with 1500 flights canceled. today, united has canceled 115 of their 4,000 flights, telling fox business the nationwide spike in omicron cases has had a direct impact on our flight crews and the people who run our operation. the people i've been talking to today, they are hoping to stay out of the group struggling to get home.
>> no, it has not been canceled but we are crossing our fingers. >> this trip already has been delayed a bit. we're used to being flexible and thankful we can continue to do work where we're traveling post-new year's. reporter: when dr. fauci was asked about these delays, he said this is evidence that we should be considering a travel mandate for vaccinations to get on these planes but for now, americans are just hoping that their flights take off. david? david: a lot of flights are not taking off. what a nightmare, it is bad enough in normal times. right now is not a good time to travel. madison, thank you very much. meanwhile the biden administration is facing growing pressure to deliver on testing kits with many people having to wait for hours to get tested during the holiday rush. johns hopkins university professor of public health, fox news contributor, dr. martyy
makary joins me. looks like you arrived at your destination. enjoy florida, it looks like. there are a lot of missteps on omicron by the at administration. we don't want to point fingers but we have to figure them out. turns out the president has not finalized testing contracts. could he have done more in preparation for omicron? >> well, absolutely. the testing contract was not even at the final stages until six weeks after we knew about omicron that was an avoidable delay and we're paying a heavy price for it right now. i agree rather than looking back & assigning blame there is something the white house should be doing now and should look attesting strategy. cannot promoting parading a universal testing policy where everybody needs to get tested multiple timms in asymptomatic
cases and have a limited testing supply. we have to ration that more wisely. we need a selective testing policy. we have not heard that yet. david: shouldn't we have a policy to test for antibodies? if you have the antibodies from national convenience or natural immunity that provides you with a level of immunity that wouldn't show up in normal testing? >> that's right. the entire construct of the vaccinated and unvaccinated is not medically precise. it should be the immune, the nonimmune, those were unusual immunity from prior infection may have the immunity apart that is at the level of the lining of the nose not just the systemic blood system. we have to recognize the risk is not equally distributed in the population of this virus. omicron may be nature's vaccine for many people in the world who don't have access to vaccination. the laboratory data now shows that it's mild and the population data shows that it's
mild. it all fits with the bedside observation that it's mild. david: states vary from state to state in terms of their regulations and rules. governor desantis has taken a very different approach than for example the governor here in the state of new york towards how to deal with the virus. i want to play a sound bite from him and get your opinion as to whether he is doing the right thing. roll tape. >> starting with people like dr. fauci, they have really shied away from talking about any type of treatment of covid-19 and they are constantly talking about vaccinations but i think as you know many people who have been vaccinated are getting infected and we service at our monoclonal sites the vast majority of people who get treatments are high-risk people who have been vaccinated. people like dr. fauci think if you talk about treatments some people may say well i won't get vaccinated. i may get a treatment if i get it. they want to really control people's behavior.
david: doctor, i realize all monoclonal antibodies treatment may be used for omicron because it is used so much but the glaxosmithkline is variety of governor desantis brought up in preparation. he didn't know couple months ago that omicron would happen. he did stockpile that with the idea perhaps there would be a new varian. looks like he did the right thing, down isn't. >> that's right. the new monoclonal antibodies by gsk and bio therapeutics it is very powerful and very effective and works against omicron and that is very promising data. within a government, locale, on state basis there is a culture. that culture is solely focused on vaccines or they are talking about early treatment and in florida there has been a massive effort on early treatment. now it is not just monoclonal antibodies. it is also fluvoxamine which cut
covid deaths by 91%. it is fda approved. it is out there. available, nobody talks about it. the new drugs by merck and pfizer cut covid deaths to zero. the president din mention it in his speech today. david: it is extraordinary a state like new york, population of new york has not been focusing on therapeutics. they have been focusing on the vaccine w very, very tight vaccine mandates but florida in comparison to new york, they are about the same population, florida has 10% more infections by population but has 5% fewer covid deaths than new york. so 10% greater infections, 5% less covid deaths than new york. isn't that because of the work that desantis did on stockpiling the anti, antibody serum? >> i think it is likely. look, when the government has this reactionary approach to pull the big same hammers out of
the tool box, use a one hammer approach only talking about boosters when we know by the way there is no evidence to boosters help people under age 30. they don't need them especially if they have natural immunity but they reach for the same tried and true big hammers. they are blunt tools. we need a more diverse tool box which is available. we don't hear people talk about them outside of states like florida, texas. i know the folks in virginia are planning to roll out a big tool box right now. who would have ever thought we would have the politicalization of different therapeutics but yet we do. david: we do indeed. another problem that new york has which is that the hospitals are short staffed largely because of these vaccine mandates because they don't recognize natural immunity in new york for hospital workers. 8,000 hospital workers quit or were fired because they didn't have the vaccine. is it time to reverse the mandates to bring critical
workers back when we need them with omicron? >> yes. there is a good article in town hall today because the cdc is really panicking, hearing from health care providers, friends, colleagues, aha, people around the country are saying look, these are self-inflicted wound at u.s. hospitals we could have been more flexible to the mandates limit it to those patient facing and those with natural immunity. we are not. one in five people have left health care during the cores of pandemic. that is tragedy. many of these departures were avoidable. david: looking very far away what is happening in australia, australia really had some of the toughest lockdowns and mandates of any country in the world dealing with not just the omicron variant but the entire pandemic. they have been doing that. they had a total reversal. they did a 180 on this policy and australia's prime minister scott morrison spoke to that
last tuesday. i want to play the sound bite, get your reaction. roll tape. >> we have to get past the heavy hand of government and we've got to treat australians like adults. we have to move from a culture of mandates to a culture of responsibility. that is how we live with this virus into the future. david: doesn't that make sense, doctor? >> gosh, what a breath of fresh air that is listen to. i mean that is the approach now that many people are arriving at, recognizing that if you have chosen to have no immunity, no natural vaccinated immunity you do so at your own individual risk. we'll not close down society to put children across america into a mental health crisis because the heavy hand of government insists that we need to institute marshall law to prevent mild disease of 300 million americans who have immunity. david: they tried the most
severe mandates in the world. it didn't work. omicron is making them change their path. good luck to them. i wish we would bring common sense to the united states. doctor, thank you very much for being here. >> thank you, david. david: building back solo, the progressives call the president to bring back build back better with executive action. is that even constitutional? we'll be back with more on that. ♪.
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♪. david: so now progressives are pressuring president biden to use executive action to push forward his build back better agenda. fox news congressional correspondent aishah hasnie has the very latest from d.c. hi, ashiah. reporter: david, yes, progressives are planning a path alone without the likes of joe manchin. on sunday house caucus share pramila jayapal called on the president to take executive action, make it clear to those who behind irbuild back better that the white house, the democrats will deliver. so far the president has said he wants to keep working with senator manchin. others say they're even looking into the idea of piecemealing
certain provisions in this bill. >> well that is a strategy decision that is being negotiated. we are open to a way of to reach the finish line. we want to make it as comprehensive as possible because the needs are just there but we need to make sure we have the votes to pass it. reporter: majority leader chuck schumer wants a vote on bbb early next year even if he doesn't have the votes to pass it. that would force democrats to go on the record about how they feel about this bill and put those vulnerable democrats up for re-election in purple states in a very uncomfortable position. look fog are a win, schumer wants to force a vote to carve out what he calls ill conceived and abused filibuster to bypass a gop block on their voting rights, bill. mind you, david, this is the same filibuster democrats used when they were in the minority. >> the founding fathers never thought that the minority should prevail but that is what we're dealing with right now.
f we want to move this country forward, if we want to save our democracy that we have to make a change. reporter: all of this as pressure from the left continues to mount on manchin, some calling him out of touch for his no while others in his home state of west virginia support what he did. obviously amid all of the inflation concerns. david? david: asia, thank you very much. let's get reaction from caylee mcgee, from "the washington examiner." i wonder, forgive me from being old-fashioned, but there is this old parchment in the united states has a certain provision where spending begins. let me begin from the u.s. constitution, article i, section 9, no money will be drawn from the treasury but in the consequence of appropriations made by law. as we know well the bbb is not law because senator manchin announced he wasn't going to go for it. don't they, doesn't the constitution get in the way of
what congressman jayapal and others are suggesting? >> if this government was working the way it was supposed to the constitution would get in the way of democrats plans but unfortunately we're getting to a problem boeing on for decades at this point, congress basically handed all of its law making power including budgetary decisions to the presidency for such a long time that honestly it is pretty unclear whether biden would have the power to do this or not based on constitutional interpretation. so if he were to try and ram this through via executive order, i don't know if they would be able to stop him, republicans in the senate or even the courts. the courts would have to step in at this point but there is a very good chance he tries to do that based on his record thus far. david: wow, you think a very good chance. i didn't think -- reapportionment has been used before by republicans as well, donald trump used it for the border wall but in pretty small
measure compared to the trillions being suggested to be spent in the bbb plan. maybe they wouldn't put it all through but nothing of this scale has ever been tried through reapportionment of stuff been, for example, take take a piece what is given to the defense department. >> right but no president with very slim majority of biden has in the house and senate never tried to pass as massive of a bill as build back better in the first place. he is trying to be the next lbj or fdr. he doesn't nearly have the majority those presidents had when they were in office. we know he wants to be aggressive in his policy approach because he wants to build a progressive legacy for himself and maybe he tries to do it in difficult executive orders. maybe he allows democrats to pass some parts of the bill piecemeal like we were saying earlier. we don't know how this will turn
out but i highly doubt they will let build back better die because joe manchin wants it to die. david: does the progressives caucus now control the president's actions? >> they have controlled the president's actions since he took office unfortunately. david: wow. >> he ran as a moderate. he made quite clear his agenda is far from moderate. david: they don't seem to care at all about keeping senator manchin and senator sinema as well within the democratic fold. they are now accusing them of child abuse because of his refusal to go with this huge bbb plan. >> it just goes to show there is such a divide between progressives and moderates like manchin and sinema in congress. these are two senators who represent states that are not nearly as blue as california or new york. west virginia voters did not want build back better to pass which is why manchin decided not to support it. the fact that other progressives are going to come in and
criticize him and act like they know better than he does what west virginia voters want is completely asinine. there is a huge disconnect in the party right now. david: caylee where does this leave senator manchin and sinema and other senators not as far to the left? >> as of now they're the controlling voice in the senate until the 2022 midterms if republicans take one of the chambers or both of the chambers. manchin and sinema, what they say is what goes. if democrats want build back better to pass in some form or they want other legislation like the voting rights act to pass, they are going to need to get manchin and sinema on their side. david: exactly what is, what are the parts of the bbb plan that might be put through through executive action? >> i think that it would be possible you would see some of the climate initiatives included in build back better. david: wow. >> in a different capacity than what is in the original package right now because obviously manchin has pretty serious
concerns about the funding of those initiatives but that does seem to be one of democrats main priorities right now. david: 555 billion. the largest single component of bbb is the so-called clean energy and climate investments which a lot of people would say would end up causing gas prices to go up even further. we'll see if that comes about. caylee mcgee, thank you very much, appreciate it. >> thank you. david: holiday shopping boom, good news for the u.s. retail market when we return. ♪. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further.
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the american consumer is alive and well. that is a good news story. susan li has all the details for us. hi, susan. reporter: david, americans are still going out and spending if you look at two consumer indicators over the holidays. first of all "spider-man: no way home," the first billion dollar film in two years since the pandemic started, right? you have to go back to "star wars" and of course "star wars" the force awakens the last film to reach that point. this is the third fastest movie to a billion. impressive because "spider-man" wasn't shown in china which is the world's largest movie market. they got there without china. that is good news for amc and cinemark and sony pictures. success is not guaranteed at the box office. marvel's superhero film,
shanghi, that outperformed. stephen spielberg was not enough to save "west side story" after being a box office bomb, only taking in $36 million after three weeks on the screen with the hype of a musical that disappointed. movie-goers bo out for the right film despite the omicron spread right now. another indicator americans are willing to go out to open their wallet, holiday spending up 8% from last year. even more impressive up 11% from 2019 before the pandemic started. most of that up online about 1/5 according to mastercard spending data which shows you how much spending and shopping has been online. jewelry sales are up a third. that is good news for all retailers. biggest shopping day of the year black friday, that is not surprising. who doesn't love a bargain basement bargain even if you have to get up early. as you know, david, the economy
powers 2/3, almost 3/4 by the consumer. that is positive for the u.s. gdp. david: everybody is worried about production and whether or not these labor shortages are going to lead to that. we have 11 million unfilled jobs out there. hopefully we'll find businesses producing enough to fill those unfilled jobs. susan, thank you very much. meanwhile, it is not all bad news for the economy as susan was just saying. holiday sales growing at the fastest pace in 17 years, 8.5% since last year. capitalist pig hedge fund manager jonathan hoenig joining me now. jonathan, great to see you. almost happy new year, good to see you. we should mention 8.5% ain't nothing. it is damn good as a matter of fact but they were expecting 8.8% so are you disappointed? >> not disappointed, david, this is a good sign the american consumer has money to spend. it also not just enthusiasm in
the economy and stock market and free money given out by the government but the fact it is all going online as susan mentioned this is hastening, exacerbating in place before movement from off-line to on line shopping but it has gone into overdrive. 20% of all holiday shopping this year is online. that is up double where it was 10 years ago. but what worries me, david, a lot of the shopping could be basically consumers buying in anticipation much inflation, expecting higher prices. i think you saw clothing and jewelry in particular so high in terms of sales. it is good that we're seeing people shopping but it is worrisome because a lot of purchases are anticipating higher prices to come. david: now did i just hear the great libertarian jonathan hoenig say free money? a man who knows in his gust there is no such thing? >> well it seems free, right? that is what this inflation farce is all aabout, david. government and biden keep talking about spending and spending money that is the big
story of 2021, even people's wage increases have not been able to keep up with the higher prices of goods across the economy. we're earning more but making less when it comes to the bottom lines. despite the fact we're spending more this is a tough holiday season for some americans. david: one of the great things, jonathan, you don't allow your ideology, which is heartfelt, but you believe in every aspect of your body in your libertarian beliefs but you don't allow that to interfere with your investment procedures and this is a moment you have to steel yourself. there is a lot of panic out there but you look at the bottom right hand of your screen and you see a 228-point gain on the dow, s&p at record numbers right now so this is one of those moments you can't allow your emotions to dictate your investment strategy, right? >> yeah, david, i say enjoy the show but know where the exits are, to coin a phrase here and especially considering the fact that the market has had such an
incredible run since the lows, early pandemic lows, david. it comes down to your own situation where you are with your own risk tolerance. one worrisome sign in 2022 could be interest rates. they could be coming up quite quickly. the long part of the curve not to get too wonky is inverted. that is a worrisome sign. you have to be as little, as buffett would say, worry when others are fearful and bullish when others are fearful. that is how bullish most people are. david: where are the exits from inflation? you mentioned warren buffett. he said there were no exits from inflation. it is a capital killer. are there any exits from inflation? >> well, i mean, david, when we really start to see it show up you look for it in hard assets. a lot had a monster move in 2021. find it potentially base ially what they say shorting bonds anticipating higher interest rates. in fact there are individual funds that profit from that type
of move but there is no question, there is no such thing as a free lunch, all the spending, all the regulation, biden is even talking about price controls. they're investigating companies in terms of price gouging, the more we see of that, heavy hand of government the more we deal with the higher inflation. david: by the way price controls always lead to shortages. we already have shortages because of the supply chain problems, wouldn't that happen if there were price controls put on oil or other products, even meat? he has been talking about price gouging by the meat producers. >> yeah. david: if you have price controls, that means you will have empty shelves, right? >> yeah. david as you said, what we need is production, consumption doesn't drive the economy, it is production. so all that heavy hand of government in particular price controls shuts off production. less goods, less productivity, less jobs, less wealth for all. hope biden from some extent learn from history and not make the same mistakes of the '70s here in the 2020s as well. david: the only thing that teach
as politician when enough of their colleagues of their aisle lose elections. that may happen en masse in 2022. do we have to wait for the election in 2022 before we see changes in policy? >> well, we could see for better or worse the market hasten those changes, david. we saw for example, a lot of politicians hesitate when it came to passing obama's stimulus bill. now again for better or worse the market frightened them into passing that. so i think many ways the dow jones will dictate where the politicians go. keep your eyes on the box in the lower right hand of your conner in 2021 and 2022 as well. david: on this day it is looking pretty good, pretty green. thank you very much, jonathan hoenig. have a great knew year if i don't see you before. >> thanks, david. david: states like florida and texas are seeing the biggest jumps in population the past year as more people leave blue states like new york and california. we'll be speaking to the chief financial officer of the
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when you join other patriotic americans and call or go online with your support today, your gift will be matched. doubling the impact of your support for our veterans. there is no better time to call than now. thank you. you are making a difference. ♪. david: well as americans look to the 2022 midterms some experts are warning that democrats are losing their grip with latino voters. fox business's lydia hu has more on this. hi, lydia. reporter: hi, there, david. this could really be a significant change in how the latino demographic cast ballots in the voting booth during the upcoming midterms. political scientist roy texiera first offered the theory in 2002 a growing latino electorate
would add growing support to the democrat. nearly 20 years later he is now writing changing hispanic vote is a serious problem for democrats. polling shows the top issue for latinos is the economy and frustration over pandemic related job loss. equis, a group that is a democratic research firm, they show more than 40% of latino voters are concerned democrats are embracing socialism and leftist policies. those are once issues largely resonating with the more conservative-leaning cuban population of florida but now that is a national issue for latinos. the increased likelihood of them voting for donald trump in 2020. a "wall street journal" poll also showed latino voters were split evenly when asked about the upcoming 2022 congressional elections. 37% say they would support the republican candidate, another 37% said they would support the
democrat, 22% still undecided but that is a big change from just last year when latinos supported democratic candidates with more than 60% of their vote. >> what the left has gotten completely wrong, the left, especially the far left, marxist left does not understand human nature. they see humans divided between oppressors and the oppressed. they want to hem in these quote, unquote, hispanic voters into the oppressed category. reporter: possible gains for the gop still leave room for growth. hispanic voters are one of the fastest growing groups in the electorate, according to ucla. there was nearly 31% increase in latino voters between 2016 and 2020, david. david: fascinating stuff. lydia, thank you very much. meanwhile texas and florida adding more new residents in 2021 than any other state as more and more people leave blue states like new york and
california. joining me now is florida's chief financial officer jimmy patronis. jimmy, great to see you. thanks for being here. i hope you had a great christmas. i'm curious, did you ever tricon vinceing the new york stock exchange to change its name to move to florida? >> we have a lot of people that do business in that arena move down to open up satellite offices, look, because covid locked down and moved so many folks to florida for a long-term basis they realized they can do business in florida. we're happy to have their investment, their families, their time to the state of florida. david: i don't want to put you in a corner here because maybe you got negotiations going on but what about the new york stock exchange? i mean you have these big exchanges, they could probably save billions of dollars on state taxes if they moved down south? >> absolutely. well, again, we're working it. you know i think maybe there is a little bit of a pause button
because they're negotiating with the new governor since the other one stepped down. i mean the opportunity we've got to bring those folks down to the state of florida is limitless, simply because, there are 900 people a day moving to the state of florida. a few from the new york stock exchange is probably included in that mix. david: in just palm beach county alone there are more than 2500 financial service firms. salaries there are $80,000. they average about 80 thou dollars. that is 33,000 people. that is just one county. is it moving beyond palm beach county in california? >> yes. disney is moving a lot of their corporate leadership now to orlando. you know, we're looking at millions of new dollars every year annualized. you think about all those families. they will buy nice homes f you're making $80,000 a year you can afford a nice house. think about their disposable income they will bring with them. what that will do to lowering the cost of living for everybody in the state. when you do good things with the
tax base in the state of florida people will come and invest and will invest with their feet. david: sometimes they come and also bring their old voting habits with them. are you concerned at all folks from the blue states might come down to florida and turn it from red to blue? >> i was talking to ron the other day bit. we're checking them at the border. david: desantis to me. >> right. and if they don't pass the test at the border we send them to texas. david: you're joking but only partly i would suggest. you mentioned governor desantis. i got to say a lot of people are giving him credit for stockpiling the monoclonal antibodies which apparently helped keep the deathload down from covid when it is much faster in states like new york but not everybody is happy. there was a "miami herald piece that was headlined, omicron happens when we act selfishly like governor desantis. your eaction to a piece like
this? >> you know it was an opinion hit piece. look, i believe in local journalism. i think it is important but it's outbreaks like this, it is stories like this that hurts the local papers. i saw jane crawford talk about the damage that is being done to our kids by locking them down. i was so glad, i live in the free state of florida. my kids get to go back to public schools to hang out with their friends but what happens with the development of their minds, their bodies, their emotions getting them back in school. david: you were, i want to put a fine point on it, it is remarkable how you bought the right monoclonal antibodies, the gsk version which is effective against omicron. that is, you made a deal directly with the company to stockpile that drug, didn't you? >> yeah but you know, i'm, the governor's done this, you know, it is not popular leading
sometimes. the pundits that have bigger microphones like to pick on him. he is leading every time, blazing trailings. when he was setting up the monoclonal antibodies treatments all over the state he was giving people options, he was giving people options, not only fixating on a vaccine solution. i'm lucky he is my governor, i really am. david: by the way we have run out of the stuff in many hospitals here in new york. it is a little frightening when you look at this current outbreak. jimmy patronis, congratulations, thanks very much for coming in today. we appreciate you seeing us again. >> thanks, david. have a prosperous new year. david: you too, jimmy. forget china's military or iran's nukes. vice president kamala harris says there is new threat to national security. wait until you hear her answer coming next.
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♪. >> what do you see as the biggest national security challenge confronting the u.s.? what is the thing that will raise you, keep you up at night? >> frankly one of them is our democracy there is no question in the minds of people who are foreign policy experts that the year 2021 is not the year 2,000. i think there is so much about
foreign and domestic policy, for example, was guided and prioritized based on september september 11, 2001. and we are embarking on a new era where the threats to our nation take many forms including the threat of autocracies taking over and having outsized influence around the world. so i go back to our point about the need to fight for the integrity of our democracy. in addition it is obviously what we need to do on the climate crisis. david: vice president kamala harris saying two of the biggest security threats facing the nation are the integrity of our democracy and climate change. hudson institute senior fellow rebecca heinrichs joining me now. rebecca, i look at a fully armed in afghanistan. that is not our democracy or climate change, or what russia is doing or china doing to
taiwan. that is not nothing to do with our democracy. what is she talking about. >> this is the democrats new line. we heard it from all corners, why every reporter has a duty what do you mean by that you have senator warren wanting to expand the number of supreme court justice in the supreme court. democrats calling question integrity of questions made by the court in the rittenhouse case. four years democrats said donald trump election was not legitimate because he was a stooge of the russian government. it is actually they who are undermining institutions of the united states. she should have on the tip of her tongue china. china wants to up is plant the united states. russia wants to break up nato. iran will get a nuke. the threats externally are plenty, david. david: we're getting reports by the way talking about russia for a second on the border of ukraine, worried about another invasion there like 2014. there were 10,000 troops that on the border that russia just
moved away from the border. is that good news? >> well, it is hard to know because there were so many there. i think there are tens of thousands of russian soldiers that were there. so 10,000 withdrawing is hard to know yet at this point. i keep hearing chatter they could do it in days, they could still launch another invasion. so we don't know. remember ukraine is not a member of nato but what russia has its sights set on to break up undermine the west, undermine nato. it is in the interest of nato countries to insure that ukraine holds and that ukraine has all the weapons that they needed to defend themselves and that russia is not permitted to invade ukraine with very little cost because that, they're just the first step, nato's next. david: rebecca, only 20 seconds but if russia does go into ukraine will china go into taiwan? >> i think that the signals are all terrible indicating that the
united states is weak. we are focused internally. you hear it from the right. you hear it from the political left. we need to understand we can do it with our allies and partners. we can send a message that we have resolve. because of afghanistan and a weak response in this administration on ukraine i'm very worried about china's aggression towards taiwan. david: rebecca heinrichs, thanks so much. great to see you, appreciate it. no let-up on the holiday travel hassles as thousands of u.s. flights are canceled or delayed today. we'll bring all of the latest coming up. ♪
david: welcome to the second hour cavuto "coast to coast" i am david asman emperor neil cavuto. travel disruption wreaking havoc all over the u.s. as a omicron surge hits the airline industry, will bring you the very latest on what you have to know before heading to the airport. one of the final acts as new york city mayor bill de blasio cracking the covid whip, new york city vaccine mandate for private employers takes effect today. we have the very latest on the fallout from businesses. omicron does not seem to slow shoppers down with holiday sales rising at the fastest in 17 years. more on that coming in.
new breakthroughs in coronavirus therapeutics as the fda authorized both merck and pfizer's covid-19 pills, experts say that home drugs will help bring down the numbers of covid related hospitalizations which is a great thing. gerri willis has more on this. >> we are seeing a spike in omicron cases for the unvaccinated and vaccinated. demand for test is spiking driving long hours for test lines for testing across the country this is strong covid-19 therapeutics center stage. the latest breakthrough by merck and pfizer been approved for emergency use by the fda and experts are calling visa game changer. her biggest advancements are really infected with the covid-19 virus, the pills can be taken by home with someone infected of covid-19 the first
of their kind. this is opposed intravenously getting the drug at a hospital and that means a reduced burden for already stretched hospitals across the country. as of yesterday the seven day average for hospitalizations is over 64000. the bite administration has a commitment to purchase 10 million treatment courses for 5.3 billion but only 265,000 will be available by next month and they expect to reach the 10 million number in six months. doctor if any factories today say the federal government is working to ramp up the supply. >> were getting to everything that we can including the defense production act to see if we can get this at a higher level. were not sure what we can do and how much time we can cut off on that. but certainly needs to be done with a highly effective therapy. >> as cases rise in those fully vaccinated are contracting the
covid-19 virus the therapeutics become more important and untrue managing outbreak in protecting those that are the most honorable from the risk of severe illness. david: it's great we had six months, on we need it now. airline stocks taken ahead as more flights get canceled due to the omicron variant. madison is live at laguardia airport in new york city. >> hi after weekend of travel mass things are not looking better take a look at this the current cancellation across the u.s. we have officially crossed 1000 cancellations that become the second most inflation and one-day over the holiday weekend. yesterday 1500 flights were canceled. united airlines told us they account for 115 of the fights today telling is omicron variant is responsible for the staffing
issues. united telling fox business only 50% of the passengers have arrived to the destination within four hours of the scheduled flight. a a lot has been made of vaccines could be needed for flying but one potential solution for the current chaos could be an idea from the airlines, they're seeking a shortening to the required quarantine time. until then if you have a flight you have to arrive early and crush her fingers. david: i'm praying for those people to have a flight today, tough day to fly. madison thank you very much. after months of the world's strictest lockdowns and mandates australia's prime minister scott morrison has done a 180 saying this to his nation. >> we've got to get past the heavy hand of government and we've got to treat australians like adults. we have to move from a culture of mandates to a culture of
responsibility. that's how we live with his virus into the future. david: capital founder george c and carol roth are here with me too break it all down. and what it means for global economies as this thinking we help be against to take hold. i hope it begins to take hold, but kids don't do well with lockdowns and mandates and government control that's not the way we became the most productive economy in the world. is there any way we could take a cue of australia is telling us? >> i was wishing we were taking the q about 21 months ago we all know the culture of responsibility consider cultural mandate is what we needed and this is the issue for central planners around the globe whether australia have blinders
on and all they focus on is covid. we have economic and social prop that were buried weather delays in development, mental health, although the economic cost from inflation to discretion untrue disruption of the supply chain to wall street in history. this is something that was not only tolerated but welcomed too many citizens let it go on for too long we need to get back to the responsibility and normalcy. david: if you give them and angela take a mile. it's a slow incremental process. they say that about a frog if you put up in boiling water they will jump out but increment hell died because he doesn't know he's at risk. >> and a lot of the blue states i wasn't even incremental was totalitarian and abrupt and red
states flipped acting forth. the answer from the beginning is the better angels of our nature for people to do the right thing as to their fellow citizens and wear masks when their private situations and all this kind of stuff but not the heavy-handed mandates i can't believe australians are just now getting to that point. david: they leapfrogged us to getting to that point thankfully we did not go to a lockdown mentality like they had but in going against mandates not just lockdowns we just heard dr. fauci still suggesting that will have vaccine mandates for airplanes. fact she is going in the opposite direction. >> unfortunately we have far too many people in position of power who i believe don't want the pandemic to end. then they don't have as much power the end as much space on
television. i tell you on chicago and i know you're dealing with this on new york after the beginning of the year they're going to put in place vaccine mandates going into places like restaurants. we know it's pretty between the vaccinated and unvaccinated let people make the decisions everybody has a different set of circumstances and stop trying to put a one-size-fits-all solution, it's just not working. david: if you look at the bottom right of your screen the dow is doing very well today, the s&p is at another record. it appears they've gone out of their way, the people empowered to suggest there will not be more lockdowns and we may have more mandates. is that why the market is doing well and will pass relatively quickly. >> as long year you have the tenure added dollar 40, the tenures going to go up as a
function of interest rates in the inverse relationship and the level of interest-rate and stock market in the stock market will continue to go up as long as interest rates stay low. if interest rates go over to a half look up a low until then it is sunny skies. david: there is a price to pay as the fed buys up the government debt to keep the interest rates low, the prices of inflation, how much more can consumers take if inflation before they. back there purchases? >> it becomes a self-fulfilling prophecy, negative sentiment if you get more mandates and more inflation it does become an issue, obviously 70% of our economy is consumer spending, that being said the fed as we know is painted into a corner, we know the interest nearing $30 trillion of national debt will get exponentially more expensive as the rates go up.
there's not a secret mandate and they will do everything that they can to keep the lowest rates possible for as long as possible. david: video the bbb play at all the stuff to the spending plans and manchin pushing back on that and the progressives commence a period goldman sachs came out with a report they are very smart people but they have this old-fashioned way of thinking if the government spends more money somehow is good for everybody it will cost the economy 2 - 3% of the gdp. first of all do you buy that? and secondly why did they get stuck in the mentality? i don't how they get that with how much fiscal stimulus spending to impact economic
growth, we know it's a debt buster will increase the debt maker deficits negative until the cows come home. any person looking at that thinking that's insane the fact that goldman sachs not going to go through is crazy, the midterm elections are gonna be a real wake-up call for the democrats and if they can be so progressive far left they turn off two thirds of the country that's what it looks likes going to happen it's gonna be a tidal wave of election for conservatives. >> there is a myth in the real world that the people goldman sachs and other investment firms are all republicans they love capital from everything. doesn't that tell you something the fact that they would actually perceive the death of bbb at least in the senate to be bad news rather than good news? >> unfortunately is capitalism has left the market the building 12 years ago and goldman sachs
and big wall street firms have been the benefit of cronyism as the government has gotten bigger and the federal reserve has more intervention and trillions of dollars into the market, he did think of the biggest beneficiaries goldman sachs of the world and their client. they love the fact that the economy is getting consolidated and more power, it does not work that well for main street. it's not entirely surprising that they would be on the outside right now. david: were going to talk about awoke fed coming up with you too and just a moment. it is not easy being green, california is falling short on its energy goals despite state mandates. will give you an update coming up
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with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. david: it is a strange self-imposed struggle that california is having they are falling drastically behind on the green goals that they set for themselves. fox business kelli o'grady has more from west hollywood
california. >> california is not cutting its greenhouse gas admissions to meet its own deadlines. the goal was to reduce 1990 levels by 40% 2030, 80% 2050 and at the current rate they will not have that for decades more maybe even the next century on the 2050 preferred 2018 - 2019 california reduced by 1.6% to catch up it will have to decrease by 4.3% each year until 2030 that is more than double the year-over-year reduction in recent years, no surprise the biggest driver, the total number of vehicles is growing the adoption rate is not unpaid to meet the states 2025 target and that's a lack of economy option, plaguing drivers and further the natural gas capacity than any other source/year.
power generation from wind, solar and other renewables made up 45.3%. that is down 1% from 2019. the example speak to a larger issue, plenty of mandates forcing folks to switch to renewable energy but not enough focus on how to achieve that. policy critics cite the lack of progress saying the draconian measures are not working in their worried how things are playing out causes a broader concern for degree new deal and similar timelines instituting the deadlines with the lack of planning and execution is causing unnecessary economic harm. i don't think a find many people say we shouldn't prioritize the earth's health but it begs the writer question, are most vulnerable population. david: and particularly when the policies don't achieve the results they are meant to achieve. it's not working, thank you very much. some are concerned agree new deal push would offer similar
results, and the lip how joining me now, the bbb plan which may not get past because manchin said no, it has $555 billion set aside for climate change policies many say what her fossil fuels that is their intention and that would drive up fuel prices even more do you think that would happen? >> we do see that the bbb does want to minimize the amount of fossil fuels the same thing can be said for california even though we have very ambitious plans the question is how much money. were seeing prices rise especially for gasoline in california, nearly 40 cents a gallon to cover their clean energy programs. david: you also see a problem that very often some of the
attempts to go green put pressures on the grid that force companies to go back to dirtier methods. we now have 24% of her energy needs met with cole a year ago it was 20% we reversed the strides on cutting back on coal hardly because of the attacks on natural gas. >> there's no doubt the energy costs are increasing and i would like to go back to california for a minute. if you're in los angeles you were paying 24 cents a kilowatt hour that's nearly 70% higher than the u.s. average of 14 cents. that's up 20% since this time last year while you see states moving to electric vehicles. with the power of transmission lines it's a great question to
ask from searching from gas powered engines to electric engines. coal, there is a switch in an uptick in creating energy by coal, there was too much strain because of the natural gas was not there to create the energy are we having opposite of tension because of the policy. >> we see that the u.s. but especially and the europe with nuclear reactors which are 0 carbon emitters and as i had colder weather the restricted on the natural gas are getting from russia, they have been burning coal and record amounts. david: it's not just california we don't need to pick on one state, new york came out with a new set of regulations on building codes saying you're not going to be able to use gas in
terms of gas in your kitchen and you have to use electric ranges, natural gas for heating buildings will be cut back on. it's natural gas that led to a 20% reduction in our co2 levels since 2010 will make began cracking like crazy. were killing the goose that laid the golden eggs, natural gas. >> it makes you wonder about the regulation new york when you say you want provided natural gas to the apartments and condominiums and instead use electric appliances, where's the electricity going to come from, the answer out of state from natural gas generators and power. what you have is a not in my backyard syndrome that new york and california are increasing the energy consumption by electricity but the electricity is generated out of state.
david: where does all this leave are we destined to become dirtier air as a result of these policies that have opposite result of the intention? >> what you need to see is a native policy on a national level not individual space and rather than this piecemeal approach, the consumer wants affordable energy and you probably would need all of the above approach whether it's natural gas, renewables, solar, wind we basically ruled out nuclear development which i mentioned 0 carbon emissions but until the consumer recognizes there can have to pay more money for clean air and clean water and the politicians level with the consumer we really end up in the circular argument and we
want to be clean you think it's good to be free but it's not. david: thank you very much, good talking to you. take a live look at new york city right now looking pretty much like a ghost town compared to where it looks the first monday after christmas. here's a question will restaurants and businesses be able to survive with another round of strict mandates, will be asking those businesses right after the break ♪ ♪
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apple recovering it was down but it's up another 2% today. it is very close to $3 trillion market capitalization. 2.95 right now in market cap, good day for apple it's been a very choppy december for the markets. stocks are higher today as they assess the omicron threat. back with me now market watcher george c and carol roth would we talked about inflation last time the question you said markets are doing well because we have low interest rates, that is the one stable with markets over the past several decades. if the rates are low the markets do well. as inflation gets higher, the question whether jerome powell the head of the fed has a backbone to do what is needed in order to stop inflation. does he have paul volker did at the cost of a very severe
recession in the early 1980s. does paul volker, does powell have a kind of backbone? >> that's an interesting question we have a different set of circumstances than we did in the late 70s early '80s inflation was in double digits in mid single digits now interest rates were in double digits back then and low single digits right now it's very different and we face two different threats, interest rates are the threat of the stock market and his prosperity and inflation is a threat to mainstream and the guy on main street is trying to pay the bills. there are two different threats into different levels of threats. interest rates are very, very low while inflation is alarmingly high, it's a difficult conundrum for the fed to deal with. i think moving painstakingly and slowly makes a lot of sense then
rushing in and raising interest rates. >> eventually what happened on main street catches up to wall street as consumers pull back on their spending and the prophets begin to deteriorate. >> it certainly does unfortunately the big companies don't really care they're undergoing a great consolidation, transfer of wealth from main street to wall street. i think it's a shortsighted of the market they want to have a low interest-rate policy to keep them afloat not thinking of what happened in the long. when they don't have the small business customers with average customer stretch because the dollar is buying fewer goods and services. unfortunately having that short-term view has gotten us into the issue were in today and with 2022 being a midterm year that will weigh heavily as well. david: then you have larry summers lament which i share
larry summers is democrat treasury secretary he worries the fed is filled with awoke individuals who think the fed's responsibility is climate change and equity and things like that. will that affect their decisions? >> summers has been spot on for a year he's been the song in choice so to speak. clarissa or something like that i think chairman powell has done a great job so far. he kept the economy online throughout covid. david: forgive me for interrupting but can he continue to do it if he has people working for him and voting on these decisions who care more about equity issues than the value of the dollar? >> they're not the decision-makers yet we got really lucky he got reappointed they were going to reappoint more devilish than chairman
powell will get at least three rate rises and chairman powell will nip it in the butt i think it will take longer. >> i saw you shaking your head. >> central banks are a menace to society and the fed. the reality is they have been completely wrong about inflation they did not anticipate the labor market or the supply chain issues, now they want to get into woke but we need less fed. david: i agree maybe a current seaboard would be better off in the fed thank you for being here, new york city's private-sector vaccine mandate taking effect today how struggling restaurants and hotels already dealing with the omicron spread and the labor shortage are handling all of this. that is next. ♪
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david: new york city vaccine mandate for private employers takes effect today. david lee miller is live in new york city with the details. >> new york is going to work in the city and must be partially vaccinated or they won't be allowed in the office or wherever it is they earn their paycheck. the city since a vaccine mandate applies to roughly 184,000 private-sector businesses testing is not an option medical or religious exemption while the matter is pending the workers have 45 days to get there second shot. employers must keep vaccine records or face fines some businesses say the mandate is too burdensome.
>> they expect us to follow through and they want us to police in 1983 technology it is a valid covid i got my booster and they want me too police this, i will not. >> 91% of adults are partially vaccinated, 1.9 million booster shots have also been a minister, mayor bill de blasio says the vaccination mandate is a good idea for the city's economy. >> we got a double down one thing we can agree i talked to a lot of business leaders covid is bad for humans and bad for health and bad for business. >> cities are preparing to beef up current indoor or vaccine mandates or implement new ones they include chicago, boston, washington, d.c., new york and new jersey as for the vaccine mandate new york city may
consume be changed all modified in some way bill de blasio only has four days left in his term of office and the mayor elect eric adams suggested he will change the requirements for smaller businesses. we should know more in the next few days. david: a lot of people cannot wait that long. david lee miller thank you. the private sector mandate as we learned the number of people seated at restaurant last week in new york city was down 15% compared to the same week in 2019. new york city hospitality alliance joining me now. andrew what is a vaccine mandate going to do to businesses in the city. >> we had in place for restaurants for a couple months but now it will be applied to all different types of businesses and one of the big concerns if you're in lower manhattan and rely on office workers who have not came back to the office how is this going
to impact them the lower manhattan relies on corporate business and is been gone and how it's going to impact them further will have to see. david: business employer that we had on earlier with a centerpiece from you he said i don't have the time to be a policeman i cannot police a vaccine cards and going to people's records and so forth. are there a lot of business owners who feel the same way? >> i've been hearing from business owners similar to the one that you had before, we are again being enforcers we are the police of this mandate and oppose a lot of operational concerns and some places are losing money there are some business owners okay with it and some angry but at the end of the day are restaurants are struggling with companies canceling holiday parties, families canceling holiday parties when is it going to be
enough, what we have to do to get adequate support to save these jobs in the small business owners who were in the middle and at the forefront of all these requirements. david: in the labor shortage that has been one of the biggest problems for the small companies not just in newark and cities all over america, i know the big corporations 25 - $30 an hour the amazons et cetera but small businesses can't they are the lifeblood that's happening around the country right here in new york city are cities restaurants and bars are about 100,000 jobs short compared to pre-pandemic employment levels. their operating really shortstaffed now with the new variant more people have gotten it there calling out of work and some restaurants had to shut down because they haven't been able to have enough staff to operate. one thing i'm hearing you want
the federal government to replenish the restaurant revitalization fund, as long as there's mandates in place in all of this change in public health we need to ensure that we get them the support that they desperately need. david: that needs another bill for the taxpayer in higher inflation. you know it's going to be paid for with deficit spending. >> that can certainly happen if all these businesses go out and all these people lose their jobs. david: my beef is with the mandates not with the fact that restaurants are getting enough money from the government. >> i think people beef with both they have mandates and feel like some businesses have got support their restaurants did not get support their just a by day keeping people employed in keeping the doors open a great food and great drinks and hospitality but there in the middle of this public health crisis in this culture war crisis that everybody is in the
midst of. it is tough. david: very quickly i've talked to other business owners they say de blasio never contacted them or asked him how his mediator can affect businesses et cetera, do you think he understands new york and all these other cities with the same mandates cannot survive unless there businesses that provide them with revenue it's basic economics but i don't think that they get it. >> is been really troubling with all government something they've done but a lot they haven't done to help. that support incoming eric adams to support the restaurants and community with them we need our cities restaurants to recover as were going to recover as a whole. david: best of luck to you thank you for being here, the new battle lines for next year's midterms were drawn in last year's census. a closer look at some of the
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david: the latest census join new battle lines for the 2022 midterm as states work to finalize a new congressional, we have those details for us. >> redistricting happens every ten years the state party that controls the state legislature rather than controls how those bonds are redrawn usually to their benefit. if you read state like texas, the gop controlled or a blue state like california the losing side is going to complain about her suppression. all democratic in chemnitz, half the republicans more vulnerable new jersey nine of 12 states also became her democratic. other states that republicans complained about maryland, illinois.
>> that the south side of chicago and connected it was central illinois farmland to erase as many republican seats as they possibly could. >> and oregon democrats used the liberal votes in portland to dilute conservative rural areas to lockdown for congressional seats. >> and a lot of stagers see the party that is controlling the process trying to shore up their majorities. that is true ohio is a swing state gop controlled legislature, they gave republicans 13 out of 15 districts and in texas republicans will add to seats, democrats say at the expense of minorities. >> is telling you not only do you have to sit at the back of the bus but were gonna take all the seats out to. >> the most interesting state is nevada controlled by democrats
congresswoman names her own party for gerrymandering, i totally got asked by the legislature you read republicans are using gerrymandering to cut out democratic seats, they did not have to do it in the states we did it to ourselves. the point is republicans, democrats it does not matter both parties will act in self-interest to control not to necessarily make elections more democratic but to help their own party. david: thank you very much we appreciate it. progressives are pushing president biden pushing executive action to build back better plans, republican congressman bill johnson joining me if in fact the administration tries to do this in the clear indication that it's unconstitutional they say you
have to have both houses of congress passed a bill before you can have the spending but if they do it anyway will you try to stop illegally? >> absolutely i think it will be up to republicans in the house and senate to map that challenge and make sure the american people know what's going on trying to pull the wool over their eyes in the estate attorney general across the nation like the ones who have gone after the vaccine mandate. david: it begs the question what is going on here with the administration we have a president when he was campaigning he said he would go down the middle, he's done anything but that is veered far to the left leaving at least half if not more of the voting public behind. what's happening is a progressive left calling all the shots with the white house? >> it appears so clearly the
biden administration has tried to jam through this massive social reengineering legislation called build back better it's awkward to build back better it's going to make everything more expensive from gasoline at the pump do groceries at the food store. but he's done so with razor thin margins in the house and the senate and if you remember nancy pelosi it took her weeks and weeks to get enough bumps to pass it in the house because she could not get her own party on board and we have democrats joe manchin and others in the senate that are expressing great concerns about this idea of merging america toward socialism. clearly there off track with what they promised during the campaign. david: is more than just the bbb plan there are so many issues
with this administration put forth nominees who want to undo our free market economy we had the famous omarosa the nominee controller of the currency and she wanted to nationalize private capital in america. this is not the mild bernie sanders democratic socialism this is hard-core marxism. >> this is pretty standards on steroids. this is marxism if you look at what happened at the end of 2020 in spite of the pandemic with the best economy that we've had in 50 years the highest wages and lowest taxes and best national security our borders were secure we were energy independent for the first time in 70 years it's taken less than a year, less than nine months
for this administration to dismantle the greatest economy that america has had since ronald reagan. it's an absolute disaster. david: we only have 30 seconds for this complex question. you were in the military for 26 years thank you for your service you left as lieutenant colonel, there seems to be a crisis in confidence in the military mainly because of what happened in afghanistan, how do we address that? >> that's a big concern of mine as you mentioned icing for 27 years and a special thanks go out tormenting women in uniform that are serving to keep us free and safe all across the globe over the holidays. we need generals that will stand up and be generals and lookout for the military and our war fighters instead of concentrating on being woke and
diverse and inclusive, i served in the military that was extremely diverse and i never experienced the problems that they're trying to fix today. david: we have a bigger problem that needs to be addressed that's the confidence of the military. great to see you have a wonderful new year. the s&p hitting a new all-time high it's now on pace for the second straight close at an all-time high. we'll have more after this. ♪ we hit the bike trails every weekend shinges doesn't care. i grow all my own vegetables shingles doesn't care. we've still got the best moves you've ever seen . .
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