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tv   Cavuto Coast to Coast  FOX Business  December 2, 2022 1:00pm-2:00pm EST

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at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. cheryl: tgif. welcome to a second hour of cavuto coast-to-coast. our top story this hour, the final monthly jobs report of the year as the white house takes a victory lap and investors, employers feeling defeated. no relief for tens of millions who apply for student debt forgiveness.
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it could be months before borrowers, your favorite tiktok account, a propaganda arm shedding light on how the ccp is interfering on politics. first we start with the markets well off of session lows. today's jobs report showing the labor market is staying hot but the fed is not so much interested in cooling-off, chief investment officer bob dole, give me your thoughts initially, in the jobs report. >> the fed, they were in the woods again, and the economy takes its good old time. thtion is how much
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economic slowdown is in front of us than the fed has already done. play evidence lee evidence in the labor market. cheryl: one of the big questions we want to answer, where are these workers, 10.3 million jobs open right now, what is keeping people at home and, and we saw hiring in construction. it was jobs at a job that it. what is people get home. is it stimulus checks or something else? >> the consumer has a lot of money on their balance sheets. the government mailed them a check. and it was bifurcated.
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they don't have money left by and large, it creates all kinds of imbalances, one blunt instant, the interest rate, fed funds rate, this is a challenge. cheryl: what do you say to investors that had a tough year, a lot of volatility and starting to look at 2020. what is your guidance for those looking ahead. >> my advice is don't look in the rearview mirror and to be discouraged, first time in 50 years stocks and bonds both went down 3 quarters in a row. it has not been fun. out of the pit, out of the ashes come good things, 2023 is not easy. it will not be as painful as 22.
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cheryl: energy is down, energy stocks, tech is an interest-rate sensitive sector, so beaten up in 2022. do you think there are opportunities there? >> it won't be the leader but they still have challenges not a lot of pricing power and technology. we are in an environment where pricing power is important, takes you to some retail areas, healthcare areas. pieces of tech will do okay and i would not ignore the economically sensitive. look how the stocks have done in the last couple months. people are looking forward. cheryl: also looking overseas. morgan stanley, and emerging markets, will be where growth is going to be in 2,023. what do you make of that? >> the question is will we have a global recession are not? it is probably early for emerging markets, won't be the
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first place to come back, and emerging markets and other parts of non-us international markets, picking up the gap between the us and non-us narrowed significantly. it is possible international would surpass the us and win for the year. cheryl: a lot of people are thunking get to your point. that is an official word. thank you. good to see you as always. the supreme court will hear arguments in the case challenging the student loan bailout next year. until then the program will remain on hold. fox business's lahren seminary joins me. this you in court type of story. lauren: it has been a month after the midterms and borrowers are not getting student debt relief they were
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promised and the president's vote grabbing relief plan was just dealt a major blow by the supreme court, they will not hear arguments on the case until february. that means this program is blocked until summer while the court determines if it is legal. >> i agree with judge pittman who found this was unconstitutional. don't thick the president has the authority to cancel this debt, $930 billion, it will be transferred, 250 million american adults and only 45 million have student loan debt. it will be transferred to other people. it is a horrible thing for policy for president biden to tell young people they don't have to follow through with their commitment and response villages. lauren: just a few days before the midterm elections this is what the president said. >> president biden: the part of
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education will have approved applications of 16 million americans, sent the necessary paperwork to student loan services, the last step before 16 million americans can have their loan discharged. 16 million people who will be hearing from the department of education that they have been approved, should be seeing relief in the coming days. lauren: the fate of those millions and millions more that applied hangs in the balance, the white house press secretary is making more excuses. the program is necessary to help 40 million eligible americans struggling under the burden of student loan debt. to recover from recover from the pandemic and move forward with their lives. cheryl: let me ask you this. lauren: they shoulder debt. cheryl: you had these genies come together and file a lawsuit and said flat out a texas judge agreed this should be congress's call, not president biden's call but
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congress. we have three branches of power in washington dc in this country under the constitution. lauren: point one, nancy pelosi said it is not going to pass muster. .2, if a president can burden taxpayers with so flimsy legal rationale, without the consent of congress, government by cake. cheryl: that's a good one. put it on screen for everybody to read. it worked. people might want to vote because they were promised their debt would be forgiven, and at the same time almost three years you don't want to pay back what you owe. while this plays out the president extended the moratorium until june, you don't have to repay your debt. cheryl: nothing gets people to
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vote like a word pay. lauren: do they have to pay debt again? cheryl: i paid for my education and never took out debt. lauren: i have a mortgage. will anyone help me? or a car loan. cheryl: good to see you. student loan plan is a loss for biden for now but former speaker newt gingrich's warning republicans need to stop underestimating president biden. here's what he writes. conservatives, the biden admin a station tends to blind us how effective biden has been on his terms. i want to bring in kaylee white from the washington examiner. should republicans take this advice from the former speaker? >> i do but i don't think it is fair to give biden as much credit here. the fact is any democratic president in office who wants to expand the administered of state or increase spending is going to have an easy time doing so.
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the bureaucracy love nothing more than to grow and spend more money and is doing its absolute best to help biden go along with that. republican presidents and administrations have a more difficult task of reining in the administration, cutting costs, cutting back regulations, and that's not an easy task, often having to do so while fighting against the bureaucracy you are trying to rein in. biden has sort of a simple task ahead of him which is to just give them more free reign and that is all they want. cheryl: something else newt gingrich wrote, this is interesting. he said biden and his team executed a strategy of polymerizing americans against trump supporters, turned january 6th into a crisis that eclipsed the left's previous summer, talking about 2,020, summer of fire, chaos and destruction and grossly exaggerated the threat to abortion-rights and all of this
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worked. your reaction? >> it is startling how short americans memories seem to be. i think the lack of repudiation against officials who oversaw drastic covid lockdowns and measures, there wasn't any repudiation of those officials which is troubling. same thing, a lot of people did forget the leftist violence that ran wild in a lot of cities in 2,020 and part of the problem is democrats have realized trump is actually an asset of theirs and if they and rally american voters against donald trump they have a better chance of sort of wiping the slate clean on the mistakes they have made. they used trump to their advantage, that's what they did in the past midterm cycle and what they are going to do again moving into 2024. cheryl: donald trump has declared he will be running for 2024.
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>> who knows if he ends up being the primary candidate, that is what he hopes but if he is the primary candidate it is hard to think of an easier candidate for a democrat to beat at this point. cheryl: the midterms showed us a lot, good to have you here. switzerland is considering a limit on electric vehicle use. what they are trying to prevent as winter sets in. as an independent financial advisor, 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.
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>> to my knowledge i have basically nothing left. i had everything that was invested in the business. i will have nothing at the end of this. i get one hundred thousand dollars left in my bank account last i checked. >> can't imagine what it feels like to govern $20 billion-$100,000. >> it has been a really humbling thing in a lot of ways. cheryl: that was sam bankman-fried claiming he has no money left in his account. major questions how he got the money to fund his personal fiefdom to begin with.
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fox business's kelly o'grady has the latest. >> reporter: the doj is calling for the court to approve an independent investigator in the case, likely a tactic to gather evidence. so any questions how sam bankman-fried funded his personal fiefdom, he had personal real estate, political donations he said came from, quote, profits. i spoke with the lead forensic accounting expert in the made off -- bernie madoff case. we know that ftx, little to no record-keeping. investigators have to reconstruct what was originally there and what is now missing. then everything is there again, to determine where assets went and who moved them. i'm talking phone records, text messages, bank transfers, former ceo is accused of fraudulently lending customer assets to alameda research so investigators will look for a
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single email or signed document that show he knew what was going on and he spoke at a twitter space and reveals in the beginning of the fallout he was on the phone with caroline constantly so investigators will be looking at transcript of things like that and to see of corporate profits were cashed out to buy these lavish purchases or donate to campaigns. if so everything is subject to being clawed back like in the bernie madoff case. >> we have to find out where were the airplanes, where did the money go? all of that was attached by the trustee and liquidated and brought back to pay the victims of that fraud, same will happen here. wherever the money went it will be bought back, it will take years. >> reporter: is problematic if the campaign spent those donations, that's why it's taking so long. imagine if you are asked to put together jigsaw puzzle is have pieces missing and no picture of what it is supposed to look like.
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cheryl: if they extradite him to the united states maybe they will learn if you things. so much to this story, we will see you monday. a big day for tesla as the company delivers its first batch of electric trucks. susan: we had to wait a few years but finally got it but any time you lawn musk makes an appearance it is an event of some sort and a spectacle so last night handing over the first ever tesla cell is to pepsico in texas a few years late. 500 mile charge, $180,000 each, and they will make 100 of them over the next year. this my trucks start production in 2019, we are 3 years later, might have been self driving, not yet. we have to take his promises with a grain of salt, skeptics wonder if 500 miles is enough to halt 80,000 pounds of
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freight across the country which requires 5,000 miles or so. same with car news, formula one canceled for 2023, fourth year in a row it was canceled. the race is off, too strict covid rules which cause widespread protest this we, other cities and races have restarted their formula one race, which i enjoyed earlier on this year. formula 1 is owned by john updike with mclaren. formula one is owned by john malone's -- for 4.5 billion, reportedly worth double that. you never want to bet against john malone. switzerland, the governor considering limiting the use of electric cars in electricity supplies.
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switzerland, they import their electricity from france and germany, this is limited from their neighbors, constrained as we call it because of russian sanctions, ongoing ukraine war or producing enough electricity from nuclear power plants, no official word yet. several sources say it is being considered, stricter speed limit. just in case. cheryl: the best laid plans. susan: electric vehicles, where do you get electricity from? where's electricity generation. not enough wind and solar just yet. cheryl: here's the question for all of you. is tiktok in trouble? how lawmakers are looking to
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crack down on the apps, china is using tiktok to interfere in us elections coming up next. ♪
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cheryl: markets well off session lows as the jobs report shows the labor market staying pretty hot. connell mcshane, the markets don't like the number. connell: we had a decent week going in the market but giving up against today the dow could only lose 47 points if it wanted to have an up week. it is down 135 so the issue in the stock market or the bond market in many ways, we had the stronger-than-expected jobs report, increase in wages
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especially, bond yields spiking but a turnaround in the 10 year note, interesting to see how that plays out, driving stocks from the lows. on the 2 year yield we are up at 434. the inversion between these two had been the steepest we had seen since 1981, not great because that would indicate recession chance being higher, the growth stocks after the jobs reported been leading us lower and are still down, the likes of amazon, alphabet, apple, down to most of those down 30%, the chipmaker and from the market's perspective it will come down to jay powell, chairman of the federal reserve and everyone in the federal market committee. the futures market is seeing it as a half point increasing rates, more likely 3 quarters of a point increase. we had four months in a row, 75
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basis points. a little bit of a change. a couple weeks to debate this, sentiment reversal seems to be the story, bond yields dropping, the 10 year note at its lowest level since september before taking up and lower today, stocks have been doing well, kind of the opposite today, heading into the weekend, we will see. cheryl: there will be reaction. thank you very much. there is growing concern over reports that tiktok accounts run by the chinese government are being used to influence politics in the united states. hillary vaughan has that story. >> china is using tiktok to post videos, and the propaganda arm of the chinese government,
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these accounts have gained millions of followers and tens of millions of views, china is getting what they want, videos that attack us politicians to drive divisiveness without disclosing the people pushing out the videos are affiliated with the chinese government. tiktok says they are working on a policy that would fix this problem but it is not an issue unique to their platform, pointing to similar content posted to youtube and facebook, we plan to introduce state controlled media policy and corresponding labels globally next year as the focus on media literacy as we confirmed, the global rollout will include china. attacking us politicians, some of those politicians, republicans and democrats are looking to crack down on tiktok. >> it's a national security threat and we don't want the chinese communist party to control the most powerful media company in america.
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>> very concerned about tiktok, and the amount of information sucking from young americans. >> reporter: the version of tiktok in the us looks different than it does for kids in china. if you are under 14, tiktok is limited to 40 minutes today and what kids see our science experiments, lawmakers say what kids get here in the us is comparable to digital fentanyl. cheryl: by the way, from tiktok to twitter, i'm sure you know you are trending on twitter because you went after something yesterday. you are amazing. i love you. great job. cheryl: let's stay with tim cook.
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hillary chasing him down yesterday doing damage control. amid all this criticism for restricting apple's airdrop feature. is the commonest party cracking down on protesters, we spoke with congressman darrell issa after the meeting with tim cook. >> china is the elephant in the real about the ongoing protests happening. the you have concerns with apple's coziness with the chinese government and the changes they make and alter to their products to appease the chinese government? >> i'm not happy with what it takes to do business in china. whether you are elon musk taking electric cars there or apple who is a global leader and sells phones there, one of the things that concerns me is the chinese demanded the closing of what was in a sense of free-speech mechanism vote was in that phone.
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if you have an android, the only other major competitor, it is over into the chinese and they see everything. cheryl: joining me is political analyst, out loud with geon oh caldwell host gianno caldwell. lauren: it is hillary vaughan day on fox business. she is amazing. give me your reaction. what do you make of tim cook? hillary asked the important questions. he sat stonefaced. they haven't said anything about the airdrop issue in china, never said anything, he was vocal, tim cook was, during the riots over the summer of 2,020. he is silent when it comes to china. what do you make of this? >> absolutely, make no mistake.
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non-response is a response. tim cook who is supposed to be a moral leader, often lectures everyone else about speaking out when they are things going on in our country, let it be something trump has done, you are sure to hear from tim cook and other ceos but when it comes to china they choose money and business over moral values and that's a problematic issue for an american company at home especially considering they are willing to do that, who knows what they may do in the us to give china, the ccp, access to information about american citizens, we don't know how far they are willing to go if they consider china essentially an ally of the apple company and this is a problem many american citizens should have. china is looking to become the hegemon, where did it come from, they are doing what they
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can to ensure they are number one and we are dead last. >> reporter: republicans have taken control of the house in the first of the year. >> that's why the american people gave republicans the house of representatives, there should be oversight. what is going on with hunter biden, there should be investigations into president biden, he's compromised by china because we don't know. what we saw in the 2020 election with how far big tech is willing to go to silence a legit about story on the hunter biden laptop all bets are off and republicans need to do their job and transparency in the american people, a lot of americans simply don't trust what we have been seeing out of the biden administration or these companies, with the chinese government.
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cheryl: the crime crisis is something, do you think things will get better in 2023, all these liberal cities, horrific acts of violence, homelessness, people fleeing and so upsetting to a lot of viewers. can we change the course here? >> what we are seeing, potential impeachment in philadelphia of the district attorney, we may be able to see tough on crimes, not knowing if they will be murdered or not, the country has shifted and democrats followed progressive pharmacies for the and -- handcuffing. this is a problem and people know that.
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we see crime is up, major issue of concern for many americans, hope we get tough on crime and that is the only way to get out of this mess we are in. cheryl: you get what you vote for. thank you for being here. cheryl: defense on the taxpayers dime, lawmakers, nonresidents to pay legal fees for illegal immigrants. that story coming up. ♪ ♪ you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me.
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cheryl: a pair of democrats in albany calling on taxpayers to foot the $300 million in legal bills to help illegal migrants fight deportation. let's get new york city republican mayoral candidate curtis sliwa's thoughts on this. >> insane in the brain. this is not coming from the federal government where they can keep printing money in the federal reserve, taxpayers are already out-of-pocket, one billion dollars because mayor eric adams, the swagger man said who is your daddy to illegals coming from mexico to texas and welcomed them in new york city, no considerable money, we are already having to pay one billion dollars. they want to drop $300 million on taxpayers head. if you happen to be a commonly alien, gang of anger or narco
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terrorist or sex trafficker, you may get to new york, whether guilty of crimes in the country of origin or while you were here they are going to protect you can outsource your defense to committal defense attorneys throughout the state of new york at taxpayers expense to fight for your right to commit crime and stay in america. that is crazy. cheryl: in new york city the criminals. criminals and illegal immigrants to the city to be clear, and and free lawyers. >> specifically designed to house the illegal aliens. that means if you happen to be a torch and wanted to come back to new york during the holiday,
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the hotels are couching people, 800, $900 a night because there are no hotel rooms, all the hotel rooms are being used to house illegal aliens from venezuela and cuba, central america and other parts and you say what is the final goal of this. i understand we are a sanctuary states. are we competing with gus newsom in california for trying to be the most friendly to commonly aliens, so if you are members of ms 13, you want to come to new york. if you are narco terrorist from some of the cartels in mexico you want to come to new york. this is the place where if you are commonly alien, you want to establish your self, because committal defense is provided -- cheryl: the concern is a criminal element, endless population in new york city, there are a lot of women and children. not many but we've seen them coming off of those buses, and
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helping them, especially kids reaching out, don't want to see these children lost, we want to help these folks somewhat to help deportation to $300 million, a little too much. i want to get your reaction to the latest develop and, the mayor announced a mayor -- major push for people with severe untreated mental illness from the streets and subways even if they refuse. many on the conservative side of politics are applauding this. what do you say? >> i applaud it too. all he is doing is what mayor giuliani did years ago when we didn't have a problem. finally. like everything else, the swagger man, no plan to do this. the most important element,
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police weren't informed of this, there were no members of the police department, they were asked where where you? what plan? we didn't know about a plan. he's in qatar at taxpayers expense to learn about security for future world cup in new jersey and i'm saying great idea but got to put the plan into effect, dealing with the emotionally disturbed, hasn't done fat. cheryl: mental illness, drug addiction have gone hand in hand and we see the play out in the streets of new york since the pandemic. you've got this new audit cummings, state comptroller of new york, a scathing scathing audit on the failure of the
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department of homeless services in new york city. do you think anything changes when he says there have been murders, suicides, overdoses, homeless individual drinking himself to death, do you think this changes with enough is enough? >> you know why the mayor fled town after announcing a program. he knew the controller was going to drop this on his head that shelters are unsafe. there's not enough space. all the best intentions in the world and they are very good intentions, people who are not in control of mental or physical faculties, the mental health care they need. if you don't have this space. if it is unsafe and we are not giving the services, all the great plans in the world are not going to be completed unless we deal with the problem of housing and getting mental
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health care so the controller is right. we see kanye west having a mental breakdown. you know how any people in streets and subways are going through the same process, bipolar disorder, manic depression, psychosis, it is all over the city of new york, shame on us, haven't dealt with it through to 8 years of bill deblasio who had a phony program called thrive that spent one. $5 billion and never took care of one mental health patient. eric adams shouldn't have to all of a sudden clean up the mess that bill deblasio left behind. cheryl: i am glad he's trying. i hope his efforts, we've got to do something. good to see you. thank you. >> all the time. cheryl: the kremlin just responding to president biden saying he's open to talking to putin about the ukraine war, that is coming up.
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tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. >> welcome back to coast to coast, the biden administration arshalnot on planes but to the southern
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border to help with the influx of migrants. one group says it will make the friendly skies a lot less safe. the air marshal national council says 99/100 flights without a marshal on board. the homeland security doesn't disclose this but air marshals could lose their jobs if they ignore the biden administration's assignment on the southern border. >> it is important we have those marshals where they need to be to protect people on the plane. stunning to me that they will be reallocated. >> does that add a lot of issues? >> if i had more issues, feel less safe but not really. >> the tsa denies it, the council claims marshals deployed to the border are doing, quote, humanitarian duties, not what they are
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trained to do as law enforcement officers. >> very menial tasks, transportation to the hospital, hospital watch, nothing that had an effect on the status, and on the border basically doing details at in geo or contract. >> reporter: for its part the department of homeland security tells fox business, flights not being protected is completely false. tsa takes its response ability to secure the skies for the traveling public seriously. the bad time for the showdown to be, the busy holiday travel season as you can see at o'hare. cheryl: it will get even busier. we've got a lot more coming up. russian president vladimir putin says he's open to
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negotiations on ukraine but does the west to meet his demands? this after president biden signaled he is willing to reach out to the russian president. former delta force commander lieutenant general jerry boykin. there were reports about vladimir putin's health, that he is ill with cancer. these been circulating for some time. is now the time putin will come to the table, and discuss a cease-fire? >> responding to president biden, to have diplomatic talks. don't think he's ready to capitulate.
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this is going to cost his current position in russia. i don't know the people will allow him to stay there or the oligarchs, will they let him stay in power. cheryl: have sanctions against the oligarchs, sanctions against russia capping russian oil at $60 a barrel. is that having an effect at all? >> it has had an effect, going the distance in terms of imposing the most severe sanctions. it is largely for european allies, not willing to go along with that. 's economy is hurting, people more portly concerned about the number of younger russian men sent home in body bags, that was what got the russian
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leadership in trouble in the late 80s, sending home body bags, young russian men and no one could explain why they were there, why they were fighting in afghanistan and the same thing now and that is why you are seeing a lot of unrest. cheryl: to your point at some point the russian people or the russian oligarchs are going to rise up against vladimir putin that if reports are true, if he is as sick as he is with abdominal cancer is what we are reading, this could play in a different way. thank you for being here. >> glad to be with you. cheryl: checking the markets, down one hundred 13 on the dow, nasdaq down 87. we will have more coast-to-coast after this break.
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cheryl: tune in this weekend and american dream home starts tomorrow night at 9:00 p.m. through sunday morning. that's it for me and over to charles pain. charles: i'll be watching, i love the dream homes, cheryl. see you soon. good afternoon, everyone. i'm charles payne and this is making money. stoc a


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