tv Cavuto Coast to Coast FOX Business December 6, 2022 12:00pm-1:00pm EST
capital of which state, south dakota, idaho, missouri, oregon. we'll start with you, ashley. what do you think? >> used to live in montana. pronounced pierre. >> threw one in stuart would know, south dakota. >> i didn't know the pronunciation. i thought it was pierre. it is south dakota. i got that. montana the only state i have not been to ashley, the only one. >> you got to go. it is fuel. you got to go. stuart: got to go. mike murphy, i want to thank you very much thanks for being with us entire hour. you're a glutton for punishment. see us again. selloff on wall street. nasdaq down 168. my time is up, but here is neil.
neil: thank you, stuart. but they will keep going up, up, up. there is this "wall street journal" story that they will not stop at 5%. they will get over 5%. that is giving trepidation to buyers. i would be remiss before we get into details here if i didn't say thank you to cheryl casone, david asman, ashley webster. it take as village to replace me but what a talented village. job security made me get back. thank you for that. the final senate race will be decided today in the peach state, the state of georgia. that could decide the final makeup whether 51 democrats or
50-50. anyone's guess how it will end. charles watson in dunwoody, georgia. hey, charles. reporter: goes without saying. today is about voter turnout. that is something both campaigns have been hammering home. incumbent democrat rafael warnock kicking off a canvasing event in metro atlanta. his supporters are knocking on doors in areas where democrats invested heavily in terms of the ground game. the warnock campaign hope strong turnout today what they believe to be a good showing in nearly two million votes cast in early voting will be enough for warnock to squeeze out a win. since georgia 's new voting cut the period five weeks, the 1.8 million total is down about 40% this year compared to 2021 when 3.1 million people voted
early. the warnock campaign believes they will win but they're cautiously optimistic. >> i worry that we will see this massive early voter turnout and some will decide that we don't need your voice and we do. there is still a path for herschel walker to win this race. >> i think the ground game has been impeccable. not just in the metro area. you've seen them spend a concerted effort in the rural areas, make sure he expanded the electorate. >> reporter: so the view from republicans if they can turn the base out in large numbers today, they can overcome any lead democrats may have in early voting giving herschel walker a good chance of coming out of this rajcevic tore just. walker, who is out in marietta, georgia, in morning trying t big assist from georgia governor brian kemp, the state's top republican who outperformed walker in november by 200,000 votes. >> i voted for herschel walker. i want to encourage you to do
the same. we got to have a big turnout today to win this thing. >> a vote for my opponent is a vote for joe biden. >> oh, my god. >> and a vote for chuck schumer. you know is showing you that. [booing] >> a vote for me is a vote for georgia values. report report yeah, neil, the update from the georgia secretary of state's office is that polling locations are looking pretty good. people are moving through them pretty quickly. i believe they said the average wait time at last check was about two minutes. they also say they expect the same day vote to top one million today, neil. neil: so i'm curious weather also play as factor in all of this across a big state. how does it look? >> reporter: it was pretty drizzly this morning but the rain today doesn't compare to what we saw yesterday when it was raining pretty heavily out here. it appears that the wet weather is starting to taper off and
move off in another direction. so folks don't have so much rain to deal with today but it is a pretty gloomy day, neil. neil: looks like that. but thank you very much. always good seeing you my friend, charles watson, in georgia. the voters wrap up 7:00 p.m. eastern time tonight. get read on this former georgia congressman himself, talking about doug collins, kind enough to join us out of gainesville, georgia. congressman, great to have you. we are told polls are tight, anything could go variety of ways. weather play as factor how jazzed you are to get out to vote, or passionate to show up, minus two million or show showed up for early voting. your thoughts? >> yeah. it is right. what you're talking about is any way that a candidate can get-out-the-vote, for the republicans that is imperative. coming out of a early vote projections early vote from
dedomnantly democrat areas, the walker vote i think is strong has to be that much stronger. no matter what the weather is. make as challenge for ground game, reminding people to vote, door knockers. a lot of people already turned their attention to holiday season. they turned their attention to football. they turn their attention to a lot of things. some forgotten there is runoff today. we have to get the word out there is a runoff, especially walker voters. neil: i hadn't had a chance to talk to you since the comments from kevin mccarthy wants to be the next speaker of the house, having a devil of a time getting votes together. ultraconservatives right now are squandering this majority by not looking to him. i think i got the gist of that. your thoughts? >> yeah. look, kevin mccarthy needs to come together with the caucus to figure this out. at a certain point in time they have to start looking to to actually having a majority and doing so.
at this point in time if it is concessions, it is what they want in the rules package figuring this out. i have to say as well, if kevin gives too much to the ones who are wanting change you have a lot in the caucus says we're not going there. he is in a tough spot right now. i think he can find a way to do this. something we need to get by as republicans. we have to understand, if we don't have the majority if we can't get 218 votes on speaker votes or bills next year, we're simply giving speeches. that is one thing this congress, new majority needs to understand. do they want to give speeches or find away time pack through legislation to negotiate through the senate to get the most conservative they can. neil: is it his speakership to lose? who do you see it? >> it is, yes. i think some of this is, there is a lot of stories the democrats will get the speakership. no, i don't see that. that has been said before. republicans went through this in almost every speaker vote for
the last 12 years but it is something to be worried about and it makes harder to get the new congress up and going. if the speaker is not chosen, committee assignments pushed back. i think it is kevin's to lose. we'll see what happens. they have to come together to figure this out. mccarthy is in a position to win it. now he has to go out and close the deal. neil: we'll follow closely, doug collins, great catching up with you my friend. be well. >> good -- take care, neil. neil: i dough want to go right now get the latest from the white house. the president plans a trip to arizona not to go to the border, even though he will be 100 or so miles from the border, to tout a big chip plant expenditure his legislation he says helped make possible. let's geheinrich from the white. >> reporter: neil, the president has not been to the southern border previously in office he
previously said he hasn't had time to get there. he will be in a southern border state but evidently a border visit is not important enough for his time. >> why go to border state not visit the border. president biden: more important thing going on. they will invest millions of dollars in a new enterprise. >> reporter: that comment there is more important things going on drew immediate fire from border state law makers. >> no, he hasn't been there. this is pretty important to the people of texas and immigrants getting abused and dying. >> reporter: press secretary carine john-pierre saving that visit to the border in the new year, congressional republicans asking biden to accompany them political students this hurt children and pham liz. she claimed that republicans are not doing anything about the border but had nothing to say about the budding immigration
talks between krysten sinema and thom tillis. national border patrol council president tells fox that nothing is more important than the safety and security of the american people, but with president biden an after thought, with number of people and drugs, deadly fentanyl crossing border evading apprehension, that biden cares more about politics than our children, friends neighbors. biden's record that he cares about politics, not his job protecting american lives. it is also election day, neil as you mentioned in georgia. reporters are asking the white house why president picked of all days to go to a place like arizona. white house press secretary denied that any determination to the peach state from president biden would hurt senator warnock's chances of keeping his senate seat, neil. neil: you know, jackie, curious for the president to make light of what is going on at the border, might be all sorts of reasons for that but i don't think such a comment is made frivolously or accidentally.
he might be reading into the full democratic sweep and now certification of all those officeholders in arizona as proof that if this was a huge issue for border state voters it had a funny way of showing it. what do you think, what was behind the scenes thinking on you know, limiting the border as an issue period? >> reporter: well you know, in this past midterm election democrats who were trying to keep their seats diverged from the administration's stance on the border. they got pretty vocal about how this administration has not done enough or paid enough attention. that the president hasn't paid enough attention to the crisis at the southern border and by and large many of those democrats who spoke up in that way benefited from that frankness. i can't speak to why the president is not making this a priority for his time to go there but you know, immigration and the border has been an issue that plagued many administrations.
it's a tough nut to crack and perhaps he just thinks diving into that isn't going to, isn't going to develop any sort of a result possibly and maybe it isn't a good use of his time. neil: clearly. jacqui, always great catching up with you, my friend. jacqui heinrich at the white house with more on that. in the meantime we have great guests coming your way, ceo of bank of america. brian moynihan doesn't get the press reaction sometimes the say a jamie dimon the head of goldman sachs gets but he is far more accurate on the course of this economy, the strength of the labor market, the resilience of the consumer frankly than all of those guys combined, what he sees happening now that you might want to make note of. brian moynihan is here and only here, after this. ♪.
♪. neil: all right. just a reminder, brian moynihan. the guy who runs bank of america is out there saying you know we'll have a bit of a bumpy economy. it is not going to be horrific like some of his financial counterparts are saying but he is looking for layoffs and maybe the first sign we got out of pepsico, of course the consumer products giant saying hundreds of workers will lose their jobs. got me thinking tossing to my buddy charlie gasparino there is no easy, nice way to do this, announce this. what do you think, charlie? >> i agree, fox business has been reporting since september they were planning layoffs or job reductions. they first tried to do it via buyouts, carrot and a stick. apparently what sources are telling us inside of the company, not enough people took buyouts so announced layoffs in north american headquarters in
new york. that announcement came yesterday. we read, we obtained a memo that was sent to employees. this gets to your question, if you read the memo, first half is how great everything is, we have unquestionable success. how all of this great stuff, you're such a valuable member, but, buried later on we'll do this thing and we'll do some layoffs and you might be one of them. there are two ways of doing these things as you know, neil. it is never easy. you can take your pick which way you like it. but, you know, the old days jack welch would lop off 100,000 people, say you will be talking to your manager or he will tell you or she will tell you you're gone. now you see often these companies try to sort of, i guess lessen the blow so to speak and they put out what is essentially disingenuous memos to people and basically saying how great everything is but you got to go.
so you pick your poison. i mean, i don't know about you i've been laid off before. i know what it is like being called in the room. it is not fun. i like it better that way then people starting to sugarcoat things. it is what it is. pepsico, they're worried about the recession, what it will do to the soft drinks and various brands going forward. it is interesting brian moynihan is downplaying the recession, you got something like pepsico you think is recession resistant cutting. it is sort of a warning sign this could get kind of rough i think. but brian has been running a very successful bank since the financial crisis. he knows his stuff. by the way, great get on him. back to you, neil. neil: small percentage of the overall workforce but you're quite right and i will ask him about that. good seeing you my friend, charlie gasparino on those developments. want to get mitch roschelle read on all of this, macrotrends partners founder. there is something to what charlie is saying there is no
nice way to tell someone losing your job. there is no way to sugarcoat it. the one thing of remarkable for the economy to date, few companies are laying off workers. it is picking up steam. seeing general job growth. 263,000 such jobs, more than 10 1/2 million available. i don't want to present this let them eat cake but it could be a lot worse. or do you see this as a preview of coming attractions? >> a little bit of everything, neil. i think the one overarching observation i would make there is some deferred house cleaning in companies. i think it was a tough time to clean house when the economy was suffering in the throes of the covid period. companies were doing everything they could to keep employees. so there is probably a little bit of deferred maintenance there. pepsi is talking about laying off hundreds of people, not thousands of people. i don't see it as a big issue and i think if you look at their business they are somewhat
recession-proof but you know it is not bad management to make sure that you have, continue to have the best and brightest in the company. some people may not meet those two requirements. i'm not reading a lot into it. i don't think the snack business will take it on the chin that much. it is probably the last thing people will cut out in the discretionary spending but you know, a sign of the times. i think we'll see more and more companies laying off employees in the hundreds, not the thousands. neil: very good point. i'm glad you mentioned it too, pepsico has more than 310,000 workers, not mitigating the hundreds who will lose their job, a small fraction of that overall and that is consistent to your point with a lot of fortune 1000 companies who announced such moves. we got another big selloff today. built on fears the federal reserve might not go beyond 5%, hiking federal funds, on and on we go.
maybe not 3/4 point rate clip we've seen the last four times but still steady as she goes. advance is the same. what do you think? >> you know, they claim to be data dependent and there is a lot of data to look at. i think the more they look at it, it seems that they still need work to cool down the economy and to soften demand. i think one of the things that the fed is worried about, quite frankly i'm worried about, the amount of consumer spending going on this holiday season but on credit cards. i don't think that raising rates is going to stop people because it is buy it now, pay for later but i think they are concerned that the consumer continues to charge forward and they do need to cool off the consumer side of the demand, could be 2/3, 3/4 of our economy in any given quarter. neil: by the time we realize they succeeded doing that it is too late, right?
is there any rate hikes that has you worrying, soft landings are hard to come by, rarely are they achieve and this could be the latest case. >> i like what the fed is doing when we get in the shower when i do most of my critical thinking, when you get in the shower it is either too hot, too cold, you go to adjust the temperature no matter what you do you go too far, if it is too cold you end up scalding yourself, too hot, freezing yourself. that is what the fed is doing, overcorrecting in a vacuum not knowing what the impact is because it takes quarters for the impact to be felt. i would rather the fed slow down a little bit to make sure they have not overcorrected. i think what they're acutely aware of is how tethered to the fed's words the market is. when there was that day last week, when powell had a speech and the market went up you know, close to 1000 points, the dow that is, just based upon his words. then the next day they retrenched. i think he is a little
overfocused, maybe rightfully how the market responds to his words. you know what? one way to fix that. a little less transparency. keep doing what you're doing but they do need to slow down the pace of increases to see what the effect will be. neil: because the damage could be substantial if it hasn't already been for technology stocks. they're also getting clobbered again. >> right. so the tech sector gets clobbered. the thing where you started this conversation, neil, is layoffs. right now so far we've had a relatively resilient labor market, you know, helped in part by transfer payments that are still going on at the state level. we have the disrupted labor force. be interesting to see what happens to let's say the 700 people at pepsi get laid off in westchester county. do they find jobs quickly? that is the granular data that the fed needs to look at because the last leg in the stool,
anytime the fed intervenes like this is the labor market. that is one thing we really haven't seen. if the labor market starts to fall apart then the economy crumbles. neil: well-put. unfortunately on a very dicey subject. mitch, thank you very much, my friend. good seeing you my friend, mitch roschelle on those developments here. technology stocks, all the major market averages are taking it on the chin, not knowing on where endgame is on interest rates, what is remarkable through the entire cycle lifting interest rates effectively zero hovering in and out of 5%, higher than that level, couple weeks, maybe another three weeks after that, six weeks after that, it is on and on, relentless. meanwhile the wunderkind guy behind crypto firm who could be going to jail, or maybe not. the ftx fallout that isn't what you think, right after this. ♪.
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neil: all right. the selloff ensues right now, down 316 points in case you're counting and our charlie brady who follows this better than anyone i know is saying we're looking at a 1% falloff at the very minimum for a second day. we're in and out of the session lows you heard a great deal about and it is feeling driven by interest rating likely going higher than earlier thought. the question becomes how much higher? a lot of people are basing it the fed will stop when it gets overnight federal bank lending rate around 5%. lo and behold tucked in
"the wall street journal" is a story today, no, it will go significantly higher than that and the fed might overdo it. that is editorializing on my part but it could go and err on the side of overdoing it to really stamp out inflation. whether you buy that or not, it is in the eye of the beholder here. some would welcome that sort of aggressive move against inflation. others, well, they get scared by it, they panic. on a day like this they sell. they are selling in droves. welcome back. let's get to other news that bears watching. in fact what is happening in the crypto world. some crypto related invests are coming back a tad today, but far from all, nightmarish fears still linger. kelly o'grady has been following this very, very closely, joins us out of los angeles. hey, kelly. >> reporter: hi, neil. yeah these crypto troubles continue with the ftc now investigating claims that some firms advertisements are deceptive or misleading. the firms are not named but of course this has been a major
accusation levied against class-action suits left very much h veried against ftx. hexagon trading defaulting on 36 million in loans. i want to dig into another fallen domino, blockfi. it rape, over the summer sbf appeared to make a white knight attempt to save the exchange. he agreed to acquire blockfi at a price up to 240 million. in a recent filing, alameda owes blockfi 280 million. that is a huge differential. sbf says he didn't know alameda or the size of the loan. sources tell me they were heavily involved in the process of ftx. i worked in m&a. that a buyer would not know a 680 million-dollar liability during acquisition talks. ftx ties to blockfi destroyed customer value. i spoke to one with 600,000
locked on the platform. he feels like he is bearing the brunt of this scam. >> i will somewhat tell you they can pay you like eight, 9% without risk, just walk away. there is lots of risk. so if i do it again, i would not do it again. >> reporter: powerful words, right? reminds you amidst this crazy story, neil, a lot of these victims are average investors. neil: very, very true. thank you very much for that. kelly o'grady following this development. the question on top of everyone's mind right now is whether the focal point of this sam bankman-fried whether he goes to jail. some say the rest of his line. that might be a leap too far. who better to ask, an dru mccarthy, fox news contributor, overall smart at this pants guy. good to see you, andrew.
i want to get your thoughts. everyone seems to think the legal wagons are circling around the wunderkind who seemed to have midas touch but owe didn't. and perception that it is matter of time he will wear prison stripes. what do you think? >> when this kind of money disappears, neil, the government takes notice of that. the people you talk to every day probably understand even better than i do is that the disclosure requirements of these public companies are immense and extensive. this looks to me, i know there's the complication of crypto in it but it looks to me like a pretty standard fraud operation. obviously this is all allegations but it appears you know, there was a diversion of funds to a second company that this fellow had control of and the question is, what representations were made in terms of, of ftx dealing with
its investors about what would happen with those funds? what kind of disclosures were these public companies making to the government. that usually takes some time to sort out. neil: now a lot of people were snookered, whether that was intentional or not. a lot of people were paid a lot of money to sort people were pat of money to sort of push this as far, as long as they could. so that of itself might be a case of trying to get a wave going or it could be outright criminal behavior, too soon to know that. but we have seen in the cases like a bernie madoff where people sort of built a ponzi scheme. does any of this sound to you like that? >> yeah, it sounds very much like that and you know, bernie madoff, it is interesting that you mentioned that because i think that is the classic case not only of the kind of scheme where if you're an investigator this is the kind of thing that you would be looking at but also the fact is, that you know, he got, if my memory serves, neil, he got over a quarter of a
century imprisonment beyond that. that was because the sentencing guidelines for this kind of fraud, once you prove that it is fraud and the dollar amounts just zoom the sentencing guidelines in a very exorbitant way. so you know the first issue is, to get over the hump, was there knowing fraud? if there was, the dollars add up pretty quickly which is why people are talking about hefty jail sentences. it is not, you know, on balance it is not a violent crime. it is not something you think of as the hammer really comes down on people but the way the federal sentencing guidelines in particular work, the higher those numbers to the jail sentences get very, very high. neil: you know i would be curious though, andrew, when the government weighs a case like this one, it has to look at the extenuating circumstances way beyond, we can take all the crypto out. if we're not careful we punch out this guy we punch out firms that owed money with this guy and before you know it all the
crypto guys. i'm wondering if that is something the government has to weigh or their focus is on one case, this one individual, principle players that did business with him or what? >> i think, neil, that is a danger with this government in particular. my sense of this is that for all the fact that crypto is the subject matter of the case, this is really not the essence of crypto. you know, if you think about it, ftx was an exchange. the whole idea with crypto is you're supposed to be able to get rid of those middlemen, right? so you can have private transactions between buyers and sellers directly. the idea you're not supposed to give up your control of the asset like happened here. so to me, this is not the essence of crypto but you have a lot of people in the biden government who are itching to regulate crypto and just exactly
the kind of pretext, especially with the public anger that emerges when you have this kind of financial loss, it is just the kind of pretext they may need to get in and do the kind of regulation they would like to do even if this is not the classic crypto case. neil: well-put. andrew, great catching up with you, andrew mccarthy following all of these developments. not all crypto assets were under fire today. some have come back a little bit here. by and large as a group if you follow various crypto etfs, what have you, they are down anywhere, 35 to 70's. meantime you probably seen on crowded flights you take, commercial jets is fine, business is booming, almost every major carrier says they see that continuing, that business might go down a little bit, but just average regular folks travel plans are robust. i wonder what the former transportation secretary of the
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♪. neil: united airlines getting a key blessing from morgan stanley recommending the stock even though its business has been on fire, will continue to be on fire and sees continued growth. united saying business travel is not going as robustly as it thought, it might start in fact to peter out, there is enough of
a pickup on the consumer side to more than make up the difference. upgrading the airline was no-brainer for morgan stanley, that next year could be a goldilocks year for the airline. not just united as a lot of people look to continue traveling and spend money, that is one place they want to be, any place but here or their immediate home. let's get the read from elaine chao, former labor secretary. former transportation secretary as well. what do you think of that, the robust sector. >> people are sick of cabin fever. they are dying to get out. they have been shut away for 2 1/2 years. they want to go out to spend money they have which was amplified by the government and go to different places but it is not that easy for the airline industry to fulfill that consumer demand. when the airline industry was going through covid passenger volume dropped to 4% of pre-covid levels. so the airline had to do a lot
to survive basically. they let people go even with government subsidies. as the traffic, as the demand came back and they tried to put back into service their aircrafts and also call on people who have been, who have left the industry or who have been laid off, it has been hard because it is not just with a switch of a you know, a switch of, i don't know what it is called, of finger that people can just come back. the airline industry is very skilled and it requires skilled workers and so -- neil: they're paying top dollar for those workers, right, secretary. >> sorry? neil: they are paying top dollar. >> yes, they are, absolutely. neil: united airlines ceo scott kirby was on the wires, this deal on the part of delta air lines to pay its pilots part of a pay package will call 34% increase of pay is
some sort of a standard pattern for the industry now. i wonder what you make of that if their labor costs get excessive? >> it is necessary. we have currently 11 million vacant jobs and the labor participation rate, last friday the report came out, the labor participation rate is 62.1%. it's a full 1.3% lower than what it was in february much 2020. when i was labor secretary the labor participation rate was nearly 66.4%. so we are missing whole swaths of workers. and what that means is as the traffic comes back, not only in the airline industry but also, for example, in freight, we are seeing a dearth of workers and that is actually putting a crimp on our economic recovery and also the ability of employers to come back and respond to the public. we're seeing the paucity,
scarcity of skilled labor in the supply chain phenomena as well. different parts of the world are coming back from covid and so the supply chain is not coordinated. that is where we see the gaps, the fits and starts. that is where we see the shortages as well. last week the congress had no choice but to act on this railroad strike, on this railroad potential action and we're glad that they did because otherwise 30% of the freight moving would have been severely -- neil: no guaranties they will stick to that agreement. but let me ask you, secretary, a lot of people are focusing on this final georgia senate race here. how important is it to you that herschel walker win? >> well i think the, you know, the control of the senate has already been decided. had the control of the senate rested on the georgia race i think there would be a great
deal of more interest and money is pouring into that race but now as we know the it is just the control has gone to the democrats and so i think that has reduced somewhat the enthusiasm for the republican candidate. i think that is reality. neil: i was thinking secretary, donald trump, had attacked your husband mitch mcconnell for the midterm losses, quoting here, he blew the midterms, he blew the midterms. what did you think of that? >> well you know mitch was very brave in august of this year to say that candidate quality matters and he also said that we basically, the republicans alienated the independents and the moderates. they were concerned about a weak president, the wrong direction of the country, inflation that was raging, chaos at the borders and yet they feared much more the threat to democracy.
so in many ways, american democracy prevailed. deniers of the what happened and in the november elections were all not elected except for one. so, i'm an immigrant to this country as i have said and i believe in democracy. i believe in this country. and i also believe in the peaceful transfer of power. neil: you quit right after that event and left the trump administration but donald trump didn't waste anytime soon afterwards, and pounding again and again that you know, you were no great shakes everyone despises mitch mcconnell and is otherwise lovely wife coco chao. i thought i was misreading that. that is what he said. i have not had a chance to talk to you, what you made of that, secretary? so i'm going to ask you what did
you make of that? >> he did choose me to be his secretary of transportation. number two, i think i hope that people won't keep on repeating that racial epithet. i think that just help this is former president. so people shouldn't mention and shouldn't repeat what he says. it was a racist tweet. neil: how do you think it helps? a lot of people of all stripes were offended by that comment? >> it is overwhelming people were offended. to repeat what he said only helps him. it helps him to continue to insult the asian-american community. so i don't think we should repeat that. if it were, for example, the "n-word," nobody would repeat that but asian-americans somehow don't matter. insults against us do get repeated. but having said that, let me also say that i don't respond to what the former says.
neil: so when he says that he could not work, if he were elected president, with mitch mcconnell again and wouldn't deal with him at all, even if mitch mcconnell were the republican leader, what did you think? >> i think you have to ask mitch as to how he would respond to that but the president has made many, many statements and which have, i think, surprised many, many people. that is also one of the reasons why i think he didn't get, he didn't win. had he talked more about his accomplishments rather than deviate and talk about how the election was stolen, or that the election process was not fair, i think it really undermined his own supporters confidence in the process and basically he dampened his own suppos own det. neil: elaine chao, thank you very much, i didn't want to bring up sordid something like
that. but the president said it to get your take. >> invite me to talk about economics and jobs an economy. neil: all right. gow the it. all good. my best to you and your family. meantime the corner of wall and broad the selloff ensues right now. again most of it built on fed fears but fed fears over what? after this. hey mom, can i go play video games? sure, after homework. thankfully, voya provides comprehensive solutions and shows me how to get the most out of my workplace benefits. what's the wifi password again? here you go. cool. thanks. no problem. voya helps me feel like i've got it all under control. because i do. oh she is good. voya. well planned. well invested. well protected.
>> reporter: welcome back to "cavuto: coast to coast." i'm hillary vaughn. requirements are now in place mean big changes for you this tax filing season. these are not new taxes but ultimately you could be paying more in taxes than you have in the past under these rules. if you, now have to report any payments for goods and services totaling more than $600 made through electronic payment apps like paypal or sell to the irs. that is supplementary income. that is big burden to the average person who uses apes like venmo or paypal or get project from on the side. >> this is all income. you could endp audited. what do the new 87,000 new irs
agents going to do? going through peoples 600-dollar things they sell or buy in their household. we were promised the tax bill was only going after the super-rich. $600. they're targeting you and me and anyone who is on-line paying. >> reporter: the irs now wants to know whenever you get more than $600 in goods and services in one of these payment apps. the companies required a tax form to report it to the irs as income. this is because of a new rule in president biden's american rescue plan that changed the reporting requirement from 20,000 total in gross income from these apps to just $600. if you're running your business solely off of these apps you're probably already reporting this. this is big change for people who used it to make money on the side. we'll be right back.
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