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tv   Cavuto Coast to Coast  FOX Business  December 13, 2022 12:00pm-1:00pm EST

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extradition hearing according to witnesses. >> he wants a hearing. he wants to appear before the judge before getting sent back to the united states? >> correct. stuart: that will delay thing significantly. i presume. >> absolutely. stuart: what is this about bail? >> he should be denied bail if he opposes extradition as a flight risk. neil: stuart: markets in rally mode. only just. the dow is up 107. when we started the show at mine futures indgait ad gain. thank you, mike murphy for joining us for the final hour. your contribution was fell lent as opposed to any other day. you stood in remarkably. neil: stuart, what happened to the rally. we were up about 800 point. now up about 821. when all said and done after the
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retail inflation report, folks what we're looking at likely a half point hike on the part of the federal reserve when it meets tomorrow. there is no denying that. the other issues getting more nuanced, we see as many rate hikes, we get as high, the big news was that surprising less than expected november inflation report, less than expected for the month. less than expected for year-over-year. less than expected core minus food and energy. the only thing i could see a wrinkle on this reminders from corporate america that layoffs continue which is a flip side that the markets responded oddly to that. they usually welcome that. that the federal reserve is not likely to continue raising rates. the news, eli lilly forecast for 2023, no matter what you think about inflation, there is still reality of a slowdown to consider. maybe that's weighing on these guys.
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impossible to say. let's go to gerri willis, who has been picking all of this apart. gerri, what have you got for us? reporter: neil, the big headline this hour, president biden touting today's inflation numbers you were just going through. they are down slightly but still at decades high. he says we won't be back to normal until late next year. listen. >> can you say when you expect prices to get back to normal, mr. president? president biden: i hope by the end of next year we're much closer. i can't [inaudible], i convinced they're not going to go up. reporter: easing energy prices leading to that positive report, down 1.6% month to month. gas prices, the biggest contributor to that decline, even so, year-over-year, energy prices are still up 13.1%. of that pain being felt by households using fuel oil, up 65.7% year over year around gas prices higher by 10%
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year-over-year. natural gas and electricity prices also up double digits. food price inflation easing in november to a gain of just half a percentage point but still higher by 10.6% year-over-year. eggs up 49%. milk and coffee up nearly 15%. housing inflation which makes up 40% of core cpi continuing to increase, up .4 of a percent month to month. the worst of the price hikes in rents up .8 of a percent in just the last month. now wages continued higher as well up 7.1%. the big question, what impact will the inflation data have on the federal reserve as it contemplates a 50 basis point rate hike? for context 7.1% is still well above the fed's target rate of 2%. and remember, at 7.1% prices double every 10 years. neil, back to you. neil: wild stuff, gerri, thank you for that.
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to put this in perspective again we're waiting to hear from the federal reserve tomorrow. it is expected to go ahead to enact its seventh straight rate hike. last year at this time we were 0%. they have raised the overnight lending rate about 375 basis points. so we have a overnight lending rate of 3.7to 4%. the expectation after tomorrow if will be 4.25 to 4 1/2%. the big question when they close out the year, what do they do early next year? four percent or 5% level? that seems to be a gimme. this inflation my have put kibosh on that, at least the hope among traders. let's see if ray wang agrees. ray is really good following technology stocks. they're especially sensitive to all the rate hikes they have been hammered. the news you have well under 3.5%s is encouraging news
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nevertheless. ray, looking at technology, the nasdaq is up about one and a third percent. it i could say that for the s&p and dow which about cut their early gains by about 2/3, but for technology this is everything, right? >> this is. growth stocks, people are betting toward the future, when you see food, rent, services going up we realize it is one data point of the market is getting ahead. this is all going on all year basically since the transitory comment. the market doesn't trust the fed yet. they know the fed will raise rates. we're waiting to see what jerome powell does, 25 basis increase in february. they know 50 base skis for the next coming one form, the main point what do we do in the long term? tech stocks really rely on lower interest rates as people speculate and bet on growth. we're seeing earnings good on the tech side but we're seeing layoffs as they trim some of the
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fat. neil: i always think the markets have this nervous psychological reaction. they get promising inflation report. by promising not as damning as they thought, they run away with it. in this case soared 800 points in the dow, 3 plus percent in the nasdaq then they start feeling guilty about it. gosh, maybe we got ahead of ourselves. what is right for technology stocks that have been hammered this year? encouraging environment all this craziness notwithstanding next year how do you play it? >> i think the way to play technology stocks is find the ones with lower p-e ratios, the ones you think will have growth. there are category like microsoft, apple, alphabet, nvidia, amazon. those will have a lot of growth. we're leaking for 20 to 30% growth. therapy p-e ratios have been battered. if you believe growth will pick up, inflation will come down, then it is a good time to come into the market.
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other ones people are looking at companies like ssm mtsmc, it has a billion dollar plant in arizona, taking advantage of the chips act. when they get on line we have a lot of chips, betting 24 to 36 months out. you see that across the board. you see other stocks like service now agreeing very fast. cop called i path going very fast. we have labor crunch. people can't hire enough workers. when you bet on analytics a eye, the cloud, those are the big driveses where tech is headed. neil: ray, if you look for the big runners in the bull market for technology, the amazons, the apples, the teslas, microsofts, do you still see them sort of shaking off what has been a hard year and emerging as the principal tech plays in a
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renewed bull market for tech if it does happen next year? >> they each operate a little differently but they have similar characteristics. what is important, take apple, it has multiple business models, not just the product and the services. if you look attest last, if you believe they're a car company, tech company, there are future businesses ahead for tesla, from energy management, what is happening with autonomous vehicles. companies like google, microsoft, amazon, based in enterprise cloud business is growing the quickest. we're talking 20 to 30% growth rates into the billions of dollars. that is keeping companies afloat. of course what is happening on the consumer side as each of them ride out the digital advertising winter that is going on at the moment. neil: all right. thank you very much, always good catching up with you, ray. i should point out all the s&p 500 sectors are advancing today, though not as head dilly as they were. let's go to kevin hassett. president trump's council of economic advisors chair, author of "the drift "among other
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things. kevin this president is saying right now by the end of next year all of this will behind us, we'll be back to normal what do you make of that? >> you know god willing that's true but i think it is pretty unlikely. what is going to happen as we've been talking about on your show now for quite a while, that inflation will drop to about the wage inflation rate which is five or 6%. then they will be both stuck there until the unemployment rate goes up a lot and right now, initial claims for unemployment insurance are 100,000 a week below recession level. we don't see a budge in the unemployment rate that would suggest there would be downward wage pressure. until we see downward wage pressure i think inflation will stay pretty high. i think you're talking a year from now four, not two. neil: talking a year from now four not two on inflation. where are we on interest rates? if we get to the 4% level to close out the year from zilch,
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zero, from the beginning of the year where are we next year at this time? >> the federal reserve minutes basically mention there are a lot of inflation downside risks because they recognize inflation can be very sticky. one way to sort of look at this is you can back out from futures and options data what the whole probability distribution of the federal funds rate is out a year from now and it's amazing how much probability options markets are putting that interest rates going above six there is a huge amount of interest rate uncertainty right now. the fed case of going to five and stopping is, you know, best-case scenario. i think a best-case scenario pretty unlikely to be realized because the inflation numbers are going to stay high as i said. so my guess they will go up a quarter of a point, a quarter of a point, a quarter of a point, take us to six next year. that is really what peoples base case should be. neil: you still see the consumer being resilient as they have? in other words, continuing to
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buy? we get strong holiday sales figures. which again is a little bit, considering everything going on. do you see that continuing? >> the consumer is the thing that i've gotten wrong the most this year. i've been really stunned by the strong consumer spending especially in the fourth quarter but if you look at year-over-year credit card debt it is up 15% and if you look at the sort of residual covid savings, it is all just about gone. so my guess is that consumers can jack up their consumer credit another 15% next year. so unless they see real income growth, then consumption is going to fall back. i think this is one reason why people say there are a lot of headwinds going into next year, a lot of recession talk. the consumer saved us from recession in the second half of the year but did it on borrowed credit. they can't keep that the rate. neil: all right. kevin, thank you, very, very much. kevin hassett, donald trump former council of economic advisors head.
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you have heard by now that sam bankman-fried was arrested. he is facing numerous charges, anything from consumer fraud, wire fraud, misrope operating company finances. the guy replacing him is speaking on capitol hill as we speak. has assured, that any role in the company going forward. i don't know if that was meant to be a reminder some sense ever assurance for markets and the like there are a lot of unanswered questions even for the new management. stay with us.
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neil: all right. this was not expected, certainly ahead of planned testimony before congress which was to happen today but sam bankman-fried arrested in the bahamas. that is technically his home and it is also the home of ftx, the exchange he once headed. he has now been passed over, john ray is talking to the financial services committee that he will not be coming back to the company but what was interesting the counts he was arrested everything from securities fraud, to wire fraud, to money laundering, this is pretty weighty and very, very, very big stuff here that again
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has that bernie madoff feel to it that he was creating presumably a ponzi scheme, luring in you know, unsuspecting investors and by their presence luring in still others to follow them. there is no way of knowing where this goes. kelly o'grady has been following very closely. what do we have? >> reporter: what a plot twist he has been arrested. i want to start off with breaking news. he is in the bahamas. he is in a local court hearing now. couple things coming out of that. first the prosecution is saying he should be denied bail. that he is a flight risk, foreshadowing he may not come quietly saying he won't waive his right to a extradition hearing but i want to get to that indictment that prompted the arrest. it has just been unsealed. it is from the u.s. attorney's office from the southern district of new york. let's dive into that. sbf is looking eight counts, conspiracy to commit wire fraud, wire fraud, then conspiracy to
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commit commodities fraud, securities fraud, money laundering and violating campaign finance law. i got off a phone with a lead witness in the madoff case, he shared the wire fraud and money laundering charges will be easiest to prove especially with a ton of evidence that new ftx management is bringing forth that campaign finance charge, that one is quite interesting. what sbf and others are accused of is fraudulently donating under other names as work around to the political contribution limits. we know he already donated nearly $40 million. this means that figure could be even larger. also crossing this morning are cftc and sec charges. the latter complaint alleging that sam bankman-fried orchestrate ad scheme to defraud its equity investors to the tune of 1.8 billion. a big question on everyone's mind, if and when is he going to be extradited? so a source inside the fdny, no extradition motion is made at this time t will likely take a
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while although the bahamian authorities shared this, a quote from press release at such a time formal request for extradition is made, bahamas will process promptly pursuant to bahamian law and with treaty with the united states. they are willing to play ball. prosecutors tell me could face serious time for the charges, perhaps life in prison if convicted. one count of conspiracy to commit wire fraud could be up to 25 years. back to you. neil: think about that. he is a young guy, spend potentially the rest of your life behind bars, man, oh, man, this is unraveling pretty quickly. kelly o'grady on that. grady trimble on the new guy in charge, john ray, could not be separating himself more forcefully from his old boss. what is the latest, grady. >> reporter: no, neil, he is revealing a lot about the former ceo, saying base consider there was no record-keeping at ftx
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under sam bankman-fried that money flowed freely between the crypto exchange, ftx, and sbf's hedge fund, maybe the most shocking revelation out of this hearing today is that what little bookkeeping ftx did do was done on quickbooks. >> quickbooks, very nice tool. just not for a multibillion-dollar company. there is no independent board, all right? we had one person really controlling this. no independent bored. that's highly unusual. >> reporter: in addition to the criminal investigation into ftx kelly reported on ray says there is a long way to go in the internal investigation. so far he said they secured one billion dollars worth of assets but trying to track down a lot more. they're also looking into whether other employees or even sbf's parents who were paid by the company are culpable. the collapse of ftx is leading
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lawmakers to take a fresh look at regulation for cryptocurrencies. >> my fear is that we'll view sam bankman-fried as just one big snake in a crypto guarden of eden. the fact is crypto is a garden of snakes. >> reporter: republicans on the house financial services committee are also questioning the timing of sbf's arrest. he donated millions of dollars as kelly reported to democrats who are going to have to answer questions about that under oath today, neil but obviously isn't going to do that now. neil? neil: all right. thank you very, very much for that grady. just to sesfy, to clarify something, i had said concerning the new ceo over at ftx, john j ray. one of the things he had done early on, when the company formally entered bankruptcy the bankruptcy lawyer who would be
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placed in charge was mr. ray. now that was a board decision to turn that over which included at the time sam bankman-fried but that is the extent of whatever kind of working relationship they had. i just wanted to clarify that. david marion joins us head of litigation, regulatory affairs. david, so many unanswered questions here including the timing of this arrest of mr. bankman-fried in the bahamas yesterday. what do you make of that? >> i mean the indictment was handed down last friday but not unsealed until today. they have obviously spent some time with the bahamian authorities going back and forth, figure the out when, if they could arrest him and how that process would work. it does seem strange they would do it right before the congressional hearing where he agreed to testify. if i'm on the prosecution side i would love to get him in front of congress there to have him answer questions, potentially say things he can't justify later but i guess the other side of that, if the government has
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any use of him as a potential cooperator to look at other folks later, once he gets up if he lies under oath he is of no use to them. i think all of those things could have factored in. neil: where does this go at least in early stages here? gets to be what sam bankman-fried knew and when he knew it i understand that but there is a long record of deceit, wire fraud, securities fraud and all -- the case it appears the government is building what does it tell you? >> i mean there are multiple components to it. in the criminal case there are sort of three sets of victims. there is wire fraud counts against the customers of i will get back to that in a second. there are wire fraud accounts against the lenders of alameda, and securities fraud counts against relating to the investors in ftx. so really looking at customers, looking at lenders and looking
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at investors as all potential victims. they cast a broad net. they're not just hinging it on customer losses. one important fact that all relates to which is an international entity and not the fftx u.s. entity. neil: for those that have lost money here, this was the same question asked after the bernie madoff implosion, what is the likelihood they will get any of their money back? >> on the u.s. side, the u.s.-based customer aren't even victims according to the indictment in terms of the charges, the criminal charges in that. so that is a hurdle there. but sbf has said they were segregated enough in the u.s. there shouldn't be an issue. we're hearing everything was comingled. there were issues with alameda. it is hard to say. everyone will come in as creditors for the same boat. there is no preference for customers in the bankruptcy code as it is now.
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hopefully a legislative fix in the near future. neil: all right. david, thank you for taking the time to sort of sort this out. it looks like it will be pretty involved in the weeks, months, maybe even ahead. david, thank you. we're following do you in negative territory from being up 800 points. the catalyst for all this early on was a better than expected inflation retail report. in other words inflation is still alive and well. it is not as strong or appeared as some would be, month over month, year-over-year, or encore when you e x-out volatile components like food and energy. coming back to a lot of traders, no matter what you make of the report, the fed will still raise interest rates tomorrow likely half a point and now 29 out of 30 dow stocks that had been up has been cut in half. stay with us.
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♪. neil: we're getting wind of some promising news on the cancer front, particularly the skin cancer front. moderna and merck have a vaccine combo that apparently cuts the melanoma risk of recurrence by 44%. specifically experimental melanoma vaccine developed by moderna, given merck's own -- cut risk of skin canner recurrence or death by 44%. as you can see both stocks advancing. obviously moderna a lot more, about 22 1/2. merck heady advance of a percent. we'll keep you posted on that. it is helping the entire drug-related sector. eli lilly is in its own sort of position here, they had sort of iffy 2023 guidance where they see revenue and earnings going.
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we have a market gone into negative territory now. the dow down about 35 points, once close up to 800 points on weaker-than-expected retail inflation report. maybe people are stepping back, investors are stepping back, doesn't do anything to change the fact rates are going up tomorrow, when the federal reserve concludes the two-day meeting likely by half a point. meantime following developments over at twitter, all things elon musk right now, susan li on top of them. >> reporter: neil, part five released on twitter files last night. it showed even internally you had those tweets by president trump leading into january the 6th and then afterwards. according to the releases on bari weiss's twitter account this did not violate internal controls and rules of twitter itself. this is part of activist group of 300 or so employees forced the hand of twitter to remove
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trump, to ban him from the website. bari weiss goes on to say if you look at all the other inflammatory, some say threatening tweets by other world leaders and they were still allowed to remain on the site, it seems like the internal decision making, content moderation which we know is a tough game, you heard it over and over again from facebook, other social media sites, it is hard, especially when you have a small group of employees that want the ceo and the management to spring into action but i guess, kind of highlights and underscores, neil, that president trump, those tweets leading into january 6th, the days afterwards didn't violate twitter's internal controls and violations. neil: okay. susan, thank you very much for that, susan li following on all of those developments. by the way the government will announce 2:00 p.m. eastern time today the sam bankman-fried charges and go through all of them, what they involve. there are eight involving anything with wire fraud,
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securities fraud, misrepresenting company statements and the like. again that will be something fox business will be following, monitoring. but you know what the major charges are. the fact that his announcement, remarks before the house financial services committee never happened because of this arrest yesterday in the bahamas. in the meantime i want to bring your attention to this sudden turn around in the dow to the south side. again, it was buoyed by at first a better than expected read on inflation where we had inflation still growing but not as much. month-over-month, year-over-year. for that matter without volatile food and energy prices kicked in. many seized on that as a sign maybe the fed could cool it. when it comes to expectations for a half-point hike tomorrow, that has not changed. brian brenberg on what that could mean after this. ♪.
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and proactive alerts on market events. that's decision tech. only from fidelity. ♪. neil: all right. all it takes is mother nature to screw things up. this huge storm, the first really major national storm of the season, i think all said and done it will engulf half to 2/3 of the country, snow, ice, sleet, freezing rain. thousands of flights have been canceled or delayed. that could explain why the airline group as a whole is taking it on the chin. this could be a temporary phenomenon because the airline business is crazy. people are booking solid flights here, paying top dollar, many cases, booking well into the spring. which is a sign they're optimistic things will be robust until at least then. but not today. mother nature intervening. let's go to brian brenberg right now. brian, of course the king's college business economics
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professor. he will be hosting along with two others i can't wait from this, a month from now, the big money show. what i love about brian he speaks english and is clear. so does jackie deangelis and bloomberg tv we have taylor hicks. the other thing it could expand my lunchtime. it will be 1:00 p.m. eastern time. i will be well into a triple martini then. i couldn't be more excited for brian, jackie, taylor, i look forward to meeting here. congratulations on all of this and well-deserved. brian -- big day ahead of you. >> i got to say thank you to you, neil. some guys you watch game film of all the time because you want to get better. you are a game film guy. you're a guy i watch. neil: i don't know about that. >> a broadcaster par excellence. i love the i do hits with you and learn on air from you.
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neil: i always whined in the past, you and i go back aways, if i had professors like you i would have amounted to something. anyway i look forward to this. you talk about the big money show, couldn't be better named and titled. what i find intriguing big money reaction just today. i mean if you had a show to launch today, and you're trying to make sense of this crazy market, up about 800 points, right, brian? >> yeah. neil: back and forth, back and forth. how do you make sense of that? >> here is what is going on, get better inflation number, what everybody wants to see, the market wants to see that. they want the fed to slow down. you get the initial positive reaction. but then reality sets in, what is the fed going to do in 2023? where do they go from here? you know it will be 50 basis points this week but into 2023, are they going to do a couple of 25 basis points? what are they going to read to make that decision? it's one thing to get maybe
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consumer inflation down to 5, 6% next year. you can kind of raise rates and crush demand to get there but how do you get that last two to 3% that gets you down to our normal rate of 2%? that's a really, really tough problem to solve. even with better numbers now, you have to remember, we still have inflation number with a seven at the beginning of it, neil. that means we're a long way from normal. so i think 2023 is as uncertain today as it was yesterday, as it was a month ago. i don't think that's going to change for a while because this is a path we just don't understand very well. neil: you know i also wonder, brian, whether the markets, you know are clinging to the hope against all hopes when will this rate hike agony end? when they see a report like retail inflation report, i am glad you summed up, people are
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forgetting a seven in front of the year-over-year number. >> exactly. neil: we're not off to the races here. it is better than the horrible report we were expecting. how do you frame that for a lot of people looking at this? the markets have this sort of jekyl and hyde reaction, they jumped up hundreds of points on the notion maybe the fed can cool it, not hike as much, as fast but we're still going to see likely half-point hike tomorrow, aren't we? >> right. yeah. we'll see a half-point. we're going to see rate hikes into the new year. they can't stop now. they, you can't stop at 7%, let's say, let's see what will happen at this point. it's a long way from seven to two. that is the part people kind of miss here. it is one thing to take the real edge off of the worst inflation that we saw. that has happened because the fed has been pretty aggressive. to get back to the level where people are now saying you know what? my paycheck is keeping up with inflation. we have a very long way to go on
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that front. so the market wants to get enthusiastic but then the reality sets in that we are really only at the beginning of this story. it may be the case of the fed is going to have to go a lot higher than anybody wants it to and here's why. because you need productivity to kick in. you need the supply side of this economy to get strong. we've seen data recently that suggests this past year has been a terrible year for productivity in the united states. one of the worst we've ever seen on record. if that's true, it is going to take more than fed rate hikes, neil, fundamental changes in the economy and we just haven't seen those yet. neil: the president was saying earlier today, brian, by the end of next year all of this is behind it. i think i'm vastly simplifying it. but things will come calm down. he talked about gas prices lowest in a year. oil prices are doing well, off the worst levels, et cetera, but
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in good shape by the end of next year. do you buy that? >> i don't know what his definition of good shape is but i think my definition and his definition often sort of oppose each other a little bit. if you're talking good shape, 2% inflation, decent economic growth, 3% plus, i don't think we're there next year unless he really wants to do something fundamentally different. i still think even though gas prices have been low, i still think big, radical changes in fossil fuel production in the u.s. to the positive side would be the thing that could really kick-start the supply side of this economy but i don't think he is going to do that. i think hopes inflation will come down enough that people stop complaining about it. jobs are going to stay strong enough that people can still find one if they want. that i think is a huge question mark. this president who has blown his credibility on the economy, neil. he spent all last year blowing
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his credibility. he ought to be very careful about what he promises for this year because if his track record is any indication, it ain't going to play out the way he says it is going to play out. neil: i guess the good shape thing, brian, eye of the beholder. good shape with me is being 50-pounds of your goal weight. that is maybe the meter he is using. brian congratulations again. brian, jackie deangelis, and taylor riggs from bloomberg tv joining us on the fine network. 1:00 p.m., traditionally second hour of this show. this will be great, my friends. i urge you to. bottom line, dagen mcdowell and sean duffy, they are two people who cannot be passive or quiet. jump you out of your seats. that is one thing. the professor is the same way. to make room for that, "the evening edit" with my friend elizabeth, wicked so smart mcdonald, that moves to
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neil: all right. expect the energy stocks to maybe benefit from this environment. we have a weaker dollar and supply disruptions. that is what is going on now. that is helping all the energy issuers. not so much the wildcats, distillers, but for the most part it is lifting energy here. one thing you might be noticing on lower right-hand corner of the screen, the dow down 74 points. if you were watching with the release of the retail inflation report we had for the latest month of november, it was weaker-than-expected. a lot of people pounced on that. in fact the dow was up close to 800 points. it has given back all of those gains. anything can happen in three hours of trading day. for now, considerable concern maybe they got ahead of themselves. the federal reserve will wrap up a two-day meeting tomorrow. when we expect another half-point hike. we're not expecting to see 3/4 of a point hike. again the math hasn't really
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changed. maybe we step back, rates are going up. you know what? the one of the things i love brian brenberg, looking forward to his show, keep in mind the overall inflation figures still has a seven in front of it. that is 1970s levels there. maybe that is reality. following all of that. meantime following other developments, including business headlines and one taylor swift and some ticket problems they hope to resolve. the latest on that with lydia hu >> reporter: big news for some of the taylor swift fans out there. some outraged fans are shaking it off after missing tickets on next year's eras tour. they're get a second chance to scoop up tickets. the grammy winner, ticketmaster surprised some fans by launching second verified fan sale. ticketmaster writing a email apologizing to fans, quote, they have been asked by taylor's team to create this additional opportunity for you to purchase
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tickets. now this comes after last month's sale of swift's tour was fumbled and then canceled. ticketmaster blamed extraordinarily high demand forcing many verified fans to wait hours online, only to have the website crash, sending them to the end of the virtual que que with thousands ahead of them. some fans are suing the parent company life nation, fans contacted will receive individual invitation to a request to buy a pair of tickets before friday, december 23rd. well they're not yet gracing the cover of vogue but democratic representative ayanna pressley of massachusetts and senator-elect john fetterman of pennsylvania can now add most stylish to their accolades. they have been included in "the new york times" list of the 93 most stylish people of the year. their inclusion falls among names that you will recognize, neil, the likes of
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kim kardashian, harry styles. pressley was celebrated for her style and her work. she introduced legislation this year that would prohibit workplace discrimination based on hairstyles. the lawmaker has alopecia. "the times" praises her for showing her bare scalp. fetterman's inclusion garners attention because as you can see typically seeing wearing a hooded sweatshirt, shorts, sneakers, pretty casual, neil, makes me wonder where our invitation? it must have gotten lost in the mail. you and i usually look pretty sharp. neil: come on. if fetterman is in there an i'm not that is travesty. i can see you being in there. lydia, thank you very much the backdrop of all of this, silliness notwithstanding we have pretty strong economy with anecdotal theaters, crowded restaurants, you know, really packed restaurants that you
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know, in state like florida, unbelievably packed restaurants. francis lake joins us now, el camino vice president of restaurant operations. francis, all those migrated to your wonderful state found out the good thing is the weather and the tax environment and the choice of restaurants. the bad thing is, everyone has figured out the same thing. how are you dealing with that? >> i'm doing well, neil, first off. huge fan, thanks for having me on today. neil: thank you. >> so a couple different things. so you know i work for modern restaurant group. we have el camino, park tavern and four, three, two. it was a brand started by three gentlemen that were new yorkers and had the vision to open up some restaurants about 15 years ago. over the last three years we've expand the out the el camino brand which has been around 10 years. those restaurants have done really well in financial district markets like
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fort lauderdale and most recently west palm. they're calling it the baby wall street, has really expanded vision related come down from new york, putting a lot of development into that area. you know goldman sachs is, somebody also come in, signed a long-term lease to be a part of that area. we opened up a large format restaurant there in july, you know. you know, through strong brand recognition and quality of product, we opened up to a million dollar month. super excited about, you know the results we're getting there. then our other restaurant in fort lauderdale, one of the busy teft in the country. we see between 50,000, 70,000 guests a month. then again the restaurants down here are flourishing, as far as independent restaurants. some highest revenue driven restaurants in the country are located in south florida currently. neil: how do you find the help to keep up with that? >> you know, not only, not only
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the restaurant group migrating down here but being open through the pandemic, other warm climate states we had everyone from new york, northeast, philadelphia. we had people come in from the west coast, even hawaii. a lot of transplants not only large format companies or restaurant groups coming to south florida, we also found a worker that has been turned on by the warm weather, beaches, the great lifestyle down here. the other thing is the restaurants themselves, the three gentlemen that started the company, brian, anthony and brandon, this year with six restaurants, we're forecasting about $60 million in 2023. as we open up our next restaurant in boca raton, they have had a vision. they opened up over really turned it on over the last five years but quality of product, employee of choice, treating people well.
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again, florida is a great state. neil: good food. 70,000 a month, you sure you were not counting me 70,000 times, francis? good stuff. frequent customer. very good seeing you. continued success. that is a sign. we always talk about the backdrop for all of this. consumer is in better shape than we generally give them credit. we'll have more after this .. ♪ one thing leads to another, yeah, yeah ♪
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[female voice] living with my mom was really bad because she did a lot of stuff that wasn't meant for kids to see. i basically fended for me and my siblings, myself. helping cook dinner, helping clean, taking care of my sister, making sure she was fed and everything. my mom was caught doing drugs. everybody got involved and they said, “this is not where children are supposed to be. this is not how they're supposed to grow up.” so, they removed me and my siblings and put us into foster care. [female narrator] brianna spent nine years in foster care waiting for a permanent, loving family. with help from the dave thomas foundation for adoption, brianna's journey changed when she was adopted. [brianna] after i was adopted, i felt very safe.
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and i'm now a senior, and i'm planning on going to college for culinary arts. i definitely see myself going in the right direction. [narrator] there are more than 100,000 children in foster care, like brianna, who need a family now. you can help us find them the safe, permanent homes they deserve. learn more at davethomasfoundation dot org.
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