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tv   Cavuto Coast to Coast  FOX Business  December 23, 2022 12:00pm-1:00pm EST

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lauren: that's it for us, merry christmas to everybody and to you, neil cavuto. neil: and to you, lauren. what a beautiful family. lauren: thank you. neil: let's hope everyone has a safe and enjoyable time and then get back to the recession. [laughter] all right. here we are, the noon hour as we take a look at markets that are
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not really enjoying the santa claus rally. the dow maybe barely. a lot of technicians have been calling me up and saying it's not a santa claus rally until you include up to new year's. i have no way to verify that. i thought it was right up until christmas. apparently not. but no matter how you want to gauge it, you would have a herculean leap to certainly get this month positive or a long way from that, a good shot week. year to date, forget about it. and this weather and these storms are not helping matters across the country. you're dealing with something that is freezing activity, quite literally. into in the case right now we're hearing from fedex and ups, even delaying packagings. so even santa isn't too delighted on what's going on here. what better cay to have my buddies, great -- day to have my buddies, gary kaltbaum is here, dan can bell trialed -- dan geltrude. i'm delighted you guys are here
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with me a little while. if i can, dan, with you on this santa claus rally that is limping along, do you buy the whole santa claus rally thing and that it does materialize a lot more often than not, a little dicier this year? should that alone worry us? >> well, listen, neil, it is festive, so let's air our grievances. [laughter] neil: there we go. >> let's air our grievances. look, has not -- this has not been a great year. you have in this battle between the federal the reserve and the federal government. why? well, it's a battle over is inflation better or recession. you have the federal reserve putting their foot on the brake while congress is jamming it on the gas pedal with this spending. so what are investors supposed to think right now? well, i would say that a recession is on the way, and
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that's what's been spooking people. however, now congress turns around and says we're boeing to spend clash -- going to spend $1.7 trillion, we're going to pump demand back up. neil: it's funny, gary, right. i mean, the -- he's right. the federal reserve is tightening or getting rid of federal money like a vacuum that's churning it back right at you, it has to deal with what congress is doing with this $1.65 trillion plan. not helping matters any. >> well, the fed giveth in record amounts, unimaginable, record amounts that fueled massive liquidity and all the bubbles and all the craze. they're taking it away right now, and it's simple as that. it's about the liquidity and, of course, the spending. none of that's surprising. they've shown for the last 20 some odd years they're going to disrespect the taxpayer and spend us into oblivion. so, to me, that's a nonstarter. the big issue for me in looking at markets, and you're showing
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it right now, is the nasdaq. neil: you were talking the during the break, and i didn't want to interrupt, but you illustrated the point we know the nasdaq is down about 34% year to date. but some individual issues are down a heck of a lot more than that. amazon down 50%, netflix, 51%. google over 40. apple, 27. microsoft has 30. yikes. >> if there's anything i can teach the viewers is that the nasdaq is about risk appetite of the big institutional crowd. and when you have the dow leading and the nasdaq lagging, it tells you everything you need to know about the markets -- neil: do you think that's overdone? >> i do not think it's overdone. of i'm a big believer in reality. we talk overdone, not overdone, but reality is the price you get paid at any given point in time. and i am really worried about the first quarter and the nasdaq dropping 50%, down to 8,000 --
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neil: whoa. >> because if you noticed even this week, it can't even get a head of steam. the nasdaq's down pretty decently while the dow is up. the money is flowing into boring procter & gambles and johnson & johnsons and out of what i call the risk appetite, anything with growth. keep in mind there's two participants to this. a, they've had monstrous runs, they were overdue. but, but -- b -- neil: you don't think this is overcone. >> -- overdone? >> i do not. st very tough to grow and their growth rates have been stunted, and you're getting valuations coming down. i think there's more to go. i hate saying it, but all evidence as of this second is sellers are meant full and buyers are not around. >> you know, neil, it's a funny thing, when you look at the market and see what you were buying a year ago, now it's on sale for 50% and you not -- you're not interested?
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so you really have to -- neil: will people be looking at this thinking, gosh, i could have got amazon when it was 60% off? >> well, timing is everything in the market, of course, but all i'm saying -- neil: but he's saying hat time is not now. >> well, i don't know if if i agree 100%. listen, i think a company like apple is not going anywhere. and you have the opportunity to buy at significant kiss counts, i think you have to look at tha. neil: when you go into the new year, do you have a posture that says, all right, this is a little bit overden -- overdone, any new strategies? >> i'm not changing my strategy, neil, for what i just said. companies are at a discount, why would i change? that's my place my. neil: what about looking at the market aggregates? would you buy them as an aggregate? >> yeah, actually, i would. neil: you would not touch. >> not just yet. i've tried. i made a little on the upside, and then i lost a little on the
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downside. what i tend to look for right now, the best part about bear markets is they will spawn great, gargantuan new whole-market stocks. neil: could you tell me exactly when? >> i don't know when, but the big clue's going to be when all of a sudden stocks are trying to break out of range at the new yearly high ground, they actually the sick the, and they don't just go back down. and that starts a new bull market. that that's when you see a stock to being written up about after it's up 25, 30, and it keeps going, then 10 new stocks show up, then 20, and you look at what those company are, 50, 100, 200% growth rates, that's what i'm going to be looking for. right now there isn't anything. i look at what the stocks are doing, and you know how a market's bad? your stocks are going down. and that's what you're seeing at this moment, and you've just got to take a step back and relax, and that's what i've been doing for the whole year pretty much. >> but the issue is there now
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you're talking about how do you time the market. if you have a philosophy and the markets are going down, that's a buying opportunity. the markets will come back. neil: from your mouth. all right, guys, don't wander too far. i'll have these brainiacs here for a while. i do want to go, follow this storm because that's going to have an impact on the economy, maybe even the markets. part of that reflected, fedex and ups saying it's not only people who are having trouble finding planes to get on, but for packages to find planes to get on. so they're looking at delays of a lot of things you might have wanted to see or santa certainly would have wanted to put underneath the tree on christmas day. where does that stand and with this storm and all the flight cancellations and the rest, mike tobin joins us out of chicago. mike. >> reporter: and i'll start you off with seattle, neil, because the airport was shut down altogether. and shut down because they got a dump of freezing rain about two mt. morning that a iced over all
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three runways. actually, the ice is harder to get off than the snow is. they've got one runway that's open now, but the major carrier out of seat seattle-tacoma, alaska airlines, has canceled all flights until at least noon both out of seattle and portland. across the nation some of other major carriers, american airlines has canceled 263 flights; delta, 209; southwest airlines, 799 8; united airlines, 215. from midnight last night domestic flights across the nation that have been canceled, 3,897. people are stuck all over the place trying to get home with no good options. >> unfortunately last night we were scheduled to leave about 7:50 this morning. we got a text saying they rescheduled us to austin at 12:00 today with a layover. >> we were original ily meant to fly to toronto from london, england, last night, and our
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flight was canceled. then we rebooked to detroit today, but that was canceled as well. so we just tried to get another flight to toronto or detroit, and there's nothing left for us. >> reporter: you know, yesterday when we looked at's misery map, it looked like denver and the twin says really had the bulk of flight cancellations, but now it has spread out all over the place. you can see the numbers in seattle are going up, all the way to new york you've got flight cancellations and the ripple effects that spreads out to the other airports. as far as the weather goes, the forecasters really had it close to being right. they said we weren't going to get a ton of snow. we didn't, but it did blow around. driving conditions got hazardous last night. it looks like the road crews really have a handle on it at least here in chicago, but it is cold, cold, cold. started out the day at -7. it's warmed up to -5 with a wind
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chill that makes it feel like -30. neil? neil: imagine telling someone that, we're now as -5. that's how bad it is. good job, my friend. be warm yourself. you know, in buffalo they look at and say, yeah, deal with what we deal with all the time. but even in buffalo, as max max gorden can tell you, fox weather correspondent, they've got some hallses of their own. what's the latest, max? >> reporter: hey there, neil. we're standing along the shores of a very angry lake erie, waves expected between 14-18 feet tall today to. we're in the town of hamburg which is just about 20 minutes or so south of downtown buffalo, and officials had to evacuate a neighborhood here because there's the risk of flooding, the risk of homes being inundated. now, the waves aren't the only risk here, we're also talking about fierce winds, a gust of 72
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miles per hour was recorded at a buffalo international airport with wind speeds predicted to get up to between 80-85 miles per hour at hair peaks. also talking about a lot of snow here, around 3 feet is expected to pile up. because of all this, travel conditions extremely dangerous. city of buffalo banning all vehicle traffic right now as well as erie county. extremely treacherous on the roads. very, very low visibility out there and very cold as well. neil? neil: all right. be safe, my friend. thank you very, very much. let's go to craig herrera right now, fox weather meteorologist. size it up for me. we know about 200 plus million if americans are in the path of this either with snow, cold or ice, what have you. that's pretty sweeping, and it's going to sick around a while. >> reporter: right through the weekend. and try to travel, you heard it's going to be a night mare. today is the day where this thing is at its strongest and
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continues to intensify as we go into the next coming hours. here's what we have. with all of the snow, there's buffalo, and you saw max there from fox weather, all of that wind banking up against the water,st creating all of that storm surge -- not storm surge, but the high waves, rather, and it's pleasing. meantime, to the north of there, look at the heavy rain. many people across the tristate could hear it, maybe even woke you up. the winds are very impressive. yes, we only had 5 inches of snow in some cases, but it's blowing around creating some whiteout conditions and a major concern, the power outages, neil. we're dealing with outages up and down the eastern seaboard, right true the gulf coast -- through the gulf coast states, portions of washington and oregon state as well. in all, almost 1.5 million customers without power. and remember a customer is a household, so you could have 3, 4 people within that household without power. north carolina, 200,000
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customers without power. 128,000 in virginia. tennessee, 115,000. in new york already 102,000 customers without power, and 86,000 customers in connecticut. the winds are going to continue to howl, and this is not only a couple-hour event, this is through tonight, into tomorrow morning. tomorrow morning look at buffalo, of 60 mile-per-hour gusts, 30 in boston. you can see why we have these widespread power outages happening. you also factor in the cold air that's all the way down to the gulf coast state, and the wind chill factor's a big story for i us. the up in michigan, all along the shoreline of michigan, you could be dealing with a foot of fresh snow, but look at lake erie, lake ontario with the lake effect winds all converging coming through, we could see an additional 4 feet of snow by the time we get into sunday. the feels-like temperature a major part of this story, as you know. temperatures tomorrow morning feeling more like -39 for
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bismarck. new york this morning dealing with warmer rain, if you will, waking up to feeling more like -5. little rock at -4. this chill goes all the way down into texas, and places like birmingham had their first wind chill warning ever on record. neil, in all we're talking about 170 million americans that are feeling some sort of winter chill alert. and by the way, this storm -- you heard 'em bomb cyclone. that's exactly what it did. so the pressure has dropped 24 millibars within 24 hours, in fact, it dropped 30 millibars and continues to drop right now which means that this storm is intensifying as it continues to pass up over great lakes. so we've still got another 24 hours before this starts to move out as it moves to the north, neil. that lake effect snow is going to be a big deal for places like buff to low and watertown. neil if am a i looking at right,
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my eyesight is awful, but it's in the 20s in tampa, florida? >> reporter: tampa, florida, 20 degrees tomorrow morning. can you believe that? and look at mobile, all the way down to houston, 15. remember just a few years ago they had that big freeze over a portion of texas. thankfully, there's no ice with this, but the cold air is in place, and losing power is going to be a concern because it's going to be downright cold. neil: disney world, do they close if there's snow? >> reporter: they probably would. i'm sure they've got some plans in place. neil: how would they eat the turkey legs? >> reporter: i like that, we have to eat, right? [laughter] neil: craig, you've been so so accurate on this, we appreciate that. love to get you back, assess where we stand. right now we're freezing as we stand, and it's not lefting any better, and to his point, this could stick around a little while. in the meantime, a promise from elon musk that he will stop selling tesla shares because he figured, well, $40 billion this
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neil: may be one of the reasons why elon musk is no longer thest man on the planet, he sold a lot
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of tesla stock, about $40 billion worth, we're told, year alone. he says he's going to sop that, won't even think about it until 2024. let's get the read from lydia hu. what's going on? >> reporter: hey there, neil. yeah, it seems like elon musk might be trying to allay concerns that his purchase of twitter is hurting tesla. the ceo of the electric car company said he's going to take a break from selling tesla stock for about 2 the years. that announcement came during a twitter spaces audio chat where musk said the company, he believes, will be in a serious recession next year, and that's raising concerns about softening demand for the electric cars. but this is not the first time that musk has made promises about not selling tesla stock before, end then selling it after. and like you said, last week musk disclosed another $3.6 billion in stock sales which took the total to near $40 billion since late last year. musk also added that a decision
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on buyback of tesla's stock could be influenced by the swfer i of an economic down turn. back in october musk said tesla could pursue a buyback somewhere in the neighborhood of between $5-10 butted ad it would not be a smart move if the recession is worse than what we saw back in 2009. now, concerns over softening demand sense tesla shares plunging 8.9% on thursday, heading for hair worst month ever. the luxury electric carmaker started offering $7,500 discounts on model 3 and model y vehicles to the u.s. before the end of the year, and the new tax credit announced wednesday is also double from the original offer of $3500 made at the beginning of this month. now, all of this, neil, is underscoring concerns about falling demand for the electric seeks. analysts, they are -- vehicles. analysts are reducing estimates for the current quarter over slow growth saying cutting the
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prices to increase delivery, that doesn't raise a lot of confidence at a time when competition in electric vehicles is only increasing. neil. neil: all right. thank you, ya, very, very much. dan, does this change your mind about tesla? because it's not changing some investors' minds. >> no, i don't think it does, neil. tesla was the first one really out of the gate related to ev, so they're out in front. elon musk is, if nothing else, extremely innovative. so i think that, you know, as far as the market goes although it may be softening right now, i still think tesla is in a pretty good spot related to the ev market. neil: if i wonder about the ev market. with all the power outages and problems that we've had many california, the brownouts and everything else, maybe we're jumping too soon. >> tesla's not giving discounts because they're generous, they're giving discounts because they have to. they raised the amount of discount. and i'm a big believer in numbers, neil. in 90 days the market cap of tesla is down $600 billion.
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neil: is that right? >> 600 billion. the market's speaking to a couple of things; or number one, the twitter deal -- neil: he's too distracted. >> plus look what's going on with the tweeting and the changing and all that. to me, that speaks volumes, and it's a worrisome sign. if he was smart, get a good see -- ceo in there quick and get back to business and enough of this outside stuff or else. you said something about the ev market, i think it's slowing up in many companies right now. and all this talk the last few years about flying cars and driverless cars, i just wonder how big some of these markets are going to be going forward. neil: real quickly on that, one thing i've learned about covering elon musk over the years is never underestimate him. i i vividly recall when he cashed out paypal, he got $100 million, then he was bouncing around this idea of a private space initiative. everyone laughed at him, said
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there's no demand for this. and he's done okay. and i'm just wondering whether the shorting market on him is overdone. >> well, the fate of all true genius, as you know, neil, is to be misunderstood. neil: built a career on it. [laughter] >> so obviously that's what's going on with elon musk. everybody thinks he's crazy, but the guy has found a way to be successful over and over again. and as far as the ev market, let's not underestimate what this administration would do to keep that market strong, right? you're looking at getting rid of all these fossil fuels and we want to get rid of cars, what california's doing -- neil: people are wising up to that and saying it's a little crazy d. >> but i believe the federal government will continue to incentivize the ev market. i think elon musk understands that, that he's in an industry where the federal government is on his side. maybe not him personally, but the industry itself. neil: okay. guys, you're going to be around
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the next hour. very much appreciate that. in the meantime, we're getting wind that this big spending bill, the omnibus, whatever you want to call it, the $is 1.65 trillion monster, it's running into i wouldn't call them serious roadblocks in the house, but time-consuming ones. we're on it after this. ♪ it's been a hard day's night, and i've been working like a dog. ♪ it's been a hard day's night, i should be sleeping like a log ♪ this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.
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neil: all right, i think they call this hurry up and wait version in the house of representatives right now where that omnibus spending measure is good to go at least through the senate but all sorts of details and rules about getting it to reality. chad chad pergram knows those rules. what's happening now? >> reporter: neil, a last minute, last hour vote later today to fund government through next september. 18 senate republicans voted yes
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on the bill yesterday, but don't expect more than 99 or 10 -- 9 or 10 members mt. house today. >> y'all are railroading this $1.7 trillion bill full of garbage without any regard for what it's costing americans. the truth is our constant blood of reck eless, bloated spending bills has blown inflation rates right through the roof, and americans are going to pay the price. >> reporter: the house passed all of its individual spending bills, but the senate never acted. that forced both bodies to mass hem all together into one massive package. >> this sweeping package is anything but garbage, as previous speaker intoned. it is, in fact, the essence of supporting our national security, our domestic security and the welfare of our people. that is not garbage.
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>> reporter: about 55% of the $1.7 trillion bill goes toward the military. spending percent armed forces jumped significantly in this bill. republicans insisted on holding line on spending for democratic priorities. defense increase is why lindsey graham supported the bill. >> i'm hoping kevin mccarthy can fix that on the house side to give us a little leverage mt. senate s. and to my house colleagues, you've got every right to complain. but you send over a budget that cuts defense or doesn't keep up with inflation, it will be dead on aa rival. my number one goal as a member of united states senate is to defend nation. >> reporter: the house may be voting on the verge of christmas eve, but few members are here. 230 members will vote by proxy, republicans vow to end proxy voting when they take control in january. neil? if. neil: all right, chad, thank you. to to republican tennessee congressman chuck fleischmann. congressman, it looks like thing is going to go through.
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i'm not aware of all the parliamentary shenanigans, but how to you feel about that. >> you're right, it is going to go through. i'm here doing everything in my power to keep it from going through. this has been one of the worst bills i've ever seen in my 12-year tenure in congress. it's bloated, it's wrong. as bad as joe biden is and has been with his spending, this goes beyond that. this gives more money to to joe bide -- than joe biden wants. i is no idea -- i have no idea given where we are the united states could actually consider a bill like this and pass it. it is a bad, bad bill. it needs to be stopped. but you're absolutely right, we just don't have the volts. next year we will, but for now it's a sad day in america -- votes. neil: are you angry at mitch mcconnell? >> i'm frustrate ared. i'm frustrated with the entire process. the house passed appropriation bills and did its job earlier
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year. i didn't like a lot of those bills, i am an appropriator, but at least they did their due diligence. what basically happened is the senate did not do their work, they came together and appeased all of their members. there's a reason they got 18 republicans to vote for it in the senate. why? because they appeased them. many of these are retiring senators, but we've got to start retiring american debt. we're $32 trillion in department and growing with no end in sight. the american people know better than. so i share a sense of frustration with the entire process, with president biden and his budget that he put bard, the senate and now with the house that's going to pass it under pelosi's leadership for the last time. she's going to get this in, it's bad for america. neil: congressman, this battle for who's going to lead your party mt. house, kevin mccarthy still doesn't have those 218 votes. are you looking around for someone else? >> no. i think kevin, ultimately, will get there.
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i've been a mccar think supporter. i -- mccarthy supporter. i think we're going through a very good process internally. discussions that we've had for over a month now internally, as a family, as a republican caucus is good. i'd much rather have those conversations now than after january 3rd when the american people are going to expect us to lead with a very thin majority, a 5-vote majority, be fiscally responsible and stop some of the monosense that we've seen today. this is an outrage. the bill that's going to pass today will never pass many a e republican house next year. neil: thank you very much, congressman chuck fleischmann. meanwhile, take a look at this nasty weather and delays of packages, delays of millions trying to get home to grandma for the big holiday and now this latest development, more than a million americans at last count without power and more could follow. after this.
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neil: we've got an update on this incredible storm right now. better than a million americans are without power, close to one behalf million. a good chunk of them are in,, as it turns out. will nunley is there in dallas with more. what's going on, will? >> reporter: neil, here on the streets of dallas this morning we're up to 21 degrees, up from 10 where we started this morning. lots of focus, as you can imagine, on the texas power grid, wanting to know how that's holding up. well, fairly well at this hour. as a matter of fact, the power outages across texas numbering less than 70,000, and that doesn't even put it in the top 5 states around the nation right now hard dealing with widespread power outages. north carolina and tennessee kind of leading that right now. we understand that the numbers continue to climb in tennessee and kentucky. but part of what's helping texas recover quickly when outages are reported because we're not dealing with the ice and snow impact. we understand that crews are able to oat -- get out there and manage that. texas saying they have capacity
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to go, they are meeting demand, and they do have capacity to go. unfortunately, our affiliate here is reporting at least one death being attributed to all of this, 22 others hospitalized at this hour. so this is serious situations we're talking about here in terms of 10, 15, 0 degrees. it is painful -- 20 degrees. it is painful to be outside, neil, and is we're just not out of this yet. i'm getting word from if friends in tennessee saying they could not get those big mail trucks out to some of the rural counties, so no mail running today in parts of tennessee. and two days before christmas, of course, that's just not the news folks want to hear. we're just not through, but we'll try to keep you ahead of it here on pox weather. neil: -- fox weather. neil: fedex and ups saying we're having a devil of a time getting our packages out because our planes can't go out. it's not only a problem for hose who are trying to fly to grandma's, but a lot of the packages that grandma wants to send to the grandkids. the back and forth continues on
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that. in the meantime, very special moment for me here because i've to been a big admirer and continue to be of this next gentleman. you know griff jenkins, he's a star here at fox, both on news channel and fox business. we leverage him aggressively. griff, it's always good to have you, and i really wanted to -- >> it is so cool to be here. neil: lull, my friend. i do -- absolutely are, my friend. man, are you a hard worker. at the border especially, and your coverage over the year, i take it bill me hue gin and what you guys have done, but you've seen up close what ohs are not -- others are not reporting at all, and it's bad. compounding it, of course, the expiration of title 42 whenever that formally happens and now this coldwater. i'm just wondering -- cold weather with. how do you see it going? >> well, this is likes of which we have never seen before. it is truly unprecedented and a crisis in every sense.
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i first started covering the border in 2010 when then-governor jan brewier -- brewer was deputizing her troopers to deal with the crisis. and back in those days, we had 50 migrants in the last 24 hours. i'm, like, 50? we've got 500 in a group every hour now. in el paso where it's frigid, in the last 4 hours, we'll break muse -- 24 -- i just learned there were 1,923 migrants just in the last 4 hours, and since october 1st when the fiscal year began in just the el paso sector, they just crossed 150,000 encounters. now, borderwild they've had 575,000 of which 39 7,000 were i leased. 177,000, title 42. these are numbers. neil: we're showing a lot of what you show when you're wading into waters to talk to those who are trying to get into this
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country. you fear nothing. following up on these stories. what i'm always amazed, grave, when we go can be griff, when we go to you for a report, is the boldness of those trying to get in here. they don't care a national correspondent's looking at them, talking to them, has camera as rolling on them. they want in here and they are relentless. >> one of the most memorable live shots i've done in my career on the border was with you live many del rio when i was in the winter. we got that smuggler to audiocassette to us -- neil: and he did. >> they don't care. they're making big money because they know policies of the u.s. are conducive to his business. and in that interview where we were talking to him in my terrible, broken spanish even though you're kind of -- neil: i stop at como esta. >> he was telling me that officials on the mexican side are his problem, not on the u.s. side. but now you have the pull factor
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of these countries is that they know the cartels can get them across. so at the end of day no matter how treacherous their journey is, if they survive, they're likely to succeed and get released. but tragically, administration -- which said they wanted to be the most humane immigration policy administration -- there have been 86 border deaths since october 1st, and there's only been 84 days since then. it's really a telling number. and they're coming because they know they can get here -- neil: but these numbers are with title 42 in place, right? >> yep. neil: hen we had the issue where many were being bussed to locations, i remember in washington, d.c. when that old reliable spanish of yours came in handy talking to hose getting off the pus -- bus, and they were all a saying kind of same thing. i don't want to misquote you or hem, no, this is our opportunity, this is our moment, and we want to stay. >> that's exactly right, neil, because i had asked the very
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first person stepping off that governor abbott bus in washington -- neil: right, right. that's right. right outside the president's house -- >> was from venezuela and i said, you know, is the border open or closed. he said the border is open -- neil: so that word has gotten back to them. let me ask you this, when the administration talks about maybe carving out special asylum exemptions or special status for those i guess from venezuela and some of these other countries like colombia or nicaragua, i'm just curious, is it your sense that they get a free pass then? that if you claim asylum, you're in a please proceed to green group? >> yeah, definitely. and the cartels know it, right? so venezuelans, we used to have just 4 or 5 years ago majority of migrants were from that northern triangle, honduras, guatemala and el salvador. we ended up with repatriation
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agreements with those countries so they could be sent back. hen cuba, nicaragua, governments we don't community candidate with and countries we don't -- communicate with. so then the administration realizes this, the biden administration, so they come up with, well, we're going to send title 42 back into mexico venezuelans. so what does the cartel do? finds another nationality to make money. more cubans, more mix rag wans. that's what we're seeing in del rio now, when i was there last. so at the end of the day, this is a game that the cartels are making millions upon billions a year on gaming the system according to our policies. and the fact is we don't have a consistent policy. and it doesn't look like, to me, neil, that there's any political will in washington going into the new year -- neil: the president's going to mexico next month, right? what's to come of that? >> well, he's going to go there
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on january 9th, neil, and i'll give you a little teaser here. i'm going to go to the border, likely he'll show up on mexico that same day, and we'll report what's happening on the mexican side to have u.s./mexico border. because if the president doesn't want to go there, he's going to bo to mexico city and try to have a meeting with president obrador who's outgoing president, he can't do anything to stop it millions our policies change. neil: the 3 million or so that are getting in here and the so-called gotaways on top of the 1.5 million we legally allow in through all types of administrations, democrat and republican, this is beyond that. the legal part is fine, but this is not sustainable. >> yeah. trying to put into perspective for our viewers what's out of control. like i said, this first 84 days, there have been over 500,000 migrant encounters, but there have been 328 gotaways as of today. you add those numbers up, that's
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larger hand populations of pittsburgh and buffalo combined and then some. neil: incredible. griff, i learn a lot always talking to you. and mine what i say, he his i'm blowing smoke at him, but he works so hard. so concerned about getting it right. what i dislike about him, he's making the rest of us look bad. [laughter] and unfortunately, he is, as you see him on air, in person. same way. so he doesn't have those huge anchor, correspondent egos. [laughter] that's where he and i are so much alike. >> listen, i can make the coffee, take trash out. [laughter] whatever you immediate. i answer to a hey, dude, dad, late for dinner. neil: he is a good human being, and you catch him on weekends, on holidays. you can just sort of -- >> i'm going to do a report on your show tomorrow. neil: i know. of course, you're there, everywhere. all right, we have a lot more coming up including an update in the runup inform --
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when griff came on, we were up about 90 points, look at this, we're up about 120. if you're looking for a santa rally, shall i say keep looking? more after this. ♪ [laughing and giggling]
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neil: so new home sales beating expectations, rising to 5.8% in
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the latest period. just the opposite though with existing home sales that were down almost a like amount. so what's going on here, especially in an environment where mortgage rates for the sixth straight week have declined? i believe right now, i don't have number in front of me, i think we're averaging 6.31% on a 30-year fixed rate mortgage. let's get the read from jerry howard who says no matter the conflicting data, as far as promising developments for home builders and he is the ceo of the association of home builders, he's not seeing much of the green light here. so, jerry, which is is it, first of all, and why did the disparity between new and existing home sales? >> well, the disparity's because there's still some new homes on market that are at the price points for first-time home buyers, but that is a rapidly-declining number and one that we're not able to supplant anytime in the near future. so there's that and then, obviously, you mentioned it, the
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fact that mortgage rates are coming down and buyers having a choice between new and existing. if you can get new and existing and it's in the same price point, most people will take new over existing. neil: i think mys quoted, 6.27%. but i am wondering why that has not led to more activity. you would think you would see a commensurate runup in people wanting to take out a mortgage or least look around. building sentiments numbers among builders e depending on who you talk to, some are dire, but others are saying that that's what they're clinging to, that mortgage rate drop is something that might sustain them or turn things around for them. what do you think? >> i think the decline in mortgage rates and if the fed turns a little less hawkish going forward, that'll help. the other thing that helps is there's still a supply shortage out there, and when things turn around, we're going to need to
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build. but the problem is right now it costs too much to build. we can't build at a price point that is there for the first-time home buyer, and that's the key of the market, that segment. so we've got real problems. year-over-year sales are down 15%, and yet prices are up. neil: wow. >> it's the not a sustainable -- it's not a sustainable picture, and we're very, very concerned about it. neil: all right. keep us posted. you'll get through it, jerry, you always do, your association does. we'll see what happens. meantime, my friend, have a merry christmas. jerry howard, national association of home builders' ceo with. we are seeing a pickup of activity at least for the dow trying to inch out, and i mean eke out, a nominal gain on the week. it will not be that way for the month, doesn't look like it's going to be that way for the week or month, certainly not the year for the s&p and the nasdaq, all right now getting clobbered on the year.
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we'll detail it for you right after this. muck rocking around the christmas tree at the christmas party hop. party hop. ♪ mistletoe hung where you can y couple tries to sop ♪ but now i'm working for schwab. .. the world through their lens and invest accordingly. you can call us christmas eve at four o'clock in the morning. we're gonna always make sure that you have all of the financial tools and support to secure your financial future. that means a lot for my community and for every community.
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