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tv   Cavuto Coast to Coast  FOX Business  January 5, 2023 1:00pm-2:00pm EST

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neil: we don't know what is going on. the seventh straight vote, there is no vote, we don't know who is going to be the choice of the 34 representatives of voting in the next leader of the set of representatives. it will not be kevin mccarthy. it's not going well for him. as soon as we learned it wasn't going well, the minimum of four votes, four republicans, ended up being double that now. his hope is to keep it below 20, he has done a lot to try to make this happen. secure support among those 20, has not been able to get them really to budge.
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there we be. the markets are down 380 points. that has little to do with this. they do like gridlock. we think of gridlock as democrats and republicans at loggerheads but the fact they are not get anything done in the house can also be gridlock on steroids. the financial community, largely conservative bunch, not to politicize them but relatively, they like what the house republicans are planning or want to do and check spending and all that. republicans have a dicey track record on spending. if there's a possibility that gets delayed or denied, the guy leading the process is not who they thought it would be when all is said and done and add to that the uncertainty, strategic partners investment strategist mitch rochelle, good to have
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you back. appreciate it. i want to look at how this is fanning out. we have uncertainty about the federal reserve, comments out over jerome powell, 6 weeks old, have more of an impact on these guys than the craziness going on now. the fed seems to be the market moving game in town, nothing seems to have changed that. what do you think? >> the market doesn't believe the fed. only to find out the fed isn't bluffing. in my opinion the fed would rather to press into recession in their fight against inflation to gain credibility. all eyes are on the federal reserve. we are starting to see it take a turn in the labor market in some parts of the economy, not holistically, the job market seems to be pretty hot and holistic but the tax sector, look what changed since november for amazon when they announced 10,000 job cuts,
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20,000 jobs, salesforce announced yesterday they are cutting 10% of their workforce the next year so it is about jobs, people keep swiping credit cards and stimulating demand in the economy, 7.1% inflation. the federal reserve won't stop until they get inflation below 2%. don't think about, a pause, until it is below 2% on inflation. that only happens when the labor market cracks. neil: they could lose their jobs in corporate offices in a couple weeks. i hasten to add, if you put it in perspective, much as these few thousand laid off are microsoft, 400,000, it is what it is. we see or hear that kind of thing, are you worried we will see more?
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>> it makes sense. if you are the ceo or cfo of a company and looking at earnings forecast and having that candid conversation with analysts and earning growth, revenue growth looked tepid because of the economic head winds, what is a controllable cost you have? this is a service economy, what do you do? start thinning the her little bit. it makes sense quite honestly. i'm surprised in the period of massive growth of they were not doing it more proactively but it wasn't very big headlines. jack welch in the best of times use to cut x% of the workforce, the bottom every year. it is prudent, you see more of that, the companies you
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mentioned, that is a business-to-business company and amazon is a business to consumer company. both of those companies are facing headwinds, i agree with luke wholeheartedly, this year 2023 we will see a lot more head cuts in organizations big and small. neil: it works out 0. 2% of the workforce but it is what it is. what should we be watching in the next few days. apparently i've seen betting on the next rate hike from a quarter point hike to half a point hike, where are you on this, i know you are not a fan of the pattern. >> the name of the game is to be patient, not short-term mind ed or think about the next few days but we have to look at the next 6 months.
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the fact is you are watching data points over the next 6 months as consumers pull back spending. 6 million people are on unemployment, 10.5 million job openings. we need to reduce the demand in the economy. be patient, wait for the accommodated points because there's more pain to go but markets are discounting that, over 6 months, 9 months down the road, some pain in the last quarter of 23 where you see economic growth, growths in the stock market rebounding because it discounted the 24 growth the we would see a rebound in. neil: i want to go to washington where we will have numbers that are bad for kevin mccarthy as they were yesterday. despite the concessions he has made to the group of 20 odd
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congressman who are making a lot of demands, appears not have changed a single vote, we are up 18 nos. is that 17? 18. that is what we are waiting on. i want to to go to hillary vaughan on capitol hill. what she is saying. >> reporter: we are in the seventh vote but kevin mccarthy has already lost too many republicans to have a shot at clinching the speakership in this vote. we expect there will be another vote after this. mccarthy, going into the seventh round, was not expecting anything different this time even though he says closed-door negotiations are making progress. >> do you expect a vote? >> pretty much. nothing to do until everything is done. >> mccarthy is trying to give
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the 20 hold out some of what they want to win them over, demand include letting anyone member a motion to vacate the chair to force a vote to fire the speaker at any time and stacking the rules committee with four members of the house freedom caucus but that isn't enough to convince some in the anti-mccarthy crew like members elect bob goodee and lauren who said they would never vote for mccarthy no matter what. >> doesn't matter what my vote is because he doesn't have two 18s. too many are committed. >> reporter: as the standoff goes into day 3 some members are getting antsy that they are delaying getting to the job the american people sent them to washington to do. defenders of the process and the delay say this is part of that job. >> i'm not going to coordinate anybody because they've been in the line of progression to
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assume the speakership. we had 5. 5 months. can we not take 2 or 3 days or longer to vet the most powerful person in congress? >> reporter: there is no unification around a consensus candidate yet. byron donalds has received a number of votes from the anti-mccarthy contingent, we did see congressman elect matt gaetz vote for donald trump instead this go around. clearly there is not someone next in line to take the place of mccarthy yet that has nearly the same number or more votes than mccarthy has now. neil: you have more important things to worry about but it is possible we are expecting any day now, all excited about that are you worried your beautiful baby, she does come into this world, we will still not have a
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speaker of the house? >> reporter: we should start taking bets on who's going to arrive first? will it be my baby daughter at the end of the month or is there going to be a speaker of the house on capitol hill? neil: maybe the 20 who are resisting, we can't have hillary's baby when. you are a trooper. i don't think she is going to deliver in the capital, i hope not. we've got the washington examiner. this goes on and on. we go to an eighth vote and the ninth vote. we've done these things before and it is sort of like stockholm syndrome, people say hell with it, some of us will start saying we are here, just present and reduce the number down and all that. i don't know. for kevin mccarthy, they might have to do some reassessing.
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>> reporter: not all 20 holdouts are created equal. there is a handful of them. 5, 6 who are never kevin. they are not going to vote for kevin mccarthy under any circumstances. it is personal. there mistrust of him runs too deep. there is another couple dozen members who want some concrete concessions from kevin mccarthy that he has get to back. the motion to vacate is something he could have done before the mess began. he chose not to concede, they want to see major reforms to the appropriations process. they want to do it department by department instead of one big catch all package. that is something mccarthy could offer the majority of the holdouts and if he is able to peel off a few at a time and that number, 23 opposing him starts to shrink then we will see the momentum, on the remaining holdout starts to build. neil: we are close to the end
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of this process. it is holding it 18 no votes. is this something deeper than we suspect? there's a core group, don't know how many it is who just don't like him. no matter what he concedes they personally don't like him. don't know where it begins, where it ends but it is personal. >> reporter: i think that is the case with a handful of those members. congress and bob goodee from virginia said stop asking if i will vote for mccarthy today, you can assume the answer is going to be no. that sentiment is shared from a member of congress. not all of them. some of them still have some pretty big asks. they have maximum leverage so there's no reason for some of those holdouts for whom it is not personal to make those big asks of mccarthy and we have seen overnight that he is willing to budge. he offered major concessions. one wonders why, knowing his
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lack of support within the conference was weak, he didn't do that before this week. he had months to sew up support, and he knew after the conference vote when he lost 30 one republicans to andy biggs that his support was weak and yet he held out on addressing those demands until the spectacle unfolded. one has to wonder why. neil: they allude to the arrogance of that. let me ask where this goes. what is the end game? the ohio democratic congresswoman said she would entertain crossing party lines, the california democrat said he's open to doing the same. when i chatted with him yesterday, he told me that it isn't sort of a blank check for kevin mccarthy. i want you to take this in. you heard about marcy capito,
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to vote for kevin mccarthy. would you? >> i would consider the right republican, someone i could trust. brian fitzpatrick, mike gallagher who spoke eloquently on the floor, david joyce. there need to be two conditions. one, you can't have debt ceiling debate or shut down, as something that takes the country hostage. they would have to be some agreement on some peanut power. i am open to a republican who could work to put the interests of the american people first. neil: what do you think of that? >> the right republican for democrats is not the right republican for republicans, because the kind of power-sharing agreement he was describing would you sensually erase most of the advantages the gop has as the house majority. if you erode -- extend their
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subpoena power to democrats. if you make it so republicans can't have any leverage over the appropriations process you are eliminating most of their advantages, the reason they stopped the house majority in the first place. whatever deal mccarthy is offering conservatives right now, even if they think it is weak, is so much better than whatever a consensus republican speaker what offer them that if it starts to get to that point, i wonder if some of the holdouts who are not never kevin might look at the prospect and back down. right now the prospect is very real but over the next few days it could become real. neil: it seems very unrealistic, hakeem jeffries always gets 212 votes. even if it is 211 votes. could something happen where republicans just throw up their hands, getting tired of this or say it is actually better.
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a couple of these guys were saying it is better if we go the route of jeffries running things than kevin mccarthy running things. as crazy as that sounds could you see that happen? if they stumble into a democrat running the house of representatives? >> that is a risk that grows greater by the day because as you mentioned, hakeem jeffries is close to that 218 threshold. it would only take 7 moderate republicans, 7 centrist republicans to say enough of this, we need to get to work doing the people's business and support hakeem jeffries. that the lower hurdle for hakeem jeffries to clear than kevin mccarthy has right now and you are hearing some of those moderates be more vocal so that risk becomes more real as time goes on and that might put pressure on some of the holdouts to start to break towards mccarthy or give him the momentum he needs.
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neil: florida congressman matt gaetz himself placed in nomination of donald trump for that job, but said yesterday, jeffries would be a better alternative to kevin mccarthy. that is how extreme some of these views are. the situation looked untenable, unlikely, but in this crazy environment, anything goes. the 7 vote is wrapped up. the dow is down 409 points, stay with us.
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golo is real and when you take release and follow the plan, it works. neil: most of the other votes almost identical. what happened? >> what happened at the close of the seventh vote is kevin mccarthy has not demonstrated any progress. the 7 votes he has lost, we have an eighth ballot in a few minutes, after an adjournment. mccarthy 200 one, hakeem jeffries 212, all democrats continue to vote for jeffries. donald trump, the former president, won matt gaetz's vote. the speaker of the house does not need to be a member. that has never happened but he finally got a vote here. present, victoria sparks, republican of indiana started to vote present yesterday, she's voting present.
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in some respects, lowers the total, threshold of how many members are casting ballots by last name. in some respects helping mccarthy, in other ways hurting him. byron donalds, 19 votes. very little progress here. kevin mccarthy stepping in, don't want to call it the speaker's office but the office he's using the does not have the speaker's nameplate above it in the us capitol indicated to reporters he didn't need to read much into today. we don't know if that is spin or if they are trying to negotiate something. people said there' s an old saying in washington that nothing is decided until everything is decided and that is what kevin mccarthy said a few minutes ago. scott peary was the last verse of vote. he came into the chamber out, he supposed to kevin mccarthy and he was just on the fox news channel and accused mccarthy's staff of leaking documents.
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he was suggesting everything they talked about, nobody has agreed to these things and said this is typical of this washington culture leaking information to the press corps. he is not satisfied right now. after the first vote in continued meetings we don't see that the ball is any further down the field. go to 1923. it took them tween 9 -- 9 votes, whether or not it gets to speaker or not, remains unclear. neil: we will go back to that later. i know you're busy. let me go to the new york republican mike hall. he not only flipped the democratic seat, he walloped, there was a big event, is a big event. he's itching to do it and can't get to work. he supports kevin mccarthy. good to have you. you are kind of -- you can't do
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it. >> obviously we are in the middle of the speaker vote. we just finished vote number 7. i do believe we are making progress. there was a lot of conversation overnight, a lot of conversations continuing this morning. members talking directly to each other. neil: it is always the same. >> as i said from the beginning, kevin mccarthy will be speaker of the house. neil: what do you see that others don't? nothing changes in these votes. >> bottom line is he has the overwhelming majority of the conference supporting him. neil: but he doesn't have 218 votes. >> we are not going to fold. ultimately the conversations will continue. they have made progress and we will move forward. ultimately we will have a vote
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and he will be elected speaker of the house. neil: you are a supporter, most of your colleagues, 90% of the republican caucus, it is not 90% of getting 270 electoral votes, you had to get 270, he needs to get 218 votes, having a devil of a time doing that, every vote repeats, a bunch of those guys have to change their minds. can you realistically see any of them doing so and the numbers mister mccarthy needs? >> yes. i can tell you a lot of positive conversations in the last 24 hours and there is movement now. it has not shown itself yet in the vote but there is movement, there are people negotiating in good faith as kevin has from the very beginning making 20 rules changes to address the concerns raised by these individuals. there is movement and i believe when all is said and done he
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will have the requisite number of votes to become speaker. i can be abundantly clear as i have from the beginning on this, i am not budging. so me and my fellow colleagues who are coming from biden districts, there' s 18 of us. we are coming from biden district. we are not moving. kevin mccarthy is the only person who will be able to get 218 votes. i understand he doesn't have it right now but we have made significant progress in the last 24 hours and i do believe he will have the requisite number of votes and we continue to work forward as a conference. bottom line for all of us on all sides of this is until we elect a speaker we cannot hold the biden administration accountable. we can't move forward with securing our border. we cannot move forward with reining in excessive spending. we cannot move forward with oversight. for all of my colleagues who want to go about the work of doing this on both sides, the only way we will do it is by electing a speaker.
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the only person who can get to 218 is kevin mccarthy. neil: he is not there. >> he is on the way. i am an eternal optimist. we will get there. washington ain't beanbag but we will get there and we will make progress and get about the business of the american people. that is the objective and all my colleagues share that and we will get there. neil: good having you. you're eager to get things started. thank you again. the worst level of the markets particularly the dow. don't know if a voting member of the fed saying inflation might ease a little bit, i feel like joe pesci, just a little bit, that was enough to bump stocks a little bit, more after this. ♪
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neil: shares of total are dropping 2 and 12:45%. a few days ago, sales from 40%, at 50%. the china stuff is another letter but they are not budging nearly to the degree. stock was down 60%, continuing what is not helping. the nasdaq one hundred, they are pummeled today.
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we have even money on this early year of trading but the constellation research ceo, susan lee, let me ask you first about what you make of tesla. it is a proxy. it certainly was last year. for technology stocks. and not a good one at that. >> the worst quarter, the from the worst year. when you look at the long-term prospects of tesla it was riding on the fact that china would be open in china and china manufacturing would catch up. now problem is it is spreading everywhere and that is holding up production and purchases and the ev credit ended in december, that's driving that and the real question is the overall demand as gas prices come down. that is overhanging the tesla stock.
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neil: you follow this closely and you wonder, there is a guy who lost a couple hundred billion on paper. he's one of the richest human beings but it is almost like you can't find a floor. what are you hearing? >> the china delivery numbers are not bad if you are making more cars, the next 3 competitors combined, by november, it is a demand issue going forward and makes you wonder how much of this elon musk foolishness was priced into tesla stock when he was worth $347 billion in 2021. the first human on the planet to lose $200 billion, to me, i felt the premium built into the stock price coming back down to earth when you realize tesla sells 10% of the cars toyota
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sales around the world, 1.5 million and yet it was worth more than every other car competitor combines. neil: i am wondering the floor level with comparable value. leaving that aside i want to your thoughts on not only technology but markets in general after the year we had, a lot of people say we will get a bounce back and things will get better. 28 times we have had down markets, we have come back 81% of the time usually by double digits. do you see something like that? >> this is completely dependent on interest rates. as interest rates taper, hope this happens by q3, tech stocks will switch back. the macro conditions, everyone on the value side. investing long-term, the lowest prices you will see the next 10
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years, that depends on your timeframe. the challenge is valuations being cut across the board and earnings were next to hit. were people making new earnings and most did meet their earnings and these tech companies are 20 to 30%. it is a question of what valuations will look like. to the earlier point, take chesler, they are compared with other car companies instead of being compared as a tech company which is higher valuations earlier. neil: i did notice we had gm announcing it sales were up 60% so that is a promising little nugget. we are told this will be the year that evs explode, not literally but we will see that appetite extend. obviously to what we have been hearing, if you are in a global slowdown that is harder to produce.
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>> it depends if you believe what you are hearing from the federal reserve. you hear interest rates going up by another percentage, you heard esther george, going to cross at least 5% in 2,023. there's a debate on wall street whether we are going to get interest rate cuts in the back half of this year so the fed in those minutes is no but if you listen to the investors, especially we are in a steep slowdown, stock markets decline for the 20% lower levels we ended last year at. there's a probability we could see the fed cutting rates and that means stock prices could possibly go up by the end of this year. neil: we are getting separate indications they are going to attempt to try to attempt 1/8 vote. that is what some republicans want but might yield the same results as these others.
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kevin mccarthy has been concerned about how it looks to keep doing the same thing getting the same numbers, what else does he have to do? he has made enough concessions. moderates are telling him it is not worth it to keep trying to placate these conservative republicans who want no part of him but if he doesn't win over more than half of them, he's not going anywhere. more after this. ♪ welcome to the hotel california ♪ ♪
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neil: there is going to be 1/8 vote.
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kevin mccarthy being nominated for an eighth round vote. we had some wicked weather, the latest on what we can expect. what is going on? >> reporter: after a brief reprieve from the rain this morning the skies have opened up and now we have high tides as well, one result is flooded intersections like this one behind me. all the standing water blocking a key access route to a freeway as more rain and blustery winds pummeled the state and cause two deaths. a toddler was killed after a tree fell on a house in sonoma county and the 19-year-old woman died after her car hydroplaned on a flooded road and hit a pole. one hundred 70,000 residents still without power, 90% of the state is under a flash flood watch as california faces its third atmospheric river in a week. evacuation orders have been listed in santa barbara and
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santa cruz where the wharf and boardwalk are getting slammed and in san jose where hundreds of homeless people are camped on rivers and creeks. >> if you are in the banks of the waterway your life is in danger. you are ordered to evacuate you must leave. >> reporter: residents across the bay in an apartment compex in oakland had to get out fast after a tree crashed into their building. >> it just shook. i thought it was an earthquake. everything rattled. the ceiling is busted open. in my room you can see outside. the living room, big hole, my daughter says she saw one in the kitchen. as we were leaving. >> reporter: folks who live in a richmond neighborhood decided to leave in a hurry after hillside above their home showed signs of possible collapse. the winds ripping off a canopy at a gas station south of san francisco taking out two of the fuel pumps.
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incredible pictures. officials are advising people to limit their travel, warning of flash flooding and toppled trees and other hazards that could be hidden under high water levels like you are looking at here. more rain is on the way and these roads are no joke. of the 20 be safe your self. to the floor of the house of representatives, a repeated seen now. you know the drill. various names and nomination including kevin mccarthy for the eighth time. maybe that is the charm. no indication the eighth one will be. more after this. trying to control my asthma felt anything but normal. ♪ ♪ enough was enough. i talked to an asthma specialist and found out my severe asthma is driven by eosinophils, a type of asthma nucala can help control. now, fewer asthma attacks and less oral steroids
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neil: ever wonder why in the middle of what is going on on the house for the president announces a plan about the border, the details of actually going to the border. edward lawrence has some ideas at the white house. >> reporter: it was a real pivot by the president underneath what is going on in the house of representatives. at the white house officials are letting the president's word stands on what is going on inside the house of representatives. president biden says republicans need to get their
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act together. today, when he was making is that announcement for border security and enforcement, he is following the race but needed a little help at the end of this. >> are you monitoring the race? are you watching the race? >> president biden: with great -- how can i say it? >> attention. >> president biden: attention. >> reporter: the vice president helping him out. the president was more direct yesterday when he talked about the vote for republicans house speaker. white house officials shied away from interjecting. >> president biden: one, it is embarrassing for the country. literally, not making up another reality, we have a congress that can't function, it is just embarrassing for the greatest nation in the world. how can that be? we have had a lot of trouble with the noise.
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a lot of trouble with the attacks on our institutions already. >> reporter: as we discussed yesterday the more these votes go on the longer it takes the republicans to start the investigations they would like to start into the president's son, hunter biden, the border crisis, the withdrawal from afghanistan and the saudi production cuts, until after the midterm elections, the president has a cabinet meeting in an hour or so. we will see if the question comes up again and if he has more to say on the subject. neil: claudia tenney, republican congresswoman, congresswoman elect. everyone is waiting for it to become official. does that bug you? that is a detail obviously but one of the many things that can happen until this issue is settled. >> it is upsetting we can't get it done but i have lived in a communist country.
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i have lived under nancy pelosi's abusive power and authoritarian rule where they claim unity is everything. right now we are hashing out a historic change to our rules and to this house which would empower individual members, which would give our constitutional republican self-governance which is what it is all about, people get to see what happens. it might be ugly, might be clumsy but this is better than the alternative which is communism, authoritarianism and dictatorship. neil: are you troubled that we keep doing this? we are going to an eighth vote. numbers don't budge. you are backing kevin mccarthy but is there a point at which you say all right, this is not changing? >> i agree with you. how many times do we put up the same person without a different angle from the other side, those 20 or so need to come up with another plan.
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there's 201 of us. we want to see our group come together. kevin mccarthy has almost gone too far with this rules package. a lot of us are, we don't want to go too far because we don't want to make it so difficult that we can't govern in the house in the future, that we will be held hostage every time an important vote comes up. not that that is not entirely a bad thing. we need to debate and argue more than we have in the past. there has to be a consensus and there is no time for petty grievances and to say we don't like a vote kevin mccarthy took 7 years ago. we are in today. we have to give kevin a chance, see how he does and if he doesn't do the job he needs to do, he can be replaced. that is where i'm looking at this from a practical perspective. i understand people are frustrated and this is difficult. i have constituents who aren't being served, not just getting into the investigations and
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dealing with holding the administration accountable. a lot more needs to be done when it comes to constituents. neil: you know your quirks better than i do. i have the impression a good many of them who have been on this show and others don't like it. i'm getting a clear impression it is not business, it is personal. nothing he does is going to change their mind. don't know where the started or who he offended, whose feathers he ruffled, but it is visceral. am i missing something? >> you are right. unfortunately, we are never going to have a perfect speaker. kevin mccarthy won't be perfect, never had one in the past. we have to get aside these personality conflicts and start dealing with leading and governing. that concerns me. asked what point, never kevin is not a plan. they are putting up people who didn't spend the time and effort getting us elected,
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getting us the majority. i'm concerned about the lack of a plan. there are a lot of freedom caucus members and others who support kevin mccarthy because they want to give him a chance. let's put forth good rules package and vote. there may be a few holdouts but if we can get to a consensus, enough to get to 218 we need to get down to business can we have inflation, we have a border, all these things that are happening need to be resolved. . 20 i hope you had a happy new year. we will be there, hopefully this year. the republican congressman from new york, i say you liked because it is not official until this is done. this thing is not done. more after this. ♪ ♪ say goodbye to hollywood ♪ ♪
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just a moment of your time, everyone!
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singlecare, the app that truly helps you save on your meds. is that... yeah, he's here every day. do you use singlecare? no, i have insurance. oh, singlecare can actually beat your co-pay. singlecare can also beat the price of your medicare plan. you mean our medicare plan? damn you too much sun! you just search your prescription in the singlecare app, show your coupon to your pharmacist... best of all, singlecare is free to use. marty it's time to go. i have a story to tell! check the singlecare price today! neil: all right. an did andy biggs nominated byrn donalds only one name in contention even though they put donald trump's name out there. it will be a long day. here is charles payne. charles. charles: another long day for republicans. they say it's a necessary thing. we'll see. thanks, neil. i'm charles payne, thi


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