tv Cavuto Coast to Coast FOX Business January 9, 2023 1:00pm-2:00pm EST
♪ there ain't no easy way out ♪ neil: well there's an easier way out, with respect to tom petty. what a great musician such an iconic figure great way to start our second hour here as we look at a dow that's not up as much as it was but it's still up in what's been a promising year, it's benefiting a lot of the sectors, not all of the sectors. we're keeping a very very close eye on technology and what's been happening there. susan li with more on that side of the story. >> i think elon musk and tesla really likes this because the stock is actually on the br ink of turning positive on the year, can you believe that? neil: on this year. >> as the worst year it ever had. neil: if you were to say from last year but you're right you have to start somewhere. >> because there are hints that the chinese are starting to buy tesla cars once again, and this is after of course another round of discounts of 10%-plus last week so wait times for model y crossovers are longer, now two-to-five weeks and model threes are at one-to- four weeks so more people
buying if they need production to keep up with the demand, but this weekend you had thousands of angry chinese customers flooding into chinese tesla show rooms complaining they paid full price or more and they were upset they didn't get tesla discounts, so tesla also cut prices by 10% in singapore last night so price cuts in china, south korea, always, japan, singapore over the past week because of the worst year on record, worst quarter on record for tesla, as i mentioned on the brink of turning positive but silicon valley investors tell me that if tesla cracks below 100 there is serious risk of activist investors buying in and possibly asking for more changes and that possibly could include challenging elon musk. so he really needs to be careful here but you know whose benefit ing from chinese reopening is apple who hit a two -week high above 1:30 this morning also india iphone exports doubled to $2.5 billion so there's this rethink that if china is reopening the economy
gets going people will have more money to spend and will buy more iphones once again. finally we can't talk about china without talking about jack ma, one of the richest men in the country, and reports are i think he's confirm confirmed he's seeding control of ant group which is a paypal plus of china. this is a big deal because it's owned by alibaba and remember back in 2020, ant group was going to have a record breaking ipo of $37 billion. the most anybody has ever raised on the planet anywhere, right? we know beijing killed that ipo and if jack ma is willing to let go of ant group that means that there's less beijing opposition to possible future listing and also -- neil: but the chinese government is on his you know what, right? do they just not like successful people? >> well, i think they are also giving hints that they are letting go and lifting some of that tech clampdown. neil: they are doing reverse as much as they did with covid
policy. >> because they need to get the economy going once again because china is growing at the slowest in you know 30 years, something that we haven't seen since the 1990s. neil: yeah, i always think of that as one of the reasons that gives them pause when it comes to things like taiwan are getting too far because they know what that could mean. >> and also it's the big wildcard really in global market s this year whether it impacts inflation with china reopening, do they all of a sudden use more oil? do we have to pay for more at the gas pumps here. neil: but then their finances, right? i mean, times a hundred with russia. >> well yeah and also, you know , china has indicated they are going to reopen but also stimulate which means they are going to help out the property stocks and the property companies and also -- pete: so why rain on that parade >> yeah, and the global economy that's actually a floor which i think we've agreed could possibly help cement the fact that we might not dip into a recession. it's not guaranteed in chinese
reopening and stimulating and spending all that money because it doesn't just stay in chinese borders and if tourists start traveling once again because they were the biggest source of tourism dollars. neil: great reporting as always susan li back with us jonathan hoenig and carol roth. what do you think of what susan was just saying all eyes on china, whether they mean what they say, they apparently meant what they say with zero covid policy and maybe now dealing with jack ma and maybe hands off approach to some of these others what do you think? >> yeah, i mean the jack ma story is one i've been following because he was this proponent of trying to move china towards capitalism. he spoke out against the ccp and then he disappeared if you'll recall for a couple of months and then emerged with all of these nice things to say about the ccp and making donations towards the common good, so this signals to me that china is saying look, if you get too big and you get too important, we're going to take action and so i see that as a
real negative in terms of china over the long term although in the short-term, like we said, it may mean that ant goes public and they get some benefits from these companies that they've now taken away from their capitalist ic creators. neil: we touched on the last hour, guys, jonathan on that note, you know, china and technology stocks linkedin more ways than one. if china is sort of opening things up would this be an opportunity for technology stocks that have been bashed to open things up? >> well, a lot of those technology stocks, neil, have essentially had to rejigger their supply chain and move them out of china. they've gone to vietnam, for example, other places. they are better positioned now but when i look at the old technology names i think of the former leaders, nokia, erikson robotics those used to be front and center in every discussion about the stock market so it makes me think of the old line "old soldiers never
die just fade away" that's what i think of when i look at stocks like oracle, microsoft, cisco, those were last year at times winners. i think they are dead money for quite sometime in terms of the new bull market. i see international stocks, i see it in commodities, i just don't think tech is the new bull market for tomorrow. neil: you know what i see fading away guys in a bigger sense, these people working from home, you know, a lot. disney apparently is apparently getting ready and this is coming from bob iger to tell workers they got to return to the office at least four days a week. you're hearing this out of a lot of companies that are saying all right, all the workers doing things remotely, stop it already we want you in and it began with the investment houses. there are many many others, but i'd be curious, carol, what you make of this. >> yeah, i mean, that workers had this like very interesting point in time where they had so much leverage and they could kind of dictate their terms and do whatever they want and i
think covid just made that even bigger, but now as things are starting to shift even though we still have 1.71 jobs open for every job seeker, it's kind of split between what's going on in the corporate world and what's going on in sort of front line work so i do think in that corporate segment that the employers are getting some of their leverage back and certainly they're seeing from a culture standpoint and from a productivity standpoint which has really suffered over the past couple of years they want at least, you know, more days in the office. neil: you know, jonathan, we take this at face value and apparently in this corporate e-mail, bob iger is saying i've been meeting with teams throughout the company over the past few months. i've been reminded of the tremendous value of being together with people you work with. i think you could finish the rest of that paragraph. i want more people in here to work with other people here, and i don't want, you know, any mous kateering around on this subject and i wonder if in
fact a lot of people and corporations are doing this. where does this go? >> yeah, well, pluto and mini can't just sit around on the couch all day long, neil. come to walt disney world and look big companies made huge investments in a lot of office space. salesforce one of the big tech companies laying people off, neil i saw estimates 90% of their employees aren't coming in , some of the offices are 90% empty so they have it to fill and as you said more and more employers are realizing that the interaction between employee s is benefiting for the company to carol's point more productivity so as soon as times get tight that's going to change and employers say show up or hit the bricks. neil: i wonder how defensive they get to be though, carol, real quickly given the fact that 10.4 million jobs go begging and right now, they feel like they could do whatever they want. what do you make of that? >> yeah, you got to really part and parcel those numbers and see , you know, which industries
those are in, and like we're seu know, even at the corporate level and mcdonald's, you're going to start seeing some of those jobs shrinking there where i think more of the hourly workers or the in-person workers that don't have the option to work-from-home, i don't think that you're going to see that as much there, so got to really dig into that data and i do think there is that shift in leverage and a different dynamic. neil: all right, well we'll follow what pluto & company does , but man oh, man, jonathan, i want to thank you, carol, thank you very very much. dow at 124 points maybe a lot of traders realize coming and doing work-from-home, what! cut the lead in half here. let's go to hillary vaughn right now on capitol hill. you know about all of these rules changes that they agreed to for kevin mccarthy or at least agreed to, to get the speakership. now he has to make good on that, and i don't know where that stands, but i know hillary does. hillary what's the latest?
reporter: hey, neil. well some republicans even are not fans of some of the deals that speaker kevin mccarthy had to make in order to get the gavel, including agreeing to cut spending across-the-board including potentially putting defense spending on the chopping block. house judiciary chairman jim jordan saying even the pentagon should not be immune to budget cuts to reign in spending. part of mccarthy's concession includes a pledge to balance any increase in the debt ceiling with cuts to federal spending and a promise to cap government spending for 2024 fiscal year to 2022 levels meaning across-the-board cuts of about $130 billion, to federal agencies about 10% reduction in current spending but not everybody in the gop caucus is on board. >> i'm all for a balanced budget. we've got to get spending under control but we are not going to do it on the backs of our troops and our military. if we really want to talk about the debt and spending, it's the
entitlement program that 70% of our entire budget, that 1.7 trillion and defense within that is only 30%. reporter: the white house though is already jumping on the idea that entitlement programs will be touched in the process. white house chief of staff reacting to mike waltz tweeting this. they are going to try to cut social security and medicare. it could not be clearer but this idea of cutting defense spending is something that some progressive democrats say they are excited about. >> we certainly discussed some of the things on the list that we can be excited about. obviously, cuts to the pentagon budget is pretty exciting for folks like me. we'll see what ends up happening and if republicans are able to actually be able to get anything done. reporter: and neil, it's not just future spending that republicans have their eye on but past spending too. there will be a vote today in the house to revoke that $80 billion that went to the irs
as part of the inflation reduction act. neil? neil: all right, thank you very much for that, hillary vaughn. in the meantime, everyone has to get along right now and it got pretty nasty and in your face, particularly when it came to dan crenshaw the congressman from texas when he had labeled those 20 who were pushing against the wall here terrorists he dialed that back with me this past weekend. let me ask you a little bit about some of the thins that you had said. ted cruz, for example, had bash ed you for some of the rhetoric you were using, told you to settle down, the calling a lot of these folks enemies early on and you also had other choice words didn't help anybody. what do you say? >> to ted cruz? he's called american citizens terrorists multiple times, so if he really wants to play that game. look, i do not think these people are terrorists and to the extent my colleagues take offense to that i've gone up to
them and said of course i didn't mean it that way. we were speaking in terms of a very difficult negotiation, where sometimes you use a term or phase about not giving into terrorists. neil: all right, congressman beautiful state of pennsylvania, i think what he's saying is let's get along. do you agree with that? >> well, i'll tell you what, neil. we were all for getting very serious with new rules package. we truly believe, i believe, i've been here four years now, to do this , a lot better that it's being done and primarily in the area of spending and you and i have talked about this a few times. spending is the root of a lot of evil that's taking place. it's effecting workforce, adding to inflation, that and the assault on energy. it's creating a worldwide inflation and shortages, not to mention the fact of the increasing debt. think about it. i came into congress four years
ago. the debt was $19 trillion. that sounded horrible. today, four years later it's $31 trillion and growing, predicted to grow $1 trillion a year moving forward, so that was a big piece of this rules package that needed to be taken care of and i think we've made some real strong head way but i don't think there's any question that this could have been done without the drama. frankly most of the rule package was done in about the seventh round of votes. we didn't need to go the full >>stuart: rounds of a heavyweight battle. neil: but you do and it did go 15 rounds and i know you were steadfastly supporting kevin mccarthy, but now he's got to make good on these promises not that it's his. some of these have to be voted on but are you worried that there could be some problems? >> well, look. look, we're going to be talking, we're going to continue this through, i don't really see the room for problems and that's something that's good. the american people should be happy about. there's a high level of account
act, what it is we said be done is part of the package and we'll see it through. i know we're committed to that, so look, there's some very important things happening in the economy right now. some good. our revenues are up almost 10%, so that means that we do not have to even consider raising taxes. not that i would as a conservative republican. the problem goes back to spending. mandatory as well as discretionary, this past discretionary bill of $1.7 trillion was nuts. a 10% increase over the highly- excessive spending that took place recently, so the economy can have a soft landing. we can create stability. we got to get people back to work. there are millions of people still out of the workforce. we've got to get very serious. we're going to pass a bill tonight on the irs, right? that's a very good thing. i was the former revenue secretary in pennsylvania. the last thing we need is to double the size of the irs and i'll tell you real quickly why, neil. because that doesn't improve the
systems. it doesn't improve the quality of the information for and in order to do their best job. all it does is just send them out there blind. really doing drop-buys on small business and do nothing but harass small business, nowhere near bringing the revenues it claims to. there are smarter ways of doing this. we need to do things in a far smarter way. not the easy way of just hiring more federal workers and increasing spending. there's a better way. neil: all right we'll see how this better way goes, but congressman, great seeing you again, dan meuser of pennsylvania on that. good to call all these guys congressmen. congressmen-elect which was the case for the days we went through all of this. in the meantime, one of the first big tests for this new congress is going to be determining what to do about those 87,000 agents that was part of that under this legislation to get going and get the irs cracking down on tax cheats and the rest. that will be the first test. there will be others. stay with us.
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so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works. neil: all right, the brazilian president former brazilian president bolsonaro is in an orlando hospital, nothing serious we're told but the timing is a little curious the weekend after this attack on the brazilian government a kin to what happened in this country
on january 6 with the attack on washington their congress and their supreme court was essentially ransacked by thousands, 1,200 have been arrested at latest count. amy kellogg with the very latest on where things stand now. amy? reporter: neil, brazil's januart three hours yesterday, but they did an awful lot of damage, neil , and of course they prompt ed very familiar questions about why police weren't better prepared for this , whether in fact some of them were complicit and then how a very clearly- divided society is going to move past this very violent moment. now, tens of thousands of supporters of former brazilian president bolsonaro stormed congress. the supreme court and the presidential palace claiming their election was stolen. there were no deaths but tuesday els with police, 1,200 people arrested as of now and the damage was widespread from broken windows and computers to
defaced art works in these government buildings. comparisons to january 6 riots in the united states have been made and differences have also been pointed out. >> political actors in brazil have uniformly condemned what happened today. you do not have kind of office holders except, perhaps, bolsonaro's sons, who have embraced the rejectionism, and embraced the conspiracy theory. there is no kind of brazilian embrace of the big lie like you had in the united states, and i think that's the very fundamentally different starting point. >> bolsonaro supporters who have camped out have been seen leaving over the course of the day. the government of leftist president de silva sworn in january 1 said he will be looking into who paid to have these people bust in.
former right wing president bolsonaro who bolted brazil for florida 48 hours before the end of his mandate was not present for the inauguration and as you mentioned, neil, reports are that he was hospitalized for severe abdominal pain today in orlando. probably perhaps not related we don't know but let's remember that he was stabbed while campaigning in 2008 in the stomach. political violence is no stranger to brazil, but these riots yesterday have been called the worst political violence in brazil since the 80s. neil? neil: amazing. amy, thank you very much, amy kellogg following all that. meanwhile to the border, in mexico right now and meeting with the mexico president as well as the leader of canada here, addressing things like climate change and more cooperation among the country not a whole lot so far about the border but griff jenkins has the latest from eagle pass.
>> griff: good afternoon, neil we are in the del rio sector, one of the hardest hit areas of the border crisis. let me take you to the drone camera and show you the rio grandement the administration says the border is not open but the rest of the world disagrees. literally not 10 minutes ago, neil, we had two migrants cross this river. we observed it on our drone. they climbed over these shipping containers topped with razor wire and walked right past us and started to head into eagle pass up the field here and i've alerted the national guard and said look at these guys you better get them. this comes after the multiple groups that we saw, you see here , that group under the bridge was about 20 e. cuadorians, some are small children and some with single adults and we had the big group earlier this morning before the sun came up that was 164 from multiple nations unclear how many venezuelans cubans or haitians
were among those 164. they of course may begin to be expelled under the new title 42 administration policy. it comes after biden's visit in el paso where he didn't win this or speak to any migrants according to the pool reports however cbp telling fox news sources saying there were 518 migrant encounters in el paso alone. we spoke to the one of the land owners in eagle pass and here is a little bit of what she had to say about the president's visit. take a listen. >> first i would tell them to speak to border patrol. they are the ones taking the brunt of this. they are tired and they just feel like nobody really cares about them and he is their boss. he should talk to border patrol. he should listen to border patrol. >> griff: now the president did meet with border patrol acting chief in el paso, and he
met with some agents, but it's unclear exactly what came from that, but what cbp sources also told me over the weekend, neil, is that in the first 100 days since this fiscal year began, back on october 1, they have had more than 718,000 migrant encounters across the entire southwest border of just 19 8,000 were expelled under title 42 and that means more than half a million in 100 days have already been released into the u.s.. neil? neil: griff, thank you for that, griff jenkins in eagle parse. want to go to mark racorian, from the center for immigration studies, executive director so he knows of what he speaks and mark, first on your reaction to the president's visit and what, if anything, came of it? the president's promise to provide resources to border officials, he hasn't outlined amounts and what kind of resources we're talking about. i don't know if there's follow through in mexico as he meets
with that country's president but your thoughts? >> well, it was a photo op, and that's okay because politics is partly theatre, and politicians do photo ops, but the problem is what is the policy? i would much prefer the administration reversed course on immigration and kept the president away from the border for the rest of his life. you know, seeing it and talking to agents and maybe even talking to some migrants who crossed over the in the middle of the night would have been more useful than just sort of, you know, strolling past the fence and spending time at the crossing point on the bridge, but ultimately, this really was just political theatre and what matters is the policy that they are pursuing which is terrible. he could live on the border and it wouldn't matter because the policies are terrible and aren't getting any better. neil: what did you make, mark, of the provisions for asylum from the four countries particularly like cuba, venezuela, where asylum cases
are the most pronounce pronounced. in other words i'm not saying they go to the front of the line but 30,000 a month to take care of them. others have ira interpreted that as an open sign many more will be allowed in under asylum, what do you think? >> of course they will be and they aren't being granted asylum under this plan, the president proposes to let up to 360,000 people from those four countries into the united states, not give them asylum, give them what's called parole which is let in people, the president can let people in who don't have any right to be here. it's a very narrow authority. he's abusing it massively and all it's going to do is incentivize more people from those places to come up and at- best, park themselves in tijuana and juarez and elsewhere to wait their turn to come in. all this does is going to increase the number of people coming into the united states from those countries and from frankly from all of the other countries of the world. neil: you know, can you see the two sides ever getting
together on this , mark? i'm sure you're asked that a lot because they aren't that far apart. they agree the need for reform and all of that but i notice from democrats, we've got to do that first but they don't acknowledge the fire that has to be put out first. they are more interested in the wiring that produced the fire, like a fireman coming to an inferno and i'm just wondering if that's the case nothing will ever get solved. >> well part of the reason for this disagreement is this is a fundamental disagreement about what immigration policy is for. this administration reflects the new view on the left that the united states has no right to turn people away, that people have a right to move to the united states if they feel like it, and that's not what the immigration law is about. that's not what most people think. there's no, you know, there's no way to split that difference. we need to decide, do we believe that there should be limits on immigration or not, and if we do have limits on immigration,
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>> do you see the need for another 50 basis point rate increase which is what you all did in december, or do you think that the data now, and being mindful of what you've done, could allow you to support shifting to a 25 basis point increase instead of 50 at the next meeting? >> so heading into the next meeting, i see those as both on the table, 25 or 50, and it really is about incoming information. neil: all that incoming information, so in other words, that view could change and nick timaros, the wall street correspondent trillion dollar triage author, much, much more,
smarty pants when it comes to this stuff. i love having him on. nick, your sense from she's not a voting member now, right? so when will she be? >> i think that's next year, but you know doesn't matter. they all participate in these debates, so you know it doesn't matter whether they vote this year or not. she's not really willing to commit yet around what the fed will do at the next meeting, which is interesting, because if you look at the data, we've had a runoff a little bit better data, softer inflation readings, the wage growth number last friday was revising down some of the strength you saw in the previous month, so fed officials maybe don't want to get too far ahead of things as they get asked by reporters like us 25 or 50 basis points but you heard a little bit of a lean i think in that interview she was open to slowing the pace down if the data cooperate. neil: you know, i guess the market consents for the time being and you've always reminded
me that can be femoral but for 25 point hike, i know it's a quarter point hike, which would slow certainly from where we had been, but that's not etched in stone, but how do you see it? >> well, so what's the case for continuing with a larger half-point increase. i think the case would have to be that you just have a forecast that the economies running too hot. you thought you were going to slow it down a bunch by raising interest rates more than 400 basis points last year, and you haven't slowed it down enough, and you're not convinced that you're seeing enough of a slowdown. i think the other reason to do 50 be , you know, some fed officials have been worried about igniting a market rally sort of a stock market boom when they slow down the pace of increases and they call this easing financial conditions so if you were worried about that that be an argument for 50 but again if you look at the last two months of inflation numbers, they were much better behaved, neil and we're going to
get another cpi inflation reading this thursday. the wage growth numbers in december were much better than what they had looked like in november, right before the fed submitted their forecast at the last meeting, they thought that wages grew .6% in november from october. that just got revised down the month before that got revised down and december was a better number, it was .27% increase from november, so the argument for 25, you know that's where the market is right now and you don't see a ton of pushback. you don't hear a ton of pitch back from fed officials right now. neil: could be early and the only reason i mention it is whenever the markets get giddy, it's like the fed wants to slap them down and either that comes directly from comments day-of, let's say when they have a decision on interest rates, or you know remarks that come back six weeks prior from the last fomc meeting and then everyone, you know, it's back to
debbie downer here. does the fed want to just tell the market to calm down, to cool it? >> yes, i think you're right, neil. the fed's policy works through markets. it works through borrowing costs , and asset values, and if those get too out of kilter, if they ease too much, then that makes the fed's job of slowing down the economy harder. i think that the main thing to takeaway here is the fed did do quite a lot last year and the fed says they think that monetary policy still abouts with a lag. you don't see it in the economy, you know the minute that you increase the interest rate, so if that's right, we should see more of a slowdown here in the first quarter. you saw some survey data last week suggesting a big drop in new orders for service businesses that tends to lead activity, so maybe we're finally seeing that and if we see that slowdown, i think it will come through the fed because it'll tell them look, your policy is doing what you thought it was
supposed to do and maybe you don't have to do as much as you've been saying you have to do, but we'll see. neil: but there is no immediate end game, i get that but is it your sense from the people you talk to that a fed fund and the 5-5.5% area is the least of where we're going. >> i think what you see right now, i mean, i think they're targeting somewhere above 5% and below 5.5%. i don't think that's the bottom end of where they think they are going to go. that's kind of the sweet spot so you could say four and three- quarters to 5.5. it seems likely they end up there and then outhit big issue this year, it's not going to be 25, 50, 5%, 5.25. it's how long do you hold that peak or that terminal rate? i think that's where the fed thinks they can achieve a lot of the disinflation, bringing inflation down they hope to see is that you just hold there
longer than you would have in the past. traditionally the fed only held to that peak rate for six or seven months. the 2006 cycle was different. they held there for 15 months, so maybe if the economy doesn't, you know, really slowdown a lot here, that's what we'll see is we'll see them just have an extended hold at that higher rate, and the fed looks at what the real interest rate is. the inflation adjusted interest rate and so if inflation is coming down as almost all four casters expect to around 3% by the end of the year then your policy is getting more restrictive even when you hold and that's where it's interesting as well, what's the right real rate is it 1.5, 2%, 2.5%. neil: all right, nick we'll watch it closely nick timaros, the "wall street journal" chief economics correspondent. you might notice we've taken a lot of air out of the rally we had. it could have something to do with the san francisco fed president seeing interest rates
rise while above 5% separately is an interesting development. some house republicans are announcing opposition to new rule changes voicing concerns particularly about potential for defense spending cuts. we mentioned that earlier on the show in the last hour that they're not swallowing that well if in other words you freeze spending that means spending is frozen for defense as well, and they aren't too keen on that. it's only thing we're grasping on to and i wouldn't read too much because markets change fast but a rally that bears watching as well. it's not what it was. stay with us. good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!!
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neil: all right sam bankman-fried and ftx, charlie gasparino the business best reporter on the planet with some other breaking developments. what do you have, my friend? charlie: we're getting this from sources to the u.s. attorneys office from the southern district leading the investigation and i've asked them put this into some sort of
context what went on here. the size of it may not be as big as madoff which was like 60 billion and this apparently is 2 billion but the scope of this is much bigger, because mad off was a simple ponzi scheme robbing peter to pay paul, this involves a lot of errors and i'll get into it real quick. they are throwing massive resources at this. this might be the biggest investigation from what i understand since maybe rudy giuliani going after drexel, this is big. neil: how? charlie: it involves here is the list, bribery, campaign contribution violations, market manipulations, theft, fraud, and they are turning multiple witnesses, so they are highly confident in their case from what i understand despite his not guilty plea. they are not rushing, meaning, the u.s. attorney's office, to cut a deal with this guy because they think they have him pretty much nailed on all these levels and it keeps getting bigger.
interesting development over the week that kind of got in under-the-radar was that ghighi sohn got re-elected to the federal communications commission. she's so far left not saying she's not smart and not qualified but this is someone whose to the left of even many left wingers in congress, and i'll tell you the inside word i have and i wrote a little bit about this in my column in "the post" neil was that the dysfunction in the republican party even though a lot of it's in the house and the house doesn't vote on fcc commissioners is having joe biden to double down on his sort of -- neil: they are in disarray. republicans are. charlie: look at your last segment you were talking about. neil: yup. charlie: republicans are annoyed that now, after he gave up all the power, that mccarthy might not be able to -- neil: make good on it and that column in the new york post you talked about that and sure enough today some moderates are kind of recoiling at the notion when they talk about freezing spending, it would mean freezing
defense spending and they aren't too keen on that. charlie: i mean, who be? this is crazy. neil: so it's a tenuous battle. charlie: doesn't half of you say this is kind of what democracy should be, everybody screaming at each other? neil: yes. charlie: the other half says i kind of miss the iron fist of nancy pelosi. neil: well you get a little bit of both. charlie: i mean, she was, let's face it. she was a bad ass, wasn't she? i give her credit. neil: good there you go our viewers are happy to hear it. charlie: [laughter] neil: charlie gasparino. it's great because it sort of telegraphed the problems we're having right now. we'll get into those problems and also a new idea for kids to be put on some drugs to lose weight. parents are for it, doctors are for itb what's going on here? after this. - hi, i'm steve. - i'm lea. and we live in north pole, alaska. - i'm a retired school counselor.
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frank contasessa does, ex tertiary in all things, federal. doctor there are a lot of people who will hear this and immediately say well wait a minute i'll just have my kid exercise more or i'll watch his or her diet but there's some that this doesn't work, or so what do you think of this whole thing, giving them the pill? >> well, good afternoon, neil. it's great to be with you talking about this really importantopic. childhood obesity has really spiraled out of control in the last few years. we're up to almost 20% of children today are dealing with some form of obesity. that's one in five kids are now overweight or obese. it's really spiraled out of control. we certainly see it with adults but we're seeing it with kids too, and what's going on now is the american academy of pediatrics came out with a new set of recommendations on aggressively treating childhood obesity and the aggressive management includes drugs, some of which are some heavy duty
medications, and even up to the point of bariatric surgery for children 12 and under, or right around that age, so in some cases, this is probably not a bad idea. when all else has failed, and kids are unable to lose weight and they are facing a lifetime of health issues like diabetes and heart disease, then maybe this aggressive approach is the way to go but as a broad recommendation, i'm not sure i'm in favor of being quite so aggressive with so many people because it seems to me it's more of a failure to teach kids how to live a healthy lifestyle. we're seeing sedentary children. they are attached to their devices and not really taught how to eat properly and the eating a lot of fast food, eating a lot of snacks so on some level i think it's a failure of society and parents and all of us to teach children how to live a health it lifestyle. neil: but you're open to them having, you know, some medication to deal this if all
of that isn't working. i just wonder the long term effects of kids who are hooked on this sort of stuff. not necessarily hooked on it but if they get off it then they are back to doing the same sedentary lifestyle, the eating junk food and everything is back to the pill. >> well you're right, neil, and that's something to really think about, because we're actually seeing shortages of some of these drugs now. adults now, is sort of a trendy thing to go after these drugs and in diabetes it's ozempic, and now in the weight loss sector it's called qsemia, and the reliance on this is a bit troubling, because that's not really teaching people how to go forward and live healthy lifestyles and some of these drugs, when you see the potential side effects, and now you're talking about a 60-year-old who might be on these drugs for , you know, a couple decades. now you're talking about children who might be on these drugs for a lifetime. neil: for a lifetime, yeah. got it. >> a lot of unintended
neil: no one gets in earlier, no one works harder, no one dresses better, charles payne, to you, my friend. charles: i love that introduction, my friend. neil cavuto, folks. good afternoon, i'm charles payne this is "making money". breaking now, stocks trying to hold on to a pretty good start to the session. the anxiety permeate
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