tv Cavuto Coast to Coast FOX Business January 13, 2023 1:00pm-2:00pm EST
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neil: working for the weekend, all you have to worry about is the weather and whether you're making money in these markets which so far you are. january, as it is often called, can be a harbinger of things to come. we shall see but the market averages are up. back to the historic classified documents saga, we have a former president and a present president being investigated by cheap councils looking at what they have, what they did, what they didn't know and it gets more involved. david spunt has more from the
justice department. >> reporter: right now as you mentioned, you have two special counsel's investigating two presidents and within two months of one another. a lot of 2s, but they are making history. the most recent special counsel announced robert hhur, donald trump appointed attorney on the job of looking at the biden documents, classified documents at the biden center, also the wilmington, delaware residents. jack smith was appointed november 18th it is neckdeep in the one hundred trump mar-a-lago documents and committal involvement in january 6th. attorney general garland who has lived in a pressure cooker for 6 months was recently with president biden in mexico, they were not alone, spoke multiple
times, they never spoke directly about this investigation, not in mexico, not ever. another interesting fact to oversee the trump document investigation on november 18th, he knew in the back of his mind the current president, president biden, having issues to say the least with classified documents and don't forget john durham, the third special counsel who is active, working since 2018, moving on pieces of the trump origin narrative, pled guilty falsifying a document in 2020, he has lost two times, $47 million, and this right now 2023 enters the fifth calendar year for the durham investigation. merit garland said he would stay out of that but our eyes are on merrick garland, as he told durham to wrap it up. robert hur are being given as
long as they need to investigate. neil: in both cases that also is open-ended, could go on for many months. >> reporter: it could go on for many months. it could go on for over a year if necessary. donald trump is a candidate in 2024, president biden's intention is to run for reelection. this could come to loggerheads not only on the campaign trail but in the courtroom potentially. neil: the former federal prosecutor, katie, this is a mess. >> reporter: absolutely a mess. i think so interesting to see what the white house's position has been on this because they have said for a long time nobody is above the law and all the statements from the white house have conceded president biden's criminality in this. he doesn't know how these classified documents ended up
at his house and bears repeating that that is not a defense under that statute. people are prosecuted in this country every day across the federal government for the same conduct. it really begs the question, the special counsel determines president biden broke the law, will he be prepared to resign his position? i think that is a legitimate question. neil: you prosecuted cases at lower levels where people did face charges and plead guilty to those, but do the same rules apply to a president or a former president? >> that the interesting part of this. any government employee including the vice president is subject to the strict laws and rules regarding handling of classified serial. donald trump has contested his commonality and he might have a very viable defense because he was the president at the time these documents were allegedly
removed from the white house. neil: he could declassify, the president can do that. >> there's been a lot of discussion what procedures are required if any and i am of the mind there is no specific procedure, the president retains exclusive authority to declassify information in the interest of the country at any point. donald trump's defense while not being litigated at this point, viable and something i believe the supreme court will have to weigh in on. in terms of prosecution, the left got ahead of themselves and his egg on their face which they will not concede but couldn't be more clear in terms of criminal prosecution on this. neil: if the president has the power to declassify we have to have proof he did that. we don't know. how does he indicate that? >> i would disagree in terms of criminal prosecution because the burden is never going to be on the defendant, they are
presumed evident, the government would have to prove they were not declassified so in terms of defense -- neil: how would they be declassified? >> that initial first impression, something that is going to in my mind be looked at by the supreme court. if a president decided to release classified information in the interest of the country at any given moment they are given the authority to do so. neil: i'm pushing and ignorant point but is there a stamp that says declassified? no longer classified? >> for other purposes in other agencies there are procedures to declassify that are in place. whether those are required by the president, if they were to proceed with the classifying something, has never been analyzed and adjudicated. it is a separation of powers issue. in the scheme of the prosecution, trump's defense is more viable than saying i'm
sorry, didn't know these were here, that's a concession to collectivity under any other meaning of it. certainly interesting to see what will happen. neil: let me ask about special counsel, they cancel each other out, they don't check out with each other. going after donald trump for something the president has been fingered for doing, different cases, i grant you, does this just go away on that basis? >> president biden would maybe preferred that to be the case but i don't think it is. more so than a prosecution of either of them is the viability of any office, there have been military members who have done the same thing as president biden, classified materials found in the home, storage unit and they lost their jobs without question. neil: the level we are talking about now, a president in his role as vice president when he left office, does the vice president have any power to
declassify documents? all of this was put in place after he was vice president. >> the vice president does not enjoy the same authority to declassify any government document although they have limited authority over certain classification decisions that is incomparable to the president's. in this case in terms of viability of staying in office when you conceded elements of criminal defense is the big question. neil: ignorance in his case wouldn't be a defense, he knew nothing about this, that could be deemed worse. >> exactly. may be mitigating in terms of sentencing but that's the confusing part, to keep pushing the narrative that this was a mistake and oversight, that's not a defense to the substantive crime. to mislead the american people to the extent it is not a big deal because he returned them and donald trump didn't and he didn't return them, they've been there for years. i would take issue with that. characterization of it.
to the extent that that is what happened, that is mitigating to an ultimate sentence in a committal case, certainly this is not that kind of crime, don't need to prove intent, they need to show gross negligence. neil: where's the national archives in this? what they must know when documents are missing, some said hundreds, thousands, who knows? shouldn't it be a library book, you take it out, they know they have it, return that book. >> exactly right. there are strict procedures in place to a certain extent, something like that, that's why these investigations are key. these documents didn't just end up there by happenstance. there's a specific procedure that occurred whether president biden was involved or other people working for him. there was a decision made. this was not an oversight. neil: in my town are local
librarian, she will track you down and all those documents would be back pronto. wild stuff, thank you. this will be a nightmare to solve. in the meantime, you might have heard the news that tesla is cutting prices on all its top models but particularly some hot sellers by 20%. it's doing a lot to get interest in these cars and people wanting to buy them. after this. [coughing] hi, susan. honey. yeah. i respect that. but that cough looks pretty bad. try this robitussin honey.
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neil: we are learning the president has been cleared to give the state of the union address on february 7th, the procedure for this is the house speaker, kevin mccarthy invites the president to the liver a state of the union address, we assume the president says yes, he will be there and on we go in the middle of these tensions over documents and the rest. a little less than a month from now, big address to both chambers of congress. we will keep you posted on that and maybe what the president will be focusing on, entirely different issues than we are focusing on. i doubt he will focus on cutting prices on hot models
and hoping to see some payback on that, not seeing it in the stock. grady trimble is following that from chicago. >> maybe he will talk about electric vehicles and the climate. for the past year or so, hopefully he will bring that up but i highly doubt that. for the past year or so, shares of tesla have been following in prices of teslas are going down as well. elon musk's electric vehiclemaker cutting prices of us models by 20%, wall street is becoming more concerned that has thes are not the hot commodities they once were especially after the company missed its sales target. tesla's model why crossover will start at $53,000. high-performance version of the top selling model 3 sedan will be priced around $54,000. these prices are worth noting because they will be eligible
for that $7500 tax credit from the federal government so you can shave a little more off of those prices. tesla cut the cost of its vehicles in china amid a demand slump. investors are not happy with what these adjustments mean for the auto industry, that people are likely going to be buying fewer cars this year, we see a selloff across the auto sector as competition in the ev space revs up. goldman sachs is reporting a big chunk of its consumer lending business lost more than $3 billion since 2,020, that's the main street part of the business that includes credit card partnerships with apple and general motors as well as green sky lending for consumers. the bank laid off 3,000 employees this weekend also reports earnings next week, joining the other big banks. neil: grady trimble following
that. grady trimble -- i see it unfolding as we are in the earnings season, a lot of companies were warned the numbers would be lousy, beat the lousy numbers even though in some cases they are not lousy but expectations are so low for the s&p 500, looking anywhere from two, four, 5% year-over-year, that's a low bar, so you beat it and you're off to the races. >> it is. earnings season is always game to. 70% of the time, beating your estimates when earnings season rolls around. the thing that is surprising is when you look at the banks specifically today, they issued a very cautious outlook. last quarter looked good but going forward they are cautious, expecting an increase
in charge offs, setting money aside for loan loss reserves. i am surprised the banks are doing pretty well. as we move forward past this earnings season and look at 2,023, that is going to be the focus as we get through q4. we have to look at the fact that earnings estimates are too high, analysts expect 5%, 6% growth, that will be tough, those estimates have to come down. analysts expect margin expansion this year which is very difficult in a high inflation environment. so far so good but we have some challenges ahead. neil: i don't scrutinize the bank numbers like you do but i did like the left notes version when it came to bank of america where even their lending business wasn't too shabby, wasn't the driver but got me thinking the consumer, this is a sign they want to borrow more money so they don't but what do
you make of that? >> interesting point. maria was interviewing jamie dimon earlier in the week and he mentioned he thinks the consumer's balance sheet is pretty good, there's really no issues with it. if he were to take a snapshot, the consumer is in decent health but begin to see some fraying around the edges, chase bank and capital one could be telling two stories. maybe chase isn't seeing delinquencies just yet but capital one, the customer tends to be lower income customer, delinquencies are spiking quite a bit. we heard from bigger banks, middle america, higher income consumers. middle america, hiring for consumers, they are still relatively healthy but you are
starting to see some issues down the ladder and that is going to creep up over time. neil: you mentioned jamie dimon. he was talking serious head winds, we go to hell in a hand basket, i always wonder if as customers or investors say what you're doing is going to kill us if you keep pushing that. he dialed that back, not the end of the world, you have been very cautious, very worried about this market. even with the downgrade today, not much of one but we are up on the year, still early in the year. are you a fan of the january effect as things go at the start? >> the odds are on our side. if january is a good month, the year tends to be good as well but here is my issue with this rally. my issue is if you think about
it, last year's trash is not this year's treasure. if you look at the leaders of this market rally if you want to call it a rally, 3. 5% year to date, without a doubt but the leaders are those profitless tech stocks. think of arc innovation etf stocks, profitless text, that was down 68%. last i checked it was 13%, 14% so far this year. that is not where you want to be, don't want to see profitless tech leading the way. that presents as an issue in these climates where you have economic growth slowing, inflation slowing, it is still high but slowing and you are seeing this period of restricted monetary policy, you want to be in dividend payers, defensive sectors like healthcare, utilities and those
have been underperforming. so far the market is not playing out the way we should expect it to play out when you go through history. neil: thank you very much. mark tepper, strategic wealth. i want to pass along details we are getting from the white house briefing, the position on negotiating over the debt ceiling, you heard by the 19th, less than a week away, presumably we will be out of money, up against the wall and no mind to negotiate over the debt ceiling, no one is talking about a laminating the debt ceiling, tying it to spending more present or future spending that this represents money that has already been spent so no reason to do that. that has been the consistent democratic position. that's not a surprise. as you know, republicans just
took over the house have a proviso and that that they are going to use spending and the government shutdown is a cudgel to get concessions on raising the debt ceiling which is a way of telling republicans they are different from the white house. when we get to that point we are supposedly up against the edge, the president wants to do one thing, republicans want to to do another and a shut down looms somewhere in between. stay with us.
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highest levels, running a 6. 5% annualized clip, running 7% the prior month. the trend is our friend, not when it comes to food items though. that is where you have the serious problems. this is news to those who go shopping and see it yourself. lydia is busy looking at that and joins us now. >> reporter: it is a problem americans are feeling and all grocery stores. i went to the grocery store this morning to try to buy a solid little lunch to talk about inflation. here we are. i heard that you like meat and cheese boards and sandwiches. who doesn't? a crowdpleaser. to assemble these items you have salami, cheese, crackers. neil: i could do without the apricots but the attention is good. >> reporter: eat what you want. lauren: it is pricey.
neil: all of this -- >> reporter: taking of the adjustments, last year would cost $36. neil: looks like you've got salami, pepperoni, and all of that is rocketed. >> reporter: things like crackers are priced by 16% for crackers, cheese up 12%. if you look at the sandwich board we had to get lettuce, did you know lettuce is up 25% over a year ago. it is one approach, you can illuminate it from your diet. we need to eat our fruits and vegetables and it is costing families bucks and that's not even getting into the eggs which we know are up. neil: so that has been started, that is not yielded. >> reporter: it seems to be continuing, even month over month. it doesn't seem to be pulling back in a way we should be
celebrating at all. we heard president biden. neil: no signs that it is. with eggs it has been soaring. >> the avian flu is a real problem and we are not sure when it will subside. neil: has that subsided? do you think twice about eggs? >> eggs are one of those things we need to have and according to some sales data from publicly traded companies we are taking a look at this and their sales are strong, doesn't seem like, when you think of eggs, butter, meat, cheese, these are basic staples everyone has in the kitchen, you can't avoid it. this is infecting all of us. neil: a lot of italians here. i notice connell mcshane wormed his way into this discussion. >> reporter: i'm so glad. >> this is outrageous. we can't let this stand.
>> this has become a big internet sensation. the executive producer, melinda. neil: would have appreciated this. >> want you to talk about this. how have we gotten to the position where i am the best option available to talk about egg memes on the internet and she said we asked a dozen other people and they all said you know the answer. it is a big thing on the internet that has brought up. i brought is them, the first meme up so we can look at it together, number one, going to law school, left side of the screen or selling eggs, who knew floyd mayweather was a agassi. number 2, this one i got a kick out of. king eddie on the internet on twitter, he says eggs are $8.
i am the only one -- neil: are there more? >> there are. a dozen fresh farm eggs, a trade year for 2015, don't try to lowball me. i know what i got. the next one, we only have two more, this one is not that funny. wrappers in 2023 trying to show they have a lot of money. instead of a necklace, what he did. neil: a lot like your producer. >> there is one more here and we will wrap up 5 minutes none of us are getting back. there will be signs of the eggs. neil: it is true eggs hit home with people. >> you need them.
neil: one of the sharpest increases we have seen. still increased, you mentioned the flu thing, obviously worse than this but is anything else going on we are missing? >> all the other things impacting so many goods we need, labor costs have gone up, supply-chain issues are persistent and that's impacting how we get our eggs, the packaging, the gentleman was telling us how expensive the packaging is. all those issues are at play. neil: the food you place here. mcshane is all -- >> this is all -- when you going to model homes, try it. it looks delicious. we are closer to it. >> i thought this segment went really well. this is great, thank you very much.
i know you're healthy background, you would know more about this stuff. the apricots. >> don't come between me and cheese. neil: when with this apple cut up? >> the producer -- >> it is a beautiful thought and you won't -- >> can't afford the eggs. neil: by the way, we are learning about disturbing food for thought, we could have a food fight in washington over the debt ceiling stuff, supposedly going to hit the brink on the nineteenth and now we are hearing they are not negotiating on this, they see this as money already spent, have to commit to raising the debt ceiling, republicans are saying we will extract spending concessions in the future on this and also using as a
negotiating tactic shutting the government down if we don't get what we want. that is causing indigestion on capitol hill. i can only do these food analogies so much but so far no immediate impact on processed meats and cheeses but if we have a debt ceiling problem, just a matter of time. stay with us. ♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones at adp, we understand business today looks nothing like it did yesterday.
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some would say, that disney has made to critics that it is not doing enough to spur activity at the company. let's get the read from charlie gasparino. charles: that is pretty lame if that is how they think they will address -- they need a lot more than that. they have two activist investors, the third point they want major concessions. here's what we do know and where the battle is going to start heating up at heating up pretty rapidly, probably next week. we understand that disney is going to put out preliminary proxy as to why pelts shouldn't be given a board seat. he is the man who says he will go to the shareholders and do a proxy fight to get one.
disney is going to fight back and say here's why we don't think nelson pelts is qualified for that board seat and you might ask why doesn't disney want to put him on the board, i have covered his long career for years, he demands change and when he gets on the board change of management. look what he did with ge. he rooted his successor, john flannery, from the company and basically put in somebody that basically put in someone who is breaking up ge. he says he doesn't want to break up disney but does say the company is a company in crisis, too much cost overruns, not a coherent streaming strategy, he goes on and on. if he gets on the board, including from what i understand, selling espn or all of abc or espn combined to a
certain extent, you can sell one but not the other but from what i understand this may be part of his strategy and something disney does preemptively to appease him and other shareholders about its lousy stock price. disney, bob iger took over last year, was only on the job two years. he was somewhat controversial, got mired in political issues, people criticized disney for woke programming, same sex kissing scene in children's programming, go on and on. what's going on right now is no one has a problem with political correctness when the stock is high. that's why they liked bob iger when he was running, but then bad timing, the pandemic closures of theme parks but also management missteps and
now investors demanding from disney, show us the money, get stock moving, focus on earnings, put aside the political stuff. you are a company, not a progressive political action committee. programming that appeals to middle america. that is another thing. this is interesting. we will see what disney has to say about that. neil: if they start cutting prices of turkey legs, bob iger -- it is a popular food fair. you don't go to these places. charles: last time i was at disney world i might have been 12. there were hot dogs and then. do you go to disney world? neil: yes. the happiest place on earth. yes. all right, my friend. charles: i haven't been on set lately.
you are dissing me. neil: we had all processed meats and cheeses here. they are all gone. neil: charles: do you have super side? neil: no. charles: i'm not interested. neil: i always appreciate our time together. charles: me too. neil: charlie gasparino. we are following other controversies. in california, no more reeling, we are going to stop drilling period. that did not go down well but one company is going further saying we don't like the idea. kelly o'grady has more. >> reporter: major push back against the law that would ban new wells and phaseout drilling in los angeles in the next 20 years. there were a number of companies bringing suit against
the city, a politically motivated deadline. we talk to one of them called warren resources and they said the city ignore their pleas to work on a solution in the counsel failed to conduct adequate assessment of how halting drilling would impact the environment. the ordinance does nothing to curb consumer demand for the california is known as an energy islands. what it doesn't produce here it has to import and energy experts say that could create more harm. >> rather than providing the toughest environment regulations in the world we are in a situation from various countries overseas which may not share our environmental concerns. >> reporter: the city lawyer didn't have much comment but the ordinance was put in place to protect neighboring communities from negative health affects what critics argue this is an arbitrary deadline with no transition
plan to make it realistic for producer or consumer. this could force him to shut down completely. that would diminish supply and get rid of southern california jobs. >> we don't have production all over the us, just here. unfortunately the city has taken off on a path, in my view, for the wrong reason and they have rushed it through. to >> reporter: i want to highlight it could be expensive for taxpayers. warren invested $400 million to make the operation more environmentally friendly by making it fully electric and the ordinance would be to compensate oil companies for any investment they made so definitely a lot of pushback on some of these green pushes in california. neil: thank you very much in los angeles. the president is entertaining the prime minister of japan at
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neil: the japanese prime minister meeting with the president of the united states. we don't know what they talked about, more cooperation in the pacific to counter what we have seen with these provocative actions by china. when i think of china i think of gordon chang, the coming collapse of china, the us china tech war, knows of what he speaks. always good to see you. on the japanese prime minister here talking about tighter relations and more cooperation in that neck of the woods. what does it mean? >> on the military front, in the middle of last month, the us and japan are equal partners. most important thing, the japanese said they would engage in counterstrike. attacking an attacker on their homeland. that means japan in the us can
work together. used to be japan would only defend the japanese islands, the us would do the tough stuff, now we are all going to do the tough stuff together which means we are in a good point with japan. neil: this is the response to co-provocative actions but are they more bark than bite? people say it is in their interests not to go too far but they seem to push it. >> the japanese business community is we don't want to do anything to provoke china but the national security community feels a sense of urgency. they can see china preparing for war. it is not only building up their military in china but also sanction proof the regime at mobilizing civilians for war. that's the ominous aspect of this, the japanese can see this. we think of taiwan as a national target but i think
japan would be more likely victim of chinese aggression for a number of reasons. the japanese. . 20 a lot of bad blood goes back a few years. >> because it riles up the chinese people. i grew up, i didn't grow up in the people's republic of china, i grew up in new jersey, my dad came from china. i was taught at a young age about the horrors of world war ii and japan. my dad was a victim of that because he was pushed westward as the chinese took shanghai and everything. this has been instilled in people who are chinese but the people's republic of china instills it more so. neil: how are they dealing with covid in china. >> you can't trust the regime's numbers because they are undercounted. the modeling that has been done by a number of health firms
says 800 million infections or maybe one. one billion infections this winter, debts will be between 1-2 million. they expect the current surge to crest in a week but they are also talking about a surge in mid-march. that would make sense because we saw under 0 covid policies and china which they abandoned december 7th, this hit beijing and china in 3 waves. this surge is going to come back and hit these cities again. neil: the country has been reopened, now they are dealing with the reality that maybe, don't know if there was middle ground but they have real problems. this is back to what it was at its height. >> this is worse. we tried to flatten the curve, china compressed to the curve, not like they intended to do that but having those two policies, 0 covid and no policy at all, right back to back numbers compressed the curve
and meant there has been untold suffering especially among elderly chinese. when we see the cremations in the street in places like shanghai and elsewhere, that says society has broken down. neil: i saw that in the new york times, you see this, they are not hiding that it is going on. that is pretty bad. >> we don't know the full effect on society but it can't be good because the chinese people are really upset. i downturn in the economy. it contracted last quarter, it is contracting this month. there' s not much demand for chinese exports. we saw terrible december export numbers and this means the chinese economy has a long way to go. it will be very hard and the chinese people are in a foul mood. neil: we will talk to doctor
anthony fauci who is worried about this and other issues that have come up about how much china knew and when it knew it. we have more after this. paren, it's a learning opportunity. come on in. [ chuckles ] the more, the merrier. paris, huh? bonjour! we got any out-of-towners in the elevator? tom. it is not easy. 10th floor, huh? must be a heck of a view. okay, see how everyone else is facing this way? progressive can't save you from becoming your parents, but we can save you money when you bundle home and auto with us. okay, that was terrible. okay, let's hang back. we're gonna try that again. my asthma felt anything but normal. a blood test helped show my asthma is driven by eosinophils, which nucala helps reduce. nucala is a once-monthly add-on injection for severe eosinophilic asthma. nucala is not for sudden breathing problems. allergic reactions can occur. get help right away for swelling of face, mouth, tongue, or trouble breathing. infections that can cause shingles have occurred. don't stop steroids unless told by your doctor. tell your doctor if you have a parasitic infection.
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