Skip to main content

tv   Cavuto Coast to Coast  FOX Business  January 20, 2023 1:00pm-2:00pm EST

1:00 pm
1:01 pm
neil: is friday, at least on an up note, too early to say whether major market averages will end on an up note. it's been a volatile week to put it mildly, the dow is in and out for the year. nasdaq so far escaping that but still early going and we have another few hours of trading to go. connell mcshane taking us through those developments that are seesawing stocks. >> we could be fighting it down to the end. it might wrap up its worst we can four months. goldman sachs is preventing
1:02 pm
bigger gains today with the fed investigating its consumer business, goldman is done by 2 and 3 quarters of one% to find out if the proper safeguards are in place and stock is down 9 points, alphabet, the beginning are in the market in terms of stories we are watching, one of these bad news is good news moves with 12,000 job cuts coming, cross savings associated with job cuts, that is what we've seen for google's parent company. it is a 6% reduction of the rce and other checks giant, ac the stock up by 4%. another tech giant pivoting for lack of better term looking to be more efficient with it spending and the use of done the same, amazon, microsoft, meta. we see the same in recent months from all of these giant companies with job cuts, all doing well and today's market because tech is leading the way and one of the theories is one of these -- some of these huge companies are attractive places
1:03 pm
to work so maybe they can afford to announce these job cuts knowing they could easily ramp up and hire people to get if they needed to wear is overall in the job market we've not seen a good time collapse as jobless claims and other indicators have been showing us in recent days and weeks. the final story, stock of the day which we follow so let's get another update, netflix up by 6.5% with more subscribers added than expected in the fourth quarter. it is still stock that is down 30% from this time last year. let's go back to the dow in terms of gains for the year. if we are up one hundred 2 or more we are positive for the year so doesn't take a mathematician to tell you where up 20 some points for the year and that's what is after giving up the gains yesterday. on a friday, we want to examine the weekly numbers, dow, s&p at nasdaq still down and a lot of this is just going into what will happen with the federal reserve and the outlook in the economy. the market basically pricing in
1:04 pm
25 basis point rate hike. neil: let's go to kelly o'grady following the big crypto play that might be looking at some bad news or trying to avoid it. what is the latest? >> reporter: number of crypto developers but one breaking is genesis has filed for bankruptcy after months of speculation can of the latest casualty caused by the ftx lab. the company listed 100,000 creditors in a maker bankruptcy filing ranging from one, 2 $11 billion. the filing comes days after the ftc filed suit against genesis and its 1-time partner gemini, the company laid off 30% of staff so the interim ceo shared, quote, we made significant progress, refining
1:05 pm
our business plan to remedy liquidity issues caused by the recent challenges to the industry, in court restructuring presents the most effective avenue through which to preserve assets. and him and for a quick exit from bankruptcy, court documents show they are aiming for may 19th to reboot. that would be quick versus other players facing bankruptcy. isn't the only crypto player considering a revival. the new ceo confirmed it is exploring restarting the exchange as a way to recoup funds. some argue this could create more customer value than selling the company for parts. he got his words in. spf tweeted this on the news. i'm glad mister ray is paying lip service to turning the exchange back on after months of squashing such efforts. these companies are in a bit of chaos, the latest month has seen a resurgence in the crypto currency themselves. we see green across the screen,
1:06 pm
bitcoin stabilizing above 20,000 for the first time in two months and the growth you are seeing underscores the difference between the currency and the block chain technology itself versus these exchanges so it does beg the question whether these companies will be able to rebound or if we are looking at another déjà vu situation but good to see green on the screen. julie: who will survive? maybe the 3 you cited. back with us, gary kaltbaum, dan gill trued --geltrude as well. it will be a weeding out process much as it was with the internet boom that went bust and they tried to come back more than a decade ago. do you see -- 20 years ago, what am i saying? do you see that here?
1:07 pm
bitcoin survives, ethereum and all the other players? >> that's definitely possible. the question people are asking, is crypto dead? after ftx, and you start to look behind the curtain with crypto currencies, what is there? nothing. the question becomes will it go away? i don't think it does. i don't know if it will never get to the point it was, bitcoin trading at 65,000 at one point. i am not sure we get to that point but in terms of it going away i don't think that happens. i think there's still an of people that believe, that keeps and in the market for some time. >> i think there's a select few people that own a ton of bitcoin, ethereum, a couple others. if they sold they would kill each other. they came at this 22,000 coins tried to come out, most were 0.
1:08 pm
as far as these things being able to stand tall and stay around for the rest of your life, possibly, probably, as long as there is somebody willing to buy but i stand by what i've said for years, eventually 90% of the coins, most going to 0 because nothing backs it, there's no earnings, no sales behind it, it is just an asset that somebody's willing to pay a higher price and where it stops i don't know. i'm happy to see them higher, too many people lost too much money in these changes. i know people who lost everything will time and if these things can move backup and some of these exchanges get back up, maybe they can get some money back and i would be happy to see that. otherwise i am not a fan at i'm not a fan at all. . 20 throughout the history of the market there have been rogue investments that drew people, if they were getting pounded, let's say, in the stock market, go to gold, not
1:09 pm
calling it a rogue investments but bitcoin and crypto plays, gold stabilized back to 1900 or teasing 2,000, do you see that as an alternative stock play? and if you're worried about the stock market to your point do you play those? >> i can tell you the weak dollar has gold life again and it is working at this point in time. of the dollar keeps coming down i suspect gold will go higher. it is supposed to be the inflation trade, the anti-dollar and anti-market trade, i think it is in good stead. you mentioned these other rogue things, mostly rogue things go back where they came from lose we've seen it in marijuana stocks that are down 90%. we've seen it in the meme stocks. we 20 is it because we get too many of them?
1:10 pm
in the cannabis area we had a million investments. maybe we will be down 5 or 6, i have no idea what's going to happen, maybe it will be down to a few big players like after the internet bust, looking at the survivors, amazon and apple and ebay, the same thing? >> i think so. there is a filtering effect with so many people rushing to the market, probably too late, or rushing to an industry too late and i also think a certain level of investors quite frankly are addicted to risk. they hear this get-rich-quick stuff and want to jump in so they can tell all their friends they bought bitcoin when it was a dollar but then they keep going and going, any time you are in a casino you should take your winnings of the table, they are addicted to that high, i can make more, that is what we see with investments like crypto.
1:11 pm
neil: i'm curious how you see the market, whether we are positive on various averages, but not all the time, you have a bad year, what is it? >> we will have an okay year at best. we could have a positive year but still a lot out there that one must worry about, the massive growth of government, of debt and deficits, usually come back with some payback. i worry about earnings and valuations. valuations are up in the trees historically and earnings are coming down. netflix is up nicely, and earnings were down 91% year over year. and earnings don't come back, valuations stay high. >> here's what i think, related to what the federal reserve does, now that we see they are
1:12 pm
slowing down on rate hikes and perhaps by the end of the year we have no rate hikes, the market responds to that. if i had to make a prediction we end up positive, maybe not by a lot but positive by the end of the year. . 20 it is quite a lot. you guys know. you heard the republican push to get rid of the homeland security secretary and republicans -- thing to impeach him. the guy who brought him on board in the first place likes him. doesn't look like he is going anywhere, or is he? after this. ♪ ♪
1:13 pm
i know the markets have gone up and down, but you're right on track to reach your goals. my ameriprise advisor helps me feel confident about my financial future. he knows me and my goals. it's not the first uncertain environment he's helped me navigate. probably won't be the last. but with his advice, i know i'm on track. the plan we created can withstand uncertainty. no wonder clients rate us 4.9 out of 5 in overall satisfaction. because advice worth listening to is advice worth talking about. at adp, we use data-driven insights to design hr solutions to help you engage and retain top performers today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪
1:14 pm
avalon advanced materials is planning to partner with lg energy solution to establish a new supply chain, to power the green energy transition. plus four advanced stage projects producing critical minerals including rare earths. avalon advanced materials. say goodbye to daily insulin injections with omnipod 5... a tubeless system that automatically adjusts insulin to help protect against highs and lows. try it today. go to for risk information and instructions for use. consult your doctor before starting on omnipod. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones
1:15 pm
1:16 pm
neil: if the president won't get rid of him. a lot of republicans along the border are pushing for impeaching him, removing him themselves. griff jenkins on that concerted effort in texas, whether the president like him or not. >> reporter: good afternoon.
1:17 pm
officials say he's got to go unless he's going to change policies to get it under control. if you go to the drone in the sky you can see it is live shot, we are here on the river between eagle pass and mexico, they had 160,000 migrant encounters in the last 112 days and they are being inundated. let me show you the drone footage on the ground, images we see every morning. look at this video, this is a large group that was shot this morning before don. i went out to talk to these migrants, 75 from cuba, colombia, ecuador, the dominican republic. i asked every single one of them how much they paid the cut cartels, wanted to acknowledge the cartel, the big problem is the increase in swelling.
1:18 pm
look at this video by our fox team embedded overnight, 50 miles from where we are. in the span of 6 hours, tbs foiling 3 separate smuggling operations covering a dozen migrants and arresting one mexican national, charging him with human smuggling, it is part of the problem. and this administration allowed the cartel to have unfettered control. take a listen. >> they are ruthless, effective and have better intelligence than we do because their resources are unlimited and we are stuck processing, they are able to do what they want. >> you hear so much about got
1:19 pm
aways. the got aways don't get away without the cartels and smugglers assistant in the 14 days since i have been staying here, there have been more than 7,000 in this sector. that is 500 a day. send it back to you. neil: add those numbers up, it is stunning. the mexican beast trains, many risked their lives to get here but numbers are staggering. the center for immigration studies and author of the forthcoming book over run, he has seen these and knows wave after wave of migrants trying to get here, what did you discover? >> reporter: it has been some years since anybody has written about, talked about the beast, but the beast is back.
1:20 pm
i was in mexico across from their. the trains, freight trains, cargo train system is bringing untold thousands of immigrants on the rails to places along the border from tijuana to the gulf of mexico. thousands coming this way, and this represents the interdiction point, could stop this traffic, when president obama asked in 2014, and ran operations and shut that down, the biden administration down there in mexico city, we didn't hear a single word about the beast before, during, or after that trip, they are rolling to the border.
1:21 pm
neil: how did migrants get on the train, who clears the way for them? >> the beast is not one train but a system. there's an eastern half and western half. the eastern half goes to texas, delivers all the way from guatemala to the texas border and california. in certain areas you pay the cartel, or mexican officials and where i was in monterey, mexico, nobody was paying attention. there was no cartel, all the immigrants i talked to got on the train. i was there with them and interviewed a lot of them.
1:22 pm
the mexican security forces on federal properties couldn't care less. nobody is paying attention. if anything, the security personnel were helping out, go to the third or fourth track, this one leaves at 5:00 am. it is a great spot to shut that down, but no one is paying attention this time. neil: the mexicans are turning the other way. we needed to hear that even though it is disturbing. the center for immigration studies, we will keep an eye on this. we are also keeping an eye on other things. eggs, we will explain after this. ♪
1:23 pm
you know, mid 30s, couple of kids, recently went through a divorce. she had a lot of questions when she came in. i watched my mother go through being a single mom. at the end of the day, my mom raised three children, including myself. and so once the client knew that she was heard. we were able to help her move forward. your client won't care how much you know until they know how much you care.
1:24 pm
[coughing] hi, susan. honey. yeah. i respect that. but that cough looks pretty bad. try this robitussin honey. the real honey you love, plus the powerful cough relief you need. mind if i root through your trash? robitussin. the only brand with real honeyand elderberry. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh.
1:25 pm
if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-763-2763. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763.
1:26 pm
1:27 pm
neil: you think eggs are expensive in this country? there's a black market for them. this is news to me. a lot of presumably cheaper and if ashley webster is right, a lot cheaper. ashley: yes. i paid $8.49 for a dozen eggs, brings a whole new meaning to the expression nest egg. in fact eggs have become so pricey, they have become a smuggling item across the southern border for shoppers trying to save money. border patrol agents say there has been an astounding 100% increase in eggs confiscated at ports of entry in the last few months. south of the border eggs so for $3 for a carton of 30, now they
1:28 pm
are being smuggled to the us. anyone caught smuggling is given a $300 civil penalty. that can go up to $10,000 for repeat offenders because of the threat of diseases, uncooked eggs intimates have never come over the southern border. egg prices tripled in the us thanks to raging inflation and a shortage of hens. producers save a spread of avian flu has caused a sharp loss of egg laying chickens and also a big increase on the internet for searches for backyard farmers, selling eggs for less and those small operations are reporting they can't keep up with demand during winter months when there is less eggs to be had. the question is when will the price of eggs start to go down, not anytime soon. easter is just around the
1:29 pm
corner when demand will skyrocket and not expected to increase until the second half of this year, and that is no joke. no yoakam. i had to do it. neil: you were scrambling with that one. you don't know what the shell your up to. we go back and forth on this all day. great job, my friend, you are the best and he has a great sense of humor. i always think that helps, very successful in the food industry, the chairman and ceo saying eggs are a big part of what we do. customers have faced those. what are they doing in the face of those? >> i was at a board meeting, a quick surfboard that i serve on. i can't get in, both of you --
1:30 pm
i am just sitting here and can't think of an answer but apparently they slaughtered 56 million egg laying hens in the past months because of avian flu but ironically, chicken, fish, beef is coming down so how arch -- chickens lay eggs, eggs are going up. there are two chickens, and egg laying hen is not -- neil: that is good to know. let me ask about your business. you are bucking this trend where restaurants having a devil of a time getting help.
1:31 pm
what has been going on? >> i said on your show, the pandemic, all of us in the restaurant industry, struggling, and still are, to some degree, will be judged by when the pandemic, whenever that is, how we conduct ourselves during the pandemic. we told our managers to stay in touch with thousands of employees. at the time, we had 5,000 employees when we shut down, we are down 2500 approximately. neil: all these restaurant or beyond? >> all applebee's. we called them to check in and had a number of restaurants in each borough that was open only to go at that time but told our folks if you can get there we will feed your family, you want to come every day you can come every day. they are watching me now. neil: you would have lost plenty on me.
1:32 pm
this cavuto guy won't leave but it works because they are loyal, you don't have a problem others are having. you are dealing with that not as much as your competitors but dealing with higher prices, how do your customers feel? >> customers have been phenomenal. we are doing more business now than we did pre-pandemic. we had a record new year's eve. it seems the consumer is continuing to reach in their pocket for dining out. it is such an integral part of lifestyle today. i don't know who can cook anymore in their 20s, 30s, and 40s. neil: your kind of in the middle of the superhigh end so that is a thriving area but can also be a troublesome area, the
1:33 pm
competitors in that segment are not having this expense. >> it is troublesome but to be totally transparent, all 3 segments of the food industry, quick serve which is fast food, casual dining and fine dining are all thriving right now, but there has been a shrinkage so there is not as much supply and demand. neil: the economy is not as bad as portrayed to be of people are back in theaters, broadway shows, i am not saying things are hunky-dory but if going to hell in a hand basket we don't see any of that. >> i agree except we are a nondiscretionary item so you may not be getting the throw for the couch but you're getting dinner tonight. as this spread increases between what the costs are at the supermarket and hours, they tend to go and pay more for us
1:34 pm
but the spread psychologically, eggs are double, triple in the supermarket, price is 2% more. neil: must have customers calling on the appetizers and shared desserts which sounds like a wacky concept. >> we can judge by what people order, how wealthy they think they are so to get an appetizer, you're feeling pretty good. neil: your menu changes a lot. like the yellow pages. that draws people. >> we are in a fortunate position. the consumer is in better position. voyeurs like to say, the scare tactics we are getting, certainly dining out is an integral part of lifestyle. neil: when they have to wait, you give them those gadgets.
1:35 pm
some don't like to wait. >> they don't other than americans have learned to wait, week you up wherever you go. you don't get somebody on the other end of the telephone, have a voice recording. neil: i just go there and i say i know zane. >> you just pay double and get back in line. neil: when people remember that. absolutely right about that. a reward for treating people like human beings. we want to end on a positive note for this week, we were seeing the dow in the red, so people who are fans of the january indicator say that is a good development for the rest of the year and we are trying to see if we can do that, the dow just in and out of positive territory, the s&p at the
1:36 pm
nasdaq in positive territory. how long it lasts is anyone's guests, but as zane would say, food for thought. more after this. erent ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resources that match your preferred style of learning. learn your way. not theirs. td ameritrade. where smart investors get smarter℠. they're looking for you. who? who's looking? there is no time. they will kill you....but my daughter. mama.
1:37 pm
- they get it. they know how it works. and more importantly, it works for them. - i don't have any anxiety about money anymore. - i don't have to worry about a mortgage payment every month. - it allowed me to live in my home and not have to make payments. - linda, dinah, joanne, very different people, but they do have a couple of things in common. they love their home and they know their stuff. they all talked about the counseling they got so they knew how reverse mortgage worked and how it could be a real financial solution for their retirement. - [advertiser] if you are 62 or older and own your home, find out how you could access your home's equity to give you cash now and when you need it in the future. a reverse mortgage could put more money in your pocket by eliminating your monthly mortgage payments,
1:38 pm
paying off higher interest credit cards, and covering medical costs. - a person like me needed to get a reverse mortgage. it changed my life, it was the best thing i've ever done. - [tom selleck] really? - yes! without a doubt! - just like these folks, aag can show you how a reverse mortgage loan uses your built-up home equity to give you tax-free cash. they also know they can pay it back whenever it works for 'em. - it's a good thing. - [advertiser] call right now to receive your free no obligation info kit. the kit will show you how you could get the cash you need using your home's equity as a reverse mortgage from aag. - call the number on your screen. - i've been with aag for quite a while now. i think they're the real deal. so look, why don't you get the facts, like these folks did, and see if a reverse mortgage could work for you? - [advertiser] call aag, the country's #1 reverse mortgage lender.
1:39 pm
- call the number on your screen. ancestry made it really easy to learn about my family's history. finding military information, newspaper articles, how many people were living in the house and where it was, makes me curious and keeps pulling me in and the photos reminding me of what life must have been like for them. finding out new bits of information about the family has been a wonderful experience, it's an important part of understanding who we are.
1:40 pm
adam: remember the leak, the supreme court telegraphing the reversal of roe versus wade, they said they would get to the bottom of it. apparently they didn't. sounds like they have given up on finding who might have been behind it. david spunt at the justice department with what we have learned if anything. >> reporter: it came out in politico in early may of last year. two days on sunday that marked 50 years since roe versus wade was handed down from the supreme court, january 22, 1973. the short answer after an investigation going on since early may, they don't know who
1:41 pm
did this. politico dropped a news bombshell, the draft leak opinion of justice is overturning roe versus wade. the decision came at the end of the term amid intense protests across the country. the marshal of the court investigated, instead of the fbi, investigators review a process of electronic data collected and a few other inquiries remain pending to the extent additional investigation leaves the investigators will pursue them. the fbi released updated cases where pro life resource pregnancy centers fall under attack. it is related to the overturning of roe versus wade. has the fbi tries to make arrests, the doj has not prosecuted anyone. since the supreme court overturned roe versus wade, 70% of abortion-related violence cases involve attacks on pro-life businesses coming from
1:42 pm
the mouth of director christopher rae. ray. federal prosecutors have 26 cases in the pipeline involving people who attacked abortion clinics and the pro-choice side, the department of justice prosecuted not one person on pro-life attack centers. i reached out to doj, no comment on the record but somebody with knowledge of the situation told me we need to arrest before we can prosecute but there is a discrepancy in those arrests. neil: thank you, david at the justice department. you might have heard this case that caused a national uproar in virginia where a number of kids got merit scholarships, performing very well on the sat tests, many were not notified. it is not limited necessarily to virginia. >> reporter: today, the us department of education weighing in here telling fox business the national merit scholars program is not run by
1:43 pm
the department so decisions about notifying students are made at the local level and at the local level we hear calls for termination. virginia's lieutenant governor wants people responsible at the schools for delay notification of award status, she wants them fired. >> telling you these people should be fired. don't apologize, just go. you have done a wrong thing, you wronged my child, i can't get that back, but you already have your education and are denying my child that ability. we are not standing for it. >> reporter: at least 17 public schools lost 3 virginia counties, have admitted they failed to immediately tell students about their recognition. and parents say it cost their kids the chance to include that accolade on college applications. some are expecting lawsuits. >> it is a violation of each individual student's civil rights.
1:44 pm
by actionable, i mean these kids and their families are likely to sue these school districts claiming there has been purposeful discriminatory policies directed to them, and by them, i mean mostly asian american kids. >> reporter: fairfax county schools said before that the suggestion that information was withheld from students was deliberate is inaccurate, they say so the virginia attorney general's office is opening an investigation to look into this. they want to know if this coronation is behind the delay to notify students of these awards and it may have disproportionately impacted asian american students. neil: thank you, lydia. in the meantime it is tax time, don't know if you started your taxes but if you are looking for an accountant to help you with them, good luck with that.
1:45 pm
there are not enough of them around, there's a big shortage of them, after this. ♪ ♪ ♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my hearing loss and helped me find the right device calibrated to my unique hearing needs. now i enjoy every moment. the quiet ones and the loud ones. make a sound decision. call 1-800 miracle now,
1:46 pm
and book your free hearing evaluation. say goodbye to multiple daily insulin injections with the new omnipod 5. the only tubeless automated insulin delivery system... that integrates with dexcom g6. automatically adjusting your insulin to help protect against highs and lows day or night. don't wait to simplify life with diabetes. get started today with no contract, and no commitment. go to for risk information and instructions for use. consult your healthcare provider before starting on omnipod. simplify diabetes.
1:47 pm
simplify life. omnipod.
1:48 pm
1:49 pm
neil: it is all the rage now, esg but i don't think the environmental social and governance was even a thing 10 years ago. maybe it was but i don't recall it but then i don't recall what i had for breakfast this morning. apparently these mores over the politically correct type of thing is accelerating, charlie gasparino following that. what is going on? charles: it is a way of investing where money managers fraud the companies they are putting their money into, to embrace these sort of woke progressive ideas, reducing carbon footprint or diversity, there's a backlash to that, red state, you had the west virginia treasurer on your show saying they are going to ban their investment in the pension
1:50 pm
portfolios and certain companies like black rock at the forefront of esg investing from becoming money managers, that is happening in a lot of red states and now what you see you won't read a lot about because this is very nascent. you are going to see a back lash to the esg back lash. it is from unions, the teachers union in particular, the united federation of teachers and various local chapters, teachers are generally a progressive bunch, high school teachers, college professors, and they want to maintain esg investing in pension plans. now we are going to get the back lash to the back lash in 2023. it could manifest itself in texas or west virginia,
1:51 pm
lawsuits brought by these progressive groups. we have already seen a battle with the anti-esg groups, plenty of advocacy groups that goes so far as to put larry fink's name on trucks. he is if you talk to larry fink, he's not a zealot despite what people say. this is a battle that is heating up and it is a story you will see in 2023. whoever thought the words esg would strike fear in the hearts of man? neil: i thought it was the old msg thing. charles: you would think of msg in your chicken chow mein. julie: reminded me. charlie gasparino. got dan geltrude with us, he is
1:52 pm
an accountant, he knows where the bodies are buried. the trouble is, there aren't too many guys like you. we are running out of them. that's causing a sea of problems, people looking to get their taxes, what is going on? >> it is really a big problem that has existed for some time. lindsay ellis from the wall street journal has been writing about this. is getting a lot of attention to start with. in the last two years, you had 300,000 accountants and auditors leave the profession. neil: working too much? >> there' s a lot of regulations, changing a lot of responsibilities, deadlines and all those things. and the pipeline of people going into accounting is really really thin. now you have a double whammy,
1:53 pm
people leaving and not enough people coming in. what happens? neil: the pay is great. you are very sought after. what triggered this? >> it started during the pandemic for some reason, is when there became a real shortage. what happened was we had a lot more responsibilities with our government related programs that were going on the required filing. on top of our regular work. if you can't find enough people, what happens? those people have to work more hours and get burned out. craig: the you guys are on the hook. >> yes we are. julie: those rules are constantly changing. >> there's a lot more to it than just doing the work. there is a lot of education behind what we do. keep in mind the accounting
1:54 pm
profession is driven by a two things, quality and timeliness so here is why this is a big threat. i'm not exaggerating. the financial system. all these public companies have sec filings in which investors are relying on that information. if there's not enough accountants to deliver quality and timeliness, once that credibility of those numbers starts to become questionable, now you have what i would say, our timebomb that goes off to say and we rely on this anymore? neil: can we rely on the group of accountants we do have? who are we left with? >> firms that simply cannot find enough accountants in the us particularly larger firms doing this public work, they
1:55 pm
are using the international solution, primarily india but all around the world where they have the work being done to help and keep in mind, they are on a 12 hour difference so these accounting firms become a 24 hour operation. while we are sleeping here they are working -- julie: the software route, i don't need the account. that is true. >> technology is getting better so you can rely on that. when you talk about planning a strategy, the value of what accountants do, that is the human factor and that has got to be there and that is where the real squeeze is. neil: we need guys like you. >> i agree, in more ways than one. neil: it is a great reputation to have. you have a great sense of
1:56 pm
humor, so maybe just jazz them all up. >> if you are indicating that i should be the poster boy for the profession and that would draw more people in. neil: i think you are onto something. it is a real problem, a lot of dear friends who work out, some don't have his standup delivery quality but they are very much in demand so they can call their own shots here. a very different world, imagine doing all of this. after this. ♪ ♪
1:57 pm
1:58 pm
1:59 pm
2:00 pm
neil: this is my last time talking to my buddy charles payne who has a one-hour show, i should say, on monday. but i still see charles all over the place, so i'm very happy about that. charles: neil, you're the first one here, i'm usually the second, people don't know that. i get in around six something, so i'll pick it -- make it a point to say hi to you


info Stream Only

Uploaded by TV Archive on