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tv   Making Money With Charles Payne  FOX Business  March 3, 2023 2:00pm-3:00pm EST

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free services, financial education, so they can re-enter the workforce. can you just tell us a little bit about what it is you're training them with so they can go out and work? >> sure. first thing we do is removal barriers to employment. and that may be barriers for physical injury or emotional stress from the trauma you face while you have been deployed or in combat so we're treating all those areas first so that you can focus on a job. we also have to make sure you have a home. you have to have a stable background and regular income, and we do that through filing disability benefits. then at the end of the day, we got to empower them and that's only achieved through jobs. thanks for highlighting that. brian: jobs so important. general, thank you. wounded warrior that does it for us, on "the big money show." yesterday, charles i think was at a ballet. i wonder if he was at an opera today. charles where you coming from today? charles: you know what listening to the work they are doing to help our veterans is operatic
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enough for me. taylor: well said. charles: good afternoon, i'm charles payne, this is making money. right now the stocks keep defying the experts and even bond yields are pulling back a little bit but is there too much happiness, ed yardeni will break down why fear may be good for stocks and romania debuts the first ai government advisor and they will read people's minds so how much are we spiraling into danger using ai, and also get ready for vomagedd on. talking about wall street racing to sell you a bunch of projects to protect you from zero day options exploration, but what is it? why is it booming and really that dangerous and a soft landing hurts the fed's credibility. meanwhile dana peterson is with us breaking down why she and her work says a recession is in ever
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it inevitable and sold out girl scout cookies are selling for monster money on ebay. will the biden administration crackdown on the girl scouts for price gouging? plus you can't miss my takeaway on why didn't progressives complain? 44 million people lost extra food stamp money. i haven't heard a peep from them i've got theories all that and so much more on "making money." all right, so yesterday, we learned an individual investor bearish sentiment has soared. it has rebound big time almost 45% more than double bullishness and that's by the way it's up 79 % in the last four weeks. its been a rocket ship. now, it wasn't when sentiment it was about a month ago sentiment went net-positive. net bullish if you will for the first time after a record 44 weeks and some people were saying oh, there you have it. they are too bullish but all of a sudden these real dark clouds of fear settled in and maybe it's not a dark cloud though.
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maybe it's actually a silver lining. i want to bring in yardeni research president ed yardeni and ed, i read your piece this week, called "fear can be good for stocks" but i also remember there's an article or comments you made back in february 2020 and one of the headlines said fear is worse for markets than the virus. so, are these headlines saying the same thing? >> yeah, i think they more or less are saying the same thing. the market is driven by emotions , and the famous emotions the famous two emotions that tend to drive the markets are fear and greed, and sometimes, we see an environment where the fear is so intense, and so widespread that that causes stocks to become actually a goodbying opportunity, and so i don't really get that concerned when i see the sentiment indicators turning very bearish because to me, they have proven in the past to be contrary indicators. charles: the irony about the aa
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i survey of individual investors is that stock, so the sentiment is bearish has really gone bearish but they keep buying stocks, so the retail investors seem to have been sort of pretty nimble in the last year, but for me, i think the greatest fear is from wall street. you know, sometimes, i just marvel at just how anxious wall street is about people being optimistic or markets being up. don't we know that the short and long period of time markets tend to go up. why are they so ingrained in this get out now, the world is, you know, the doom and gloom business. >> well, it makes headlines. it debts reporters interested and i find that optimism is a fairly rare point of view on wall street, but the point i would make about calling market tops and then turning very bear ish is that those people almost never tell you when to get back in. charles: right. the reality is stocks are for
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the long run and stocks pay dividends, and dividends at the end of the day are an important source of return, so getting out as facts and trying to get back in, you wind up getting in probably where you got out or even paying more, and meanwhile , missing on some dividend time. charles: right, or you feel like you missed it and you kind of wait, wait, wait. i know people still waiting from 2009, ed. >> i agree. charles: i also heard earlier in the week that you reiterated your 10-year yield that that peak at 4.25 that was october 24 >> i think so. charles: this breakout we were looking at this week, no chance of a retest? >> you mean to get back to 4.25 it certainly could do that, but i'm looking at the shape of the yield curve, and the yield curve remains very very much inverted, and that's usually coincident with getting pretty close to the end of monetary policy tightening, but as you said, fear is back out. people are talking about a six- handle on the terminal rate
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for the fed funds rate and i don't think it's going to be, i think we're getting pretty close to the end of fed tightening. charles: ed let me ask you about earnings before i let you go. i just saw the global earnings revision ratio is actually turning up. so much was made over the last six months about earnings estimates being high, too high. ironically even though estimates came down we still came in worse , but what about the earnings are saying now? what are they suggesting about the market now? >> well, let me reverse engineer that and say that at the beginning of the year, there's a lot of talk about a recession. it seemed to be the consensus view, and a lot of people were lowering their earnings expectations, but suddenly, the string of very strong january indicators that we got in february made everybody rethink that maybe it's not a soft versus hard landing but maybe no landing in which case a lot of people lowered their earnings estimates too radically i've stayed pretty consistent at the optimistic level. some people thought that might be the dilutional level but time
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will tell. charles: well speaking of time telling, you've taken these contrarian positions before on wall street and that's one of the things if you don't mind me saying is elevated you to legendary status. have a great weekend, thank you so much. >> thank you. charles: folks, it was also a big week for saas players there were winners and losers distinguishing themselves and we'll go over that but also, listen. we end the week like we began the year. all the chatter about artificial intelligence, ai. the fact is, it's powering the number of five gainer in the entire market today and the number five gainer in the s&p 500 so i'll go to rbc capital marketing managing director rishi jalria. first, let's start with this , the behemoth, the big one, broadcom, because they posted their numbers after the bell like a $9 billion almost in revenue but i didn't read or listen to the conference call but i printed it out and all i saw was ai generative ai. it's a small amount of money,
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but it dominated the conference call and management expects exponential rise in demand. why is this so fascinating and why is this one of the reasons the stock is up so much? >> yeah, absolutely. thanks so much for having me. look, i think that it's important to kind of set the stage and say this , all the chatter around generative ai and chatgpt i do not believe it's over-hyped. i think this is the fourth biggest revolution in technology in my lifetime going back to the internet in the 90s, mobile computing, cloud for enterprise software, and now generative ai that has actual consumer grade interfaces like we see with chatgpt so this is a game changer and it will have repercussions throughout technology and society. you know, and with the caveat that i don't cover broadcomm, there's a lot of infrastructure that is required to power the likes of chatgpt. you know, i cover microsoft and microsoft is a big beneficiary of this in my mind, and azure
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will need to buy a lot of hardware, a lot of chips, a lot of networking equipment to build-out their data centers to provide the infrastructure to make chatgpt even work because it is very very intense on the computing and storage side that requires a lot of advanced technology and to my understanding, that's what broadcom is talking about is that they believe on the hardware side they will be a beneficiary as a azure aws has to buy equipment to support the ai workloads. charles: another name is c 3-pointai a smaller company up 25% so the doubters on wall street are paying a heavy price and here is another question i want to ask you and it's a little bit off the economics of it. listen we know the benefits. you just talked about some and we also are aware of some of the concerns about ai taking jobs but what about this different threat? an ai advisor was hired by the romaine yonkers government to read people's minds. i mean, that's kind of scary stuff right there. >> yeah, and then i think the
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reality is a little different than the headline. the headline sounds more scary than it is but it's effectively the idea, you know, a lot of us have a google divisor alexa or whatever in our homes and imagine if what you said there that data got shared with the government. that's effectively what they are talking about. charles: so they aren't going to be knocking on people's doors arresting them for things they are thinking about? >> no, no, i do not expect that but i think this does tell you an important threat on ai, which for all of the positives you can talk about, there are bad actors who can use it for nefarious ends and we'll see the same thing on hackers, for example, may be able to use generative ai , and some of the advances in technology like quantum computing, to make their attacks more sophisticated. charles: i've got 30 seconds but i've got to get to your wheel house, the saas names. who came out the winner this week? >> i would say the big winner this week was salesforce. i think salesforce showed even
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within five activists circling they are in the ability to show margin expansion and this is a battle- tested company that has been through two recessions and they are a lot more resilient than people fear so i think salesforce bought themselves a lot of time with the quarter they just put out from the activist. charles: i have to agree with you and i was critical but they came through. rishi, thanks a lot appreciate it. >> thank you. charles: folks the two best words that describes the market in 2023 are resolve and com. resolve for the determination or the stock market stocks themselves, they keep moving up this higher wall of wall street hate, and com for investors after a brutal 2022 and not everyone's that way but i do have my next guest i say i think has both traits for sure. i want to bring in senior managing director jim awot. jim, you were calling for com particularly in the second half of last year and we brought you in almost every time it was a massive down day
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because of that and of course having exposure to this market in the face of all of the uncertainty, but the uncertainty is still there, the volatility maybe increasing. is this still the right combination to have exposure and remain sort of not sanguine but calm? >> yeah, absolutely. look, over the long term, you make the best returns in u.s. equities you've seen all of the numbers. you missed a small number of years, or even trading days, you missed a big percentage of the return, so think long term, think like warren buffett, buy when things are down, don't get too excited when things are up. in the short-term, stocks are about where they should be, you know, the base case let's say you have 220 of earnings this year and 18 times and you're roughly in a trading range in the short-term. what we have to get through is a couple more interest rate increases and precisely measuring what the effect on corporate profits are and we're in the eighth inning getting very close to getting that
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clarity. you're not quite there yet. you're going to get a lot of news over the next few weeks. powell will testify next week. then you get cpi ppi, payrolls and the fed meeting and i think we'll have a much better grasp but i think a lots got to go wrong for the market to go down materially from here, and if you look overtime, it'll go up materially from here although probably not for a few more months. charles: you know, and it's really because that's not the narrative that you hear from the street. whenever you have sessions liked to, or yesterday and today, when the news that came out according to the street we should have been down a whole lot instead we turned higher. will there come a time at some point this year when we could just focus on fundamentals, jim? forget about guessing on what's on jay powell's mind and listen, while we respect everyone in the fed, not having to live and die on their every word. >> yes, absolutely, and the base case is that'll be around the summer. look, the assumption is that
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we're going to get three more interest rate increases and then after june, we can then focus on profits and then in july you'll get second quarter earnings reports and forward-looking guidance and then we can get a real fix on what the back half of this year is, and what the beginning of next year should look like so i think we just have to suffer through a few more fed meetings. i think they would like to stop. look, the real key here is the january data was so strong, i think it spooked everybody. it gave you the huge rise in bond yields, huge down in the market. we're going to get a lot of data as to whether that continued in february or whether january was an aberration based on a warm winter and a couple of other factors so we should get that clarity pretty soon and yes we will get back to fundamentals. i think we're all tired of watching the fed. charles: less than a minute, jim speaking of fundamentals, i think you're in the camp that believes even though the market has shown that resolve, the
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wrong group is leading the way. why is it that wall street keeps pushing back on the certain group stocks that are doing well and sort of saying hey, why can't the market dictate the winners and losers? it just feels to me more and more each year that the experts on the street sort of try to dictate to the market. when i got on wall street it wasn't that way. >> yeah, well look. over the long term, the markets are brutally efficient and you don't have to listen to the experts, you just follow the fundamentals. what was very clear in january is you have a lot of short cover ing and people were not positioned right and the absolute wrong kind of stock s went up, but going forward, i think it'll be very e galatarian, between growth and value, but quality will way outperform lack of quality and balance sheets in an era of rising and high interest rates and a reasonably slow economy, you're not going to want to have companies with a lot of debt, so
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quality both growth and value, and balance sheets not reliance on debt, and think over the next 24 months and you'll do just fine. charles: love it, jim, thank you very much my friend talk to you again real soon. folks coming up, is it time for the biden administration to crackdown? did anyone tell them about the spike in girl scout cookies? someone is price gouging we'll talk about that later in the show but first, option strategies that you can cash in on. we've got one of the best. jessica inskip will share a couple ideas with you and also we'll get to the bottom on what the heck has gone on with the zero-day options exploration , next. ♪ you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence...
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charles: now, you may have seen these acronyms somewhere around, zero zdt, zero days to expiration. it's dominating the options world and right now, wall street wants to get a piece of that action but one jpmorgan strategist actually warning us saying these option contracts will boil over. joining me now options play director of education jessica in
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skip. jessica, i mean, this is like all the rage. they are 40% of all options activity. it's mind boggling and came out of nowhere some thesis, there's no games over the weekend so is it teenagers? gambling, what's going on here and is it as dangerous at volmag eddon? >> so such a great question and i think that it's interesting because the large question in the market is are we fighting the fed or are we paying attention to the market and i think that it's a different type of market and i'll tell you why. for retail traders, there's an influx and you pull the occ data even with the zero dte options it's retail participating within the market and think about it, technology is more accessible than ever, so therefore we have these influx of traders that started with meme stocks honestly got their adrenaline rush and zero dte have high acceleration, high leverage just like that interview stated therefore it's absolutely retail
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oriented. charles: so is it a danger then to the entire system or something to do between waiting for the next round of nfl games? >> so, i don't think that it's too much of a danger. i mean, there certainly is if there's a large influx but also again, technology. so there is so much open interest right now normally on the at the money options which is where the highest activity is , and i think that it's really great just from that information of data. you could literally see if the whole market is skewing bearish or bullish by pulling the data with the zero dte options and it's interesting to speak to the people who trade them. they layer on technical analysis to look for support resistance zones and ultimately that's how you layer trades. now it is gambling when you have the zero days until expiration because remember, yeah. charles: sure, sure, but i mean to your point though. it's not, they aren't throwing darts right? and i think wall street is going to come to the rescue with a few packages on that. let's get to your stuff. i think that you've got a bull
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ish spread on sby? >> yeah, that's right. so right now, largely, the market is range-bound, and when it's range-bound when we find it goes to its support zone it bounces up like a floor-to- ceiling on to its resistance zone so now it's past its major support area, so that's where i would take a bull cost spread. i'd go long because that gives me an exposure to vega, so if we have increased volatility what do we have next week? we've got some jobs data which is largely contributing to the fed, so i want to make sure that i have a bullish position, and my upwards potential based on that next resistance zone, so definitely layer if i want to go long. charles: let's squeeze in i have to squeeze in this individual stock, nvidia which is a name we know, high beta seems perfect for options if you're on the right side. how are you playing it? >> that's right. so this one i'll do a bull put spread. that is where i shorten the money security do a standard deviation or 10 out, with a lower out of the money option.
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you get a credit for that. you're going to make money as long as nvidia stays right above your strike price so at the money means at the current price of the option right now, and that's important to keep that in mind, because if volatility is high, we sell an option at that point because as volatility comes down we buy it back at a lower price so selling at that point is very important. charles: great stuff. you knew though we record these things, and we bring you back. >> i do. charles: we'll have you back real soon to discuss them, okay? >> sounds good. charles: thanks a lot. you know, there's not a big money, folks, in the philosophy. you're the coolest person out there, right? you know philosophy, fine arts, sociology, you get into the best parties and that's good because you can't afford to pay for them should the taxpayers pay for them? we'll break this down with scott martin at 2:50 meanwhile a new op-ed says the fed's credibility can take a hit. listen to this , can take a hit if there's a soft landing. we'll speak to the author of that, next and also, what is the
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true health of the economy? labor economist extraordinaire dana peterson will weigh in, next.
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charles: so, there are time less traditions and guidelines in all walks of life but the 2% inflation target for the federal reserve and other central banks is taking on this sort of im moveable status that comes with the passage of time but this stuff has only been official since 2012 so with that in mind my next guest dared to suggest the fed should abandon the 2% inflation target i'll bring in manhattan institute senior fellow allison schrager. allison, you know, you're always out there ruffling feathers right so you're saying that the fed's credibility can't take a soft landingment walk us through that. >> well, it's not that i think they should. i just think they aren't going to have much choice. i think it's proven that they are sort of policy of small rate
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increases and tough talk isn't getting inflation done to where it needs to be in the meantime the labor market is going gang busters so we're looking at a likely scenario where the labor market is in pretty good shape but at that point the economy is in a healthy place. the only problem is they have a 2% target which honestly they have almost never met and the way inflation targeting is supposed to work is the fed sets a target, everyone agrees, it becomes a self-fulfilling prophecy and the fed keeps the target realized but if we get to the point where the economy is healthy and the fed has to go nuclear to bring inflation down to 2%, i mean, i think that's going to be a really tough sell we'll go into a recession just to maintain the fed target. charles: right and and parts of the economy are breaking down anyway to your point. i don't know why, i used to always ask this question too. why not 3% but it has become sort of an immoveable target and almost every economist i
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speak to like the 2% target. they think that it's a smart thing. maybe it's group think, i'm not sure. let me ask you about something else too you've written about here recently. the phenomenon of what's happening in gambling, sort of similar to our last segment with zero data options expiration. look at this chart, on the screen, folks. we went from nobody gambling in the 1970s to $160 billion and counting. are we close to needing an intervention as a nation on this? >> well, i don't know if we need an intervention, but i mean , people should be free to do what they want, and but i do wonder if we should make gambl ing quite so easy. it seems like we're sort of hoping that people gamble more this be a good source of tax revenue or to pay for things and i don't know if that's really healthy, so i don't know why we're encouraging or making gambling quite so easy. that's probably not good. we should encourage people to take risk, but not like sort of
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out sized risks. charles: i watched the super bowl with a bunch of 20-year-old s and they bet on every single thing. not one was really a football fan but they bet on everything so they were at least engaged. i have a minute to go. let me ask you about another piece you wrote. maybe i'm reading the headlines wrong but you're suggesting that men dropping out of the workforce could be progress? explain that? >> well no i think it's a very destructive trend, but i think there's a lot of reason why men are dropping out of the labor force. one reason is they are somewhat enabled by the fact women in their households are making more money and that puts less pressure on them to work. it's good women are working but not good that men aren't. charles: there was songs in the 70s that talked about this stuff. anyway, you're too young to remember that. allison thank you very much. the great recession debate. it rages on, right? more economists are saying no dice because the labor market is too strong. we just talked about that. others are pointing out a myriad of traditional things that suggest perhaps it's just simply
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unavoidable. i'll bring in chief economist dana peterson and of course the conference board does amazing work. one of your pieces of work everyone uses is the consumer confidence number, and it was really amazing is that it just came in below consensus, but what really stood out was this expectations component, folks, that orange line. it's down to its lowest level since when inflation was at a 40 year high, and that's what i'm trying to figure out, dana. why doesn't the fact that inflation coming down offset concerns about recession at least on households? >> well, the problem is that even though inflation has come off a little bit, it's still really high. it's very expensive for people to buy gasoline, food, even to rent a home, and so those are the reasons why consumers still have very high inflation expectations. while they think a recession is somewhere on the line. charles: so the group that looks most concerned, 35-54. what is it about that
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demographic that's so worrisome over the next six months? >> well these are working age folks, and the thing is that they are probably hearing in the headlines there are layoffs and these layoffs really aren't concentrated among the pandemic darlings like tech and finance but nonetheless if you start hearing that your friend got let go, you might think that's probably going to be you at some point, so i think that's probably part of it as well as the fact these are the folks who spend the most money and hence are the most subject to facing higher inflation. charles: so what do you say then to those who are saying employment and wage growth. they are just so strong. 11 million job openings, wages are starting to catch up to inflation. there's no way in the world there's going to be a recession. how do you pushback against that >> well, i think the differentiation factor this go-around, this potential downturn is labor shortages. we've never had labor shortages like this , and the reason why is because we had millions of
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baby boomers exiting the labor market, so businesses have no choice but to raise wages, to attract workers, or to keep workers, and that's feeding through to inflation, and certainly we're seeing a lot of hiring in those sectors that didn't finish hiring people, after they let them go during the pandemic so it's netting out to look like a strong labor market but we think the unemployment rate can rise. how dramatically? maybe one percentage point. charles: well that's a lot of the fed officials are looking for one percentage point. another good gauge from the conference board leading economic indicators is 10 components. by the way do they all carry the same weight? >> no. the weights are slightly different for all of them, but for the most part, i think we want to look at the gauge together and it's continuing to signal recession. in fact, its been signaling recession for quite sometime since march of last year and indeed, it kind of forecasts a recession 12 months out, so march until now, it's suggesting
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recession is starting right about now. charles: so then to that point, the atlanta fed, their gdp gauge was at seven-tenths of a percent and now it's at 2.3% growth down from 2.8% a week ago. still that's, you know, there's not a lot more tima recession jt right now. do you still leave it's built in that it's in the pipeline and if it hasn't started now it's inevitable it's going to start soon. >> well the thing is that even though we're in march, we don't have the data february or march , so we have no idea what that's going to look like. we'll get data next week from retail sales, which will be very important to see if consumers went back to cutting back on spending, like we saw in november and december, so i wouldn't put too much weight on that number. it only has a little bit of information as it gets more and more information, it'll change. charles: yeah, and i think that warm weather really, you know, skewed those numbers a little bit. that's just my non-economist thinking there. dana have a great weekend, appreciate it. >> thank you.
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charles: all right, folks. coming up, guess what the top paying college major is? hint, it ain't sociology. it ain't fine arts and it really ain't psychology. tweet me your guess at @cvpayne, because here is the problem we will have to pay for them if the biden administration gets their way and the focus on esg right now is intense. we have economist brian wesbury to talk about what the pros and if any cons i think he will have a few, right after this. ♪ welcome to my house, baby take control now, we don't have to go out ♪ aking me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an invesco qqq,
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both parties have blocked the new labor rule that would allow retirement plan managers to factor esg into their investment decisions. edward lawrence is live in washington at the white house with more. edward? reporter: yeah, good afternoon, charles. moderate democrats might be looking out to the 2024 elections as now we're starting to see the cracks in the unconditional support that president joe biden has enjoyed over the first two years. that could be evident that happened last night in the senate passing the republican bill, rolling back the new labor rules that allow retirement funds to invest based on environmental or social issues that bill going to the president's desk. two democrat being senators voted for that republican-led bill, senator john tester and senator joe manchin and both up for re-election, both also voted for the inflation reduction act with a heavy climate change spending there but made this pivot now so republicans are finally finding allies in pushing back. >> this is basically to avoid the government imposing woke
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policies on your investments. the thing that the fiduciary, the people who are responsible for investing your retirement savings, should be focused on is maximizing the retirement. reporter: so president joe biden says he will veto that bill. now so far, did not decide to move to the middle on some of his policies. the president continues to push for the green transition, using more government spending. many in the federal reserve believe the government spending pushed inflation not how the white house sees it. listen. and karine jean-pierre says they feel confident that the president's policies are working as you are seeing inflation come down. again, as he's pushing for more spending, so we're seeing that persistent inflation and now cracks in the support for president biden, for moderate democrats. back to you. charles: oh, boy so from a 40- year high to a 40-year high.
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that's, i hear you. edward thank you very much my friend. someone call it something else i can't say even on cable. i want to bring in chief economist brian wesbury. you know, brian, listen. this esg is stumbling really badly right now but here is the thing. it's an ideology. it's an ideology that's been around for 100 years, free money , green stuff. you can't really ever truly kill an ideology, so how long can it be held at bay? and what is the counter-argument for folks who aren't sure? >> yeah, well, it could be held at bay for a long time and i think it will. you know, the reason that this rule is being kind of promu lgated or pushed forward is because it takes the investment decisions that you might make and put them in the hands of a bureaucrat so this is why they are going after pension funds. if you believe in investing a certain way, faith-based or clean energy-based or
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diversity-based, however you want to invest, you can get a financial advisor, or you can just do-it-yourself, but they are trying to force money down this hole, and in a little bit of a bigger kind of picture of this , charles, you know, the stone age did not end because we ran out of stones, right? charles: [laughter] >> it ended because we invented the bronze age and then we invented the iron age. charles: right. >> when government decides that oh, no, you know, we got to get out of this stone age, we're going to make the wood age, well then, the problem is is the bronze age never happens, and that's what bothers me about all of this. the government is not, they're not, they don't know the future, and so trying to give bureaucrats power to push money in one direction or another can really harm our growth, let alone the retirements of people that fall pray to this. charles: it sounds like this
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administration is saying let's make the stone age great again. let's talk a little bit more about that. >> yes, exactly. charles: president biden coming under criticism even from folks on his own party of squeezing too many stipulations, you know, into the inflation reduction act , the chips act, you know, trying to make companies hire babysitters. they can't buyback their own stock, you know? just a whole lot of rules. do you think that could hurt, for instance the chips act? can we maximize that? i don't think every company is going to go for that. you can't do a buyback for like five years or something like that. >> right. no, they aren't going to go for it and we see , we've seen this over and over again. i'm going to leave the company names out, because i'm not really allowed to talk about individual companies, but there are companies that have kind of tied themselves at the hip to the government, and every time i see that, they perform badly. their stocks go down versus their competitors, so companies better watch out for this.
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don't get in bed with the government just because you think this is free money, because in the end, you've become less competitive. charles: we've seen on main street where societies and communities have taken that deal and generation after generation after generation are still stuck i've got less than a minute to go. president biden meeting with his german counterpart. it's all about really trying to box in china, right? it's about the russian invasion, but they want to box out china. is it even possible, considering the economic ties, not only that we have but europe even moreso. i mean, europe not long ago was ready to take some road money. >> right. yeah, and they are still buying oil. so from russia, and china's buying oil from russia, and it's just supporting the whole system i don't think, in the end, companies i think are going to move to latin america, to vietnam, you know, to other, we're going to have less ties. we're going to have de-
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globalization with china going on, but it's just going to take a really long time. charles: and by the way, china's no longer the cheapest alternative out there. brian we've got to go. always appreciate our conversations, man, thank you so much. >> yup. charles: folks coming up, my takeaway on why there was no out roar, none from progressives when 44 million americans took deep food stamp cuts but before that maybe the administration might be ready to crackdown on the girl scouts. talk about profiteering. boxes of cookies going for $5 now trading online for $80 tweet me @cvpayne if you think maybe the girl scouts should go into hiding. we'll be right back. mara, are you sure you don't want -to go bowling with us tonight? -yeah. no. there's my little marzipan! [ laughs ] oh, my daughter gives the best hugs! we're just passing through on our way to the jazz jamboree. [ imitates trumpet playing ]
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charles: all right, so just how much is your college major worth according to the new york fed, a major in subjects like theology, sociology, really aren't going to get you that far. joining me now, kings view wealth management, cio, scott martin and scott, i know you've got some kids. what are you telling me about this , this great debate? on one hand they may be checking things out online and saying that it doesn't really matter because ultimately they aren't going to have to pay for it, either daddy will pay or the taxpayer will pay for it so it maybe a moot point what you take, although some of these gig
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s, you don't make any money. you maybe the smartest person in the room but the brokest. >> it's a shame some of the great majors you mentioned are not paid what they should be when you talk about daddy paying for it, charles, my son thinks daddy is joe biden now, because joe biden's going to take care of him i guess, but what i've also told the kids, my kids, some of my kids is like why don't you guys major in hard work? why don't you major in drive? why don't you major in dedicat ing yourself to your employment because charles as a business owner myself we have a pretty nice sized investment advisory firm. its been difficult to find folks , young kids especially, that want to work hard, that want to show up everyday. that want to put in eight, nine, 10 hours a day charles you and i frankly put these in when i got out out of college. i majored in economics and french by the way, but it's also something too where you want to major in something that makes you happy, but also make you want to work and do the work and that's important and you will be
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rewarded for that. charles: no, you know i think the problem is work is a four letter word and maybe we have to start describing these things differently, because the dignity of work to me was something that stood out no matter what people did. i don't care if they were paving sidewalks, school cafeteria, whatever it was there was a certain amount of pride that's been yanked out of this thing, as far as work ethic. i told my son, my man, your vocabulary is a million times better than mine but your work ethic can never touch mine. let me ask you real quick about -- that maybe going down real soon so i'm reading this headline about girl scout cookies with a new flavor out some kind of raspberry cookie, apparently $5 retail, they sold them out and going online for $80 or $100 a pop and i'm thinking if joe biden went after gas station owners he might go after the girl scouts next. >> he may, and that be terrible i'll tell you what but it be a nice distraction from what else
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he is going after these days like the spy balloons and what not, and weather balloons going up from just little spy groups i guess, so look. the reality is this. isn't it weird how capitalism works? balance sheet certainly probably has a beef with this too, but the cookies are the cookies. let's face it, the cookies are good. i've heard about that raspberry cookie. i don't know if it's worth every penny of the $80 but i'll tell you what is my friend. thin mints which i've been known to eat boxes of in a single setting. you've seen that? and i will do it again on air if tempted. charles: [laughter] i couldn't resist, scott. have a great weekend, my friend. all right folks we'll be right back.
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and invest accordingly. you can call us christmas eve at four o'clock in the morning. we're gonna always make sure that you have all of the financial tools and support to secure your financial future. that means a lot for my community and for every community. charles: all right, so, i waited until the end of the week. i know it was a real busy news cycle and maybe the progressives would get around to saying something, but well, there wasn't anything. at least i haven't seen anything i hadn't seen randi weingarten go ballistic, aoc hasn't mentioned racial injustice and president biden hasn't blamed it on republicans like the maga crowd and i'm talking about the 4 million americans that once received between 100 to $200 extra a month in food stamps, right? when the pandemic began, it's
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all phased out over the last month or so, and it's a bad time, obviously, with high food inflation. now maybe not much attention was paid to it, because this extra help began under the prior administration. i guess of course there's a lot of political strategists out there who said listen ignore the story, because if you bring it up, you know, people are going to wonder why this is starting to happen and also, there's the five largest states that this is happening to. the most expensive states in america, where it's already tough to be poor, now you'll have far less food stamps as well. so i don't know maybe over the weekend we'll hear something about it. listen, we want to be in the country where people are only on food stamps for a temporary period of time. we don't like cradle-to-grave but certainly when they need the help maybe they should get the help? that's what i've been told. all right, liz, over to you. liz: it's fine to help the helpless, the truly helpless charles: yes. liz: thanks charles have a great weekend. charles: you too thanks a lot. liz: we gina with a fox market


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