Skip to main content

tv   The Journal Editorial Report  FOX News  February 12, 2022 12:00pm-1:00pm PST

12:00 pm
ask your doctor about entresto. >> want to journal editorial report i am charles payne and this week for paul gigot. hitting a high as inflation jumped 7.5% a year ago. americans continue to pay more for everything from groceries to gasoline, all eyes are on the federal reserve submit a growing high should raise interest rates let's bring an intelligent ceo, former advisor at the dallas federal reserve. daniel, the shot heard around the world this week, st. louis
12:01 pm
president saying the nature hard, fast, heavy may be 50-point of the next meeting. at least 100 basis points since july 1. felt like everyone was caught offguard by that. how do you explain that? those comments were unexpected don't see six moves in the bond market is exactly what we saw quite remarkable thursday's trading think the more important thing to think of charles right now, how jim is actually speaking for u.s. households. when we got fresh data on friday morning from the university of michigan that households now expect inflation to be 5% in the coming year, 5% that's broken free of a range that has been
12:02 pm
stuck in and it shows you how out of touch and insensitive said policymakers are to the plight of u.s. households being crushed by inflation. if it gets ingrained in their thinking about expectations rise to the levels they are at we've got a real problem on our hands free. >> too that point nursing sentiment plunging since the lowest level since 201126% year-over-year. this is a problem that is hurting everyone. the question is how far should the fed go? should they go as far as pushing it into a recession in order to cure inflation? >> charles that's a really good question but central bankers to fight stagflation
12:03 pm
it makes policymaking and it is payback for them not moving last year, for remaining in the mortgage security market and having housing become as unaffordable as it is now. so the fed has not very many good choices for the difference which of the two year treasury yield and the ten year treasury yield has compressed to such an extent that it is suggesting the fed does not have the policy room in order to raise 50 basis points as a jim bullard suggested by half a percentage point. the difference between those two yields is underneath that level that is remarkable to see things move as quickly as they are. and republicans are anticipating inflation's going to six-point to percent. whereas democrats expected to rise by three-point to percent. we have never seen a partisan
12:04 pm
divide when it comes to something like inflation as we are seeing. we are in a midterm election year. politicians are going to maintain pressure on the federal reserve to do something before march 16. >> of course the old saying be careful what you ask for it. what you wish for in that particular case. everyone's got strong opinions about it he did pivot on transitory stuck to this theory of heard every economist say this the cure for high prices as high prices. how can that has not worked or are we in the middle of that? could we indeed be in the midst of peaking inflation. if that is the case do you want the fed to overreact now? >> again, charles use the right word that his conundrum. weather turned what the big three automakers, toyota, most major automakers in january reduced car prices, new car
12:05 pm
prices for the first time since the pandemic hit. so we have not seen this happen. incentive spending is finally started to creep back in. so cars have been what have driven inflation in the current episode, and the post- pandemic era it is car inflation that has been out front. we are seeing that begin to turn because investors are suffering fudge sticker shock you see car sales to consumers in the united states last year declined by 6%. but we also saw auto lending increased because car prices are so high. so the cure for high prices the transitory narrative coming home too late for the federal reserve and not for the economy. with six and a box before paying, 500 for a new car. we are seeing some relief and chips that may turn a corner brook at less than ago
12:06 pm
danielle, how do you see that working out? there's a lot of opinions out there. the fed goes a strong with the 50 basis point hike. a lot of folks are sick may be the smartest thing to do is a data continues to move in. they can choose to give them, i'll be vouching right now for the fed to have an emergency meeting and look at the first rate hike of 25 basis points not 50 but again before march 16 i think waiting this long again is highly insensitive. >> it is so ironic they still accommodate as everyone admits we are in an emergency. thank you very much. >> thank you for quick so we come back prices continue to rise the biden administration continues its tone jeff push for more spending our panel weighs in on the inflation fallout. what is it mean for democrats and the midterms? >> this inflation is real it
12:07 pm
is harming people it is 7.5% that is a tax. ♪ ♪ woo! new personal record, limu! only pay for what you need. ♪ liberty, liberty, liberty, liberty. ♪ age is just a number. and mine's unlisted. try boost® high protein with 20 grams of protein for muscle health. versus 16 grams in ensure high protein. boost® high protein also has key nutrients for immune support. boost® high protein.
12:08 pm
12:09 pm
12:10 pm
gregson prices keep on climbing the white house wants to keep on spending. the president this week meeting with energy executives in an effort to jumpstart his fall climate agenda stopping in virginia for his nearly 2 trillion-dollar bill back better plan this is democrat joe manchin continues to pour cold water on the plan saying his party quote, to the party quote congress the ministration must proceed with caution before adding more fuel to the economy that is already on fire as inflation enter 30 trillion national debt with the horror historical climb. they think spending trillions more taxpayer money will cure our problems let alone inflation. let's bring our panel wall street journal columnist kim strassel, board member kyle peterson and columnist mary
12:11 pm
anastasia o'grady. i am not sure why it seems like joe manchin and perhaps a few others who are not as vocal are the only ones who get it. how do you square the idea that president biden keeps pushing the notion spending more money will cure inflation? >> he has only got two things he continues to say all the time. one is that oh, inflation is transitory. we just need workers and supply chain out there. and yes we need to spend more per the reality is the first of those notions is wrong for it if you look at the latest inflation numbers we are seeing numbers creep up even in places like services which at last i looked services are not sitting on some cargo ship outside of l.a. but also, spending. this is one of the root problems right now by some estimates the united states federal government is spending one out of every $4 in the
12:12 pm
country that still washing into the economy states have not worked through the money the feds arty sent to them they are still handing it out. this is behind inflation. the president has not come up with a better message because to do so it would require changing his agenda he does not want to do that. >> mary, the other blame game part of the blame game is corporate greed. the white house and other prominent democrats are saying look at the profits. we are in the middle of the earnings season right now. tyson foods has a record earnings in. it is pretty clear they are saying that's a form of profiteering, what are you saying? >> that's a little bit of a pivot from what joe biden has been saying for the past couple of months. workers are getting higher wages. look, workers are getting raises. he has a problem now especially as he heads out into the country meeting with people. that is, inflation is gobbling up those wage gains. so year-over-year for january,
12:13 pm
workers actually hourly earnings were down 1.7%. so as fast as companies start paying their workers more, inflation is eating up their gains. he is not going to want to face that. it's going to be much tougher when he is out there meeting people. he says he's going to start pressing the flesh. i don't think he is going to meet a very friendly crowd. >> i don't think so either. kyle, he has got the blame game. i don't think that is going to work. certainly to mary's point folks on the lower end are getting the biggest pay raises. sixteen -- 24 and the lowest quintile they are seeing pretty strong pay wages some months to keep up with inflation. not every month to pray to attack these corporations is wrong. what is left of this white house? >> that is the question. i agree i find it astounding
12:14 pm
president biden was out in virginia pitching "build back better" standing in front of the "build back better" batteries has a 2 trillion-dollar plan that's generous accounting some people are sing is like three or $4 trillion when you add it all up. the alarming thing for the white house as this is the eighth month an hour we have inflation year-over-year at over 5%. the risk is that it starts to build into people's expectations. it starts to build into union contracts on the get renegotiated. but it starts to build into negotiations with their bosses when they hit the end of the fiscal year the going to point to the inflation figures and say come on boss you've got to give me more than that to keep my standard of living the same or give me a little bit of a raise. and so far biden is not seem to want to move on that. he just renominated the fed chair there does not seem to be any push on his and to change any defensive policies either. >> it was a big guessing game. for a moment there look like
12:15 pm
powell was not going to be re- nominated by president biden. you wish you were a fly on the wall. you happened behind closed doors there. having said that president biden has thrown powell under the bus so to speak he's blaming it all on the federal reserve. maybe that is his only outcome election time it was the fed. >> 's got to find someone to blame as you said. most are not buying the argument they know it has to do with washington. the next thing he can do is say i'm going to blame the fed. i think there's a problem with that though. most americans do not automatically think of the fed. many don't even know what it is they understand instead between them and their representatives and those are in charge politically. but also his kyle mention he wrapped his arms on the guy who was in charge of the fed at the moment that people who are making the decision. going to try to make very tough to point fingers and say those guys did it's their
12:16 pm
fault nothing to do with me, it is his guy over there. >> i've got 30 seconds it is interesting the same week a lot of proponents of the modern monetary theory the notion try to take a victory lap. i find that amazing in the midst of this battle as well. >> i would not expect them to wave the white flag and surrender. think in the months to come there is a bigger problem looming that is if the fed really does what it needs to do which is jam on the brakes here, you could end up tipping the economy into a recession. that is the line they are trying to walk. it's going to be very tough. >> it really is jay powell has a job nobody wants right now thank you all. the irs plans use facial recognition of an outcry over privacy but if you the agency is done snooping, think again.
12:17 pm
12:18 pm
yep, it's go time on the most reliable network. you get unlimited for just $30 bucks. nice! but mine has 5g included. yep, even these guys get it. and the icing on the cake? saving up to $400 bucks? exactly! xfinity mobile. it's wireless that does it all and saves a lot. get the new samsung galaxy s22 series on xfinity mobile.
12:19 pm
and right now, save big with up to $750 off a new samsung device. switch today.
12:20 pm
>> the internal revenue service this week scrapping a plan to require americans to submit face scans to see the personal tax information for the reversal comes as democrats and republicans alike blasted the idea citing concerns over privacy, security and government intrusion. if you think the agency is done snooping, think again for the numeral given the irs the power to monitor online payments of more than $600 as a tax man targets your side hustle. your back with our panel. mary this is 600 bucks throughout the year. like cumulative. let's just say everything if you use paypal or van ♪ ♪, and guess who looking over your shoulder.
12:21 pm
>> the politicians in washington will do just about anything but the right thing when they are looking for a solution. they say what they are trying to do is keep people from cheating. but the best way to keep people from cheating on their taxis to get rid of the complexity to simplify the tax code and allow people to apply tax would be the absolute best option. but instead they continue to use it more and more what i consider almost tactics to monitor people's activity in order to supposedly stop them from cheating on their taxes. >> but the problem, kyle, and the rhetoric the political rhetoric were already told the jeff a basis of the world are ripping us off. when it comes to actual policies they are going after hairdressers. they're going after people doing side hustles. we never take down the jeff
12:22 pm
bezos of the world we make life more complicated for everyone else. i just don't get it. >> for sure. it stipulated people should pay the taxes they a lot of those businesses have been cast businesses for a long time for a reason this sounds like a huge headache to me. people use apps like venlo for all sorts of things including the split restaurants with their friends. it's going to matter than when they said they want to implement this is going to matter whether the peg that in the app as a business transaction or a personal transaction. by the way if you sell personal property that's generally nontaxable. if you put a couch up on craigslist some guy comes over and venom owes you 600 bucks for it, that is not supposed to be taxed. is that person going to put into his app it was a business transaction? you may end up with a form from the irs then you're going to have to call the irs and explained to them you sold a couch on the curb. >> kim, for those more
12:23 pm
conspiracy theorists types, folks are saying this feels like a step toward social credit score like they have in china and they monitor every single thing you do. they collect the data and use the data anyway they want. flexible right, it is a slippery slope. why there should've been a lot more thought put into this. this is coming from the same people in washington who have been advocating including this white house we should have a system in which the irs is able to access all incoming and out coming bank flows. where you're getting all the money where you are spending your money on. essentially monitor every aspect of your financial life. that makes the situation you outlined more likely. what worries me, charles, this all seems to be bundling along with that anyone having a serious discussion about the greater privacy concerns. in the power of the federal
12:24 pm
government. set is been driven by people who say we need a little more cash while the spending we have been doing. you're going to crack down on the little guys and try to squeeze it out of them. >> america, we know on the wish list if he can get his way but president biden also looking to bolster the sides of the irs you think we need 80000 more irs agents? >> note. [laughter] kim brings up an interesting point. if you look around the world that countries that don't grow and don't develop, they have a large underground economies. why did they have large underground economies? because most people are trying to dodge these kinds of heavy-handed tactics from the government. so, these recommendations or proposals they are making will only drive more and more activity underground. and basically diminish the efficiency of the u.s. economy rather than helping grow
12:25 pm
faster. >> you know kyle, there's a lot of reasons for it but it's interesting like paypal's and others have been under a tremendous amount of pressure. again we want innovation in this country but these are amazing wonderful apps but they become so much more a less amazing when you have again you feel the shadow of government looking at you, don't they? >> yes it's of a piece with democrats in congress president biden one to put the irs into more aspects we interact more and more. chronic tax credit or advance payments they were at last year's side the irs started sending these payments from 2020 and that means you get the child tax credit advance payments who do not qualify for them. and now everybody is having this headache of trying to figure out what they oak, what they were paid. that is the reason why they went 80000 more irs agents.
12:26 pm
>> it's going to be one big headache for a long time be thank you all still ahead growing frustration at home and abroad over covid restrictions and mandates for some democratic governors seem to be getting the message. what about the biden administration? timber... fortunately, they were covered by progressive, so it was a happy ending... for almost everyone. i always wanted to know more about my grandfather. he...was a hardworking man who came to new york from puerto rico when he was 17. with ancestry, being able to put the pieces of the puzzle together...'s amazing. it's honestly amazing.
12:27 pm
12:28 pm
12:29 pm
>> frustration over covid restrictions coming to a head at home and abroad. this is people demented off ramp for masking and mandates. in counter demonstration stretch into a second week as
12:30 pm
truckers protest vaccine requirements choking busy border crossings between the united states and canada. here at home 70% of americans at a recent poll say that it is time to accept covid and get on with our lives. some democratic governors seem to be getting the message is a growing number of blue states lifted indoor mass command that a move president biden says is probably premature. her back with her panel and mary o'grady. kyle, a lot of democratic governors get on board for one reason or another. i'm not sure they think the sciences change for the political wind certainly has. trucks well that is true. for the facts on the ground have been really hard to deny. if you look at the centers for disease control number for new york city for example the omicron wave is over. they are talking about maybe 3000 new cases reported a day that is less than a year ago. and by the way in the meantime we have had a massively more testing with the omicron variant seems to be less
12:31 pm
severe. anybody who has wanted a vaccine's got one, two or maybe three doses of it. it just becomes hard to deny at some point the reality this is pretty much over. charles: maybe someone should tell the white house will affect press secretary says even if your governor says the mask can no longer required you should no longer wear them president biden on the fence edc seems to be frozen what is going on? >> i want to know what odds he will give me, charles that will actually change on march 1. that is the date to the president goes to deliver his state of the union and what seems to be going on here and it seems pretty clear is the president is chomping at the bit to go in front of congress and the nation and have another one of those moments as he did last summer where he said he has defeated the virus. he knows those numbers kyle just cited that's going down. he wants to have his moment in the sun.
12:32 pm
all ladies democratic governors are responding to political pressure beating him to it. they are to hold back a bit. i am figuring you get closer to that date they're going to decide its ended as well they can take credit. >> i was going to tell you i'll take the odds may be on the day before pretty make the announcement it's on all the headlines you take the victory lap. in some really important lessons that either should have been learned here or continue to be learned the hard way i think for politicians. >> looking back on the last two years you have to have some sympathy there so much we did not know about this virus. for sure we were going to make mistakes. i think the big lesson is humility is important in science. we have to not only try to think about what we know but accept it we don't know. one of the big lessons here is
12:33 pm
their orange dress costs to not hiding under the bed. there were also costs to hiding under the bed there cost in terms of mental health. there is cost in terms of servicing people who had other illness. there is cost to child development and education. i think all of those were ignored to the peril of many people who suffered. >> they were ignored but i think what frustrates a lot of folks is they were ignored for political purposes not indecisiveness per se. and again this whole thing began with a critique we should follow the science. unfortunately when it comes to politics and sin against an agenda. >> it is very reactive to president biden's has been very reactive. we should be more proactive next time for the oma cron wave case in point that hit and then president biden announced he was going to set up this website and be sending
12:34 pm
out free covid test to people pretty thought of do's and participatory journalism i put in an order and generate 18th i still not gotten the test. i've still not gotten a confirmation e-mail the tests and have it shipped to. my betting is what is going to declare the pandemic over before i got my free government covid test. >> right now i'm think your bet is going to be everybody's bet. where to be go from here, kim? politicians are amazing they can make any kind of mistake we have short memories cycles the 24/7 news cycle. these do not hurt them long term these mistakes. >> here's what my worry is, charles thought to be a party pooper i don't think the fights necessarily over. even in the states were governors are pulling back on restrictions they're leading up to local jurisdictions and schools to make the final call on masking and testing and vaccine mandate spread but we
12:35 pm
discovered every petty tyrant at the government state level there's plenty more lower down. you are to sing a lot of school sync know we are not giving up her mast mandate. were not told them about indoor requirements of local towns i think these fights are going to continue to go on for a while. i think they'll be even less interest and government officials for a quick someone said absolute power corrupts pre-think of all very much. still ahead as americans look for an offering from the covid emergency we will talk to dr. marty makary about what the new normal should look like and whether trusting science will be a long-term casualty of the pandemic. living with diabetes? glucerna protein smart has your number with 30 grams of protein. scientifically designed with carbsteady to help you manage your blood sugar. and more protein to keep you moving with diabetes. glucerna live every moment
12:36 pm
and more protein to keep you moving with diabetes. i'll pick this one up. i earn 3% cash back on dining including takeout with chase freedom unlimited. so, it's not a problem at all. you guys aren't gonna give me the fake bill fight? c'mon, kev. you're earning 3% cash back. humor me. where is my wallet? i am paying. where is my wallet? i thought i gave it to you. oooohhh? oh, that's not it either. no. no. stop, i insist. that was good though. earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours.
12:37 pm
your kindness outshines your highs and lows. your strength can outlast any bad day. because you are greater than your bipolar i, and you can help take control of your symptoms - and ask about vraylar. some medicines only treat the lows or highs, once-daily vraylar is proven to treat depressive, acute manic, and mixed episodes
12:38 pm
of bipolar i in adults. full-spectrum relief for all bipolar i symptoms. elderly patients with dementia-related psychosis have an increased risk of death or stroke. call your doctor about unusual changes in behavior or suicidal thoughts. antidepressants can increase these in children and young adults. report fever, stiff muscles or confusion which may mean a life-threatening reaction, or uncontrollable muscle movements which may be permanent. high cholesterol and weight gain, and high blood sugar, which can lead to coma or death, may occur. side effects may not appear for several weeks. common side effects include sleepiness and stomach issues. movement dysfunction and restlessness are also common. you are greater than your bipolar i. ask about vraylar. charles: estates across the country moved to live covid 19 restrictions and resist transition to so-called new normal, will be slow and somewhat say it rigid from the biden administration and cdc
12:39 pm
make trusting science a long-term casualty of the pandemic question michael spring and doctor carries a professor of health policy at bloomberg school of public health also fox news medical contributor. doctor makary this has been one of the under occurring themes this all along. the mismanagement of information someone from local government all the way to the white house. now of course have certain states removing the mass command a pair of press secretaries and even if they do remove it you should wear it and it feels like everyone is telling us to embrace the science except those folks who are telling us to embrace the science. what is going to happen here? >> what is happening is a public sentiment is catching up, people are sick of at the kaiser foundation from 73% the public is not extremely frustrated by that pole was two weeks ago it's even higher today pretty science has not changed. when people say the science has changed i can take off your mass, the science was
12:40 pm
always in the size were always. right now people are seeing the stricter paternalism and public health officials telling us to do things. they see through the foolishness of the myopic nature focusing on this one virus and ignoring healthy young healthy people were always low risk in this entire endeavor and yet they bear the biggest burden of restrictions bring. >> 's another facet of this pandemic that seems to maybe be changing with respect to politics is something you are very passionate about that's natural immunity representative ted lieu talked about it, tweeted about at least this week. feels like again it is a changing maybe changing for political reasons. maybe there is always an acknowledgment of it but people were afraid to say so. what is going on? >> the date is now undeniable the test of time has held up the doctrine of natural
12:41 pm
immunity it is true with other coronavirus that cause severe illness, sars and mers that's why the hypothesis at the beginning should have been its effective endurable until proven otherwise. now we did a study out of johns hopkins my research team published it a week ago showing a 99.3% of people who had covid had circulating antibodies for those antibodies are present up to 20 months after words for that is as long as he study. we have seen public health officials afraid to talk about because they've had the paternalism i do not want people to go out there and try to get the infection. but people want things to rates. they want honesty. we can tell people about the durability of it, not run their lives if they had natural immunity by firing them from their jobs. and at the same time be honest and encourage vaccination would only fired those with natural immunity at the workplace we fired those least likely to spread the infection break we as a nation appeared to be caught flat-footed with the omicron variance.
12:42 pm
and of course the government is looking for tests, tests were not available. we sought long lines in new york city and other places. what should the science, community and others be prepared for with respect to the next possible variant? >> we certainly going to future variance it may be in the fall it maybe a couple years from now. statistically those variants are downgraded variance they are less severe, often less contagious. it's hard to compete with the already highly contagious current variance. previous covid infections in any coronavirus convection is immunity even if it's entirely different variance. people have the natural history of novel viruses introduced into the human race they downgrade over time and circulate year-to-year. therefore other viruses circulating for decades they constitute about 25% of the cases of the common cold. covid will be the fifth. thirty-six doctor makary, obviously coveting is only the headlines for two years and counting. what are some of the other things we have missed or we are missing that could
12:43 pm
actually be just as big in terms of public health threats? >> well, we are learning right now heart disease is a complication of covid. having covid increases your risk by up to 63% that's a recent study from this week. there's also many other health problems chronic disease and heart disease kills more people than covid each year. we have had this odd complacency about other pathogens. they're going to continue to circulate year-to-year. bacteria resistant to antibiotics is an epidemic that increases every year but it kills about 100,000 people a year. it is projected to increase consistently each consecutive year. we have too much of a centralization of ideas we need more of an open form public health officials hopefully learn that lesson for. >> doctor one of the things that strikes me this week is all over the world weather wasn't israel or here in america we saw children being told in the classroom no
12:44 pm
longer need masks. the euphoria of getting goosebumps thinking about what i looked at the last couple of days. we talked about the challenges that these kids won't have to carry with them and got less than a minute to go jointed touch on that before we have to go? >> this is one of the greatest untold stories of the entire pandemic. perhaps one of the areas in which history will judge our current public health officials with the greatest burden of responsibility. that is, how this pandemic strategy not the virus itself but the strategy disproportionately affected poor and minority communities. most americans do not live with a second home an inexpensive zoom sweeper in baltimore city many kids and never logged on when they went to virtual learning. those kids and never showed up back to school. we have something called excess noncovered deaths in the united states, we are just beginning to unpack that that something we should've had the focus of the beginning. >> doctor makary you've been
12:45 pm
iraq through all this we appreciate it thank you very much. >> thanks charles. charles: momentum builds on capitol hill by banning stock trading by members of congress this is after house speaker nancy pelosi dropped her opposition is the right move a more political? our panel debates next. ture mad. the #1 pharmacist recommended vitamin and supplement brand. welcome to the eat fresh refresh at subway wait, that's new wait, you're new too nobody told you? subway's refreshing with better ingredients, better footlongs, and better spokespeople. because you gotta you gotta refresh to be fresh it's time for the ultimate sleep number event on the sleep number 360 smart bed. what if i sleep hot? ...or cold? because you gotta no problem, the sleep number 360 smart bed is temperature balancing so you both sleep just right. and it senses your movements and automatically adjusts to keep you both effortlessly comfortable. so, you can really promise better sleep?
12:46 pm
yes! you'll know exactly how well you slept, night after night. we take care of the science. all you have to do is sleep. don't miss our weekend special. save 50% on the sleep number 360 limited edition smart bed. plus, 0% interest for 24 months and free premium delivery when you add a base. ends monday. feel stuck with credit card debt? move to sofi and feel what it's like to get your money right. ♪ move your high-interest debt to a sofi personal loan. you could save with low rates and no fees. earn $10 just for viewing ing your rate and get your money right. ♪
12:47 pm
12:48 pm
charles: first low mix of owning and trading individual stocks gain steam on capitol hill this after nancy blows he dropped her opposition to the move this week. but they house speaker said any band must pick. >> it has to be government the third branch of government, the judiciary has no reporting. the supreme court has no disclosure.
12:49 pm
it has no reporting of a stock transaction. and it makes important decisions every day. spencer were back to work panel, kim, i want to start with you. but first i read a report this week that 55 members of congress failed to properly report their financial trades according to the stock active. the penalty is only $200 or in many cases it is even waived. so you are in a position to make a whole lot of money, 200 bucks is not enough to dissuade you, is it? >> and no and that is really pathetic. we pass the disclosure law about a decade ago. it's actually in important lots of very powerful tool for the american public to be able to watch and see what is happening, what kind of trades and the representatives are doing. in my mind by the way i don't think there's anything more required than the level of transparency. we have to make sure that transparency is actually working. what we have is as you said the penalty so minor most members are many members don't
12:50 pm
feel as if it's a problem to violate those requirements. that in my mind should be the number one job congress should be looking at right now is beefing up that part of the law. the rest of this about banning stock trades is a real problem for the long-term institution of congress but. >> from a show earlier we talked about the trust in government. there's a lot of individual investors out there who are investors or want to be investors they point to what they are inherent discrepancies or unfairness on fair playing field if you will. the campus is one of them when say to them? >> i think they should look at the analysis done of this for the stock disclosure database, anybody can find something in there that looks bad. i would encourage people to go read a study by dartmouth economist examine stock trade by senators going back to 2012. what they find is senators do not beat the market the trades they make, they underperformed
12:51 pm
that includes there's no evidence that people on specific committees had an edge to the guys on the health committee were trading health stocks did not beat the market on health stocks it also included 2020 there's no evidence they traded stocks after congress was briefed about covid they beat the market either. so what i am worried about i agree with kim. what i am worried about is there's a little bit of a moral panic about this on capitol hill. were going to end up with bad policies but. >> soon put their finger in the air and felt the shift in the win including nancy pelosi who not that long ago so this is part of the free market. i hundred and 30 trades are diana harshbarger during seven heard stock trades for $11 million represented suzy lee doing 200 trades for $3 million. at the very least i feel like don't they have something better to do? our country is in trouble.
12:52 pm
>> well, i think you make a good point. the optics are really bad. let's be honest about what can actually be done about this. this reminds me of the discussion about how were going to get money out of politics. it's not going to happen. the best we can hope for is as kim says and kyle points out is transparency. that elective representatives, judges and people in the federal government including by the way the administrative state should have to report. i think disclosure, sunlight is the best medicine for this corruption and the electorate has the choice to look at who these people are they are electing. of course every two years nancy pelosi is on the ballot. so the people in her district have decided it is not important. >> i'm not necessarily think that's the case. a lot of people believe whoever they elect will still abuse the system.
12:53 pm
and i think from looking at it from that point of view kim i spent 30 years helping individual investors. the big problem is a lack of faith i worry about the wills of congress, what our system is built on the republic of the notion of investing, changing your life of gaining prosperity that too few people do it. so many people -- listen let's face it, washington d.c. has a bad rap anyway and in many ways sodas wall street you can throw silicon valley in there. even if it superficial in your mind, what would hurt to make some changes so that the american public feels better? >> i guess here's my response to that. yes, we all want people to engage in these activities and become more prosperous. but the snake oil is being sold here is the notion if you pay in stock trading among congress members that somehow
12:54 pm
it will get better and things will be fair or you'll stop rich people per the opposite will happen charles. right now the senate and house is full of trust fund babies really wealthy lawyers and celebrities increases the only people can afford to come and do this stuff. if you start putting stock trading, scent you could no longer do stock trading if you're going to be a member of congress, all you're going to do is dissuade people of great experience that may be more modest means who are then worried they cannot say for their retirement they cannot have that 529 for the kid to send to college. we want to average folks with experience in the real world to do with the founders suggested, go and spend a couple of years giving their wisdom to congress in leaving and going back to the productive lives. in saying you're going to impose restrictions that are not imposed on any other -- really any other industry in the world is not a way to recruit good talent. >> although that might be the personification of a public servant. got to go.
12:55 pm
we've got to take over break folks readily come back hits and misses of the week. iberty b- cut. liberty biberty- cut. we'll dub it. liberty mutual customizes your car insurance so you only pay for what you need. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ plain aspirin could be hurting your stomach. vazalore 325 liquid-filled aspirin capsule is clinically shown in a 7 day study to cause fewer ulcers than immediate release aspirin. vazalore. the first liquid-filled aspirin capsules...amazing!
12:56 pm
12:57 pm
[winter wind noises] you wanna go out, walter? let's go. yeah! mush, walter! pace yourself. ♪♪ whoa. that's incredible. oh yeah, it's a chevy silverado trail boss. this thing's built for off-roading right from the factory. no, i meant the cat. it's like nobody's seen a cat before. the chevy silverado trail boss.
12:58 pm
find new friends. find new roads. chevrolet. time now for hits and misses of the week, kim. >> it to the supreme court for staying a lower court about to post racially gerrymandered district on the state of alabama. the right congressional support has been for a long time but increasingly what's happening is democrats lose over the course and court stopping and imposed on will on state legislatures. the supreme court said enough, too close to the midterms, should be laying here and we will hear this case but we will do it in our time. hopefully it sends a message to other lower courts they need to exercise. paul: theory. >> it or dolly parton.
12:59 pm
her enterprises this week announced that it will pay the tuition, books and fees for any employee who wants to get a diploma, a degree or certificate program in fact from the first day of their work. this is a number of education venues. let's hear it for dolly parton whether you like her music or not. paul: everyone loves dolly parton. kyle. >> a mr. california train because the fastest thing about it so far is the rising price tank, high-speed authority issued a revised plan $105 billion up from 100 billion two years ago in 2008 more like $40 billion. what's more, the extra 5 billion this week is for environmental mitigation, mostly stuff like noise barriers and engineers are saying it could go higher yet
1:00 pm
gets to material and cost and putting into the ground so someday it might be a quick train ride from l.a. to san francisco but boy are californians are in-flight. paul: thank you very much, that's it for this show. thank you all for watching. i'm charles payne, catch me on making money, paul is back next week, we hope to see you then. >> canadian police moving in to clear trucker set up blockade major groups between arterial. vaccine mandates, a massive disruption in the american auto industry. hello, welcome to a brand-new hour of fox news live, i am molly's. i am in for arthel neville. eric: thank you for joining us, i am eric shawn. intervention after protesters remained on the ambassador bridge, the bridge in detroit, they stayed