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tv   Cavuto Coast to Coast  FOX Business  August 18, 2022 12:00pm-2:00pm EDT

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take it all. we want it all, blow me. you can send in your fan friday videos. record yourself, tell us your name, where you're from, got to say this, you're watching "varney & company." do that and you could see yourself on television. don't have time to check the markets because i want to give neil the maximum time for his show. he begins, now. neil, it is yours. neil: your fans can submit videos, friendly videos, right? stuart: some of them do. >> we get videos on this show but you really can't play them on the air. that's good to know. thank you, stuart, look forward to that. in the meantime corner of wall and broad sort of like a standoff here between the buyers and the sellers. on the good side of this the fact right now it looks like some inflationary pressures could be easing because the economy is slowing but that is also some of the bad news here because that economy is slowing
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and housing is slowing and we've seen home sales dive for the for the sixth month in a row, down 20% year-over-year. be that as it may the battle continues as whether the economy is still generating price hikes that have to be dealt with on the part of the federal reserve aggressively, maybe not so aggressively the latest stream of thought the federal reserve can cool it on the magnitude, size of those increases. let's go to kelly o'grady following all the developments in l.a. hey, kelly. reporter: there were more tough retail earnings today as we continue to see how inflation impacted consumer behavior. department store coles in particular feeling the pressure. the company beat expectations but those were already lowered. they said middle income customers are pressured by higher inflation which put a damper on sales of apparel and other discretionary items. the retailer revealed it is
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slashing the forecast for the rest of the year and reduce inventory, trim expenses to account for a softer demand outlook. that is in sock contrast what we saw from walmart, target earlier this week both sticking to their forecasts. bank of her ceo making waves, emphasizing the debate whether u.s. economy is in recision misses the point. he told the ap, recession is a word. whether we're in a recession is not important thing but what it feels like for people going through this gas prices are coming down, but rents are going up 10, 12, 15%. rent can take up 40% of household income that was similar sentiment we discussed with the july retail sales report. sales were flat but consumers are getting less for their money. they feel like they're cutting back even if they spend the same amount. i want to touch on the fed minutes released yesterday. they said they would continue
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hiking rates until inflation slowed substantially. the market is pricing another 50 basis point mike in september and that is impacting bond yields. 30, 10, 2 year treasury notes cooling on the news. the two is higher than the 10. we're still in negative yield curve territory. we touched on that yesterday just because the curve is negative doesn't always precede a recession. it has predicted every single one over the last 60 years so it has folks worried. neil: every single time that is the case. thank you, kelly o'grady. go to dan geltrude, john lonski on this, both smart gentlemen. dan, what the bond market could be telling us. i don't want to make too much here people who bet on what the fed does next are now betting the next move will not be 3/4 of a point, possibly half a appointment point where are you on this. >> neil they will go with half a point if we trust with what the fed is saying they will continue
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with interest rates going up until they can get to 2% in that range and i think they have a way to go, neil. i mean inflation is stubborn and it takes a lot to have it come back down and i just don't think if the only tool we're going to use here is interest rates, then i simply don't think the fed is being aggressive enough. rip off the bandaid, get it over with. we're already in recession. it already feels bad. let's move forward. that is what i say. neil: john, let me ask you about that right now on the inflation, everything addressing it to rip oaf the proverbial bandaid, eurozone had incations they're running.9% annual clip -- 8.9%. it is not slowing down. britain at 9% clip highest he levels in 40 years. where is this going?
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>> inflation will slow down especially with food and energy. the only way you get inflation under control is ring up a full-fledged recession. yes, we've had back-to-back declines by quarterly real gdp. we definitely have a housing recession right now as you can see from today's data on existing home sales, down by indeed 20% a year ago. but i also believe we have to see a softening of the labor market. we have to see an outright rise by the unemployment rate before we get that type of reduction in consumer spending that will drive prices lower and end this latest episode of runaway price inflation. neil: you know, dan, you were touching on, you got this rip the bandaid off analogy, i always find the markets reaction to economic news on any given day kind of telling us you worry
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when you see some pockets of strength that showed that the federal reserve will have to keep raising rates. some investors, not all, celebrate when we got slowdown news because it slows down the rate of those increases i guess. which is more important to you? when you look at data that comes out, or companies stating where things stand, offering guidance, is it more important to you that they see light at the end of the tunnel, or, that they're worried? >> well neil, look the market is signaling that they're seeing a light at the end of the tunnel. i think that's false hope. i don't, i don't see it that way. i think that the market wants to believe that this economic data that we're getting, there is a slowdown, that the fed is going to back off. i think that is just a pipe-dream. i am in the camp that we are going to be going with a long and deep recession and the
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reason i say that is because i don't think the way to resolve this is the way the fed's doing it, which is death by a thousand cuts. ultimately in order for this recession to go away it's going to take the supply side of the formula. we can't just focus on demand and that is what we're doing. i just don't agree with the approach. neil: all right. final word, dan. i want to thank you, john, i want to thank thank you. want to go to gerri willis on this other part of the equation we've been talking about. the effect on housing i've been telling you we had another month where sales are slowing. you add it up you have got some significant slowing going on. spell it out for us, gerri. reporter: neil, these numbers out just this morning right? existing home sales down for the sixth straight month in july. it is nearly a 6% slide month to month, more than 20% year-over-year. it is the weakest sales rate since november of 2015. so big numbers there.
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meanwhile the cost of living is exploding. rents are rising at the fastest rate in 30 years. median asking price topping $2,000 a month first time ever and pushing consumer debt levels even above what we saw in 2019 before the covid pandemic. clearly the rent is too damn high to coin a phrase. this could have a devastating ripple effect on the economy. the exploding cost of living is big part of rising debt levels which totaled $16.15 trillion in the second quarter according to new york fed. higher than 2019 before the pandemic. it is hitting more than big city renters in places like new york city and san francisco. get this the city with the biggest rent growth right now, actually cincinnati, ohio, according to redfin where prices are up 39%, a shocker. for renters the squeeze itself one in five telling freddie mac
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they're likely to miss a payment, with majority of consumer take-home pay going to necessities like food, shelter, child care. that could be a warning sign for the economy. rentals for a third of the consumer price index which showed a year-over-year increase in 8.5% in july. as i send it back to you, neil, kneels are foregoing investment in future like investing in stock or even owning a home, especially young people that will make the housing market downturn even tougher. we saw that existing home sales number today. well the rate of homebuyers, get this, backing out of contracts, the highest in two years. neil? neil: all right. thank you, i think, gerri, thank you very much gerri willis following that. mad did i thurman with more on the housing thing, douglas elliman, very big in the real estate world. dottie, how would you describe what you're seeing? you look at this more closely than most. i see things slowing down but i
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don't see the crash, what about you? >> i don't see it. i see it very differently, first of all an average, normal supply of inventory is about 6 1/2 months of inventory. we have three at this current moment. we have a shortage of inventory. so number one, when you have more buyers than you have inventory, you know, you're not going to fall into a market where nobody buys properties. it also, you know, you're comparing it to two years that in my 30 something years of being in real estate i have never seen anything like the last two years. so, we are coming back to a more normal market and i think that buyers, this is good for the buyers. they will be able to make a few concessions but by no means is there a fire-sale. i do believe, i can't speak for the entire country but i do believe that you're still going to have some price growth, not
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like you did 14, 16, 18% year-over-year but you're still going to have some price growth. and then i look at the mortgages. now yes, i think january, february of 21 we were at like under 3% which i would say oh, my god, i can't even believe, like free money. i bought a home when it was 15% mortgage. it was my first house. so if you look at, right, so now they're six. then they went back down, okay. so we had a little slump. neil: dottie, let me ask you about that. let me ask you about that. >> still low. neil: a lot of people are transitioning to adjustable rate mortgages where and when they can but they're different than they used to be, right? they used to hold up for a year, obviously change but you can log into one for 10 years, slightly lower rate than you're getting with anything fixed. i'm wondering if that will cushion the blow for some? obvious hope being within the 10-year period you will be in a
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position to be stronger, maybe get a lower fixed-rate down the road but what do you make of that? >> i think you should give financial advice. that's what i did. i mean 20, 30 years ago, when it was 15 1/2, 16%, i took it. i took an adjustable, five-year a.r.m. neil: right. >> i waited and refinanced when it went down again but actually -- neil: you more than me and my wife. i don't know if i ever mentioned on this show we were getting our first mortgage a little north of 13%. but i digress. to the whole generation, to your key point on this this is a shock for maybe people our age, i'm a little older than you it's a whole different environment. i'm just wondering how that sorts out? because there are a lot of frustrated young buyers, my god, we're at 5%. i'm out of here.
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5%, that is what i was paying per day, but i exaggerate. what do you think? >> i think there is couple of issues. first of all shouting recession, we're in a recession, we're not in a recession, the places going to crash. so when people are indecisive there are so many uncertainties going on in the world. neil: right. >> people take a back off, wait, let me wait and see. however, again we have a 3-month supply of housing. yes, unfortunately maybe some people will not qualify that are used, that were able to at 3%. which was a year ago. but, again, there is a lot of different types of mortgages. you know i would advise them to really see a bank and talk about it. and second of all, i don't think you're getting any break renting. rents are off the wall. you will see buyers with a little more flexibility a little bit more negotiation. prices are cooling but it is not a fire-sale.
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you're not going to feel anything. neil: well-putt, dottie is. >> if you can afford to buy you should. neil: dottie, thank you very much. vice-chairman at douglas he will elliman, key player in this city where i report from in new york. we have a lot more coming up we're 45 minutes away from the hearing that will decide whether we will see the judge released affidavit that prompted that raid of donald trump's mar-a-lago home. we're on that after this. ♪.
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every search you make, every click you take, every move you make, every step you take, i'll be watching you.
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the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. ♪. neil: all right, they asked for a show of hands here at fox who wanted to go down to west palm beach, florida, to cover the affidavit that was behind the raid on donald trump's home in mar-a-lago and along comes my buddy, he is like a son to me, mark meredith says i'll go, i will do it for the team. he is in west palm beach right now. mark, what can we look forward to here? reporter: dad, can you send some cold beer as soon as possible if that is the case? it is very hot, 100% humidity, 90 degrees. real action is behind me much
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cooler courtroom, little less than an hour from now media organizations are urging a federal judge to unseal the affidavit that led up to the search at mar-a-lago. donald trump said he would like to see the document unsealed as well. federal investigators say doing so could severely damage their cast. this is an ongoing criminal probe. they're looking at a lot of different options. through court paperwork, we learned the former president is under investigation for possible obstruction of justice and violations of the espionage act. while agents were at mar-a-lago, at least 11 cases of documents labeled classified or top secret were found at the home. months before the search a trump lawyer told the justice department that no classified documents were being stored at mar-a-lago. the president is saying this is all part of a political witch-hunt, political pay back when he was challenging what is going on in the justice department. representatives from trump are holding on to surveillance video from the search at mar-a-lago. we don't know if it will be
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released or when that may happen. there are a lot of concerns about the safety of law enforcement not just down here in florida, but all over the country, given violent rhetoric we've been hear about online. yesterday the former vice president, he was up in new hampshire speaking about number of different things this came up, here is what he had to say when it came to the fbi. >> we can hold the attorney general accountable for the decision that he made without attacking rank-and-file law enforcement personnel at the fbi reporter: now trump is not going to be at today's hearing. he is up in new jersey where i would assume it's a little bit cooler. where we are plenty of media, local, state, national but we haven't seen any trump supporters which is surprising. just last week outside of mar-a-lago we saw people come out of the woodwork with the flags. they were driving up and down. we haven't seen that yet that could be changed as we get closer to the hearing about an hour away, neil. see if i can find something to
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cool down meantime. back to you. neil: let me get this straight, you're complaining about the heat in florida, outside of one of the most beautiful areas in the world, i want to make note of that. did i get that right? >> beauty is something. i don't know, it is on the brochure. no complaints. neil: i get that. great work, my friend, thank you very, very much. the beer is on the way for mark meredith. around did i mccarthy, "national review," fox news legal contributor. talk about a smart at this smarty pants he is the guy. a lot of people don't expect the judge to release, what do you think? >> he won't release it at this stage, neil, but it will be released eventually. so what generally happens, this is an unusual situation because most of the time when prosecutors get a search warrant by definition getting a search warrant you have probable cause
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of a crime, when you have a probable cause of a crime, it is standard proper by the justice department to do arrest warrants and search warrants at the same time. i'm not saying necessarily they make a case here but usually these things get turned over in disry when there is a case charged. then defendants file motions to suppress the search. we see publicly when they file the motions what is in the affidavit. this is an unusual situation where they do a search in the middle of the investigation which obviously isn't completed yet. i think what they say to the court, we're not asking to keep this under wraps forever, but we're asking to keep it under wraps while we complete our investigation and the court will probably go along with that. neil: president trump has threatened to release video of the raid on the mar-a-lago compound but i was thinking of that, wouldn't you be able to identify in such video the faces of the fbi agents who were part
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of that? >> yeah. i hope he doesn't do that, you know for a variety of reasons but you're quite right, if the video is good enough and clear enough you will certainly be able not only to make out some people, you may also make out some of the things they were looking at which, you know, if they seized classified documents and the imagery is clear enough that could be a problem in of itself. so i hope they dial down the temperature a little bit and just let this play out. neil: when you talk about letting it play out here it must rise to a certain level when you are going to raid someone's home when in this case it is the home after former president. or does that enter into the see equation? you just say we don't care who it is, he could have been president, could have been king of the world, this is something that justice is blind at and goes in no matter what? >> yeah. i think everybody would like to
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believe that was true but down here on planet earth they have never done a search warrant on a former president of the united states and someone who may be a candidate for president of the united states very shortly from now. so it's impossible, neil, to block out the fact that this is fraught with politics, it simply is and what that should do really is make everybody be on their best behavior. it should be that one much these situations where they don't do anything drastic unless there is an absolute defensible reason to do it. that's why i'm hoping when we finally see these papers it looks like there is a good reason for what they have done. neil: it would have to be a damn good reason, right? it would have to be a damn good reason? to your point this rises to a historic level here. >> yeah and i don't understand, neil, if attorney general garland was going to make a public state anyway as he did last week which is not what the justice department usually does, i think it was incumbent on him
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to react to the things people are concerned about why this why now? i don't think he addressed that. neil: andy, can i address something former mike pence said be careful going after the fbi. worker bees. i paraphrase. they're good men and women, you can talk about department heads and all of that, but be careful. what do you think about that? >> i think that is wrong-headed. i have a great after techion for a lot of people at the fbi, i worked with them a long time. that is important institution, and no one neil, criticized more than the justice department inspector general and the fisa court. they have been scathing in their criticism of the fbi. so the idea that they can criticize the fbi but the american people can't criticize the fbi when they built up a track record particularly over the last eight years of abuses their authorities because there is some knucklehead out there who might do something stupid?
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there is always knuckleheads out there who might do something stupid but this is an important institution. if it is in the wrong, it needs to be examined and fixed. neil: so you disagree with mike pence on that issue? >> i do. i do. neil: let me step back and finally get your sense where you think all of this goes? you hope it is not political this event. obviously the conditions, material, intelligence they had was such it warranted this unprecedented move but what about it doesn't? what if there was no legitimate reason and we come to discover either know with the release, to your point it won't be at least now, then what? >> i think, neil, we're going to see this will get superseded by other events. doesn't seem possible that could happen now because this is sew unprecedented. neil: right. >> but it is thursday. we'll have something else unprecedented tomorrow the way things go. neil: you're right. you're right. >> the fact of the matter there could be charges here. if that happens we won't even be thinking about this anymore. neil: got it. thank you very much, my friend.
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good catching up with you, andy mccarthy following all the developments. all this kicks off in half an hour, where the judge will review the affidavit to decide whether it warrants release to the american public. most seem to think this will not happen but it had so many divisions and turns. few envisioned the twists and turns in the first place. we're watching all of that a story of a oil industry heavyweight, big cheese, who just bought an electric vehicle. find out how that is going for him after this. ♪. you see, son, with a little elbow grease, you can do just about anything. thanks, dad. that's right, robert. and it's never too early to learn you could save with america's number one motorcycle insurer. that's right, jamie. but it's not just about savings.
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[ kimberly ] before clearchoice, my dental health was so bad i would be in a lot of pain. i was unable to eat. it was very hard. kimberly came to clearchoice with a bunch of missing teeth, struggling with pain, with dental disease. clearchoice dental implants solved her dental issues. [ kimberly ] i feel so much better. i feel energized to go outside and play with my daughter. i can ate anything. like, i don't have to worry. clearchoice changed my life. ♪. neil: part of that massive climate change bill that inflation adjusted whatever you want to call it is all sorts of
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incentives for to you buy all sorts of electric vehicles. not all the electric vehicles out there but good many of them. we'll get into the details in a second. noteworthy, tim stewart is among the ev buyers. president of the u.s. oil and gas association. a frequent guest on this show, we always appreciate that. tim, that alone to me warrants a fox alert when i heard you bought an ev. if i was to face this rift of we have in your industry that it is anti-electric vehicle, tell me what you did, why you did it, what you bought? >> let the record show, neil, president of the u.s. oil and gas association also owns an electric vehicle. i figured i needed to walk the walk as this transition is well underway. i plan to document my experience. we my wife and i decided to go with the volkswagen id-4. to be honest with you we're off to rocky start. six months late getting here.
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i got notice from the dealer, checked that vehicle doesn't qualify for any tax credits passed by the ira bill. it will be interesting to see how much it costs, how practical it is for a middle class family like yours. we'll keep you documented, keep you posted how it goes. neil: two sterling news developments there. the president of the u.s. oil and gas association and you say you're part of a middle class family. so i'm going to buy that. kidding aside, i want to get, why did you focus on the volkswagen vehicle? >> because it is a sort of a, it is in the price range that typical middle class family can afford. it is not a tesla. to be honest it is not our only vehicle. we have a ford explorer. several other cars as well. got several drivers in our family. we've got five kids. we wanted to see how this goes with regards to where does it fit within sort of the vehicle portfolio for our family.
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fortunately not the only thing. neil: but you would be waiting for vehicles, even traditional gas-powered cars because of the supply chain issue, all of that, is this waiting for this particular vehicle any worse than you would find if you were getting let's say another explorer or anything like that? >> you know, i really can't speak to where ford is in their supply chain right now. i know we put together the order back in november of last year. we got notice in early march for delivery in march. we got notice in early january, it wasn't going to come. it kept being delayed and delayed. i understand chip shortages and everything else but the good part of all of this, neil, my local utility relies heavily on natural gas for electric generation. so i figure if we're burning natural gas to charge my electric vehicle we're coming out even in the end. neil: i'm just wondering if there has been this push, we had the ceo of dodge on yesterday as you know, they will have a vehicle just at or under $30,000 that, you know, shows that
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prices could be coming down and maybe make some headway here for consumers who are reluctant, indeed unable to pay those higher prices and i'm just wondering what you make of that and how it could affect those who, now might be open to these type of purchases, maybe like you? >> well, you know, it's, it's true. the fact of the matter is you can't have and energy transition if the vast majority of your consumers can't afford the transition vehicle no pun intended. the auto manufacturers need to realize where that market niche actually is and we applaud the manufacturers for trying to hit those price points where the typical family can afford it. again the issue, neil, you and i talk about this all the time though, is we have got to make sure the baseload power in this country is reliable and that's where i think natural gas is that bridge to it. that is why i was comfortable purchasing a vehicle.
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neil: you said you went for this particular electric vehicle and that you wanted to see what it's like but were you pushed into this by maybe some of your kids, said this is the clean, lean way to go or did you say no, i just want to give it a go? >> i said i wanted to give it a go. i talked with my wife, when she is happy we're all happy as everybody knows and again, this actually it will be her replacement vehicle is what it is. so she is going to be sort of the guinea pig in all of this. i will document and see. i will be honest if it works i'm more than happy to tell people this works great for a typical family and also happy to point out some of the pitfalls. frankly i have to figure out how to charge the thing. that is something we didn't think about. neil: that is a big issue and how far you get on a charge. you know offhand what they're saying? >> the range anxiety will be something we'll look carefully at. frankly, go out to the garage to get the new charger put
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together. all these small things you have to think about. i will be happy to document it as we go forward. neil: i look forward to that, tim, but it echoes back to something all kidding aside when we first started chatting with each other, open all in all types of energy, all energy not just what happened in recent years where it's bad to have fossil fuels and rely on them. you were saying back then, you were open to all of these, just don't replace one with the other or shut off what we have as far as our strengths. so much of this traditional energy here in this country? >> yeah. exactly. i think we'll be sleep walking through history neil if the american policymakers don't pay close attention to what is happening in europe right now. the climate policies they passed in the ira last week, we're only few years behind in europe. there are real serious lessons we need about baseload power, reliability, local sourcing of the base load power. there are a lot of challenges
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ahead for us. from our perspective all the of bo is our mantra. neil: to that point, my producers are mad, going over here, but you're such a good guest, tim, we should point out, tim, much of europe, and china, embracing coal not at expense of some of these other green energies but we're seeing a push not only for coal but in the european union looking increasingly to natural gas, when and how it can get it, and even nuclear. again all of had in energy plan which doesn't seem all that dumb. >> exactly. u.s. oil and gas industry is part of that all-in plan so we're happy to be part of that. we'll be there for decades to come. neil: all right. we'll watch it very closely. one piece of advice, myself, tim, they're very, very quiet. so what i like to do is sort of sneak up on someone and just scare the heck out of them because they're so quiet, they're so quiet. tim, let me know how it goes. good seeing you. tim stewart, gas and oil
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association president. buying a electric vehicle. who would have thunk? you have heard about shortage of school teachers at start of school year, happening across the country. something a more pressing concern, and immediate one, shortage of school bus drivers. ♪. finding my way forward with node-positive breast cancer felt overwhelming at times. but i never just found my way, i made it. so when i finished active therapy, i kept moving forward and did everything i could to protect myself from recurrence.
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♪. neil: all right, when the cdc is saying right now maybe some guidance in the past, particularly the beginning with the covid outbreak might have been a little bit confusing that probably is an understatement but what happens now and where this goes from here anyone's guess. peter doocy, with the president in wilmington, delaware, on what is going on here. peter? reporter: neil, there were a lot of unknowns in the early days of the covid pandemic but we were
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told by president biden that the cdc were the ones that knew what to do, they were the one account answers. now rochelle walensky cdc director says not so much. she has a statement. 75 years cdc and public health have been preparing for covid-19 and in our big moment our performance did not reliably meet expectcation stations. as admirer of public health, i want to do better and resolve have the cdc lead the way. covid coordinator explains further. >> our government agencies were not designed to function in a once in a century crisis like this. some performed admirably, there is no question in my mind these agencies could have done better. reporter: we're told dr. walensky plans to stay in the job at the cdc as they reorganize. we've seen a memo, part of thatwell have reorganization changes but that is not enough. we'll modernize cdc to better
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prepare for public health challenges to prepare for the next pandemic. th fact they need a reorganization is gues is stunning that president biden based public policy that impacted so many people on their guidance. president biden: look, we know what we need to do to beat this virus. tell the truth, follow the scientists and the science, work together. put trust and faith in our government to full its most important function which is protecting the american people. no function more important. reporter: president biden golfed for a few hours yesterday. we don't know what he is up to today. neil? neil: all right, keep us posted my friend. great job in wilmington, delaware, our peter doocy. meantime focusing on the approaching school year for a lot of college kids, they're back already and pretty soon, especially across the south already in the process of happening for kids, high school, all the way down to grade
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school. now we're hearing that there is just one little problem here, a shortage of bus drivers and it's much bigger problem than you thought. madison alworth in chicago with more. madison, what is going on? reporter: neil, the start of the school year days away in chicago and they're still short 400 bus drivers and it starts on monday. a big issue, students with special needs, under illinois law supposed to be required they get transportation to school and their rides are supposed to be under an hour long. we spoke to one parent whose son is autistic. his route for this upcoming year is two hours long. we're talking about four hours a day on the bus. if she decides that won't work for her son, the district is offering monthly checks. >> they're offering a $500 stipend. first of all last year they offered $1000 a month. this isn't going to pay for gas to get down and back four times
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each day, five days a week. it doesn't pay for the work that i'm missing, and they don't actually give families stipend checks in a timely manner. reporter: you know school districts across the country are struggling with this bus driver shortage. the majority do not expect the problem to be resolved anytime soon. that is why cook illinois corporation, the largest family owned and operated school bus contractor in the u.s. doing everything they can to hold on to the talent that they have. >> we do offer retention bonuses. we offer so many different events. we have contests where we offer, we have a contest right now for retention and recruiting of 3,000-dollar bonus if they win that. reporter: so the families in chicago public schools, they're just hoping that their kids get there on the first day. we had issues last year.
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when that happened 2100 kids did not make it to the first day of school. that first day is monday. parents are hoping they get a route before then. i talked to some that they still don't know if their student has a bus route neil. neil: two hour commute that is outlandish, madison, thank you for keeping us posted how that is going. meantime, do you trust the broker or people who handle your money? what if they have an agenda that isn't you? what the attorney general of arizona is discovering and he has 18 other attorneys general looking into the same matter, after this. ♪.
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neil: have any of you heard the firm blackrock? it is one of the world's largest investment firms but now some questions arising this firm behind backing up and investing for state pension funds, cities, retirement accounts the world over, particularly in the united states is doing the bidding and the interests of those it invests for, or, or, or forcing an agenda entirely they're unfamiliar. arizona attorney general mark brnovich is here. he is leading a coalition of 19 states right now trying to find out about blackrock's leftist agenda or woke agenda is getting
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in the way of doing what's in the interests of the folks for whom it is supposed to be doing the investing. very kind to join you now, sir. good to see you. >> very good to see you too. neil: what is the issue you have with blackrock? >> well there are several issues but me and my colleagues are worried as blackrock manages literally trillions of dollars of investments including state pension funds, your key kay or retirement fund -- 401(k) fund or retirement fend they have a leftist agenda. as their duty their obligation is to the people whose funds they are managing not some green leftist agenda. they have a duty and obligation taking care of those folks, not some red call agenda. as well, always concerns that them and other fund managers and big banks are essentially colluding to pressure corporate
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america to adopt these woke or esg standards,. neil: block blackrock claimed, they haven't got back with us, this is part of a dialogue, not strong-arming, what do you say? >> they use the word dialogue but reality is if you look what they have been doing, they have essentially engaged in hundreds if not thousands of dialogues with corporate board trying to force them to change the makeup, change the structures, change their policies as it relates to you know, quote, unquote green energy investments so what they are doing is trying to force, you know, companies to not invest in oil and gas and, you know, those types of industries and have the funds move away from those. as a result of that, you know this, you're a business guy, when you have less access to capital it's harder to explore for more oil, drill for new oil, build new refineries. so they're basically trying to starve industries they don't like that aren't woke enough or that aren't green enough into
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you know, out of existence for the radical green agenda. neil: now, you're saying that blackrock doesn't even share this information if this is going on and it is prioritizing green initiatives at the expect of traditional energy. investors wouldn't know it, right? >> yeah, they wouldn't know it. not only that, neil, they have the fiduciary duty to you know, maximize returns on investments. so when we talk about green, if it is your 401(k) or your retirement plan, the only green you care about is getting green bucks, your dollars on that investment. you don't care about whether there is more trees or green trees being planted so that's their duty. if they want to you know, advance some sort of agenda they can do it but they're using state pension funds and your retirement investments to do it, to basically strong arm other institutions and colluding maybe colluding together with big banks and financial institutions to starve capital from these,
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from the fossil fuel industry. neil: i know the other attorneys general involved in this are from nebraska, alabama, arrange saw, george disbarks idaho, indiana, kansas, kentucky, when i look at this they're all republican-run states, conservative states by nature. blackrock has exposure in a lot of big, so-called blue states like new york and new jersey. is this sort of like a red and blue thing, red states not keen on this, blue states so far okay with this? >> you know that is unfortunate but i think what we do know, you look at this big bloated green energy bill that just passed. neil: right. >> to paraphrase marx the democrats seem to want to let 1000 solyndras bloom. so what they're doing essentially is, you know in the soviet union collapsed communism didn't die. it ended up with the environmental movement. neil: we'll keep eye on it. attorney general, thank you very much. jumping on you my friend. we'll have more after this.
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neil: a week after fbi agents raided the florida home of donald trump, indications the affidavit that prompted that could be released maybe today or maybe not. ashley webster with the latest
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on what we could expect at a hearing that happening minutes from now. ashley: it is just about to get underway in front of judge bruce reinhardt, the same judge who looked at this affidavit en it was first presented and agreed there was probable cause to allow the fbi to conduct their raid. at issue today in the hearing is whether that affidavit in all its glory should be allowed public viewing. they filed a motion saying no, should not do that, it involves highly classified materials whose release will harm the investigation if they are, quote, prematurely released to the public. a chilling effect on future witnesses if the witness names in this case are revealed. on the other side there are media outlets that says this is such an unprecedented move to
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go ahead and mass search the personal home of a former president of the united states and public interest demands we should know. republican lawmakers are making the same argument. it's up to bruce reinhardt. what can he do? he could say it is going to stay sealed, he could say okay, i will unseal it but let the department of justice, or read to act what they want made public. and or he could say go ahead and open it up and block it all to gather. with the red action based on what the fbi says we have 95% redacted document so just to date on it. it will not be decipherable. that for the judge to decide. what we don't know is if he will make the ruling from the bench, take this under
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advisement, or today or tomorrow, could take an hour or 2. and if we do get to read all the details as to why the fbi decided they need to take such a radical move, could be bad news for donald trump, or if it's not that strong it is good news for donald trump. donald trump says go ahead, open it up, don't redact it, let everyone read what they have done to me. interesting stuff. the legal experts will tell you it is unheard of for an affidavit to be released like this during ongoing criminal investigation where there has been no indictment. i suspect if the judge agrees we could get a document that is 95% redacted and not much use to anybody. we are following it through the
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afternoon. stuart: like the watergate papers and white house, no word what is going on. i want to go to federal prosecutor katie czajkowski. the under and over, will the judge release this affidavit. what do you think? >> we would love to see what is in this affidavit but i think we will wait a lot longer potentially if there is an indictment. it's very unusual for a judge to release something like this during ongoing investigation. this is unprecedented so there are arguments on the other side of that but i don't believe the affidavit will be released. ashley: 20 neil: and a compelling evidence to indicate or perception of such in the first place. will he be an even player in this? >> reporter: this is an
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interesting thing to remember. it's not a case at all but an investigation. the doj is discussing this with the judge. donald trump doesn't have standing to make an argument to release it. the judge is aware of his stance, consideration as to the privacy interest of the person who is targeted. this is the doj's case, they have a lot of case law on their side in terms of allowing things to remain field when it is proceeding. there's a lot of actual case law, the unsealing of this, that is very unprecedented in public interest in this. that is the one factor that he's going to do that. ashley: go ahead and release it, why is he just calling
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there bluff. >> donald trump's position for the judge to consider. and what the doj believes, what donald trump did is conducts a federal crime. donald trump, part of the reason these things remain sealed is to protect the privacy of individuals because not all investigations, if donald trump does feel he's open to having it released the judge could consider that but i am not sure that will outweigh the doj's consideration and concerns with releasing that. neil: the former president wants to release video the raid itself on the compound but there are issues with that too. >> i would think that could cause further legal problems if
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there was anything that could be seen that deals with the documents that are in contention. that is one of many factors. donald trump is the owner of that footage and for the most part could choose to release that but i think there should be a significant analysis about whether that exacerbates legal problems with it. as colonel defense attorney i would not advise him. neil: is there -- how much of a game changer, i've been framed, taken advantage of. this is getting out of control. we do have to release this because it is setting up all this tension and alarm, a constitutional crisis that we don't. >> i think this is a consideration because this is a former president. the idea of prosecuting the
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president isn't just what he may or may not have done with these documents but significant constitutional considerations and a lot of people based on the release of the first part don't know anything more than they think he has documents they claim are classified. there are some documents here and through a lot of people it seems very political, not criminal so i think to quell people's concerns the affidavit and underlying supporting evidence that supported this search warrant might give more information to the folks who think this is just a political attack. not sure that overrides the doj's concerns with the ongoing investigation but i don't think a lot of people will be satisfied unless they see substance. we don't know anything aside from a document dispute. there's nothing that will change and substance there. neil: thank you very much, appreciate it.
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how much of a political issue has become? a lot of various ads various campaigns put out on donald trump, the save america foundation, do you agree to vote yes or no, and again, just get engaged over potential supporters, whether he's being framed. the washington examiner, his view is he is being targeted, that this is unfair, this is unprecedented and he is galvanizing a great deal of support. his poll numbers have gone up. none of this is damaged him in terms of the latest primaries were all his key candidates continuing what has been a successful record in that
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regard, what is this doing? >> politically, if you want trump gone this is the last thing the fbi should have done. let's consider that even though there's overall support. national polling and republican primary, that improve trump's odds. he has a 10 point lead over ron desantis thanks to a boost in the political morning consult paul. and he seen as the trump alternative. there's something i've been considering as you see these play out, a candidate like brian kemp versus lose janie. they candidate who shut up first about donald trump wins. so long as races remain a referendum in favor of trump or against trump, trump is the central character in the political story. if you want to move past him
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the only way is through. this keeps donald trump in the center of it all. you may think this is legitimate and justified but is this the way you want to take trump down? one of the issues, the primary antagonist is the fbi. we've seen the fbi has found itself and lost a lot of trust in the american people. let's ignore russiagate, lisa page, andy mccabe. fbi, and on par for cnn, nbc, the fbi, the investigation, they let larry naster go and how they ignored the warning signs for these school shooters where the parkland school shooter. the fbi, you also saw beyond whatever conspiracy theories people have about january 6th and the fbi after all, we did
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have the witmer, where the fbi was a sting or abrasion -- operation that they orchestrated. neil: doesn't look potentially a little odd for republicans who are backing law enforcement or whatever to now be in this position that even vice president pence alluded to, they distinguished between worker bees and agents, seemed to be sending the message, guys were not being consistent on this. >> i'm not saying it is correct but i don't think the basis where pence is with those comments. it is deeply hypocritical to correctly doing democrats for wanting to defund the police claiming other branches of law enforcement are irrevocably corrupt and must be rehashed
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from the bottom up and from the war on terror onward, don't forget the war on terrorism crucial part of how donald trump came to political power, the republican base is motivated against that. they believe in a deep state, that it was an organized plot against the president and the concern is if you want to get rid of trump the only way to do that is in a primary, the someone who could be a candidate if he chooses to run again. if you want to get rid of him unido desantis type figure who isn't characterized in opposition to or making himself be air apparent. he has to be his own guy and that is not possible when trump is dominating the news and this is dominating the news. neil: very good seeing you again. the washington examiner, speaking of this hearing right now it has commenced and judge
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reinhardt has informed the court their won't be any live tweeting or broadcasting. if anyone tried to do so, contempt of court. at this juncture no one is trying to do so. more after this. if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever.
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neil: tiger woods is not the only one living the saudi backed deep-pocketed golf league that is competing with the pga. there are those trying to clampdown on it, or prevent anything in their neck of the woods including new jersey where lawmakers are leading an effort to make sure the kind of event held at donald trump's golf club couple weeks ago can never be repeated in the garden state again. with us is former governor of new jersey, deputy senate president richard cody kind enough to join us. good to see you again. >> you haven't seen me in a while. neil: it has been a while. let me ask about this move -- let me ask about this. do you believe live has no place in new jersey and it is necessary to stop from? >> stop them everywhere.
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the week after 9/11, you ever think this was possible? that we would welcome a former president, 19 people directly over here, 13 were saudi citizens. that's a disgrace. neil: the same governor the present president who met with the saudi leadership should have done that. >> i don't know and don't care. all i know is don't take your damn money. it is blood money. you want to talk to people talk to the survivors about how they feel and think of ourselves, what we felt on that particular day. i live in a part of new jersey close to new york and all the feelings i had, an employee of
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mine had his son and his daughter, can you imagine going through that, when they were trying to bomb washington as well? neil: the pga has close ties with china, no choirboys themselves. so where do you draw the line, where do you draw the line about the brutality in china and here. >> they came here, took planes into our country that kills people. they took them over and -- it's disgraceful. neil: are you open to taking saudi oil? >> saudi oil? not if we can help it. neil: they are shipping a lot to us. where do you draw the line between an egregious accepting
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of money and -- >> did that ever stop? neil: i'm sorry, i don't understand. >> did that ever stop, the taking of law oil? neil: i understand the rage you feel. many feel that but if you start drawing the line at this stuff, we still have business relations, money relations with the saudis would you want to cut them off entirely? >> don't want to cut them off entirely but i don't want them to buy good public relations especially in the state of new jersey. all the people we lost here that day, you ever think something like this being allowed in the state of new jersey? do you want to talk to the survivors about this? hell no. donald trump six years ago said
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it was definitely the saudis who did 9/11 and here we are playing on that course. neil: we are still talking to the saudis, dealing with that in a very volatile region. would you give that up an entirely? there money does talk on the world stage. >> they can shove their money. they are not nice people. the human rights violations that occur over there with women, the washington post reported that they killed just forget that? hell no. stuart: neil: you are okay with china abuses because they did not direct impact -- >> they did not do 9/11. that is a huge difference. a huge difference. none of us after 9/11 would have ever thought something like this could occur in the united states and particularly in new jersey. neil: if you were president of
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the united states, and there was a chance to meet the saudis, you would not meet with them? you would not talk to them? >> i would not meet with them, it's not going to be very cordial. as long as they are doing all of the -- the hand of women in the country, they handle foreign press by killing them and it was how many years ago they sent their citizens to this country, to hijacked planes that go into the twin towers and kill all the people that were killed. i don't think you want to say that to the survivors of those men and women who got killed on 9/11. neil: all those golfers who took this money from the saudis, that's blood money to you? >> it is blood money and it is disgusting. as americans it is
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unacceptable. i would rather respect them more if they said it is just a money grab. from what i saw there wasn't anybody in washington and that is good. neil: i keep a close eye on it. good catching up with you. the dow down 91 points, stay with us. you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence.
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i have moderate to severe ulcerative colitis. so i'm taking zeposia, a once-daily pill. because i won't let uc stop me from being me. zeposia can help people with uc achieve and maintain remission. and it's the first and only s1p receptor modulator approved for uc. don't take zeposia if you've had a heart attack, chest pain, stroke or mini-stroke, heart failure in the last 6 months, irregular or abnormal heartbeat not corrected by a pacemaker, if you have untreated severe breathing problems during your sleep, or if you take medicines called maois. zeposia may cause serious side effects including infections that can be life-threatening and cause death, slow heart rate, liver or breathing problems, increased blood pressure, macular edema, and swelling and narrowing of the brain's blood vessels. though unlikely, a risk of pml--a rare, serious, potentially fatal brain infection--cannot be ruled out. tell your doctor about all your medical conditions, medications, or if you are or plan to become pregnant. if you can become pregnant, use birth control during treatment and for 3 months after you stop taking zeposia. don't let uc stop you from doing you. ask your doctor about once-daily zeposia.
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ta skli rerouesesrcs iadre yto om dinate - with two fully permitd teresource assets; an upcoming maiden resource at its flagship gold project in southern b.c.; and a vast pipeline of world class greenfields projects. talisker resources. neil: hard to understand what connie west is up to but if you want to know the impact on eric shawn, he just talks to the guy and he talked to him. in new york city on this
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firestorm all over the noted rapper, the clothing line to help you with this one. >> we are at the times square flagship store the gap. a big controversy. connie west criticized for supposedly selling his clothes and garbage bags but wants to let everyone know they are not garbage bags, they are huge construction bags. he has been misrepresented and people are misinformed about what he's trying to do. kanye has a clothing line, joggers and t-shirts and the like as you go into the stores and they are not on hangers because hangers are unnecessary and a waste. he's putting them in these big bags. critics accused him of marking homeless people but he says his goal is the opposite would you
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wants to show clothes are easy and informal and wants people to wear clothes very easily and not be pretentious. >> you understand some people felt putting clothes in bags isn't sensitive to homeless and other people? >> look, man, i am an innovator and i'm not here to set up and apologize about my ideas, that is what the media tries to do. make us apologize for any idea that doesn't fall under exactly the way they want us to think. neil: he fears the criticizes he is facing is unjust and upright and could stifle artists and innovators. in his words, quote, don't clown the creators. >> this is not a joke. it's not a celebrity collaboration.
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we are creating. i lost my best friend, lost my family and i am here still creating. >> reporter: he is very religious, christian, he believes god led him to his path to meet me here exclusively at the gap store. the company says they've been selling out his clothing line across the country. this type of publicity doesn't hurt at all. neil: you are unflappable. it was a little tense and you kept asking questions. thank you very much. that is a battle duty assignment. lauren simonetti has it easier, focused on retails at bed, bath, and beyond. this is on a wild ride and the key investor, help me with this.
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>> reporter: i have it more difficult today because this is the story of stories. you know ryan cohen, the activist billionaire investor, game stop chairman, major street threads speaking of kanye, and retail traders, retail has the mentality that anything ryan cohen touches and turns to gold but others say cohen pulled the rug out from retail traders by announcing he is selling all of his bed, bath, and beyond stock. curiously that filing came after he disclosed unusually large bullish bets on bed, bath, it is possible retail traders didn't know ryan cohen purchase those options months earlier but a former short seller says it smells fishy. >> the sec or whoever wants to
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regulate securities these days needs to find out why a stock goes from 5 to 30 on no news in two weeks. it is dangerous, sets a bad precedent. a lot of people have lost a lot of money and will lose a lot of money. >> reporter: the meme stock faithful today might be running for the exits. amc is down and game stop almost 7%. this renewed interest, the shares are up 300% this month alone. might mean it is time to capitalize on the moment and consider share sales, you raise capital, keep the ac running and pay vendors for holiday goods. web bushes the latest brokerage to say how dire the situation is. stating the obvious, they are
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disconnected from fundamentals at the current valuation. they went up to 30 and web the bush and others say they will go to where they started. neil: who is going to be the latest play. >> folks were saying when the market came from june lows that sentiment turned so people were willing to take more risky bets and that's what happened, the whole bed, bath story has another angle with the ryan cohen news. neil: a little different with apple and its products, apple is penciled in september 7th event, the iphone 14, around that period will debut a new galaxy series of phones, it is
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a big test, normally investors but average shoppers and the consumer, they will pay even in this environment. s w retail investors, good to have you. great confidence on the part of apple and samsung and others debuting new products that don't come cheap. >> what we have heard from a slew of retailers who just reported earnings is likely for apple the high end consumer is holding up quite well. the middle is a different story. inflation is through the roof, people are spending more on food and basics and that is what most companies reported, discretionary has traded off and that started in a drastic way in the june time period but if you look at their phones the 13 is still 1099 so whatever
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the price will be apple needs to keep going with the innovation and hook the consumer, why they trade 14 but so far high income consumer holding up. neil: i could have it wrong and you are the expert but consumers in a lot better shape than he or she is given, certainly not across the board and walmart and others telegraphing troubles down the road, not minimizing it and the fact they are still buying higher prices, you're paying more as a result. it reflects some sort of strength, not as dire as this recession crowd the world is ending says whether we are technically or not. what do you make of it? >> the consumer is out there, they are spending differently. the past couple years everyone spending on home and comfort clothes.
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it shifted and consumer electronics as everybody was staying home. there's a shift in spending patterns. there is a bit of fatigue spending on the same things we spent as we were homebodies. the luxury sector, prices in the luxury sector have gone up by 1/3 since paris covid. neil: estée lauder, there is a dichotomy. what do you make of it? >> it is holding up well. if there's a product to the consumer wants, and during covid when there's an inventory shortage just about everywhere, not expect so many discounts. we are way over inventory everywhere so there are discounts coming back into this space piling on which perhaps will motivate the consumer during this inflationary time to get out there if they are feeling cautious. neil: thank you.
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i'm talking about rebecca heinrichs who is coming up on this odd thing going on in the east, the far east, talking china and russia, have joint military exercises as we and taiwanese get together for trade talks. what could possibly go wrong there? after this. ♪
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(fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks?
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(fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different.
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neil: china and russia will hold joint military exercises in the us and taiwan will begin formal trade talks, we are at each other's throats here, and concurrently, rebecca, what do you think? >> with the united states, talking about increased trade
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with taiwan and that is still the united states, we ted since the taiwanese act of 1979 that we will 9 we will have trade and cultural and economic relations, it does not interfere with the one china policy, china trying to move the goalpost, it is changing the status quo and of course they are trying to scare essentially the united states conducting these joint military exercises with russia as russia continues to be engaged in its war of aggression against ukraine. neil: aren't they elevating the chinese by saying we can't send ships into the taiwan strait and they militarize to the islands of the south china sea uping the anti-. what worries me about constant threats is you have to make good on those threats and i am worried where this goes.
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>> your worry is completely legit, understandable. in the boiling pot, as china conducted the massive military exercises when speaker pelosi had -- completely consistent with congress is done in the past. china conducts massive military exercises around taiwan, missiles flying over taiwan territory where japan, they backed off a little bit, and and when you see them going into large exercises in russia, they are acting aggressively, it is not the united states that doing the provoking.
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stuart: of china were to invade taiwan, sending a clear signal, we wouldn't let that happen, would that mean more? >> depends what happens. in a variety of ways, they can starve, try to starve, remember, guam is us territory, a forward operating area. it is concerning, depends how china would carry this out. the united states to defend taiwan. i'm worried there's not enough military, defense of capabilities and firepower. and the taiwanese. whatever ukraine wants and wishes it had before russia invaded is the stuff we need
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right now so we are prepared and maybe the preparation can deter china from acting of aggressively against taiwan but these are the lessons we should be learning. neil: thank you, as rebecca was finishing i want to pass along comments from st. louis president james bullard on the wires right now indicating shifting around given the data that might not hike rates as much at the september meeting. he is leading toward a 31/4 point percentage hike in the september which would be the third hike in a row. may be we don't need to go as aggressively. a little more after this. ♪ ♪
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neil: the assumption is the rich aren't paying their fair share and are getting away with murder and that comes through loud and clear. >> it's very on americans, democrats like to demonize prosperity when the truth is people don't come to this country to vilify the rich can we come to this country because we want to join them because this is supposed to be a land of opportunity, you are not supposed to become a bad guy but that is the reality, we are trying to eat the rich but it doesn't help the poor. might help the irs but the jimmy fallons of the world are
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still going to get dragged in for an audit. stuart: jimmy was at a point in his life 40 years ago. this idea that we are hiring better than 80,000 agents at the irs to beef up enforcement by $80 billion you're going to rope in more than just the well-to-do. this is meant to spread to a lot of folks, janet yellen, the treasury secretary, not the case that there is a great refunding or sort of monumental opportunity, paraphrasing it here, to reshape the irs as we know it, not going to be bad guys and agents knocking at your door. hillary vaughan on capitol hill, how that is going down. >> reporter: the secretary has her wish list for how to spend this $80 billion, she detailed where some of this money will go in a letter yesterday saying part of it will be resolved by
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the inventory backlog at the irs to overhaul outdated it systems, train agents to identify complex evasion schemes by top earners and increase higher rates, and a big chunk of this cash is used to target the rich saying this, quote, we finally have the tools we need to improve the service provided to american taxpayers address noncompliance by the wealthy and those who aid and abet them. these investments will not result in households earning $400,000 a year or less for small businesses seeing an increase in the chances they are audited relative to historic levels but some groups say democrats could have done more to guarantee americans making under that threshold will not be caught up in more audits. >> senator crapoh who said if you don't ask people who make less than $400,000 mina make a rule that these extra irs
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agents won't audit people with incomes below $400,000? every single democrat in the senate voted against that amendment. >> i talk to officials at the white house, the treasury, the irs in the last day and they all assured me there are systems in place that will make sure that people making under $400,000 do not get audited more than they have in the past. neil: thank you. you might recall in the beginning of the last hour we had the fossil fuel industry guy who just bought an electric vehicle, the problem is finding place to to charge that, the batteries to keep churning that out, the alliance for automotive innovation, you are trying to address the battery part of that problem. >> absolutely right. we need to develop supply chains in the united states and have access to could on
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minerals and raw materials to support production of these vehicles. that will bring down prices and help increase global competitiveness. neil: you are smarter at this than i have done in the industry, the big problem with the ev explosion in this country is addressing this battery issue, the rage anxiety issue that the latter part of that has been addressed, have a range of anywhere over 200 miles over a full charge to 30400 miles so that has been addressed. the battery gets to be the problem. we need to make more of them here but where is that going? >> a couple things. you talk about charging, charging is critical. we are seeing more develop into fast charging especially in public areas. that is critical. now to battery components. we need to make from here and
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we need to have access to raw materials. a lot of the supply chain is a lot of processing of those raw materials flows through china. if we want to reduce prices and increase our competitiveness and support our economic security we will look to broaden our supply chains beyond china and that is a lot of what the work is going on now. companies are investing billions of dollars in reimagining supply chains and shifting the industrial base to electric vehicles. there is some benefit to some of the programs we have seen in this recently passed a bill to support that industrial transformation. neil: i noticed the inflation reduction act, whatever you want to call it and separately so many other measures that the goal is to make us more chip dependent, where do you think that will go? how long? >> that's the question. the importance of the legislation is it accelerates
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work that is already underway. it is not going to happen overnight. it will take some time. a lot of how quickly it happens will depend on our ability to partner with our trading partners, expand to working with allied nations around the world to have access to these raw materials as well as investing in the united states in battery manufacturing capacity. it takes some time, shifting the industrial base will take some time but companies are moving with great speed. neil: that will close the deal, do that and get that done it is a game changer, keep us posted. the president and ceo, a lot more after this, thou down 88 on some issues. wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi.
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neil: oil prices in and out of $90 a barrel. so the demand side still kind of there but nothing like it needs to be. here is charles payne. charles: neil, thank you very much, my friend. good afternoon, everyone, i'm charles payne. this is "making money." stocks are meandering as the market is waiting for signals, signs anything. make no mistake, there is a hell of a tug-of-war beneath the surface. i have the take for the rest of the summer. a lot of financial noise in the media about bed, bath & beyond and meme stocks. i will share why the busting the shorts is to get the media and regulators to do their bidding and why they hat


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