tv After the Bell FOX Business August 7, 2020 4:00pm-5:00pm EDT
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portfolio as well as up-and-coming that are more dedicated to the space, it's a new etf and it's approaching $100 million already. liz: great to have you, what a week, we close out friday with again for the dow, maybe for the s&p, two points, have a great weekend. ♪. connell: it was described as a disappointing meeting on capitol hill moments ago, the stimulus negotiation seemed to unravel with top white house officials and democrats not reaching a deal as we head into the weekend. with that the panel actually closed ready closed with ties for this friday session, get to be with the arm connell mcshane. melissa: hi, happy friday, i am lauren simonetti and for melissa francis, this is "after the bell". the dow turning positive in the final minutes of trading, the s&p 500 fighting for gains in the end, the nasdaq lower after hitting an all-time high earlier in the day and snapping a four-day record streak at the
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close, all the major averages ending the week with significant gains, it's a second straight week of gains for the s&p and for the nasdaq. we began with fox business team coverage, blake burman and edward work lawrence in washington and we will start with blake, what is the latest on the stimulus. >> i guess there was a movement the democrats say they are willing to lower their number down a trillion dollars, however, no movement at all because it doesn't seem as if either side as if closer to a deal, we had another meeting on capitol hill, the top ford negotiators steven mnuchin and meadows, nancy pelosi and chuck schumer for democrats. democrats say they're willing to drop the number from three and half trillion dollars to another relief package and down a trillion dollars, so long as republicans move up there $1 trillion, another trillion.
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>> for the sake of america, meet us in the middle, don't say my way or no way, that's what they're saying, they want to come off the number. >> walking into that meeting this afternoon, many to and meadows suggested 1 trillion-dollar raise up to 2 trillion was a nonstarter and after the meeting and did not seemed like that change one bit. >> three trig and other washington, d.c. magical way of saying they're going to come down a trillion, they cannot come up with any significant cuts in their bill, what they want is a two and a half trillion dollar blank check. and i just tell you, the president is encouraged us, not only to negotiate as a secretary indicated to come back and negotiate in good faith, but at this point i am extremely disappointed that we came appear today just to hear the same thing repeated over.
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>> so, now the treasury secretary in the white house chief of staff say they are going to be recommending to president trump that he go forward with executive orders. back to you. lauren: thank you very much. connell: let's talk with steve forbes about that, the forbes media chairman. the meet in the middle thing for what it's worth, showing up losey say will give a trillion, yoga trillion, that doesn't seemed like it's going anywhere. where is this all headed you think. >> the key thing is not the amount of the money, it's a what is in the bills. and with the democrats want to would hurt the economic recovery in the two key things to watch for is first, will they get a payroll tax cut, i think the president is going to do that by executive order, the other thing is not have the unemployment benefits hurt job creation but top up individual checks as they
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did in the spring, $1200, due $1,502,000 this time, $500,000 for dependents to give people the cash to pay their bills and feel confident about the economy in the future. you do those two big things, payroll tax cut and another big round of checks and you have the essence of a good economic recovery. the rest of it like money for an fbi building and all that kind of stuff, that can wait for another day, the president made it clear he will postpone evictions for 30 or 60 days, that takes care of another big outstanding problem, you don't need a bill to do that. connell: on the show more than any other we know about the merits in the payroll tax, i wonder if that will be included among the executive orders issued by the president over the weekend, presumably they'll be issued over the weekend, we don't know for sure but mark meadows and steven mnuchin said they will recommend he take executive action and the reason i bring that up, there seem to
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be disagreement in the caucus on that or maybe even with the treasury secretary you and i have talked about on that particular issue, the payroll tax cut. >> ththe key thing is the president, i think he's on board for a payroll tax suspension, i think he recognizes what some others don't including some republicans that this is a job creator, somebody hiring somebody at $40000 a year, save $3000 without suspension annually, that's $40000 person gets an annual raise of $3000, gives working people more money, reduces the cost of hiring and keeping these people, it is win-win all around, that the most powerful stimulus you could do right now, i'm convinced the president will move that way and do it and hopefully that in a big check going out in a few weeks to individuals like we did in the spring and will give the economy a real push forward.
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connell: the longer this last, the higher the risk, is not fair, the payroll tax cut is not in place, we'll see if that happens in the other majors that happen like direct payments are not there yet and the $600 a week, you're right or wrong enhanced and employment, that is expired, how worried should we be about a second wave of layoffs, we talk about jobs report in a moment, we have to expect we still have double digit unemployment in this country and there seems to be evidence with people who came back to work and already laid off in their spheres once we get into the fall that there will be more of that. what do you think? >> that's why i think the president will go ahead with the executive orders, primarily one is the evictions of course, but the payroll tax extension, those things are going to happen and that will be very, very powerful for the economy, people know going forward that they can hire people at less cost, people that are working know that they will get each paycheck, that is going to help get this economy moving forward with the great head of steam. but the key thing is, the other
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things in the bill other than the individual checks are things that are actually going to hurt the economy. if they want to give money to states to help cover the covered cost, that is a political decision, go ahead just don't bail out the mismanagement of the finances. so there are positive things that can be done. i think also, this will help highlight the big difference between the republican approach of democrat approach to the economy, the republican approach, give the tax cut, deregulation, higher taxes, more regulation, more government control of the economy, i think this will help set the stage for the campaign as people begin to sense, if you see the polls that things are going to grow, that will help the economy as well, not to mention the market. connell: too that point, final question on the campaign, seems like the trump administration and the trump campaign would like to see single digits unemployment until the unemployment rate by november 3,
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it's all relative given what we've been through, still about 10%, waiting think you get to buy election day and how important is a number like that for the president's reelection that was still be historically high and employment. >> you get it to single digits, it's not going to be much different than what barack obama wanted second term in 2020 after a financial crisis. the key thing is a direction, what is the trendline, if it's positive you will win reelection, we have to understand if you sit back in march or april when the economy was literally totally shut down that you could have single-digit unappointed by the fall, people said no way but this is a very resilient strong economy, you move barriers and do positive things like the payroll tax suspension sending out the checks and things like that and by golly, people are going to be surprised to bite under despite
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the severe damage and how the economy is recovering, the key thing is a direction, people sense things are positive whether it's 9.3% or 8.6% in the fields moving in the right direction, that's a real good win for the president of the back. not a headwind but a tailwind. >> that is all relative, good to see you. connell: more on the direction, the number said today back over to lauren. lauren: all right, let's head to edward lawrence, speaking of the numbers on the job market, he's in washington and he has the details, everyone's calling a job creation but it's really jobs that were restored. were still in the hole by 13 million jobs since the pandemic started. connell: we are in the hole, the economy has traded -- added back 9 million jobs. use all the numbers and you have them, flush them when you are talking to steve forbes, 1.7 million jobs are routed to
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the economy in july and 10%, ten-point to percent is what the unappointed rate, there is some good trends and bad data in this in leisure and hospitality, they added 592,000 jobs, they really led the way for a third of the overall gain, the average hourly wages up 4.8% over the past 12 months, white house economic advisors pointing to retail sales and manufacturing numbers along with this report, very positive fourth and third quarters, listen. >> the cycle is set up personally, you will have to replenish inventory to meet the demands of consumer spending particular on automobiles. that is going to fit the third and fourth quarters. >> the chief economist in larry kudlow's office said another' fl
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stimulus for insurance to push on appointment rates down toward the end of the year, democrats painting a different picture of the reports saying this job report shows a faltering economy improves a multi trillion dollar spending package is needed. >> we saw the jobs report and it's clear the economy is losing steam, that means we need big bold investments in america to help average folks and when the economy starts losing ground, the only choice is for a strong package. >> there was weakness, manufacturing only had 26000 jobs, construction 20000 jobs, remember this data comes from a time when the cases are peeking in the south and southwest. lauren: i guess you can find what you want to in the report to support both sides of arguments. have a great weekend.
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connell: as we talk about getting back to business, many new york city restaurants are fighting to stay afloat, the timeline for indoor dining remains in limbo, it's still not allowed in the major player of the industry is about to fast-forward, speaking of new york, the governor andrew cuomo announced that schools across the state are opening up in the fall but the green light to actually reopen, that remains in limbo, a lot of this is up to the local school districts who are live in the city with where things stand. a different subject, seals are thriving off the northeast coast. bringing unwanted predators to the shore, stick around for that ♪ so what do you see? i see an unbelievable opportunity. i see best-in-class platforms and education. i see award-winning service, and a trade desk full of experts, available to answer your toughest questions. and i see it with zero commissions on online trades.
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lauren: restaurants all over the country are struggling to stay afloat but right here in new york city frustrations are growing as andrew cuomo refuses to give specific guidelines for when we can eat inside, it is a lack of clarity making it harder for restaurants also struggling right now to make rent. when will the big apple truly be back open for business, we are former see ke restaurant and author of giving america back to
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work and is so good to see you. >> good to see you. thank you. >> if cuomo says near city and york schools can reopen, why cannot restaurants open for indoor dining? >> they should open for indoor dining, you have a government in a manner you are praising protesters and looters and writers, on the one hand and the other hand they are keeping churches and businesses like restaurants closed grade restaurants are essential to the economy, new york has about 10% gdp, the jobs numbers have just came out, they decided 500,000 jobs, restaurants and hotels, this is an important segment of our economy in keeping new york shut down like this is just embarrassing. it's a terrible decision in these keeping these businesses shut down it makes no sense.
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lauren: can he afford to be so vague, you look at yelp data on all of this, they say 60% or 16000 restaurants that have temporarily closed during the pandemic, they will be closed forever, can you afford the vagueness? >> the rent in new york is high, the only reason you can pay those really high rent if you have a restaurant in new york is because you have a tremendous amount of business coming in, there is some great restaurants, on 55th, non-60th, how are they paying rent during this period of time, there's a very expensive restaurant, those businesses close, they go away, it will be hard to get them to come back, they cannot afford it, bill de blasio cannot afford it, they need to stop fooling around and stop hurting the economy, stop play politics with this, and let their businesses reopen, the deaths from coronavirus, there should be none, i think they've averaged six a day in the state of new york since the end of june, the
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virus seems to be under control with people following the protocols, restaurants should be able to open, they should open them, they need to do it quickly. lauren: the only time they can because as we approach winter, you cannot eat outside if you want your food to be warm. if you want to turn your attention to something and wrote an op-ed in real clear politics, you criticized joe biden and this is a quote from the op-ed. biden's economic plan boils down to massive government spending, for example the 2 trillion-dollar climate change plan, his union empowering, 700 billion-dollar made in america plan and most recently has planned to spend 775 billion to create 3 million government jobs in the area of caregiving and education. that is a lot of money but doesn't do anything for the small businesses struggling the
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most? >> there's a very good example, giving something topical from today's newspapers with the jobs numbers. what we learned and the top administration, if you reduce taxes and reduce regulation, you get private sector job growth, the economy is going to recover we need private sector job growth, over the last three months we've gone from 130 million jobs to about 139 million jobs, that is three months we added 9 million jobs. go back to the obama era, the great recession ended in june of 2009. in july of 2009 weed about 130 million jobs, you know how long it took for obama to create 9 million jobs like trump has done in three months, it took 62 months, not three months, 62 months, five years and two months to accomplish the same thing, he tried to do it with
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the stimulus spending bill, were going to spend $800 billion, unemployment will never go above 8%, it was above 8% the month that they pass the bill and stayed there for the next three and half years, this spending does not work, you need to incentivize businesses. if you go to obama's website, talks about helping a deserving business, this is government favored business which might sound like socialism but given that he has the unity platform with sanders anacostia cortez, that's not much of a surprise, will not help us, we need private sector job growth, we need the economy to come back at a president that understands and can implement those policies and their impacting job creation today. lauren: it's not just massive spending, it's a tax hikes, no matter how you look at it joe biden is elected your taxes are going up, that cannot be good right now. >> small businesses create about half the jobs in the united states, they don't grow brief because the government spends, any revenue comes in ray, they are certainly happy to take it, but they know the government
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spending is going to end and they know it's coming, not only out of their pockets but out of the customers pockets. when you know that you're not going to grow, you're not going to hire, that's a lesson of obama era, you cannot tax-and-spend your way to prosperity. joe biden wants to put that on steroids, it's an absolutely failed policy, we know it's failed, we just solid fail during the obama era, now it's time to get back on our feet and do sensible things to drive private sector growth, we can do that and you need to do in new york, i want to see the restaurants and businesses come back but we need to do a nationwide. lauren: thank you for the time. >> thank you lauren. connell: admitted as surge and online orders, ups is wanting new charges on large shippers during the holiday season totaling as much as $3 for ground shipment and up to $4 a package for air shipments that
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connell: it's electric, general motors the new all electric cadillac and grady trimble reporting live from a dealership in lincolnwood illinois. >> unfortunately it is not here yet, it will not be on the line until 2022, 2023 but this is gm moving into an all electric future, introducing this lyric as a first step towards that, it is sleek, luxury crossover suv, keeps about five people and is clearly a vehicle that is engineered to take on the likes of tesla unlike gm's only other
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all electric vehicle to date, the chevy bolts, has features that you would say are maybe comparable to the tesla model, gm might say their superior, battery range, that's important on a single charge 300-mile driver assistance technology, all of the things that people have come to expect and luxury cars and electric cars these days. the. play stock has seen huge gains in the last six months, look at tesla compared to general motors, now general motors hoping to get a slice of the ev market, even considering to a recent analyst call, spinning off the electric vehicle company, unit as its own company will see if that happens, general motors has not announced pricing yet but an executive says it'll be under $75000, it is a little bit less than the tesla model, the tesla suv, quite a bit more as you can see compared to the must enter mustang mach four that will be released later this year.
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>> we believe whatever segment you are in, you need to be mainstream which means your price needs to be out or near the mainstream. when we think about the me mid e crossover and what those price points are today for internal combustion, we need to be close to the price point. >> you can expect to see quite a few more general motors all electric vehicles, the company helping to have a majority of its models, all electric by 2030. connell: i like a little competition, a pretty nice looking car. lauren: i agree, it was nice looking, in contrast with business around the country, new york governor andrew cuomo announcing districts across the state can bring students back inside the classroom this fall but only if they meet a series of criteria, we will have that for you, plus on the rise, rising numbers are going up and
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connell: fox business alert as we come back, flip-flop of sorts from princeton university which has reversed its plan to bring undergraduate students back to the campus in new jersey in the fall, princeton had been planning to do that but now it says all classes will be held remotely, pretty soon going to harvard and the other universities all virtual for the fall semester. lauren: it will probably keep changing as fall approaches, kids across new york might be headed back to class in the fall, andrew cuomo announcing that all new york school districts can reopen, he says new york is probably in the best situation in the country to open schools based on the low infection rate, alex's live in new york city with the very latest and this is a blueprint for how the rest of the country will open their schools when they decide to do so. >> that is right, the governor
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announcing all schools in newark can open but it does not mean they necessarily will, they say every region is facing different challenges and on this call today, andrew cuomo saint every district will need to come up with a plan of what works best for that area. >> these school districts have to be talking to the parents and the teachers, if the teachers don't come back then you can't really open the schools, if the parents don't send their students and you're not really opening the schools. >> in order to legally open, communities need infection rates to stay below 5% for seven days, if it takes up to 9%, schools will have to shut back down but in new york city the nation's largest school district, the infection rate cannot pass 3%.
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through different methods, districts across the nation are navigating how to best protect the generations health as well as the critical years in their development, expert saying kids are backsliding significantly. >> i think there's no precedent for this, all the measurements in research that has been out there is awkward to capture how bad the loss is going to be for so many students right now, to say nothing and frankly the social and emotional scars that they're going to bear as a result of this as well. >> the country's top 25 largest school districts taking different routes, 19 going virtual, a blended hybri hybrido giving the option of all online or all in person with the remaining two still unclear of their decision, one of which of new york city in the public schools here, the district will have to navigate what it will do moving forward, it's deciding on a potential blend of hybrid and keeping kids at home in virtually but the main thing
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here, every district will have a different approach and they will need to approach like testing, contact tracing and what we used to consider normal things like lunch, how to navigate that, andrew cuomo reminding parents that they have a say in this in their voices need to be heard to. lauren: thank you very much. connell: let's get to the crackdown on china, lauren to ratcheted up the last couple of days, the u.s. sanctioning chinese and hong kong officials over the roles and limiting political and hong kong, this came after the president last night issued executive orders which appear over a period of time to put a ban in place over tiktok and china's biggest messaging up we checked, rich is sorting through all of the slides from the state department for us. >> good afternoon, this is the united states really targeting top officials in hong kong and china over china his repression and growing authoritarianism in
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hong kong. this includes the sanctions list, the top executive there carry liam, she has been sanctions, she's the chinese government chief executive in hong kong, they are sanctioning several others for implementing china's new national security law, the law gives beijing much more authority over hong kong, the u.s. contends beijing is violating the one country to systems principal it agreed to when the british transferred its former colony to china's control. in a statement secretary of state mike pompeo says today's
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certainly do, tiktok is a different story, we have teenage daughters and tiktok is a very big deal, if microsoft buys and figures it out, people will still be able to use it, is any potential for blowback from american consumers if we do really split off and have essentially two separate intranets, one for us and one for china. >> the point you are making is good, that's evolving as the u.s. tries to disengage from china by pushing chinese business away from access to u.s. technology, chips particular, you see that with always and you see a with we wechat, under 20 million or so users, but it's perceived by the administration as a method by which china propagates propaganda, and the new services of wechat and messages that people get.
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this is another way of poking back at china, it may not have a big consumer effect on the united states but in parcel of shutting down the chinese consulate in houston, up substantial move because it was found to be a founder of security breaches and cyber intervention in the u.s. business. connell: in the middle of all of this, as a quick final thought, the u.s. intelligence community, the officer to a statement today talked about the 2020 election and they basically said, china wants biden to win and award that was used in the statement that they're looking to denigrate biden, your thoughts on all of that before we wrap up. >> hard to say what china is doing and who it's favoring at
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this point but the gamble that china, if it were to be essentially trying to get the president defeated while the russians are trying to get them elected, maybe not cancel each other out as are both effective or ineffective. china would make the wrong calculation, no matter what administration, the dying has been cast on china at this point, the u.s. business community has gotten angry, once a great his ally of china has gotten angry european allies are angry, democrats are angry, chuck schumer has been pretty tough in his rhetoric on china, if trump were to leave the scene and not to get reelected, the biden administration would pick up some of these threads, perhaps not rhetorically the same way but substantively, i think you will see a much tougher line on china in general in the years to come.
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>> yeah, it's to be a china hawk, john bussey, good to see you. lauren: check this out, i knew of legos for the digitally impaired, the legal foundation is partnering with the american printing house for the blind to distribute those, rail bricks molded with studs that correspond numbers and letters and the braille off about and sending them for free to school districts across the country. we'll be right back. ♪ i've been taking prevagen on a regular basis for at least eight years. for me, the greatest benefit over the years has been that prevagen seems to help me recall things and also think more clearly. and i enthusiastically recommend prevagen. it has helped me an awful lot. prevagen. healthier brain. better life. a master'sdgren, youin chemical engineering.,
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connell: we are back in street racing has become an issue in dallas since the city state home order cars have blocked roads while the racing or carstens created problems for passerby's in the area, let's get to jeff paul who is in dallas with more on this. >> police here in dallas saying the drivers are most likely board because many of those night life are still close because due to the pandemic, as it stands there's officers that can stop what has become of times a deadly threat. >> a busy texas intersection held hostage by screeching tires and the smell of burnt rubber.
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this strip is really that loud. >> these drivers are literally blocking the road for their own enjoyment. >> i enjoy the vehicles in the cars but there's a time and place for. >> there are no checkered flags when the dust settles, sometimes the illegal expeditions and an tragedy, in may, 9-year-old girl was killed when three vehicles that were racing smashed into the family car. >> not putting an additional pressure on the police department but they need to step up. >> officers hands are 100% tied. >> local police association says officers cannot chase them for department policy, the best they can do issue them away with flashing lights and sirens and hope they stop for a citation and the drivers know it. >> we are just waiting, were waiting for somebody to get killed.
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>> there is some hope on the horizon, dallas city council is now considering an ordinance that would give them penalties. connell: literally the old saying fun and games until somebody gets hurt or killed. thank you. lauren: wow. the farming industry is under financial strain, one colorado farmer has not only learn to pivot his business just to stay afloat during coronavirus but also striving to change the status quo because he is young and a minority. here now is roberto emerald gardens farm, thank you so much for joining us. >> thank you for having me. lauren: of course, how is business, how are you doing? >> it is going great, we are primarily motivated by establishing resilient equitable and more compassionate regional and local food systems and so we have been able to develop what
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we are calling the east and recruit hub to help us another farmers connect the dots into bringing local foods that we can provide to our families and our community members. lauren: i read that you did not get any aid from the government because you did not have any employees at the time, when they were giving out the aid. but a lot of your customers if you will, the restaurants, the places that would order items from you, they've gone bankrupt, how does that affect you? >> we definitely have had to struggle and innovate new models and we are really focusing on how we can develop an initiative that can help us connect to individual consumers but also feel the need in our communities for food security, there's a lot of families that are increasingly becoming food
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insecure and were trying to be creative with the bootstrapping ingenuity that we have to find innovative ways of remaining valuable in connecting with those communities to ensure that they have healthy food available. at the moment, we are trying to see if there is a way to develop a sustainable model that allows us to rebuild our food system from our own producers context and see if we can make this financially viable and sustainable. there is a lot of need in our communities for infrastructure and support and as farmers really trying to make this on their own is been a little bit difficult but we are hoping that congress will be able to help producers like myself and other young farmers of color that are really doing innovative things so we can build our economies, our local economies, and remain vital components of our system. lauren: best of luck to you and
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thank you so much for sharing your story. thank you. >> thank you, i appreciate it. connell: we have sharks versus seals coming up, a tale as old as time, we have a live report coming up for you nt. you don't think you want to miss, stick around for this one. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.
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connell: all right, there are tens of thousands of seal es off the coast of cape cod, and they're attracting, get this, great white sharks. molly line joins us from hyannis with more. >> reporter: hi, connell, absolutely, sharks and seals are predator and prey, and now some are calling for action to reduce the shark's favorite meal. few is have come as close to great whites as this marine biologist who tags and catches them. >> they're going to draw the top predator, and that's the white shark. >> reporter: sometimes great whites mistake people for prey.
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a woman was attacked in late july. in 208, a young man was killed in cape cod. >> the shark/human interaction, i feel, is a symptom of the real problem. >> the local seal population is now estimated to be in the tens of thousands. muto is calling for aggressive action, the culling of seals. >> i've heard all the ideas, shark deterrents and nets and, you know, call boxes. they've tried all these things. until you remove their food source, nothing's going to make, you know, nothing would make me feel safe until i know they're gone. >> reporter: but seals are protected under the 1972 marine mammal protection act. the national oceanic and atmospheric administration notes that a section of the law allows, quote with: officials to humanely euthanize marine
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mammals that are -- noaa also notes that the use of culling seals would be unprecedented. connell? connell: what a story. molly, thank you. have a great weekend, everybody. thank you, lauren. "lou dobbs tonight" starts -- david: good evening, everybody. i'm david asman in for the vacationing lou dobbs. the rioting, arson, looting and the violence that has destroyed parts of portland, oregon, appeared to show no signs of slowing down. city officials bracing for another weekend of violence after a 70th straight night of clashes between left-wing anarchists and law enforcement. insurrectionists throwing glass bottles, rocks and paint at police, severely injuring at least one officer. vandals once again attempting to set fire to a police precinct. and members of the mob targeting elderly people as they attempted to thwart the violence. an
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