tv Cavuto Coast to Coast FOX Business February 22, 2021 12:00pm-2:00pm EST
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it again, there is nothing quite like the first sight of your own fresh born newborn baby. there you have her right there. isn't that a wonderful thing? ashley: fantastic. >> congratulations all around. time's up. cone gratlation to us, lauren. jackie, it is yours. thank you for that, stuart what a beautiful image of that baby girl. jackie: i'm jackie deangelis. i'm in for neil cavuto, welcome to coast to coast. republican lawmaker madison cawthorn, why taxpayers need to take a closer look what is in the bill. then to colorado where the investigation is just beginning into the engine failure of a boeing 777 airplane. what people on the ground saw as
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that plan started falling apart in the sky. in new york, a growing probe into the nursing home scandal. why a former doj official says governor cuomo should be worried. all of that and more coming up on "cavuto: coast to coast". let's dig into it, everyone. the massive $1.9 trillion covid relief measure is set to advance through the budget committee today. fox business is looking into a plethora of items costing hundreds of billions of dollars that have little or nothing to do with the coronavirus. edward lawrence is in washington with the latest on that. edward? reporter: jackie, this is on a week when the paycheck protection program was modified too. the administration announcing that they're only allowing for the next 14 days starting on wednesday companies from 20 or under to get that as well, revising the formula where the money should go. there are all kinds of things in that relief package that you just mentioned. there is a lot on the list.
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more than one billion will go to help socially disadvantaged farmers and other groups. the others can be used for minority bow rowers who may have faced racism getting a loan. the bill raises the minimum wage to $15 an hour in the next four years. 270 million will go to the arts and humanities. another 200 million for museums and library is are. 50 million for family planning funding. more than 100 million for the controversial underground rail project in silicon valley yet to break ground. one item could sink the package affecting the vote of senator joe manchin, 50 million will be used for environmental or climate change grants. in this section the money will be used for activities that implement justice purposes and objectives by the administration that could be enforcement t references the executive order signed a day after the inauguration which commits the u.s. to paris climate agreement. then it goes farther to build
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upon asking for nature based solutions to reducing the reliance on coal. even calls to reduce the financing of coal projects to stop that investment all together. now senator marsha blackburn says bill is grossly unfair to the people actually suffering under covid. >> the democrats are using this as a cash cow. they are going to keep printing money until they solve their problems and they're going to force states like tennessee, which are well-managed, have no state income tax and people that are living by the rules to pay for all of this mess that people, that do not live by the rules have made. reporter: the house budget committee is working on it this week. there could be a vote on this out of the house budget committee at the end. week on friday. back to you. jackie: so much to dig into. thank you, edward lawrence for
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laying it out. some republicans are furious with the pet projects in the relief measure and struggling to derail it with the bill moving fast track through congress. republican congressman from north carolina matson cawthorn joins me now. great to see you. "wall street journal" editorial board out with a piece on this. i want to read it to you. this generous definition of covid related provisions tallied 825 billion. the rest of the bill more than one trillion, combination of bailouts for democratic constituencies, expansion of progress serves programs and pork and unrelated policy changes at the end. please don't call it covid relief. your thoughts. >> well, jackie, great to finally get interviewed by but i wanted to let you know this is something i ran on in my last congressional race here in north carolina. i think we need to have one subject, one bill. stop having giant bill going under the names of covid relief
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you about ends up being democratic wish-list. joe biden and nancy pelosi are trying to subsidize illegal immigration sending stimulus checks to illegal immigrants. this is money going to paycheck protection programs and helping small businesses are actually struggling. not the democratic wish-list. jackie: it is interesting, the 15-dollar minimum wage caused a lot of outrage. president biden backed away from it. yet it is still in the bill. >> it is absurd 15-dollar minimum wage doesn't do anything to solve the poverty issue. all it does make our dollars worth less and we'll hide people who are actually impoverished make then suffer to find any help. what this will do is destroy small businesses like tourism industry in my district relies on paying people near minimum wage or $10 an hour, when they hike up to $15 of an hour they
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will have to lay off the majority of their employees. jackie: what about some of the provisions in there for blue states you could argue mismanaged their budgets throughout the pandemic, now are sort of getting a sympathy play out of this $1.9 billion package? the money doesn't come from nowhere. it doesn't grow on trees. we do have to pay it back at some point even if this administration doesn't have to worry about it. >> you were absolutely correct this is typical of all democrats. they want to do make people who poorly managed their personal assets have to be bailed out by people who did take the time to be fiscally responsible. so states like tennessee, states like florida, texas, will have to bail out blue states like california and new york. it is the exact same argument they're using for student loan forgiveness, make the plumber who learned a trade actually contributing to our economy have to bail out people who are too far in debt to actually make a living. jackie: what about the stimulus checks we know are on the table
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but also the expansion in the extension of the unemployment, the boosted up benefits that people will receive? you know, we are in a recovery phase right now. there are people out there, dr. makary saying for example, we'll reach herd immunity by april. this will be better quicker than we thought it will. why do we have to extend the benefits quite so long? people have gotten comfortable not working? >> you're absolutely right. i know a lot of people in my district, employers are struggling to find employees to come back into the workforce. because they're currently making more money sitting at home with their families than actually rejoining the workforce. the problem is, all of these are just bandaids. they don't actually fix any of the problems. we're going to face an economic downturn if we continue spending money like it grows on trees. jackie: great to see you, congressman. appreciate your insight. thanks for coming on. now returning to the dow, it turned positive despite growing inflation concerns.
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to former investment banker carol roth, and capitalist pig hedge fund manager, jonathan hoenig. great to see you both. i want to talk about what we're seeing in the market. it just turned positive. s&p, nasdaq are still a little bit lower. what i'm specifically watching in the markets today, bond yields, talking about treasurys, 10-year treasury note the yield has gone up in the past couple days. you see this confluence of circumstances, once it was a market there was nowhere else to put your money. people were putting it in stocks. they are selling bonds, selling stocks, carol at the same time. that is telling us the economy might be picking up even though there are repercussions to that as well? >> certainly there are a number of signals saying that they believe that the economy is picking up. unfortunately with this confluence of different events including the stimulus, the analysts in the market and the investors in the market really believed that it doesn't matter and that even if bond yields
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increase, there is still enough incentive with earnings and disconnect between wall street and main street for stocks to continue to rise. so i think that is why we saw this shift from stocks down to stocks up right now. jackie: jonathan, when you look at picture specifically, savers have been penalized, forced to take on risk they wouldn't necessarily want to take on within the stock market. if you put your money in a high yield savings account, maybe a cd, you can't keep up with inflation. inflation is something investors are really worried about right now. finding a balance between interest rates and the stock market that could be a good thing, right? >> jackie, investors are seeing something we haven't seen in decades, rising interest rates and as you said, rising inflation. look across the spectrum of commodities, corn, beef, soybeans at seven years high.
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canoba at seven-year highs with a long of commodities. 10-year has basically doubled since last march. there is opportunities to make money but it will be a different became for investors. that old game reaching for yield will be a lot more difficult if you make four or five, even 6% on a cd, that could happen if we start to see interest rates continue to move up. jackie: it is interesting, carol, as well, we've taken advantage of these low interest rates. so many people to buy homes it, boosted the housing market. as these rates start to climb we could see a little bit after cooling. you see bank stocks moving higher because they benefit from higher interest rates on the money they're loaning out. how does that play overall into the big picture? >> i think we've seen inflation like you said. now we're seeing it with commodities. but the first place we saw inflation was in stocks and the housing market. both are at levels where they probably shouldn't be.
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so i think having some cooling off is probably appropriate because we really have seen a transfer of, as you were alluding to, of savers and whatnot of wealth from main street to wall street. so for things to become more normalized would be a very good thing and very, very welcome. that being said, we're still far aways from that. but i think if we get to that point, assuming, that we don't get to a situation wherewithal of this stimulus what we're seeing, that we just get runaway inflation which i think is a possibility, especially with savers putting money back in and there is a lot of money picking up, then the horse leaves the barn. there is sort of nowhere to go. so a lot of possible outcomes. something i'm sure we'll watch very closely. jackie: we'll be watching it. jonathan the fed will be watching it as well. jerome powell has not given us any indication he is willing to move interest rates up. he may not have a choice at some point. there was a time when the
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economy was recovering under president trump pre-pandemic, that was the move he was taking but he was heavily criticized for it on twitter and he stepped back a little bit but i wonder as he is looking back at this environment and we get through the pandemic and the recovery, if you thinks you know what? it is time, time to slowly try to move up the ladder a little? >> well the fed controls the short end of the curve, short-term interest rates, jackie as you know but they don't control the long end of the curve which is moving up especially last couple weeks pretty sharply at the long end of the interest rate curve. so the fed might be forced, might be seeing interest rates higher across the board despite what the federal reserve and jerome powell has been telling legislators and the general public for quite some time. promise of interest rates will stay low. they might not have a chance. they might not have a choice i should say as interest rates across the globe continue to rise. jackie: guys an interesting conversation. you will be sticking around with us. meantime still ahead on the
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show, a travelers worse nightmare as a united airlines flight has engine failure on the way to hawaii. what we're learning about that investigation this morning. >> it was like the worst 20 minutes. i was praying, like this cannot be it. i did not believe all the expectations we had planned for months, and my life would be ending like that. ♪. we started with computers. we didn't stop at computers. we didn't stop at storage or cloud.
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we kept going. working with our customers to enable the kind of technology that can guide an astronaut back to safety. and help make a hospital come to you, instead of you going to it. so when it comes to your business, you know we'll stop at nothing. good morning! the four way is a to ydestination place.know right here, between these walls, is a lot of history. we tried to operate a decent, respectable place that anybody wouldn't feel bad to walk in.
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plus, 0% interest for 24 months & free premium delivery when you add a base. ends monday. act now. ♪. >> we were sitting on the couch and we heard a loud boom. and kind of rattled a little bit and the wife and i just looked at each other going, what was that? maybe 10 seconds later, now if you listen, if you ever been involved in a high speed or a automobile crash, that's the sound we heard. all of sudden this big silver object rolled in front of our front window. we had absolutely no idea what it was from sitting there. when i stood up, opened the door, i told my wife you will never guess what this is. it is a front cowling from a jet engine airplane. jackie: wow, all i can say. there were hundreds of people on board that united airlines boeing flight this weekend when
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the engine caught fire and chunks of it started falling. thousands of feet to the ground, raining down on peoples homes and yards as we just heard. the faa now demanding an emergency investigation into certain boeing 777 planes. alicia acuna is in denver with the latest on this one. alicia? reporter: hi, jackie. boeing says it is now suspending operations of all of its 777s that contain the engine, the pratt & whitney 4000-112. other countries like japan decided to ground the plane. that left from denver international airport heading to honolulu. >> denver, heavy may day. experienced engine failure. need to return immediately. >> left or right turn? >> left turn. reporter: 231 passengers and 10 crewmembers were on the flight.
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some watching the fire and engine, pieces break away. all of it was terrifying no one was injured. >> holding hands and saying prayers just looking at each other. again, it was really silent t wasn't a lot of anybody talking at all. all these things are going through your head, what is really happening. are we going to be able to land? reporter: the ntsb is on the ground here investigating, the faa administrator steve dixon says after consulting with his team he decided to issue a saying i quote, i have directed them to issue an emergency airworthiness directive that would required inimmediate or stepped up inspections of boeing 777 airplanes equipped with pratt & whitney p 4000 engines. some planes may be removed from service. on saturday, another boeing plane with the same type of engine dropped parts over the
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southern netherlands after a midair explosion and fire. this was a cargo plane, the 747-400. the one in denver, 777. how much the same engine. big problem for boeing. jackie: if there was not enough reasons for people to be cautious or scared to fly, this certainly adding to that fear. alicia, thank you for that report. aviation analyst kyle bailey here to react. kyle, what will the faa look for in this investigation? first thing i have noticed this particular plane, from boeing 777 was 26 years old. i wonder if that has something to do with it? >> jackie, i don't think the age of the airplane is actually took tore here. engines are overhauled and actually replaced. we don't know the age of engines on that particular airplane or other 777s out there around the world. jackie: okay. >> when the ntsb does
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investigate they will look at those unique poll hollow fan blades looking for microscopic cracks. was this caused by debris, a rock ingested into the engine or mechanical failure or something caused by properly improper maintenance on the airplane. jackie: the issue of proper maintenance is a serious problem. the airline industry is pummeled by the pandemic, trying to get back on its feet as well, i think about maintenance, how much it costs, i'm wondering could it be as a result of difficulties the industry experienced there is cutting of corners here that could lead to a accident like this? >> i really don't think with united airlines there was cutting cornsers f it was a smaller airline, especially in like a third world country, i would say possibly.
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but an airline the size of united, they're note going to jeopardize their reputation, lives for cutting corners. they have the money. and you know, they wouldn't sacrifice lives and skimp on maintenance because they know it would be catastrophic. but normally you would see that with smaller airlines in, you know, third world countries. jackie: alicia also mentioned there was the flight with the debris going to hawaii. the flight, it is debris coming out over denver. she mentioned that second plane. the second plane was not a passenger plane but they did have the same engine. so i'm sort of looking at that, saying, is there something there, some link there? to have this happen so close in time? >> i think it is coincidental. keep in mind there are about 1600 boeing 777s out there. this airplane like a lot of other ones are 26, 27 years old. to me i think it is coincidental that both of these airplanes had
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an uncontained engine failure. it is quite common to have a contained engine failure where parts don't come out of the engine cowling but it does happen time to time as we've seen in the past. you have to remember, parts fail no matter how good the maintenance is, parts do fail. human beings do make mistakes. although, the industry is very safe, there always is a slight chance that something could go wrong. that is out of our control. jackie: of course. kyle, great to see you. thank you so much for your time today. >> thank you. jackie: after the break a tale of two job markets. big apple businesses are barely hanging on while blue-collar jobs are booming. the debate whether big city mayors took a big leap on lockdowns. ♪.
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♪. >> why do you think americans might have to wear masks into 2022? >> you know because it depends on the level of, of dynamics of virus that is in the community. that's really important of because that gets something back to what you said. if you see the level coming down really very low, i want it to go down to a baseline that is so low there is virtually no threat, never will be zero. jackie: that was dr. fauci laying out the case for continued mask wearing into 2022 even as the vaccinations rollout accelerates here in the united states. fox news correspondent steve hair gain is here with the latest. good afternoon. reporter: good afternoon, jackie. the white house is preparing a candlelight ceremony to mark 500,000 americans dead from covid-19. that is 20% of the deaths overall worldwide. the u.s. has just 5% of the world's population. it comes after several weeks of steady decline in new cases in
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covid, so much so one professor from johns hopkins, dr. marty makary wrote in "the wall street journals" a more people have been infected most who have mild or no symptoms, there are fewer americans left to be infected. at the current trajectory i expect covid will be mostly gone by april, allowing americans to resume formal life. somewhat less optimistic view prognostication from dr. fauci. as you mentioned earlier that americans could be wearing masks well into 2022. part of the reason for the uncertainty, fauci said there are variants of covid-19, three different variants are already present in the u.s. jackie, back to you. jackie: steve harrigan, thank you so much for that. there is new data showing that new york city businesses are literally barely hanging on. more than 47% of small businesses citywide remain closed. revenue for those opened has dropped nearly 60%. back with us former investment banker carol roth.
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capitalist pig hedge fund manager jonathan hoenig. jonathan, start with you, this is brutal here in new york city. we've only resumed indoor dining at 20% capacity. those of us who lived here throughout the pandemic, that feels like a major change. so many businesses are still closed. the streets are so empty. como is taking a lot of heat for the nursing home scandal but also he said follow the science when it came to the shutdowns. there was no science to support that we needed to be so shutdown. >> no. jackie, it was the shutdowns that destroyed the economy. the shutdowns destroyed businesses. businesses big and small from day one. they got creative from the pandemic, distilleries converted to becoming hand sanitizers. a lot of small restaurants tried to sell bonds to fund future operations. because of governments like cuomo and many others literally shut them down. that destroyed some small businesses.
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there is talk of stimulus to recover. all the stimulus needed is for government to get out of the way big and small. for example, the minimum wage would be a great example. instead of raising it, cut the minimum wage, cut government spending, cut government intervention. that is the only way businesses big and small will get us back on track post-covid. jackie: carol, you make the point some of this was optics. the officials needed to act like they were taking action against covid, to a certain extent this was a situation out of our control largely. if you buy the theory of herd immunity for example, it is theory it had to play out to hit a certain amount of the population. so some people say, we didn't need to go this far when it came to shutting down businesses and destroying the economy? >> yeah. this is a big lie. we never had lockdowns. we had targeted lockdowns. those were governments picking winners and losers. if you were a big business, if you were well-connected, you were never shut down. you've been working the entire
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time. where certain industries were decimated. i believe that this was intentional. i believe this was the government targeting small business, small business, is decentralized. it represents the decentralization of power. if you look at all the actions, the playbook what you want to do if you want to crush the backbone of this country, consolidate power with government, big business and unions, you would not do anything different. between the shutdowns, things jonathan is talking about, the minimum wage proposals, the pro act, this is a on behalf of small business and it is intentional. jackie: we saw the difference what happened in blue states and red states, carol. we thought specifically with the approach, look at florida and new york, we're talking about two different worlds here. what is also interesting we're seeing signs of strengthening job market. "the wall street journal" pointing out that blue-collar jobs are the ones that are
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booming. employment in residential construction, package delivery, warehousing, now exceeding pre-pandemic levels. jonathan, we've seen some massive shifts that have been accelerated as a result of the pandemic. this seems to be one. are these jobs here to stay because we're just going to continue living our lives in a different way? >> absolutely. talk about the for example, the explosion of amazon, amazon delivery, that whole infrastructure that is supported, i don't like the term blue-collar jobs, different types of jobs. new types of jobs. in a free economy there is unlimited amount of jobs that will be created. a lot of them as you're alluding to it, delivery for example, all across the spectrum. so that is what is needed in a free economy. this notion of saving certain types of jobs through central planning, jackie, the country was once 90% agricultural farm jobs. frankly the government did save those. they didn't save the programing jobs after the tech wreck in
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2000. new jobs will be created spearheaded by big corporations, small corporations. government just needs to get out of the way. jackie: when it comes to the are warehouse jobs, carol, the amazons of the world that helped us survive the pandemic. you think about the proposal of the 15-dollar minimum wage, if you think manufacturing jobs, the types of jobs companies can afford to pay them. maybe amazon can't but smaller investigation do it? >> absolutely not. that is why amazon is in support of the minimum wage. you find more big businesses jumping on these regulations because they are anti-competitive. they know they have the scale and the financial where with all, the access to capital to be able to support not only the direct costs that all the other headaches and paperwork that goes along with it. if you are a new startup, if you're a small business, just trying to get off the ground or grow, of course you're not going to be able to support that.
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again this is the consolidation of power around those big companies. it is very intentional. amazon absolutely loves it. if we don't stop central planning from making these ridiculous rules we're going to end up with almost no small businesses. no ability for you to come to this country and start your own path and chart your own path. it is really, really a potential disaster. jackie: small business what you're describing, we were talking about before as well, has been the backbone of this country. you see the amazons of the world sort of plotting to take over. it is really interesting. the shift that we've seen. and that governments allowing it to happen. guys, thank you. we've got to leave it there. but coming up we'll go to a live report from dallas. why it turns out those who had power could be paying a hefty price. ♪
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[announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪
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♪♪ ♪. >> monday it is 1124 phone $95. do i feed my family or do i run the heat? which one do i do? jackie: well, temperatures finally beginning to heat up in texas but the state is still dealing with a water crisis and a huge energy bill as we saw there, following last week's devastating storm. fox news correspondent jeff paul live in dallas. reporter: jackie, the weather here throughout much of texas is really starting to improve. in fact here in dallas the weather yesterday got up to around 70, 75 degrees. so it is melting away any of the snow that was left over from the winter storm last week but food and water now becoming a big
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concern. some people, millions in fact, are without drinking water, safe drinking water. so they're having to get in line to try to get some bottled water. officials are working throughout the state to get the things back on track but it will take some time. >> one of the challenges so many people's water pipes broke. mine did, the system to be pressurized with clean water hopefully in a matter of days i would say. that is the goal, what it kind of looks like now. anything can happen if they get more water breaks that could delay it. reporter: having to search for food and water wasn't enough for many of these texans. some are being hit with huge electricity bills. in some cases some customers saying they have bills up to $10,000. at least one customer saying he has a bill nearing $17,000. governor going abbott is stopping disconnections for folks who cannot pay high bills,
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working with state lawmakers, legislators to make sure this doesn't happen again. >> run short of power again. texas is the energy state. we need to make sure that we translate that into power generation to make sure that the power stays on. reporter: we're also learning more than a dozen people throughout the state were killed during this winter storm, likely freezing to death inside of their homes because they didn't have power, didn't have heat. in fact the family of an 11-year-old boy who died filed a 100 million-dollar lawsuit against the power companies. jackie. jackie: our thoughts and prayers go out to those people and families that really suffered but certainly seeing the temperatures go up is the first step to having thing get better. thank you so much for that report. great to see you. >> recent power outages caused by that winter weather are shining a lot on the generator industry as well. demand for heat providing generators increased after the
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events we witnessed in texas. jeff flock live at generac ale factory in whitewater, wisconsin, with more. jeff. reporter: they can't make them fast enough, jackie. what are we looking at there? >> 24-kilowatt homestand bigenerator proprovides power for a large size home. home port generac, a fairly new company, founded in 1959. currently $2.5 billion in revenue last year. huge increase. you have 80% of the standby market, yes? we provide the best quality product at the highest power and the highest, best cost per kilowatt-hour. reporter: most efficient cost. jackie, as you see, they are boxing them up as fast as they can. they had trouble finding enough people. they are having trouble finding
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enough parts to make these things. if i order one of these today, tom, how long do i wait for it? reporter: average lead time is 16 to 23 weeks. pre-pandemic we had great demand and people sheltering at home, needing backup power. reporter: it is something of a perfect storm. i will get away. i'm sorry, sir. >> you're just fine. reporter: you're a guy doing work. i'm yapping over here. you see this huge facility. they're building a new facility just like this one. they started in south carolina because they just can't make them fast enough. and, i'll tell you, it has been a perfect storm, really, hasn't it? just power outages in this texas thing, the latest one, pandemic of course against the backdrop of the whole thing. >> absolutely. we doubled capacity in the last six months. we're on the way to increasing it another 50% by putting in a new factory to meet demand.
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reporter: tom got hired a little while ago to scale the company, double the output. kind of crazy. you know if you don't have power, as you know you don't go to work these days, you don't go to school or do anything without power. jackie: remarkable, jeff are. there are so many folks who don't want to rely on generator see increase in having it. thanks for your report. reporter: thank you. jackie: calls growing louder into the investigation of governor cuomo's handling of the nursing home crisis. we'll bring you the very latest after the break. you're clearly someone who takes care of yourself.
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biden, whether he would commit to investigate the cuomo administration? thus far in the confirmation hearings he has yet to be asked. we're following that. meantime we're hearing for the first time from john kakis, form acting assistant attorney general for the department of justice's civil rights division. he is speaking out the cuomo administration withhold nursing home death toll data from him and the trump administration doj, underreporting deaths in public nursing home by a third. >> we learned this information. we went to our sister division, the civil division of the department of justice, that asked for the same information for the over 600 private nursing homes in the state of new york and new york stonewalled and didn't produce anything throughout the rest of the year, perhaps waiting for a change in administration. reporter: the fbi and the u.s. attorney here in brooklyn are reportedly investigating whether or not this is part of a coverup by the cuomo administration.
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daukas wrote an op-ed in the "wall street journal" he believes this scandal may merit criminal charges. quote, numerous federal criminal statutes could apply. it's a crime to make false statements to the federal government. it is also a crime to conceal information and otherwise obstruct government investigations. new york may have engaged in a conspiracy to defraud the u.s. and its agencies and possibly obstruct justice among other crimes. new york city's democrat mayor bill de blasio had this to say when asked about governor cuomo claiming, well there is nothing to see here? >> i do not accept his explanation. there needs to be a full investigation. thousands of lives were lost. families deserve answers. we need to get the whole truth here. we need to make sure nothing like this ever happens again. reporter: cuomo just tour advantage nation site. was not asked about the nursing home scandal but he did say part of the problem with vaccines
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that people distrust vaccines because they distrusted the trump administration. but cuomo again was criticized in the fall for sowing that exact distrust he said people would not trust this vaccine under the trump administration. he then went on to set up new york's own vaccine review process. so there's that. jackie. jackie: bryan, part of the issue here how he keeps pointing fingers at everybody else. this is not just a mea culpa situation. sometimes you need to take responsibility for what happened instead of putting blame elsewhere. brian, good to see you. thank you so much. white house press secretary jen psaki pressed yesterday to say if president biden still considers governor cuomo the gold standard for leadership during the covid response. listen to this. >> does president biden still believe that andrew cuomo is the gold standard, represents the gold standard on leadership during this pandemic? just a yes or no. does he -- >> jonathan, the president,
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well, i this doesn't have to be a yes or no answer, john. i think the president is focused on his goal, his objectives as president of the united states. he will continue to work with governor cuomo just like he will continue to work with governors across the country. i'm not here to give new labels or names for the president. i'm here to communicate with you what our focuses are, what his objectives are as president. jackie: brilliant from jen psaki. not a yes, not a no there. here to react, "new york post" editorial board member, kelly jane torrence. great to see you. let's talk about how governor cuomo is handling this as bryan mentions. he says problems in the nursing homes t wasn't from the actual patients admitted with positive covid test, it was from visitors coming in. it was from the staff workers that were in the nursing homes. now he is saying as bryan pointed out the problems with the vaccine rollout, it is all about the trump administration. nobody trusted them. no one trusted the vaccine. back to this idea of blaming people, pointing fingers.
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seems like he is going about this all wrong. >> jackie, he cannot take responsibility for anything. he keeps blaming the trump administration even for his mandate that of course sent covid positive patients into nursing homes. he is claiming the feds told him to do that. they did not. if you look at the guidance, that is not what it says. very few other governors actually did that. because it's insane. you have the most vulnerable people to this virus, the elderly, and you're going to put the virus in nursing homes? it is really unbelievable. but you know, i think governor cuomo knows what he did was wrong. the fact that he keeps stonewalling and not giving the data shows that. you know, for example, the associated press just about a year ago put in a freedom of information law request. they only got the information this month. it showed that the state put in
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over 9,000 covid positive patients into nursing hopes. now that number is 40% higher than the cuomo administration claimed in its report about what happened. so there is a lot of questions still about this and governor cuomo, when asked he pretends it is either the trump administration, incredibly, jackie, blamed my newspaper "the new york post." he said we created something that doesn't exist just for political purposes but certainly the families of those who died in nursing homes disagree. jackie: real quick, kelly jane, that will be the issue here. it will be about intent. if they can prove that intent. if they can prove negligence they can perhaps prove criminal liability suggested in "the wall street journal." your thoughts? >> the governor's top aide, melissa derosa admitted they withheld the information. a number of people in the administration because they were worried hospitals would be
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overwhelmed. that did not happen. if you look at the hospital lobby they have contribute ad ton of money to governor cuomo's causes. so that is something i think that could be a very serious criminal activity, if they can show governor cuomo forced sick positive seniors into nursing homes because the hospital lobby wanted him to. jackie: some suggested as well maybe politics were at play. he didn't want to use the ship for example, sent by president trump waiting there for the patients. great to see you, kelly jane. as always. new questions how president biden will scrutinize big tech. companies largely funded his campaign. the details coming up after the break. ♪. . love you, sweetheart. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement...
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and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763 ♪. jackie: welcome back to cavuto "coast to coast" i am jackie deangelis and for neil cavuto. our to start now with another look at major headlines. starting in california where frustration over closed schools has led some parents and students to hold a zoom in protest. we will have a live report from san francisco with the latest on that and to the nation's capital where president trump is set to speak at cpac this weekend karl rove on the timing of all of
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this the gop tries to move past impeachment. the power is back on in texas but some texans are being blasted with 5000-dollar energy bills after the blackout reaction from former shell oil john hofmeister coming up. first in the market, take a look at the dow rebounding off of the selloff, the dow seen 102-point gain at this moment in time, the s&p 500, the nasdaq seen losses with big tech weakness, ashley webster has all the latest business headlines. action overview. ashley: good afternoon, thank you let's take a look at boeing stock and is managed to turn things around early losses for boeing now you can see it's up modestly half 8% in the week until wake of the engine failure on the triple seven jet that scattered debris on the ground shortly after takeoff out of denver, the engine was made by pratt & whitney a raytheon technology, a number of airlines have grounded their planes and
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use those engines for further inspection. ten year treasury yield hitting close to one year high because of the rising use, is that 1.35 flirted with 1.4 premarket earlier today the bank stocks with higher interest rates means more profit while tech shares have lagged behind and that is hurt the nasdaq. as you can see tech tech is firmly in the red, u.s. retailers and pharmacy with long walgreens and cvs with bot attacks, digital scalpers are program to cut lines and snap up limited supply products, they include covid vaccine which can be a real problem the bots already being blamed for side crashes and stolen slots and it is expected to get worse once vaccines are available for all citizens. keep an eye on that. a light at the end of the covid
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tunnel for lockdown uk residents boris johnson says schools will reopen on march 8 and people will soon be allowed to see family and friends. take a listen. >> incredible route indeed a 0 covid world. we cannot persist desperately with restrictions that debilitate our economy, our physical and mental well-being in the life chances of her children. that is why it is so crucial that this roadmap should be cautious but also in reversible. ashley: signs of recovery, 17.6 million brits that the quarter of the population have received their first dose the government remains to give a first dose of all adults by the end of july. there ahead of many. back to you. jackie: ashley webster thank you for that, the questions rising
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how the biden administration will scrutinize big tech as it would be a big part of the senate confirmation for attorney general merrick garland, hillary has more for us. >> senate republicans and democrats want to know if biden's pick for attorney general merrick garland would hold tech companies accountable, garland told lawmakers he's willing to take a closer look at section 230, the law that protects large tech companies from liability but was unsure what happens on their platforms and is willing to beef up the d.o.j. division that enforces antitrust laws. >> my first was in fact -- >> you commit to vigorously enforcing the antitrust law. >> absolutely. >> facebook acquisition of insta grandma whatsapp, i suggest you look at mark zuckerberg's e-mail where he talked about purchasing competitors and i think the answer to that has got to come
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from the justice department i just need your commitment that you will take this area of the law very seriously. >> i take it very seriously and i have throughout my entire career. >> that is not what tech tycoons were hoping to hear or their employees who dumped millions and donations into biden's campaign and analysis of campaign finance report from the wall street journal found the alphabet, microsoft, amazon and facebook were the single largest source of revenue for the biden campaign over $15 million in donations poured in for workers at the five firms combine more than any other industry but who garland put in charge of the antitrust division at the d.o.j. could speak louder than what he promised lawmakers today. there are reports that he wants his former colleague susan babies to head the department, she was president obama's number two lawyer in the white house but she left the white house in 2011 to work at a firm whose major client was facebook and
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she even defended facebook in 2012 over a lawsuit that dealt exactly with antitrust issue. .jackie: it's hard to be impartial or totally fair when you're taking money from the big tech giants insane were gonna go after them it will be something to see, thank you for laying that our process. jackie: lawmakers pushing forward with their massive stimulus plan as republicans say taxpayers need to look at what's in the package, strategies president erdogan independent women's forum senior policy analyst. let's start with you because the wall street journal laid this out nicely more than half of what did the $1.9 trillion bill is really going to fund the progressive agenda if you will and it's clouded in covid relief and some people are really angry about that. >> it is really hard to sell this to the people, you have the
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center of this bill should be to rescue americans and small businesses and the average joe from the beat down they have financially and psychologically through covid you start layering and doubling the minimum wage that's the wrong time in the wrong message. unfortunately it's unpopular for anyone to oppose it because the way that it spun your against this bill and against helping the american people and that drives me crazy but markets expected to get done and what they got going on right now they had to strip out the minimum wage but this may go through. jackie: it's one of the situations if you don't vote for this year against helping people and giving them covid relief. it's really interesting when you think about it. kelsey i want to talk to you about the covid relief agenda items that are in their, one is a $400 a week enhanced
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unemployment benefit but they want to extended through august there is evidence that word recovery and by early spring we might see a dramatic improvement cases have been coming down substantially so you may not need these benefits to be extended and they may hurt labor participation in getting people back to work, what is the rationale here? >> you are absolutely right it's important to note that the nonpartisan congressional budget office told us just a few weeks ago that our economy is going to bounce back to the pre-pandemic size and just a couple of months with or without emergency relief, there is no doubt that we need funding for vaccines for development and other healthcare cost right now and certainly we need targeted emergency relief measures for small businesses that are suffering but the unemployment benefits the overly generous on appointment benefits
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being offered are dis- incentivizing people from working where they now have the ability to earn more via unemployment benefits than they do actually returning to their jobs, this is not fair first of all and it's not helpful to our economy if we really do want to recover. jackie: they want to extend those benefits through august so people can break the benefits of extra unappointed. when it comes to new cases down 44% in 14 days, deaths are down 32%, these are staggering shifts in the numbers. >> is really good progression in terms of the number of cases of sick and deaths, the trajectory is correct in the right direction, the question is obviously the statistician avoids curious is this transitory and in the wintertime i'm here in texas and even though we restricted people are
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still getting out and interacting i think we will continue to move in the right direction into your point earlier you have a couple of things going on, yum! a cultural shift happening because were working remotely and online productivity is going down and from a workers perspective, i am curious, if you extend unappointed benefits what about the small businesses that neither folks to come back they need them engaged they want them engaged, how does that play into the whole mix and again, obviously on top of that would be the middle wage hike which could force them to fire workers, it's a tug-of-war and i'm really wondering how it plays out but i like the numbers i'm seeing in terms of covid data. jackie: part of the story is the fact that were seen spending that is going to increase inflation at least that's what the market is worried about right now, really quickly kelsey when we look at the stocks and
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bonds moving together right now were a little bit higher on the dow but the yield on the ten year 1.37% that means people are selling bonds, they think the economy is getting better that things are picking up and that we could see a little bit of a shift as we go into the next part of the year. >> the stock market has been performing strongly that we need to be concerned about small businesses look no further than the success of the barstools sports fund to see how the small businesses are and during a time of such economic suffering were so many small businesses are closing their doors temporarily or for good it is really unethical that lawmakers on the left are trying to force them to raise the minimum wages when they are simply trying to survive, that is not covid relief it is putting the nail on the coffin on so many small businesses that are suffering and we need targeted and
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temporary relief that is not going to dis- incentivize individuals from returning back to work but incentivize them. jackie: kelsey, jared stick around thank you for your insight and will come back to you shortly. president trump will make his first public appearance since leaving the white house at a cpac event this weekend. karl rove on what to expect in the future of the republican party after this. ♪ it's my life ♪ ♪ it's now or never ♪ ♪ you packed a record 1.1 trillion transistors into this chip. i invested in invesco qqq. a fund that invests in the innovators of the nasdaq 100, like you. become an agent of innovation with invesco qqq. ♪♪ (vo) ideas exist inside you, electrify you. become an agent of innovation with invesco qqq.
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only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ jackie: president biden's pick to head up the nations office is in danger of not making it to the confirmation process with injections being raised on both sides of the aisle blake burman is at the white house with the latest. >> good afternoon the masks might not be adding up for president biden's nominee to run the office of management and budget near intended it got a lot harder for her when joe manchin came out opposing neera tanden's nomination and today we heard from the moderate republican susan collins come out and say the same as well, calling state and a statement that neera tanden neither has the experience or the temperament to lead this critical agency, her past
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actions have demonstrated exactly the kind of animosity that president biden has pledged to transcend. an issue for neera tanden is her twitter feed before her nomination in which she launched attacks at senators. the white house is standing by tanden's nomination, i believe we have jen psaki the white house press secretary from just moments ago. listen here. >> the president nominated her because he believed she would be a seller on the director, she's tested, a leading policy expert, she's like a think tank in washington that is done a great deal of work on policy, she's done a great deal bipartisan work as well. this is a process, confirmation getting individuals confirmed, she has two committee votes this week and were working toward that and work and supporting her nomination. >> that was moments ago you could see clearly the white house is standing behind her nomination. i am also told there is going to be an effort among republicans and conservatives in washington
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to try to get senate republicans to band together against the nomination of the hhs health and human services secretary xavier becerra and, there is a letter going out this afternoon to every single republican office up on capitol hill and to conservative groups as well to get them to come together and block the nomination as to how things are happening right now with neera tanden as well. jackie: sure thing to see if they have the ties together to block the confirmations. we will watch closely. thank you. former president trump said to speak at the conservative political action conference this sunday in his first public appearance since leaving office. as the gop begins to move past the second feels impeachment attempt former bush 43 deputy chief of staff and fox news contributor karl rove joins us now. good afternoon, he's never been known as a unifier, what can we expect you?
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>> if he is going to move beyond impeachment he has to be the unifier and lay out what he sees as the post-presidency vision for the republican party that unifies the party keeping the trump blue-collar workers and reenergizing republican strength in the suburbs in dealing with a diverse electric. it will be interesting speech to watch and this morning there were conversation in the political gossip column that he was going to begin to tag his adversaries and rivals inside the party that would be positive in my opinion, either for him but more for the republican party will see soon enough with the speech at cpac for this weekend. jackie: there's two rows he could take one would be to bring the gop together and strengthen the party i'm going to rally my base to do that and to join forces but at the same time to step back a little bit and say
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this is not about donald trump this is not about me where he may take the platform to say it is about me we will do it again in 2024. >> i doubt there are legal problems with him saying he's running a 2024 he'd have to file a committee and he is $75 million in a political action committee that he would no longer be able to control the spending of that so i do not think we will see him declare that he will be a candidate but i think were likely to see him say that he wants to continue to play dominant role in the party and i doubt he will say the kingmaker with regard to 2024 but he will want to say that he intends to be active in the primaries and 2022. he is signaling that in there was some discussion about setting up a formal process where he would evaluate people that could see him mar-a-lago and kiss the ring, he would bless them and so forth. we will see how that goes, there's two ways to go is this about him or the future of the party in the country we saw unfortunately on january 5 his
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last campaign appearance in georgia that it was not about the recent georgia and setting up a check and balance on the biden administration it was his sense of agreement and resentment and anger over having the election stolen from him. it will be an important tone setter and if he wants to be constructive i think has to go one direction but it's where donald trump was last seen in public is not good to be going that direction it will be going and another one. jackie: i was going to point to the georgia example and say it became about him versus what was good for the party and i'm wondering after he left office that enough time is passed he has been tweeting he's taking a breather and move past the second impeachment maybe he's regrouped and will be able to set a new tone? >> i hope you are right last week on saturday mitch mcconnell voted to acquit him and made a speech on the floor of the
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senate saying he was morally responsible for what happened on january 6 and he said that and by sunday evening that issue of mcconnell had been talked about on the sunday morning program but later in the week the president and former president could not help himself he released a 600 word statement in which he called leader mcconnell ineffective which nobody in washington thinks and lashed him up one side down the other. and what was a one-day story into a weeklong story. we'll see all the resentment and anger over the election is not finished and rather than charting a positive course would likely to see what we seen in the weeks after the november election. jackie: those statements seem to be the new tweets if you will as we head into this year. always great to see you. thank you so much for that. after the break back-to-school battle that continues president biden facing backlash for going easy on teachers union, the details when we return.
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>> a group of parents has banded together and we have been researching and trying to figure out what we think the likelihood of schools opening anytime in the near future are and i think it's gotten to the point, it's not looking good and i'm not confident that schools will open even next fall. >> california parents especially their frustration over schools not reopening all while the san francisco school board president announced this week in the remaining of dozens of schools will be halted while districts focus on reopening.
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claudia cowan has the latest on that. >> the plan to rename and essentially cancel the school names has caused an uproar back in january the san francisco school board decided the names of 44 public schools in the city are offensive and including the title behind me named after abraham lincoln. but his name and all others are staying put for now. in a written op-ed the president abigail lopez acknowledge mistakes were made during the renaming process and that reopening will be our only focus until our children and young people are back in school. lopez said the board is postponing the renaming committee and will include input from historians when it resumes. one of the complaints the board relied on factual errors to determine which names had to go after a year of promote learning parents and kids across california say they have had
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enough. >> everything else can be open and running at this point but our schools are still not open. it is very sad for our kids. >> that mom is from oakley california where the entire school board resigned after members were caught on a hot mike mocking. for wanting school to reopen. in l.a. and san francisco were private schools have been open for months frustrated families with kids learning in front of the school online instead of inside and in person. >> miss seeing my friends and getting up late school. >> they need their friends and kids. >> the city agrees and is suing its own school district and board of education to compel them to reopen schools or at least provide a plan to do so as soon as possible. jackie: the saga continues
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without solutions, thank you so much for that. meantime the former head of new york's teachers union now praising city leaders despite the trouble reopening on schools. listen to this. >> no perfect solution but frankly i think new york city has done a pretty good job in terms of showing the way, big school districts, lots of issues in terms of old buildings and we learned a lot from what new york city did in september and october. jackie: this is coming as president biden is facing criticism over his support of the teachers union. back with us jared levy and kelsey bohr anybody surprised that biden is not pushing back on the union needs to get their head examined. he's a union guy nobody expected him to do this. >> first of all this whole school opening closing thing is
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a mess that a lot of people don't get it does not fall on the federal government it's really the superintendent of each school system that can open obviously the mayor overrides that that's one thing but we've got to get her head on straight, we talked earlier about the stimulus package pushing through with the unrelated to covid, how about this if you're not open your school why do we have funds set aside in the bill the paper parents childcare who are having to homeschool their kids because their schools are not open, to me that is where the solution should be the biden administration has done nothing to give us a concrete answer or timeline as to when kids can return to school. i know this person i'm dealing with myself it's frustrating and it's really stretching the pockets impatience of many americans. jackie: they are say new york city is doing pretty well but the private schools in the catholic schools are but when it comes to the public school system and i'm friends with children in the system they are not doing that well it's not
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exactly like were a banner poster child model of getting kids back to school safely and getting them in the classes, working with their peers and their teachers that is not happening on a consistent basis. >> you are right the school site downs are unforgivable and it's unforgivable how joe biden has sold out to the teachers union already the public schools have received over $100 billion in funding they have only spent a small fraction of that now democrats through the stimulus bill want to get public schools another hundred billion dollars or more and that is not going to be attached to any school reopening plans they can get that money without being open for in person learning and what i want to know this fall 5%, only 5% of private schools in this country open virtually, the vast majority of public schools had in person learning and a lot of people might think that has
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to do with the funding, it does not actually private schools received less money per student, $11000 versus public schools which got $40000 per student there's no evidence more funding is going to reopen schools this is the teachers union putting themselves over the well-being of our children it is shameful and unforgivable and will have irreversible damage for our children. jackie: thank you for making that point on the funding that is very important. jared and kelsey great to see you guys as always. >> thank you. jackie: why legal experts are warning that new york governor cuomo handling of the nursing home scandal may rise to a criminal offense on a federal level. we will talk about it when we come back. ♪ your daily dashboard from fidelity -- a visual snapshot of your investments, key portfolio events, all in one place. because when it's decision time, you need decision tech.
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ten state attorney general's are ramping up inquiries into robinhood over the gamestop trading frenzy. charlie gasparino with us, he has all the details. >> there are ten reasons why robinhood is slow walking the planned ipo plan sometime in the spring will be understanding that a slow walk, they are not given up on it yet but it's not quite on the agenda right now those ten reasons have to do with state ag inquiries into the gamestop trading frenzy and have the app handle that frenzy is stop trading gamestop and other heavily shorted stocks and is a whole conspiracy theory that it did so to benefit hedge fund clients including citadel securities which is a client of robinhood sin adele buys the overflow from robinhood so we can process the commission trades, we understand robinhood is facing inquiries, we
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should point out we don't know if these are official investigations, some are, the texas ag ken paxton is investigating and announced it but there are others inquiring and essentially asking questions of robinhood when you see that type of feeding frenzy that's probably going to be a joint effort among the ag's to come together and to do something in a more conservative fashion against robinhood. what we understand ten state ag's asking questions that are pretty wide ranging including its ties to citadel and from what we understand this activity is forcing robinhood to slow walk it's ipo. robinhood, i talked to people inside, executives the company has no common citadel has no comments when i talk to people inside they think they will get through this. the ceo of robinhood and the co
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citadel laid out the case of the conspiracy theory that they are working arm and on to screw over small investors is absurd in many raised it is absurd both of them make more money, the more the stocks can trade, robinhood got a capital call for problems and issues involving settlement, citadel would love to process more traits of robinhood because it knows how to make money on the other end by matching the buyers and sellers. that said if you're doing an ipo right now can you imagine the disclosure in the s-1 it's going to be pretty while giving all the interest. that's where we are slow walking ipo and robinhood dealing with ten state attorney general's. jackie: the inquiries they may not go anywhere over time but as you mentioned disclosed on the process for them and that has an impact on their business and it's bad press so that something we often think about as we see
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the fallout of the gamestop stuff. >> look at it this way your lawyer for the robinhood and the general counsel's office, instead of putting together an ipo, you have to deal with ten separate ag's and there's an sec investigation and the justice department is snooping around and by the way elizabeth warren might do another hearing the head of the senate finance committee, she has asked to not to look at this self-regulatory organization for security firm, she asked them to look at it. there is a lot of stuff going on, i looked at this 15 different ways to sunday i don't think there's much of a case a security violation case, easy explanation every step of the way, that said this is politically thought in the conspiracy theory has gotten some members of the media to conspiracy theory between robinhood and citadel, i am not
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but some have enough forces people to look in the sec is going to look at anything that's crazy. that's where we are right now. jackie: great to see you, thanks so much for that. we've also got more fallout over new york governor andrew cuomo handled the nursing home crisis fox news spoke with the former d.o.j. official who warned this can rise to the federal level of criminal offenses. listen. >> we learned this information we went to our sister division the civil division of the department of the justice for over 600 private nursing homes in the state of new york in new york stonewalled and did not produce anything throughout the rest of the year perhaps waiting for a change in administration. jackie: joining is now former d.o.j. prosecutor james trusty, great to see you good afternoon. this is more than i made a mistake, this is now we are
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talking about criminal liability issues of negligence and intense when it comes to what governor cuomo did with respect to the nursing home deaths. >> i don't know if i heard that from the governor's office at this point it's more like pointing in different directions. there is a lot to figure out a lot of factual things to determine in the basic framework we all have to remember is there can be a big difference between moral culpability and political accountability and criminal prosecution, i don't want to overstate the likelihood of criminal prosecution on the deaths themselves, that's very uphill to think of a state prosecutor charging second-degree murder reckless endangerment, involuntary manslaughter to charge the governor would be extremely uphill very difficult with causation on each individual death in the governor or his attorney would be able to point to the administrators of the
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facility and say that's where the problem lies not with the macro decisions of the governor there has been a touch of the federal system the communications and maybe subpoenas that's where the rub is for this governor if there's federal subpoenas they take them seriously and if you stonewall or lie in the face of the subpoena then you put yourself in harms way. jackie: with respect to what you are they now about what he did, how he handled the process it wasn't necessarily that that there's going to be some more conversation or potentially charges but a notion that he lied about the numbers that they have the intent and they knew they were lying about the numbers and they misled everybody what about that aspect. >> that's what i'm referring to in the fall statement. your motivation and not responding to a subpoena, it's one thing to say we screwed up and couldn't gather the information, it's another thing to slow walk and take many months and not provide accurate information intentionally and that's from mr. rosoff who
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secretary becomes very powerful when she acknowledged to the statehouse that we were afraid of trump melinda palladian d.o.j. so we froze in the federal best occasion. that's the stuff of intent not negligence. that's a problem the governor has to live with. jackie: obviously in court saying sorry it does not make a difference but in the court of publ oblpiicni oonnionni it it a govr has dononsoint p p pfilacingcingcin othern other t ang any untabiliaking cg of theituationuati h him. yourughts? you're ay membe mbefbe be becausecae the gov govnotoid de cisionsionouerticallticaca ha swayed bhe no ogies. iould wouus wou sayt sayor i sae mo moraulpabiliart, keep yo your o en on o mr.r. ra r r if e leaves taveshere pro pblem.. >>wel,l, thaouou sooucoh forforfofofo tt. t head by customersme who nevernevenene ler are now n payn
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jackie: the deadly winter storm in texas is leading to a renewed look like solar power but experts were in the outlook for u.s. solar isn't so sunny right now grady trimble live in san antonio, texas at a solar panel manufacturer. >> a lot of people don't realize that two thirds of the world solar panel are manufactured in china this is mission solar, it's one of the few companies that manufactures their panels 100% in the united states, paul is with the company and because things are produced at such a low price in china, we can't compete on price. >> we cannot compete on price we have to compete on quality so everything we do we take great care all of the different process checks down the line to make sure quality is there we can't afford to be replacing. >> divided a minute administration is pushing solar that benefits you guys but at the same time competing with
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other companies overseas that are making it for much less. >> that is true but the manufacturer in the united states we are having jobs for the american citizens there is 1.4 support manufacturing jobs and certainly in the economy we pay our people at a higher scale offer them other benefits that come with it, healthcare and things like that. >> you been so busy that you're launching a new. >> yes we've invested during covid we have a brand-new line coming on increasing our capacity, were about two weeks away from a grand opening you should come back. >> i want to ask about the components that make up the solar panel a lot of those are sourced overseas as well in a perfect world you would get those from american companies as well. >> in a perfect world we can reduce the carbon footprint and source everything here and free up the ocean traffic and things like that but right now we need to build the supply chain in the united states. >> ali booth is a brand-new solar panel coming off the line. jackie: have to compete with
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china and that will be a theme that continues. thank you so much for that. democratic senator chuck schumer saying last week's deadly blackouts are lesson for texas and some people are still facing food and water shortages, take a listen. >> the bottom line is texas thought it could go at it alone and built the system that ignored climate change it's not what's called resilient and now texas is paying a price. i hope they learn the lesson. jackie: former shell ceo john hofmeister lifted the blackout and joins me now for reaction on all of this and maybe the perfect guest to address some of the issues when it comes to what happened in texas there was not enough investment on the backup traditional energy power grid in the sources that could deal with temperatures like this but they did not think that they had to, how did they change that going forward to have a better system in place because obviously people died in their still
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struggling to get back on track. >> i think the situation that we had in texas last week is really the failure of the state legislature in the states governor to come to grips with the difficult decisions that have to be made on the regulatory front. the way texas deregulated its electrical industry actually did not look out for the consumer and looked out for the producer and the distributor, so the generator cannot get reimbursed for whether rising plants that aren't necessarily needing whether rising in the moment, whether rising is something you look at over a long-term. but the regulation does not provide to be paid for that kind of weatherization. i think we know what the issues are in texas and it has to do with an extensive deregulation effort in the 1990s which has
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been tested a couple of times and failed each time this was a gross failure on the part of a regulatory regime and i think that has to be changed, fortunately the legislature is currently in session and fortunately the governor has made a part of emergency legislation to look after in the session, i think most texans are hopeful that will come out of this with a regulatory fix which we needed for a very long time. jackie: you heard what senator schumer said i'm curious to get your reaction he said texas ignored climate change and that's white in the situation it's in and hopefully is learned a lesson, that is not really what it was about. >> i don't think the senator has been to texas very often i don't think there are too many in texas that would invite him to come visit as a matter of fact but the reality texas leads the united states of america in wind
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energy over 20% of our producing capacity is wind in texas and we are growing solar as rapidly as we can, that is all part of having a more robust energy system people in houston, think of texas as energy capital of the world, we have every form of energy here in the state of texas and is not about climate change are no climate change it's about how can you build a robust system but we know we cannot do it without winterization which we have not had in texas forever. now it is time to change that. jackie: is interesting if you look at the binding of administration pushing green energy policies and you think about the future of alternative energy. part of solar power grady was showing us the panels and how they're being constructed part of wind turbines you need mother nature to cooperate and if not then you need a mechanism by which you can store the energy for future use.
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when is it that we see the systems going into place? >> i think the reality with wind and solar their intermittent and require a storage backup or a robust grid that can operate without wind and solar, it is either pay for the storage or paper the robust other sources but in addition have wind and solar as part of the mix. he wants to get up a free source of energy which is very rational to pursue in texas has pursued it as many parts of the nation are two. jackie: i am out of time. we are out of time am so sorry, thank you for your insight. we will talk more oil after this. ♪ ♪ ♪ . .
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personalized advice. unmatched value. at fidelity, you can have both. ♪ more than this ♪ jackie: oil prices flirting with the highest settle since january 27 of 2020. the dow is staging a come back too. charles, over to you. charles: thank you very much. we call it the commodity super cycle. i'm charles payne this is "making money." the breaking the rotation out of superhot growth names i referred to. the commodity super cycle is seriously on fire. don't look now, many reopening stocks are changing hands at all-time record highs. the true face of the retail investor revolution. it might be the only real woke movement in this country. the house budget committee marking up president biden's two trillion dollar relief bill this hour, ready to give it a final
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