susan: yeah. stuart: jay powell talks about a digital dollar. the decline is connected to some degree. all right, susan. good stuff. i know you're shaking your heavy. there you are. my time is also up. five seconds left i will use it this way. three, two, one, neil it is yours. neil: stuart, thank you very much. no matter what jerome powell is saying he was supposed to soothe the markets. it is not working out that way, susan pointed out he is saying the things the right way. very dovish. not near the full job growth we're seeing in the economy. if you're worried about the federal reserve pouncing on raising interest rates not going to happen. he is doing everything you think he should be doing. janet yellen, i don't know why we're showing that. bottom line she might rain on the parade talking about other tax hikes beyond what we're seeing, but that was

well-telegraphed in all the papers yesterday. that is a worry for the market this goes beyond tax hikes and corporate rates going 21 to 28%. she is looking promising revenue raisers. promising for spending. not necessarily promising for you. we follow all of that, jackie deangelis kicking things off and why the markets are still roiled despite jerome powell doing his best to calm then down, it is not working is it? reporter: neil, it can be because the markets moved so far, so fast. the dow down 157 points. it is really the nasdaq, down 289 points there is selling big tech pretty much across the board. you cocall it profit-taking. investors are worry about inflation and that has been trickling into the market the last few days. the bond market is certainly signaling it. powell is trying to poo-poo it,

we'll stay the course, the markets are still concerned. what happens when you see rates rise, cost of borrowing is higher that has a chilling effect on stocks. welcome for the savers out there who virtually getting nothing for years. also today, look at bitcoin. this is bitcoin, more than 1000 point drop after it crossed the 50,000 mark recently. that is pretty historic move for bitcoin. janet yellen out there warning bitcoin is extremely inefficient, highlighting for the fact it has been used for criminal activity. what does it say for investors? it says we could see regulation ahead. you're seeing selling there. tesla a stock on the move to the downside. you have rotation out of tech impacting this one down almost 6% or 41 bucks. tesla bought a billion 1/2 of bitcoin saying in the future they may use it for payments of

vehicles. now if you look attest last, you will see for 2021, it is actually in the red. it hasn't been able to hold on to all those gains that we've seen. finally highlight oil prices as well, hitting that 63-dollar mark. a couple of things happening here. yes, recovery is underway. yes there is increase in demand coming but also a drop in u.s. production because of biden administration policies, producers don't know exactly what to do. what it means for you, gas prices are going up. national average, 2.$64, 2.$64. it really goes up during the summer. neil: thank you very much, jackie. tesla alone, it is now in a bear market. it has fallen more than 20% from its highs. it is negative for the year. and keep in mind this was a fast, rapid riser. it is giving up a lot of those gains here. while the earlier losses were

halved, they are right back where they were here, on concerns no matter what jerome powell seems to be saying it is not helping that stock, technology stocks including microsoft, apple. facebook is in a world of it the own bucking that trend here. but again the concern seems to be faced with tying yourself to the volatility of bitcoin, i middle east point out by the way that elon musk himself had thought you know, bitcoin maybe had runup too far, too fast, he might have rained on his very own parade. we'll be following very closely. we'll bring you up to date, the white house says joe biden will indeed travel to texas on friday, the state with the power outages and everything else accompanied the ice storm and worse. right now expecting, will get a state of disaster ruling all the funds come with it, now a visit from the president of the united states come friday. come back to the subject de jure about this selloff what it is jerome powell is failing

to state that normally would ease a lot of it or at least send us off our lows. it is not working. hillary vaughn following all of that. he doesn't have the midas touch. what is going on? reporter: faster the economy can return back to normal but he did admit there are entire sectors that have not only returned to normal but some doing even better than before. one of those is housing. he also said business investment and manufacturing is also on track to returning back to normal but says industries like hospital alt and leisure continue to drag. moving forward the fed will look at employment differently than it has in the past. they will not just look at the number of people employed but how inexclusive that employment number is, whether or not some entire groups like minorities are left out of that picture. they also said they're not going to, or essentially that is the line of questioning that we

heard from democrats today. they wanted to hear and continued to press powell about how far the fed is willing to go to address economic inequality like that. senator elizabeth warren asking powell today if he supports a wealth tax. >> increase in inequality when wealthiest americans pay total taxes at less than half the rate of nearly all other american families? >> these are, you're getting farther and farther from the, you know, the kinds of inequality we focus on, frankly ones we can do anything about with our tools. we can't affect wealth inequality. those are fiscal policy issues that i wouldn't, can't, not our mandate. that is all. >> i appreciate you're trying to move sideways on this but you have pointed out that inequality is a problem in our country. it holds back mobility. it holds back opportunity and i'm simply pointing out that

inequality is felt not just in income, it is also felt in wealth. reporter: senators also tried to nail powell down on whether or not he think as $15 minimum wage is a good idea. he wouldn't get into that debate. he also wouldn't get into the debate over whether or not he thinks the economy need as $1.9 trillion stimulus package. >> so your opinion is if we don't pass the bill you're cool with that? >> that would be expressing an opinion. so that is what i'm not doing, is expressing an opinion. >> well would you be uncool with that? >> i think by being cool or uncool i would have to be expressing an opinion. >> how do you think we ought to pay all this money back that we're going to borrow, that we already have borrowed? >> i think that we will need to get back on a sustainable fiscal path and the way that has worked

when it us successful you just get the economy growing faster than the debt. reporter: neil, powell says he wants his takeaway from the testimony to be whatever the fed does they will move carefully, they will move patiently. they will give people a lot of advance warn about any changes. neil. neil: thank you very much, hillary vaughn, sorry about that. starting out to be one of those shows. meantime here i should let you know, he is saying all the right things, jerome powell, right? he keeps talking about inflation not yet a problem. doesn't see it becoming a problem. right now we're averaging below 2%. that the virus is weighing on the economy. he doesn't want to risk doing anything crazy as that virus continues to weigh on the economy. he is concerned about household spending. it is still holding up but he fears that if this drags on much longer, that might not. that doesn't sound like a guy who is inclined to change his

position. yet, nothing. no favorable reaction to this, to sort of pat down the selling going on. rebecca wallser is with us, gary kaltbaum as well. gary, that is weird. we don't normally see that. it is clear if you think about it. of the powell way into the middle of this selloff, particularly the nasdaq route, tesla now in bear market territory, presumably right things to calm people down, he is not saying that. what do you think of that. >> he is saying the same things over and over again. what you see the last few days, neil, a bunch of bubbles have popped. you saw it in gamestop. you saw it in the spacs. and market wants to go down it just wants to go down but i will to tell you he mentioned something, there isn't any inflation. well if you get a chart of lumber and copper and aluminum, and nickel and beanie-babies and everything else under the sun,

they are a moonshot right now for everything and that is a cost to the economy and potential hurt for the economy. i will promise you, those prices will be passed on. that is the definition of inflation. yet he looks in the camera yet he doesn't see any inflation. i'm not so sure that is good for markets when the market is saying another. neil: beanie-baby thing is what worries me the most. rebecca, you know, i'm wondering, i think he does see inflation a little bit and might be thinking about it a little bit but will not panic or certainly let on that he is panicking. that might be all well and good because even with the runups gary alluded to, the overall inflation rate we're seeing, backup in the ten year treasury right now approaching 1.36%. still very low. you get it to two.

you start getting into 2 1/2. maybe it changes. where are you on this? >> so funny, gary woke up a lot of americans neil by explaining the real cpi numbers are not what the fed is necessarily looking at. your audiences might have gotten alarmed there. to gary's point, i think the best part of the interview you just showed, neil, when senator kennedy asked powell point-blank what is the goal to get back to normalcy? obviously we're in a period of non-normalcy with stimulus. powell's answer is so true. for all those people who think we can indefinitely spend forever, listen to what powell said himself. he said we need to get a place where what we're stimulate something less than what is organically being generated by the economy. those are not his act words. that is what he said. that is the point, neil. i hope the administration is listening to their own federal chairman. we're saying reopen the economy. get this economy going again

organically because the stimulation cannot last indefinitely, for all the people think it can it can't. gary is right. we're seeing price hikes. we're seeing that in gasoline. we're seeing the fed say, no true inflation. i i agree with your point. we're not hyperinflation. we've seen the cracks. we have to deal with that. to powell's point, we got to get organic economy going back again. neil: gary, do you think he is looking at the stock market? if the averages avoid corrections or even go into a bear market, but individual issues like tesla are, then, is that something he can ignore, or say all right, that is a frothy one. we could have told you something goes up from 70 to nearly $900 a share, that is a little weird. so he is not venturing that right now. as far as i know. but that he has some cover saying these are unique issues to unique stocks but the average is by and large, holding up

pretty well, what do you think? >> neil, since christmas of 18, i've been writing about it, every correction in the market brought easier money from the fed either in their words or in their actions culminating before the pandemic printing more money, which turned into what we're seeing right now, $250 billion being printed a month between us and the ecb. that is all about the market. when he goes and prints buys up the bonds of apple and junk bonds, that is all about the market. he is preying the markets continue to cooperate. that is the one thing they have going for them, have the market do their bidding for them. if they lose the market, the wealth effect, that is where the trouble lies. i must tell you, he said something he can't do anything about wealth inequality? well, when you bubble up asset prices but screw over savers with zero percent interest rates

on the short end, that is the definition of creating wealth inequality. so that is another little statement from him that does not hold a lot of water. neil: you know, real quickly, rebecca, we talk about how the markets have been enduring a lot of bad news over the last year, this whole covid thing. part of it is the resiliency of the consumer. we saw reminders of that in the macy's numbers came out, home depot, they're still very resilient and that might explain why people like janet yellen, treasury, are open to other revenue raisers behind a hike in corporate taxers. she thinks she might quietly speaking forean administration that feels comfortable raising tax most this environment, even creatively racing raising them at that. and that might have a bit to do with this selloff, what do you think? >> i 1% agree with you.

there is no reason to raise taxes when you're shut down the half country and global pandemic in over 100 years. it's a perfect storm. we have to sop talking pie and sky, be realistic and tax raising now, even if it is just corporate, corporate firms invest in r&d, that causes our gdp to grow. there is no safe place to raise taxes especially in this environment. neil: all right, guys. i know you will be with us a little bit. i want to update you trying to get the latest on the virus news. we're hearing astrazeneca antibody trials are showing progress against some of these viruses today. that is a significant development, this is one of the first times we had seen a major drug company come out and say, you know what? all the variants that are appearing, better than a dozen of them in europe, we're seeing some positive reaction to our treatments for them, that go beyond just treating covid but all the kind of weird mutations

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♪. neil: a lot of good news we're getting on the vaccine front out of astrazeneca, an interesting development. where a company said its antibody trials are already showing promise against some of these variants you hear about of covid. that could be welcome news here because boris johnson in britain wants the country to be open around june. we're expecting 600 million doses to be available at least by then. dr. fauci itself says maybe a lot sooner than then. of course dr. fauci is sending mixed signals here where we stand on virus, he is very worried where things are right now. kristin fisher following all of that from the white house. hey, kristin? reporter: neil asked any grand

parent what we're most excited for after getting the coronavirus vaccine. most are very excited to finally be able to see their grandchildren but now, more than two months after those first shots were administered here in the united states, the cdc is still saying that they do not know yet, they have not released guidance yet about whether or not that is safe to do so. dr. fauci was pressed on that point a few days ago about whether it was safe for vaccinated grandparents to visit their unvaccinated grandchildren. he didn't have a answer. >> i don't want to make a recommendation on public tv. sit down with the team, take a look at that. >> the fact that dr. fauci is going on cnn he can't tell me if i get the vaccine, if i will be able to have dinger with my family, i don't have any grandparent left, but older people, if i can go to dinner at friends houses who are older, it is terribly inconsistent messaging. reporter: here is what the cdc's

website does say. it defines someone being fully vaccinated two weeks after they received a second shot in two dose series, two weeks after they receive one shot in a single dose vaccine. it raises the question of why is that data that is already out there not enough to say whether or not it is safe for these vaccinated grandparents to visit unvaccinated grandchildren. it has to do with according to dr. fauci, transmissibility. you may be safe from receiving coronavirus after being vaccinated you still may be able to transmit it. this morning dr. fauci was pressed when this official guidance from the cdc would likely be coming out. here is what he said. >> if i'm fully vaccinated, and my daughter comes in the house and she is fully vaccinated, do we really have to have as stringent public health measures than you would if it was a stranger who was not vaccinated and you were not vaccinated?

common sense tells you that in fact you don't have to be astrigent in your public health measures. what we want, we want to get firm recommendations from the cdc, i believe will be coming soon. reporter: dr. fauci says the recommendations should be coming soon. once again here you have a situation where millions of americans are waiting this guidance from the cdc. first it was about guidelines for safely reopening schools. now this, the question is, neil, what is taking so long. two months after those first shots were administered? neil: yeah. i'm thoroughly confused where he is coming from on this. i'm not a doctor. he can't have it both way. he is urging caution, i don't know. kristin fisher at the white house following all of that. enter dr. marty makary. this is my first chance to interview the good doctor, since this column that sort of stunned the world, certainly the united

states. johns hopkins university professor, of public health, the author of price we pay, a very, very good read of virus itself, what we should be doing, of course, doctor. i remember that piece where you talked about herd immunity quicking in as soon as april. what intrigued me about your column was the end of it, where you said some medical experts privately agreed with my prediction there would be very little covid-19 by april, suggested that i do not talk publicly about herd immunity. people might become complacent. i think you hit on the key issue. wonder if that is the issue here. you tucked it in the end, they agree with you. they think we're en route to that but it might give people false comfort. that's why they have been resistant to get on period, what do you think? >> well that's right, neil. look, everybody is well-intended wanting to see the end of this

but i don't think we should be just sharing partial information with the hopes that we're not, going to manipulate the public. we have seeing the same thing with the first doses, right? the first doses are highly effective, really tell us from the data we should be maximizing first doses before we move on to second dosing. the old guard medical establishment has been highly dismiss i have of this with natural immunity from prior infection. i'm told by the old guard we don't have data from natural immunity from the infection. look at reinfection rates. open our eyes, observational from new york. reinfections are rare. they occurred 1% of the time, those are mild cases a lot more people had infection than we appreciated. that is probably accounting for the 77% decline in cases over the last six weeks. that is significant, we have to interpret that somehow. that is not vaccines. not a sudden change behavior.

that is herd immunity kicking in. it is not binary, by april or may, we're going to see very low levels. neil: but that is not the vibe we're getting from dr. fauci who is also saying vaccinated people, i will quote here correctly shouldn't dine indoors or go to the people quite yet but herd immunity is kicking in at a rate lot more rapid and you are the first to cite, why not? >> i get a kick out of this old school argument that we don't know if the vaccines reduce transmission. well, dr. fauci just said we have to use common sense in referring to the other things. can we also use common sense that if it nearly is 100% effective in preventing covid death, if it slashes the rate of infections down by 95%, that we can also deduce, using scientific inference that there is far less transmission when somebody is vaccinated.

when i see somebody vaccinated, there are good, three, four weeks, out, i tell them, live their life. loneliness is epidemic t affects health. it affects physiologic reserve. live your life once you get vaccinated. neil: but you also say we encourage everyone to get a vaccine, we also need to reopen schools an society to limit school closures and isolation. i'm flipping your column around on this premise, if we don't do any of this stuff you advise, are we not going to develop or get out of this as quickly as we stand, stand right now, that people did what you said? >> well, look if you listen to a lot of the medical experts out there, look at what they said. they said this wasn't going to be a problem. i'm encouraging people who look at fauci's comments prior to march 10th when he basically only said, if you're older avoid a cruise. beyond that, this is no warning

we were about to get clobbered. so you look back, we heard about a surge on top of a surge. we heard about massive hospital surges after the holidays. didn't happen. we were told that there would be a twin dem mick of influenza didn't happen. after new year's, didn't happen. we have good news. some people may not like good news. i'm often amused when models are way wrong, saying it will be five or tenfold more catastrophic than it actually was, people ignore it. here is a projection we'll be in a good state by the summer. it is interesting to see the scrutiny around it, almost as if some people don't want it to be true. neil: that is interesting. reading it you hit on something people are not hitting on. maybe what is worse they agree with you, they're not saying they agree with you. man that is a little scary too. dr. makary, thank you, good to see you again. >> thank you, neil.

good to see you. neil: the other doctor, jerome powell, not a doctor, doctorate, very smart guy, federal reserve, he wrapped up right now. speaking of the virus, he said it will not, the economy will not recover if people don't feel safe. all right. we'll have more after this.

♪. neil: all right, metal fatigue, that seems to be the latest indication right now up from boeing what prompted that engine failure we had in that united flight. it is since taken out of service the, some 59 planes like this that are being used presently across the world. there are many more of them but those that are getting active use pulled until they get to the bottom of this. let's get the latest from dan

springer, how that process is going, maybe for how long. dan? reporter: neil, scary moments on that flight. the national transportation safety board held a news conference and said the preliminary indication as you said metal fatigue caused one of the engine fan blades to break off. that led to extremely rare midair explosion. the plane was a boeing 777 with a pratt & whitney engine. 128 operated by four airlines worldwide. united the only u.s. carrier that has them. the others are in japan and south korea. those planes 59 were in operation. the rest were in storage. all now have been voluntary grounded at the request of boeing so they can be inspected. the ntsb said two of the engine fan blades broke off, one of the base. that blade likely caused the second blade to fracture. leading to uncontained engine failure where parts of the

engine fly out despite protective coverings designed to prevent that. >> approximately four mints -- minutes take takeoff, the plane passing through 5,000 feet above sea level, a loud bang was heard on the cockpit voice recorder. reporter: the whole thing was frightening for passengers on the plane heading from denver to honolulu but it also shocked people on the ground who witnessed the falling debris. the biggest chunk the engine's protective covering that landed in a front yard. luckily the plane landed safely and no one was hurt. boeing asked all the 77s with the pratt & whitney engines taken out of service so inspections can be made. experts say when fan braid takes off like this, signs of metal fatigue were not uncovered

during inspections. neil: to rebecca walser, gary kaltbaum on this, whether it gets to metal fatigue, will it hurt, give trepidation, going into what is normally the busy winter, spring, travel season here? another, will people think twice it could be just me, guys. i'm not hearing. i'm not hearing rebecca. i apologize, rebecca. i will go to gary on that. fix these bugs here. parry, let me get the same question to you. will this put a crimp on travel or at least give people pause, at the worst time? >> well, it certainly doesn't help when it is on the news, things drop from the sky. airline still flying at 40% of

the norm because of the pandemic. but i think there is momentum going forward, for people getting back out there and as long as this doesn't happen again, i think we'll be okay. i will tell you the strongest group in the market near term are the airlines stocks and travel stocks. as the covid continues to crash in numbers and in hospitalizations. so i think we'll be okay as long as we don't see another of that like this happen. neil: rebecca, to his point, we are seeing, i think everything is okay with your mic now, but we are seeing it in some early guidance we're getting from the airlines, even some big hotels and even casino operators who were very optimistic things will be better than they have been which is a low bar, what do you make of that? >> yes, very low bar, neil. i'm glad to get people back in the air. all of these things are always tragic when they happen but if you look at the statistics of

flying it is obviously one of the safest trends, methods of transportation and we definitely can't, like i've been saying like a broken record, neil, we can't stimulate our way indefinitely on this problem. we need people to get back in the skies. people need to take cruises again. we need business conferences to come back. i'm tired of being told we can't have this business conference except for virtually. i'm ready to go. let's get people moving again and getting back to a normal life. i know that is so cliche. i apologize, don't let this stand in your way of having a great 2021. go on vacation with your family. get back to life. neil: when you want to go on vacation away from your family? i guess that is whole separate issue. as you're speaking, getting more, reading more of comments that jerome powell made. this is sort of like a weird insight of mine. openness to keep buying more bonds as economy improves. is that his way of saying the economy will indeed improve?

that is at a minimum, he seemed to telegraph that, but, you that, maybe it's a way for him to force down those bond yields, and you know, force the issue if the economy won't. what do you think, gary? >> let me take the other side of that, neil. he is telling savers i'm paying you nothing and because i'm buying up bonds and lowering those yields you will get less of a yield and pay a higher price. to me this is just complete distortion of price and yield and i pray, i keep my fingers crossed that i am wrong, that one day the market wakes up and says, wait a minute this bond should yield 8%, not 4%s because jay powell is buying up the bonds. there are some companies yielding hardly anything. junk bond yields are at the lowest ever while their debt is at the highest ever. we're talking about economics 101 turned on its head because

of a man that is not accountable to anything that can print as much money as possible to do his bidding on rates. again, long term i am so worried about this. again i hope i am wrong. but i think there is a comeuppance to come eventually. neil: well that might be but he certainly putting that in the -- rebecca, another quote from the fed chairman, the economy is long way from our employment and inflation goals. we're talking about fed's employment inflation goals, like to take some time for substantial further progress to be achieved. looking at inflation. looking uptick in commodity prices he is not going to change a thing. normally the markets would react to that, hear, great, great news. why aren't they today? >> they're baking this in, neil. this is what happens after you have an aggressive stemlous policy from the fed, when your

economy is shut down. the market is expecting now. he already forecast, already said 120 billion purchases a month. he told us that a month ago. the market baked this in now. only thing that will make us have a sea change, wait a minute i'm worried about inflation. he is start saying something different. he keeps saying the same things. unfortunately gary is 100% right. he will not be wrong. this is basic economics. we cannot stimulate and spend money faster than we are organically creating an economy. which is what is happening last year, this year, how long is the future, it lasts is anybody's guess. this sun tested monetary theory we can spend in perpetuity. there is no repercussions. we're always seeing repercussions, neil. we saw the yield curve steepen. we're already seeing it. we have got the economy reopened. to go out and spend money. 70% consumer driven economy.

we're not spending you say we're not doing normal conferences an sporting events. we have to get back to a normal, i hate to say that, it is true, gary is right, this doesn't change, if we don't get back to normal stimulation of just regular markets, we're going to be in a big world of trouble in this country. this is all happening, neil, i like toe mention with the boomers retiring. 2022 to 2027, we have 50 million people retiring. this is happening, folks. we're here! neil: you keep talking about retiring when you're on my show like looking at me as you're saying it. it kind of weirds me out. by the way, all right, bad news. some can force that on you, gary. meantime to the point that rebecca was making about will map when we get back to public venues. the good news in the new york metropolitan area we are going

to get back to knicks and nets games. that is the good news. the bad news, it is to a knicks and nets game.

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♪. reporter: welcome back to "coast to coast." i'm bryan llenas in brooklyn, new york, we're following the nursing home scandal enveloping governor andrew cuomo's administration. democrats are talking about holding the governor accountable for this crisis. so far it is just talk. the fbi, u.s. attorney here in brooklyn are reportedly investigating. yesterday, attorney general nominee merrick garland was questioned whether or not he would commit his doj into investigating the cuomo administration. he didn't make a promise but said they would follow the evidence. listen. >> with all the investigations the justice department is open to evidence of fraud, false

statements, violations of the law. they normally begin in the appropriate way in the u.s., relevant u.s. attorneys office. that is the way that something like this, without commenting on this in particular because i don't know the facts. reporter: yesterday not one democratic new york state senator voted yes to stripping governor cuomo of his pandemic emergency powers. that is the 15th time the effort failed. the state's republican party tweeted this. talk is cheap. rescind the powers, start investigating the governor and his administration. there is enough support on both sides of the aisle. members of the new york state democratic committee signed on to a formal resolution calling for the censure of governor cuomo over conduct unbecoming of his office and writing quote, during this entire ordeal where the governor claims not have time and human resources to come ply with requests for information, the governor had time to write a book cone grat

lating himself for curve cove response and have a congratulatory poster created. marries poll, six out of 10 new yorkers believe cuomo did something wrong with the nursing home situation and 41% said he did something unethical but not illegal. we'll have more on "coast to coast" after the break ♪. they have customized solutios to help our family's special needs... giving us confidence in our future ...and in kevin's. voya. well planned. well invested. well protected. psst! psst! allergies don't have to be scary. spraying flonase daily stops your body from overreacting to allergens all season long. psst! psst! you're good. with sofi, i was able to condense all of my loans under one account. i was able to lower my monthly payments and feel like i'm well on my way to becoming debt free.

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♪ neil: all right. more testimony on the part of merrick garland right now, the president's choice to be the next attorney general of the united states. particularly when it comes to border issues how active he would be reversing some of the directions that the president trump took. matt whitaker, former acting u.s. attorney general, he seems to be signaling that he will review all those policies, matt, not the least of which, is this idea of allowing those who are waiting deportation hearings, to sort of sit and stew in mexico. many have come to the united states to await that process. there is also the interruption of the wall president trump was building, that has ceased right now. indications are it won't be resumed anytime soon. these signals are i guess what republican questioners want to get a handle on, whether they

continue in this administration. do you think they will? >> yeah, neil. good to be with you today. what i know is, when attorney general takes over, the department of justice, they set priorities for prosecution. and typically, those are done at both the attorney general level, to tell the u.s. attorney's office in the operating components of the department of justice, sort of what the attorney general and administration want to pursue because there are some as you know, federal violations and federal laws that can be violated n addition, u.s. attorneys offices both big and small, will then set priorities consistent with what the attorney general has to say. these are the prosecution standards. this is how big, for example, a fraud needs to be money wise before we'll take the case and the like. i am very concerned as you can imagine with some of these immigration thresholds an policies, which they're implementing a lot of those are done at the department of dhs, you know, ultimately what i know

is that with the, getting rid of remain in mexico policy, getting rid of some of these other policies that secured our border, you will go back to what you saw in the obama administration, as you expect with his vice president joe biden, more open border a border where we have policies like catch-and-release. where we have sort of policies all you have to do is say the magic words at the border. you're given a hearing, to determine whether or not you kind of oppressed in your home country. neil: you know, the one thing that got a lot of attention is, you know, getting very emotional, talking about his jewish family coming to the united states, united states welcome hims. you went through all the legal means you become a citizen here and this is a very different case but the fact that he illustrated and used that story, it's a very emotional story. i understand, but, that, that is what we're talking about here? >> neil, we are the most generous country when it comes

to allowing people to live and become citizens. we admit unlawful permanent status about 1.1 million people a year. we're so generous as americans. a matter of making sure that our immigration policy serves the american interests. make sure we're getting types of people that we would all agree that we want. what happens, businesses know this probably better than most, is that if you just open up the border, anybody that wants to come can come, you end up with a disorganized system, ultimately i don't think serves our country and our economy and everything that we need immigration for. so you know, i'm going to be very interested into what happens in congress on immigration, because it is an important policy issue that needs to get resolved. neil: matt whitaker, thank you very much. we should point out legal immigration was averaging better than a million new citizens under the trump administration despite all the talking getting

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♪ ♪ ♪ neil: all right, no matter what he said, it really didn't seem to do the trick for technology stocks, welcome back, everybody, you're watching "coast to coast" on fox business. one of the things that's

remarkable is the selloff resumed even after chair powell was done. the backup in interest rates that preceded it, the collapse of bitcoin that seemed to trigger it, you name it, but you're still looking at tesla having given up about 10 of its value -- 10% of its value over the last several days. some comeuppance is in order here, but i don't think many were looking at that in the last two days on top of today's rough hi 2% loss, amazon is down about 5% over the last couple of days, apple about 4.5%, this extends to the likes of twitter, ibm microsoft. so all the major players stand out as facebook -- standout is facebook. despite soothing words on

inflation falling, apparently, on deaf investor ears. jackie deangelis has more. >> reporter: as we were speaking over the course of the last hour, we're deeper in the red with respect to losses here. the dow is down 187 points, the s&p down 37, the nasdaq really taking that hut, 319 points at the moment. i will say this, you are seeing a rotation the out of stocks right now, specifically the tech stocks. there are some fears out there the that powell was able to calm a little bit, but having said that, you know, we've been watching these markets go up, up, up, up wondering, you know, at which point we would see a little bit of a cooloff. this certainly doesn't look like panicked selling, people are taking profits, so this kind of a pause is something that many investors were saying we were due for. so that's just one thing to think about. but when it comes to powell specifically, yes, he did strike a very dovish tone, worried about inflation. did see a little bit of a rebound from that.

powell said that vaccinations are the key for the economy, that the more people get the vaccine, the faster we're going to be able to open up in earnest, but he does highlight that there's a long way to go before that full recovery comes. so sort of hedging some of the commentary there. he also talked about fed liquidity and asset prices saying they're linked, yes, we know that. thank you, fed chairman. and he said he's watching unemployment and consumer spending moving forward. on inflation he said he doesn't see a rise in spending being large or persistent, but that he expects inflation the to be volatile for the next year or so, also saying that growth of the balance sheet will slow but asset purchases will continue. listen to this. >> will continue at the current pace, at least at the current pace until we make substantial further progress toward our goals. >> reporter: that was one thing investors were focused on, are they really going to shrink shah balance sheet. doesn't -- that balance sheet. he also wouldn't weigh in on the $15 minimum wage, he said it's

not the fed's job or role to do that. so i thought that was interesting because that could have a chilling effect on the labor market. back to you. neil: jackie, thank you very much. another focus on tesla here, i should say it was down and is down about 13.5% over the last couple of days, this is a bear market, negative territory on the year and below where it was when it was becoming a member, excuse me, of the s&p 500. so putting that in perspective, it's sort of like a metaphor for what's hitting technology but, obviously, a very big metaphor. that slide in the price of tesla has allowed jeff bezos, whose own amazon stock has been tumbling, to recoup the world's top position as the world's rich arers human being. -- richest human being. the hit for amazon is not as severe as it's been for tesla, and these guys' wealth is tied up in their respective stocks, so that's why that can change a

little bit. edward lawrence taking a rook not only at jerome powell, but at what joe biden is trying to do to get this stimulus going. we're going to get, i think, edward, the details of what's in that $1.9 trillion package that looks like it will pretty much go down along party lines, right? >> reporter: that's exactly what it looks like is happening. democrats are rushing to get that covid bill passed by march 14th, and the budget committee did advance the bill without republican support. also one democrat, lloyd dodges from texas, voted against it, voted with the republicans against moving that forward out of the committee. senator joe manchin says he will not vote for $15 minimum wage, that is in the package still, so we'll have to see what happens there. really drilling down on this relief package, the energy institute for research said the relief package will act to kill the growth in an entire industry. $50 million in this relief package will go to environmental and climate grants. but if you read that section

closely are, the money will go to implement environmental justice purposes and objectives described in the presidential executive order signed the day after going into office for president biden. now, that executive order gets us back into the paris climate agreement and reinforces the need to cut financing on coal projects. senior economist for the energy institute for research says that this will make reliable and affordable energy less reliable and less affordable. >> you know, they don't have to actually ban these energy projects. they just make the financing so uncertain because with you don't know if you'll be able to complete them. there are going to be financial rules maybe that work against you, so the people won't want to informs in them in the -- invest in them in the first place. and they can say, look, we doesn't ban anything, they just made it totally untenable to make the investment in it. >> reporter: and he points to the issue of the texas power grid saying the coal plants kept

providing power while wind may have died down and the crowds may have rolled in making solar panels less effective. i reached out to the house speaker's office and have not heard back about this issue, but this is what the white house says about the climate issue within the last hour. listen. >> i don't have a new timeline to give you from here. i can confirm for you though that the president agrees with foreman secretarier kerry that -- secretary kerry that it's a crisis, that time is of the essence, we need to act quickly, and that's why climate is a key part of his agenda. >> reporter: the white house press secretary says they believe this covid relief bill will pass the entire house this weekend. back to you. neil: edward, thank you very, very much. back to technology, guys, if we can take a look at that. resisting this trend, and i should add that i should have known this, it was obvious that facebook had backed down in trail the ya after the -- australia after the country

agreed to back down on making publish ifers pay for content. the fact that it did back down and did save the news market in australia which is a very crucial market for facebook shows how it is bucking the trend while other technology stocks are not. so, again, when i look at that distinction, that is the obvious one here at facebook. some of the others are just sort of cascading on the tesla, the amazon news, the apple news, microsoft and a lot of those i issues had run up too far and too fast. what are we seeing on the technology front, and should it be worrying us for the markets? keith fitzgerald with us, erin gibbs. erin, what do you think? this technology rout, we're two days into it, and a lot of these issues have fallen at least into a correction. do you see a trend here or is this isolated and just temporary? >> no, we've really seen a trend, and as jackie mentioned,

it's really about rotation. we've seen this rotation away from the mega-cap stocks which are a largely these tech stocks and into more inflation types of industries like banking and material as well as moving out of the mega-caps and large caps and moving more into small caps as we've seen the small caps holding up extremely well and even the technology stocks within the small caps haven't declined nearly as much as large caps. so it's really about finding new asset classes, moving away to different sectors, moving out of these mega-caps. neil: you know, one of the things interesting, keith, and i know i'm beating maybe a dead horse here, powell did nothing to reverse this. briefly when the text of his remarks became public, it looked like it might have having the effect that he wanted to calm markets down, and then they quickly resumed selling even when he said he would be buying a lot of treasury notes and

bonds. i'm paraphrasing here, so conceivably that's his efforts to keep rates low even in the face of the economy improving enough that they're going up. what are we to make of that? >> well, i think it's there's two things, neil. number one, powell -- try as he might -- cannot interfere with the mechanics of the marketplace. people have simply begun to sell off in some of the biggest, highest capitalized, most leveraged stocks, most widely-traded stocks in the world. so when that happens, you've got an awful lot of things that are indexed to that, etfs, mutual funds, etc., so it becomes a race to the bottom. we're long overdue for a correction, i think the question investors need to ask themselves is where are these company going to be in five years. i would submit a lot higher because they're not going away. it doesn't change the business proposition for owning many of these great names. neil: all right. i know we're going to have you guys back in just a little bit here, but we are following these developments closely here and

exactly what the fed chairman meant when he said he was, you know, still intent on buying, you know, fixed income investments here. that is the fed's way, that's been his arsenal now, if you think about it, going back more than a decade after the financial crisis where they would buy up treasury notes and bonds that that extended the mortgage-backed securities, municipal bonds, corporate securities. they're going to continue doing that. where they're finding the money for that and how many trillions we're talking about beyond the $4 trillion that the federal reserve has spent doing this kind of stuff is anyone's guess. but even with all of that, nothing from technology. ♪ well, i am the warrior and hard to hard to win if you survive. ♪ the warrior, the warrior. ♪ you talk --

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the process. another step in that direction is ramping up vaccine efforts to make sure they get pretty much anywhere and everywhere in the state, and they're having a lot of help on this front from major retailers, grocery store canes and the like. ashley webster with more on how all that's going. hey, ashley. ashley: hey, neil. you're absolutely right, ramping up is the name of the game when it comes to vaccinations certainly here in florida. ing there was that delay last week caused by those winter storms that prevented delivery of the doses, but now it's all engines are firing. i'm here at a vaccination site in palm beach county, people have been coming in consistently throughout the morning and into the afternoon. florida governor ron desantis announcing today that cvs has joined the roster of those companies providing vaccinations, and he said that is another valuable outlet for people to get their shots. take a listen. >> the good thing about the cvs

thing is these are are doses over and above the state's allotment. this is part of the federal pharmacy program. so they're going to be getting -- these doses are going straight to them. and so if we're getting 350, 400,000 as a state the, that doesn't even count what they're getting. ashley: and it's coming at a good time. i want to give you the latest numbers with regard to covid in florida. new cases, the last number was 4,151. total cases of 1.872 million. and as for how many people have gotten these vaccinations, well, windows coming in at 6.1% of the population are, both doses, 6.8%. that's about right in the middle of the national averages. now, we've been standing here this morning as people come in and out. one man was so excited that he had gotten his second shot, he just had to run over and talk to us and tell us how he felt. take a listen. you've had two? >> i've had two. >> how do you feel?

>> i feel great. couldn't have been better. can't wait to burn this. ashley: can't wait to burn his face mask. maybe not on the cdc list of recommendations, but he was that excited. about 1600 people a day are coming through this site, neil. it's part of the backup that was caused by that disruption and delivery because of the winter weather, but certainly florida all systems are negotiation as they say -- are go, as they say, and they're trying to get through a backlog of waiting lists and a lot of private industry companies pitching in now, which is a good thick. back to you. neil: ashley, if you'll indulge me, my friend, they recommend wearing masks there, they don't have to. i remember at this ron desantis presser the media made a big deal of people not wearing masks. but whatever he's doing is clearly working. so i'm just wondering -- ashley: it is. neil: -- how the floridians that you see there, are they concerned about this?

the critics say, oh, they're being cavalier about it. how would you describe it? ashley: well, yeah, there's always going to be people who are cavalier are, neil, but i think generally people do take it seriously. whenever i go out to a restaurant or you drive by, people are wearing their masks. it's not that they're taking this, you know, devil may care attitude at all. but i think the fact that florida is a lot more open, certainly compared to new york, businesses are allowed to operate, they say they know how to safely. and, you know, i was coming in to this location today, and there were school buses everywhere, kids going off to school, the coffee shops were full. it really feels like people are trying to get back to normal although the strange thing about it, of course, is many people still wearing the masks. but i think what they've done here in florida, they're actually pretty proud of it, to be honest with you, neil. neil: yeah. i'll let you continue your very challenging assignment, young man. so thank you for keeping us -- [laughter]

of the latest developments in the sunshine state. you are the best, my friend. ashley webster in the middle of all of that. gianno caldwell says that a lot of it has to do with just letting people do their thing and treat them like adults. best selling author. gianno, what is florida doing? because a lot of people say, oh, the cases are are so high, the deaths and hospitalizations, all of that are way, way low end even on a per capita basis, per 100,000. no matter how you slice it the state, whether you like or dislike the governor, is doing something right. >> and as i mentioned on your show many times, neil, is caped, escaped los angeles for miami, florida. we're talking about the numbers because people have been saying, oh, yeah, you know, florida's a large state, so's california, and their numbers are on par and florida's been open. actually, that isn't true. 1.87 million in l.a -- rather,

california is over 3 million cases of covid right now. so they've been wide open, and their cases are far less than areas in places like california. and i've got to tell you, kneel, when it comes -- neil, when it comes to so covid-19, you do have to allow people to make their own decisions and live their lives. that's why i take issue with people like dr. fauci and call them team fauci who tells people give them add vice which we all respected and took into consideration, butst it's when you continue to get this advice that, oh, no wearing masks, it doesn't help, then wear masks and, oh, maybe wear two masks, and you can't go here, there, do this, do that, this is having a real impact on the american people. if you just rook at the numbers, since the start of the pandemic over 40% of americans have face thed issue with -- faced issues

with either a drug or mental decline, depression. when it comes to young focus, that number's over 75%. and just this past november "the washington post" reported that the cdc asked young people have they thought about killing themselves. that was back in november. and one in four young people have said they've had thoughts about killing themselves. this is an issue far, far larger than just keeping people in the house and allowing businesses to go bankrupt. this is really impacting the human spirit here. neil: but it's not affecting the economy, right? i mean, the boom is real in florida. do they ever start worrying, wow, we'd love to welcome everybody, but millions are taking us up on it? >> well, yeah. and it's a bit of a concern. as you may have heard, some of our colleagues, david webb, lisa boothe, in florida and miami, our consideration is folks

coming from california and new york who may have different voting patterns which led to some of the bankruptcies that exist in places like new york state and california. so that's a consideration. and the prices of things are are going up where you're going to live, that's going up. when i moved from l.a. to miami, i saved $1,000 on rent alone, just that, only that. and not to mention there's no state income tax, etc., etc. so there's a lot of benefits to being in florida. you want to protect those benefits, of course, and people sometimes don't realize how the policies became what they were in the states that caused them to shut down as they did. that's a consideration. neil: well said, my friend. thank you very much. gianno caldwell following all these developments in the sunshine state. we have a lot more including forget about the craziness in our world, have you seen that other world, the orange one, the martian landscape? video like we've never seen before of perseverance landing

on the surface of mars. this is real stuff. this is really incredible. ♪

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♪ ♪ ♪ neil: all right, you've seen the pictures, maybe you haven't seen pictures like this, though, the video making its way to earth from the mars. it takes a good while to get to us, sometimes 20-25 minutes when it bounces off satellites to reach us. but even allowing for all of that and maybe the fear of a generational downgrade or the dingization isn't quite as crisp as it would be, that's after all that that we're looking at

images like this. just incredible. perseverance landed on mars last week, you might recall. it's got a rover, it's got a helicopter, microphones, cameras, all of that. and i'll tell you, phil keating has been covering this better than anyone i know. you can tell the guy is a wannabe astronaut, he's got to be because he's really into this and does a great job with it. i'm looking at some of this stuff coming in, and i'm just saying, is this for real? i guess it is. >> reporter: yeah, really, it's just amazing comingtous on earth from 40 million miles away. jaw-dropping and amazing, stunning videos and pictures from mars like most of us have never, ever seen before. just absolutely stunning images which started coming in to earth on thursday right after the rover perseverance started descending into the crater. >> indicates chute deployed.

>> reporter: a giant parachute opening up during perseverance's seven minutes of terror on thursday, that's the complex descent to the surface. the rover is loaded with 19 cameras, all in amazing high definition. here a camera at the bottom of the biggest mars rover ever shows the gorgeous descent and the landscape of the red planet in deat the same time eventually, you can see the thruster rockets on the lander as they get close to the surface. now that the mad cam is up, we already have 23,000 new images of the martian landscape including shots with the rover this them. perseverance is the size of a small suv and loaded with science-gathering gear. nasa's putting several of the rover's photographs together creating a beautiful 360-degree panoramic photo. now, this photo here exemplifies not only the ingenuity of this mission, but also the come for examplety the of the landing.

the rover being lowered on cables from its reverse thrust sky crane for a soft landing at 2 miles an hour. and onboard there's a microphone, and it has this very first sound we heard yesterday of martian wind. [background sounds] >> reporter: pretty cool. nasa's team out ott the jet propulsion laboratory in pasadena, california -- can maceically, mission control for this whole mission -- they've been doing all kinds of systems checks on all of the surface software. everything's been looking good. the landing was absolutely flawless, and the highly anticipated helicopter, well, over the weekend it was checked

out sending the right signals back to earth. so that appears to be ready to roll -- or fly -- and that should happen the first time, first flight in about 40 days. neil? neil: 23,000 pictures? that's more than i take on a trip, usually 1 out of 1,000 might come out okay. 23,000? really? >> reporter: that's a lot. and this is going to go on for at least two years, possibly maybe a decade. curiosity's still operating and sending data back from 2012. so all fingers crossed. neil: you're right. how do you pick and choose? what do you put in the album? phil keating, thank you very much. great job, my friend. by the way, we are focusing here on earth at the selloff in the market, although well off the lows of the day. might have something to do, and i always look for this, what other firms are doing, is anyone buying back their stock. credit suisse has indicated that despite what's going on today, it's upping its s&p 500 year-end

target to 4300. we're around 4200, so it obviously is not looking for a ton. not that that necessarily is prescient here, but you generally when a firm comes out, makes an announcement like that, other firms come out, make similar announcements or say, all right, whatever's going on. tesla is not really indicative of technology. the significance of this, others would say, whoa, whoa, whoa, we're overreacting here. keith fitz yeargerald back with, erin gibbs. they are looking past the storm, as i think both of you were trying to do early earlier here, but whatever happens with technology, it is not the overall market. do you buy that? >> yes. and when you look at, again, about the -- from technology to other sectors, there are sectors looking to have a much better

2021. and so it's not that we're saying that technology isn't going to be a growth leader within this year and next, but there are just going to be some other opportunities, and you don't want to be so focused in one sector. and so we know this year is going to be volatile as we fully understand the economic recovery, but overall the broader markets still look healthy. neil: keith, do they look healthy to you? if an investor were to come to you, you know, keith, i want to buy, you know, a fund that mirrors the performance of the s&p 500 or the dow, the russell 2000 -- of course, russell 2000, small stocks have been, you know, quadrupling with the turn of the s&p 500. still a good bet? what would you tell them to do if they're against, you know, putting all their bets on one or a couple of stocks and instead want to buy the averages at these levels today? >> that's an interesting question, neil, because our research shows very clearly that the time for funds has largely

passed. it's a lot like cable television. you've got to buy the channels you don't want to get the channels you do, and stocks are the same way right now. there's a reason why big tech is cons -- concentrated. the market is healthy as a whole. we've got earnings coming out, advantage seens rolling out, an -- vaccines rolling out, accommodative central banks around the world, but i do submit you have absolutely got to pick and choose your9 ballots carefully because a lot of stocks are going to get left behind. neil: you know, erin, everything is going along smoothly, and then i hear the cvs ceo saying masks are probably going to be with us through 2022, and i'm hearing that coupled with what dr. fauci was saying yesterday, that he wouldn't really get too ahead of our proverbial medical skis here and start whooping it up, partying, getting the family together. with very cautious even if you've had the vaccine. i always think of comments, whether justified or not, they take the bubbly out of the

champagne of the party or at least the attempt for a comeback. what do you think? >> yeah, i think, obviously, health officials, much like your doctor telling you to cut back on your sugar intake or wine intake, they're going to be the ones that are -- neil: how did you know that? how could you possibly know that? [laughter] all right. >> so it's that cautionary -- they're health officials. that's what they're supposed to do. but overall we do know that there's a fatigue and people will desperately want to get back to spending, going out, going to restaurants, movies and that we do want the economy to open up much like in florida. neil: guys, thank you very much. earp, you did remind me of that old rodney dangerfield line, you

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♪ ♪ neil: all right. we've been monitoring new jersey governor phil murphy. he's giving the state of the state address, largely wrapped up right now, indicating now new tax increases or fees in store for the garden state amid covid-19. now, that might be a bit of a misnomer because while presenting his $44.8 billion budget in a virtual address, he did stipulate that taxes did go up for the upper, upper income in the garden state last year. actually, they were retroactive, beginning of last year. so don't tell them taxes aren't going up. but that he's been able to do this without a core responding hike in -- corresponding hike in taxes this year and that he will fully fund at least payments due the state pension funds, that, you know, insure that will provide retirement income for teachers, firefighters, police,

all of that at their full level this year which i think is close to $6 billion. i want to check that if i'm right, but it would be the first time a governor, republican or democrat, agreed to fully fund or at least make a one-year commitment to fully fund those pension funds. those were huge obligations in states like new jersey. but, again, new jersey just the latest state now to say that things are bad but not that bad. you might recall earlier that connecticut's democratic governor add had, you know, dismissedded plans for a hike even on the upper income saying that revenue has been surprisingly strong in the case, and he wouldn't need to do that. in fact, he boosted spending on a couple of vital programs. this, again, another prominent state that now has hinted in the past of additional tax revenue if the pandemic hit hard, now just the opposite. for now, not necessary. we'll keep an eye on that. in the meantime, looking at the covid fallout and all these nursing homes are in a world of hurt and many that could close.

lydia, welcome to fox business, very good to have you. what's going on here? >> reporter: hi, neil. thank you for the welcome. you know, long-term nursing, long-term care facilities and nursing homes across the country are just in dire financial straits. that's really driven to by rising costs in providing care for at-risk patients, protecting them from covid and also dwinding occupancy at many of these facilities. this year experts are expecting as many as 1600 facilities across the country could face closure, that's ten times the number of facilities that closed last year. now, across the country they're projecting losses of about $22 billion for this coming year with another $30 billion spent on things like personal protective equipment. we're here in troy, new york, and in nursing home estimates losses of around $17,000 a day

due to resident population and more spent on testing. this particular nursing home defied governor cuomo's highly-scrutinized march mandate, and they said they won't be closing anytime soon. >> i feel certainly justified and vindicated in my decisions, and i wish other people had done the same thing. when you stand up to a bully, that's the right thing to do, and i knew this was the right thing to do here. there was just simply no way i could do it. >> reporter: now, the governor is allowing nursing homes to resume visitation starting friday in accordance with cdc guidelines. nursing home workers e tell us that safe visitation is long away in im-- will go a long way in improving care for residents. >> -- go to pto, ot, whatever kind of therapy they need at home. so it's a vicious cycle. we have empty beds in the nursing home. it's time to open up the nursing

homes and let them live the rest of their life as long or short as it is without being punished. >> reporter: now, adding some hope here, neil, is the fact that covid vaccines are effective at reducing the rates of new covid cases that we're seeing in nursing homes across the country. right now they're down by about 67% as compared to just last month. meanwhile, industry leaders are asking congress for about $20 billion to prevent these closures of nursing homes across the country in the coming year. neil: very interesting, lydia. and again, welcome. lydia hoop, our latest addition to this great team we call fox business, and it is a great team at that. by the way, i was mentioning phil murphy and this commitment to introduce a budget without any additional tax increases. he did raise taxes on the upper upper income last year, but that

was not factored into this year's address. he is also paying off in full a payment to the pension system where at least everything that would be needed to keep it current. not technically current, i said about $6 billion, i was off. it's $6.4 billion that's within added to shore up those finances for the time being. remember, a lot of ratings ago agencies sort of police that sort of thing and if you're playing fast and fancy footwork on the numbers or borrowing money and issuing bonds to support that, they don't take too kindly on that. but this seems to be coming from the regular government till here, so that should be greeted favorably by the financial rating agencies. in the meantime, we had matt whitaker, of course, former acting attorney general, with us here earlier discussing what's happening on the border. one of the things that was interesting matt was saying, that the biden administration is undoing a lot of the things trump was doing -- obviously,

whitaker being a member of that administration isn't too keen on that, but central to that biden push are kids and reuniting them with their families. going way, way beyond that. jonathan hunt with more from los angeles on that approach. >> reporter: good afternoon, neil. there's been such a surge in unaccompanied children crossing the border this year that the government is literally running out of facilities in which to house then. helps, the biden administration -- hence, the biden administration has decided to reopen an emergency facility that was used during the trump era and one that that attracted a good deal of criticism then from immigration advocates. it's design to hold 700 children between the ages of 13-17, and yesterday dozens were fake taken there in -- taken there in vans. the reopening of the camp prompting the children's defense fund to tweet, quote: it's as true today as it was in 2019, children do not to belong in detech. the white house -- detention.

the white house said today it is not replicating trump-era policies. >> this is not kids being kept in cages. this is -- >> [inaudible] >> this is a facility that was opened that's going to follow the same standards as other hhs facilities. >> reporter: around 7,000 children are currently in the custody of the department of health and human services. and housing them all has become more difficult because of covid restrictions. back in 2019 when the controversial site was used under president trump, hhs spokesman mark weber said the emergency facility was essentially the best of bad options. >> -- and the reason why we sped this up, again, not to allow children to stay in border patrol stations any longer than they need to. >> reporter: mr. web or told us i have -- weber told us via e-mail the camp is still a better holding facility than a border patrol station, and he

emphasized that in his view the children received good care at this facility during the trump administration and receive the same good care there today. neil? neil: jonathan hunt, thank you very much, my friend. jonathan in los angeles on all of that. we've been focusing on this market selloff here. it's really, you know, kind of all in the technology arena. not exclusively, but largely there and a lot of it really has to do right now with what had been a much more severe collapse in bitcoin spurred by, of all people, elon musk. you might recall used $1.5 billion to buy bitcoin, said that customers could buy cars. but when he was even saying it was getting too pricey, that sort of wallopedded bitcoin here and tesla. bitcoin is trying to stabilize right now, but charlie gasparino says be prepared for a wild ride. he's next. ♪ ♪

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charlie gasparino on what's happening now. hey, charlie. >> hey, neil. your stuff about governor lamont and governor murphy, it's interesting in the sense that there's a lot of different types of fears in the markets right now. economies are getting better, more so than we thought. if there's a worry that the fed has put just too much liquidity in the system. and because of that with the economy getting better, we're worried about -- people are worried about inflation in the future, and you're starting to see that manifest itself in certain securities that are considered bubble. and two of those securities, i would say, is tesla, bitcoin, to some extent some tech shares. and what people are saying right now, neil, these are trading sources, that they are increasingly worried about bubbles in these markets that will pop that will lead to bigger selloffs in more, in broader indexes and that the robinhood-gamestop thing was merely foreshadowing the trouble that's to come. we should point out that tech shares today, neil, sold off but

came off their lows when fed chair powell said he doesn't have any plans to raise interest rates. but that's really fueling a lot of this speculative fervor here and the worries that we have stuff that is, essentially, worthless. bitcoin is, let's face it. when was the last time you bought a slice of sweets with bitcoin -- pizza with bitcoin? gamestop traded as high as $500, when's the last time you went into those outlets? tesla still is a barely profitable company. these are showing bubbles, and they're bubbles related to interest rate policy out of the fed in an improving economy. and because of that, we're going to get wild inflation. so it's really, this is going to be a market, neil, that is going to be not for the faint of heart, at least that's what all of this is signaling. wild fluctuations, bubbles in various parts. i hate to say it because i usually tell people to be long-term investors, but as of now i think if you're in this market, you've got to be prepared to be a trader. back to you, neil.

neil: interesting that you can't buy pizza with it, but you can buy pasta. it is weird. you're probably right. [laughter] thank you, my friend. good seeing you. charlie gasparino on that. don't say he didn't warn you. we'll have more after this, the dow down about 89. ♪ -- don't you dare look back, just keep your eyes on me. ♪ i said, you're holding me -- ♪ she said, shut up and dance with me. ♪ this woman is my destiny. ♪ she said shut up and dance with me ♪♪ ♪ . . allstate. click or call for a quote today.

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♪. neil: boeing has now grounded all boeing 777 airplanes. there are about 69 in active service right now across the world to get to the bottom of this united airlines engine problem. i will talk to the ntsb chairman at 4:00. here is charles right now. hey, charles. charles: neil, thank you very much. good afternoon he one, i'm charles payne this is making money. breaking now jay powell is saying ultralow interest rates are here to stay but with the economy getting stronger what does the fed have to do convince wall street that with will keep the easy money fleeing? president trump making endorsements for the next election cycle. that is obviously a signal he is not going away. we'll hear from him this weekend, we'll get an update on the appearance his