tv Cavuto Coast to Coast FOX Business March 12, 2021 12:00pm-2:00pm EST
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agree with you. we're big fans of new nigel. he's short, sharp, to the point and knows how to address a subject succinctly. who else do you want to see more of on this show? please let us know. time's up for me for this day and this week but, neil, it's yours. neil: thank you, my friend, very much. all right. we're following a couple of things that we're right now just following up on as well, stuart, what's happening to stocks and this 10-year. they almost move in opposite fashion. and i'm not talking about the dow, but more the nasdaq which goes into the red every time this thing gets near or at or above 1.6%. once again at these levels, holding those levels. and while economically sensitive issues dominate the dow, tend to respond favorably to this, it hurts technology stocks. there really isn't a consistent rationale for that. but by that as it may, they're
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under selling pressure again as a result. this yield, by the way, is the highest it's been now in the better part of a year, and the foundation, the backdrop for this is an improving economy which should be welcomed. also more vaccines becoming available and the rapid rollout in states that now is picking up considerable speed. again, all good news for the economy. the number of doses distributed now north of 131 million, and the doses that actually add mored a little north of 98 million s. so that gap, that is a big concern here because of the statements being urged to open things up fast, widen the pool of available, you know, patients who can get them, but just do manager to rectify that because it's not a shortage of vaccines. steve harrigan with more on that and how states are planning so to respond to that not so subtle pressure from the united states last night. steve's in atlanta.
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>> reporter: hey, neil, that's right, the biden administration really marking an aggressive and optimistic turning point when it comes to this virus, laying out specific dates as to when all adult americans can get the vaccine and when he expected life to bin to get back to normal -- begin to get back to normal. the president saying by may 1st all adult americans will be able to receive the vaccine across all 50 statements and that he expects small gatherings, norm gatherings to begin around the fourth of july. here's the president. >> if we do our part, we do this together, by july the 4th there's a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout or a barbecue and celebrate independence day. we not only mark our independence as a nation, but we begin to mark our independence from this virus. >> reporter: the president said the stockpile of vaccine should be enough for all adult americans by the end of may. there are plans to increase more
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mass vaccination sites and empower more people to administer the vaccines, even dentists and veterinarians. of course, one concern continues to be the variants or the mutations of this virus. moderna has just announced that it has begun human trials on a modification of the vaccine. this would be used as a booster shot to try and target some of these potential variants that could resist current vaccines. neil, back to you. neil: steve harrigan, thank you, my friend, very much. the president's made clear he's not done on this sort of covid relief launch of his. on top of his remarks last night and signing off on the $1.9 trillion wouldn't of new stimulus, he is going to be at the white house today touting covid relief and more to come and anything and everything that is needed, he will provide, as well as making sure that by the 1st of may any american who wants access to a vaccine will have that vehicle seen. blake burman at the white house with more. hey, blake. >> reporter: hi, neil. it is the, indeed, going to be a
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victory lap for president biden and congressional democrats later this afternoon in the rose garden, the 2:00 hour, as they will be celebrating the passage of that $1.9 trillion coronavirus relief measure, the american rescue plan as it is called. and in the coming days after today, the president, the vice president and their spouses as well are going to hit the road to tout and to try to continue to sell that plan. the president has outlined a pretty ambitious agenda when you look at it on the whole, but the white house is still reluctant to say what exactly could potentially come next. might i be infrastructure, a jobs package, tax reform, some or maybe even all of the above? what we do know is there will be a willingness here in washington in the recent days to acknowledge that democrats could use the same reconciliation measure. that means going at it alone and banding together to push through what they want without needing republican support. listen here to the senate majority leader, chuck schumer, on this very issue earlier
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today. >> i do think reconciliation welcome can be used again, certainly, on the next part of the biden agenda which is build back better, which is a comprehensive climate, infrastructure, job-training and science bill. and that's a large bill, and that can be reconciled. >> reporter: now, neil, the white house has said that they hope to have an infrastructure package that can be bipartisan, but once democrats start talking about things like climate and science like you heard chuck schumer mention there, that is where the divisions among democrats in washington and republicans here in washington occur. they can either reconciliation or a much smaller package -- making them all the more likely when you look going forward. the question going forward, neil, is what exactly might the white house and democrats put forth. neil? neil: yeah. and what exactly is going to be the way we pay for it. >> reporter: yeah. neil: there is that detail. thank you, my friend, very, very
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much. blake burman covering all of this like nobody's business. john lonski, courtney dominguez, financial brainiacs, because as you know, folks, we've got the 10-year note back over 1.6%. it's interesting how the dow kind of slugs that off -- shrugs that off, the nasdaq not so much. i'm curious as to the rationale behind that, courtney. i know ned davis research has a report out saying for every runup we see in bonds, expect more selling in technology stocks. i believe he's qualified it to say, for example, that a 2% yield could have a 20%, or produce a 20% hit in technology stocks. now, whether you agree, disagree with that, why is that? why are technology stocks apparently more vulnerable to selling when yields rise? courtney? >> yeah. this historically really has been the case, but inflation rising or interest rates rising really is kind of the anti-growth trade specifically
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because it really is going to discount your future cash flows. tech firms had a lower bar to reach where interest rates have been so low, there's this idea there has been no turn except to be investing in stock, and that gets flipped as interest rates start to rise here. but as you have value companies that are actually paying better dividends than the u.s. treasury are, those are not going to be hit as much as your growth rates are. it's going to be that's disproportionately affected than the rest of the markets as a whole. neil: to that point, john, technology has vastly outperformed the rest of the market. and the rest of the market's done just fine, thank you. but that might be used as an excuse to sell them off with every tick-up in bonds. if someone were coming to you saying, all right, i like technology, i like the amazons, i even like the teslas, volatile rides though they may be, i think they're just juggernauts will continue being juggernauts,
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what do you tell them? >> well, they're probably correct over the long term. but one of the problems the tech stocks have today is their pe multiples are very high. some don't pay any dividends. i think this makes them all more vulnerable to higher interest rates. and we also want to consider that maybe there's something more than the fear of higher treasury bonds. we have to talk about paying for all of the stimulus, and eventually we have to consider hikes in corporate income taxes, personal income taxes. and when you look at technology the, you also have to contemplate the possibility of tighter, more stringent federal regulations. the big story, they're done very well, they're richly priced, and i think their high pes make them all the more us cement bl to uncertainty -- susceptible to uncertainty. neil: i guess the big issue, courtney, is how much inflation is acceptable.
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we're still at very low levels here, i don't want to alarm anyone. and certainly john and i can look at this and remember when they were a lot higher. and if you told us then that a 10-year note would fetch anything under 2 president, you'd say, my god, they're giving money away. so leaving that aside, people have gotten used to near zero rates and a fall reserve that has fosteredded that for the better part of the decade. if they break from that or hint that they will, how will the markets react? >> yeah. i think markets as a whole are not necessarily going to be affected by interest rates rising which very well might happen here, and if you look at it historically, there have been times like back in 2014 where you get this initial sell off as interest rates rise, but generally it's more like a knee-jerk reaction. rising rates actually often times do still lead to a growing economy and growing stock market. there's just certain categories that might be affected more. we were talking about technology earlier.
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so, you know, no matter how fast inflation goes up or what your thoughts are on the future, i think the chances of inflation are becoming more probable. so making sure you have inflation hedges in your portfolio, something like bonds and bond funds is really important because you want to make sure you're set up before inflation happens, you don't want to backtrack of after inflation's already kicking in. neil: to that point, we've been hanging our hats on these vaccines rolling out and it's going to be very aggressive and that looks good. a lot of states' inability to get those vaccines out to people notwithstanding, john, but i do know that in germany they're looking at a third wave of the virus, and they're preparing residents for that. italy, they're looking at yet another easter lockdown regardless of the improvements the country has seen across all of europe cases are on the rise on average. and that despite all the vaccine availability.
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so i'm getting a sense that we're not out of the woods. but in this country, there's a sense that we are. what do you think of that? >> i think there's a lot of truth and, obviously, what you just stated, neil, it could be that all of these very upbeat economic forecasts -- i just got one from blue chip. they're now forecasting real growth of nearly are 6% for 2021. nevertheless, if there's a return of the virus, we could see renewed shutdowns, people aren't willing to go out and spend and, of course, the economy growing considerably less than 6%. looking forward, it's the virus that rules over everything. if it does subside sufficiently, i guess it's blue skies for the u.s. economy. but there's no telling what it's going to do. we have no control over what mother nature is going to do with this curse that's been
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inflicted on the world economy. neil: you know, in the meantime, i think american investors, americans period are looking at what's going on here, courtney, and with major league baseball about to kick off -- and they're going to have fans in the stands in the case of texas and arlington with the ranger, it's going to be 100% capacity in that stadium. i believe it can the seat up to 40,000. we're seeing this play out as well march madness, a lot of the college games they're going to have people in the stands. they haven't delin quainted -- depending on, yoivel, the region how many in the stands. but this as restaurants get back in the new york area to half capacity, 50% capacity, amusement parks reopen in california, albeit very limited numbers, but a trend that will be going through the spring and summer. that's a feel-good series of developments. how do you feel about that? >> yeah. i think we're seeing that really
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reflected in things like consumer sentiment actually just beat expectations, one of the highest numbers we saw is showing that things are optimistic. there's more stimulus coming out, vaccines out there. everybody wants to get out and they want to do things. what i really like to see is consumers have been putting themselves in a really good position where they've been paying down debt. they actually have a lot of cash on hand so there's some sort of new wave to your plan if there's another lockdown. people are this a good position to sustain some of that, but they're also doing a good job of putting this back into the economy. i think as the economy reopens, consumers are in a really good position, but that cash cushion is good on the off chance that we don't know what'lling happen with the virus. generally speaking, that's the case for a lot of americans right now. neil: counterny, john lonski, thank you. you've stabilized the dow somewhat, not the nasdaq but, again, you tried.
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also some political developments in new york i want to bring your attention to. 11 of 19 democrats that make up the new york state delegation in congress are calling on governor andrew cuomo to resign. among them, jerry nadler and alexandria ocasio-cortez. if you've lost those two, you're in a world of hurt. ♪ ♪ we started with computers. we didn't stop at computers. we didn't stop at storage or cloud. we kept going.
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♪ neil: all right, there was an old saw during the administration of lyndon johnson that when walter cronkite was critical of his conduct in the vietnam war, the president famously said when i lose walter cronkite, i've lost everything. so if you're governor andrew cuomo in new york, when you lose big liberals like jerry nadler and alexandria ocasio-cortez and 11 of the 19 democrats that make up the new york congressional delegation with more expected to follow, you've got to wonder what is next for the embattled governor. brenda lyons, times-union managing editor -- brendan. thank you for taking the time.
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certainly, his friends are dwindle, and his support is dwindling. he could very well be, you know, political dead man walking here. what's your read of it? >> he seems to be hanging on. and as you know, it's really a matter of this moment of counting the supporters he probably has left, and it's decreasing. and now we're hearing rumble blings that there's a possibility that the entire new york senate may call for his resignation at some point. so there is also calls in the senators for a compromise where the governor would step aside and allow the lieutenant governor to take over the governance of the state while he awaits the outcome of the state attorney general's investigation of all these accusations. neil: what are the most damaging accusations right now, brendan? i know when it started with all of the nursing home stuff and then all of these women and the
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controversial behavior on the part of the governor, now they're together, and they're like a one-two whammy against the governor. i cannot see a situation where he keeps control. certainly he's losing it in overseeing the covid-19 response, and i don't know what could come next. may this out, how you think this could play out. >> like you said, it's really a perfect storm that the governor is caught this at the moment. this week we reported what is the most serious allegation the date against him in terms of sexual harassment when a staff member, a female staff member reported that she had been groped in a sexually aggressive manner by the governor in his private residence at the executive mansion in december. that took place when she was asked to come there to help him with a minor fix on his cell phone. and it was unearthed last week when the woman was watching him
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give a talk to the press and defend himself and claiming that he had never inappropriately touched anyone, and she became emotional. a supervisor went to her aid and asked what happened, and that's how it unfolded. and meanwhile in the eastern district, the u.s. justice department is probing the accusations that this administration may have manipulated nursing home data potentially to assist the governor's public aura, if you will, at a time when he was preparing a book. that, that is a very serious investigation that is, it involves a lot of fbi agents, i can tell you that, who are on the ground now interviewing people. neil: yeah, now you're starting to involve legal action here when it gets to that point. to your point, brendan, i am curious though i guess the lieutenant governor would emerge as the governor in the event that the governor had to resign, but that can get tricky too
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because it seems like a growing list of people are already trying out for that job or salivating for it. that could include the new york state attorney general or a host of other prominent state democrats who are looking to seize on that, a good many of them who want that job. and i'm wondering what the fallout would be, let's say the lieutenant governor moves into that post with an election then months later, where is this going? >> well, certainly many people have faith that the lieutenant governor, kathy hochul, who is a veteran lawmaker, could slide into that position and do the job well. and the legislature would be able to work with her. you know, she's highly regarded. she's from western new york. she has congressional experience x. as far as the attorney general, leticia james, many people feel that she really planted her flag in the field of neutrality when she issued a report very damning and exposing
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the governor's office for the first time officially for undercounting, underreporting the number of nursing home fatalities and doing it deliberately. and that was a signal to everybody in the chambers at least that the attorney general does the not have his back and is willing to follow evidence where it may lead. neil: would not be good. go ahead. >> yeah, she could be positioning herself for a run too because in this state there's a long history of attorneys general ultimately becoming governors. neil yeah, i forgot about that. all right, brendan, thank you. i'd love the get you back and tap your insights and connections on this because it's been an uncanny tracing here. it obviously goes on and on and on. brendan lyons, albany times union managing editor, following the constantly-evolving, as i said, 1 of the 19 -- 11 of the
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♪ neil: all right, the latest on the buildup at the border right now. our griff jenkins has been following this closely, and it's a situation that is not getting any better. griff with the latest from laredo, texas. hey, griff. >> reporter: hey, neil, it's not getting better. in fact, i just spoke with a gentleman, jesse camacho, who lives in the bidding behind -- building behind me. he says in the last week multiple nights he's found illegal immigrants from across the river in his trash cans outside of his home. and let me enlist the fox drone team and show you why that is. here in laredo, only the rio ground separates it from nuevo laredo, that is where they have constant crossers.
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the single adult crossings is the highest in this area, they're up 140% here in laredo. they don't get as many family units as they do individuals, and they get an awful lot of narcotics and contraband. now, the video that's really making a lot of play on social media and elsewhere we shot over in the rio grande valley where we were yesterday, you see just dozens, hubs, even -- hundreds, even, of migrants hour after hour. nothing they can do there, and it is really concerning the agents there because of the risk of covid. we're get the -- getting the latest covid-positive numbers, they began testing on january 25th. now out of 1700 people they've tested, they have 204 positive cases. that's a 9.25% rate of positivity. it's prompted texas' governor, greg abbott, to partner with the national border patrol unit in putting out a statement in the last few hours saying they're
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going to set up mass vaccination sites in the valley. it is unfortunate after months of inaction, we have to publicly call on the federal government to protect these brave men and women and provide the necessary vaccine allocations. now, a gentleman i spoke to a few hours ago, hector garza, is a part of the border patrol unit. he will be at the meeting with senator cornyn and congressman cuellar later today. and here is what he said about the threat of covid to his men and women. listen. >> but the other part that we're wrestling with is when these aliens test positive in our border communities and they are sick, that means that we now have to transport them to our local hospitals. just in the laredo, our hospitalization rate has been skyrocketing the past few months. >> reporter: now, we believe right about now that senator cornyn and congressman cuellar and his group are touring the facility set up for minors, then that, of course, is not open to the press, but then there will
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be a meeting at texas a&m university not far from where i'm standing that will be a round table of leaders like garza as well as cornyn and cuellar, and we'll see what solutions they have to provide when they hold a press conference later this afternoon. neil? neil: griff, thank you very much. griff jenkins. speaking of press conferences, we're just getting word that new york governor andrew cuomo plans to make an announcement at 1 p.m. eastern time, so a half hour from now. we don't know what it's about. we do know it's on the heels of at least a dozen congressional democrats saying it is time for him to resign and leave office. among them, jerry nadler and alexandria ocasio-cortez. again, the governor will be making an announcement at 1 p.m. i have no idea whether that has anything to do with this, could be new updates of covid and reopenings in the empire state, but the timing is interesting. we'll have more after this. ♪ ♪ -- the palms of your back, it's a death trap.
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♪ ♪ neil: you know, we've been looking one year later since the emergence of the pandemic hit the world and a lot of questions about where it all started in wuhan, china. now, the chinese have been slow to respond to the world health organization's trying to get an idea how it first evolved and, apparently, they're not responding to even the most intense pressure to at least help the w.h.o. get some answers. the head of the united states now demanding that before we can move forward. jennifer griffin with more. >> reporter: hi, neil. this has really been a 14-month cover-up by the chinese communist party. one year after the w.h.o.
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finally declared covid-19 a pandemic, u.s. officials still do not have a clear picture of how the virus originated. so i reached out to the state department's former lead investigator into the virus origins, david asher. he told me he believes the virus could have come from research being done on a bioweapon from the lab in wuhan. >> at first wuhan institute of virology is operating a secret or classified program, in my view -- and i'm just one person -- can my view a biological weapons program. >> reporter: asher has spent a career leading investigations that uncovered secret nuclear weapons programs in pakistan and north korea. at first they said it originated in the seafood market, but the first case had no connection to the market. last fall the u.s. obtained intelligence that indicates there was an outbreak among several wuhan lab scientists
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with flu-like symptoms that left them hospitalized in 2019, before china reported its first case. asher and others say that in 2007 china announced it would begin work on genetic bioweapons. and, basically, that china has entered a bio-warfare era where they take viruses and make them more lethal. former secretary of state mike pompeo came to the following conclusion: >> there were certain factors that make it strongly indicative that this came out of that laboratory through what was likely an accidental leak. the chinese communist party won't let anybody into their lab to look at what happened. they disappeared journalists, made doctors who knew what happened go away. that cover-up itself a crime. >> reporter: the w.h.o. team that recent toly visited wuhan was barred from key data from the lab that could help them better understand the virus origins. neil?
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neil: jennifer griffin, thank you, appreciate it. to robert delaney now, the south china u.s. bureau chief. robert, it's been a while. thank you for taking the time. you know, i'm curious, if china's worried about all this pressure and, you know, getting rattled by it, it has a funny way of showing it. it certainly got much more militant and aggressive in hong kong, it is maintaining an aggressive posture in the south china sea. nothing's changed. i'm wondering if anything will. >> well, neil, i mean, i would say you're right. the posture by the beijing government has become quite aggressive. however, we do have this bilateral meeting coming up, a high-level meeting between u.s. and chinese officials that will take place next week in alaska. now, that's quite interesting that the chinese officials were interested in or willing to come to the u.s. for talks. we don't know how these talks will go, and they're billing it
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as a sort of halfway point between beijing and washington. but the fact is even though it's sort of the northern arctic edge of the u.s., it still is the u.s. so there's a chance that we might see some kind of movement, some kind of compromise. certainly, that's what the biden administration is pushing for. neil: what are the talks about, robert? do they cover these issues including getting to the bottom of the start of the covid virus? do they include trade issues? you know, military issues? is it everything? what do you know about it? >> it's everything, neil. they -- the biden administration, of course, cannot afford to look weak when it comes to dealing with china. and certainly, we've seen that it's not inclined to undo any of the hard-line policies that were put in place under the trump
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administration, all the tariffs, for example, are still in place. but i think everything will be on the table. the messaging for the state department and for the white house has been that they want to discuss, quote-unquote, forcefully the issue of possible human rights violations among the uighurs and other minorities. certainly, the origins of covid-19 will be on the table. and absolutely, the measures that beijing has taken against the electoral system and other measures in hong kong will certainly be on the table. neil: robert, how much of this is about the chinese wanting to protect hosting next year's olympics? they don't want to lose this, and they're getting nervous at this global clarion call to move them elsewhere. >> it's hard to say. i mean, if you had asked me,
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say, a week ago before we had confirmation of this meeting in alaska, i would have said that the political stakes in beijing are too high, there are really no, there are no issues that would -- there would be no other priorities that would, that would convince them to kind of back down on their stance towards hong kong, towards south china sea. so, therefore, i would have said the olympics don't matter. they will continue with these policies. however, again, in pointing out that coming to the u.s. is, as small as it is, could be considered something of a concession. isso perhaps the olympics are figuring into this. certainly, there were the calls about to olympics were coming from certain corners initially, but it is gaining momentum. and beijing is very conscious
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about how it presents itself and how it looks on the world stage. and it is possible that hosting the olympics might be a factor in the way forward. neil: all right. robert delaney, u.s. bureau chief. thank you for sharing your insights. i'd love to check back with you. two quick things before we take a quick break here. we're waiting on this 1 p.m. presser that's been plan -- announcement, more to point, on the part of new york governor andrew cuomo as a dozen congressmen from the new york delegation are urging the governor to resign. this on the heels of alexandria ocasio-cortez, jerry nadler saying now is the time to go, that this has become just too much of a heavy lift to keep him in office. now, whether it has anything to do with that or just more openings planned in the empire
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state, we don't know. we'll take you to the governor live when that happens. also it's about opening up across the country, right? especially in golf. the players championship getting underway. there are fans in attendance. this, of course, as baseball gets ready to return. there will be fans in the stadiums but nothing like we're seeing in arlington, texas, where the rangers are saying all 40,000 seats, go ahead. ♪ ♪ labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world loves a hybrid. so do businesses. so, today they're going hybrid with ibm. a hybrid cloud approach lets them use watson ai to modernize without rebuilding, and bring all their partners and customers together in one place. that's why businesses from retail to banking
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certainly very different from a year ago. ashley webster in florida with more on how they're handling this. ashley. ashley: yeah. hey, neil. another tough assignment for me. i thought you would say that, so i'm going to say it for you. you're absolutely right. 20% capacity was one year ago when the championship was shut down, and that was the first tournament in golf to be affected by the pandemic, and golf shut down for 13 weeks. here we are one year later, second round of the players championship, and everything is going fine. capacity down to 20%. to so normally absolutely packed here, you'd have 50,000 fans, the capacity right now is 10,000. it's still pretty busy and crowded as you can see behind me as the players continue to practice before they begin their round. the tickets for all four days here sold out in 45 minutes, average general admission price around $80. so certainly the desire to be here in person is there. and, you know, the other impact golf has had, the sport has seen
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a boost. people stuck at home managed to get out and, you know, actually swing some clubs and play some golf which has given the sport itself a boostment take a listen to executive director of the players championship. >> equipment sales are up, our engagements through our social and digital platforms since the return of golf is up, so i think those things are tied. participating in the sport. it's accessible. and then being able to watch and engage starting last june is, it's nice to see things come together. ashley: and, you know, it's interesting, neil, you see the fans here, everyone's wearing their masks, there's all sorts of rules when it comes to bear action with the players. no fist bumps, no asking for autographs or even high-fives. of course, none of that. but they're very happy, you can tell. everyone here having a very good time. we ran into a young man by the name of desi hobbs who was all kitted out, he is so excited to get out and come and watch some live golf. >> so it's great to be out here and just to be outside, man.
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it just feels good. it's like letting a kid go out to play. you'll be looking through the window all day, and mommy said now you can go. ashley: mommy said now you can go. you've got to love it. so round two beginning -- actually, started early this morning. it's another tough the assignment, as i said. but, you know what? i always keep calm and carry on. back to you. neil: i'm just trying to think of some remote foreign post to send you right now, because you are on the street, an enviable street. [laughter] i've got to tell you, my friend, i can't think of a more deserving guy, so have fun. do you golf yourself, ashley, by the way? ashley: i love to play. i staid to stuart varney earlier, i gave rory mcelroy some tips yesterday, and he promptly shot a 79. so that's about the extent. [laughter] neil: i got a 72.
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what did i get on the second hole? [laughter] ashley webster, you are the best. very funny guy too. not so funny matters considering the governor, andrew cuomo. a bunch of people are saying you've worn out your welcome, that includes a dozen prominent democratic congressman in the new york delegation. among them, alexandria ocasio-cortez, jerry nadler, more prominent names seemingly popping up every ten minutes here. the governor is going to make an announcement at 1 p.m. that might not have anything to do with this or the, -- the treasure, the pretty driven from the likes of kirsten gillibrand and chuck schumer, but maybe he'll focus on covid-19 and how efforts are going. but we'll be monitoring it as will charlie gasparino. he's been following it very closely. he's already had his covid-19, you know, responsibilities largely taken away. so you've got to wonder this on top of these ongoing investigations and now looking
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into all these women's allegations, he's got a lot of pressure on him. what do you think, charlie? >> i think he's going to open restaurants at 125%. [laughter] i mean, by the way, that's a little joke that's going around the internet. pleasure you know, andrew cuomo has always been -- aye known him for years. the notion that he is a tough, nasty guy at times is everybody's shocked at hearing it now. and you knew that's what he was. just to know, full disclosure, i always got along with him. we never had that type of contentious relationship, and i did cover him pretty closely when he was new york attorney general and before that in other iterations of his career in washington and in new york. the sex harassment allegations takes it to another level. and it, you know, listen, andrew cuomo doesn't have a lot of friends right now. it was a period of time where he
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actually appealed to a lot of republicans which helps him upstate. i think after the summer with the brutal lockdowns of businesses, the allowing -- or the acquiescence of the riots in cities across the state including manhattan which, you know, he basically did nothing along with bill de blasio, the mayor, did really little to stop midtown manhattan from getting destroyed. i think he's lost anybody that's left -- right of center or center-right, and now he's got both the right-wingers, the republicans, and the left-wingers at his throat. and, you know, i don't think he survives this. i just don't see a path forward for him on this. you know, he may not resign today, neil, but he doesn't have a lot of friends left. and when you don't have a lot of friends, it's a matter of time. and his party is, you know, people talk about the republican party nationally being at each
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other's throat between the trump faction and moderates and mitt romney factions and things of that nature. new york state democratic party has got some huge riffs. moderate democrats always thought andrew cuomo was the firewall to the loony tunes like aoc and the far left from taking over. and, by the way, they are far left. they're socialists almost. more than almost. they are socialists in many respects. so if he can't get the middle, the moderates in this state to back him up, he's toast. and it looks like he's lost that right now. neil: interesting. >> that's my sense -- [inaudible conversations] neil: no. everyone's waiting and hang on, in about five minutes we'll know. but thank you for that, charlie, because i do want to talk to you after we do learn what it is he's going to say. by the way, the white house at the press briefing with jen
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psaki is saying the same thing they kind of have in the past about the prospect of cuomo, whether he should resign or not. she was asked repeatedly about all these democratic lawmakers who are pushing for the governor to resign, says that the president believes that everyone woman deserves to have a voice herald, certainly supports an outright investigation, no additional announcements from there. good, bad, indifferent, you name it. maybe in a few minutes we'll have some sense of all of this. but increasingly it might have more to do with the covid-19 reopenings in much of new york state and not so much this. we'll know one way or the other in just a few minutes. stay with us, you are watching fox business. ♪ ♪ lovely day, lovely day ♪♪ , ,
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neil: we are waiting to hear audio only andrew cuomo where andrew cuomo is making an announcement that is getting extra attention these days because increasing number of democrats are saying all these things are piling up on you from the nursing home deaths, all these women coming out with allegations, your behavior was
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horrible. the new york delegation urging him to leave among them alexandria ocasio cortez, jerry nadler, chuck schumer. much the same thing right now. a producer is telling me if you make your resignation statement which he is doing over audio, something you prefer to make, very valid point. we are following very closely, the new york city council minority whip. it would be a weird way to announce leaving by saying audio only but these are strange times. i don't think will be a resignation. >> his polling numbers are saying resign now and i think
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he looks at those things. i know this guy, they have to, he's not going to leave easy, just the type of mentality he has. what he is going to say is open up and try to appeal to people that way that people do something crass. we are more likely to get restaurants at 90% capacity as opposed to stepping down. may be joe thinks differently here. neil: already he has called for opening at 50% capacity, would be a great relief for restaurants in the like or maybe go beyond that. >> 50% hasn't even happened yet. you already announced in the future things will be opening
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up to distract from the negative press he was getting a couple days ago. i wouldn't be surprised if he does not reside. i wouldn't be surprised if he does come out and put his feet down and dig in his heels, he is someone they may have to pry physically out of the governor's mention. he expressed an unwillingness to come to terms with the severity of the allegations against him even as more and more democrats and legislature ask him to re-sign, a majority of members of both houses want him to resign. a majority of members of the state congressional delegation want him to re-sign and there is no indication the steady drip of stories is going to go away. he is seeing the walls closing in on him, as journalists are poking around for new stories,
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people are digging in some places he would rather people not be digging. it is an impact on what we will see in the next 5 minutes. neil: he has been the one wall against the democratic push to raise taxes in new york. if he had gone that would look more likely, wouldn't it? >> andrew cuomo has always been able to sell himself and that matters more in places like staten island and upstate new york as opposed to city central. the firewall to prevent the loonies from taking over, the aoc types. he can't make that sale anymore. you know that by the republicans jumping in and everybody jumping in. he has been able to escape scrutiny for so long.
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is not incompetent at governing but he has made some policy errors over the years that got swept under the carpet for various reasons. and priming fatty and freddie, to backup more subprime loans. that caused the financial crisis. i wrote about it. it was written in a few places but he never got heat for that. neil: back to you, joe borelli. at least until lately, the governor has been against this call. didn't want to chase businesses out or make new york inhospitable. in the tri-state area that includes connecticut and new jersey at a disadvantage, but
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all the people to a man or woman, higher taxes for the wealthy or businesses, in a weird sense if he were pushed out, wouldn't that make more likely new york raises taxes. >> the state has moved further to the left since governor cuomo was first elected but so was governor cuomo. neil: governor cuomo is now open to raising taxes that reflects political pressure. >> this isn't just another thing on the list of issues where governor cuomo has flip-flopped on 12 years in the governor's mansion. he's against marijuana calling a gateway drug, trumpeting legalization. he is someone who pushed back against gay marriage in the state and came out as a champion of lgbt rights. so many things were his position has evolved with the state in getting more
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progressive and more progressive. fundamentally who he is is andrew cuomo and he is about andrew cuomo. if he can get ahead with being the most pro-tax heavy state in the united states. at least to his political survival there would be no question whether he raises taxes. neil: the run for reelection? seeking a fourth term, problematic certainly for his father, i was wondering if he reads the tea leaves, maybe survives this but it is open season on his office in 2022. what do you think? >> it would be difficult looking at the state's political calendar. filing paperwork, circulating petitions to be a candidate for the balance. the democratic party would go through the process. i don't think we will see the
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conclusion of the nursing home investigation and the investigation into multiple harassment claims, the legislature got on for the timeframe, the governor trying to make the case you are not influencing the ethics investigation committee or the ag, might go as long as the previous ones. neil: it would be difficult, but bill deblasio's name has come up. he is very critical of the governor. it is tough to run the state if you are a republican. having said that, those two have never been buddies. do you give him a credible shot at the democratic nomination?
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>> mayor deblasio has been more right on coronavirus issues the governor cuomo when it comes to vaccine rollouts intelligibility and earlier on when it was urgent to close the school system down and things like that at the governor pushed back on what the mayor was trying to college, mayor deblasio has been more right. there is no appetite for bill deblasio. we saw this in the president or race. no one was looking at what has occurred in new york city over the past we years and saying give me some of that. so i think it is very unlikely he runs and wins. james is the strongest democratic candidate out there. in her rise to prominence she took a lot of shots at trump over the past couple years. she would be a formidable candidate to beat the democratic front runner. neil: new york state attorney
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general, very good, appreciate it. we might check back with you. we've not heard anything from the governor, his remarks are slated to begin ten minutes ago but we will monitor everything and pass along what we here. i want to go to john hiltonwrath, fox news contributor, dan guilt route -- gertrude. if i can follow up on the new york governor situation and go to bigger national issues, what it could mean on the other side if he doesn't announce he is resigning but new covid restrictions that are easing i was looking at infection rates around the country and was startled to see florida's infection rate is dramatically lower than new york's, new cases, hospitalizations on a percentage basis, anyway you
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want to look at it, new york was among the most stringent lockdown states in the country so when he talks about opening things up and all the mocking florida got for opening things up to the degree that it is almost a restrictionless state. what do you think of that? >> i tell you where new york is behind the curve, that is on vaccinations. if you look at the percentage of the population that has been vaccinated new york is behind neighbors like new york, new jersey, connecticut and other places in the northeast just on getting people vaccinated and they have had months and months and months to prepare for that. you have to raise some management issues. when it comes to comparing
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states, comparisons in terms of hospitalization, death and infections, complicated because other factors play into it. the population density, new york and new york city, the most dense population in the country so you have to factor that in. on vaccination if you have all these people packed together you would think you would be getting them vaccinated and new york is just behind the curve on that and you wonder how it got that way. neil: dan, i will ask you this question, the governor is not resigning. this is all i will say on this topic, i made a promise to the people of this state, i am going to do my job was politics at its worst bowing to cancel culture, i am not resigning. these allegations, better than half a dozen say his behavior is deplorable, we have a right to be heard. there is a question of proof.
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i did not do what is being said. there are often many motivations when making an accusation. series allegations should be weighed. there are facts and there are opinions. politics at its worst, again, i am not resigning. what do you think? >> a good politician knows how to count. that is what it always comes down to. as the governor i assume would look at his legislature and count votes, he's going to look at that and say as of now, 10 -- if they don't have the votes there is no reason for me to resign because they are not going to get me out of office. i don't know governor cuomo at all personally so i can't speak to his personality but from what we see and what i have
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heard, certainly he's a pretty tough cookie and he's not going to relent. at this point it would seem to me he does not believe there are enough votes to take him out so he will continue to battle through. i think in the end he doesn't make it through and he may have to resign in spite of what he is saying that he never will. resignation is a better way to go out because you can make an excuse for that. it is best for the state. but impeachment, if you count the votes and impeachment is going to happen he should bow out early. julie: good historical point. richard nixon realized the votes were there to impeach him and he opted to resign. as we get more from the governor, he is saying wait for the facts before you form an opinion. i am confident the decision when we see all the facts, i will focus on my job. he says women have a right to come forward but says he did
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not do what has been alleged. it is going to go back and forth on who knew what and when, whether democrats they loyal to him but he is leading a lot of democratic support right now. if i could step back, the economic impact of this, he was the last man standing in the way of this push at least among democrats to run the state of new york, certainly the state legislature. to not raise taxes in the midst of the pandemic, he famously -- he doesn't want to chase businesses away, just the opposite. he has pivoted a little bit on that same subject, may be owing to this. the iron he might be there are those wishing to push him out the door especially the wealthier democrats, they might ruin the day because it might grease the skids for the very
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tax increases they do not want to see. what do you think? >> taxes are complicated issue for states because you hear a lot of stories these days about people particularly upper income people leaving places like new york, leaving places like california and moving to low tax states like texas and florida. a politician has to be aware, what are the consequences of changing your tax code. are you going to lose people? are you going to lose business? you might want him talking points with the left by raising taxes on the wealthier corporations but you might win talking points but lose your tax base and it is not an easy thing to do anymore i don't think, we are coming out of this bizarre recession we were
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in 2020, the governor has to look at the economic backdrop for what he is doing what she is doing before they go messing around with the tax code. you really run the risk of disturbing your economy if you don't do it right. neil: very good point. as the accountant and a darn good one, we do know revenues have been coming in even from blue states, you don't need that stimulus package or $360 billion of aid, they are awash in revenue. that is the case in connecticut, new jersey, there might be a prevailing view whatever you think of the governor, whatever you think of this legislative mob building on him now. do we need to contemplate raising taxes on anyone? >> you probably don't because of this rescue bill coming out
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of washington where the states are in effect going to be bailed out. there may not be the need to raise taxes but politically speaking raising taxes on the rich is a popular mantra to have out there. if governor cuomo think that is going to help him in any way politically whether they need it or not he will try to push it through and he may get that one so we will have to see. >> this is where the conversation pivots to the federal level. one of the really big questions is what is janet yellen telling president biden about what to do on the tax front? is president biden going -- taxes in corporations, with
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infrastructure, education, we will hear a lot about that debate over the next 12 months. part of that debate, if you raise taxes on the wealthy what do you do to middle and lower income households? are you going to cut their taxes so they have skin in the game or do you just go after the wealthy? there's a really important tax debate at the federal level coming up and it will get political and as we were talking about the states stay away from the tax debate and it all happens in washington. neil: a good deck on janet yellen. she was all for raising taxes -- >> the capital gains taxes on the wealthy. neil: they cuts business related taxes.
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it is targeted to that group. we don't know her thinking on some of these expanded measures like infrastructure and everything else, what to recommend or tolerate but we are watching closely. john final word, dan, thank you very much, those tuning and wonder what governor cuomo said. he's not resigning, not happening. ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ whitney and jane are always sharing tips on ways to save money. cvs carepass... it's my savings secret. carepass members get 20% off cvs health brand products.
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20 i don't want to rain on the vaccine optimism parade, it is great news but there are worrisome issues with astrazeneca's drug in denmark and norway, there trying to get to the bottom of the blood clot related issue that occurred for those who have used that drug. secondarily i should point out a number of countries abroad are preparing for things that could get worse in germany declaring a third wave that has already begun in italy, looking at another easter lockdown. they didn't say how much of a lockdown. the cases in europe have been rising even as vaccine hopes have been jumping. should we worry about it here? doctor ratcliff joins us, a
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certified anesthesiologist. thank you for taking the time. some treatments that are getting re-examined like astrazeneca's, are you worried about this? >> astrazeneca has not been approved for use in the united states. i want to point out there was one person received the vaccine but died of blood clots 10 days later. the european officials as well as astrazeneca said they do not believe the vaccine was related to this cause of death and blood clots do occur in the general population so we cannot relate a cause and effect to this. if it does come up for emergency use authorization in the united states the fda will look carefully at this and ensure this is safe for the american people.
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neil: a lot more vaccines than people have gotten them, by a significant margin put up some numbers, that might explain states like alaska, it might be one of the reasons the president in a speech last night was talking about every american who wants it should have it by the first of may but we can't get past this hump. it is not the vaccine but the administration of those vaccines and that is widening, not getting better, it is widening. >> there have been challenges. we are wanting to vaccinate an entire nation, there will be long delays, 30 million americans have been fully vaccinated. increasing supplies, moving onto the next phase of combating covid and getting life back to normal. we are in forward motion.
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president biden announced he would direct the state and territories to make all adults over 18 eligible for the coronavirus vaccine no later than they first which is 50 days from now. the next phase is focused on distribution and availability and the reasons to enter into this, we have safe and effective vaccines. if you get vaccinated you are sharing yourself you will not get hospitalized, almost guaranteeing you will not die but we need to make progress with this momentum. there are 2 million people every day that a getting vaccinated. we need to continue this. neil: we put it all in perspective. doctor anita ratcliff, thank you.
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turnaround that was coming that would be profound and in florida, it would be one for the history books. i left off katrina then. she is entitled. good to have you. thank you. >> great to see you. neil: what did you see then? what do you see now? it is frothy, what do you see now? >> we were in the midst of covid and everybody thought the real estate was going to tank and the reason i thought the opposite would occur, people reevaluate the importance of home quality, quality of life, they would continue to work
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from home during the pandemic and after the pandemic. what has occurred is this time around people a bullish about real estate, quality-of-life issue and they are expanding the home space not because they are speculating, they realize maybe they don't need to be close to the water or in the city, they can continue to work from home after the pandemic. many people realized their kids may continue to be schooled from home, they need more space for their children and so forth. the demand continued because there's very little supply, there is very little supply and more demand. interest rates were very low. real estate prices have continued to go up. you are seeing this in florida. neil: i want to push on the
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negative points a year ago, i'm seeing those interest rates back up a little bit, a 30 year fixed rate, for a lot of people it is jarring to look at and a lot of companies urging their workers to offices. as soon as this summer, can't say how long it will be but it is coming. you could argue the grit for this is easing up. >> we will see the market slowdown a little bit but it is relative. we have incredibly low interest rates compared to historic standards. there isn't enough supply. are we in the same bubble we were back in the day and we are not, it is completely different.
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people speculating, they were overleveraged, taken advantage of credit, this time around, they were not speculators and interest rates may go up a little bit but may slow it down. it may be a good thing. there is this frenzy. everybody is competing for the same properties, we see property values going up and people are getting frustrated. with interest rates going up it will slow down the market a little bit more, and stop this level of anxiety people have because they are fighting for the same property. i don't think it is a bad thing. we have very low supply so prices will increase and all the economists say price increases will continue into this year and possibly the following year. we won't see a market crash in the real estate industry and florida is doing well for tax purposes, quality of life and that will continue into this year and into the future.
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neil: can you overdo it? >> builders are bullish about building, the supply has gone up because of covid. one thing i noticed is the cost of wood for instance has doubled. they are bullish about it, people are taking longer than hurricane windows, the leadtime, and we have some hindrances, causing the supply to actually not be what we needed it to be and hopefully that will alleviate and factories are back in progress so that will bring more supply to the market. there would be slow supply relative to demand causing prices to continue to increase and i think that will continue
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and we are not going to see the market bumped by any means. people did mock me and say i was very positive about the future but we've seen prices go up, and they helped us out of this recovery. they have a lot more equity in their homes than they did which is helping people refinance and pull cash out to renovate their homes or have cash as a cushion moving forward. neil: i would never mock you. i might smirks, do that condescending thing we journalists do. the real expert. >> you have always been a class act. neil: if that were true. very good call, thank you very much. should have listened to me more often. luxury real estate expert, this continues, might slow a little bit but it continues.
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neil: we heard a lot about politicians going after big technology giants and that has gotten congress talking to the heads of corporations like microsoft and google, whether they got too big for their britches but the players are going after each other and not focusing on the attacks on congress, notably brad smith saying google, made journalists dependent on its services even to their detriment while profiting from their content which in the eyes of mister smith they exploit. let's get the read on this because they are fast-moving development. the former microsoft coo it is a different strategy.
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the first time i have seen two tech giants go after one another whether they are too big for their britches, where is this going? >> apple and google into it relative to the search engine, and how much gets paid to have the iphone screen. you see these companies begin to make comments versus what others are doing. the important thing is the social media, it started being a platform, what they are beginning to realize is it gets them in a lot of trouble.
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one part of one group will want certain things to be taken down. and they have a real problem when lawmakers that are complaining. from the standpoint of antitrust it is wild for these guys, it will be really rugged. >> it isn't known as a social media search engine who are influential, not as significant as google so can afford these shots. you know better than anyone, technology stocks, interest rates back up. i don't know the reason that --
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i can understand economically sensitive issues that are responding favorably. not only microsoft but all these technology guys under the guns, the 10 year goes higher, one.62%, the first thing, nasdaq is not okay. >> they are reacting to the fact that no doubt tech sectors are more risky and at this juncture, there is so much fear built up in the public from all the messages in regard to the cdc and what you should or shouldn't do and what the market is going to do and interest rates going up and i better head for something safer. you will see these reactions in the market.
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over the long haul, technology has been a winner and will continue to be a winner. why is that? people are building things, technology tools to better their companies, provide better entertainment options, long-term you've got to be bullish on the tech sector but short term with the world being what it is today who knows what will happen any particular day. neil: i wonder whether technology ran past that evaluation and they reflected all the good and not all the potential problems down the road. >> none of us know the answer to that. and the 10 year cycle,
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technology is becoming more important than our lives. that is how you should be investing. i am a warren buffett kind of guy. trying to guess it day today, and dangerous business. neil: we will see, always good seeing you. the chief operating officer playing an important role in historic terms for microsoft. we have a lot more on that and a lot more on technology and a lot more on the tension around bitcoin. is it me or is bitcoin trading like a normal stock? like a normal investment, it
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has swings, what does that mean? we started with computers. we didn't stop at computers. we didn't stop at storage or cloud. 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.
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it is trading like more of a stock. look at that swing. and bitcoin swings, and the last month or so. it is not a smooth ride. it is respectability but, structuring the product ceo, very big on all this technology, far more than i. when i look at that, that looks like an establish investment. that is my knee-jerk reaction. what do you think.
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>> a number of factors, and a lot of adoption, market infrastructure, it is becoming a more known and understood by investors. neil: a lot of established players, experimenting with that to be part of their mix. i am willing to add it is not an investment for the state of art. how do you describe this phenomenon. >> it is a way for investors to look at. it is a fundamental technology
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shift and entire ecosystem, it is open for protocol, it runs the entire system and also bitcoin. it is quite unprecedented, a lot to take in but what is fantastic is the potential with this technology in the amount of growth coming out of the ecosystem, other protocols, new possibilities in terms of decentralized financial services that everyone can take part in. investors are willing to take and the risks of something that is an emerging technology.
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true, the dow and its stocks cyclical and largely responsive to whatever is going on in the economy, it's a reflection of a good economy. nasdaq not so good. 1.62% has the economic incentive issues rejoicing, not so the technology ones. for today or not. here is charles. >> thank you very much. good afternoon. i am charles payne. breaking right now, fema has arrived. money continuing support the stock market but the debate rages on over what the best way to take advantage of it. you've heard the term, it's a stock ticker's market. i'm sure you have. why did professional stock pickers underperformed the s&p 500 for the 11th straight year? are going to ask my panel experts. a lot harder than throwing darts and we are the next big money to be made.
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