cain, fair weather supporter, varney. no room for that in sports. stuart: i'm trying to think of an adequate comeback. i have 10 seconds left in the entire show. i can't think of something that would be poignant, feisty to go back at you with. >> yes. stuart: three, two, one, time's up, neil, it is yours. neil: what is soccer, by the way. stuart: get out of here. neil: another, thank you very much, stuart. appreciate all of that. let's look where we are at the corner of wall and broad where we are. trying to hold on to a gain in the dow. speaking to stock goo are you charlie braid, how the month and quarter could end up today. certainly looking good for a strong month, at least stronger than many thought it would be with the gyrations we saw. a blitzkrieg of a quarter. we'll get into details. what is pushing this. in could be fourth quarter up in a row, back to bach quarters. 50% appreciate shun in the

markets over that period of time, something charlie brady said we have not seen since 1936. he should know. he was covering it back then he wasn't really. he knows the stuff inside and out i think he was. we're following the president's plan to detail that two to three trillion dollar stimulus program for infrastructure. i call it stimulus for infrastructure because it is not entirely infrastructure. the president will debut this later this afternoon in pittsburgh, pennsylvania. peter doocy is following all of that. what the president hopes to lay out and sell. reporter: neil, that two tore three trillion dollars is not for replacing every lead pipe in the country and replacing 10,000, smallest, most troublesome bridges. it is also for, with preventing, reducing, withstanding impact of climate change and to get there the white house wants taxes to go up.

the corporate rate would be raised to 28% from 21%. the global minimum tax would be raised to 21% from 13%. that is a major sticking point for the chamber of commerce which tells us in a statement, we believe the proposal is dangerously misguided when it comes to how to pay for infrastructure. properly done, a major investment in infrastructure today is an investment in the future. like a new home, should be paid for over time, say 30 years, by the users who benefit from the investment. republican lawmakers on capitol hill, concerned about the tax hikes too. >> this has been an administration of the government, by the government, for the government. the only thing appears they're in favor of is more government spending, more taxes and more government power over your lives. reporter: democrats have unified government but can only lose one vote in the senate and three votes in the house, at least three hours democrats told "axios" this week they have reservations about raising taxes. the white house is going to plow

ahead though. >> what the president proposed is changes to the corporate, to make the corporate tax code more fair, bring the rate from 21% up to 28%. what it was before former president trump took office. and this incentivizes sending jobs overseas. something i think most people most americans don't think we should be doing anyway. if people have alternative proposals we're happy to hear them. reporter: we are back in pittsburgh, almost two years after now president biden launched his campaign at a union hall here. he will speak at a carpers union training center as he tries to sell the largest set of tax hikes in a generation. neil? neil: peter doocey, thank you very, very much. the president is due to make the remark a little after 4:00 p.m. eastern time today. we'll keep you posted on that. meantime california congressman john garamendi joining us. house transportation, infrastructure committee, much, much more. congressman, good to see you back, going line by line some of

the more prominent features of this, i can understand, you know the push for infrastructure but a lot of this isn't just infrastructure. $408 billion for the elderly and disabled. however meritorious, humane as it might be how does that fit into infrastructure. >> that fits into the facilities which those elderly and disabled reside. those are fixing up facilities, government-owned and public facilities wherever they may be around the nation. really another piece of the investment, probably some hospitals clinics associated with that. beyond that this is an infrastructure package that covers everything, well, not everything, but most everything we need to rebuild and to build in america. particularly interested in the broadband piece of it. right now, am at my ranch in california i could lose you any moment, the cellular system

we're depending upon is really, really weak. we need broadband infrastructure in the urban cities as well as rural america you can't have a modern manufacturing system without that also. so a lot of pieces here, neil. and yes, the chamber of commerce, basically said it needs to be paid for. i would agree with that. certainly pieces could be paid for with bonds and user fees. neil: all right. we'll get into the details of that but while we're still on the subject what is infrastructure and what's not, there are features tuition-free community college, universal pre-k, some things that might be explored in a follow-up package, what is to stop republicans saying democrats are using this as a catch-all to get everything they ever wanted to use infrastructure under umbrella. >> that is time honored tradition both democrats and republicans used over the years, could some of these piece, you

mentioned couple of them, could they be taken out in a separate bill, of course that could happen up what the president is doing here is saying these pieces need to be part of the puzzle. we know that during the pandemic, even before many people that could be in the workforce could not be there because there was no child care available for them. so that is early childhood education piece. very, very important, not only for the benefit of those children being able to get a head start on education but also so that mothers or the fathers could go back and join the workforce. that is going to be necessary. the community college piece is really about job training. most of the job training in america does come from either apprenticeship programs, sometimes at community colleges, or the community colleges themselves. we know that we need to have, not only a modern infrastructure but a modern up to date workforce to build that infrastructure and then to

maintain it. neil: all right. it is expensive. as you outlined there are a variety of taxes lifting the corporate rate to 28%. raising the top rate back up to 39.6%. new social security taxes on higher earners and the like, i could go on and on. i'm wondering, republicans hearing that would seem to be automatic no votes. even a lot of moderate democrats. is it your understanding that one of the things that the president might be open to is you know, abandoning the salt cap repeal on state and local taxes up to entice republicans, even moderate democrats to sign up for this? >> oh, absolutely. this is the poping of a extremely important program in america. building a modern america on infrastructure which a modern america economy can compete around the world. so, yes, this is the opening. the president laid down some

ideas about how to do it. clearly part of this has to be restructuring the corporate tax code which is just full of holes, a lot of major american corporations pay zero taxes, even though they are extremely profitable. so those kind of things need to be taken care of. in addition to that, as i said a moment ago, a user fee fits into many of these programs. we know that every water system, every sanitation system in america is a user fee-funded program. can we do long-term financing for them and then use that user fee as a way of paying for it? of course we can and of course we should. but there are other things that don't fit that pattern and so, yes, this is ongoing discussion. will republicans come on board? i think so. i had a conversation not so long ago in the oval office, four democrats, four republicans, one republican said user fee for

highways needs to be rethought. if we go to electric vehicles we ought to talk about vehicle miles driven as a user fee since -- neil: who was that, who was that republican, congressman? >> well there were four republicans. you will have to pick one of the four. i'm not going to out them at this moment although it was said publicly. you can go through google and get it. the reality is -- neil: i will do that. >> always, neil. let's keep talking. neil: all right. we'll see where this goes. john garamendi, democratic california congressman on all of this. want to go to larry kudlow now, former director of the national economic council. president trump, host of a hit show on this fine network 4:00 p.m. eastern time. larry, i was just going as you have a lot of costs associated with this, some have very little do to with infrastructure at all.

by my rough math, you're better than this i will ever be, fully a third, closer to half doesn't really pertain to infrastructure. this will be a tough sill, isn't it? >> yeah. it will be a tough sell, neil, you're right. i was listening to your interview with mr. garamendi who i have known for many years. look it, one way to look at this, neil, this is about infrastructure but so much it is not. so. of it is just the largest expansion of government we will ever see going back to the great society or even the new deal. the piece in "the wall street journal" is worth reading. it's a very long piece about this. basically in the name of infrastructure going to go into the green new deal which will essentially take out fossil fuel energy which will be a tremendous job loser, prosperity killer, make us uncompetitive worldwide. you will also go into social policy. you were mentioning that to the congressman. look, you have got stuff in

here, not just free community colleges. it is child care. it is child tax credits. it is dependent credits. this is heading for universal basic income. already we're told that unemmoment insurance and the other assistance measures are going to be made permanent. the checks, for example, will be made permanent from the last stimulus package. this is a huge expansion. the government planners will be in the driver's seat. i want to raise one other point, neil. mr. garamendi mentioned broadband. i concur with him. we have to buildout broadband. this was an area we did at the national economic council, 5g broadband and so forth. but, look, neil, broadband is owned privately, not by the federal government. private ownership of all infrastructure is 65%. the federal government is only 5%. so take this through. you can't shoot straight on this. they will raise the corporate tax, they will raise the minimum

tax, they're going to raise the overseas tax, they're going to raise the capital gains tax, which is all anti-investment and then, they're going to have a subsidy for broadband which will only cover a tiny piece of it. why not have the tax rates low, why not let america be competitive at home and abroad? why use some government targeted subsidies? it is like the gang who can't shoot straight. on the one hand they're taking their profits away by higher taxes and on the other hand they want to subsidize broadband. i don't get that at all. neil: you know, larry, i'm just wondering if they're trying to entice republicans, raising with the congressman, maybe some leery democrats with this idea of dropping salt thing, state and local tax deduction, limited to $10,000, remove that as a way to get doubters on board? you know, the reality is, that it would still be, those savings would be dwarfed by obviously all the new taxes piled on in

their place. but i'm wondering, you know, you were doing this in the trump administration. you have to think of who you can win over. who you can get on board, even there was some republicans, even with the tax cuts, that the president proposed then, who had to be won over on such arguments. do you think that those kind of enticements will get bipartisan support for this? >> you know, neil, i think that, there may be a republican or two who was enticed by this but, if you think about it, it, the salt tax is really a blue state tax and most of the -- neil: right. >> most of the senators and representatives, you know on the republican side are not in the blue states, new york, california, new jersey, illinois and so forth. so i don't really think that will be much of an enticement. on policy grounds, we took down the salt tax, we took down the

salt tax, we felt all that did was subsidize more and more spending and taxing by these big blue states. that is all it did. what you get people live in the midwest who are not in a blue state or the sunbelt or the farm belt, or the rockies, why should they have to subsidize folks in new york and new jersey? i think it is good policy to get rid of this salt tax all together, s.a.l.t. deduction all together. i would have said to you, get rid of it, lower marginal tax rates across the board. this is the opposite. they will increase it. and then increase marginal tax rates. it doesn't make any sense. i got another one for you. there is so much bad here. capital-gains tax? remember, neil, the capital gains tax has to run through the corporate tax also. you if you do it properly. raising the corporate tax from 21 to 28 and raising the capital gains tax from 20 to 40 essentially. i will leave the obamacare tax

aside even though it figures in. what does that mean, 21, plus 20, means 41% capital gains tax effectively. it will be 28 plus 40. that is a 68% effective capital-gains tax. that is an investment nonstarter. we have become less hospitable to investment of all kinds, depreciation, r&d and broadband. why would we do that to crush investment? neil: yeah. one of the things they argue that will be targeted at rich but having said that, i found it interesting about the thinking behind this. this is from democratic congressman andy levin of michigan, who said to the "washington post," if you look what makes the democratic party what it is, what is our greatest hit, our "abbey roads," if you will, not doing something small with dwight eisenhower or when

bill clinton triangulated. it is about creating programs that create a floor of justice and decency in this country. woe have an opportunity again to do that now. so this goes way beyond infrastructure this is about making far more sweeping pricier statement here and they're seizing it because they have all the levers of power. what do you think of that? >> well, first of all, i think you're on to something that is very important. this is transformational. this would be the largest government expansion, controlling central planning, bureaucrats, so forth, so on. yes, absolutely. the democratic party probably nowadays does stand for that. the republican party on the other hand has become the party of the working folks. that is where donald trump led it. i think it is going to continue in that direction. blue-collar folks, for example, middle income, lower middle income people benefited from the trump tax cuts enormously.

politically what is so interesting here, basically the democrats have the senate and the house by a cat's whisker. i mean it is 50-50 in the senate as you well know and you need the vice president to cast the 51st vote. that is why they will try to use reconciliation, either one or two more packages. but in the house i think majority is only eight or nine votes, i don't recall exactly and if some democrats jump off on that, they will have a problem passing this agenda. you know, it is not as though it is 1964 where the democrats had a massive, massive sweep. it is not like 1936 where the democrats had a massive sweep you know, with upwardses of 70 senates and gigantic in the house and the president. they won this election by a cat's whisker and i think they're going way too far. i really believer, politically, this is -- when folks see the tax increases laid out and it is coming now with today's speech

and other things, i think they are going to be very unhappy. i think they will realize this is big expansion of government. that is not what they voted for. they voted for a moderate. i think they voted for a moderate democrat who said he was against the green new deal for example. you put in the green new deal, you will lose a couple million energy jobs over time. that is not what folks voted for. i think there is a big political mistake. never let a crisis go to waste, i get that, neil. i think this is a political mistake. just like they were mistaken in 2009 and 2010, kind up losing both houses again. neil: all right. my producers will probably be screaming at me if they're not already. larry i want to get your thought if the markets are worried about the stuff you outlined, they are legitimately scary issues, why aren't they showing it? do they sense it won't happen or stimulus is stimulus whether coming through big or green or whatever spending initiatives,

it is going to help the economy and it is going to help a lot of companies and it is off to the races all those tax hikes not withstanding? what do you think is going on there? >> i think that is a really important question. it's a good question. i asked a lot of our guests, market experts and so forth who don't like higher taxes and, you know, why isn't it affecting the stock market? neil, at this point a, there is still ambiguity about what is in the thing and politics that go with it and salami cutting and deals being made and, b, a lot of people don't think it will go through. that will be the big issue. are we going to really have across the board tax increases? more about rich people than it is about growth, that is for sure. more about class warfare than growth. are we going for the green new deal, take out fossil fuels which basically is about 75% of our entire power system?

so i think there is skepticism in the stock market about the ultimate endgame. you know, neil, you could have a trillion dollar infrastructure package. that is what we were developing a couple of years ago. it could be paid for. i do agree with congressman garamendi, it could be paid for by user fees, for example, public/private partnerships, toll roads and so forth, so on. you don't have to do this gigantic thing. as sweeping enlargement of the role of government. so we'll see. we'll see how this runs. i think they will go all year on this, neil. they will not get anything done by april, may. it is going to go all year. this is really a gigantic social and political agenda. neil: yeah. most expensive government your honor taking if you combine it with everything else on the stimulus measure we've ever seen. inflation adjusted or no. larry kudlow, what is dominating your show, hook forward to it,

4:00 p.m. eastern time. good seeing you, my friend. meantime we're up become 26 1/2 points. to larry's point what the markets might be sensing this doesn't come to fruition. that is why they're more than holding their own on the month, and the quarter. on that, after this. i knew about the tremors. but when i started seeing things,

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neil: all right. i've heard of 75% efficacy rates when comes to vaccines, even 85%, but pfizer says its vaccine has proven about 100% effective in largely young teens. jonathan serrie with more on that from atlanta, georgia, jonathan. reporter: yeah, 100% effective is great news, this in children between the ages of 12 through 15 participating in clinical trials. 100% effective in preventing covid-19 in this group. the study showed the vaccine produced a robust immune response in this age group, even stronger than what researchers saw in older participants. caleb chung of north carolina who turned 13 this week said he volunteered for the trial he wants to do more to fight the virus than just study at home. >> probably participating in this trial and potentially

helping other kids to feel safe and want to get the vaccine in the future when it becomes publicly available was really some way i could actually help out. reporter: expanding vaccine access to children could have a dramatic effect not only reopening schools but removing a major hurdle to family travel especially on international trips. delta air lines today said it will stop blocking middle seats may 1st. the ceo said with vaccinations more widespread and travel rising, we're helping to have customers regain their lives. one million passed through tsa checkpoints, that is more than the same week last year during the pandemic, still half pre-pandemic volume of an equivalent day in 2019. neil, the travel industry is hoping to feel a major

resurgence this summer. as more americans get vaccinated, they may get closer to doing just that. back to you. neil: it is all good news, to your point, jonathan. that middle seat thing, occupying that again, here come the nightmares. jonathan, thank you. you're thin and fit. you will not have a problem with that, man, oh, man, i don't know. i will have to hide in the luggage compartment. >> the camera shoots me above my belly for a reason. neil: right, right, thank you my friend. i want to go to d.r. barton on all of this, scott martin on all of this. dr, we're trying to get back in the groove. expanded openings at disneyland, disney world. universal looking to get a partial reopening next month. you know, broadway talking about shows resuming this fall, you know the drill. more and more getting back to normal. that might behind a lot of the market advance. what do you think? >> oh, i think that is a really,

a really strong reason, neil. we're seeing things over, not just in the big states that have opened up but you know, that we talked about, florida, texas, but other states that are also seeing some uptick in restaurant revenues, in, in tourism, so those things are starting to see that uptick. that was the thing we really needed to start flipping this thing was some of the businesses that were lagging to start picking up and i think that is what we're seeing. vaccines are working. it is coming through pretty well right now. neil: you know, scott martin, i want to echo something that larry kudlow was saying in the prior segment about the market's behavior in the face of what will be a lot of hikes in taxes for a lot of folks, not just rich folks, that maybe the markets are saying a lot of it is not going to happen. what do you think of that? because if the markets truly absorb the nature of all this spending, tax hikes to go with it, you could make the

compelling argument that shouldn't be happening but what do you make of that? this is the market's way of saying some of this gets through, not all of it gets through, do you buy that? >> feels like a dangerous game to play, neil, because we've been in such a conducive tax environment thanks to donald trump in the last few years. looks like there is general unwinding of that one way or the other. anything that unwinds will be somewhat detrimental. my concern, i agree with dr, i think this hope ramps up the markets let's say into q3 and q4 this year. then we stand around at that point, sitting around a fire, talking whatever we're doing, now what? now the economy is open. now everybody is supposed to be back to work. now we're supposed to go back to our jobs in the downtown urban areas. we've done such damage to society, physically and i guess psychologically, maybe some of that stuff doesn't come back as

fast? that's when i think to your point the tax hikes kick in. jawboning with the 2022 midterm elections come in. all uncertainty fallout paying for all crazy stimulus packages some which we didn't need, take hold in the market, knock it down again. neil: you know, dr, i talk to number of prominent democrats, congressman garamendi, there was a long history of republicans saying when taxes go up stocks go down but they went up, they say during the clinton administration when he hiked the top rate for individuals. he lowered a lot of investment related taxes but went up really, you know, super meltdown lows in the obama administration when he too later raised the top rate. so their argument is, that dog don't hunt. this argument in the face of higher taxes the market suffered. it is not borne out. what do you think of that? >> well i think that it is very simple, that we need to teach those folks that are saying

that, correlation does not equal causation. if we look at both those cases, two anecdotal cases, those were coming off of really generational market lows. weapon had huge market lows coming off the dot-com blow up and 9/11 and then we had the 2007-2008 real estate blow up. we recovered after those. wow, what a surprise. i can't think we would say raising taxes helped those and i believe a tax raise here that we're looking at, oh, i think i'm a little bit different from scott. i think it is going to be tough to keep them away completely and i am with him, when it comes the markets are not going to like it very much. we'll have to see how that plays out. tax hikes versus all the stimulus we've been getting, who wins that little punching war. neil: all right.

we're going to square that a little more when i get you guys back. meantime we'll take you to the border, tell you what is going on there. let's not forget that is crisis severe situation, how you want to define it. it is getting more so the latest from there right after this. ♪. when a hailstorm hit, he needed his insurance to get it done right, right away. usaa. what you're made of, we're made for. usaa [laugh] usaa. what you're made of, we're made for. dad i got a job! i'm moving out. [laugh] dream sequence ending no! in three, no! two, keep packing! one.

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♪. reporter: hey, everybody, welcome pack to cavuto "coast to coast." i'm casey stegall at the u.s.-mexico border live. we're covering the ongoing situation and a top official with u.s. border patrol tells us they are now averaging some 5000 encounters every single day along the southern border. for adults and families, those encounters often mean going back to mexico, being expelled from the country. for the kids, those encounters wind up translating into stops at processing centers and housing locations like these.

yesterday's media tour of the donna texas, processing facility, some of the pods as they're called, so full, kids stood back-to-back, sleeping on three inch gym mats. ngos or non-governmental organizations like churches also having to been stepping up to fill in the gaps left by the federal government. >> we have time to get ready and prepare for a lot more. so we are expecting more people and, we are planning everything to make it as best as we can. they said that it is going to be 100 to 200 a day. reporter: and this is video from just a few hours ago. the fox news flight team drone flying over a group apprehension in progress. we counted at least 50 migrants in that particular group, a mix of people. according to the federal government right now, neil, there are more than 17,000

unaccompanied minors in federal custody. back to you. neil: man, oh, man, i can't fathom that number, casey. every day it seems to grow. casey stegall, eagle pass, texas great reporting my friend. jillian melchior, "wall street journal" writer. she was curious what was going on at the border, did so herself. got back to tell us a lot of the stuff you're seeing is not exaggerated. jillian what did you discover? >> i think we're already experiencing a humanitarian crisis. the situation will get a lot worse as the summer goes on. basically you have a couple of different factors at play here. first of all because of the pandemic, right now the u.s. is closed to asylum-seekers who are trying to do things the right way, the legal way. you can't go up right now and present yourself at a port of entry saying you're fleeing credible fear.

but you can cross the border illegally which is extraordinarily dangerous. involves hiring cartels going with human traffickers, human smugglers and the other component here is under pandemic emergency orders the u.s. will expel single adults but, it won't expel unaccompanied children and increasingly we're also seeing families with kids under seven getting released into the u.s. so incentives that this creates are for the most vulnerable migrants to cross the border enter into the united states in the most dangerous way possible. the u.s. is totally overwhelmed. we're not set up to deal with that many unaccompanied children. it is really tragic and dangerous situation. neil: i just wonder, jillian, these are the ones we do see, do catch, do put in these you know, migrant facilities. i wonder about all the others we don't? >> well you know, the other thing to be really concerned about right now the cartels

taking advantage ever the situation. if they send a group of 100, 200, 300 migrants across the border, u.s. law enforcement is going to have to devote a lot of time and resources to rescuing them, processing them. cartels are using to their advantage, going couple miles down the road, sneaking weapons across the border, sneaking drugs across the border. they profit from the human trafficking component of this. i think they're creating vulnerabilities and exploiting them, to expand their reach and scope into the united states. that is something that texas law enforcement is really concerned about right now. neil: you know, obviously if they are frightened by you know, u.s. senators, 19 of them heading to the border, they have a funny way of showing them. got in their faces, more or less feeling they have the run of the roost of the border. they will continue doing so. is there anything you could see that could stall or stop that? >> you know. i would like to see more opportunities for temporary

guest worker permits. that would address the economic migrants. i think we need to close loopholes in the asylum system which are creating enormous backlogs, a lot of confusion. give people a pact to do things the right way. a good option would be allowing central american children to apply for asylum in their country of origin. we're not encouraging people to come up through mexico, make a dangerous journey, to cross the border illegally. this is rule-based system based on what immigration courts can adjudicate. we have bad laws that create perverse incentives, that are really driving this crisis. neil: all right. jillian, thank you very, very much. leave it to you to go right down to the border to find out for yourself what is going on. sadly, bad if not worse than we've been led to believe. jillian melchior of "the wall street journal" on that. we're here with dr. anthony fauci on the wires right now saying a lot of authorized vaccines already out there are providing protection against

virus variants. there are quite a few of these variants, depending whether you want to call them variants or aberrations. there are better than 6600 of them. but the doctor is confident that vaccines already out there are providing protection to ward them off. we shall see. we'll have more after this. ♪.

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♪. neil: all right. forget about getting our kids back to school this fall. a lot of them will need extra help so they might have to head back this summer. the devil is in the details, whether it is done virtually or in person, but the call is

sweeping right now, to get more learning done before classes pick up and resume in the fall. edward lawrence following all of that at a ymca is washington, d.c. edward. reporter: hey, neil, the buzzword we're hearing here is learning deficit. school systems shifted to virtual learning when the shutdown happened. they're realizing it didn't quite work for all the students. i'm here at the anthony bowen ymca. they partnered with local schools to expand programs but planning for summer programs to help kids catch up. >> i think it is extremely essential because they're losing out on that social, emotional growth that you would typically have in a regular school year. and so getting them together, still following covid protocols and safety regulations is essential for them to take the next step in the grade and learning development. reporter: they're talking about in-person learning.

the department of education is looking supporting school systems that want to expand summer school with real school in person. in nevada, for example, a bill making its way through the state senate that will make it free, expand options for kids of all ages. >> so we have a student in high school, for example, that needs to take algebra course, we want them age to do that. student in pre. k, first or second grade, read numbers and get extra practice to help with those types of things. reporter: this conversation is happening across the nation as school systems are opening up. they realize the kids might be a little bit behind going into the fall next year. here at the center, the leaders at the ymca hope to use some of the american rescue plan money to help the school systems themself, but also groups like the ymca partnering with schools to taylor those educational

outreaches that need to happen as kids try to catch up. back to you. neil: thank you very, very much, my friend. we hit a seminal moment with bitcoin, my friend. one thing to hear goldman sachs supporting it, tinkering with it, home depot, all other names but chipolte? yeah, chipolte. we'll explain it. ♪. ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪

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i'm not quite sure what this means though for chipotle. it is an added boost i guess to get people in, what do you make of it? >> neil, i love it. why am i always the last one to know on burritos though? that is the question. burritos, tacos, i love them all. usually when goldman gets involved in something like the fun is over. ironically i think in this case the fun is just starting. talking about all the mon companies talking about bitcoin, paypal, squares, visa, mastercard. chipotle is getting on the bandwagon, catching a rise in the alternative currency. it speaks to the fact that a lot of portfolio managers like ourselves, neil, have bought gold in the past to hedge against a fixed income volatility or equity volatility. bitcoin is becoming a real asset class for portfolios as far as choice. neil: for the time-being, dr, they're not saying you can buy burritos with bitcoin.

that might be coming down the pike. tesla is offering that with 1 1/2 billion elon musk got of the currency, that buyers could do so, but where do you see this going? >> well, i think it is just really smart marketing, neil, kind of pure and simple. if you look up, if you look up chipotle online, you're going to find you know, maybe 50 million hits, 50 million hits in google. if you look up bitcoin, you will find 688 million. it is very hot. they want their name associated with something hot where they don't have to pay royalties to the nfl or the nba or someone like that to have a marketing campaign. so they have an app that is called, bitcoin or burritos or bitcoin. you play a game on there, see if you win some of the bitcoin, fractional bitcoin or win a burrito. that's it. it is a really, kind of interesting marketing ploy. i don't think it has any legs in

terms of bitcoin being accepted at chipotle anytime soon. neil: i would probably still go for the burrito. scott, looking at this, bitcoin is serious now, isn't it? it has gone from being sort of shunned as an odd investment to one embraced by a lot of main street players. what do you make of that? >> bitcoin was a t-shirt a few years ago one which i bought in fact that i'm happy to wear out. what is so funny about, perfect example of the t-shirt. it is orange t-shirt with the bitcoin symbol on it. three or four years ago neil, nobody would stop to ask about it. now they do. but maybe they see me on the shows. they watch fox like everybody else. people want to talk about, neil. they're very interested in it. to the point at chipotle or used on a visa card or something like that, that is making it part of society and part of society to come i think. neil: all right, gentlemen, food for thought.

see what i did there, food for, okay, fine. best i could do. look at the dow up 33 points. ending the month, ending the quarter both on a positive note if it maintain this is way. we'll get into that right after this.

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neil: all right, we knew it would be big, we didn't know it would be quite this big. welcome back, everybody, i'm neil cavuto, and you're watching "coast to coast" on fox

business. the details of the plan we're going to get in a little bit more than three hours from now as the president makes his case to build back better in pittsburgh, pennsylvania. what he's looking at in this $2.5 trillion package is $600 billion for roads and utility grid, setting up more electric car charging stations, very little, if anything, that has to do with infrastructure. how it addresses infrastructure, anyone's guess, but it is on. let's go to hillary vaughn in pittsburgh ahead of the president's big announcement later today. hillary. >> reporter: hi, neil. well, president biden will be here in pittsburgh this afternoon, steel city to unveil his infrastructure and jobs package. this is a production from steel -- place from steel production has plummeted and where the the governor of

pennsylvania is pushing for a. shift away from that towards green renewable energy if, ordering coal plants to be i shut down, tightening restrictions on fossil fuel fracking. it's also a big labor union town. biden will be speaking at a popular spot for politicians who want to show off as an ally for labor unions which biden is using as a selling point for his plan, promising it will create millions of union jobs. but some union workers here in pittsburgh are worried they might be losing their job as a result of this infrastructure package. and that the green jobs biden wants them to transition to will not be there for long. >> we'll just transition, you know, into, you know, solar jobs. that's not how it works. the other thing nobody realizes is once these wind farms and solar farms are built, there's no maintenance to 'em. we play a large role in maintaining all these power plants. it gives us tens of thousands of

man hours a year building that infrastructure and maintaining that infrastructure. those hours are gone. >> reporter: biden's infrastructure and jobs plan comes with a big price tag and also a big tax hike for businesses to pay for it. biden's package would spend $620 billion on transportation infrastructure to rebuild roads, bridges, highways and ports, $400 billion on home care for elderly and disabled people, 580 billion in research and development, manufacturing and training including $180 billion just in end clean energy initiatives alone and $650 billion on electric grid improvements, water system advancements and broadband access. the big kicker though, tax hikes for businesses are the way biden will pay for this, raising the corporate tax rate from 23% to 28% -- 21% to 28%, and also reforming the tax code to discourage corporations from offshoreing jobs and their profits. biden says this package

specifically will help the u.s. compete if with china by unsuring that jobs -- insuring that jobs and profits stay here in the united states. but from a tax rate standpoint, it actually makes the u.s. less competitive with china because raising the corporate tax rate to 28% here is 3% more than the corporate tax rate there in china. neil? neil: all right. hillary vaughn in pittsburgh awaiting the president to detail all of this later this afternoon a, thank you, hillary. to rich edson right now on the propensity to spend lots of money in this administration including plans to give tens of billions of dollars to south american countries that are in a world of hurt. the hope is, i guess, rich, that they want to help these countries out, but a lot of times in the past we've discovered that isn't what happens sometimes when we send money down there. what's the latest? >> reporter: good afternoon, neil. and the plan here is to boost significantly spending on the northern triangle, that's guatemala, el salvador and honduras, and the idea behind it

is to spend a multiyear increase, $4 billion according to what the president wants to do, and that would then improve conditions in those countries so that you would begin to show migration from that area up through mexico and to the southern u.s. border. the one analyst says there needs to be fundamental change within those governments. >> having an argument about how much 4 billion, 6 billion, 2 billion but really focused on the problems that governments have in the region with corruption, misuse and mismanagement of resources and really focusing on strengthening their governments' own capacities to improve conditions ands services to the people. >> reporter: highlighting the challenge, honduras' president. federal prosecutors say he promised to use the country's law enforcement to protect drug

traffickers and flood the u.s. with cocaine. yesterday his brother was sentenced to life in prison for drug trafficking. republicans on the house foreign affairs committee are also questioning the proposed spending. they wrote to secretary of state antony blinken about this $4 billion proposal. quote: the administration cannot address root causes in central america and mexico merely by throwing more money at the problem. we must regularly weigh whether existing programs are making a positive, measurable difference and achieving the core objectives. a state department spokesperson says the increased funding is not a blank check and that the administration's strategy the here is to stop or stem corruption. back to you. neil: all right. let's hope at least. rich edson, thank you very much. two democratic congressmen watching this quite closely, democrat from texas who sits on

the financial services committee, congressman, thank you for taking the time. what do you think of this plan, money in helping out these countries that are in a world of hurt? sounds good on paper, but we've done this before, and somehow that money doesn't always get to the people we want it to. what do you think? >> well, i don't have advocate forking writing a blank check to any of these countries. surgical projects in areas where people migrate from. people don't migrate from the entire with country of guatemala, they migrate from certain pockets that have different challenges, and i think we need of to have surgical a approaches. going in there with american contractors and public/private partnerships and ngos and have a holistic approach to going in there and making investments that create jobs and security on the ground to incentivize people to not migrate. i visited one tour u.s. attraction around a pair middle in got -- pyramid that had just been developed a few years back

and became an attractionment tourists were going to visit, and migration around that area had dropped almost to nothing, you know? so so people stopped migrating because now they found jobs, they were able to put food on the table and the house -- a roof over their heads. so those are the types of intelligent investments we should be making this agriculture and tourism and manufacturing in those countries that create jobs and, ultimately, creates conditions where people don't want to migrate. i think we learned a lot during covid. we saw all these supply chains break down with china. i think we should use that as an opportunity to invite american businesses that are manufacturing if china to go down to these northern triangle countries and have these operations there and incentivize them to create jobs closer to home that have impacts on our southern border. neil: i was just going to say the surge that we've been seeing as the border, congressman, it's not letting up.

do you think the president should go down to the border? do you think the vice president getting to the problems that caused this, should get down to the border? >> well, i think we need to work on solutions whether they come down here or do it from the white house or go down to central america x. what i've been advocating for is having processing centers where we could process asylum seekers closer to their home country, on mexico's southern border and along the way. and once they have an asylum claim that qualifies, they're able to get on a plan and have just an orderly process to dealing with the migration issue. and certainly deal with -- we have to come to terms with over 80% never qualifying for asylum, and it's an independent problem with our immigration system in this country. i think we need a robust guest worker program because, clearly, we have a shortage of labor in this country. that's why everyone who comes to

our border ends up being absorbed by our economy. we need to address this. what's happening on our southern border is the result of our broken immigration system and lack of investment in these three central american countries that i think is the root cause of the migration that we're seeing here. and we need to, you know, stop placing blame -- to me, it's not ideological or political. my district is on the border, and to us this is everyday life, and this is something that's been happening for decades. and administration if after administration regardless of the party hasn't gotten it right, and we keep dealing with it. neil: to your point, they need to -- [inaudible conversations] neil: you're right about that, and they're not doing that. could i switch gears while i have you, congressman, obviously the president's going to debut his infrastructure plan, and it calls for a lot of tax hikes. some of them, the spending that he's proposed has very little too old with infrastructure. are you concerned about that -- to do with infrastructure. are you concerned about that particularly where the goal to move away from fossil fuels and

regular oil which, of course, is among the life bloods of your state? >> i, well, i can tell you that the energy sector, oil and gas isn't going away overnight. we manufacture telephones, we have a lot of by-products that come from energy, and i think we -- also, that is another, energy is also, should be approached holistically. it's not going to be oil and gas or just electric or just solar or wind. i think we're going to have all of them. and i think that's how we continue being an energy-independent country and we continue to export american energy, especially oil and gas from texas. so i think, you know, we have to also realize that our carbon emissions have been reduced 40% you have because of our natural gas production and has got us off burning coal. we're doing better than many european countries because of it. so i think oil and gas is here

for a long term, and i think the transition, whenever we do see that transition, you're going to see traditional energy companies out of texas and other places around the world leading the way. neil: we shall see. congressman gonzalez, thank you very much. good seeing you. >> thank you. good seeing you. neil: all right. fair and balanced now, let's hear from republican ken buck, colorado republican congressman, sits on the house antitrust subcommittee. congressman, let me ask you a little bit as well about this infrastructure package the president's proposing. while it doesn't look on the surface to appeal to republicans, any republicans, let alone moderate democrats, one care9 ott we're told -- and it's not testify anytime if, the -- definite, is maybe to do away with the state and local tax, presently capped at $10,000. would you be more open to this if that were a feature?

>> no, i wouldn't. i think it's -- once again, it is far too much spending x it's not directed at the, any of the problems that it's intended to be. it is a green new deal spending bill, it is a spending bill that will further hurt our ability to be the energy independent in this country. it is a spending bill that we can't afford. when you add this $2 trillion to $4 trillion, whatever number they come up with to $1.9 trillion spending bill on covid, it's far too much. and whatever tax plan they pass is going to further harm job creation in this cup. we're going -- in this country. we're going to see a lot of corporations continue to move jobs offshore, and it is really a devastating blow. the obama policies failed, and the biden team is adopting those policies, and we're going to see a staggering economy as a result of their overall spending and tax plan for years to come.

neil: still, this is popular with average americans. you think it becomes less so when they realize the cost involved or less so when they realize the taxes involved? since so many of those taxes are centered on corporations and rich focuses. >> yeah -- folks. yeah, but corporations employ people, and when corporations are tacked more, they move jobs offshore and employ less people. so middle class americans are going to feel this in the pocketbook also. and i think it is really unfortunate that we put so much of this spending on the deficit ledger, and it becomes part of our national debt and people don't feel the immediate impact of the spending. but the day will come when the american economy will collapse, and the world economy will collapse. and at that point, we will feel the real effects of this irresponsibility. neil: do you think, congressman, that some of your more moderate

democratic colleagues will go along with this? assuming that this is all along a party-line vote, does the president where the margins are razor thin in the house as well have the support of enough democrats to make this happen at least in the house in. >> yeah, the democrats so far have exhibited tremendous party discipline in passing things that are really contrary to their own political future in their particular district. i hope that five or ten democrats in the house understand how devastating this would be to our economy and vote against it. we need a couple of joe manchins in the senate to make sure this doesn't pass in the senate and, hopefully, the president has to come to the table and negotiate on these issues. neil: all right. congressman ken buck, republican colorado, thank you very much. very good seeing you again. again, the congressman has outlined what could be problems for even democrats getting onboard with this unanimously.

we're hearing now from president donald trump who's put out a statement on this, and i'm just getting to the chase here. joe biden's radical plan to implement the largest tax hike in american history is a massive giveaway to china and many other countries. he goes on to say the plan will decimate u.s. manufacturing and give special tax privileges to outsources, foreign and giant multi-national corporations. he goes on to say, former president trump, biden promised to build back better, but the country he's building up in particular is china and other large segments of the world. america's once again losing the economic war with china, and biden's ludicrous multitrillion dollar tax hike is a strategy for total economic surrender. i'm going to talk a leap here and say that donald trump is not a fan. we'll have more after this. ♪ ♪ little miss, little miss, little miss can't be wrong. ♪ little miss, little miss, little miss can't be wrong ♪♪

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grady trimble right now in crown point, indiana, with more. grady. >> reporter: hey, neil. we're at a vaccine site here, and they are doing a shift change right now, having a lunch break, so they'll be back in about 35 minutes or so, getting back to getting those shots in the arms here. as you said, anyone 16 and up here in indiana is now eligible for the vaccine. [no audio] growing number of states will have to wait and find a place where they can get the pfizer vaccine. you mentioned all of the states across the country that are now opening up this vaccine to anybody 16 and up. let me show you a map. by mid april more than 30 states across the country will let anybody 16 and up get the vaccine which is certainly encouraging news as the rollout continues and the supply grows. the head of the health department here in lake are county, indiana, says it's

importanting that anybody who's eligible signs up and gets the shot because we're dealing with these variants, and we are in a race against time. >> it's very important that we get vaccinated and feel comfortable about it and that we have the vaccine available, we have the eligibility available. so, please, come and sign up. >> reporter: and we have seen a number of people come through today, they do about 450 vaccines at this particular site each day. most of them, though, not exactly teenagers at this point, and that's because they're doing catch-up, essentially. a lot of people signed up days or even weeks ago for appointments today and this week. so for the people who are now eligible, younger folks who have just become eligible today, they should sign up, they say, but they might not be able to get an appointment immediately. but, certainly, some promising news on the vaccine front here in indiana and several dozen states across the country, neil. neil: yeah. it is expanding rapidly, as you

said, grady. thank you very much, the latest going on in indiana right now. reaction from the university hospital president and ceo with, former new jersey commissioner of health. commissioner, doctor, thank you. you must be encouraged by some of these developments, more vaccines going out to ad broader set of the population -- to a broader set of the population. what do you think? >> very encouraged by it, and we're getting a lot more vaccinations per day into people's arms. we're seeing an acceleration now, 3 million a day typically on average, and we're only going to see that increase. we have steep supply increases coming starting next week but really taking full force by the end of the month of april and certainly by may when the president has asked for every single eligible adult in this country to be able to get scheduled. so some states are actually beating that timeline which has actually pushed up that goal by about a week just last week. so i'm very encouraged by that.

now, the specter of variants and increased cases does worry me, but as long as we are getting faster and faster with vaccinations, we'll be able to get through this. neil: you know, some states have these lower age ranges in effect. other states like new jersey and probably most others for the time being have it much higher. i believe in new jersey it's 55 and older. why is that? what do you think about that? >> well, neil, it's just a supply issue. i think the governor here would want to expand as soon as possible to every single adult in the state to be able to take this, but we're still facing supply constraints, and they are efficient at delivering the doses they get. in fact, new jersey is in the top ten consistently of actual utilization of doses received. the reason we're still moving a little bit slow on expanding folks who are eligible is that the supply is still much less than demand. so hopefully that changes soon,

especially again with younger folks now being admitted to my hospital because of these variants, likely the u.k. variant. i was on a call with the state just last week communicating that concerning news. so everybody is really trying to push as fast as possible with vaccination. neil: doctor, i'd be curious what you make of what's going on abroad with, because as fortunate as we've been in the united states at getting these vaccinations out in rapid fashion, they're having trouble in india and brazil where the death counts are as high as they've been, to say nothing of the stumbling progress in germany and europe, restrictions being put back in place in some of them, on and on. what is going on there and should we worry about it coming here? >> i think it is a cause of concern. we not only have to vaccinate americans and folks who live here, but ultimately if we're going to be opening up travel again and encouraging people to

travel again abroad, then of course there's always a risk that folks would contract the disease and spread it here again. finish so the importance of testing, the importance of expanding screening especially at airports and this question even of vaccine passports may be in play. but ultimately, we need to get the world vaccinatedded as well, and the w.h.o., i think, is calling for all the western countries which, of course, have the preference and supply right now to be thinking about how we can tart to vaccinate -- start to vaccinate especially the developing world and large, dense countries like india so that we do not see a resurgence of covid here againment. neil: you know, some mentioned that the cdc director was being a little bit too, you know, depressing with this doomful view of where we're going. what do you make of what she was saying, that some of us are

getting ahead of ourselves here? >> well, i think dr. walensky is hearing about exactly what we're seeing here on the ground at university hospital. we're seeing increased add misto the hospital again. and we're seeing younger folks actually get the disease and be admitted to the hospital against an overall increasing positivity rate. and now 14-day increase in cases by 20%. so she's concerned, and she's genuinely expressing that concern transparently. again, i do think she's reporting better and better news every day with vaccination, but the importance of limiting spread in the first place, remember, we're only at around 16% of the country fully vaccinated. that importance has not gone down. in fact, continuing to follow these precautions and limiting the spread will not only help save morbidity and mortality, but will also lower the chance of even more concerning variants forming in the future. so i think she's really trying the make sure that folks are careful as possible until we rear that threshold of herd

immunity with vaccination. neil: all right, dr. elnahal, thank you very much. we appreciate the guidance and at least the cautious warning. in the meantime here, we're going to be taking a look at not only what's going on in the markets, what's going on in housing right now. that uptick in mortgage rates putting a crump on financing. could it put a crimp on hoising in general that's been booming? of after this. ♪ -- along with the voices inside of my head. ♪ trying to save me, stop the holding your breath. ♪ you think i'm crazy, yeah, you think i'm crazy. ♪ if well, that's not fair ♪♪ ♪ ♪

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♪ neil: all right. maybe those, you know, rising rates are beginning to have an effect. u.s. pending home sales sliding

10.6% in february. we've also gotten word that mortgage refinancings and applications outright also declining. jerry howard of the national association of home builders right now, he's the ceo. jerry, are you worried about these developments as we take a look at a 10-year treasury quote that's around 1.75%? what do you think? >> well, as interest rates go up, housing demand goes down. there's no question about it. and when you mix in the fact that we have a real supply constraint right now of housing on the market, we're no longer in the vanguard of the economic recovery. in fact, we're very worried about a serious slowdown in the industry. neil: so what is causing that? it seems like there's a potential double whammy for buyers, the rise in yields, to say nothing of the rise in the cost of a home. a lot of the key ingredients like lumber, aluminum, they've been rocketing.

that's a double whammy. >> it's a serious problem. the price of lumber has gone up by over 180port from where it was -- 180% from where it was last year. the supply and price of every component of a house has been disrupted by the covid shutdowns and the supply chain. so the cost of housing has gone up, to build has gone up incrementally, and the cost of housing on the market has gone up by some 10%. and, obviously, everybody who invests in a house likes to see the price of it go un, but 10% over a year is an awful lot, and it's going to have a real, real stifling effect on the potential home buyer, no question about it. neil: who is getting kind of squeezed in this environment right now? >> first-time home buyer, absolutely. and they are the key to the overall housing economy. first-time home buyer is a person coming out of an apartment, vacating an apartment, putting that back on the market, having someone else

move up into a new home, a second home, maybe a bigger home. the first-time home buyer is the linchpin, and they're the ones that are getting squeezed. that's why it's such a frightening position we're in right now. neil: when you ten back, jerry -- step back, jerry, the rationale for what's been going on is the economy's picking up steam. people are are returning to work, you know, their companies willing to expand in this environment. we're seeing it in retail sales, auto sales, we're seeing it, obviously, up until very lately in the home industry. i'm wondering if interest rates are back up for a good reason, the commodity prices we see rising are responding to demand. lumber is its own special situation, but this is a good harbinger, not a bad one. >> i think rising interest rates can always be seen as a growing economy, but the real fear is if they get too high x. for us, anything over 4 or 5% is going

to really, really constrict the market. if they get too high, you've got inflation coming in, and that's not good for anybody. neil: jerry, play out the rest of the year. you know, we come up on summer, look around, kick the tire on houses season. how do you think it's going to go? >> you know, we're still optimistic that there'll be some growth but to where near -- nowhere near what we thought at the beginning of the year, and a lot of that is tied to increase es in building material costs. so i'm still, i still think we'll be a. >> contributor to economic growth, but i don't think that the administration if should look at us as being the leader in economic growth. neil: all right. i hope you're wrong on a lot of this stuff, jerry, but you've been pretty accurate in the past, so we'll see. >> me too. neil: jerry howard, national association of home builders ceo.

all right. as we wrap up and we're seeing the wrap-up of march madness, we're down to our final four right now, the big debate over whether a lot of those players who are wowing us should be paid just like the pros. after this. ♪ 'cuz i knew you were trouble when you walked in. ♪ shame on me now. ♪ flew me to places i've never been til you put me down ♪♪ [ crowd cheering ] [ engine revving ] [ race light countdown ] ♪♪ ♪♪ when you save money with allstate you feel like you're winning. safe drivers save 40% saving is easy when you're in good hands.

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♪ ♪ neil: all right, just as the final four is getting focused on in college basketball, the supreme court hearing a battle over paying ncaa athletes, period. lydia hu following it in new york. lydia. >> reporter: hey there, neil. i guess you could say the heat is getting turned up in the courtroom just like it is on the

basketball court, because, you know, the supreme court heard oral arguments today on this case that was challenging the ncaa rules that capped benefits that have been conferred to collegiate players. we're hearing early that it appears based on the questions that the justices seem to be leaning toward the challengers which would be a good thing for the college athletes. more on that this if just a moment. but first, let me show you where we are. we're at the players trunk in old west bury, new york. you're looking at lots of gear from 450 players that formerly played in college, things like jerseys and t-shirts, old balls and sneakers. it's consignment for these former players to give them a marketplace to reach their fans. here's one of the founders of the business, her with hunter -- i'm sorry, what is your last name? >> pom rants. >> reporter: sorry about that. you founded this company less than a year ago, and you tell me you've just experienced a growth in interest and support from the

fan base. tell us why do you think there's so much interest and so much support from the former mares? >> yeah. i think the biggest thing for us in what customers have been telling us is this is gear that you can't find anywhere else, it's exclusive. of it's coming direct from the athletes, and that's something that hasn't been done before. we take great pride in being the first the offer a unique marketplace such as the players ' trunk. we found really early on people just love this gear, and it's stuff you can't find on a campus bookstore, and you're really helping the athletes as well. >> reporter: some one of a kind sneakers and balls that have the logos of the schools embossedded on them. it's really interesting stuff. but the key here, neil, is all of this stuff is from former players because up until and including now current players cannot profit off of their image and likeness, and that's what the supreme court is considering today, challenges to these rules in place for nearly four decades. david portnoy, founder of barstool sports, weighed in on

this. listen. >> the ncaa has this monopoly over people. it'll be interesting to see how it plays out, but when you think about it logically, of course. if people are making money after of you, you should be allowed to make money, no doubt about it. >> reporter: and so now we are expecting a decision perhaps sometime early in the summer, by june, that could really change the landscape and the future of collegiate sports, neil. neil: and the value of a lot of that paraphernalia behind you. lydia, thank you very, very much. lydia hu following all of this. again, the supreme court talk thing this up, no the idea when they'll be ruling on all of that, but the issue, paying ncaa athletes, how close are we to that? we'll know soon enough, i guess. we're still trying to find out how many are on the hook or exposed to the problems at archegos. the hedge fund had a lot of investors and friends until suddenly it did not. charlie gasparino's been following the drama. what can you tell us? >> well, let's start off with

bill wang who was the architect of the family office that's at the center of the latest trading friend. and, you know, he came out of nowhere. no one even heard of this guy except for on major trading desks. no one knew the extent9 of the risk he was taking, again, we'll get into that in a minute, why it was kept so secret. but he did run a charitable foundation on the side, essentially linked to his investment arm. it was called the grace and mercy foundation. and if you go into the grace and mercy foundation's irs forms, their 990s, that's where you could see hints of the risk taking he was taking in archegos. i went down and looked at it with my producer, lydia moynihan. very interesting how he was losing money, and the last one was 2018, neil. he lost money in morgan stanley money market swaps it looks like, he lost $4 million on one trade, $1.6 million on another trade. he made $19 million, apparently,

on a donation of shares of amazon, the plain vanilla stuff he did very well on. [laughter] and again in this charitable thing -- this is not his fund, this is his charitable fund, not the family office -- he was rolling the dice on offshore funds where he lost money on stuff like the long orr offshore ltd, casa bell. it's all in the 990s. again, how did he evade detection? here's the thing, he's a major player, he had money to invest because he came out of the hedge fund world. he started doing big bets not owning the shares, he did it through derivatives which allowed him to bypass disclosure requirements. he did it through a number of banks, around five banks. and the ones i'm hearing, neil, credit suisse, nomura at the top of the list, goldman sachs, morgan stanley, you're going to find a few more lower down on the list. and when you spread it out like

that, you basically avoid detection in many ways. the street doesn't smell your trades as much if you're spreading it around. and bill wang is a very good trader. he came out of the tiger investment house of julian robinson. he's a smart guy. that's what he did. by the way, there's nothing illegal here, based on what i see. it is the way the markets work, and it's scary. people lose a lot of money. and if you use derivatives, remember, if you own 35% of vie -- 5% of viacom, you have to disclose that you're a 5% owner. if you own a long position, which is essentially the same thing, through derivatives of 10% of viacom, which he apparently, mr. watching, through archegos, you do not have to disclose that. mr. wang. that's why this thing went undetected until all of a sudden some of his bad bets started to come out, and that bad bet was viacom. the share price shot up so high,

the stock started going down, right? that's usually what happens when you do secondaries, increase the supply, when you dilute current shareholders. and that was one of the triggering events for a margin call on this guy, and then everybody started calling in their investments. and who knows what's left of archegos right now and what's left of this foundation, neil. we have calls in to both, we're waiting for comment. back to you. neil: great reporting, charlie. always happens, we always hear things like this, you know? but it happens. charlie gasparino, thank you very much, my friend. by the way, robert kaplan, the fed dallas president, is saying infrastructure is an investment worth making, weighing in and saying it's the desirable thing about infrastructure spending is that it's a long-term investment. that it is. very long term. very expense i. ♪ ♪ i'm searching for info on options trading, and look, it feels like i'm just wasting time.

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that's an important blessing to get from a key prayer of the federal reserve. obviously -- player of the federal reserve. obviously, what maybe is being lost is the higher taxes with this, some of going way beyond infrastructure, but that it would be good for the economy. that will be the battle back and forth, won't it? >> yeah, absolutely. there is pretty broad bipartisan agreement on the need to upgrade infrastructure. now, republicans want to focus on hard infrastructure -- roads, bridges, airports, etc. -- and biden's plan does propose a good deal of that. but to your point, there are, there's an initial $400 billion, about 18% of his proposal involves the caregiver infrastructure which is, you know, not related to what republicans aren't going to go for that at all x. then, of course, the question is how do you pay for it. and, of course, biden is suggesting raising the corporate tax rate and some other changes. and this is just the first piece. there's supposed to be another $2 trillion infrastructure to address some of the other social

capital issues that biden wants to, which would require raising more taxes and a different set of taxes. this is just sort of the opening bid, but there is broad agreement on the need to do infrastructure. the question is, you know, what is that going to look like and how's it going to be paid for. neil: yeah. and the how's it going to be paid for part, giving the benefit to president biden here, at least he's outlined very early on exactly how he wants to pay for it. a lot of taxes, we just showed a few of them there, raising the top rate to nearly 40%, social security tax surcharges on the wealthy, higher capital gains rate, 28% corporate rate from 21% now. so at least he's putting it out there. now, one of the carrots, i'm told, that they're considering offering the republicans is doing away with the s.a.l.t. tax, state and local taxes, that sort of thing. that might get a few over to their side including some moderate democrats who might not

like that. i'm just wondering what your thoughts are on that as far as winning over doubt ors. >> well -- doubters. >> well, yeah. i'm not sure that's going to do it. and the rob is, as we talked about before, any compromise that's proposed that tries to win someone over, a moderate democrat, for example, is going to anger the progressive democrats and progressives in the house of representatives, for example, where nancy pelosi's majority is so slim, she can't afford to lose many. so you have this split certainly within the democratic party. they want to go big, they want to go bold, they want9 to go for everything they can get, and that's going to be tough to do to get all republicans or some republicans anyway onboard and all the democrats to get this thing through both chambers of congress. neil: do you think it will get through? >> i am skeptical. i always approach these things -- i want to see where the negotiations take place. if biden actually sits down and negotiates with republicans, there's a chance that this could get through. if he narrows it, he tailors it

and listens to republicans' concern about taxes, there's a chance. but so far he hasn't given any indication that he wants to do that and, certainly, there's no appetite in the democratic base for doing that. neil: tom bevan, thank you very much, my friend. by the way, two airline -- or let's say air industry-related developments, the boeing ceo is saying virus transmission is not a threat on airplanes, so don't worry about it. united airlines' ceo is saying domestic leisure demand has almost entirely recovered at an aviation summit where the message is, we're back. so are we in about 90 seconds. ♪ quit cold turkey. kidding me?! instead, start small. with nicorette. which can lead to something big. start stopping with nicorette i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients.

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neil: all right. we're a little more than two hours away from the president outlining with will be a big infrastructure plan. he will detail how big. charles payne right now. charles: hey, neil, thank you very much. good afternoon, everyone, i'm charles payne, this is "making money." markets liking what they see so far. s&p hitting an all time high, nasdaq is charging back. as neil mentioned president biden set to depart to pittsburgh at this hour. he will make announcement about a massive spending bill this afternoon. talking two trillion dollars worth. how what will it cover, how will it be paid for, we have all the angles covered. we have an important hour you cannot miss. "making money" starts right