stuart: no question the big story of the day thus far is the stock market rebound from the big loss monday and the smaller loss yesterday. that is a rebound. dow is up 450. look at that nasdaq go. up 160 points. close to 15,000 again. time's up for me but neil, it's yours. neil: thank you, stuart, very, very much. we'll see if that holds. we have four hours to go. a lot of optimism maybe china will intervene with what is going on with its largest real estate concern evergrande, if not out right rescue or shore it up in some way, shape or form but not a gimme. what the federal reserve will decide when it makes its announcement after wrapping a two-day meeting a little after the 2:00 p.m. eastern time. edward lawrence with all the

crosscurrents from the. reporter: crosscurrents, if markets could breathe they might hold their breath, looks likes they're doing well believing that the federal reserve would come out with something they like to hear. we're looking two hours, to see any indication whether the federal reserve will start tapering. we'll look how fast the tapering will happen. a few members of the federal reserve are pushing for a faster tapering process to finish buying asset purchases by march of 2022. federal reserve buys 80 million a month in treasurys. federal reserve chairman jerome powell chairman jay powell says the balance sheet is appropriate for the size of the economy. the fed also concerned about inflation. powell says inflation is transitory but will not say how long transitory is. we'll see, all the stuff that we buy as you see is more expensive. so hear is senator mike crapo on

the senate floor about all of this. listen. >> the united states is experiencing unprecedented economic pressures including significant inflation, and record price increases, significant friction in labor markets and intense international competition. all while the pandemic continues to threaten americans health and our economic recovery. reporter: jpmorgan ceo jamie dimon says if inflation does not settle down, it might force the federal reserve to act. we will be watching that infamous dot plot. the last time we got the dot plot where which shows where members think interest rates and funds rate should be, they saw a rate increase in 2023. at least two of them. we'll see if inflation pushes up with of those rate increases into 2022. if that happens, neil, brings in the whole question about servicing the federal debt by becomes more expensive as

interest rates go up. neil: got it, edward. chad pergram where a separate battle ensuing on capitol hill where democrats are trying to get united on a plan to keep government lights on, spend the debt limit, get all sorts of things done, republicans not so keen on any of it, right, chad? reporter: neil the house approved a bill last night to avert the government shut down and suspend debt ceiling for 15 months but that faces a filibuster in the senate. no one figured out the end game yet. democrats are explaining consequences if congress fails to act. >> interest rates go up. due to a default by only one percent. that adds an additional $200 billion a year minimum on interest costs, $200 billion a year gets paid out, before we write a social security check, before we member of our military gets paid in front of everything else. reporter: senate minority leader

mitch mcconnell says the gop won't help because the democrats are prepping a $3.5 trillion social spending plan. >> if washington democrats want to jam through trillions of dollars of reckless spending all by themselves they can raise the debt limit all by themselves. if they want to do one, they will need to do the other. reporter: a reporter asked senate majority leader chuck schumer what his back up plan was. schumer replied, quote, ask leader mcconnell. gop didn't blink at debt before. >> 8 billion we approved has year in the depths of the covid crisis that legislation was drafted by republicans, voted by republicans, voted for by republicans, put on the floor by leader mcconnell and signed by a republican president. it is the trouble debt, the trump debt that we must now pay. reporter: this afternoon a number of democratic senators are meeting with president

biden, they're talking about infrastructure and $3.5 trillion social spending plan about they may have to shelf that next week to tangle with the debt ceiling train wreck. neil. neil: just to be clear, chad, republicans and john thune who i chatted yesterday, saying a stand alone measure on this is fine. it is attaching all the other stuff that is not fine. that is where their line of argument will be? reporter: exactly. that somewhat depends on what republican you talk to. john thune, mitch mcconnell would vote to fund the government, throw in afghan assistance there, deal with iron dome. we talked about that yesterday, israeli defensively which was supposed to be in this bill. but when you put the debt ceiling on all of this, this is toxic for most republicans. neil: so it appears. chad, thank you very, very much. speaking of toxic when republicans take a look at some tax increases planned into that $3.5 trillion human

infrastructure package they wince. so do a lot of investors. hillary vaughn is looking into it. they are substantial as you know but impact on government growth or certainly economic growth in this country could hang in the balance as well. hillary vaughn on capitol hill with more. hillary? reporter: neil, tax hikes are one thing that people in the democratic party here in congress cannot agree on that. smart of the reason why there will abdel luge of democratic lawmakers descending on the white house today for in person meetings with president biden trying to get everyone in the party, moderates, progressive on the same page of the $3.5 trillion package, tagging along with tax hikes on corporations. >> the things, urgent, necessary, can be done by the way with zero dollars because everything is paid for through taxes on the wealthiest individuals and corporations. that is the beauty of this.

reporter: not beautiful for workers an come supers who will face ugly reality under higher taxes. the tax foundation says workers will bear the brunt of higher corporate tax rates. about 70% of corporate income taxes are paid through wages and employment and consumers could be hit too. the national bureau of economic research found that 31% of a corporate tax hike falls on consumers. >> even communist china taxes their own businesses significantly less than president biden and his allies. smothering wet blanket thrown on to an economy that is already struggling. reporter: mcconnell is right, under biden's proposal to raise coral tax rates to 28% on federal level puts u.s. behind countries in asia and europe, also way behind china which has a corporate tax rate of 25%. biden's push to hike capital gains on top of that to 39.6% is way higher than china's, who

only has a 20% tax on capital gains. but the white house isdown praying that higher taxes on businesses will trickle down to workers. last night they pushed out an op-ed from former senator harry reid who wrote this, the lobbyists will complain. after all they will ask their corporate clients to contribute more but let's be clear, these reforms and investments wilt make the u.s. more competitive, not less. neil, all the tit-for-tat over tax hikes is really pointless if democrats cannot get the $3.5 trillion reconciliation package passed because that is what is carrying all of these tax increases. neil. neil: all right. even some moderate democrats here pointed out earlier in the week they're getting a little fidget at this about it as well. hillary vaughn, thank you. what are the long term i am play i am i long term implications with this with evergrande and lehman brothers, could that what happened then

happen now? all of that can change. hal lambert joins us right now. point bridge capital founder and ceo. hal, first to the marketing what they're sort of digesting for the time-being, that evergrande is not lehman. do you agree with that? >> well, i think it is really tricky to answer that. the markets are certainly ignoring it but i think they're ignoring it at their peril. i think there is a lot of red flags right now, no pun intended on investing in china and the economic mod china. starts with the crackdown president xi did over a year ago where jack ma disappeared for a while. trillions have come off of market caps of these countries over there. president xi coming out saying he wants to move towards a maoist economic model. mao killed 60 million people. they had lots of starvation. i thought they considered that a lot of period of time where china fell behind. he is saying he wants to move towards that. if you compare this to the 1997

crisis, asian crisis happened there, there is a lot of similarities. you had extremely high debt loads which you have in china right now. the 1997 crisis started in thailand where summer song land, a property developer default. then you had finance one, a bank default. the traders started shorting the thai bot because it was pegged to the dollar. and hong kong dollar. that dollar finally cracked, the thai bot did. they could not pay their debts dollar denominated. it spiraled into malaysia, indonesia and other countries. i'm not saying it will happen here. it could take a long time to play out but it can't be ignored. i know very smart firms highly focused on the fixed income markets really looking at this right now. there is concern when you have debt as high as it is in china. it is 300% of gdp. so you have high debt loads.

a dollar that they're trying to tag to the u.s. dollar or peg to the u.s. dollar. watch the currency. watch credit default swaps that widened out in china as well as an indication of problems. nothing's crazy right now. but it is very much got to be watched because it could spiral out of control. neil: i think you touched on something that we've been looking at and worrying about ourselves about china's posture in all of this because, what is going on right now, with evergrande is not a one-off to your point, a got student of history that you are, this has been a pattern certainly as of late and by going after their most successful companies, you mentioned alibaba, what they have done to stop chinese companies listing in the united states, there has been a lot of dots we can quite connect here because china recognizing that it, this action and series of actions hurts its economy and markets doesn't seem to care. it is making a bigger statement

and that statement cannot be too constructive for the world markets to say nothing of the world if it is getting this increasingly bellicose? >> that's exactly right. i mean china's obviously the number two economy in the world. this isn't thailand. so when china is doing this it is very concerning because as you said it does appear that they don't care. and so you can't just look at this one instance where you know you have a property developer that was going to default and maybe china would step in to help them make payments. it is a much bigger and broader problem we've got to worry about. china are making moves not not form of capitalism. they're very much obviously controlled from the top down. and when they're in that type of mode, you have no idea what they're going to do. there is not a lot of transparency. so i think investors need to be wary if they're investing in china. there is not a way to really know what is going to happen here. there is not transparency around it. it is not markets that are

moving it. it is the chinese government. neil: so could this at a minimum lead to a global slow down? >> absolutely. it certainly could lead to a global slow down, no question about it. so i'm sure what you're going to see from powell, he is looking at this too, you may see more cautionary. he probably won't even talk about tapering now. i think they will be a little concerned about what china is doing because things seem to be moving pretty fast over there. as far their changes that they want to do, which the changes seem to be we're going to take down these big companies. they're too powerful. we want the government to be powerful and not these companies that have been successful over the past few years in china. neil: all right, hal, thank you very much, i think. i think you're on to something as well my friend. hal lambert point bridge capital founder and ceo. we're getting a letter that was sent by bipartisan group of

treasury secretaries from the bush administration, clinton administration, obama administration, about not dealing forthrightly with the debt limit situation. no congress or president they say allowed our country to default. we recognize in recent years given the politics have become more polarized and divisive. addressing the debt limit has become more contentious and politically fraught. makes it all the more important that the congress and administration begin the process extend the nation's borrowing authority without delay. easier said than done. we have a lot more coming up including that cdc ruling. we'll get it either today or tomorrow, whether it agrees with the fda saying that booster shots are okay but only for a small sector of the population. we shall see. ♪.

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neil: getting confirmation from the white house the president finished speaking with french

president emannuel macron, upset over the uk, australia, u.s. defense pact that left the french out. in fact they said they were virtually ready to sign off on a deal with the australians. caught them by surprise. macron is very, very angry. pulled his ambassador ought of country, same with australia. they're trying to make amends, saying both leaders, the president and mr. macron that the u.s. defense pact announcement would have benefited from open consultations among allies. so an olive branch thrown to the french to say, we probably botched the communication but they're not changing the dole. i don't know what emannuel macron's move was after he hung up the phone call. we don't know. probably did not happen like that. we have the administration as it deals with covid and particularly the booster shot issue the cdc is deciding on as

we speak. jackie? reporter: president biden made announcement last hour that the u.s. will donate 500 million covid vaccines to undeveloped countries, that comes as the administration is pushing for booster for vaccinated americans as the world poor is waiting their first shot. the fda advisory panel voted down the plan for pfizer booster for all americans, the white house said it was not a binary choice buying boosters for americans, helping out the rest of the world. they're backing that up with a shot donation as part of a virtual covid summit with world leaders. >> for everyone shot we administered to date in america, we have now committed to do three shots to the rest of the world. we should unite around the world on a few principles. that we commit to donating, not selling, donating, not selling, doses to low and lower income countries and that the donations

come with no political strings attached. reporter: biden wants to get a status check of that program in the first quarter of 2022 but some republicans are accusing the president putting politics ahead, taking sides in the covid battle here at home. florida governor ron desantis who made local vaccine mandates encouraged by the biden administration punishable by fines in florida, the last week the biden administration slashed its supply of monoclonal antibody treatments. alabama senator tommy tuberville complained in a letter to health and human services that the control the federal government has distributing covid treatments is a political power grab. the white house sees it another way. >> our supply is not unlimited. we believe it should be equitable across the states. >> there are no reports of lack of supply. why cut those states only? >> i think our role as the government overseeing the entire country is to be equitable in

how we distribute. we're not going to give a greater percentage to florida over oklahoma, nor do i think are you suggesting that. reporter: final plan for booster shots is still pending. regulators need to look at more data from moderna and j&j. more data will come in from pfizer as the pandemic wears on, neil. neil: dr. devi. i want to deal with this whole issue. do we need booster shots? >> it is hard to say, the normal process in terms of figuring out any medication, any proper, any treatment i recommend to patients i usually look to see first there is some preliminary studies. those go to the fda, the fda sides if that treatment is safe or effective to be on the market. just to be on the market,

whether it can be marketed as such. then you have different specialties, societies, usually doctors, nurses, health care providers, they comment on it, research more in depth and perform more reserve. talk about specific groups, more benefits, more risks. i read those, depending on my specialty i make my recommendation to my patients. at that point the patient decides on their own what they want to do, right? in this case we have something different going on where the fda has said one thing but a specialty society, because the cdc is a little bit different, cdc is more infectious disease specialist, et cetera, they are commenting on something the fda has already said should not necessarily be available in certain groups. so that is a little different than the normal process. then we also have a situation where we have mandates, that is

not normally the case. we have treatments on the market, keep therapy, which have risks but patients have the options. this mandate the choice is taken away from patients. they are told they have to do something. but then why sign a consent form, right? that is implying that you have some voluntary control over what's going to happen? so there is a lot of different things that are coming into play and i would say, you know, there is a problem really with trust in our society. that's the fundamental problem and i think the opioid crisis and more recent scandals, even with ahn of the alzheimer's drugs approved by the fda, not carried by hospitals because of the controversy, all of this contributed to the lack of trust. neil: yeah. everyone is suspicious, right? doctor, thank you very, very much. before we go to a break here we're getting a little bit more details when it comes to the

conversation the president had with his counterpart emmanuel macron in france. they decided that the french ambassador of the french will return to the united states. he was yanked out of this country by macron over indignation over that u.s.-australia-uk defense pact met to cordon off china. also saying that the united states recognized that europe needs to be stronger in the field of defense as part of its contribution to nato. the u.s. is committed to strengthen the support to antiterrorist operations as the pretty much have wanted for some time. indication the two will meet in person at the end of next month when the president plans to travel to europe. stay with us. ♪. that spin class was brutal. well, you can try using the buick's massaging seat. oh. yeah, that's nice. can i use apple carplay to put some music on? sure, it's wireless. what's your buick's wi-fi password?

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yesterday. the taliban says you know, we're running the country right now. we think our leader should get the same opportunity. eric shawn at united nations with how all of that is going. reporter: hey, neil. the taliban want to talk but they may be shut out. the terrorist group that took over afghanistan, they want to come here to the united nations in new york to address the general assembly. they have even appointed their own u.n. ambassador to do that but right now afghanistan is represented by the old ambassador from the fallen government in kabul. the u.n. credentials committee accepted him as the representative of afghanistan, well it turns out that the taliban may be out of luck. >> i don't think that sworn enemies of the united states should be handed a global megaphone. after all it will all be webcast reporter: there are fears this meeting could turn into a covid

superspreader. guess what, we have the first reported infections. two officials in the brazilian delegation tested positive for the virus. one is the company's health minister. he is in quarantine. his diagnosis came after a very busy day inside of the u.n. building. the guy shook hands with british prime minister prime minister who went on to the white house later that afternoon to meet with president biden. the minister ate a slice of pizza on the a new york street with his controversial boss, president bolsonaro. he happens to be unvaccinated, a vaccine critic. mark levine, chair of the health committee, warned of this very scenario committee. the u.n. relies on honor system whether or not you're vaccinated. that is not the cities rules. they say you must be vaccinated to attend a large indoor event like this one. >> has thrown up its hands and doesn't have authority is really infuriating. they screen attendees, do a

metal detector screening, you can't bring weapons in. bringing in this virus is equivalent to bringing in a biological weapon. it should be considered no less serious than bringing in a switchblade. the u.n. could have and should have screened and still could because this event is not over. reporter: yeah, there is about another week 1/2 for this general assembly. by the way, councilman levine does fear some of these diplomats could be spreading coronavirus in manhattan's bars and restaurants at night when they leave here. you know what, neil? the u.n. actually is considered legally international territory. they have ignored us before. all you have to do it look at all the no smoking signs and look at europeans and foreign ministerrer is gay lavrov of russia, defiantly, brazenly puffing away. back to you. neil: they never get parking tickets either. we should point out. thank you eric shawn from the

united nations. we updated maybe they buried the hatchet, president biden and emannuel macron speaking on the phone a short while ago where the president apparently acknowledged open consultation among allies would have benefited here. that didn't happen. macron was satisfied enough to say he is going to return his diplomat to the united states who was yanked out on that u.s., uk, and of course australian defense pact deal. lieutenant colonel danny davis joins us, defense priorities senior fellow, military expert. colonel, what did you think of the way the whole thing was handled, particularly with the french? >> you know what? i don't think we handled it very well, i wish we had done better. there was certainly plenty of opportunity to do that privately before anything, you know, developed as far as it did. on the other hand the deal was, you know, in america's interests and the only reason this thing came to pass is because the french who signed this deal, i

think about five years ago for less capable submarine for australia, had horrible cost overruns. it wasn't producing anything. it wasn't going anywhere. it is just and reasonable they would want to up grade to better equipment and, you know, relationship with the united states and the uk on something that directly security related to australia. the deal makes sense the way we handled it. neil: got it, colonel. what did you make of the president's 40 plus minutes marks which he not once mentioned china by name? >> it's a diplomat. it is the u.n. general assembly. so i think that you know, more diplomatic language is probably appropriate there though he did pretty strongly imply things about china, talk about what we're going to do, how we'll defend america's interests but i don't think it is really useful for him to be bludgeoning china

by name especially at the u.n. general assembly. neil: that relationship, which seems now, you know, taxed a little bit with the concerns of evergrande, china's big real estate concern could be on the verge of going belly-up, through media, other sources we've been working with the chinese, would you think about what their next step will be if anything. but china has been pretty much sticking to its guns not to bail out the company, on top of other things it has done that make you question whether it will stand by companies right now. it punished many of them. i'm just beginning to see a pattern here. does that pattern worry you? >> well i think it is the same pattern that we've seen almost any category you want to talk about with china. they will take whatever action they deem, whether in the diplomatic sphere, the military sphere or the business sphere that is in their interests and they will push back and suppress things when they think it

benefits them. they will be opened up in areas where they think that also benefits them. like it or not, for anybody, whether u.s. and china like or dislike or even hate each other has to be a secondary issue because we rely on each other for a lot of business in both directions and you think the united states needs to keep its focus on the two most important things, which is that we need to prevent any unnecessary war with china and maximize our economic potential in relation to them. neil: colonel, very good seeing you again, thank you very much. >> always my pleasure. thanks, neil. neil: sec chief gary gensler no fan of anything crypto, really making it clear if you had any doubts predicting that crypto currencies could eventually not last long. in other words, they could just fritter away. charlie gasparino on where that might take all of this entire rogue industry after this.

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♪. neil: all right. think quickly. tom brady, gary gensler, football superstar versus the sec chief, both have dramatically different views on the future of bitcoin. as you know gensler is targeting the wild west of crypto currencies he will rein in. he doesn't think it has much of a future in a few years. tom brady, the ageless football superstar says he finds the whole technology intriguing. in a serious interview yesterday he said i think it is an amazing thing happening with the world the way the world is becoming more digital. these digital currencies, along with if you look how the world

is going, with digital mediums, how they're impacting currencies, i would love to request to get paid in some crypto and get paid in some bitcoin or ethereum or toker kens. he is a fan. he is ageless. gary gensler, not so much. he might be ageless too. i do know this guy is a superstar and ageless, charlie gasparino, what he makes of all of this, charlie. >> just making sure my earpiece is in right. i wasn't sure i heard you there. neil: that is a very big, you know, split there, right? one who is singing its praises in the future, the football star and the other wants to rein it in, the whole technology a shooting star. what do you think? >> there is a lot of split with gary gensler these days, particularly his approach regulating crypto. it is not binary. it can be, doesn't have to be fuld with fraud and greatest thing since the french fry, you know what i'm saying?

it could be somewhere in the middle but there is fraud, also this is the blockchain technology which is the technology that allows transactions to occur through that sort of, through the ledger as they're known. that, that in itself has tremendous possibilities and the question is, does gary gensler's heavy-handed approach, i think it would be considered heavy-handed, i don't think i'm going out on a limb saying that, that is not opinion, this is what everybody is saying, this is approach where he is regulating by enforcement, attacking the din us industry every day, throwing shade on the technology itself whether that is the right approach to make sure the technology of blockchain and the notion that crypto can be used in a blockchain to transact business cheaply, efficiently, whether that is the right approach. he is getting pushback not just from tom brady. we should point out getting back

from his sec commissioner, appointed by obama, she is republican, appointed by obama, she is known as the crypto mom as you know. she is saying this whole approach is lacking clarity and it is not just her. it is security lawyers, obviously people in the crypto space, academics. i think the real question for gary gensler is why, someone needs to call him on capitol hill ask him what he thinks about the technology of blockchain? and if what he is doing is bad for that? and, can blockchain really be this transformational technology that is going to change the way we transact business, what a lot of people say, will your approach hurt or help that? that is what senator pat toomey would like to say. clearly if republicans were in charge on congress they would have him up on capitol hill with pressure from the lobbying industry. we're clearly at a crossroads in

regulatory crossroads here. gensler is hell-bent, even those his powers over crypto are very constrained. he has to prove this is a security. how do you prove something is security like a bond or a stock, regulated by sec? it has to pass certain tests, something known as the hawley test. bitcoin was not declared a security. ethereum, ether crypto goes to ethereum wasn't considered a security. xrp is. people can't understand why it is. so this thing is all over the place. and i can tell you there's, there is a battle brewing both inside of the sec between purse and gensler i believe, at least rhetorically. i'm sure they are not punching each other in the face but they will idealogically clash. industry, academics where this whole thing is going. listen, was the internet perfect in 1995?

i mean i mean, i don't know, maybe gensler was at goldman at the time. maybe he is, his firm was you know writing all sorts of crappy internet stocks back then. i remember. i don't see him turning around saying the internet was a big mistake. neil: that was 1995. way too young. >> '96, '97, '98, 99, all before 20. neil: thanks, gramps. charlie gasparino, with all the developments here. we have a lot more coming up including the housing industry, among the biggest groups buying in and succeeding, hispanics, after this. ♪.

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neil: all right. existing home sales data out just today. things kind of slowed down a little bit. not too bad though, the housing industry remains very vibrant, no more so than for the hispanic community which had fallen behind which in some startling developments, turn arounds, particularly hispanic veterans, that has all changed big time. lydia hu in new jersey with more. lydia what is going on here? reporter: neil, over the past six years the hispanic and latino community is the only demographic that is consistently

increased the rate of homeownership, even during the pandemic when we know it was really a seller's market. consider that latino homebuyers increased their rate of mortgage applications by 13% when we look at the year to year change. 2019 to 2020. one of the reasons is that the veterans home loan program is helping here, the va home loan program, helping veterans secure their homes, bying their first time homes. veterans like andres bustos, a veteran of the united states marine corps. thanks for your service and congratulations on your new home. >> thank you, appreciate that. reporter: you said one of the thing that helps you buy this home, one of the aspects of this because it required no down payment. how did that make a difference for you? >> it was a big difference. during the pandemic everybody had shortage of money. i was able to save money for

closing costs. down payment was a big burden off my shoulders. reporter: neil, when we look at numbers, va makes a difference, homeownership among civilians compared to veterans, veterans latino, 65% civilians under 50% and andres you said homeownership was important to you. it is your american dream. tell us what owning this home means to you. >> owning this home to me is living the basic american dream. i'm able to pass down something to my son being a single father. it's a big achievement for me. reporter: congratulations again. neil when we look at projections moving into the next decade, doesn't feel like this trend will slow. experts say over the next 20 years 70% of the home purchases will be made by latino and hispanic homebuyers. neil, back to you. neil: very nice to see. good for him. lydia, thank you very much. lydia hu on all of this. this is a good opportunity to look how housing is looking right now.

go to beth freeman on that, brown howard real estate ceo. beth, good to have you back. how are things on the housing front these days? month over month 2% decline in housing activity. you know, it was a little softer than some thought, but your thoughts? >> you know, hi, neil, so nice to see you. i love being on your show. and i think you know what we're seeing there still is unwavering demand for home purchasing even though it slowed down a little bit. we see mortgage applications are up and refis are up and the fact that rates are still historically quite low. people want to get into the market. the one looming discussion has been inflation of course. people are concerned about you know, too much money chasing too few goods. but remember, a home is a necessity. it's a little different than other consumer goods. it is not a new car. it is not a watch. it is something that people need.

it is typically one of the best investments that people make as your prior guest andres said, it is the american dream to have people own their own home. people are committed to that. i think overall it has been very good. neil: when you break down the housing data, you know far better than i, there is a problem lower on the entry end, where some are getting prize the out now with more expensive homes. how dong do you see that lasting , do you see it lasting? >> i am concerned. places like fairfield county, connecticut, the ininventory is cut in half. so the supply is strong so much that prices have been driven up. now people are priced out of that market. so it is inevitable that you will see a slowdown. it is just not sustainable to go at that pace. but, you know, the other side of that is new york city which had ample supply and now, people are really taking advantage of that, in fact brown harris stevens,

august was our best numbers in our history of 150 years of being in real estate. and so that says a lot about people's commitment to the city and to home buying. neil: real quickly the cash phenomena where so many people are increasingly paying in cash for homes, now this is among more of the well to do, i grant you, but not exclusively. what do you make of that phenomenon? >> you know, i think remember during the pandemic although it was a very challenging time for so many people, really tough economically, healthwise, there were a lot of people that made enormous amounts of money during the pandemic, that benefited greatly and so cash is immense and people are taking advantage of that, and they're buying homes. they're buying second homes and third homes, or changing their lifestyle. so i think, that has benefited the housing market greatly. neil: yeah.

put it mildly, bess freeman. brown ceo. corner of wall and broad we're better than this time yesterday. up 400 points. all optimism we'll hear right things from jerome powell this afternoon. they may be getting ahead of their skis but more after this. ♪.

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♪♪ neil: it's all about money today. the financial capital of the world, new york, where it seems like they're printing it at the corner of wall and broad. of course, new york is a financial town, to put it mildly. in washington where they're spending, even though there isn't enough money for them to spend to do that, so they're trying to increase the debt ceiling so, essentially, they can keep spending that and set the bar still higher. federal reserve meeting today, a lot of money if issues, a lot of confusion as to whether me of these issues are going to be resolved today, but the big reason why you see all that green in the dow and the runup in the dow is with all the problems out there, possible government shutdown and all the rest, the fed might hold off and signal that it will hold off on doing anything that will get these guys' nose out of joint by

certainly starting to raise rates. very, very unlikely in the near future. and less moving on exactly this tapering issue and scaling back the number of treasury securities and everything else it's been buying for, what, the better part of 12 years now. lauren simonetti putting all of that together with us in new york. hey, lauren. lauren: trying to, neil. we do have a rally ahead of the fed decision in the next hour, but that does not mean we rally at the close. the dow and the s&p 500 are trying for their first gains, at the end of the day, in five days. it's all about the ts this afternoon, taper and tightening. when does the taper begin or when does the fed, will they say when they'll start to pull back on that $120 billion a month on treasury and bond buying. we're going to see where individual members see interest

rates going. so fedex today, let's take a look at these shares, because it's the poster child of labor shortages and higher input. this is the latest company that is warning of inflation, and that stock is down 8.25%. jpmorgan's ceo jamie dimon is also warning of inflation, and that might cause the fed to jam the brakes. he says, quote, the fed can't always be proactive. i mean, sometimes they're going to have to be reactive. and, neil, that that could rattle wall street. it's not happening today at this hour. energy is by far the best performing sector. oil prices rising as crude inventory falls to the lowest level in three years because of the hurricane. so the energy sector doing very well. so is are banks, the major financials tracking higher treasury yields today or treasury yields that were higher, and let's take a look at the leadership on the dow because making up one-third of the about 400-point gain comes from goldman, boeing and mcdonald's. there's also enthusiasm coming

from the tech world and ipos. there's this company called estimate, a tech company, that helps restaurants build their takeout and online orders. look at this, $60 a share. they priced at 40 for a gain of 50% today. meehl. -- neil? neil: that's a lot of bread with. lauren: a lot of online orders. neil: yeah. i don't know, sounded like a dad joke there. thank you very much, lauren simonetti. all right. to carol roth, former investment banker. carol, you know, we're waiting to hear what jerome powell is going to say. what's interesting about the fed days after these two-day meetings, today itself stocks rise. leading to jerome powell's announcement. then he starts talking, and they start reversing the gains. that's normally the pattern. not all the time, but normally. what grow make of what can happen today? [laughter] >> well, it is football season

right now, neil, and so the markets what i believe they're going to punt the ball and perhaps they will say that they are thinking about thinking about tapering. but you have to remember that jerome powell not only is a dove, but he's also a dove who is basically auditioning to keep his job with his new employer. so the likelihood that he's all of a sudden going to be very proactive and get out ahead of things, i think, is very unlikely, and there's certainly enough headlines for him to hide behind between the jobs report for last year, the debt ceiling, the information coming out of china and so on and so forth. so i think that, again, you may hear thinking about thinking about tapering, you know, not shrinking the balance sheet, not raising rate, but just cutting back some of the asset purchases, and i think that's probably what we're going to hear. neil: yeah. he certainly teases it, right?

i always wonder, carol, what happens when it happens? in other words, when the kabooky theater stops and the fed formally announces, you know, we're going to buy fewer treasury securities, $120 a month now, we might bring it down to $110 billion, something like that, i wonder what the markets will do on that. >> yeah. obviously speculation, but we have some data points in the past of a taper tantrum that the market throws a fit. it continues to go down and puts pressure on the fed, you know, politically and otherwise to go ahead and then change that position at some point in time. and some of the names out there ray dalio was talking about taper being another round of qe. so, unfortunately, we're in a cycle where fundamentals are out the window, valuations out the window, and the market is really run, unfortunately, not on

fairness or merit, but on the fed. and that's the expectation. neil: all right. carol, we'll see what happens. again, a little after 2 p.m. when this meeting wraps up. then jerome powell speak toes, but it is uncanny, like i said, the market runs up ahead of that period. as soon as he starts speaking, boom. sort of like myfect. [laughter] when i start speaking, it goes to hell. connell mcshane has been following the united nations, of course, the president's promised parade, i call it, connell, because he's committing a lot not only to help deal with the virus around the world in providing doses and vaccines to everybody, but now trying to up the ante when it comes to addressing climate change issues as well. what are you hearing? >> reporter: you know, it's interesting when you spend opinion a few days here at the u.n., neil, listening to the various speakers from various nations, you realize the politics of climate change, it's kind of an eye of the beholder

type of story. to its republican critics, it sounds like president biden wants to spend like a drunken sailor, but then you hear some of the european leaders here in new york this week and they'll say, no, no, the u.s. is not going far enough. and in his address here, the president was emphatic, to your point, that he does want to up the ante when it comes to the amount of foreign aid that is dedicated to climate change projects. >> i announced the united states will double our public and international finance to help developing nations tackle the climate crisis, and today i'm proud to announce that we'll work with the congress to double that number again. >> reporter: that new number, $11.4 billion does sound like a lot compared to the origin number, but the thing about climate spending, it's well below the $24.5 billion that the

european union spent on climate aid, and that was two years ago. $11.4 billion from the u.s. now, $24.5 billion from the europeans a couple years ago. a u.n. climate conference will be held this year many in scotland. the president does plan to attend that event, and the democrats hold such a thin margin right now in both the house and the senate that his climate agenda is really hanging in the balance whether you're talking about foreign spending or domestic spending. at this point, you know, it's possible he still passes the most expensive and what some might argue might be the most consequential climate legislation of all time, but it's also possible that next to nothing gets done because hundreds and hundreds of millions of dollars are still hung up in those two massive spending bills that they're negotiating in washington. a lot of that is climate money. neil? neil: you know, speaking of money, as our chief national corps spot, why do i suspect -- correspondent, why do i suspect

you're already booking that flight to scotland -- [laughter] for this big conference? just me. i'm just throwing it out there. >> reporter: it's funny you mention that, neil -- [laughter] i was told that edward lawrence is going, and i said, no, no, no, i'm very uncomfortable with nip on the staff getting assignments other than me, but apparently edward is going to be going and, you know, i'm sure he'll do a terrific job. don't you think? neil: well, i'm just saying, i could help either of you with the scottish accent. i think it's pretty good. [laughter] >> reporter: no, no, no. neil: all right -- [laughter] connell mcshane, he has a great -- very little patience but a great sense of humor. all right, probably not laughing too much at all these numbers they're throwing out with proposed tax hikes and the rest, but it does seem to be a dicey gamble just for democrats getting all this done.

scott hodge, tax foundation president. we don't know where this course of measures they're taking, that is democrats, to both address the debt limit by pushing back the deadline to the end of next year and still get all their other issues done that the republicans say they don't want any part of, but if they got all of that done, do you think as things stand now they have to votes to get this done? >> neil, it's really hard to tell right now because we see so much positioning on the part of senators like joe manchin and kyrsten sinema, even see some pushback in the house against some of the extremism in many parts of this bill whether it's things like, you know, some of the estate tax provisions, the step-up in basis. i think a lot of democrats are getting a little nervous about how progressive this plan is. and i think that a few weeks ago i might have thought this was a slam dunk. i'm beginning to question

whether they do have the votes, and that's why they're trying to push this further into the year. neil: you know, even to get the 20 or so moderate democrats from states that are trying to, you know, flip that s.a.l.t. tax on state and local taxes, you know, let's say you bend to them. there goes a lot of the revenue you were planning to pay for all of this. so they're in a real bind here. >> well, not only do they lose the revenue that goes to pay for this substantial tax cut for the rich, but they lose the rhetoric, the moral high ground -- neil: that's right. >> -- which is supposedly bolstering this whole tax plan, to tax the rich and tax rich corporations -- neil: but that would be a boon to the rich, right? that would be a boon to the rich and because they're the beneficiaries of this getting flipped around, so it does take away their argument here, but could that happen -- [inaudible conversations]

neil: yeah. >> they have no credibility, and they're going to have to find other ways to make up for that revenue. some of it they could increase the top personal rate again, they could raise the corporate rate again although we are seeing a lot of democrats nervous about raising the corporate tax rate and the u.s. losing competitiveness after we gained a lot of competitiveness because of the tax cuts and jobs act and reducing the corporate tax rate to 21%. and i think a lot of democrats are even very nervous about that. and some of the extreme elements in this tax plan, especially taxing international profits of companies and what that might do to their ability to compete abroad. so i think there's a little bit of reality check coming into this process which is welcome. and, of course, when we model this plan, we find that for every new dollar of tax revenues that it raises, it's going to reduce the size of the economy by $2 over the long-term. so this is a huge trade-off. new revenue and a bigger government versus a smaller

economy. neil: yeah. and the money you expect you're to going to get from the rich and the corporations doesn't materialize to the degree that they thought. and in this has happened -- this has happened again and again. one president was pretty smart at handling this, bill clinton, because in raising the top rate he offset that with reduction in other investment, capital gains, dividends race that made it -- rates that a made it a little bit more welcoming and didn't cause nearly the hardship. there's been no sort of quid pro quo here in this tax plan. it's all zoom, zoom, zoom, huh? >> well, this is a very fragile plan, to be honest with you, and very unsustainable. basically what they're trying to do is fund this massive expansion of government on the backs of about 3,000 u.s. corporations and about 1.5 million high net worth individuals. that is simply unsustainable. a good example of that is that their expansion of the child tax

credit will cost about $550 billion over the next four years. that's equal to ten years worth of new tax revenues from raising the corporate income tax. so what happens when they have to renew that child tax credit? where are they going the get the revenues for that? they haven't said. and so the reality is this plan is much more expensive, much more expansive than they're letting on, and they simply don't have the revenues to pay for it all. neil: got it. scott hodge, we'll watch closely, the tax foundation president. also following right now what the cdc guidelines are going to be on this whole idea of a booster shot, whether they'll agree essentially as the fda proposed that this is a fine idea for those who are vulnerable, but is it okay for those who are not. all that and the news of incentivizing people to get the vaccine. ferret the $100 gift -- forget the $100 gifter certificate, owt owbt -- how about $100,000 or a

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♪ neil: all right, the cdc is meeting as the fda was last week, remember, on the issue of whether booster shots, third shot -- second shot if you're j&j -- do you need that? there's a raging debate about that. not if you're in the general population, maybe, maybe if you're a little vulnerable, compromised immune system, elderly, maybe both. but each then it's not a gimme that the cdc will rule as the fda did last week. bryan llenas following all those developments right now. >> reporter: neil, an official centers for disease control and prevention recommendation on who should receive the pfizer vaccine booster shot could come by the end of the day tomorrow. the cdc advisory committee is currently meeting to discuss who they should approve covid-19 boosters for, they will meet again tomorrow and then vote on the issue. the cdc, however, cannot vote until the food and drug administration officially votes

on covid-19 booster shots. the fda advisory committee recommended on friday to approve covid-19 pfizer booster shots for two groups of people, any individual 65 years or older and any individual regardless of age who is at high risk of severe covid-19 like those who are immunocompromised. experts on the fda advisory committee voted unanimously to approve -- well, they voted unanimously to approve the pfizer booster for these groups, but they said there is not enough data to support giving a third covid-19 vaccine booster shot to anyone in the general population over the age of 16. >> u.s. regulators want to do is make the boosters initially available for an older population who could probably derive more benefit from the shots because they're at higher risk and continue to collect safety information. >> reporter: yeah, they want to continue to collect safety information. the fda advisory committee also said themed be in favor of

booster shots for health care workers and those with occupations that put them at high risk of covid-19 is. the bottom line though is, look, we have the recommendation, but the fda needs to give their final vote before the cdc can weigh in, and we should know by the end of the day tomorrow the official guidance on covid-19 booster shots. neil? neil: thank you for that, bryan llenas, following those developments. in the meantime, the bigger goal in the united states is to incentivize people to go ahead and get vaccinated. now, there are some companies who give you a few hours off, maybe the day off, some will give you a $100 gift certificate, still others might give you a free lunch somewhere. and then there are companies like amazon that have been known to have lottery systems that will pa pay you up to 100 grand, some will even throw in new cars. all of this at amazon. of course, it's got the bucks, right? talk about incentive. grady trimble in chicago with more. >> reporter: money talks,

right, neil? amazon is calling this their max your vax sweepstakeses, and here are some of the rewards that they're giving to their front-line workers. you mentioned cash prizes between $100,000 and half a million dollars, a new car, vacations valued at $12,000, plus a paid week off to enjoy that vacation. they're giving away a total of 18 rewards to employees totaling around $2 million. so far three employees have won 100 grand and five have won brand new cars. [laughter] [inaudible conversations] >> this is for real. [laughter] >> fantastic. thank you! >> reporter: and that is one of them. amazon is, of course, not the only company offering incentives to employees who get the jab. vanguard offering a $1,000 bonus, wal-mart a $150 bonus, target, four hours of pay,

american airlines and mcdonald's offering pto, just to name a few. but, obviously, those pale in comparison to what amazon is doing. it's worth noting though, neil, that that amazon is not yet requiring its employees to get vaccinated. they are still awaiting, just like many companies are, that guidance from osha require employees of -- requiring employees of large companies to be vaccinated. neil: okay. grady, i was just looking up what fox's policy is to get vaccinated -- [laughter] if you want to work here -- no, i'm sorry. thank you very, very much. 100 grand, vacation, all of that stuff, i guess you've got to be in it to win it, but first you have to make sure you've been jabbed, right? we'll have more after this. that building you're trying to buy,

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♪♪ neil: all right, we've already known that a number of haitian immigrants are being released into the u.s. what we didn't know was exactly how many.

a startling figure. bill melugin with us now from del rio, texas. bill, what are you hearing? >> reporter: yeah, neil, good afternoon to you. what i'm a hearing from border patrol sources here is they're trying to get as many people out of this camp as possible, so they're mass releasing any family units and any women who are claiming to be pregnant. you can take a look at the camp right now, still thousands of people here. at last check we're told there are more than 6200 people still living here under this bridge, waiting to see what happens to them. you can take a look at our second camera here, again, trying to show you just the size and scope. the numbers keep dropping, but it doesn't look like it from our perspective because it still looks like a mini city down here. if we've got the drone up, we can also show you the perspective from the year. this coming on the heels of the associated press reporting that contrary to what the biden administration has been claiming, that they'll be sent back, actually thousands of migrants have already been released request ntrs, notice

to reports, or ntas, notice to appears. that is contrary to what dhs secretary mayorkas said the other day when he told migrants, if you come here, you will not be able to stay. it's mostly only single adult men being sent back. take a listen to what the president of the national border patrol council, brandon judd, said. >> not only did they ignore us, they said they had more efficient ways to deal with this. and now we had at the top of this we had 14,872 people under that bridge. if that's efficient, then our government is broken. >> reporter: and yesterday we confirmed with dhs that there was a deportation flight that left back to a haiti, it landed on the tarmac at port-au-prince, and at some point the haitians got off and had a revolt. dhs is calling it two disturbances on the tarmac, but there's video of people throwing

stuff at the airport, and is at some point during that three american i.c.e. agents got hurt. thankfully, their injuries are non-life threatening. back to you. neil: bill melugin, thank you for that. to florida congressman carlos gimenez joining us right now, sits on the homeland security committee among others. congressman, i believe the administration was saying of these thousands, you know, by this bridge and underpass that the numbers are lower than they were. well, they still look fairly significant to me. what are you hearing? >> well, i'm hearing what you're hearing right now, is that i think they're probably trying to process them as quickly as possible. but unlike what secretary mayorkas said, that they're going to be sent back to haiti or other places, they're actually being let loose in the united states. and so i asked the secretary today basically the same question that senator johnson asked him yesterday, exactly the same question. of the more than 1.5 million immigrants that have come into the country that we have

apprehended, how many have been released into the united states, how many have been returned, processed. and again he ghei the same -- gave the sames answer. he said he didn't have that. when i pressed and told him, hey, you were asked that yesterday, and he came back with, well, i work 18 hours a day, and i've got other pressing issues. so for that, i am going to give him the carlos gimenez award for working 18 hours a day, and i'll be giving this to him are pretty soon. neil: whatever the is on how hard he's working or whatever he's doing, something's not working and something's not happening. a what strikes me as odd that it wasn't too long ago that a circuit court judge ruled these cases have have to be add jute jude candidate -- add jude candidated. that does not appear to be the case. >> no, look, i think that the court actually said that upheld the trump policy of having them wait this mexico while their

court date was set here in the united states. it's precisely that that has changed this entire dynamic. once -- neil: but they're not going back to that, right? >> no. they're not. neil: and that's why, you know, despite a judge's orders. >> look, you can never, ever listen to what the biden administration's telling you. you've got to see what the biden administration does, just like secretary mayorkas said, oh, we're going to be sending them back with. they're not sending them back. the majority of these folks are being sent throughout the united states with a notice to appear, and then many of them are never going to appear again. it's done on purpose. you know, the letter that was written by the former chief is very, it's a, it's an indictment really on this administration that all this is really done on purpose. they want this mass migration to enter into the united states. they are going to tell us what they think we want to hear, but

they're going to do what they want. and that's their political purpose. and, you know, it's a little bit more, i believe, sinister than we think. i don't think it's incompetence, i think it's actually done on purpose. neil: so the dust-up we've heard from the administration to look how border authorities round up particularly haitian illegals trying to get here, that they want to invest. that they want to get to the bottom of this, but not new of the things that you've outlined. are you troubled by this? >> look, they know what they're doing. secretary mayorkas knows exactly the policies they changed has caused this, has caused all these people to come and rush towards the border now. and then the fact that now he says, no, don't come, because we're going to send you back to haiti, hey, the people that he's releasing into the united states, they have phones, they have friends, they have families back in haiti or the country where they actually came from, because a lot of these folks aren't coming from haiti -- neil: but, you know, what

they're making a big controversy about is the way we apprehend them on horseback and all that. first they were saying they were being whipped which was not the case at all -- >> right. neil: and we all know by horseback is the only way you can reach some of these areas through which the illegals are getting through, but they are more interested in investigating and getting that solved than the problem that's right in front of our face. i'm just wondering your thoughts. >> no, my thought process is, look, if we're treating immigrants wrongly, then that should be investigated. but the, our customs and border patrol agents are doing an unbelievable job, and they've been put in an untenable position. and so the vast majority are really doing an exceptional job. you may have an incident or two, i agree, that should be investigated. but the biden administration knows exactly what it has to do because the customs and border protection agents and other folks at dhs have told them exactly what they have to do in order to stop this flow.

basically, go back to the trump administration policies. we had the southern border under control under the trump administration. you know, historically low numbers. this was done on purpose to create this, to allow, you know, millions of people to enter into the united states. and i believe it's for a political purpose. and nobody is going to convince me otherwise. you can't be this incompetent. there has to be a level of, you know, they really want to do it in this fashion. tell us that they're doing all the right things, that a they're going to have this thing under control and at the same time incentivizing more and her of the migrants -- more and and more of the migrants to come into the united states because more and more of these migrants are making it into the united states, and that's the bottom line. neil: we'll watch it closely. carlos jimenez, florida republican, thank you. drawing your attention to the lower right portion of your screen, the dow still up about 386 points. we are waiting, about 25

minutes, for something that could decide whether that continues and builds or reverses, a statement out of the federal reserve. not expected to be raising rates today, but maybe signaling when they start tapering, when they start buying fewer treasury securities. that could come today. but, again, like waiting for goodell, we've been waiting for a long time, haven't we? ♪ how does it feel to be on your own -- ♪ with no direction home, a complete unknown. ♪ that's why they customize your car insurance, so you only pay for what you need. [ nautical horn blows ] i mean just because you look like someone else doesn't mean you eat off the floor, or yell at the vacuum, or need flea medication.

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and it shows no sign of easing. we have more on this, spring valley, new york. madison. >> reporter: hey, neil. that's right, there is such a shortage across the country. here in new york they're seeing it as well. we're down about 20% of bus drivers. that means that hundreds of openings here in new york state. it's getting so severe here, but like i said is, also across the u.s., a recent national survey shows that half of u.s. school districts describe their bus driver shortage as severe. it's so severe here, as i mentioned, that local lawmakers are calling on the governor to have the national guard help drive kids to school. take a listen. >> they chose not to act, and many states across the country chose not to act. the state of massachusetts did act a few weeks ago, activating the national guard. it's something i did call on the governor to do here to help as a temporary, short-term measure. the situation here in districts

across new york state is at times dire because people in the hundreds are not getting their children to and from school in a timely manner, and it's just unacceptable and something that needs to be addressed. >> reporter: so as he mentioned, massachusetts has called on the national guard. they made 250 personnel available to drive students to school. in philly, families are being offered $300 a month to drive their students. this is leading to fears that schools could revert back to virtual learning which is exactly what happened at one school district in illinois where they didn't have enough bus drivers to accommodate all of their students, so junior high and high school students were forced back into virtual learning temporarily. and we've been out here this morning for a couple hours. over the course of those hours, we've seen five cabs, neil, come to this school the drop off students. for a suburban area like this,

that is really abnormal, just illustrating the kind of situation that we're in right now, neil. neil: incredible. great reporting. and, madison, let me welcome you. i personally take great pride in the days you were interning on my "your world" show on fox. and look at you now. way to go. >> reporter: thank you, neil. thank you. neil: very modest. if that were me, i would be saying, well, it's all me. [laughter] anyway, that is not had soften's style, but welcome. we've got a lot more coming up including a look at this market before we get word from the federal reserve whether it's going to keep it going or maybe interrupt it. the big weight on the federal reserve, let me cut to the chase here, the fed has been buying a lot of treasury securities, a lot of others, mortgage securities, you name it, municipal bonds to the tune of $120 billion a month for well, well over a decade, actually going back almost 13 years.

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♪ neil: all right, facebook is trying to deal with another pr problem of its own making, the double standard for its customers versus its pristine customers and users. jackie deangelis lis with more on that. >> facebook announcing it's going to review its cross-check system after that ec mostive report last week that the social media giant was giving high profile users immunity to post harmful content. now, this is the fist con compete action -- first concrete

action we've seen taken. the company is sort of giving in. there's a new development here though, a twist that's really interesting, putting more pressure on the tech giant. this lawsuit filed against facebook last year is now becoming public, and it comes from two rhode island pension funds, facebook shareholders. this suit accuses facebook of overpaying the ftc, that's the federal trade commission, $5 billion to stop an inquiry into ceo mark zuckerberg. now, the original fine was $106 million, so we are talking about a lot of extra money there. the lawsuit alleges the overpayment was facebook's ceo and coo wouldn't have to be deposed or face personal liability. this all ties back to cambridge analytica. remember that data leak? that scandal goes back to 2015 before the 2016 election. the crux of it was that political kuwaits were buying -- candidates were buying data and it was harvested from millions of people's facebook accounts without their consent. okay.

fast forward to the shareholders now, and they're basically saying, look, not enough has been done since then to fix things at facebook now. they said, quote: the board has never provided a serious check on zuckerberg's unfettered authority, instead it has enabled him and paid billions of dollars from corporate coffers to make his problems go away, end quote. facebook, of course, not commenting on this, but like we noted, there's been a lot of attention on this in the wake of that "wall street journal" report basically saying it lows high profile users to post more freely than others, even harmful content, and it's raising a lot of questions about oversight, neil. neil: it certainly is. and we haven't resolved any of them. thank you as very much for that, jackie deangelis. can we get back to bitcoin? of course, it was swooning with the market selloff on monday, actually continued yesterday. quite the opposite today. but we're getting split reads on the future. we've heard about gary gensler, the sec chief you see on the

bottom of your screen is on the right side, he wants to rein it in the to the point where he predicts in a few years cryptocurrencies might not be around. and then there's tom brady, ageless quarterback, as you know. i think he's about 70 years old, still playing the game. he was say anything a podcast on sirius that he regrets not getting some of that salary in crypto, noting that a few other players had. he said i'd love to request to get paid in crypto or ethereum or bitcoin. i think it's an amazing thing that's happening in the world with the way the world is becoming more digital. so he's keen on to it. gary gensler, not. here to split the tie, shana sissel. great to have you back. that's a hell of an endorsement from tom brady, a little roll the dice on his salary. of course, it's a gargantuan salary, he can a afford to do that, in bitcoin. but he's not the only one. what do you make of this? >> i think it's like anything,

you know, whenever you can have part of your compensation be an asset that has a chance the appreciate unlike the dollar which sort of is, you know, pegged at a dollar's worth a dollar, you know, there's a benefit to that. it can make your salary worth a lot more. and while there's some risk associated with that, there's also a lot of reward. and when you have fab plus wealth -- fabulous wealth, you can take those kinds of risks. neil: so you look at that, money you could risk, and in the worst case you might lose, but it better not be, you know, the kids' education. that is if you like your kids and all, i get that. but do you see pendulum swinging with potential more oversight no matter what you're saying, no matter what tom brady and others are saying, that, you know, the government could rain on this parade in. >> look, regulatory framework is something that needs to happen in the crypto space. and if you listen to those

comments, he didn't necessarily -- the big headline is he said crypto may not exist in a few years, but his point was a good one. the viability of having a system that has thousands of different forms of money in some way, shape or form, and there are thousands of different cryptocurrencies out there, is not a viable, long-term solution. and the technology that backs most cryptocurrency is actually ground breaking. but like anything else, having some sort of oversight and regulation is not a bad thing. there's protection there. right now there is no protection for any investors in this space, there's no clear rules of engagement, and anybody can enter the game and doesn't necessarily have to have something that adds value or is making any major difference in the impact of what crypto is supposed to be about which is decentralizing the financial system. i mean, doge coin was the gem back a few months ago, but

dogecoin was started as a joke, and there's not really a technological backing there that has any use case. and -- neil: you've argued bitcoin is different, right? and very, very quickly, we don't have much time, but, you know, i know others have been talking about this being with potentially a $500,000 coin from where it's now at around, you know, the low 40s. do you see that? that's coming from cathy wood. >> i think bitcoin and ethereum are different, and they have long-term opportunity here because the technology of their blockchain is game-changing and does actually fulfill the obligation that crypto was always supposed to be about which is to provide, you know, better payment systems, better ways to spend money and in a more protected, e decentralized way. those two forms of cryptocurrency absolutely do that, and that's why those are

the two which i personally focus on. neil: got it. all right. shana sissel, spotlight investment group cio. meanwhile, the push for some to break it down and pay some of their salary in cryptocurrencies continue. i don't know why i insisted on paying it off in bakery products. [laughter] might have to rethink. more after this. ♪ ♪ ♪ (energetic music) ♪ ♪ ♪ ♪ ♪ introducing the first ever at4 lineup. premium and capable. that's professional grade from gmc. . .

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♪. neil: all right. one worry done. another worry maybe not quite out of the way. the one done the rift between ourselves and the french. joe biden and emannuel macron spoke a little while ago. kind of eased a lot of differences of the bottom line we're admitting we botched communication. the french ambassador will return to this country sometime next week. meantime the other worry what the federal reserve decides to do. we're seconds away from finding out. here is charles payne. charles: thank you, neil. good afternoon, everyone, i'm charles payne. this is making money. wall street is waiting with bated breath about whether chair jerome powell will tip his hanked removing punchbowl. investor exuberance, no tantrums. what gives with that? we have all you need to know. plus fedex was the darling during the middle of the pandemic. a disasterous earnings report

has that stock sinking. how the company's outlike makes it is clear hard to pass on higher prices but those that can can be grand slam investments. clock is ticking for lawmakers to avoid a government shut down. democrats want to raise the debt ceiling while blaming the top. the fact of the matter they have the votes. do they have the nerve. the window of opportunity of president biden's economic agenda closing fast. all that and more on "making money." to washington, d.c. with edward lawrence. reporter: federal reserve will leave rates unchanged however the dot plot shows something very interesting. at least one rate hike next year. then it shows possibly three more rate hikes in 2023 to get the federal funds rate to 1%. the federal reserve will keep buying $1,820,000,000,000 a month of treasurys and mortgage-backed securities, however the statement says if progress continues broadly as expect the the committee judge as moderation in the pace of asset purchases may soon be