tv Cavuto Coast to Coast FOX Business October 25, 2021 12:00pm-12:49pm EDT
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but because they don't have stability or availability in childcare or consistency in policies or schools, they're having to opt. out of the work force. and it has a true effect on what we're able to do. for us, we've been able to do flex scheduling, but a lot of people don't have that opportunity, so it is a huge challenge still. david: ceo of dickey's barbecue it, it sounds good just saying it finish. [laughter] i wish i could be there now eating your food. thank you so much. i know it's a really difficult time, but it's so much harder for the small mom and pop folks. thank you for being here with us, appreciate it. well, president biden wants a deal on his spending plan by thursday. it's pretty short notice. will he get it? the latest from capitol hill right after this. if ♪♪ you must have confused me, con tuesdayed me with -- ♪ someone else. ♪ there ain't no excuses,
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just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. david: welcome back. the democrats' deadline is looming. the house returns tonight with the clock ticking away time in order to fulfill their lofty agenda.
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the president wants to do fit by thursday. chad pergram has more from capitol hill. are they going to make that deadline, chad? >> reporter: unclear. democrats are trying to land the plane on the social spending package this week. however, that does not necessarily mean a vote. that means an agreement before the president travels to the climate meeting this scotland. president biden met over the weekend with senate majority leader chuck schumer and democrat joe manchin. >> reporter: the vote of manchin is key to passing the bill. however, manchin says he's only willing to spend $1.5 trillion. >> i don't think -- i mean, i trust speaker pelosi. she'll make the right decision, i'm sure. we're all working in good faith, and i think we have got a good
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understanding of each other now, better than we've ever had. >> reporter: in addition to manchin, democrats also need the vote of senator kyrsten sinema. she's hard to pin down, and that frustrates her colleagues. >> senator manchin has been a straight shooter, you though exactly where you stand. i disagree with areas but i respect that. i guess i've never seen a politician include, frankly, the former president trump who just totally ducks answering questions to the media and constituent, and that's my frustration. she's not clear about what she believes. >> reporter: if democrats get a deal, that could spur a vote this week on the bipartisan infrastructure bill. they need to trim the child tax credit, and they pared down family leave from three months to a single month. how to pay for the bill remains the biggest issue. david: indeed, it does. chad, thank you very much for the segway. the wealth tax is still on the table as democrats fight to
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salvage president biden's spending plan. here to break it down is capitalist pig hedge fund manager jonathan hoenig and key advisers co-owner eddie ghabour. gentlemen, thanks for being here. jonathan, the wealth tax, i mean, they don't want to talk about that. they call it unrealized capital gains tax. carol roth wrote a tweet that i love this morning, quote: unrealized capital gains is not a thing. do not normalize it, call it out for what they are proposing, unlawful seizure of personal property. this is a wealth tax, is it not? >> well, that's what it is, david. this is not a tax on a gain, this is simply a tax on wealth, as you said. and it is thievery. it should be infuriating to every american, i don't care how little or few americans they say it's going to affect if, this is no different than hugo chavez seizing so-called wealthy
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people's farms, and the net effect is you have that asset to hide, not to invest or ultimately to sell productive businesses all for government. this is tremendously destructive to wealth creation. certainly for the wealthy, but for all of us as well. david: and there are a couple of ways that it's unconstitutional, or some people argue it is. i talked to a democrat candidate four years ago who suggested the same. eddie, the 16th amendment specifically and only gives the federal government the right to tax income. only this income. not what you may be making in the future, but after you have realized those gains. so i think one reason i why the market is up -- and, by the way, the dow jones industrial average, just to repeat, is at an all-time high right now -- is because they realize there's so many hurdles they've got to jump over in order to create this new tax, right? >> absolutely. i don't think it's going to pass, but just the fact they're mentioning it, this is one of the craziest tax ideas i've ever
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heard. they're going to let us write off a unrealized losses since they want to tax unrealize ad gains? and at the same time, how are they even going to enforce it? reevaluate these businesses every single year and see what the unrealized gain is? it will kill capitalism, and what's the incentive to invest as a intend comiewr if you have to pay tax on an unrealized gain but you can't offset it -- david: and, of course, it doesn't work. it's been tried by more than a dozen nations in europe. most of them, i think there are just a couple that still have it in a minor way, but france is the host those bl exampleing jonathan. they had capital flight because capital can move. $200 billion of flight once they started with the wealth tax. they had a fiscal shortfall of almost $7 billion; that is, it cost about twice as much as the revenue that it generated.
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and there was a reduction this gdp growth of 3.5 billion per year. now, again, that's france, a much smaller economy. the numbers here would be much larger. >> look, we've known this since milton friedman's era, tax wealth, you have less of it. you mentioned france, just remember the rolling stones, i mean, exile on main street was about their leaving england to avoid paying taxes on their earnings. the her you tax, as you said, wealth the less you have of it. what's infuriating is all that hundred is hal-invested -- mal-invested. there isn't even a golden moral end to this wealth confiscation. it's all about government -- david: and, by the way, just to put a final point on it, president macron got rid of it in 2017, and i think most of the french are glad he is did. eddie, inflation. we had that jack dorsey tweet
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that we're in hyper-inflation, larry summers said he's never seen anything like it in his lifetime. why isn't that pressing against the market? the markets keep going up and is in spite of these inflation fears. >> look, ultimately inflation will be the headwind that breaks this market's back. i think the reason why it hasn't hurt in the near term is there's been a lot of bearish sentiment. the bears are having to play what i call the catch-up trade there. so there's a lot of capital chasing. i think inflation is going to really hurt this market the first half of next year. i expect to see a double-digit drop in the equity market at that point. i think the fourth quarter's going to continue to stay strong though. but without a doubt, i think everyone can finally admit what we've been saying, it's not transitory, and it's only going to get worse, unfortunately. david: i could throw another log on the fire there, jon than, which is in the past when you've had these inflation spikes
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starting richard nixon, you had price controls. and price controls lead to shortage, and we already have them, so what are they going to do? >> that's exactly what we saw. a lot of the inflation in the 1980s started in the early 1970s. so this is a long, gradual process. and, ultimately, the inflation might not hurt the equity markets. companies have that pricing power. who it really hurts is the less affluent, the so-called poor against us who pay an extra 20-30% to at the grocery store d that's -- david: the most regressive tax there is. jonathan, eddie, we're going to see her of you come up. more confusion over how many americans were left stranded in afghanistan. we've got a live report on the latest, that's next. ♪ he can. ♪ ct yet.
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♪ >> -- still a small number of americans, under 200, it might be closer to 100, who remain in afghanistan and want to leave. >> what is the number of americans who are in afghanistan as of the last update? is. >> the congressman -- going back to this weekend we had about a hundred american citizens in contact with us who seek to leave afghanistan. david: well, nearly two months after the u.s. forces withdrew from afghanistan, the exact number of how many americans still trapped inside remains unknown. our lucas tomlinson is live at the pentagon with the9 very latest on this. >> reporter: david, the state department now says there could be up to 300 americans left behind in afghanistan. the former top u.s. envoy made the following stark admission -- >> we aren't sure, the frank answer is, because not every
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american -- some of them are afghan-americans who have families there, who live there -- >> it's hundreds, isn't it? is. >> i think it's likely that it'll be hundreds, but we don't know. the truth of the matter is we don't know. >> reporter: foxnews.com interviewed afghans who say they don't have enough money to buy groceries saying if the taliban doesn't kill them, hunger will. >> the world has forgot afghanistan. i can't tell you how it feels to be in afghanistan right now. >> reporter: and nato headquarters in brussels trade i asked defense secretary lloyd austin about the thousands of afghan commanders left behind who never had time to fill out the paperwork kneed to evacuate. many of them are hiding in safe houses desperate to escape, they're being hunted by the taliban. >> we'll continue to work to get out those people who have helped
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us. we do have a moral responsibility to work as hard and as long as we can to insure that we help those people. >> reporter: u.s. forces almost two months, what is taking so long? >> well, as i said, we're not finished. we'll continue our work, and ask so we'll work as hard and as long as we need to take care of as many people as we possibly can. >> reporter: this afternoon the first lady will visit an air force base in charlotte. david? david: but not enough. as long long as there's one american there that wants to get here, that's not enough. let's get reaction from the center for national interest senior director. harry, bottom line is if there is one american left, it's still a betrayal of what the president promised, which is that we would not get troops out until we got
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all americans who wanted to get out out. >> david, this is a disaster. it's a disaster that keeps getting worse by the second. according to the latest figures that are out there, 22 million afghan thinks could begin to starve as early as next month. in the reports that are out there, they use the word food insecurity. that's just a polite way of saying everyday afghans are starving and is looking for food wherever they possibly can. oil and gas is going astronomical, covid is spreading rampant. think about this, joe biden left -- at least in my opinion -- at least over 1,000 americans in the middle of this chaos, and it's chaos that he created. so i don't see how we can't look at this as nothing more than a humanitarian that joe biden owns. david: i just don't want to get too focused on numbers, but the latest i'm hearing is 363 u.s. citizens, people with passports, about 170 permanent residents,
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but i heard you use a figure of a thousand. what about that discrepancy? >> well, i think the problem here is that there's a lot of americans initially tried to get out going back to june, july, august when this was all falling apart, and there's just been a lot of reporting done where so many americans just stayed in hiding. they were afraid their phones could be tapped, that the taliban might be trying to find them. we know the biden administration most likely handed a lot of information of where some americans were in different locations thinking they would try to help get them out. i don't think that was ever possible anyway. so i think there's a lot of people who are just hunkered down right now, and we're never going to have the true number. it always goes back to the original premise, the united states shouldn't have left afghanistan like this. i think it's very clear that the american people wanted to leave this conflict. i think that's a fair assumption. did he need to leave it this way? absolutely not. and thousand we're bearing all the con -- now we're bearing all
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the consequences. david: the former u.s. envoy, he called -- and i'm quoting him now -- an ugly final phase of the withdrawal. is that a strong enough description? >> well, i know him, he's a good man. he used to be on the board of our center, and i think what he said is spot on. the challenge now is what happens after. afghanistan is going to be a giant ulcer in central asia that is not going to be easily fixed. the united states right now has no agents in the region. joe biden keeps talking about we have this over the horizon capability to take out terrorists. we have very little intelligence in afghanistan right now. we gave the taliban billions of dollars of our own equipment. david, they're holding our m-16 rifles. this was not thought through. i basically think joe biden thought he was going to get this great photo op for 9/11, and it blew up in his face.
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it never had to happen. david: there are these wonderful efforts by private citizens, some of who are former special service guys who are going in there or were going in there. are they still active in trying to get people out in a private way, maybe with some support from the government? >> there is. i don't want to say too much about it, in the foreign policy community there's a lot of information that happens a behind the scenes. i can tell you those efforts are ongoing, the money is flowing through my land throe i groups. a love of times we get the one-two, maybe a family is able to get out. they are happening and are successful, but as you can imagine, they're arduous circumstances. people have to travel sometimes, you know, 100, 200 miles across the most arduous terrain to get to places that are safe. it's ongoing. david: yeah. well, they deserve all of our prayers as much as possible.
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finally, we have so many congressional investigations going on about things, i can think of nothing more important than americans being left behind in afghanistan. should there be more investigation by congress in terms of what happened and how to prevent something like that from ever happening again? >> absolutely. i mean, look, i don't think it's extreme to say that articles of impeachment should be opened ask and an investigation when it comes to the biden administration's handling on this. when you look at all of the things that were alleged against donald trump, and none of them were proven if accurate. look at this administration and the chaos it caused and leaving americans in the middle of that chaos, i think this needs to be ample investigations opened. and we really need to know what led joe biden to a make this decision. and i think that's the most important thing we can do. david: i agree with you. harry, great to see you. thank you so much for being here. >> thank you, sir. david: well, this is a huge week
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for tech earnings. we're going to tell you what you can expect to see this week right after a short break. ♪ glorious, glorious, got a chance to start again ♪♪ ♪ it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪
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david: esg investments. explain, please. >> environmental, social, government. basically investments in companies that follow this sort of matrix whether they're following rules are good for the environment, good for diversity, you know, let's be clear, very liberal policies on the corporate governance aspect. okay. so i was thinking about who would win ask who would lose on this thing, and where would the -- and is there a conflict of interest: now, bear with me here. there was a guy at blackrock named brian beaks, he was head of esg investing for several years before, guess what? he moved to the biden administration. he's now held of the agency, the national economic council, larry kudlow's former job. huge job within the administration, huge job in terms of economic policy. and guess what company benefits the most from any sort of compulsory action on the part of the government for esg investing? it would be blackrock.
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blackrock is a leader in esg investing. these investments, by the way, carry higher fees than in regular funds. and guess what? my producer, ellie, pulled up mr. deese's financial records, and he holds stock. does competence equal causality? i have no idea. all's i'm simply pointing out is this: if a conflict like this existed during the trump years, don j. had some deal with some company that head money or eric or any of them or mike pompeo or larry kudlow, we would be seeing headlines blast all over the place. but what we have thousand is a guy that was the head of esg investing at blackrock moving to the top, one of the top economic positions in the biden administration which is pushing
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esg investing as his company is expanding its esg offerings to investors and making a lot of money at it. and and he holds $2.4 million of stock in that company. now, are you telling me this is not a story? david: it is a hell of a story. >> i'm not saying there's anything wrong here. i'm not saying anything is wrong here. david: yeah. now, there are two elements whether there's conflict of interest, and the other is, is it a good idea to have the government telling you where to invest? >> well, i don't think it's a good idea. we should point out mr. deese might have had nothing to do with the 401(k) thing that's being pushed by the labor department -- david: but he's benefiting from it. >> and, by the way, he's not the only blackrock official involved in terms of economic policy. and when i come back at three, we're going to --
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david: ooh, nice tease. >> we're going to look at their financial disclosures. maybe they'll make some money. david: yeah. excellent reporting. really, really excellent reporting. thank you, charlie. coming up, facebook facing backlash after an explosive new report detailing efforts to censor conservative outlets. this as the company prepares turn a major -- for a major rebrand. we'll give you the details after the break. ♪ can only make me stronger -- ♪ i need you to hurry up -- ♪ 'cuz i can't wait much longer. ♪ ♪ ♪ (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf.
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♪ david: a new bombshell report from the "wall street journal" revealing facebook's efforts to suppress conservative media outlets during the 2020 election, unleashing more allegations of political bias. fox business' gerri willis is here to explain. >> reporter: hey, david, that's right. a bombshell new report, you said it, from the "wall street journal" showing some facebook employees attempting to remove conservative outlets from the social media platform, and that's where about 30% of americans get their news. breitbart, one of the outlets drawing employee ire. facebook saying it enforces its rules equally and doesn't consider politics in its
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decisions, but these new documents showing facebook employees and their bosses hotly debating whether and how to restrain right-wing publishers. according to documents viewed by fox business, facebook employees wrestled with some of the tactics pushed by executives and the impact on users. meanwhile, google also in the so the light today -- spotlight today as a lawsuit filed by a.g. ken paxton charges the company with rigging the online advertising market and squashing competition. google operates the biggest electronic trading market for online ads in existence, processing -- get this -- 11 billion online ad spaces every single day. the company also owns the biggest buy side and sell side is online brokers and apparently, according to the lawsuit, colluded with facebook to maintain its competitive position to. the result? the company dominates the business take thing a 22-42% cut
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of ad spending. now, david, as i send it back to you, one single google employee -- senior google employee -- google, for its part, says the lawsuit is riddled with inaccuracy. david: i'm sure they did. gerri willis, good to see you. tesla zooming past the $1 trillion milestone today. it's a little below that right now, but the stock is up over 9%. jonathan hoenig and eddie ghabour are back with us. eddie, specifically one reason that it popped so much today is we have this morgan stanley report with a rice target of about $1200 for the stock, and hertz is also ordering about 100,000 tesla ares. so those two bits of information combined to make then. how much do you think it could go up? >> you know, look, with tesla i've always said never bet against elon musk. i think there's still quite a
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bit after upside. there's certainly going to be more competition with ford coming on line, but at the end of the day i think tesla's still going to be looked at as the leader. you're going to see people pile into this and try to get in the action. there's still a decent amount of upside. in my opinion, in that stock. it's aguestive though, it's not for everybody. david: jonathan, speaking of competition, some people say there's not enough competition for what facebook does and what google does and so forth. why do you think -- i mean, is it just a matter of the goliath of these social media companies killing out or buying up all of their competitors, and is there any -- i know you're a dyeded in the wool libertarian, you're against any government intervention here. i understand that. i very often praise that. but are you surprised there hasn't been more competition that's been able to survive the onslaught there these companies?
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>> well, david, we used to say that wasn't even 10, 15 years ago about myspace, right? or about the globe.com. i mean there's no more competitive industry than the high technology industry. think about it, smuckers has been a popular jam for decades now, but it's only in technology that unregulated development part of the economy where you see so many companies trying to muscle in whether it's clubhouse or any other newcomers to the social media space. that's why you see companies changing their offerings, facebook is almost unrecognizable from three or tour years ago. that's what these companies need, more innovation, not government minders telling them what -- david: but can there be competitors when a goliath can buy you up the minute you become a competitor? >> they used to say that about ibm, big blue, and then you saw digital, then you saw apple, all
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these other competitors. in a free market, there is no monopoly. government's the only monopoly. that's what we need, more innovators -- david: the bottom line, eddie, investors still love the companies. and they're going to be reporting this week. we have apple, microsoft, alphabet, facebook, amazon, they're all reporting. what do you think's going to happen? >> i expect earnings to be solid. i don't really expect a lot of upside here in the near term in that space because i think more of the capital's going to face financials and energy as rates go up. but those businesses that you just referred to, they are great long-term companies with good balance sheets, and so the trajectory in the long term are fantastic. in the near term here, i wouldn't chase it right now. davidday well, one problem with earnings, jonathan, is they look backwards, and there are a lot of headwinds when you look forward. we talked about it the last time we had you guys. we have inflation, we have the chip shortage caused by the supply shortage, caused by the labor shortage. there are some serious
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headwinds, right? >> yeah. david, particularly even for technology, there's the end to the whole, hopefully the end, of the work from home phenomenon. that is exactly what powered the netflix, facebook and zoom. the online conferencing service, it's actually down year to date. so you're seeing a lot of stocks at new all-time highs, but technology has been a laggard compared to other parts of the market. david: eddie, even the founder of netflix suggested months ago that we had to get people back in the if office even though netflix has profited enormously by people staying at home. is there something different? do we become less productive when we work from home, and will we become more productive as we get back to work? >> look, i think it is more product if i to be in the office. there's a lot to be said for keen environment that you're just not going to get working from home. i know a lot of people thought things would never go back to normal, but i think as we continue to move forward over
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the next two or three years, people are going to go back to the office. companies want them there. and i think you have a better chance of advancing if you're in the office than if you do working remote from home. david kate jonathan, what do you think about this? >> the workplace will change. i think the days of those huge floor plans of thousands and thousands of desks is changing and certainly changing financial services. but eddie is exactly right. there's something about the collaborative everett of working in close are contact across many industries, that's not going to change. david: yeah. it was reeled hastings who said that -- reed hastings. we'll have more "cavuto coast to coast" right after this. stay tuned. ♪ ♪ a beautiful day. ♪
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tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. david: the dow is in the green. anything in the green at the end of the day will be a new record. intraday high was 35,000we met that. i'm sure charles getting new intraday. charles: if all stocks follow tesla's lead none of us will have to work again. david: bingo. charles: good afternoon, i'm charles payne. this is "making money." one of the oldest axioms in the
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